/raid1/www/Hosts/bankrupt/TCRLA_Public/050329.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, March 29, 2005, Vol. 6, Issue 61

                            Headlines


A R G E N T I N A

METROGAS: Moody's Reiterates `D' Ratings on Corporate Bonds
TELECOM ARGENTINA: Shareholders' Meeting, Agenda Set
TGN: Local S&P Reaffirms `raD' Rating on Bonds


B E R M U D A

AIR 125 LIMITED: Members Vote to Wind Up Company
BG NEWCO: Proceeds With Voluntary Liquidation
FOSTER WHEELER: Closes New Five-Year Credit Agreement
GLOBAL CROSSING: Sells Trader Voice Business for $25M
LEGEND REINSURANCE: Claims Verification to End April 13

MARKETEER LTD.: Ernest Morrison to Serve as Liquidator
PEMBROKE B737-7001: Names Robin Mayor as Liquidator


B R A Z I L

COPEL: Shareholder Meeting To Debenture Issue Discussion
EMBRATEL: Schedules Annual General Meeting
SABESP: Board Meeting Minutes Detail Debenture Structure
SABESP: Presents Proposal for Allocation of Net Income
* BRAZIL: Executive Board Concludes Article IV Consultation


E C U A D O R

PETROECUADOR: Seeks New Terms for Occidental Contract


J A M A I C A

DYOLL INSURANCE: JSE Investigation Inconclusive
DYOLL INSURANCE: A.M. Best Places JIIC's Rating Under Review
KAISER ALUMINUM: Updates Costumers, Creditors on Restructuring


P U E R T O   R I C O

AOL LATIN AMERICA: Clarifies Position In Light Parent's Worries


T R I N I D A D   &   T O B A G O

BWIA: Head of Business Group Calls for Quick Decision


     - - - - - - - - - -

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

METROGAS: Moody's Reiterates `D' Ratings on Corporate Bonds
-----------------------------------------------------------
Moody's Latin America Calificadora de Reisgo S.A. maintains a
'D' rating on corporate bonds issued by Metrogas S.A., according
to data revealed by the CNV. The action, which was based on
Metrogas' financial health as of December 31, 2004, applies to
these bonds:

- US$600 million worth of "obligaciones negociables simples",
classified under "program." The maturity of the bonds was not
disclosed;

- US$100 million worth of "Serie A por U$S 100.000.000 dentro
del Programa Global de U$S 600 millones." These bonds,
classified under "series and/or class", matured on April 1,
2003;

- EUR110 million worth of "Serie B por euros 110 millones."
These bonds classified under "Series and/or Class," matured on
September 27, 2002;

- US$130 million worth of "Serie C por U$S 130.000.000 dentro
del Programa Global de U$S 600 millones." These bonds, which are
classified under "Series and/or Class," will mature on May 7,
2004.

CONTACT: Metrogas S.A.
         Gregorio Araoz de Lamadrid 1360
         Buenos Aires, CPA C 1267
         Argentina
         Phone: +54 11 4309 1010
                +54 11 4309 1025


TELECOM ARGENTINA: Shareholders' Meeting, Agenda Set
----------------------------------------------------
Shareholders are hereby invited to attend the Ordinary General
Shareholders' Meeting to be held at Avda. Alicia Moreau de Justo
Nø 50, Ground Floor, City of Buenos Aires, on April 27, 2005 ,
at 10:00 a.m. at first call, and at 11:00 a.m. at second call,
in order to deal with the following:

AGENDA:

1) Appointment of two shareholders to approve and sign the
Minutes.

2) Consideration of the documents provided for in section 234,
subsection 1 of Law 19,550, the Regulation of the Comision
Nacional de Valores and the Listing Regulations of the Bolsa de
Comercio de Buenos Aires, and of the accounting documents in
English required by the Regulation of the U.S. Securities &
Exchange Commission for the sixteenth fiscal year ended on
December 31, 2004.

3) Discussion of Company's status under Section 206 of the
Corporate Law ("LSC"). Proposal of the Board of Directors
concerning: (a) transfer to the new fiscal year of the aggregate
negative balance reported in retained earnings as at 12/31/04,
postponing the decision to apply section 206 of the LSC until
completion of the debt restructuring process; and (b) if in the
meantime no new decree is issued to stay the application of
section 206 of the LSC, the Board of Directors shall call a
meeting to consider the issue immediately after the approval of
the first financial statements recording earnings related to the
debt restructuring of the Company.

4) Review of the performance of the Board of Directors and the
Surveillance Committee acting during the sixteenth fiscal year.

5) Review of the Board of Directors' compensation ($1,670,000,-
allocated amount) for the fiscal year ended on December 31,
2004, which recorded loss under the terms of the Regulation of
the Comision Nacional de Valores.

6) Authorization of the Board of Directors to make advance
payments of fees payable in the amount set forth at the Meeting
to those directors who during the seventeenth fiscal year
qualify as "independent directors", or to those who perform
technical and administrative tasks or special assignments,
contingent upon the decision passed at the Shareholders' Meeting
reviewing the documents of such fiscal year.

7) Fees payable to the Surveillance Committee acting during the
sixteenth fiscal year.

8) Determination of the number of regular and alternate
directors who shall hold office during the seventeenth fiscal
year.

9) Election of regular and alternate directors to serve during
the seventeenth fiscal year.

10) Election of regular and alternate members of the
Surveillance Committee for the seventeenth fiscal year.

11) Appointment of the independent auditors who shall review the
financial statements for the seventeenth fiscal year and
establishing their compensation as well as that payable to the
auditors acting during the fiscal year ended on December 31,
2004.

12) Consideration of the budget to be assigned to the Audit
Committee for fiscal year 2005.

Note 1 : To attend the Meeting, shareholders are required to
deposit the book-entry share certificates of ownership issued
for such purpose by Caja de Valores S.A., no later than three
business days prior to the date specified below, at Avda. Alicia
Moreau de Justo No. 50, 13th floor, City of Buenos Aires, from
10 to 12 a.m. and from 3:00 to 5:00 p.m. The deadline is April
21, 2005, at 5:00 p.m..

Note 2 : The documents to be reviewed at the Meeting, including
the Board of Directors' proposals on the relevant issues, are
available at Telecom Argentina web site: www.telecom.com.ar.
Additionally, printed copies of such documents may be obtained
at the place and time indicated in the above Note.

Note 3 : Pursuant to the provisions of General Resolution No.
465/2004 of the CNV, at the time of registration to participate
in the Meeting, shareholders must supply the following
information: name and surname or full corporate name; type and
number of identity document in the case of individuals or
registration information in the case of legal entities,
expressly indicating Register, jurisdiction and domicile,
specifying type of domicile. The same data shall be provided by
the person attending the Meeting in the name and on behalf of
the shareholder.

Note 4 : Those registered to participate at the Meeting, either
as depositories or administrators of third-party holdings, are
reminded of the need to comply with the requirements of
Paragraph II.9 of the CNV Regulation in order to qualify to
issue a vote in a dissenting manner.

Note 5 : Shareholders are requested to appear no later than 15
minutes prior to the scheduled time of the Meeting in order to
file their proxies and sign the Book of Attendance.

To view Board of Directors Proposals:
http://bankrupt.com/misc/BoardDirectors.htm

To view minutes of Audit Committee meeting:
http://bankrupt.com/misc/AuditComm.htm

CONTACT: Telecom Argentina S.A.
         Alicia Moreau de Justo No. 50
         Buenos Aires, 1107
         Argentina
         Phone: (54-11) 4968-3627


TGN: Local S&P Reaffirms `raD' Rating on Bonds
----------------------------------------------
The Argentine arm of Standard and Poor's International Ratings,
Ltd. reaffirmed the `raD' rating on bonds issued by
Transportadora de Gas del Norte, the CNV says.

The rating, based on the Company's financial health as of
December 31, 2004, affects the following bonds:

- US$24 million worth of "Serie V, con vencimiento en junio de
2003, emitada bajo el programa Global de Ons simples (USD300
Mio) vencido en 03.99" coming due on June 1, 2004;

- US$60.5 million worth of "Serie VI emitada bajo el Prorama
Global de Ons Simples por un monto de US$320 mm" coming due on
September 1, 2008;

- US$20 million worth of "Serie VII, con vencimiento en marzo
de 2003, emitada bajo el Programa Global de Ons simples (US$300
Mio)," which came due on March 3, 2003;

- US$20 million worth of "Serie I emitada bajo el Programa
Global de Ons Simples por un monto de US$320 million" coming due
on July 1, 2009;

- US$154.5 million worth of "Serie II emitada bajo el programa
Global de Ons Simples por un monto de US$320 million" coming due
on August 1, 2008;

- US$10.7 million worth of "Serie III emitada bajo el programa
Global de Ons Simples por un monto de US$320 million" coming due
on July 1, 2009;

- US$50 million worth of "Serie III, con vencimiento en octubre
de 2004, emitada bajo el Programa Global de Obligaciones simples
(USD 300 Mio) vencido en 03.99" coming due this October 1, 2004;

- US$9.3 million worth of "Serie IV emitada bajo el Programa
Global de Ons Simples por un monto de US$320 mm" maturing on
July 1, 2009; and

- US$46 million worth of "Serie IV, con vencimiento en junio de
2002, emitida bajo el Programa Global de ONs simples (USD 300
Mio) vencido en 03.99" that came due on June 3, 2002.

CONTACT:  Transportadora De Gas Del Norte (TGN)
          Don Bosco 3672, (C120ABF)
          Buenos Aires, Argentina.
          Phone: (+54 11) 4959-2000
          Fax: (+54 11) 4959-2242
          Home Page: www.tgn.com.ar



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

AIR 125 LIMITED: Members Vote to Wind Up Company
------------------------------------------------
              IN THE MATTER OF THE COMPANIES ACT 1981

                              And

                IN THE MATTER OF AIR 125 Limited

The Members of AIR 125 Limited, acting by written consent
without a meeting on March 21, 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 AIR 125 Limited, which is being voluntarily wound
up, are required, on or before April 6, 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 solicitors (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 solicitors, 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(s) of the above named
Company will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
April 27, 2005 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


BG NEWCO: Proceeds With Voluntary Liquidation
---------------------------------------------
        IN THE MATTER OF THE COMPANIES ACT 1981

                       And

          IN THE MATTER OF BG Newco Ltd.

The Members BG Newco Ltd., acting by written consent without a
meeting on March 21, 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 BG Newco Ltd., which is being voluntarily wound
up, are required, on or before April 6, 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 solicitors (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 solicitors, 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(s) of BG Newco Ltd. will
be held at the offices of Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda on April 27,
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


FOSTER WHEELER: Closes New Five-Year Credit Agreement
-----------------------------------------------------
Foster Wheeler Ltd. (OTCBB: FWHLF) announced Thursday that the
Company has achieved another significant step in its financial
restructuring with the successful closing of a new $250 million,
five-year Senior Credit Agreement.

The Company is able to utilize the new facility by issuing
letters of credit up to the full $250 million limit, but also
has the option to use up to $75 million of the $250 million
limit for revolving borrowings. The new facility, which will
expire on March 24, 2010, replaces the previous credit facility
that was scheduled to expire on April 30, 2005. The previous
facility could be utilized for letters of credit up to $125
million, but not for revolving borrowings.

"This is the latest major achievement in our financial
restructuring," said Raymond J. Milchovich, chairman, president
and chief executive officer. "Our new five-year facility will
provide us with a significantly increased level of bonding
capacity to support our global businesses, together with added
liquidity and financial flexibility."

"During 2004, we reduced our debt by $463 million, primarily
through the successful completion of our equity-for-debt
exchange offer, and extended substantially all corporate debt
maturities to 2011. This latest accomplishment provides us with
an even stronger platform from which to grow our business, and
focus on winning new orders, building backlog, and delivering
best in class products and services which consistently meet or
exceed our clients' expectations."

Rothschild Inc. acted as financial advisor to the Company in
connection with the arrangement of the new facility.

About Foster Wheeler

Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of design, engineering,
construction, manufacturing, project development and management,
research and plant operation services. Foster Wheeler serves the
refining, upstream oil and gas, LNG and gas-to-liquids,
petrochemicals, chemicals, power, pharmaceuticals, biotechnology
and healthcare industries. The corporation is based in Hamilton,
Bermuda, and its operational headquarters are in Clinton, New
Jersey, USA.

CONTACT: Foster Wheeler Ltd.
         Media:
         Ms. Maureen Bingert
         Phone: 908-730-4444
                or
         Investors:
         Mr. John Doyle
         Phone: 908-730-4270
                or
         Other Inquiries:
         Phone: 908-730-4000
         Web site: http://www.fwc.com


GLOBAL CROSSING: Sells Trader Voice Business for $25M
-----------------------------------------------------
Global Crossing (Nasdaq: GLBC) announced Friday that it has
entered into an agreement to sell its Trader Voice business to
WestCom Corporation. In addition to the sale, Global Crossing
announced a wholesale services agreement to provide bandwidth
and co-location services to WestCom. Under the sale agreement,
Global Crossing will receive $25 million in gross cash proceeds
for the Trader Voice business, including a three-year, $0.7
million prepayment for certain services under the wholesale
services agreement.

Global Crossing expects approximately $22 million in net cash
proceeds from the transaction, after giving effect to the
payment of certain fees and the deduction of certain retained
liabilities.

The transaction is expected to close in the second quarter,
subject to remaining regulatory approvals. The application for
regulatory approval filed with New York State Public Service
Commission was granted, and such approval will become effective
by operation of law on April 30, 2005. The Federal
Communications Commission approved the sale on March 22, 2005.

"Global Crossing's strategy is to provide multinational
enterprise and carrier customers, including those in the
financial markets industry, with global IP products and
services. The sale of our Trader Voice business, a specialty
service used by trading floors, enables us to intensify our
focus on our core business and to transition these important
customers and their services to WestCom, the industry leader in
trader voice services to the financial industry," said John
Legere, chief executive officer of Global Crossing. "We're happy
to proceed with this sale with WestCom, and through our
wholesale agreement, to support them in providing their
customers with the quality service and reliability of our global
data network."

The Trader Voice business being acquired by WestCom, which
includes all the assets and hardware, provides high-quality,
high-speed voice solutions to thousands of traders in the
world's largest financial services firms. The Trader Voice
product offering includes services such as Manual Ringdown,
Automatic Ringdown and Hoot'n Holler circuits.

"The acquisition of Global Crossing's Trader Voice business
further secures our position as the largest provider of trader
voice services in the world," said Michael Hirtenstein, chief
executive officer and founder of WestCom. "With this
acquisition, we are adding over 500 on-net customer sites to our
network. This is great news for our new and existing customers,
all of whom will benefit from our rapid provisioning services,
which allow us to turn up new trading connections in a matter of
hours over our privately managed network."

Hirtenstein continued: "This transaction further demonstrates
our commitment to supporting this specialty product for our
customers as we continue to explore exciting opportunities to
provide additional services and take advantage of a wider range
of technologies."

WestCom is owned by One Equity Partners, a private equity unit
of J.P. Morgan Chase & Co.

Global Crossing is intensifying its focus to capitalize on the
growing trend of major corporations to adopt IP-based, top
performing networking solutions as part of their corporate
infrastructures. Global Crossing's sales of its Trader Voice
business Small Business Group units complete two major
milestones in this effort.

About Westcom

WestCom Corporation is an international telecommunications
company that provides specialty trader voice and data products
to the financial industry. Our global private network enables
members to turn up new trader voice lines within 24 hours to
participating financial institutions. WestCom's Global Trader
Voice Exchange is the largest of its kind in the world, reaching
20 countries and every major financial center. WestCom offers a
variety of solutions including trader voice ring down service,
multiple-point Hoot 'n Holler networks and point-to-point data
services. WestCom is focused exclusively on the financial
community, with expertise in supporting the critical trading
activities for many of the largest firms in the world.
Headquartered in New York City, WestCom with network operations
centers in New York and London, and business offices in Paris,
Frankfurt, Chicago, San Francisco, Houston and South Carolina.

About Global Crossing

Global Crossing (Nasdaq: GLBC) 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.

CONTACT: Global Crossing
         Press Contacts:
         Ms. Tisha Kresler
         Phone: + 1 973-937-0146
         E-mail: PR@globalcrossing.com

         Ms. Kendra Langlie
         Phone: + 1 305-808-5912
         E-mail: LatAmPR@globalcrossing.com

         Mr. Mish Desmidt
         Europe
         Phone: + 44 (0) 7771-668438
         E-mail: EuropePR@globalcrossing.com

         Analysts/Investors Contact
         Ms. Laurinda Pang
         Phone: + 1 800-836-0342
         E-mail: glbc@globalcrossing.com
         Web site: http://www.globalcrossing.com


LEGEND REINSURANCE: Claims Verification to End April 13
-------------------------------------------------------
       IN THE SUPREME COURT OF BERMUDA COMPANIES (WINDING-UP)

               IN THE MATTER OF THE COMPANIES ACT 1981

                              And

        IN THE MATTER OF Legend Reinsurance Company Limited

By order of the Supreme Court of Bermuda, dated December 16,
2004, Michael Morrison of KPMG Financial Advisory Services
Limited has been appointed liquidator of Legend Reinsurance
Company Limited with a committee of inspection.

The Liquidator informs that:

- Creditors of Legend Reinsurance Company Limited, which is in
liquidation are required on or before April 13, 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 solicitors (if any) to Mike
Morrison 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.


MARKETEER LTD.: Ernest Morrison to Serve as Liquidator
------------------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                              And

               IN THE MATTER OF Marketeer Ltd.

By Written Resolutions of Marketeer Ltd., on March 15, 2005, the
following resolutions were duly passed:

RESOLVED that:

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

(2) Mr. Ernest A. Morrison, of "Milner House", 18 Parliament
Street, Hamilton, Bermuda be and is hereby appointed Liquidator
for the purposes of winding-up, such appointment to be effective
forthwith.

The Liquidator informs that:

- Creditors of Marketeer Ltd. are required on or before of April
7, 2005 to send their names and addresses and the particulars of
their debts or claims to the Liquidator of the Company and, if
so required by notice in writing from the said Liquidator, to
come in and prove their said 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 Marketeer Ltd.
will be held at the offices of Cox Hallett Wilkinson at Milner
House, 18 Parliament Street, Hamilton, Bermuda, on April 25,
2005 at 10:00 a.m. for the following purposes:

(1) receiving an account 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: Marketeer Ltd.
         Milner House
         18 Parliament Street
         Hamilton HM 12
         Bermuda

         Mr. Ernest A. Morrison, Liquidator
         Milner House
         18 Parliament Street
         Hamilton HM 12
         Bermuda


PEMBROKE B737-7001: Names Robin Mayor as Liquidator
---------------------------------------------------
             IN THE MATTER OF THE COMPANIES ACT 1981

                             And

          IN THE MATTER OF Pembroke B737-7001 Limited

The Members of Pembroke B737-7001 Limited, acting by written
consent without a meeting on March 21, 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 Pembroke B737-7001 Limited, which is being
voluntarily wound up, are required, on or before April 6, 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 solicitors (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 solicitors, 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(s) of Pembroke B737-7001
Limited will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
27th April, 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



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

COPEL: Shareholder Meeting To Debenture Issue Discussion
--------------------------------------------------------
The shareholders of the Company are invited to attend the
Extraordinary Shareholders Meeting, which will be held in the
Company's headquarters, located at Rua Coronel Dulcidio No. 800
- 10th floor, Curitiba - State of Parana, on April 12, 2005, at
2.00 p.m., in order to discuss the following issues:

(I)  Ratification and definition of the conditions applicable to
the filing, at CVM (Brazilian Securities Exchange Commission),
of the Debentures Issue Program (the "Program"), in a limit
amount of R$ 1,000,000,000,00 (one billion reais), as
deliberated in the 1602nd Meeting of Executive Officers, held on
October 4th , 2004; in the 1616th Meeting of Executive Officers,
held on February 14th, 2005; in the 69th Board of Directors'
Extraordinary Meeting, held on March 11th , 2005, and in the
108th Board of Directors' General Meeting, held on March 21st,
2005;

(II)  Authorization and definition of the conditions applicable
to the third issue of simple debentures, not convertible into
Company's shares, as the first issue under the "Program", with
real warranty represented by credit rights' pledge of Copel
Geracao S.A., a Company's fully-owned subsidiary;

(III)  Deliberation on the delegation of powers to the Company's
Board of Directors in order to, pursuant to the dispositions of
paragraph 1 of article 59 of the Corporate Law (Lei das
Sociedades por Acoes), if applicable, deliberate about all
conditions treated in items VI to VIII of above mentioned
article 59; and

(IV)  Deliberation on the authorization to the Company's Board
of Executive Officers to take all necessary measures for the
filing of the Program at CVM and for the registration of the
Third Issue at CVM, as well as, to provide further explanations
to CVM during above filing and registration processes,
confirming the acts practiced by the Board of Executive Officers
aimed at such purpose up to the present date.

CONTACT: Companhia Paranaense de Energia-Copel
         Rua Coronel Dulcidio 800
         Curitiba
         Parana, 80420-170
         Brazil
         Phone: (5541) 322-3535


EMBRATEL: Schedules Annual General Meeting
------------------------------------------
The Board of Directors of Embratel Participacoes S.A. held a
meeting on March 22, 2005 to discuss the following items:

Agenda:

1) Discussion and approval of the Management Report, Officers'
Accounts and Financial Statements, regarding the year ended on
December 31, 2004. In order to comply with article 142, V, of
Act 6.404/76, the Directors analyzed and, upon a broad
discussion, voted and unanimously approved: (i) the Management
Report, (ii) the Financial Statements, based on the Opinion
issued by Independent Auditors and the favorable opinion issued
by the Audit Committee, and (iii) the Income Destination
Proposal, clarifying that in view of the loss occurred on
12.31.2004, as well as the Company's financial needs, there is
no proposal for the distribution of dividends.

2) Call to the Company's Annual General Meeting. Next, the
Directors present approved, the proposal to call the Annual
General Meeting, to be held on April 29, 2005, or on any date to
be defined by the Company's President, based on the following
proposal of Agenda and General Instructions: (i) take the
accounts from managers, examine, discuss and vote on the
Financial Statements; (ii) deliberate on the destination of
year's income ended on 12.31.2004; (iii) election of a member to
the Board of Directors, to supplement the term of office; (iv)
fix the annual global remuneration of the Company's management;
and (v) election of the members of the Audit Committee and
establishment of the relative compensation.

General Instructions:

(a) The powers of attorney shall be lodged at the Company's main
office by forty-eighty hours prior to the Meeting.

(b) The shareholders members of the Fungible Custody of
Nominative Shares of Stock Exchanges wishing to participate in
this Meeting shall present a statement issued up to two (02)
days prior to the occurrence thereof, showing his/her respective
shareholding equity.

(c) As per set forth in the Regulatory Instruction CVM No. 165,
of 12/11/91, with text provided by article 1 of Instruction CVM
No. 282, of 06/26/98, the percentage for request of multiple
vote shall be five per cent (5%) of the voting capital.

The following members of the Company's Board of Directors were
present during the meeting:

Mr. Carlos Henrique Moreira - President
Mr. Jose Formoso Mart¡nez - Vice-President
Ms. Maria Silvia Bastos Marques
Mr. Dilio Sergio Penedo
Mr. Joel Korn
Mr. Alberto de Orleans e Braganca

Members of the Audit Committee present during the meeting were:

Mr. Ruy Dell'Avanzi - President
Mr. Edison Giraldo
Mr. Erasmo Simoes Trogo
Mr. Antonio Oscar de Carvalho Petersen Filho - General Secretary

CONTACT: Embratel Participacoes S.A.
         Rua Regenta Feijo
         166 sala 1687-B Centro
         Rio de Janeiro, 20060-060
         Brazil
         Phone: 5521-519-6474
         Web site: http://www.embratel.net.br



SABESP: Board Meeting Minutes Detail Debenture Structure
--------------------------------------------------------
On February 24, 2005, at 09:00pm, summoned by the Board of
Directors' Chairman for an ordinary meeting, as per provisions
of the Article 15 of Company's Bylaws, at the meeting room
located at Rua Bela Cintra, 847 - 10øandar, Sao Paulo, the
Board of Directors' members of Companhia de Saneamento Basico
do Estado de Sao Paulo - SABESP, appointed and undersigned
herein have met...

Giving continuation to the meeting, the Chairman of the Meeting
presented the item IV of the agenda for appreciation,
"Renegotiation of compensation conditions of the 5th issuance
debentures", and requested the CEO, Mr. Dalmo do Valle Nogueira
Filho, the Chief Financial Officer and Investor Relations
Officer, Mr. Rui de Britto Alvares Affonso, and the Funding and
Investor Relations Superintendent, Mr. Mario Azevedo de Arruda
Sampaio, to submit the matter, which was based on the Board of
Directors' Proposal # 08/2005, dated February 22, 2005, on the
Board of Directors' Resolution # 045/2005, dated February 22,
2005, on the FI Internal Communication # 013/2005, dated
February 18, 2005, and in compliance with the provisions of
item 4.11 of Clause IV of the "Deed of the 5th Issuance of
Unsecured Simple Debentures, Not Convertible Into Shares, in
Two Tranches for Public Distribution, of the Companhia de
Saneamento Basico do Estado de Sao Paulo - SABESP", as amended
on April 29, 2002, May 13, 2002, and January 26, 2004 (the
"Deed of Issuance"). The matter was discussed and thereafter it
was voted, with unanimous approval of the new compensation
conditions for debentures, which will be in effect during the
new compensation period beginning on April 1, 2005 and ending
on the final maturity of debentures, as follows:

(i)   The new compensation period, that is, the period during
      which compensation conditions shall remain unchanged for
      the first and second tranches, shall begin on April 1,
      2005, and end on March 1, 2007, the debentures final
      maturity date.

(ii)  The first tranche debentures shall be entitled to
      compensation incurring on the balance of their
      unamortized unit face value, established based on the
      accrued daily average rates of the one-day DI - Interbank
      Deposits, known as "over extra group " expressed as a
      percentage per annum, based on a year of two hundred and
      fifty-two (252) business days, calculated and published
      by the CETIP (Clearing House for the Custody and
      Financial Settlement of Securities) (the "DI Rate"), plus
      spread of one whole and ten hundredth percent (1.10%) per
      annum, calculated as from the renegotiation date, that
      is, April 1, 2005, in accordance with the formula
      established in the Deed of Issuance.

(iii) The second tranche debentures shall have the unamortized
      unit face value updated from the issuance date, based on
      the IGP-M (General Market Price Index) calculated and
      published by the Funda‡ao Get£lio Vargas, and shall be
      entitled to compensatory interest calculated based on a
      fixed rate of ten wholes and sixty-five hundredth percent
      (10.65%) per annum, incurring on the balance of updated
      unit face value of second tranche debentures, calculated
      based on business days elapsed, based on a year of tow
      hundred and fifty-two (252) days, from the renegotiation
      date, that is, April 1, 2005, in accordance with the
      formula established in the Deed of Issuance.

(iv)  The compensation payment of first tranche debentures, in
      the new compensation period, as determined in sub-item
      4.4.1 of item 4.4 of Clause IV of the Deed of Issuance,
      shall be made on a quarterly basis, except for the last
      compensation payment, as follows:

1st tranche

    1st payment  July 1, 2005
    2nd payment  October 1, 2005
    3rd payment  January 1, 2006
    4th payment  April 1, 2006
    5th payment  July 1, 2006
    6th payment  October 1, 2006
    7th payment  January 1, 2007
    8th payment  March 1, 2007

(v)  The payment of compensatory interest of second tranche
     debentures, in the new compensation period, as determined
     in sub-item 4.4.2 of item 4.4 of Clause IV of Deed of
     Issuance, shall be made every year, on the dates described
     below, except for the last payment of compensatory
     interest, subject that the monetary update shall be paid
     together with the payment of the debentures unit face
     value, which should be made upon payment of amortization.

2nd tranche

    1st payment  April 1, 2006
    2nd payment  March 1, 2007

(vi) The other conditions set forth in the Deed of Issuance
     which had not been changed by the resolution herein
     described shall apply to the compensation of debentures.

The Board of Directors has also authorized the Directors to
publish this Notice to Debentures Holders informing the
debentures renegotiation conditions, as well as to enter into
the addenda to the Deed of Issuance, to reflect the approved
renegotiation conditions.

These Minutes, after approved, were signed by the Board members
attending the meeting. Mauro Guilherme Jardim Arce - Chairman,
Fernando Carvalho Braga, Alexander Bialer, Daniel Sonder,
Fernando Maida Dall'Acqua, Gustavo de Sa e Silva, and Maria
Helena Guimaraes de Castro. Sao Paulo, February 24, 2005. Mauro
Guilherme Jardim Arce, Board of Directors' Chairman. Ligia
Ourives da Cruz Ferreira, Secretary.


SABESP: Presents Proposal for Allocation of Net Income
------------------------------------------------------
SABESP (NYSE:SBS) (BOVESPA:SBSP3) informs and clarifies its
shareholders and the market in general that:

(i)   on March 24, 2005, it made available to the Securities and
      Exchange Commission of Brazil (the "CVM") and to the Sao
      Paulo Stock Exchange (the "BOVESPA"), by means of the
      Periodical and Eventual Information System (the "IPE"),
      the Company's Management proposal for the allocation of
      the net income for the year ended December 31, 2004, as
      well as on the transfer of the retained earnings balance
      to the investment reserve, which is subject, however, to
      the approval of the Company's shareholders who shall meet
      at the Annual and Extraordinary General Meeting as of
      April 29, 2005, to resolve on this and other issues;

(ii)  the content of the Management's proposal is as follows:

      "The proposal of allocation of the net income for the year
       2004 is in conformity with the Article 192 of the Law
       6,404/1976 and amendments:

  --------------------------------------------------------------
   Net income for the year                    R$ 513,028,255.11
  --------------------------------------------------------------
  (+) Realization of the Revaluation Reserve  R$ 104,499,586.67
  --------------------------------------------------------------
  (-) Interest on Own Capital                 R$ 152,935,332.45
  --------------------------------------------------------------
  (-)Legal Reserve 5%                         R$ 25,651,412.76
  --------------------------------------------------------------

In order to meet the Company's investment needs for the years
2005 to 2007, at the amount of R$ 2,390.0 million (estimated in
the Company's Multiyear Plan 2004 - 2007 Capital Budget), we
propose to transfer R$ 438,941,096.57 of the Retained Earnings
balance to the Investment Reserve."

(iii) an incorrect information was unduly sent to the CVM and
the BOVESPA, by means of the IPE, reference (a) to "R$ thousand"
in the table which informs on the "Net income for the year"; and
(b) that the Company's investment needs estimated at the amount
of R$ 2,390.0 million refer to the Multiyear Plan 2004 to 2007
Capital Budget.

(iv) the Company's financial statements relating to the fiscal
year ended December 31, 2004 shall be published on March 29,
2005.


* BRAZIL: Executive Board Concludes Article IV Consultation
-----------------------------------------------------------
Background

Since the 2002 crisis, and in the context of a favorable
external environment, strong macroeconomic policies and the
pursuit of ambitious structural reforms have restored
macroeconomic stability and fostered favorable conditions for
growth. High primary surpluses-reaching 4.6 percent of GDP in
2004-have helped to improve debt sustainability. The ratio of
net public debt to GDP fell from 65.5 percent at end-2002 to
54.5 at end-2004, while the structure of the debt has improved,
with a marked reduction in the share of foreign-currency-linked
debt. Cautious monetary policy kept inflation within the target
band in 2004 despite supply shocks, and inflation is set to
continue on a declining path this year. The passage of several
important reforms-including tax and pension reforms and
bankruptcy legislation-has strengthened confidence and improved
the business climate.

The resulting decline in vulnerabilities and rising confidence
have helped to fuel a strong economic recovery. GDP growth was
5.2 percent in 2004, and employment grew by 3.2 percent. The
recovery has been aided by a very strong export performance,
which has led to a record current account surplus of almost 2
percent of GDP. However, domestic demand also rebounded
significantly during 2004, helped by declining real interest
rates from mid-2003 and reforms facilitating access to credit.
With capacity utilization close to peak levels and rising
business confidence, investment rose by 11 percent in 2004.

Financial market conditions are currently the best in many
years. Sovereign spreads have fallen to around 400 basis points,
the real has been appreciating, and strong capital flows have
allowed the central bank to rebuild international reserves. The
government has already funded about three quarters of its US$6
billion external issuance requirements for 2005.

The health of the banking system has continued to improve over
recent years and progress has been made in strengthening
financial sector supervision. Overall, banks are well
capitalized and profitable and capital adequacy ratios are high
by international standards, although financial institutions
remain significantly exposed to the public sector. The system
withstood the pressures stemming from the intervention of Banco
Santos in November well, partly aided by the prompt actions
taken by the central bank.

Executive Board Assessment

Directors welcomed Brazil's impressive economic achievements
over the last two years, and the remarkable track record of
performance under the Stand-By Arrangement, which reflected the
authorities' continued pursuit of strong macroeconomic policies
and steady progress with structural reforms. Helped by a
generally supportive external environment, these policies have
led to a significant transformation of the economy, which has
resulted in a strong economic recovery, income and employment
gains, a declining public debt burden, and rising international
reserves.

Directors pointed out that despite these successes,
vulnerabilities and challenges remain. They noted that public
debt was still high and sensitive to global financial
conditions. Moreover, Directors stressed the need to persevere
with structural reforms in order to boost long-term growth
prospects, critical to addressing persistent poverty and
inequality.

Directors observed that the inflation targeting and flexible
exchange rate regimes had worked well in recent years and
commended the authorities for their skillful conduct of monetary
policy. They considered that, in light of the supply-side shocks
faced by Brazil over the past year, the reduction of inflation
to within the target band in 2004 was a substantial achievement.
Directors supported the central bank's emphasis on keeping
inflation on a downward path, and its cautious approach in the
face of sticky inflation expectations and persistently high core
inflation. They observed that the challenge for the central bank
is to bring inflation down further while minimizing the impact
on growth. In this regard, they noted that the recent
appreciation of the real together with rising interest rates and
the moderating pace of activity should contribute to slowing
inflation in the coming months. Directors generally shared the
view that the effectiveness of monetary policy would be enhanced
by the passage of legislation to provide the central bank with
full operational autonomy.

Directors supported the recent resumption of foreign exchange
purchases by the central bank. They noted that continuing
capital inflows could provide opportunities for further reserve
accumulation, although a deterioration in external conditions
could lead to some unwinding of the recent build up in real
positions. They supported the authorities' continued commitment
to a floating exchange rate regime, and stressed the importance
of allowing the rate to move in the face of market forces, while
continuing to take advantage of opportunities to build reserves.
Directors welcomed the recent announcement of measures to
streamline foreign exchange regulations, noting that carefully
sequenced reforms in this area should help to strengthen
integration with the global economy, promote trade openness, and
enhance the efficiency of capital markets.

Directors congratulated the authorities for consistently
achieving high primary fiscal surpluses. A number of Directors
saw merit in a further moderate tightening, which would
accelerate debt reduction while supporting monetary policy and
helping to reduce pressures for appreciation of the real by
lessening incentives for capital inflows. However, other
Directors considered that the fiscal target for 2005 and beyond
appeared prudent, while providing room for infrastructure and
social spending. Directors commended the cautious approach taken
in the first budget execution decree for 2005, given that
determined efforts would be needed to contain nonpriority
current spending so as to create room for additional spending on
infrastructure. In this context, Directors welcomed the progress
made under the pilot project to strengthen mechanisms for
selecting, implementing and monitoring public investment, and
the recent advances in establishing the framework for public-
private partnerships. A key aspect of the pilot program will be
maintaining full transparency in the context of the budget.

Directors stressed the importance over the medium term of fiscal
reforms to increase budget flexibility, so as to provide more
room for priority programs. Raising the flexibility of both
revenue and expenditure and containing entitlement spending
would allow for an expansion of targeted social spending,
facilitate further tax reforms, and reduce vulnerabilities.

Directors welcomed improvements in the debt structure and agreed
with the authorities' focus on lengthening maturities and
reducing the share of exchange-rate and short-term interest rate
linked debt. Directors also highlighted the need to develop the
domestic debt markets further, including by continuing the
dialogue with large institutional investors and reducing
impediments to participation by foreign investors.

Directors pointed to the considerable strengthening of Brazil's
banking system in recent years, observing that the system had
coped well with the failure of a mid-sized bank in late 2004.
They considered that further steps to strengthen the prudential
framework would help the central bank to deal even more
effectively with banking distress, thereby limiting the
likelihood of contagion from problems in individual banks to the
system as a whole. Directors encouraged the authorities to
promote financial intermediation by gradually reducing directed
lending requirements, and the distortionary taxation of
financial intermediation. Directors also encouraged the
authorities to implement the remaining recommendations of the
FSSA, and welcomed their intention to explore an FSAP update.

Directors emphasized that the current environment provides a
favorable opportunity to address structural weaknesses in the
Brazilian economy and reduce poverty and inequality. Substantial
progress has been made in recent years, although structural
rigidities and bottlenecks continue to constrain Brazil's growth
potential. Looking ahead, the authorities' reform agenda-
including central bank autonomy, reform of the state-level VAT,
and further measures to enhance the business environment-covers
important areas. Other critical reforms would include measures
to increase budget flexibility, address the large remaining
imbalances in the pensions system, promote financial
intermediation, and reduce labor market informality through
reforms of the labor code, so as to substantially increase
flexibility in labor contracts. In this regard, Directors
emphasized the importance of careful sequencing of reforms and
building consensus around them.

To view selected economic indicators:
http://bankrupt.com/misc/Brazil.htm



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

PETROECUADOR: Seeks New Terms for Occidental Contract
-----------------------------------------------------
State-run oil company Petroecuador is seeking revision to its
contract with U.S. oil major Occidental Petroleum Corp. (OXY) to
boost the government's stake in output from one of the fields
that Occidental operates in Ecuador.

Dow Jones Newswires reveals that Occidental operates four fields
in Ecuador that produce a total of 101,000 barrels per day. Two
of the fields - the Eden Yuturi and the Limoncocha - are joint
ventures with Petroecuador.

Petroecuador president Hugo Bonilla was quoted as saying: "The
contract with Occidental is inequitable. In the Eden-Yuturi
field, Petroecuador has the larger share of reserves but the
lower share of production."

Daily production at Eden Yuturi is about 70,000 barrels, and the
government has a 25% share of that output. Meanwhile, production
at Limoncocha is about 10,000 barrels a day, with the state
having a 60% stake.

Bonilla also said that Petroecuador seeks to link the contract
to the price of crude, noting that rates are fixed now, which
means that the state doesn't benefit from rises in the price of
oil on international markets.



=============
J A M A I C A
=============

DYOLL INSURANCE: JSE Investigation Inconclusive
-----------------------------------------------
The Jamaica Stock Exchange (JSE) has done an investigation in
trading of Dyoll shares but hasn't arrived with a verdict yet,
says the Jamaica Gleaner.

"We have not made a conclusion. We have done our investigation
and we can say that there are transactions that need further
probing," said general manager of the JSE, Marlene Street.

On March 1, the JSE said that it would "investigate trading in
the shares of Dyoll Group Limited to determine whether any
connected parties executed trades in the company's stock since
the event, which led to 'material loss' and impairment of
Dyoll's capital base."

Subsequently, the stock exchange issued a press release, saying
that it had "released to the Financial Services Commission [FSC]
a report detailing the findings of [JSE's] investigation."

"We've given [the FSC] some information for them to determine,"
Ms. Street said, adding, "we look at the information and pass it
on to the FSC... [but] we are not at all saying that they are
insider trading. You can only conclude after proper
investigation. We have done sufficient investigation for
probing."

But even if insider trading is evident, the JSE cannot act
against the guilty parties. The Financial Services Commission
will assume that investigation, Street declares.

"This will be done by the FSC...that is outside of the JSE
responsibility ... we don't have the legal authority. It could
be further investigation of a criminal matter. "

And the JSE will not publicize its findings.

"We don't release that information to the public. That is a
disclosure that the JSE doesn't do. We have no rules or
regulations to disclose that," Ms. Street said, stressing that
the investigation and its results "are outside the public
domain."


DYOLL INSURANCE: A.M. Best Places JIIC's Rating Under Review
------------------------------------------------------------
A.M. Best Co. has placed the financial strength rating of B++
(Very Good) of Jamaica International Insurance Company Limited
(JIIC) (Kingston, Jamaica) under review with negative
implications.

This rating action is based on JIIC's recent acquisition of the
Jamaican motor portfolio of Dyoll Insurance Company and the
potential impact on JIIC's capitalization, future operating
results and liquidity. This acquisition represents a significant
addition to JIIC's current operations.

Although the immediate cash outlay requirement for the company
is manageable, the impact of the portfolio acquisition on its
overall operations and capitalization is still yet to be
determined by A.M. Best. The rating will remain under review
until the full effect of this transaction can be assessed.

A.M. Best Co., established in 1899, is the world's oldest and
most authoritative insurance rating and information source.

CONTACTS: Public Relations
          Jim Peavy
          Tel: (908) 439-2200, ext. 5644
          E-mail: james.peavy@ambest.com

          Rachelle Striegel
          Tel: (908) 439-2200, ext. 5378
          E-mail: rachelle.striegel@ambest.com

          Analyst(s)
          You Sin Chang
          Tel: (908) 439-2200, ext. 5792
          E-mail: yousin.chang@ambest.com

          Peter Dickey
          Tel: (908) 439-2200, ext. 5053
          E-mail: peter.dickey@ambest.com


KAISER ALUMINUM: Updates Costumers, Creditors on Restructuring
--------------------------------------------------------------
No substantive news emerged from the March 21 hearing because
the agenda was limited to a number of fairly technical or
narrowly defined legal matters. Kaiser expects the next hearing
- on April 13 - to be of more general interest. That's when the
Court will consider approval of the liquidating plans for four
commodities-related subsidiaries in connection with the sale of
its interests in Jamaica and Australia.

Positive National Sales Meeting

Last week, the company held its national sales meeting, which
brought together most of our sales reps, plant managers,
business unit leaders, and key staff people for a very
productive several days.

Jack A. Hockema, President and Chief Executive Officer, reports
that this was one of the most upbeat meetings in recent years.
The assembled team represented an impressive cross section of
seasoned Kaiser veterans as well as an enthusiastic and
knowledgeable group of newer employees - all of whom share the
same drive to push Kaiser to its full potential.  The group
reviewed a number of key topics, including corporate strategy to
be the preferred supplier of aluminum sheet, plate, extrusions,
tube, and forgings for the following applications:

Aerospace and High Strength
General Engineering
Automotive
Custom Industrial Products

In various breakout sessions, sales and operating folks
discussed tactical issues and reviewed a variety of
opportunities to generate additional value for Kaiser's
customers. After witnessing the energy, dedication, and
motivation of this group,
Mr. Hockema says he came away from the meetings more optimistic
than ever about the future of Kaiser Aluminum.

Liquidity

Liquidity - defined as cash and borrowing availability - has
continued to be adequate under the new DIP. Borrowing
availability is relatively unchanged and continues to be more
than $100 million.

CONTACT: Kaiser Aluminum Corp.
         5847 San Felipe
         Suite 2500
         P.O. Box 572887
         Houston, TX 77257-2887
         USA
         Phone: 713-267-3777
         Web site: http://www.kaiseral.com



=====================
P U E R T O   R I C O
=====================

AOL LATIN AMERICA: Clarifies Position In Light Parent's Worries
---------------------------------------------------------------
AOL Puerto Rico is distancing itself from the comments made
recently by parent AOL Latin America (Nasdaq: AOLA) that it is
running low on cash and may shut down or seek bankruptcy
protection if it isn't sold in a timely manner.

Citing AOL Puerto Rico president Ramon Magual, Business News
Americas reports that out of AOL's principal Latin American
markets, the unit is the only profit-making outfit, seeing
growth of 4.8% in the first nine months of 2004, while the
others saw double-digit losses.

During the first three quarters of 2004, the unit posted US$3.2
million in profits, up 113% compared to the same period 2003.

"The Puerto Rico operation reached breakeven in its first year
after launch [in December 2000] and since then has maintained
its profitability," Mr. Magual said.

In contrast Brazil and Mexico generated losses of US$31 million
and US$1.8 million, respectively.

Magual also stressed that AOL Puerto Rico's Internet connections
come directly from AOL in the United States and not from the
networks of AOL Latin America.



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

BWIA: Head of Business Group Calls for Quick Decision
-----------------------------------------------------
The head of Trinidad and Tobago's Chamber of Commerce is urging
the government to decide quickly and clearly what it intends to
do with national airline BWIA, The Trinidad Express reports.

Chamber of Commerce president Christian Mouttet was quoted as
saying: "The Government must state unequivocally that given the
importance of the FTAA (Free Trade Area of the Americas) to
Trinidad and Tobago, the fact that we need to open new routes to
other markets, as well as help facilitate the growth of the
local private sector, it is prepared to finance the operations
of BWIA for the foreseeable future."

If not, "then the Chamber strongly believes that it must be left
to operate in a manner that would make good economic sense," Mr.
Mouttet said.

"We must not let the airline remain in limbo. We strongly
believe that we should allow economic rather than political
considerations to dictate the operations of the airline."

Responding to Mouttet's comments, Trade Minister Kenneth Valley,
who has responsibility for BWIA, said restructuring the
beleaguered airline was a complicated process.

"Air transport is important, especially if we are to make
Trinidad the hub of the Americas," Mr. Valley said. "But one has
to look at what is in the best interest of the country."

CONTACT: BRITISH WEST INDIES AIRWAYS (BWIA)
         Phone: + 868 627 2942
         E-mail: mail@bwee.com
         Home Page: http://www.bwee.com




                            ***********


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

This material is copyrighted and any commercial use, resale or
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