TCRLA_Public/041119.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    L A T I N   A M E R I C A

         Friday, November 19, 2004, Vol. 5, Issue 230

                            Headlines

A R G E N T I N A

ABACO S.R.L.: Trustee to Close Verifications Monday
AEROLINEAS ARGENTINAS: Gets Clearance to Operate in Chile
CARAVATA S.R.L.: Court Declares Company Bankrupt
CABLEVISION: Debt Deal Obtains 99.9% Approval From Creditors
CLAXSON INTERACTIVE: Reports 16% Increase in Revenue for 3Q04

HOSANTEL S.A.: Verification Cut-Off Approaches
HSBC BANK ARGENTINA: S&P Withdraws Ratings
POSTEN S.A.: Court Favors Creditor's Bankruptcy Petition
RAMOS MEJIA S.A.: Court OKs Creditor's Bankruptcy Call
REMIFA S.R.L.: Claims Verification Ends Monday

SULADESO S.A.: Proceeds With Bankruptcy on Court Orders
TECO MAX: Verification Deadline Nears
TRICOT MERINO: Debt Default Leads to Liquidation
VINTAGE PETROLEUM: Targets Five Percent Growth in 2005
* ARGENTINA: Secures $18M Loan From IDB


B A R B A D O S

C&W BARBADOS: FTC Deems New Charges "Unauthorized"


B E R M U D A

CF RISK MANAGEMENT: Names Michael Morrison as Liquidator
GLOBAL CROSSING: Provides IP Solutions for General Motors
MCKINSEY & COMPANY: Claims Check to End Dec. 1
STENA SERVICES: To Hold Final General Meeting Dec. 22
STENA SUBSEA: Robin Mayor To Oversee Wind-Up Proceedings

ST. STEPHEN'S: Proceeds With Wind-up Under Robin Mayor
STENA TENDER: Sole Member Resolves to Wind-Up Operations
TECTO LTD.: Appoints Robin Mayor as Liquidator
WHEELHOUSE (BERMUDA) LIMITED: Member Consents to Wind-Up


B R A Z I L

BANCO SANTOS: Susep to Decide on Units' Future This Week
CESP: S&P Issues Report on Ratings
CFLCL: Posts Consolidated Revenue of BRL1.182 Bln for 9 Months


D O M I N I C A N   R E P U B L I C

EDEESTE: Fonper Orders Probe on Sale to TCW


M E X I C O

HYLSA: S&P Raises Ratings To BB- From B
INNOPHOS FOSFATADOS: S&P Places Parent's Ratings on Watch Neg.
PEMEX: Project Funding Master Trust Announces Exchange Offers


P A N A M A

* PANAMA: Fitch Assigns 'BB+' Rating To $600M Issue


     -  -  -  -  -  -  -  -

=================
A R G E N T I N A
=================

ABACO S.R.L.: Trustee to Close Verifications Monday
---------------------------------------------------
Mr. Augusto Francisco Fernandez, the trustee supervising the
liquidation of local Company Abaco S.R.L., is scheduled to
conclude the verification of creditors' claims Monday, November
22, 2004.

Creditors are required to submit proof of their claims to the
trustee by the said to qualify for any post-liquidation
distributions that will be made.

Court no. 7 of Buenos Aires' civil and commercial tribunal has
jurisdiction over this case. The city's Clerk no. 13 assists the
Court with the proceedings.

CONTACT: Mr. Augusto Francisco Fernandez, Trustee
         La Rioja 1746
         Buenos Aires


AEROLINEAS ARGENTINAS: Gets Clearance to Operate in Chile
---------------------------------------------------------
Argentine flagship carrier Aerolineas Argentinas (AR.YY) can
start its operations in Chile soon following approval from
Chile's Aeronautical Board.

Citing an email from Aerolineas Argentinas' press office, Dow
Jones Newswires reports that the board had given approval early
Wednesday to Aerolineas Argentinas' division, Aerolineas Austral
Chile SA, to operate as a Chilean airline under the name
Aerolineas del Sur.

Flights will be cleared to begin once the Company receives
separate "technical operational" authorization, which is in
process, according to a story published by Chilean afternoon
newspaper La Segunda.

Aerolineas del Sur is expected to run international flights to
Buenos Aires, Madrid, Miami and New York, as well as a variety
of domestic Chilean routes.

An Aerolineas Argentinas official was quoted by Chilean press in
April as saying Aerolineas del Sur is aiming for a 4%-5% market
share within its first year of operation.

CONTACT:  AEROLINEAS ARGENTINAS
          Torre Bouchard 547, 1106 Buenos Aires, ARGENTINA
          Phone: (54-11) 4310-3000
          Fax: (54-11) 4310-3585
          E-mail: volar@aerolineas.com.ar
          Home Page: www.aerolineas.com.ar


CARAVATA S.R.L.: Court Declares Company Bankrupt
------------------------------------------------
Judge Ojea Quintana, serving for Court no. 12 of Buenos Aires'
civil and commercial tribunal, declared local Company Caravata
S.R.L. "Quiebra", relates La Nacion. The Court approved the
bankruptcy petition filed by Mr. Pablo Peisajovich whom the
Company failed to pay debts amounting to US$4,519.41.

The Company will undergo the bankruptcy process with Mr. Hugo
Pantaleo as trustee. Creditors are required to present their
proofs of claims to the trustee for verification before February
8 next year. Creditors who fail to have their claims
authenticated by the said date will be disqualified from the
payments that will be made after the Company's assets are
liquidated at the end of the bankruptcy process.

Dr. Perez, the city's Clerk no. 23, assists the Court on the
case.

CONTACT: Caravata S.R.L.
         Alicia Moreau de Justo 1052
         Buenos Aires

         Mr. Hugo Pantaleo, Trustee
         Avenida Corrientes 1450
         Buenos Aires


CABLEVISION: Debt Deal Obtains 99.9% Approval From Creditors
------------------------------------------------------------
Argentine cable television operator Cablevision SA (CBV.YY)
announced Wednesday it has secured 99.9% creditor agreement for
its US$725 million debt restructuring.

The announcement, according to Dow Jones Newswires, came several
hours after an assembly with bondholders. Cablevision said the
99.9% represents approval from creditors who attended the
assembly. Within the entire universe of creditors, the amount
voted in favor represents 98.6%.

Cablevision is pursuing an out-of-Court debt restructuring,
known in Spanish as an APE. The Company needs two-thirds
agreement from creditors to submit the proposal to a Court,
whose approval makes the repayment terms binding on all
creditors. It didn't say whether its high level of acceptance
will allow its debt restructuring to bypass the Court approval
process.

CONTACTS: Mr. Santiago Pena
          Phone: (5411) 4778-6520
          e-mail: mpigretti@cablevision.com.ar

          Mr. Martin Pigretti
          Phone: (5411) 4778-6546
          e-mail: spena@cablevision.com.ar

          Web Site: www.cablevision.com.ar


CLAXSON INTERACTIVE: Reports 16% Increase in Revenue for 3Q04
-------------------------------------------------------------
Claxson Interactive Group Inc. (OTC Bulletin Board: XSON)
("Claxson" or the "Company"), announced Wednesday financial
results for the three- and nine-month periods ended September
30, 2004.

Financial Highlights

Third Quarter 2004

Net revenue for the third quarter of 2004 was $24.4 million, a
16% increase from net revenue of $21.1 million for the third
quarter of 2003. Operating expense for the three months ended
September 30, 2004 was $22.0 million, a 22% increase from the
$18.1 million for the third quarter of 2003. Operating income
was $2.3 million for the three-month period ended September 30,
2004 compared to $3.0 million for the three-month period ended
September 30, 2003. Foreign currency exchange gain for the
three-month period ended September 30, 2004 was $0.1 million
compared to a foreign exchange loss of $1.5 million for the
three-month period ended September 30, 2003. Net income for the
three months ended September 30, 2004 was $1.9 million ($0.10
per common and diluted share), compared to a $0.5 million loss
($0.03 per common and diluted share) for the same period in
2003.

During the third quarter of 2004, the average exchange rate of
the Argentine and Chilean currencies compared to the U.S. dollar
depreciated 4% and appreciated 9%, respectively, versus the same
period in 2003.

First Nine Months of 2004

Net revenue for the nine-month period ended September 30, 2004
was $67.7 million, a 14% increase compared to $59.3 million for
the same period in 2003. Operating expense for the nine-month
period ended September 30, 2004 was $61.3 million compared to
$57.5 million in the same period of 2003. Operating income was
$6.4 million for the nine-month period ended September 30, 2004
compared to $1.8 million for the same period in 2003. Foreign
currency exchange loss for the nine-month period ended September
30, 2004 was $0.7 million, a $9.2 million difference with the
$8.5 million foreign currency exchange gain for the same period
of 2003. Consequently, net income for the nine-month period
ended September 30, 2004 was $4.4 million ($0.23 per common
share and $0.22 per diluted share), versus $7.2 million ($0.39
per common and diluted share) for the same period in 2003.

During the nine-month period ended September 30, 2004, the
average exchange rate of the Chilean currency compared to the
U.S. dollar appreciated 13%, while the Argentine currency
remained unchanged versus the same period in 2003.

CLAXSON UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
INFORMATION - BY SEGMENT

"We are very pleased with the overall results for the third
quarter and first nine months of 2004. Our net revenues improved
significantly compared to last year and, in spite of higher
operating expenses, we delivered a larger quarterly net profit,"
said Roberto Vivo, Chairman and CEO. "We're especially pleased
with the performance of the broadcasting and pay TV units, as
they continue to outperform last year's results on a year-to-
date basis."

PAY TV

Net revenue for the third quarter of 2004 was $12.8 million, a
3% increase from net revenue of $12.4 million for the third
quarter of 2003. The increase in net revenue is principally
attributable to an increase in subscriber-based fees and
advertising sales due to an improvement of the advertising
market throughout the region. Net revenue for the nine-month
period ended September 30, 2004 was $36.5 million compared to
$36.3 million for the same period of 2003. The increase is
explained by increased advertising and subscriber-based fee
revenues, offset by a decrease of $1.4 million in production and
other services as a result of the cancellation of services
provided to the Locomotion Channel and other third parties.

Operating expense (before depreciation and amortization) for the
third quarter of 2004 was $9.9 million compared to $8.7 million
for the same period in 2003. The increase is principally
attributable to higher programming expenditures as a result of
increased original productions. Operating expense (before
depreciation and amortization) for the nine-month period ended
September 30, 2004 was $28.8 million compared to $29.3 million
for the same period of 2003.

Operating income for the third quarter of 2004 was $2.1 million
compared to an operating income of $3.0 million for the same
period in 2003. Operating income for the nine-month period ended
September 30, 2004 was $5.2 million compared to $4.5 million for
the same period of 2003.

As of September 30, 2004, the Company's owned basic and premium
channels reached 41.6 million aggregate subscribers, an 18%
growth compared to its subscriber base as of September 30, 2003.
Playboy TV, FTV, and Retro were the Company's channels that
reported the strongest growth compared to the same period in
2003.

BROADCAST

Net revenue for the third quarter of 2004 was $11.6 million, a
35% increase from net revenue of $8.6 million for the third
quarter of 2003. The increase is primarily attributable to
improved ratings of Chilevision that enabled the channel to
increase its advertising revenue mainly through better pricing,
as well as a 9% appreciation in the Chilean peso as compared to
2003. Net revenue for the nine-month period ended September 30,
2004 was $31.1 million compared to $22.9 million for the same
period of 2003. This difference is a result of the increased
audience share of Chilevision as well as a 13% appreciation of
the Chilean peso as compared to same period in 2003.

Operating expense (before depreciation and amortization) for the
third quarter of 2004 was $9.3 million compared to $6.3 million
for the same period in 2003. The increase is due to the
appreciation of the Chilean peso, the increase in sales and
marketing costs directly related to the increase in revenues, as
well as the increase in production costs as a result of a higher
number of original production hours incurred by Chilevision to
achieve its ratings growth. Operating expense (before
depreciation and amortization) for the nine-month period ended
September 30, 2004 was $24.2 million compared to $18.1 million
for the same period of 2003. As was the case in the third
quarter, this increase is due to the appreciation of the Chilean
peso, the increase in sales and marketing costs and the increase
in production expenditures at Chilevision.

Operating income for the third quarter of 2004 was $1.6 million,
unchanged from the same period in 2003. Operating income for the
nine-month period ended September 30, 2004 was $4.9 million
compared to $2.7 million for the same period of 2003.

During the third quarter of 2004, Chilevision reported an
average audience share of 14.5%, compared to 13.0% for the same
period in 2003. Chilevision's average audience share for the
nine-month period ended September 30, 2004 was 15.1%, compared
to 14.2% for the same period in 2003. Ibero American Radio
Chile's average audience share for the nine-month period ended
September 30, 2004 was 35.7%, unchanged from the same period in
2003.

In line with the Company's long-term growth plans, Claxson
agreed to sell Red de Television Chilevision S.A., its Chilean
television network. Completion of the sale is conditioned upon,
among other things, successful negotiation of an exclusivity
agreement with the bidder, payment by the bidder of an
exclusivity fee, satisfactory completion of diligence by the
proposed buyer, negotiation of a definitive purchase and sale
agreement, approval of the Board of Directors of Claxson and
receipt of regulatory approval. The Company intends to disclose
the name of the purchaser upon execution of an exclusivity
agreement.

BROADBAND & INTERNET

Net revenue for the third quarter of 2004 decreased to $19,000
from $85,000 for the third quarter of 2003. Net revenue for the
nine-month period ended September 30, 2004 decreased to $76,000
compared to $169,000 for the same period of 2003.

Operating expense (before depreciation and amortization) for the
third quarter of 2004 was $0.3 million compared to $0.6 million
for the same period in 2003. Operating expense (before
depreciation and amortization) for the nine-month period ended
September 30, 2004 was $0.8 million compared to $2.0 million for
the same period of 2003.

Operating loss for the third quarter of 2004 was $0.2 million
compared to a $0.5 million loss for the same period in 2003.
Operating loss for the nine- month period ended September 30,
2004 was $0.7 million compared to $1.8 million for the same
period of 2003.

During the month of October, 2004, the Broadband & Internet
Division entered into a number of new agreements as a result of
the Company's R&D investment and recent sales and marketing
efforts related to its advanced broadband content manager, El
Sitio Digital Channel (ESDC), including:

* content agreements with Fox Sports Latin America and with the
leading Latin-American women's channel Utilisima, to offer its
content to wall-garden broadband communities in Latin America.

* an agreement with Brasil Telecom, the second largest broadband
Company in Latin America and one of the largest
telecommunications companies in Brazil, to launch in Brazil the
Turbo Video VOD (Video On Demand) service on its ESDC platform.
Through this agreement, Brasil Telecom users will have access to
the digital content offered in the ESDC digital platform
including content from Fox Sports Latin America, Playboy TV
Latin America & Iberia, Utilisima and Claxson's own pay
television channels.

* an agreement with Microsoft to provide broadband content
through its ESDC broadband platform to its Windows Media Player
10 (WMP 10), the new Windows Media Player version recently
launched worldwide.. Through this agreement, Claxson will become
the only provider of video content for Microsoft's new product
in Latin America, offering DVD quality programming from its
content partners and its pay television channels, as well as a
Reuters news channel.

Statement of Cash Flows and Liquidity

As of September 30, 2004, Claxson had cash and cash equivalents
of $7.2 million and $87.4 million in debt, which includes $16.7
million in future interest payments on the Company's 8.75%
Senior Notes due in 2010. For the nine-month period ended
September 30, 2004, Claxson operating activities generated cash
flows of $3.3 million compared to $12.2 million for the same
period of 2003. The difference is primarily due to efforts to
reduce accounts payable balances resulting from the Company's
cash management strategy during previous years. Cash generated
from operating activities was primarily used for capital
expenditures, the repayment of debt and the payment of fees
related to the Claxson formation transaction. Net cash used for
financing activities was $1.2 million as a result of the
issuance of $3.5 million in Convertible Debentures during the
third quarter of 2004, the renegotiation of the Chilean
syndicated financing, the re-payment of debt and the release of
the escrowed amounts. During the nine-month period ended
September 30, 2004, Claxson received $0.6 million as the last
installment from the sale of its investment in the Locomotion
Channel in 2002. For the nine-month period ended September 30,
2004, Claxson had a net use of cash of $0.5 million.

Investment in Digital Latin America

In line with Claxson's long-term affiliate sales growth
strategy, especially for its premium brands, on October 29,
2004, funds associated with Hicks Muse Tate & Furst ("Hicks
Muse") purchased 830,259 newly issued Class A Common Shares of
Claxson, increasing the ownership percentage of Hicks Muse to
38% of Claxson. As part of the $4.5 million transaction, Hicks
Muse also received a 38% equity ownership interest in DLA
Holdings, Inc., a newly formed holding Company for Digital Latin
America, LLC, which provides programming to cable operators
throughout Latin America for their digitals tiers, including an
interactive programming guide, digital music and pay-per-view
services of Hollywood movies. As part of the transaction,
Claxson obtained 48% of the equity interest in DLA Holdings in
exchange for investment of funds and an agreement to provide
services (including satellite space, playout of its channels and
back-office support) for a period of up to three years. The
balance of DLA Holdings, Inc. is owned by an affiliate of
Motorola.

About Claxson

Claxson (OTC Bulletin Board: XSON) is a multimedia Company
providing branded entertainment content targeted to Spanish and
Portuguese speakers around the world. Claxson has a portfolio of
popular entertainment brands that are distributed over multiple
platforms through its assets in pay television, broadcast
television, radio and the Internet. Headquartered in Buenos
Aires, Argentina, and Miami, Florida, Claxson has a presence in
the United States and all key Ibero-American countries,
including without limitation, Argentina, Mexico, Chile, Brazil,
Spain and Portugal. Claxson's principal shareholders are the
Cisneros Group of Companies and funds affiliated with Hicks,
Muse, Tate & Furst Inc.

To see financial statements:
http://bankrupt.com/misc/CLAXSON.htm


HOSANTEL S.A.: Verification Cut-Off Approaches
----------------------------------------------
Buenos Aires-based Hosantel S.A. will complete an important
phase in its liquidation with the closing of the claims
verification period Monday, November 22, 2004.

Creditors with claims against the Company must present proof of
their claims to trustee Carlos F. Pisa Barros Garcia by the said
date to qualify for any post-liquidation distributions that will
be made.

Court no. 25 of the city's civil and commercial tribunal handles
this case. Clerk no. 49 assists the Court with the proceedings.

CONTACT: Mr. Carlos F. Pisa Barros Garcia, Trustee
         Avda Corrientes 3150
         Buenos Aires


HSBC BANK ARGENTINA: S&P Withdraws Ratings
------------------------------------------
Standard & Poor's Ratings Services said today that it withdrew
its 'CCC+/C' counterparty credit ratings on HSBC Bank Argentina
S.A. at the Company's request. The institution is the ninth-
largest private bank in terms of assets and eighth in terms of
deposits in the Argentine financial system. Prior to the crisis,
the bank provided a wide range of services (primarily wholesale
banking services) to major corporations, lending and other
banking services to small and midsize companies, and investment
banking. "The bank was the entity operating in the Argentine
financial system that received the strongest support from its
parent in the aftermath of the 2002 crisis," said Standard &
Poor's credit analyst Carina Lopez.


POSTEN S.A.: Court Favors Creditor's Bankruptcy Petition
--------------------------------------------------------
Mr. Carlos Luna successfully sought the bankruptcy of Posten
S.A. after Judge Fernandez of Buenos Aires' civil and commercial
Court no. 19 declared the Company "Quiebra," reports La Nacion.
The creditor sought for the Company's bankruptcy after the
latter failed to pay debts amounting to US$55,673.15.

As such, the construction firm will now start the bankruptcy
process with Mr. Raquel Steinhaus as trustee. Creditors of the
Company must submit their proofs of claim to the trustee before
March 14 next year for authentication. Failure to do so will
mean disqualification from the payments that will be made after
the Company's assets are liquidated.

Dr. Mazzoni, the city's Clerk no. 37, assists the Court on the
case that will culminate in the liquidation of all of its
assets.

CONTACT: Posten SA
         Jeronimo Salguero 2731
         Buenos Aires

         Ms. Raquel Steinhaus, Trustee
         Paraguay 577
         Buenos Aires


RAMOS MEJIA S.A.: Court OKs Creditor's Bankruptcy Call
------------------------------------------------------
Ramos Mejia S.A. entered bankruptcy after Judge Santachitta
approved a bankruptcy motion filed by Mr. Diego Fox, reports La
Nacion. The Company's failure to pay US$6,825.12 in debt
prompted the liquidation plea.

Working with Dr. Vivono, the city's Clerk no. 36, the Company
assigned Mr. Norberto Moline as trustee for the bankruptcy
process. The trustee's duties include the authentication of the
Company's debts and the preparation of the individual and
general reports. Creditors are required to present their proofs
of claims to the trustee before December 16.

The Company's assets will be liquidated at the end of the
bankruptcy process to repay creditors. Payments will be based on
the results of the verification process.

CONTACT: Ramos Mejia S.A.
         Arenales 3673
         Buenos Aires

         Mr. Norberto Moline, Trustee
         Avenida Rivadavia 2530
         Buenos Aires


REMIFA S.R.L.: Claims Verification Ends Monday
----------------------------------------------
Court-appointed trustee Maria Patricia Gamba will review claims
forwarded by creditors of bankrupt Remifa S.R.L. until Monday,
November 22, 2004. Failure to comply with the submission
deadline will mean disqualification from the payments to be made
once the Company's assets are liquidated.

Court no. 1 of Olavarria's civil and commercial tribunal has
just jurisdiction over this case.

CONTACT: Remifa S.R.L.
         General Paz 2678
         Olavarria

         Ms. Maria Patricia Gamba, Trustee
         Fassina 3157
         Olavarria


SULADESO S.A.: Proceeds With Bankruptcy on Court Orders
-------------------------------------------------------
Dr. Villanueva, serving for Court no. 23 of Buenos Aires' civil
and commercial tribunal, declared Suladeso S.A. bankrupt, says
La Nacion. The ruling comes in approval of the bankruptcy
petition filed by the Company's creditor, Mr. Juan Marquez, for
nonpayment of US$2,000 in debt.

The Company's trustee, Mr. Hugo D'ubaldo, will examine and
authenticate creditors' claims until February 8 next year. This
is done to determine the nature and amount of the Company's
debts. Creditors must have their claims authenticated by the
trustee by the said date in order to qualify for the payments
that will be made after the Company's assets are liquidated.

Dr. Ovadia, the city's Clerk no. 45, assists the Court on the
case that will conclude with the liquidation of the Company's
assets.

CONTACT: Suladeso S.A.
         Virrey Aviles 3415
         Buenos Aires

         Mr. Hugo D'ubaldo, Trustee
         Adolfo Alsina 1535
         Buenos Aires


TECO MAX: Verification Deadline Nears
-------------------------------------
Creditors of bankrupt Teco Max S.R.L. are expected to submit
proof of their claims before the verification period closes
Monday, November 22, 2004. Proofs of claims forwarded to trustee
Luis Stamati after the said date will not be reviewed for
authentication.

The Company's liquidation was requested by Union de Obreros y
Empleados Plasticos after it defaulted on a US$3,913.63 debt.
Judge Chomer of Buenos Aires' civil and commercial Court no. 10
handles this case with assistance from Dr. Gigy Traynor, the
city's Clerk no. 19.

CONTACT: Teco Max S.R.L.
         Tucuman 410
         Buenos Aires

         Mr. Luis Stamati, Trustee
         Avenida Rivadavia 3320
         Buenos Aires


TRICOT MERINO: Debt Default Leads to Liquidation
------------------------------------------------
Local textile firm Tricot Merino S.A. proceeds with liquidation
after Court no. 2 of Buenos Aires' civil and commercial tribunal
granted the bankruptcy petition filed by its creditor, Juan
Carlos Mazzoni. Mr. Mazzoni filed the petition after the Company
defaulted on a US$50,000.00 debt.

CONTACT: Tricot Merino S.A.
         Pasteur 538
         Buenos Aires


VINTAGE PETROLEUM: Targets Five Percent Growth in 2005
------------------------------------------------------
Vintage Petroleum, Inc. (NYSE: VPI) announced Wednesday its
preliminary 2005 non-acquisition capital budget of $250 million
and preliminary production target growth of five percent.

Production is targeted to rise approximately 1.2 million barrels
of oil equivalent (BOE), excluding any incremental contributions
from exploration, to 25.8 million BOE from 2004 targeted
production, excluding any Canadian volumes, of 24.6 million BOE.

Sale of the Company's Canadian interests for US$274 million is
pending and expected to close November 30, 2004. Although the
2005 capital budget supports a forecast of internally generated
growth, spending remains below anticipated cash flow of $320
million.

Approximately 71 percent, or $177 million, of the total 2005
capital expenditure budget is allocated to lower-risk
exploitation projects while the remaining $73 million or 29
percent is allocated to exploration.

About 64 percent of total exploitation spending, or $114
million, is allocated to drilling, workovers, seismic surveys
and secondary recovery projects aimed at continuing to increase
production in Argentina. The four-rig drilling program employed
during 2004 was expanded late in the third quarter 2004 to five
rigs. Drilling will account for about 60 percent of the
Argentina exploitation budget, with the expectation of
continuing to run five drilling rigs and increasing the number
of wells drilled by 12 percent to 108 wells, principally in the
San Jorge basin. This represents the highest level of activity
in terms of the number of wells to be drilled and compares to an
expected total of about 96 wells in 2004.

The remaining 40 percent of the Argentina exploitation budget is
allocated for the completion of 83 workovers in the San Jorge
basin, the initiation of four waterflood projects and at least
two new 3-D seismic surveys. Waterflood production response,
though initially modest, is expected later in 2005. The 3-D
seismic planned for the 2005 budget will add approximately
90,000 acres, or about seven percent additional coverage,
bringing the total 3-D coverage to 58 percent of the Company's
1.2 million gross operated acreage in Argentina. Addition of 3-D
seismic coverage has historically provided future drilling and
production visibility. Since entering Argentina in 1995, Vintage
estimates it has drilled over 400 wells based on 3-D seismic
with a 96 percent success rate.

The U.S. exploitation budget of $37 million accounts for 21
percent of the total exploitation budget spending. The planned
2005 domestic drilling program consists of 20 wells in
California, Louisiana, Oklahoma and Texas. Areas of emphasis
include continuation of development infill drilling programs at
Gilmer South field in East Texas, expanded horizontal drilling
programs in Luling and Darst Creek fields in South Central Texas
and at our North Antelope Hills field in Southern California.
The 2005 domestic workover program includes 46 planned projects
with continued emphasis on recompletions at San Miguelito,
Rincon, and Rio Viejo fields in Southern California, the West
Ranch field in South Texas, and the South Pass field in
Louisiana state waters.

Facilities construction and development drilling in Yemen
account for the remaining $26 million, or 15 percent of
Vintage's 2005 exploitation budget. Approximately $19 million in
capital expenditures are planned during the first two quarters
of 2005 to complete the construction and installation of the
processing and pipeline facilities near the An Nagyah light oil
discovery, bringing the total expenditures for the facilities
and pipeline in 2004 and 2005 to $30 million. These facilities
are designed to process up to 10,000 gross (5,200 net) barrels
of oil per day and are expected to be completed late in the
second quarter of 2005.

The remaining $7 million allocated to Yemen exploitation is for
the drilling of four development wells which will complete the
development of the An Nagyah field during 2005. Approximately 29
percent of the 2005 capital budget, or $73 million, will be
allocated to exploration projects. About 89 percent of the
exploration budget will be spent in the United States and the
remainder will be spent on international projects.

In the United States, $65 million will be spent on exploration
activities. Of this amount, $38 million has been allocated to
conventional exploration activities primarily targeting natural
gas that can be brought to production quickly. This endeavor
anticipates 11 exploration wells to test 10 prospects primarily
located in the onshore and offshore Texas Gulf Coast. These
projects are similar geologically to plays in which the Company
was successful during 2004. The remaining $27 million has been
allocated to the unconventional gas resource exploration
program. This activity is projected to result in the drilling of
10 wells in 2005 to test four play concepts identified during
2004.

Internationally, $8 million has been allocated to exploration,
with approximately 76 percent dedicated to the continuing
exploration effort in Yemen targeting high impact plays. Current
plans in Yemen anticipate the drilling of two exploration wells
and the continued assessment of the development potential of the
discovery at Harmel.

Targets for 2005

The 2005 non-acquisition capital budget is aimed at growing
production from internally generated sources in the short-term
while devoting significant resources to projects that can
provide longer-term growth opportunities. Approximately $80
million, or 32 percent of the total 2005 nonacquisition capital
budget, is comprised of exploration and development expenditures
that support organic production growth in 2006 and beyond.
Vintage's target for 2005 production of 25.8 million does not
assume any contribution from exploration expenditures for
drilling in 2005.
This targeted production level takes into account the impact of
the disposition of the Company's Canadian assets scheduled to
close on November 30, 2004, and is a five percent increase over
the estimated 2004 production of 24.6 million BOE pro forma for
the Canadian divestiture.

The Company has assumed an average NYMEX price for the year 2005
of $40 per barrel of oil versus its revised 2004 assumption of
$42 per barrel. For natural gas, the Company has increased its
assumed NYMEX price for the year to $6.50 per MMBtu from its
revised 2004 assumption of $6.10 per MMBtu. The oil price
received in 2005 as a percent of the NYMEX price is anticipated
to be 78 percent compared to the 82 percent estimated for 2004.
The gas price received in 2005 as a percent of the NYMEX price
is anticipated to decrease to 68 percent from 69 percent assumed
for 2004.

Given its preliminary outlook for the 2005 capital budget,
production, assumed prices and costs enumerated in the
acCompanying table, "Vintage Petroleum, Inc. Preliminary Targets
for 2005 ", as well as other expectations, Vintage has
established 2005 targets for cash flow and EBITDAX of $320
million and $440 million, respectively.

CONTACT: Mr. Robert E. Phaneuf
         Vice President - Corporate Development
         Vintage Petroleum Inc.
         Phone: (918) 592-0101
         Web Site: www.vintagepetroleum.com


* ARGENTINA: Secures $18M Loan From IDB
---------------------------------------
The Inter-American Development Bank announced Wednesday the
approval of an $18 million loan to Argentina to help strengthen
the institutional investment environment, particularly in the
relatively less developed provinces, by building the capacity of
their non-financial public institutions linked to the productive
sectors and integrating the provincial public expenditure
management systems.

The program aims at contributing in the medium and long term to
the gradual consolidation of mechanisms for interaction between
the federal government, the provinces and the productive
sectors.

"Efficient management is key to improving the performance of
public services," said IDB team leader Hector Salazar.
"Integration and management of public expenditure systems that
enable national and provincial financial data to be aggregated
and to facilitate compliance with fiscal rules and restrictions
is essential to improve the timeliness and integrity of data
systems and to standardize basic data classifications," Salazar
added. "Undoubtedly, both dimensions contribute to the
perception of good government."

This program, which will be executed by the Provincial Relations
Branch of the Ministry of Economy Finance Secretariat, will
complement ten years of previous efforts to improve fiscal
relations between the federal government and the provinces and
will help achieve continued fiscal discipline in the provinces.

The loan is for a 20-year term with a five-year grace period at
a variable interest rate. Local counterpart funds total $12
million.



===============
B A R B A D O S
===============

C&W BARBADOS: FTC Deems New Charges "Unauthorized"
--------------------------------------------------
The Fair Trading Commission (FTC) on Monday declared the new
charges by Cable & Wireless (C&W) for directory enquiries
"unauthorized," says the Barbados Daily Nation.

Earlier this month, C&W announced that beginning Nov. 15, it
would impose a $1 charge for local and $3 for international
numbers.

But the FTC said: "Any charges levied for a regulated service
without commission approval would be an unauthorized rate."

The FTC said it normally considered approval of an application
for a rate for a single service by means of a written hearing.

"The commission is of the view that this type of hearing is
cost-effective and is an efficient way of determining these
matters."

The commission did not issue a stop order but FTC sources said
it would if C&W actually bills customers, though it was noted
that payphone callers' costs would "probably be irrecoverable".



=============
B E R M U D A
=============

CF RISK MANAGEMENT: Names Michael Morrison as Liquidator
--------------------------------------------------------
             IN THE MATTER OF THE COMPANIES ACT 1981

                              and

         IN THE MATTER OF CF Risk Management Services Ltd.

The Members of CF Risk Management Services Ltd. held a special
meeting on the November 11, 2004 and passed the following
Resolutions:

1. That the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and

2. That Mr. Michael Morrison be and is hereby appointed
Liquidator for the purposes of such winding-up, such appointment
to be effective forthwith.

The Liquidator informs that:

- Creditors of CF Risk Management Services Ltd., which is being
voluntarily wound up, are required, on or before December 2,
2004 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their solicitors (if any) to Mike
Morrison, the undersigned, at KPMG Financial Advisory Services
Limited, Crown House, 4 Par-La-Ville Road, Hamilton, HM 08,
Bermuda, the Liquidator of the said Company, and if so required
by notice in writing from the said Liquidator, and personally or
by their solicitors, to come in and prove their debts or claims
at such time as shall be specified in such notice, or in default
thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT: Mr. Mike Morrison, Liquidator
         KPMG Financial Advisory Services Limited
         Crown House, 4 Par-La-Ville Road
         Hamilton, Bermuda


GLOBAL CROSSING: Provides IP Solutions for General Motors
---------------------------------------------------------
Global Crossing (Nasdaq: GLBC) announced Wednesday a contract
with General Motors to provide Frame Relay Services between
Santiago and Sao Paulo. The Frame Relay service was put in place
to ready General Motors for evolution to an IPVPN service for a
converged IP solution.

Under the agreement, Global Crossing Frame Relay Service
provides support for General Motors' data applications over the
Company's seamless, self- healing, fiber-optic network. This
provides General Motors with 24x7 network reliability and
extensive monitoring, service and support, free from inter-
operability concerns.

"Global Crossing's IP-enabling Frame Relay service offered a
quality and cost-effective solution for transporting data
applications over a single connection," said Augusto Jimenez, IT
manager for General Motors in Chile. "The fact that Global
Crossing owns and operates their network, has an impeccable
performance record and excellent customer service were all key
factors for choosing Global Crossing's services to fill our data
transmission needs."

"We are pleased to have General Motors among our growing list of
customers as we expand our business in Latin America," said Jose
Antonio Rios, Global Crossing's chief administrative officer and
international president. "Global Crossing will continue to meet
and exceed our customers' needs maintaining the unblemished
track record on network performance we have established."

Global Crossing addresses the specific efficiency and security
needs of transportation companies through its hybrid product
portfolio and fully meshed private network. Transportation
companies can readily employ a proven global network
application, using technology as a driver for cost reduction,
improving efficiency, ensuring unprecedented network security
and simplifying network design.

Global Crossing's Frame Relay network is designed and built with
complete redundancy and diversity for all Frame Relay switches
and backbone trunks, and provides customers with a seamless
roadmap to a fully converged IP model, ready for implementation
when the customer is. Additionally, Global Crossing 24x7
worldwide support provides real time diagnosis and resolution.

ABOUT GLOBAL CROSSING

Global Crossing provides telecommunications solutions over the
world's first integrated global IP-based network. Its core
network connects more than 300 cities and 30 countries
worldwide, and delivers services to more than 500 major cities,
50 countries and 6 continents around the globe. The Company's
global sales and support model matches the network footprint
and, like the network, delivers a consistent customer experience
worldwide.

Global Crossing IP services are global in scale, linking the
world's enterprises, governments and carriers with customers,
employees and partners worldwide in a secure environment that is
ideally suited for IP-based business applications, allowing e-
commerce to thrive. The Company offers a full range of managed
data and voice products including Global Crossing IP VPN
Service, Global Crossing Managed Services and Global Crossing
VoIP services, to more than 40 percent of the Fortune 500, as
well as 700 carriers, mobile operators and ISPs.

ABOUT GENERAL MOTORS

General Motors Corp. (NYSE: GM), the world's largest vehicle
manufacturer, employs 340,000 people globally in its core
automotive business and subsidiaries. Founded in 1908, GM has
been the global automotive sales leader since 1931. GM today has
manufacturing operations in 32 countries and its vehicles are
sold in more than 190 countries. In 2002, GM sold more than 8.6
million cars and trucks, nearly 15 percent of the global vehicle
market. GM's global headquarters is at the GM Renaissance Center
in Detroit. More information on GM and its products can be found
on the Company's consumer web site at http://www.gm.com.

CONTACTS: GLOBAL CROSSING:
          Press Contacts
          Ms. Kendra Langlie
          Phone: + 1 305-808-5912
          e-mail: LatAmPR@globalcrossing.com

          Ms. Fernanda Marques
          Phone: + 55 21-3820-4712
          e-mail: LatAmPR@globalcrossing.com

          Analysts/Investors Contact
          Ms. Laurinda Pang
          Phone: + 1 800-836-0342
          e-mail: glbc@globalcrossing.com

          Web Site: http://www.globalcrossing.com/


MCKINSEY & COMPANY: Claims Check to End Dec. 1
----------------------------------------------
              IN THE MATTER OF THE COMPANIES ACT 1981

                               and

         IN THE MATTER OF McKinsey & Company Bermuda Ltd.

The Sole Member of McKinsey & Company Bermuda Ltd., acting by
written consent without a meeting on November 5, 2004 passed the
following resolutions:

1) That the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and

2) That Robin J. Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator informs that:

- Creditors of McKinsey & Company Bermuda Ltd., which is being
voluntarily wound up, are required, on or before December 1,
2004 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J
Mayor at Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, Hamilton, HM DX, Bermuda, the Liquidator of the said
Company, and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Sole Member of McKinsey &
Company Bermuda Ltd. will be held at the offices of Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda on December 22, 2004 at 9:30 a.m., or as soon
as possible thereafter, for the purposes of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Robin J. Mayor, Liquidator
         Clarendon House
         Church Street
         Hamilton, Bermuda


STENA SERVICES: To Hold Final General Meeting Dec. 22
-----------------------------------------------------
         IN THE MATTER OF THE COMPANIES ACT 1981

                          and

      IN THE MATTER OF Stena Services (Bermuda) Limited

The Sole Member of Stena Services (Bermuda) Limited, acting by
written consent without a meeting on 10th November, 2004 passed
the following resolutions:

1) That the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and

2) That Robin J. Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator informs that:

- Creditors of Stena Services (Bermuda) Limited, which is being
voluntarily wound up, are required, on or before December 1,
2004 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J.
Mayor at Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, Hamilton, HM DX, Bermuda, the Liquidator of the said
Company, and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Sole Member of Stena Services
(Bermuda) Limited will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on December 22, 2004 at 9:30 a.m. for the purposes of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Robin J. Mayor, Liquidator
         Clarendon House
         Church Street
         Hamilton, Bermuda


STENA SUBSEA: Robin Mayor To Oversee Wind-Up Proceedings
--------------------------------------------------------
          IN THE MATTER OF THE COMPANIES ACT 1981

                           and

       IN THE MATTER OF Stena Subsea Services Limited

The Sole Member of Stena Subsea Services Limited, acting by
written consent without a meeting on November 10, 2004 passed
the following resolutions:

1) That the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and

2) That Robin J. Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator informs that:

- Creditors of Stena Subsea Services Limited, which is being
voluntarily wound up, are required, on or before December 1,
2004 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J
Mayor at Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, Hamilton, HM DX, Bermuda, the Liquidator of the said
Company, and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Sole Member of Stena Subsea
Services Limited will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on December 22, 2004 at 9:30 a.m., for the purposes of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Robin J. Mayor, Liquidator
         Clarendon House
         Church Street
         Hamilton, Bermuda


ST. STEPHEN'S: Proceeds With Wind-up Under Robin Mayor
------------------------------------------------------
           IN THE MATTER OF THE COMPANIES ACT 1981

                          and

         IN THE MATTER OF St. Stephen's Green Limited

The Sole Member of St. Stephen's Green Limited, acting by
written consent without a meeting on November 10, 2004 passed
the following resolutions:

1) That the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981;

2) That Robin J. Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator informs that:

- Creditors of St. Stephen's Green Limited, which is being
voluntarily wound up, are required, on or before December 1,
2004 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J.
Mayor at Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, Hamilton, HM DX, Bermuda, the Liquidator of the said
Company, and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Sole Member of St. Stephen's
Green Limited will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on December 22, 2004 at 9:30 a.m. for the purposes of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

(3) by resolution dissolving the Company.

CONTACT: Mr. Robin J. Mayor, Liquidator
         Clarendon House
         Church Street
         Hamilton, Bermuda


STENA TENDER: Sole Member Resolves to Wind-Up Operations
--------------------------------------------------------
           IN THE MATTER OF THE COMPANIES ACT 1981

                            and

          IN THE MATTER OF Stena Tender Line Limited

The Sole Member of Stena Tender Line Limited, acting by written
consent without a meeting on November 10, 2004 passed the
following resolutions:

1) That the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and

2) That Robin J. Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator informs that:

- Creditors of Stena Tender Line Limited, which is being
voluntarily wound up, are required, on or before December 1,
2004 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J.
Mayor at Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, Hamilton, HM DX, Bermuda, the Liquidator of the said
Company, and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Sole Member of Stena Tender
Line Limited will be held at the offices of Messrs. Conyers Dill
& Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
December 22, 2004 at 9:30 a.m. for the purposes of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator; and

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Robin J. Mayor, Liquidator
         Clarendon House
         Church Street
         Hamilton, Bermuda


TECTO LTD.: Appoints Robin Mayor as Liquidator
----------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                           and

                 IN THE MATTER OF Tecto Ltd.

The Sole Member of Tecto Ltd. , acting by written consent
without a meeting on November 10, 2004 passed the following
resolutions:

1) That the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and

2) That Robin J. Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator Informs that:

- Creditors of Tecto Ltd., which is being voluntarily wound up,
are required, on or before December 1, 2004 to send their full
Christian and Surnames, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their lawyers (if any) to Robin J. Mayor at Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, HM DX, Bermuda, the Liquidator of the said Company,
and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Sole Member of Tecto Ltd.  will
be held at the offices of Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda on December
22, 2004 at 9:30 a.m. for the purposes of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Robin J. Mayor, Liquidator
         Clarendon House
         Church Street
         Hamilton, Bermuda


WHEELHOUSE (BERMUDA) LIMITED: Member Consents to Wind-Up
--------------------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                             and

        IN THE MATTER OF Wheelhouse (Bermuda) Limited

The Sole Member of Wheelhouse (Bermuda) Limited, acting by
written consent without a meeting on November 10, 2004 passed
the following resolutions:

1) That the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and

2) That Robin J. Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator informs that:

- Creditors of Wheelhouse (Bermuda) Limited, which is being
voluntarily wound up, are required, on or before December 1,
2004 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J
Mayor at Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, Hamilton, HM DX, Bermuda, the Liquidator of the said
Company, and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Sole Member of Wheelhouse
(Bermuda) Limited will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on December 22, 2004 at 9:30 a.m. for the purposes of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Robin J. Mayor, Liquidator
         Clarendon House
         Church Street
         Hamilton, Bermuda



===========
B R A Z I L
===========

BANCO SANTOS: Susep to Decide on Units' Future This Week
--------------------------------------------------------
The insurer and savings bond units of intervened Brazilian bank
Banco Santos will know their fate this week when Susep, the
country's regulator for private insurers, makes its decision on
the matter.

Business News Americas recalls that the Brazilian central bank
recently shut Banco Santos and its brokerage unit after the bank
failed to set aside sufficient cash to cover bad loans.

However, the bank's insurer Santos Seguradora and its savings
bond arm Valor Capitalizacao remain in operations since they
fall under Susep's supervision.

Susep has two alternatives to deal with the troubled bank's
insurer and savings bond units: to take part-control of them and
jointly manage the firms for a period, or intervene them with
the possibility of liquidation.

Sources believe Susep would choose the first option since the
two units appear to be in good financial shape despite their
parent's dire situation.

Santos Seguradora posted BRL62 million (US$22.4mn) in premiums
for the first nine months this year and BRL1 million in net
profit, while Valor Capitalizacao registered BRL28 million in
contributions during the same period and BRL1 million in net
loss.

However, the damage done to the Santos brand by the intervention
of the parent could trigger a financial deterioration at the
subsidiaries, as customers would likely grow wary of continuing
their relationship with those firms.


CESP: S&P Issues Report on Ratings
----------------------------------
Rationale

The 'CCC' global scale ratings and the 'brCCC' Brazilian
national scale ratings on electric power generator Companhia
Energetica de Sao Paulo (CESP) reflect the Company's poor cash
flow protection measures and lack of liquidity to meet interest
and amortization requirements in the short term.

The rating also reflects the following weaknesses:

- Tight liquidity and financial flexibility;
- High exposure to the spot market since 2003, with strong
negative impact on the Company's cash flow;
- Deterioration of its cash flow protection measures due to the
volatility of the currency;
- High debt burden and significant refinancing need in the short
term; and
- Regulatory framework that is still evolving and bound to be
revisited as it is tested;

These weaknesses are partially mitigated by the following
factors:

- Proven capacity to operate its six hydropower plants,
constantly generating more power than stated capacity;
- Strategic location in the state of Sao Paulo, the most
industrialized and richest state of Brazil; and
- Low cost producer.

Even though the Company was able to amend part of its initial
contracts in 2004 and close new, small energy contracts with
industrial clients, the volume of energy under contract remains
stable compared with 2003 at approximately 26,886 gigawatt-hours
(GWh) compared with 33,153 GWh registered in 2002 when the
Company was fully contracted.

For fiscal 2004, cash flow generation is still negatively
affected by the exposure to low prices in the spot market, and
EBITDA should result in approximately the same level of 2003,
about BrR1.3 billion. Standard & Poor's also expects the Company
to maintain its funds from operations (FFO) interest coverage at
1.4x for fiscal 2004.

An additional 25% of the energy originally tied to initial
contracts will be freed in 2005; however, prospects are very
uncertain. While all the existing electric energy capacity will
have to be sold in the energy auction scheduled for December
2004--the first under the new framework for the industry--the
unknown outcome of the auction in terms of prices and volumes
sold by each generator make it difficult to project CESP's cash
flow.

In addition, CESP is expected to continue its leveraged capital
structure, with total debt to capital at about 64% and total
debt to EBITDA at about 8.3x.

CESP is Brazil's and Latin America's third-largest electricity
generator, with 7,456 MW of installed capacity. The Company
operates six hydroelectric power plants and is responsible for
57% of the total energy produced in the state of Sao Paulo,
which generates 40% of Brazil's GDP. CESP is a state-owned
Company, whose primary shareholder is the government of the
state of Sao Paulo, with 53% of the total capital and 74% of the
voting common shares.

Liquidity

CESP's total debt reached BrR11 billion in June 2004, of which
83% was long term and 58% was denominated in foreign currency
and subject to exchange-rate volatility because no hedging
mechanism exists. As of June 2004, the Company's short-term debt
was approximately BrR2 billion, showing that the scheduled
amortization is still tight considering the Company's cash
generation. The most significant maturities in the short term
include US$120 million euro medium-term notes due in May 2005,
BrR600 million debentures, and BrR200 million of CTEES (local
notes backed by energy receivables). Every year the Company is
expected to face approximately BrR1.5 billion of principal and
BrR1 billion of interest.

At the beginning of 2004, CESP negotiated a new facility of
approximately BrR1.2 billion with BNDES, which allowed the
Company to reschedule part of its debt payments with the federal
government in 2004 and 2005. The Company's liquidity sources to
meet its short-term maturities are the Company's expected
internal cash generation of BrR450 million (the Company's
capital-expenditure requirements are not significant) and its
sale of future receivables to the Brazilian credit receivable
fund (FIDC), which will result in BrR450 million to CESP.
Additional sources of funding to meet the remaining maturities
are not defined, and further negotiations with existing
creditors might be necessary.

Outlook

The negative outlook on CESP reflects the low predictability of
the Company's revenues and cash flow level. Furthermore, weak
cash flow measures associated with its heavy debt burden means
that CESP will depend on further negotiations with its existing
creditors to resolve its maturity schedule. The outlook could be
revised to stable or positive depending on the Company's success
in the energy auction in December 2004 and its capacity to
reduce its exposure to short-term debt.

PRIMARY CREDIT ANALYST: Juliana Gallo, Sao Paulo (55) 11-5501-
8948; juliana_gallo@standardandpoors.com

SECONDARY CREDIT ANALYST: Milena Zaniboni, Sao Paulo (55) 11-
5501-8945; milena_zaniboni@standardandpoors.com


CFLCL: Posts Consolidated Revenue of BRL1.182 Bln for 9 Months
--------------------------------------------------------------
Brazilian power distributor Cataguazes-Leopoldina (CFLCL) posted
consolidated gross operating revenue of BRL1.182 billion during
the first nine months of 2004, which represents an increase of
28% compared to the same period in 2003.

Consolidated sales amounted to 4,875 GWh, a rise of 7.3%.

However, if only the retail market is considered, sales fell by
2.3% (2.8% in the CFLCL holding Company area) for the same
period, due to the loss of free consumers, who are being billed
for using the distribution system, considerably lessening the
financial losses from lower energy sales.

It should be noted that if the energy demanded in the retail
market by the aforesaid free consumers were considered in
CFLCL's energy balance sheet, the consolidated energy
consumption in the concession areas of the companies comprising
the Sistema Cataguazes-Leopoldina would reveal a 4.5% rise in
the first nine months of 2004 compared to the same period in
2003.

CFLCL is a power group that controls distributors Minas Gerais
state-based CFLCL and its subsidiaries sell power in the
southeast states of Minas Gerais and Rio de Janeiro, and Sergipe
and ParaĦba in the northeast. It also has some interests in
hydroelectric power generation.

CONTACT: Sistema Cataguazes

         In Cataguases:
         Phone: +55 32 3429-6000
         Fax: +55 32 3429-6317 / 3429-6480

         In Rio de Janeiro:
         Phone: +55 21 2122-6900
         Fax: (021) 2122-6931 / 2122-6980
         e-mail: stockinfo@cataguazes.com.br
         Web Site: http://www.cataguazes.com.br



===================================
D O M I N I C A N   R E P U B L I C
===================================

EDEESTE: Fonper Orders Probe on Sale to TCW
-------------------------------------------
The sale of U.S.-based power Company AES Corp.'s (NYSE: AES)
shares in the Dominican Republic power distributor EdeEste to
Dominican Energy Holdings, a subsidiary of California-based
Trust Company of the West (TCW), appears to be a maneuver to
escape investigation, Diario Libre newspaper suggests.

EdeEste is facing allegations of irregularities in its internal
operations. Earlier this week, the Chamber of Accounts formally
accused the Company of a DOP2.66-billion (US$104mn) fraud
involving its billing process. The Chamber claimed EdeEste
defrauded the Dominican government by using irregular maneuvers
that obscured the real results of its operations while
negotiating with allied companies.

Diario Libre suggests that with the sale of EdeEste, AES is
effectively freeing itself from a money-losing operation while
maintaining its profitable generation outfits.

Felix Alcantara, the president of the Fondo Patrimonial de las
Empresas Reformadas (Fonper), which body overseas capitalized
companies, has already ordered an investigation to determine the
conditions under which AES sold its shares in the electric
distribution Company.



===========
M E X I C O
===========

HYLSA: S&P Raises Ratings To BB- From B
---------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Hylsa S.A. de C.V. (Hylsa) to 'BB-'
from 'B'. The outlook is stable.

The rating on Mexican steel producer Hylsa S.A. de C.V. (Hylsa)
reflects Hylsa's below-average financial profile, the challenges
posed by industry cyclicality, very competitive steel markets,
the high percentage of spot sales to total sales, and exposure
to the automotive and construction industries. The rating also
reflects the Company's position as one of the largest steel
makers in Mexico, backward integration, and important debt
reduction during 2004.

Hylsa is the second-largest producer of flat steel in Mexico (3
million metric tons), is vertically integrated, and has low-cost
production.

Currently, the steel industry is on the upper part of the cycle
and most of the companies in the industry are benefiting from
this situation. "We believe that steel prices will remain strong
during 2005, but will have more downside potential than upside,
which could result in lower cash-flow generation," said Standard
& Poor's credit analyst Juan P. Becerra. The cyclicality of the
industry adds some pressure on Hylsa's cash-flow generation.

The conditions in the current market favor Hylsa's business
model of backward integration into iron ore and its capacity to
switch between steel scrap and direct-reduced iron in the steel-
making process. The Company is using its extra cash-flow
generation in 2004 to prepay debt. The Company has reduced debt
during 2004 by almost 35% to $485 million, for a debt-to-EBITDA
ratio of 1.0x for the past 12 months, and has eliminated any
considerable maturity in the next two years. We believe the
Company is in a better financial position to support a downward
trend in steel prices for 2005, but it remains below average.

The outlook is stable. The ratings could be raised over time if
Hylsa improves its business profile and increases its value-
added mix. The ratings could be lowered if improved financial
performance is not sustainable.


INNOPHOS FOSFATADOS: S&P Places Parent's Ratings on Watch Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' corporate
credit rating and other ratings on Cranbury, N.J.-based Innophos
Inc. on CreditWatch with negative implications. The placement
follows the firm's announcement that its Mexican subsidiary,
Innophos Fosfatados de Mexico S. de R.L. de C.V., has received a
notice of claims from the National Waters Commission of Mexico
for possible errors related to payment for the extraction and
use of water from national waterways from 1998 through 2002 at
the Company's Coatzacoalcos manufacturing plant.

The claims for governmental duties, taxes and other charges
total $36 million, and there are also claims for interest,
inflation adjustments and penalties under the Mexican federal
tax code of $96 million.

"While Innophos believes it is indemnified against these claims,
the unexpected and substantial amount of the charges does result
in a degree of uncertainty for this specialty chemical Company's
credit quality at a time when debt leverage measures are subpar
for the ratings," said Standard & Poor's credit analyst Wesley
E. Chinn. "Moreover, while the charges are for water usage in
past years, this matter raises concerns as to whether current or
future earnings will be impacted by additional water-related
costs in Mexico."

Innophos believes that it is indemnified against these claims
under the terms of the sale agreement with Rhodia S.A. from whom
Innophos was purchased on Aug. 13, 2004. On Nov. 8, 2004,
Innophos sent Rhodia a formal notice of its contractual right of
indemnification from Rhodia with respect to these claims. Rhodia
has not yet responded to the notice of indemnification. Innophos
has delayed the release of 2004 third-quarter earnings, pending
the investigation by management, outside auditors and others of
these water-related charges.

Standard & Poor's will resolve the CreditWatch listing as more
information related to the resolution of this matter is made
available.


PEMEX: Project Funding Master Trust Announces Exchange Offers
-------------------------------------------------------------
Petroleos Mexicanos ("Pemex") announced Wednesday that the Pemex
Project Funding Master Trust (the "Issuer"), a Delaware trust
controlled by Pemex, intends to offer to exchange any and all of
the outstanding U.S. $250,000,000 9.00% Guaranteed Notes due
2007, U.S. $600,000,000 8.85% Global Guaranteed Notes due 2007,
U.S. $598,240,000 9-3/8% Global Guaranteed Notes due 2008, U.S.
$350,000,000 9-1/4% Global Guaranteed Bonds due 2018, U.S.
$250,000,000 8.625% Bonds due 2023, U.S. $400,000,000 9.50%
Global Guaranteed Bonds due 2027 and U.S. $500,000,000 9.50%
Puttable or Mandatorily Exchangeable Securities ("POMES(SM)")
due 2027 (collectively, the "Old Securities") of Pemex for an
equal principal amount of the corresponding series of 9.00%
Guaranteed Notes due 2007, 8.85% Guaranteed Notes due 2007, 9-
3/8% Guaranteed Notes due 2008, 9-1/4% Guaranteed Bonds due
2018, 8.625% Guaranteed Bonds due 2023, 9.50% Guaranteed Bonds
due 2027 or 9.50% Guaranteed POMES(SM) due 2027 to be issued by
the Issuer (collectively, the "New Securities").

In order to have a better sense of the success rate of the
exchange offers early in the process, the Issuer is offering to
pay each eligible holder who tenders Old Securities on or prior
to the Early Participation Date (as defined below) and does not
withdraw such Old Securities, an early participation payment in
the amount of U.S. $2.50 in cash for each U.S. $1,000 principal
amount of Old Securities tendered (the "Early Participation
Payment"). The Issuer will not be required to make the Early
Participation Payment unless and until the exchange offers are
consummated.

The exchange offers will commence on November 17, 2004 and will
expire at Midnight, New York City time, on December 21, 2004
(the "Expiration Date"), unless extended. The early
participation date will be 5:00 p.m., New York City time, on
December 15, 2004 (the "Early Participation Date") and holders
may withdraw tenders of Old Securities at any time prior to the
Early Participation Date.

The terms and conditions of the exchange offers are set forth in
an offering memorandum dated November 17, 2004 and an
acCompanying letter of transmittal that will be distributed to
all holders of the Old Securities that have completed and
returned the certification referred to in the offering
memorandum regarding their eligibility to participate in the
exchange offers.

The net proceeds that the Issuer receives from Pemex from
transferring the Old Securities will be used to finance
investments in certain long-term productive infrastructure
projects.

The New Securities, and the respective guaranties thereof, have
not been registered under the U.S. Securities Act of 1933, as
amended (the "Securities Act") and may not be offered or sold in
the United States or to, or for the account or benefit of, U.S.
persons, except in accordance with an applicable exemption from
the registration requirements thereof. Accordingly, the New
Securities are being offered and issued only (i) to "U.S.
persons" as defined in Rule 902 under the Securities Act that
are also "Qualified Institutional Buyers" as defined in Rule
144A under the Securities Act, in a private placement, or (ii)
persons who are not "U.S. persons" as defined in Rule 902 under
the Securities Act and that are not "Disqualified Non-U.S.
Holders" (a term defined in the offering memorandum) in offshore
transactions. Accordingly, the New Securities are subject to
restrictions on transferability and resale and may not be
transferred or resold except as permitted under the Securities
Act and applicable state securities laws, pursuant to
registration or exemption therefrom.

This announcement is not an offer to exchange or a solicitation
of an offer to exchange any Old Securities for New Securities.
The exchange offers are being made solely by the offering
memorandum and letter of transmittal.

IF YOU ARE IN THE NETHERLANDS: The exchange offers are only
extended to individuals or legal entities who or which trade or
invest in securities in the conduct of their profession or
trade.

If you are located or resident in Italy, please disregard this
announcement.

D.F. King & Co., Inc. is the information agent for the exchange
offers and requests for documentation should be directed to them
at (800) 207-3158



===========
P A N A M A
===========

* PANAMA: Fitch Assigns 'BB+' Rating To $600M Issue
---------------------------------------------------
Fitch Ratings, the international rating agency, assigned a long-
term foreign currency rating of 'BB+' to the Republic of
Panama's US$600 million bond issue maturing in 2015, issued on
Tuesday, the proceeds of which will be used for prefinancing
part of the 2005 budget. The Rating Outlook is Stable.

Dollarization, a stable financial system and the government's
considerable financial and land assets support the sovereign's
ratings. Dollarization has resulted in a long history of
monetary and price stability unseen in other emerging markets.
In addition, it limits the probability of a devaluation-induced
increase in public debt ratios or a balance of payment crisis.
The ratings remain constrained by the structural weaknesses in
public finances, a high level of public sector debt, and limited
progress on structural reforms, as well as weak social
indicators.

After reaching 4.1% in 2003, momentum continued into 2004, with
real GDP growth expected to approach 6.0%. The main drivers of
economic growth continued to be construction, the Colon Free
Zone, and Panama Canal operations. Construction growth has been
helped by favorable tax breaks and is expected to decelerate in
2005. The Colon Free Zone has benefited from stability in Andean
countries and Brazil, while revenues from the Panama Canal have
benefited from robust global trade trends, as well as changes in
the toll revenue structure.

The new administration of President Martin Torrijos, which took
office on Sept. 1, appears committed to tackling some of the
structural weaknesses in public finances. In its first days in
office, the government announced that fiscal slippage was
greater than anticipated during the first three quarters of the
year and formally requested a suspension of the Fiscal
Responsibility Law as the nonfinancial public sector deficit is
expected to approach 5% of GDP.

While fiscal slippage is not a positive development, debt levels
as a proportion of GDP are not expected to increase
substantially due to financing by arrears and Banco Nacional de
Panama, as well as robust economic growth. In addition, the
government appears committed to addressing fiscal issues,
including increasing the transparency of its accounting
standards, early in its term, which supports creditworthiness.
With a legislative majority and strong popular support, the
Torrijos government is expected to tackle three major economic
reforms during its first year in office, including fiscal
reform, social security reform, and the expansion of the Panama
Canal. If successful, this could be positive for
creditworthiness trends. However, given the high levels of
public debt and recent fiscal slippage, Panama is unlikely to
graduate to investment grade during Fitch's foreseeable rating
horizon.



                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
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Copyright 2004.  All rights reserved.  ISSN 1529-2746.

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