TCRLA_Public/050111.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

          Tuesday, January 11, 2005, Vol. 6, Issue 7


                            Headlines

                            
A N T I G U A   &   B A R B U D A

LIAT: T&T Government Discloses Financial Rescue Plan


A R G E N T I N A

ALCALOR S.A.: Court Appoints Bankruptcy Trustee
AUTOMOTORES REYNO: Court Orders Asset Liquidation
BANCO DE CORDOBA: To Formalize $95M Rescue Plan With Cenbank
DIL S.R.L.: Initiates Bankruptcy Proceedings
EDESUR/EDENOR/AGUAS ARGENTINAS: Potential Outage Fines Loom

NALTE S.R.L.: Liquidates Assets to Pay Debts
PETROCON S.A.: Reorganization Concluded
REPSOL YPF: Strikes Gas in Neuquen Basin
* ARGENTINA: Fitch Cuts, Withdraws Zero Coupon Notes Series F
* ARGENTINA: To Initiate Debt Swap Offer January 14


B E R M U D A

ANNUITY & LIFE: Issues Letter of Intent With Transamerica
CORAL SHIELD: Names Robin Mayor as Liquidator
LORAL SPACE: Files Consolidated Operating Report With US Court
LUMINARY GLOBAL MASTER: Proceeds With Wind-Up
LUMINARY GLOBAL: Nicholas Hoskins to Oversee Liquidation

MAVEN FUND: Claims Validation to End February 1


B R A Z I L

VARIG: Presents Debt Reorganization Plan to Government


C H I L E

AES GENER: Extends Tender Offer to January 21

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

CENTENNIAL COMMUNICATIONS: Fiscal YoY Results Improve


E C U A D O R

PACIFICTEL: To Delegate Debt Collection Services to Outside Firm
PETROECUADOR: Board Authorizes $2.5 Provisional Budget for 2005


E L   S A L V A D O R

MILLICOM INTERNATIONAL: Settles Convertible Bond Offering


M E X I C O

AXTEL: S&P Affirms `B' Local, Foreign Currency Credit Ratings
CFE: Pidiregas Scheme Claims More Than Half of Total Debt
DESC: Meets Reporting Requirements, Returns Stock Exchange Index
HYLSAMEX: Records $195M EBITDA in 4Q04


V E N E Z U E L A

PDVSA: Refinery Gets Back Online Following Shutdown
PDVSA: Massive Protests Prompt New Contract Revision


     - - - - - - - - - -

=================================
A N T I G U A   &   B A R B U D A
=================================

LIAT: T&T Government Discloses Financial Rescue Plan
--------------------------------------------------
Struggling Caribbean airline LIAT (1974) Ltd. is to receive a
TT$120 million (US$19.4 million) bailout from the Trinidad and
Tobago government. Receipt of the said bailout, however, awaits
approval from Caricom (Caribbean Community) heads, although the
action is considered a mere formality, says the Trinidad
Express.

Trinidad and Tobago agreed to the bailout proposal, which was
drafted by St Vincent and the Grenadines Prime Minister, Dr.
Ralph Gonzalves, at a meeting in Barbados on Saturday.

Present at the meeting were Dr. Gonzalves, who is also
responsible for air transportation in Caricom; Trinidad Prime
Minister Patrick Manning and Trade Minister Ken Valley; Antigua
and Barbuda Prime Minister Baldwin Spencer; Barbados Prime
Minister Owen Arthur; and a representative of St Lucia.

Dr. Gonzalves confidently said "all the Heads will agree" to the
proposal and he expects the money to be released in the next ten
days.

"If we get the money within the next ten days, and I am sure we
will get it by then, the process of restructuring will begin and
within six months we will see the commencement of a turn-around
of the airline," he said.

The money pledged by Trinidad and Tobago is to come out of the
TT$300 million fund set up by the Manning administration to
assist Caricom countries with their social and economic needs,
according to Valley. The money in the fund represents excess oil
revenue.

Caricom is required to deem the LIAT bailout as "worthwhile" for
the money to be released from the fund.

Dr. Gonzalves explained that the TT$120 millio figure had been
proposed by the Canadian auditing firm of Zwaig Consulting Inc
and the Liat management.

CONTACTS:  ANTIGUA (ANU)
           City Ticket Office
           Woods Center, St. John's

           BARBADOS (BGI)
           Oliver Haywood
           E-mail: haywoodo@liatairline.com
           Tel.: 246 428 8888
                 246-436-9753
                 246-426-7140

           ST.LUCIA (SLU)
           Josse Mesmin
           E-mail: mesminj@liatairline.com
           Tel: 758 452 3051/2

           ST.VINCENT (SVD)
           Dominique Patterson
           E-mail: pattersond@liatairline.com
           Tel: 784 457 1821



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

ALCALOR S.A.: Court Appoints Bankruptcy Trustee
-----------------------------------------------
Buenos Aires accountant Maria Alicia Bertolot was assigned
trustee for the bankruptcy of local company Alcalor S.A.,
relates Infobae. Ms. Bertolot will verify creditors' claims
until March 23, the source adds. After that, she will prepare
the individual reports, which are to be submitted in court on
May 6. The submission of the general report should follow on
June 17.

The city's civil and commercial Court No. 24 holds jurisdiction
over the Company's case. Clerk No. 15 assists the court with the
proceedings.

CONTACT: Alcalor S.A.
         Oliden 1358
         Buenos Aires

         Ms. Maria Alicia Bertolot, Trustee
         Sarmiento 2593
         Buenos Aires


AUTOMOTORES REYNO: Court Orders Asset Liquidation
-------------------------------------------------
Automotores Reyno S.A. prepares to wind-up its operations
following the bankruptcy pronouncement issued by Court No. 3 of
Buenos Aires' civil and commercial tribunal. The declaration
effectively prohibits the company from administering its assets,
control of which will be transferred to a court-appointed
trustee.

Infobae reports that the court appointed Mr. Oscar Luis
Serventich as trustee. He will be reviewing creditors' proofs of
claims until April 29. The verified claims will be the basis for
the individual reports to be presented for court approval on
June 13. Afterwards, the trustee will also submit a general
report on August 8.

The city's Clerk No. 5 assists the court on this case that will
end with the disposal of the company's assets to repay its
liabilities.

CONTACT: Mr. Oscar Luis Serventich, Trustee
         Piedras 1319
         Buenos Aires


BANCO DE CORDOBA: To Formalize $95M Rescue Plan With Cenbank
------------------------------------------------------------
Argentina's central bank is scheduled to sign documents with
Banco de Cordoba early this week, authorizing the ARS280-million
(US$95 million) rescue plan for the Cordoba province's bank,
Business News Americas reports, citing Banco de Cordoba source.

According to the source, the rescue plan will represent a cost
of US$30 million for the bank's controller Cordoba province and
could include an opportunity for private investors to take up
stakes in the bank.

Banco de Cordoba bank has suffered financial problems for many
years and the latest rescue package is aimed at finally cleaning
up its balance sheet.


DIL S.R.L.: Initiates Bankruptcy Proceedings
--------------------------------------------
Court No. 3 of Mar del Plata's civil and commercial tribunal
declared Dil S.R.L. "Quiebra," reports Infobae. Mr. Pascual
Roberto Manes, who has been appointed as trustee, will verify
creditors' claims until February 15 and then prepare the
individual reports based on the results of the verification
process.

The individual reports will be submitted in court on April 12
followed by the general report on June 7.

CONTACT: Dil S.R.L.
         Vertiz 6595
         Mar del Plata

         Mr. Pascual Roberto Manes, Trustee
         Rawson 2272
         Mar del Plata


EDESUR/EDENOR/AGUAS ARGENTINAS: Potential Outage Fines Loom
-----------------------------------------------------------
The Argentine government gave three power and water companies
until Saturday to explain the cause of sporadic service cuts in
and around Buenos Aires, Dow Jones Newswires. The companies in
question are power producers Edesur SA, a unit of Chile's
Enersis; Edenor, a unit of Electricite de France; and water
company Aguas Argentinas, which belongs to France-based Suez.

If these companies fail to present their explanations, "they
will face fines ... although the amounts have not been
determined," a spokeswoman for the Energy Secretariat said
Friday.

According to local media reports, some 15,000 clients in Buenos
Aires lost power Thursday, while some 8,000 faced water
shortages.

CONTACT:  EDESUR S.A.
          San Jos, 140
          Buenos Aires
          Tel: 4383-0200
               4381-1313

          EDENOR S.A.
          Azopardo Building
          Azopardo 1025 (1107) Capital Federal
          Phone: (54-11) 4346-5000
          Fax: (54-11) 4346-5300
          e-mail: to ofitel@edenor.com.ar
          Web Site: http://www.edenor.com.ar


NALTE S.R.L.: Liquidates Assets to Pay Debts
--------------------------------------------
Nalte S.R.L. will begin liquidating its assets following the
pronouncement of Buenos Aires' civil and commercial Court No. 19
that the company is bankrupt, Infobae reports. The ruling places
the company under the supervision of court-appointed trustee,
local accounting firm "Estudio Lesta, Calello, De Chiara."

The trustee will verify creditors' proofs of claims until March
1. After which, the validated claims will be presented in court
as individual reports on April 14.

The trustee will also submit a general report, containing a
summary of the company's financial status as well as relevant
events pertaining to the bankruptcy, on May 26.

The bankruptcy process will end with the disposal company assets
in favor of its creditors.

CONTACT: "Estudio Lesta, Calello, De Chiara"
          Trustee
          Viamonte 783
          Buenos Aires


PETROCON S.A.: Reorganization Concluded
---------------------------------------
The settlement plan proposed by Petrocon S.A. for its creditors
acquired the number of votes necessary for confirmation. As
such, the plan has been endorsed by the court and will now be
implemented by the company.      


REPSOL YPF: Strikes Gas in Neuquen Basin
----------------------------------------
Repsol YPF has discovered natural gas in two separate areas of
the Neuquen Basin in Argentina.  At the first find, in the
Rincon del Mangrullo block, the discovery well registered an
initial production estimated at 120,000 cubic metres of gas per
day, and at the second, in the Piedra Chenque block, estimated
initial production was 310,000 cubic metres of gas per day.

This second discovery is particularly important in that it is
the first to be made in blocks recently tendered in the Neuquen
province, and located in an area neighbouring other Repsol YPF
operated blocks (Cerro Bandera, Portezuelo Mines and Oct gono
Fiscal), thus enabling a rapid production start-up.

These new discoveries were made possible by the use of cutting
edge technology in the processing and reading of 3D seismic
data, evolved at Repsol YPF's Center of Technology for Three-
dimensional Visualization in Neuquen. This technological
development employs the most advanced information system applied
anywhere in the world to exploration fields and areas, making it
possible to interpret a 3D scan beneath the earth's crust, and
locate oil and gas reserves from the surface to a depth superior
than traditional levels.

CONTACT: Repsol YPF, S.A.
         Paseo de la Castellana 278
         Madrid, 28046
         Spain
         Phone: 34-1-348-8100
         Web site: http://www.repsol.com


* ARGENTINA: Fitch Cuts, Withdraws Zero Coupon Notes Series F
-------------------------------------------------------------
Fitch Ratings has downgraded the Republic of Argentina's
following bond issuances:

--US$250 million series F zero coupon notes to 'DD' from 'C';

--DEM-denominated discount bonds to 'DD' from 'C'.

The downgrade of the zero coupon notes is a result of the
government's failure to make the series F payment on Oct. 15,
2004. Series A through C matured as scheduled, and the series D
payment scheduled for October 2002 utilized the rolling World
Bank guarantee. The series E payment defaulted on Oct. 15, 2003
after the government failed to make that scheduled payment. The
guarantee is no longer in place; thus, the missed payment in
October 2004 resulted in a default on the notes. Fitch will
withdraw the ratings on the defaulted zero coupon notes in 30
days in accordance with policy.

As the collateral backing Argentina's DEM-denominated Brady
discount bonds was completely depleted to cover the coupon
payment on March 31, 2004, and the government did not replenish
the collateral to service this instrument within the grace
period following the Sept. 30, 2004 coupon date, Fitch has
downgraded the issue rating to 'DD' from 'C'.

CONTACT:  Greg Kabance +1-312-368-2052, Chicago
          Jennifer Conner +1-312-368-2080, Chicago
          Theresa Paiz-Fredel +1-212-908-0534, New York
          Roger Scher +1-212-908-0240, New York


MEDIA RELATIONS: Kenneth Reed +1-212-908-0540, New York


* ARGENTINA: To Initiate Debt Swap Offer January 14
---------------------------------------------------
Argentina has moved up the launch date for its US$100 billion
debt restructure offer to Jan. 14 from Jan. 17, reports Reuters.
As part of an effort to get creditors to agree to the deal,
Argentina published four-page advertisements in Argentine
newspapers, inviting domestic bondholders to "convert your bonds
into reality."

"Argentina isn't contemplating future payments on eligible bonds
that don't enter the exchange," the advertisement said.

Similar adds reiterating terms first announced in November ran
in Italy. Local newspapers said they were also in European and
U.S. papers.

The Global Committee of Argentina Bondholders, the country's
biggest creditor group with about one-third of the defaulted
debt, and the largest domestic bondholder group have both said
they won't participate.

"To allow this offer through would set a dangerous precedent as
it would compromise financing to emerging countries," co-
Chairman Nicola Stock, told la Republica newspaper in Italy.

The government needs to carry out the transaction to meet a
condition of a US$13.3 billion loan accord with the
International Monetary Fund that was put on hold in July. The
IMF loan is to help Argentina roll over payments with the
international lender.

Also, the accord allows the country to tap funds from the World
Bank and Inter-American Development Bank for road building and
other infrastructure projects.



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

ANNUITY & LIFE: Issues Letter of Intent With Transamerica
---------------------------------------------------------
On December 31, 2004, Annuity and Life Re (Holdings), Ltd. (the
"Company") entered into a letter of intent with Transamerica
Occidental Life Insurance Company ("Transamerica"), the cedent
under the Company's largest annuity reinsurance contract.

The letter of intent provides for the novation by the Company to
Transamerica of two blocks of life reinsurance as of December
31, 2004. In consideration of these novation transactions, the
Company has agreed to pay Transamerica $18.5 million,
representing a transfer of reserves related to the contracts to
be novated.

The letter of intent also provides that, upon consummation of
the novation transactions described above, Transamerica will
terminate its annuity reinsurance contract with the Company and
recapture all business ceded under the contract effective as of
December 1, 2004. In consideration of the recapture, the Company
has agreed to pay Transamerica all amounts owed under the
annuity reinsurance contract through November 30, 2004, along
with a termination premium of $14.0 million.

Upon consummation of the novations and the termination of the
annuity reinsurance contract, approximately $29 million of
collateral held in a trust established with respect to certain
of the life reinsurance contracts to be novated will be
transferred to Transamerica. In addition, the letters of credit
posted by the Company on behalf of the cedent under another of
the life reinsurance contracts will be cancelled and the
collateral securing those letters of credit will be released.
All amounts payable to Transamerica in connection with the
novation and recapture transactions will first be paid from this
collateral. Following those payments, the Company expects that
approximately $8 million of cash and securities currently posted
as collateral will be released to it.

The Company expects to report substantial charges in the fourth
quarter of 2004 relating to the transactions described above.
These charges are due to payments to Transamerica and the write
off of deferred acquisition costs and funds withheld at interest
assets in excess of reserves for interest sensitive contract
liabilities and life reinsurance reserves related to the
contracts to be novated and terminated. While the Company is
till preparing its financial results for the fourth quarter of
2004, it anticipates a GAAP loss of approximately $61 million
relating to the novation and recapture transactions.

The consummation of the novation and recapture transactions is
subject to certain closing conditions, including the negotiation
and execution of definitive agreements between the parties and
requisite corporate approvals. While the Company and
Transamerica have agreed to use their best efforts to negotiate
and execute such definitive agreements on or before January 31,
2005, there can be no assurance that they will be able to do so.
The amounts payable in connection with the transactions
described above are based on models and data prepared by the
Company, and are subject to adjustment based on certain factors,
including Transamerica's validation of the Company's models.


CORAL SHIELD: Names Robin Mayor as Liquidator
---------------------------------------------
              IN THE MATTER OF THE COMPANIES ACT 1981

                               And

        IN THE MATTER OF Coral Shield Insurance Co., Ltd.

The Members of Coral Shield Insurance Co., Ltd., acting by
written consent without a meeting on January 6, 2005 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 Coral Shield Insurance Co., Ltd., which is being
voluntarily wound up, are required, on or before January 21,
2005 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 Members of Coral Shield
Insurance Co., Ltd. will be held at the offices of Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda on February 10, 2005 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; 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


LORAL SPACE: Files Consolidated Operating Report With US Court
--------------------------------------------------------------
On July 15, 2003, Loral Space & Communications Ltd. and certain
of its subsidiaries filed voluntary petitions for reorganization
under Chapter 11 of Title 11 of the United States Code in the
United States District Court for the Southern District of New
York and parallel insolvency proceedings in the Supreme Court of
Bermuda in which certain partners of KPMG were appointed as
joint provisional liquidators.

On January 6, 2005, Loral Space & Communications Ltd. ("Loral"
or the "Company") filed its monthly consolidated operating
report for the period of October 23, 2004 through November 19,
2004 (the "Operating Report") with the U.S. Bankruptcy Court for
the Southern District of New York (the "Bankruptcy Court").
Copies of the Operating Report may be obtained from the
Bankruptcy Court's website located at
http://www.nysb.uscourts.gov.

CONTACT: Loral Space & Communications Ltd.
         600 Third Ave.
         New York, NY 10016
         USA
         Phone: 212-697-1105
         Web site: http://www.loral.com


LUMINARY GLOBAL MASTER: Proceeds With Wind-Up
---------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981
   
                              And

       IN THE MATTER OF Luminary Global Master Fund, Ltd.

At a Special General Meeting of the Members of Luminary Global
Master Fund, Ltd., duly convened and held at the Offices of the
Company, Hamilton, Bermuda, on January 6, 2005, the following
Resolutions were passed:

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

(b) That Nicholas Hoskins be appointed Liquidator for the
purposes of such winding-up, such appointment to be effective
forthwith.

The Liquidator informs that:

- Creditors of Luminary Global Master Fund, Ltd., which is being
voluntarily wound up, are required, on or before January 28,
2005 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 attorneys (if any) to the
Liquidator of the said Company at Wakefield Quin, Chancery Hall,
52 Reid Street, Hamilton, Bermuda and if so required by notice
in writing from the said Liquidator, and personally or by their
attorneys, 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 Members of Luminary Global
Master Fund, Ltd. will be held at the offices of Wakefield Quin,
Chancery Hall, 52 Reid Street, Hamilton, Bermuda on the 14th
February 2005 at 10:00 a.m., or soon as possible thereafter, for
the purposes of: having an account laid before them showing the
manner in which the winding-up has been conducted and how the
property of the Company has been disposed of and of hearing any
explanation that may be given by the Liquidator; determining by
Resolution the manner in which the books, accounts and documents
of the Company and of the Liquidator thereof, shall be disposed
of; and by Resolution dissolving the Company.

CONTACT: Mr. Nicholas Hoskins, Liquidator
         Chancery Hall
         52 Reid Street
         Hamilton, Bermuda


LUMINARY GLOBAL: Nicholas Hoskins to Oversee Liquidation
--------------------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981
  
                             And

     IN THE MATTER OF Luminary Global Opportunity Fund, Ltd.

At a Special General Meeting of the Members of Luminary Global
Opportunity Fund, Ltd., duly convened and held at the Offices of
the Company, Hamilton, Bermuda, on the 6th January 2005 the
following Resolutions were passed:

(a) that the Company be wound up voluntarily pursuant to the
provisions of The Companies Act, 1981; and

(b) that Nicholas Hoskins be appointed Liquidator for the
purposes of such winding-up, such appointment to be effective
forthwith.

The Liquidator informs that:

- Creditors of Luminary Global Opportunity Fund, Ltd., which is
being voluntarily wound up, are required, on or before January
28, 2005 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 attorneys (if any)
to the Liquidator of the said Company at Wakefield Quin,
Chancery Hall, 52 Reid Street, Hamilton, Bermuda and if so
required by notice in writing from the said Liquidator, and
personally or by their attorneys, 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 Members of Luminary Global
Opportunity Fund, Ltd. will be held at the offices of Wakefield
Quin, Chancery Hall, 52 Reid Street, Hamilton, Bermuda on
February 14, 2005 at 10:15 a.m., or soon as possible thereafter,
for the purposes of: having an account laid before them showing
the manner in which the winding-up has been conducted and how
the property of the Company has been disposed of and of hearing
any explanation that may be given by the Liquidator; determining
by Resolution the manner in which the books, accounts and
documents of the Company and of the Liquidator thereof, shall be
disposed of; and by Resolution dissolving the Company.

CONTACT: Mr. Nicholas Hoskins, Liquidator
         Chancery Hall
         52 Reid Street
         Hamilton, Bermuda


MAVEN FUND: Claims Validation to End February 1
-----------------------------------------------
              IN THE MATTER OF THE COMPANIES ACT 1981

                               And

           IN THE MATTER OF Maven Fund Administration Ltd.

The Member of Maven Fund Administration Ltd., acting by written
consent without a meeting on December 31, 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 Dan Voth 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 Maven Fund Administration Ltd., which is being
voluntarily wound up, are required on or before February 1, 2005
to send their full names and addresses, full particulars of
their debts or claims and the names and addresses of their
lawyers (if any) to the Liquidator of the said Company, at
Mercury House, 101 Front Street, Hamilton, Bermuda and if so
required by notice in writing from the said Liquidator, 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 Member of Maven Fund
Administration Ltd. will be held at the offices of Grosvenor
Fund Administration Limited, Mercury House, 101 Front Street,
Hamilton, Bermuda on Friday, February 11, 2005 at 10:00 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 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. Dan Voth, Liquidator
         Mercury House
         101 Front Street
         Hamilton, Bermuda



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

VARIG: Presents Debt Reorganization Plan to Government
------------------------------------------------------
Debt-ridden Brazilian carrier Viacao Aerea Rio Grandense SA
(Varig) has presented to the government a plan to restructure
debts, according to Dow Jones. At a meeting Thursday with
Defense Minister Jose Alencar, Varig President Carlos Martins
presented a plan to restructure debts estimated at about BRL6
billion. More than half of the liabilities are owed to Brazilian
government agencies.

The plan was reportedly "well-received" by Alencar, whose
ministry oversees the government's Civil Aviation Department.

The plan seeks stretch-outs on payment of some debts as well as
a government loan from the Brazilian Development Bank, or BNDES.
Furthermore, it provides for an offset of debts owed by Varig to
the government by applying money from a recent suit won by Varig
against the government. The suit involved losses from government
rate-control programs in the 1980s and 1990s.

CONTACT:  VARIG (Viacao Aerea Rio-Grandense, S.A.)
          Rua 18 de Novembro No. 800, Sao Joao
          90240-040 Porto Alegre,
          Rio Grande do Sul, Brazil
          Phone: (51) 358-7039/7040
                 (51) 358-7010/7042
          Fax: +55-51-358-7001
          Home Page: www.varig.com.br/english/
          Contacts:
              Dorival Ramos Schultz, EVP Finance and CFO
              E-mail: dorival.schultz@varig.com.br

              Investor Relations:
              Av. Almirante Silvio de Noronha,
              n  365-Bloco "B" - s/458 / Centro
              Rio de Janeiro, Brazil


=========
C H I L E
=========

AES GENER: Extends Tender Offer to January 21
---------------------------------------------
AES Gener S.A. announced Friday that it had extended its offer
to exchange its US$ 400,000,000 outstanding unregistered 7.50%
Senior Notes due 2014 (the "Existing Notes") for 7.50% Senior
Notes due 2014 issued by AES Gener S.A. that have been
registered under the Securities Act of 1933.

The Company confirmed that it was extending its exchange offer
from the previously announced expiration date of 5:00 p.m. New
York City time, on January 7, 2005 to 5:00 p.m., New York City
time, on January 21, 2005.

The Company announced that it has received US$ 388,822,000
aggregate principal amount of Existing Notes as of noon, New
York City time, January 7, 2005, which is equal to 97.2% of the
amount issued.

You may request information related to the exchange offer from
Deutsche Bank Trust Company Americas at (800) 735-7777.

This notice shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state in which such offer, solicitation
or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state.

CONTACT: AES Gener S.A.
         Mariano Sanchez Fontecilla 310, Piso 3
         Santiago, Chile
         Phone: (56-2) 6868900
         Fax: (56-2) 6868991
         Web site: http://www.aesgener.cl/


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

CENTENNIAL COMMUNICATIONS: Fiscal YoY Results Improve
-----------------------------------------------------
HIGHLIGHTS:

- Fiscal second-quarter earnings per diluted share from
continuing operations of $0.18, compared to a loss of $0.02 per
diluted share from continuing operations in the prior-year
quarter

- Fiscal second-quarter adjusted operating income from
continuing operations of $89.8 million, up 18 percent year-over-
year from $76.3 million

-  Fiscal second-quarter consolidated revenue from continuing
operations of $214.1 million, up 12 percent year-over-year from
$190.7 million

-  Consolidated adjusted operating income growth outlook updated
to high end of previously announced 7-12 percent range for
fiscal 2005.

Centennial Communications Corp. (NASDAQ: CYCL) reported Friday
income from continuing operations of $18.6 million, or earnings
per diluted share from continuing operations of $0.18, for the
fiscal second quarter of 2005. This includes a $9.6 million
after-tax gain related to the Company's sale of Midwest spectrum
and compares to a loss from continuing operations of $2.0
million, or $0.02 per diluted share in the fiscal second quarter
of 2004. Adjusted operating income (AOI)(1) from continuing
operations for the fiscal second quarter was $89.8 million, as
compared to $76.3 million for the prior year quarter.

"Centennial continues to deliver robust growth by tailoring the
customer experience in each of its local markets," said Michael
J. Small, Centennial's Chief Executive Officer. "These financial
results demonstrate our ongoing ability to execute in a rapidly
changing and evolving market."

Centennial reported fiscal second-quarter 2005 consolidated
revenue from continuing operations of $214.1 million, which
included $98.0 million from U.S. wireless and $116.1 million
from Caribbean operations. Consolidated revenue from continuing
operations grew 12 percent versus the fiscal second quarter of
2004.

"We remain encouraged by our strong operating momentum and
continue to make steady progress toward our stated goal of
deleveraging," said Centennial Chief Financial Officer Thomas J.
Fitzpatrick. "We have the financial flexibility and strength to
build on our competitive advantage and support future success."

OTHER HIGHLIGHTS:

- On October 4, 2004 the Company announced that it purchased 10
MHz of spectrum from AT&T Wireless for $19.5 million, covering
an aggregate of approximately 4.1 million population equivalents
(POPs) contiguous to its existing properties in the Midwest.  In
addition, the Company simultaneously completed its sale of a
portion of this spectrum to Verizon Wireless for $24 million.  

The net effect of these transactions is approximately 2.2
million incremental POPs acquired and $4.5 million cash
received.  The Company expects to launch service in the Grand
Rapids and Lansing, Michigan markets in the spring of 2005.

- On December 28, 2004, the Company completed the sale of its
Puerto Rico cable television properties to an affiliate of
Hicks, Muse, Tate & Furst Incorporated for approximately $155
million in cash.  The net proceeds from the transaction will be
used to fund ongoing capital requirements.

- On December 28, 2004, the Company also announced the
redemption of $115 million aggregate principal amount of its
$300 million outstanding 10-3/4 percent Senior Subordinated
Notes due December 15, 2008.  The redemption will occur on or
about January 27, 2005 at a redemption price of 103.583 percent.

CENTENNIAL SEGMENT HIGHLIGHTS:

U.S. Wireless Operations

- Revenue was $98.0 million, an 8 percent increase from last
year's second quarter.  U.S. wireless revenue included $4.3
million in Universal Service Fund (USF) support.  Retail revenue
grew by $2.8 million, a 4 percent year-over-year increase.
Roaming revenue increased 3 percent from the prior year quarter
as a result of the Company's launch of global system for mobile
communications ("GSM") technology in all of its markets.

- AOI was $41.5 million, a 17 percent year-over-year increase,
representing an AOI margin of 42 percent. AOI was favorably
impacted by $4.3 million in USF support during the quarter.
Solid retail operations contributed to AOI growth during the
quarter, as retail AOI margins grew by approximately 1 percent
from the year-ago quarter.  AOI was also positively impacted by
growth in roaming revenue.

- The Company ended the quarter with 544,900 U.S. wireless
subscribers, which compares to 548,200 for the year-ago quarter
and 551,400 for the previous quarter ended August 31, 2004.

- Capital expenditures were $16.2 million as U.S. wireless
continued to invest in its network and completed the GSM overlay
of the Company's Southeast footprint.

Caribbean Wireless Operations

- Revenue was $85.8 million, an increase of 13 percent from the
prior-year second quarter, driven primarily by solid subscriber
and minutes-of-use growth.

- Average revenue per user (ARPU) declined during the quarter
primarily due to the continued impact of strong prepaid
subscriber growth in the Dominican Republic. A changing postpaid
rate plan mix in Puerto Rico also negatively impacted ARPU due
to the Company's marketing of rate plans designed to reduce
churn.

- AOI totaled $33.9 million, a 13 percent year-over-year
increase, representing an AOI margin of 40 percent.

- The Company ended the quarter with 543,400 Caribbean wireless
subscribers, which compares to 445,900 for the prior year
quarter and to 516,700 for the previous quarter ended August 31,
2004.

- Capital expenditures were $12.9 million for the fiscal second
quarter.

Caribbean Broadband Operations

- Revenue was $33.1 million, an increase of 21 percent year-
over-year, driven largely by strong access line growth.

- AOI was $14.3 million, a 32 percent year-over-year increase,
representing an AOI margin of 43 percent.

- Switched access lines totaled approximately 56,500 at the end
of the fiscal second quarter, an increase of 11,400 lines from
the prior year quarter.  Dedicated access line equivalents were
230,100 at the end of the fiscal second quarter, a 16 percent
year-over-year increase.

- Wholesale termination revenue was $5.6 million, a 48 percent
year-over-year increase, primarily due to an increase in
southbound terminating traffic to the Dominican Republic.

- Capital expenditures were $7.8 million for the fiscal second
quarter.

REVISED FISCAL 2005 OUTLOOK

- The Company projects growth in consolidated AOI from
continuing operations to be at the high end of its previously
announced 7-12 percent range for the full fiscal year 2005 over
fiscal year 2004.  Consolidated AOI from continuing operations
for fiscal year 2004 was $315.5 million.

The Company has not included a reconciliation of projected AOI
because projections for some components of this reconciliation
are not possible to forecast at this time.

- The Company is announcing a network replacement and upgrade
primarily impacting its wireless network in Puerto Rico. The
upgrade, which is expected to cost $15 million in fiscal 2005,
will improve the network's performance and quality while also
reducing future operating expenses and capital expenditures. The
net book value of the network equipment to be retired is
approximately $65-$75 million, which the Company expects to
depreciate over the next two fiscal quarters. The Company
estimates that the after-tax payback period for this project
will be approximately one year.

As a result of this network upgrade, the Company now expects
capital expenditures of approximately $170 million for fiscal
year 2005, net of a $5 million reduction due to the Company's
sale of its cable television operations. This is an increase
from the Company's previous target of $160 million. As
previously disclosed, this outlook also includes approximately
$25 million for the build-out of new markets in Grand Rapids and
Lansing, Michigan.

In consideration of the network replacement and upgrade in
Puerto Rico, the Company is evaluating the useful lives of its
U.S. and Caribbean wireless network equipment based on industry,
competitive and technological developments.

DEFINITIONS AND RECONCILIATION

(1) Adjusted operating income is defined as net income (loss)
from continuing operations before minority interest in income of
subsidiaries, income tax expense, other (expense) income,
interest expense-net, income from equity investments, gain on
disposition of assets, and depreciation and amortization. Please
refer to the schedule below for a reconciliation of consolidated
AOI to net income (loss) and the Investor Relations section of
our website at www.centennialwireless.com for a discussion and
reconciliation of this and other Non-GAAP Financial Measures.

Reconciliation of adjusted operating income to net income
(loss):

                   Three Months ended   Six Months ended
                     November 30,         November 30,
                    2004       2003    2004         2003
                    (As restated)        (As restated)
                      ----     ----      -----       -----
Adjusted
operating income   $ 89,754  $ 76,341  $ 181,355    $ 152,999
Less: depreciation
and amortization   (29,607)  (29,132)  (58,765)     (59,043)
Gain on disposition
of assets           15,364         54    14,932         685
                       ----     ----      -----       -----
Operating income     75,511     47,263   137,522       94,641
Income from
equity investments     145          4       290           28
Interest expense
, net               (36,938)   (41,512)  (73,417)     (90,544)
Other (expense)
income               (1,204)       256    (2,082)        (602)
Income tax expense  (18,709)    (7,899)  (32,819)      (9,205)
Minority interest in
income of
subsidiaries          (225)      (150)     (451)        (283)
Income (loss) from
discontinued
operations            2,764     (4,124)      768       (4,513)
                       ----      ----       -----       -----
Net income (loss)   $ 21,344   $ (6,162)   $  29,811  $(10,478)
                     ========   ========   =========  =========

ABOUT CENTENNIAL

Centennial Communications ,based in Wall, NJ, is a leading
provider of regional wireless and integrated communications
services in the United States and the Caribbean with over 1
million wireless subscribers. The U.S. business owns and
operates wireless networks in the Midwest and Southeast covering
parts of six states. Centennial's Caribbean business owns and
operates wireless networks in Puerto Rico, the Dominican
Republic and the U.S. Virgin Islands and provides facilities-
based integrated voice, data and Internet solutions. Welsh,
Carson Anderson & Stowe and an affiliate of the Blackstone Group
are controlling shareholders of Centennial.



=============
E C U A D O R
=============

PACIFICTEL: To Delegate Debt Collection Services to Outside Firm
----------------------------------------------------------------
Ecuadorian state-run fixed line operator Pacifictel plans to
farm out the task of collecting US$10 million in debt owed to
the company, Business News Americas reports, citing new chairman
Walter Romero.

To date, Pacifictel has recovered US$20 million in debt on its
own, but has now opted in favor of a third party for the
remaining US$10 million. The company expects to announce the
tender late February. Fees and commissions will depend on the
amount the selected company recovers.

Simultaneously, Romero announced there would be an internal
investigation to determine how many employees should be offered
redundancy packages in case Pacifictel decides to embark on a
streamlining program.


PETROECUADOR: Board Authorizes $2.5 Provisional Budget for 2005
---------------------------------------------------------------
The board of directors of Ecuador's state oil company
Petroecuador has given its approval to a US$2.5 billion
provisional budget for 2005, reports Business News Americas.
The company's 2004 operating budget was US$1.72 billion.

Among other things, the budget for 2005 is earmarked for the
company's plans to increase oil production and oil exports.

In a statement, Petroecuador revealed it wants to increase oil
production by 2% in the fields where produced 73.3 million
barrels (mb) this year. Additionally, Petroecuador plans to
increase oil exports by 10% to 51.9mb. Oil exports increased 15%
in 2004 to 50.5mb.

Fuel imports are expected to remain stable this year, while
production is expected to grow 4% and oil derivative exports are
targeted to increase by 11% year on year, the statement said.



=====================
E L   S A L V A D O R
=====================

MILLICOM INTERNATIONAL: Settles Convertible Bond Offering
------------------------------------------------------------
Millicom International Cellular S.A. ("Millicom") announced
Friday that the proceeds of the offering of US$200 million 4.00
per cent. Convertible Bonds (the "Bonds") due 2010, convertible
into Ordinary Shares and/or SDRs (the "Bond Offering"), which
was priced on December 1, 2004, were paid and settled in the
amount of US $195,875,000.

The Bonds, Ordinary Shares and SDRs, including Ordinary Shares
or SDRs issuable upon conversion of the Bonds, have not been and
will not be registered under the U.S. Securities Act of 1933 and
may not be offered or sold in the United States unless
registered under the U.S. Securities Act of 1933 or pursuant to
an exemption from registration.

Stabilization/FSA

This press release has been issued by Millicom International
Cellular S.A. and has been approved for the purposes of Section
21 of the Financial Services and Markets Act 2000 by the lead
manager of the offering. The lead manager of the offering is
acting for Millicom International Cellular S.A. and no one else
in connection with the offer of (i) the Ordinary Shares in the
form of Ordinary Shares or SDRs and (ii) the Bonds, and will not
be responsible to any other person for providing the protections
afforded to their respective clients, or for providing advice in
relation to the proposed offer.

This press release does not constitute or form part of an offer
to sell or solicitation of an offer to purchase or subscribe for
any Ordinary Shares in the form of Ordinary Shares or SDRs,
Bonds, or Ordinary Shares or SDRs to be issued upon conversion
of the Bonds or other securities.

CONTACT: Mr. Marc Beuls
         President and Chief Executive Officer
         Millicom international cellular S.A.
         Phone: +352 27 759 327
         E-mail: marc.beuls@millicom.com

         Mr. Andrew Best
         Investor Relations
         Shared Value Ltd, London
         Phone: +44 7798 576 378
         E-mail: abest@sharedvalue.net



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

AXTEL: S&P Affirms `B' Local, Foreign Currency Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' local and
foreign currency corporate credit ratings on Axtel S.A. de C.V.
(Axtel). The outlook remains stable. Concurrently, the rating on
Axtel's 11% senior notes due 2013 was also affirmed at 'B'
following the reopening of the notes, whereby they were
increased by US$75 million for a total outstanding amount of
US$250 million.

"The ratings on Monterrey, Nuevo Leon-based telecommunications
service provider Axtel reflect business risks related to the
strong competition from Mexico's telecommunications incumbent,
Telefonos de Mexico S.A. de C.V. - Telmex (local currency:
BBB+/Stable/--), Axtel's wireless local loop-based model, for
which longer-term viability has yet to be proven, and a short
operating history," said Standard & Poor's credit analyst Manuel
Guerena. Tempering factors include the company's
telecommunications products portfolio, its technologically
advanced network and services, a convenient capital structure
due to a debt renegotiation completed in early 2003, improving
financial performance, and experienced equity partners.

The company is expected to continue to demonstrate modest levels
of cash from operations, although enough to cover debt
interests, and EBITDA margins in the mid-30% range. Standard &
Poor's anticipates that the company's accelerated growth plans
will nevertheless be limited by the effect that further new debt
increases may have on its credit profile.


CFE: Pidiregas Scheme Claims More Than Half of Total Debt
---------------------------------------------------------
State power company Comision Federal de Electricidad (CFE)
closed 2004 with liabilities of US$7.39 billion, Comtex Business
reports. Of the total debt, 59% belongs to Deferred Investment
Projects in Spending Registers (Pidiregas).

Troubled Company Reporter - Latin America reported earlier that
the CFE's debt could snowball in the long-term under the
Pidiregas financing scheme because the infrastructure projects
covered under it have turned out to be more expensive than CFE's
initial estimates.

CFE's Pidiregas debt reached US$4.36 billion through Dec. 31. In
2005, the company's debt in this segment is expected to increase
by US$410.6 million, due mainly to electricity generation and
transmission projects, while in the three following years,
Pidiregas debt will likely increase by US$408.6, US$418.5 and
US$416.5 million, respectively.

CFE's financial chief, Mr. Francisco Santoyo, had announced
earlier that the Company has enough funds to cover around US$2
billion in debt payments for 2005 to 2006.

Pidiregas works by allowing private companies to shoulder
project construction costs while the Government repays the money
over a certain period of time. Ideally, an investment should be
fully paid and self-supporting by the time a project is
finished.


DESC: Meets Reporting Requirements, Returns Stock Exchange Index
----------------------------------------------------------------
The authorities have confirmed that DESC B will be returning to
the Mexican Stock Exchange Index (BMV IPC) for the February 2005
- January 2006 period.  

The announcement follows the Company's filing on Thursday of a
Form 15 with the Securities and Exchange Commission (the SEC) to
suspend its reporting obligations under the Securities Exchange
Act of 1934.

CONTACT: Ms. Marisol Vazquez Mellado
         Mr. Jorge Padilla Ezeta
         Investor Relations
         Paseo de los Tamarindos 400-B, Piso 28
         Bosques de las Lomas
         Mexico, D.F. 05210
         Phone: (5255) 52 61 80 00
         Fax: (5255) 52 61 80 96
         e-mail: investor.relation@desc.com.mx
         Web site: http://www.desc.com.mx/e/home.asp


HYLSAMEX: Records $195M EBITDA in 4Q04
--------------------------------------
Hylsamex, S.A. de C.V. (BMV: HylsamxB, HylsamxL) ("Hylsamex" or
"the Company") announced Friday that preliminary figures for
shipments, revenues and EBITDA for the fourth quarter ending
December 31st, 2004, were 765 thousand tons, US$615 million
(Ps.7,031 million) and US$195 million (Ps.2,229 million),
respectively. Continued strength in steel prices, solid sales
volume and relatively stable costs are behind the latest
numbers.

The Company reports higher revenue per ton in 4Q04 due to the
implementation of pricing initiatives and an improved product
mix, which offset greater metallic input costs and higher prices
for externally sourced steel used in the coating operations.

Hylsamex registered lower export tonnage of flat products and a
slight reduction of domestic volumes of semi-finished products.

Hylsamex's strong cash flow generation during 4Q04 allowed
further improvements to its capital structure. Management
carried out the following actions during the quarter:

- Debt, net of cash, amounted to US$546 million as of December
31st, 2004, a reduction of 46% or US$468 million from the
balance as of year-end 2003.

- During December, Hylsamex made a US$44 million payment to its
parent company ALFA, for fees that Hylsamex had accrued since
the debt restructuring and owed to ALFA. This payment resulted
in a reduction in long-term accounts payable.

- Finally, Hylsamex contributed US$28 million to its pension
fund.

                US$ Million & Thousand Tons
           
                4Q04   4Q03   3Q04    2004    2003
Revenue         $615   $359   $640  $2,305  $1,449
EBITDA           195     48    232     759     187
Debt Net of Cash 546  1,014    587     546   1,014
Shipments
(thousand tons) 765    737    828   3,167   2,889

Hylsamex remains cautiously optimistic for 2005. In the coming
quarters, factors such as Chinese and U.S. economic growth and
their effect on international steel prices, coupled with energy
cost volatility, remain the key variables in assessing the
performance of the Company.

Hylsamex is a steel producer and processor, encompassing the
minimill route with vertical integration, which includes readily
available sources of low cost iron ore and proprietary
technology for the direct reduction of iron. The Company
manufactures a broad spectrum of steel products with a
significant emphasis on value-added products. Hylsamex, which
has a manufacturing and distribution presence in North America,
reaches its end customers through an extensive wholly owned
distribution network.

CONTACT: Mr. Othon Diaz Del Guante
         Phone: (52-81) 8865-1240
         E-mail: odiaz@hylsamex.com.mx

         Mr. Ismael De La Garza
         Phone: (52-81) 8865-1224
         E-mail: idelagarza@hylsamex.com.mx



=================
V E N E Z U E L A
=================

PDVSA: Refinery Gets Back Online Following Shutdown
----------------------------------------------------
Petroleos de Venezuela (PdVSA) was forced to cease production
Friday at the 200,000-barrels-a-day Puerto La Cruz refinery due
to a power failure.

But according to Dow Jones Newswires, the company was able to
renew production the next day after taking the necessary
precautions.

Operations at the refinery were halted after Electricidad de
Oriente (Electroriente), the electricity company that serves the
states of Anzoategui and Sucre, experienced a substation
failure. The cause of the blackout remains unknown.

Electroriente reestablished its service later Friday but oil
company officials had to perform a series of safety steps to get
the refinery running again without any damage.

PDVSA said the overnight refining interruption will not affect
gasoline supply to the company's clients. Puerto la Cruz
provides gasoline for eastern Venezuela and some products for
export.


PDVSA: Massive Protests Prompt New Contract Revision
----------------------------------------------------
A source from PDVSA said that the state oil firm is "revising"
the terms of a new labor contract following a wave of protests
and demonstrations by oil workers nationwide, reports Business
News Americas. The new 2004-2006 contract, which was approved on
Dec. 28 by PDVSA and the country's three largest oil workers'
unions -Fedepetrol, Sinutrapetrol and Fetrahidrocarburos- was
supposed to be signed on Jan. 12.

However, the three unions and a smaller one, Fenapetrol, have
agreed to hold a vote on whether to file an injunction against
the deal on Jan. 11. This particular agreement between the
unions spurred opposition from other unions.

Rejecting the planned January 11 vote, Ricardo Vargas, president
of the union Sintraip, said the three large unions "want to lend
an air of legitimacy to something they have already negotiated
with management."

One of the main complaints workers have about the contract is
that they want to keep grocery stores where they can buy food at
subsidized prices, rather than accept the contract terms of
scrapping the stores in return for a US$250/month cash credit.

PDVSA management has offered to hold its own vote, but only on
the issue of keeping the grocery stores.

However, Venezuela's umbrella labor organization CTV wants PDVSA
to hold a vote on the whole contract, arguing that the
elimination of the grocery stores is unfair, the salary
increases are not enough, and the unions will give up the right
to a 60% quota in the hiring of contract oil workers.



                            ***********


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
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and
Lucilo Junior M. Pinili, Editors.

Copyright 2005.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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delivered via e-mail.  Additional e-mail subscriptions for
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