TCRLA_Public/050518.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

            Wednesday, May 18, 2005, Vol. 6, Issue 97

                            Headlines

A R G E N T I N A

AMBA EDITORES: Court Designates Trustee for Liquidation
ANTU APLICACIONES: Court Orders Liquidation
CALERA SAN JOSE: Enters Bankruptcy on Court Orders
COMPANIA BELGA: Verification Deadline Approaches
C.R. TUR: Court Approves Bankruptcy

ETINO: Enters Bankruptcy on Court Orders
FRIGORIFICO BIAIN: Verification Deadline Approaches
GASEOSA DEL ESTE: To Hold Informative Assembly Aug. 19
GRUKIEL: Court Designates Trustee for Liquidation
KLUJ GRISOLIA: Gets Court Approval for Reorganization

NEW PRESS: Court Grants Reorganization Plea
PLASTITREBOL: Court Rules for Liquidation
POHBA S.A.: Hopes to Liquidate Assets
T.R.A.C.T.U.R.: Begins Liquidation
TRANSPORTES MORAS: Court Favors Creditor's Bankruptcy Motion

* ARGENTINA: US Court Agrees to Unfreeze Defaulted Bonds


B E R M U D A

BERMUDA BAKERY: Summons Shareholders to AGM Scheduled for June 2
FOSTER WHEELER: To Supply BFB Retrofit in Sweden


B R A Z I L

NET SERVICOS: Announces Outcome of May 9 Auction
PARMALAT: Says Profitability, Revenue Up
VARIG: To Engage in Formal Talks With Portugal's TAP


C H I L E

ELECTROANDINA: To Spend $8.6M to Relocate 5 High-Voltage Lines
SR TELECOM: Audit Report Contains Going Concern Qualifications


J A M A I C A

AIR JAMAICA: Signs Amended CBA With JALPA
AIR JAMAICA: Suspends Service To Bonaire
AIR JAMAICA: Web-based Sales Surge More Than 50% in 2004


M E X I C O

BALLY TOTAL: Deems $14.3M Arbitration Award Unreasonable
EMPRESAS ICA: Signs Ps. 165 Million Contract With SCT
GRUPO MEXICO: Higher Copper Prices Help Improve Debt Profile
INNOVA: Ratings Reflect Strong Competition, Says S&P
PYCSA: Discussions With MOP Nearing End

WILLBROS GROUP: Updates Status of Audit Committee Investigation


P E R U

LUMINA COPPER: Receives Final Court Approval for Restructuring
LUMINA COPPER: Clarifies News Release Related to Restructuring


P U E R T O   R I C O

CENTENNIAL COMMUNICATIONS: Launches Service in Grand Rapids
R&G FINANCIAL: Stull, Stull & Brody Announces Class Action Suit


U R U G U A Y

FAE: Ratings Assigned Reflect Status Within Financial System
FUCAC: Fitch Affirms Ratings
HSBC BANK: Ratings Reflect Good Liquidity, Strong Parent Backing


V E N E Z U E L A

CERRO NEGRO: Union Mulls Strike Following Dismissals

     -  -  -  -  -  -  -  -

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A R G E N T I N A
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AMBA EDITORES: Court Designates Trustee for Liquidation
-------------------------------------------------------
Buenos Aires accountant Amalia Mild was assigned trustee for the
liquidation of local company Amba Editores S.R.L., relates
Infobae.

Ms. Mild will verify creditors' claims until July 5, the source
adds. After that, she will prepare the individual reports, which
are to be submitted in court on August 31. The submission of the
general report should follow on October 12.

The city's civil and commercial Court No. 10 holds jurisdiction
over the Company's case. Clerk No. 19 assists the court with the
wind-up proceedings.

CONTACT: Ms. Amalia Mild, Trustee
         Tucuman 1539
         Buenos Aires


ANTU APLICACIONES: Court Orders Liquidation
-------------------------------------------
Antu Aplicaciones Industriales Integradas S.A. prepares to wind-
up its operations following the bankruptcy pronouncement issued
by Court No. 10 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 Reynaldo Paez
as trustee. Mr. Paez will be reviewing creditors' proofs of
claims until June 21. The verified claims will serve as basis
for the individual reports to be presented for court approval on
August 16. The trustee will also submit a general report of the
case on September 28.

Clerk No. 19 assists the court on this case that will end with
the sale of the company's assets. Proceeds from the sale will be
used to repay the Company's debts.

CONTACT: Mr. Oscar Reynaldo Paez, Trustee
         Juana Manso 1666
         Buenos Aires


CALERA SAN JOSE: Enters Bankruptcy on Court Orders
--------------------------------------------------
Calera San Jose S.A. enters bankruptcy protection after Court
No. 22 of Buenos Aires' civil and commercial tribunal, with the
assistance of Clerk No. 44, ordered the company's liquidation.
The order effectively transfers control of the company's assets
to a court-appointed trustee who will supervise the liquidation
proceedings.

Infobae reports that the court selected Mr. Roberto Jorge
Massacane as trustee. Mr. Massacane will be verifying creditors'
proofs of claims until the end of the verification phase on
August 29.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the company's accounting
and business records. The individual reports will be submitted
on October 10 followed by the general report, which is due on
November 22.

CONTACT: Mr. Roberto Jorge Massacane, Trustee
         Presidente Roque Saenz Pena 846
         Buenos Aires


COMPANIA BELGA: Verification Deadline Approaches
------------------------------------------------
The verification of claims for the Compania Belga de Aceros S.A.
bankruptcy case will end on June 28 according to Infobae.
Creditors with claims against the bankrupt company must present
proof of the liabilities to Ms. Flora Marcela Pazos, the court-
appointed trustee, before the deadline.

Court No. 13 of Buenos Aires' civil and commercial tribunal
handles the company's case with the assistance of Clerk No. 25.
The bankruptcy will conclude with the liquidation of the
company's assets to pay its creditors.

CONTACT: Ms. Flora Marcela Pazos, Trustee
         Montevideo 527
         Buenos Aires


C.R. TUR: Court Approves Bankruptcy
-----------------------------------
C. R. Tur S.A. was declared bankrupt after Court No. 17 of
Buenos Aires' civil and commercial tribunal endorsed the
petition of Ms. Silvina Romeo for the company's liquidation.

La Nacion reports that the court assigned Ms. Mabel Herrera to
supervise the liquidation process as trustee. Ms. Herrera will
validate creditors' proofs of claims until June 22.

The city's Clerk No. 33 assists the court in resolving this
case.

CONTACT: C. R. Tur S.A.
         Teniente General Juan Domingo Peron 683
         Buenos Aires

         Ms. Mabel Herrera, Trustee
         Rodriguez Pena 694
         Buenos Aires


ETINO: Enters Bankruptcy on Court Orders
----------------------------------------
Etino S.R.L. prepares to wind-up its operations following the
bankruptcy pronouncement issued by Court No. 14 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. Fernando Miguel
Altare as trustee. Mr. Altare will be reviewing creditors'
proofs of claims until July 27. The verified claims will serve
as basis for the individual reports to be presented for court
approval on September 8. The trustee will also submit a general
report of the case on October 20.

Clerk No. 28 assists the court on this case that will end with
the sale of the company's assets. Proceeds from the sale will be
used to repay the Company's debts.

CONTACT: Mr. Fernando Miguel Altare, Trustee
         Piedras 153
         Buenos Aires


FRIGORIFICO BIAIN: Verification Deadline Approaches
---------------------------------------------------
The verification of claims for the Frigorifico Biain S.A.
bankruptcy will end on July 4 according to Infobae.

Creditors with claims against the bankrupt company must present
proof of the liabilities to Mr. Jorge Alberto Hayduk, the court-
appointed trustee, before the deadline.

Court No. 2 San Nicolas' civil and commercial tribunal handles
the company's case.

CONTACT: Frigorifico Biain S.A.
         Santiago H. Perez 434
         Arrecifes

         Mr. Jorge Alberto Hayduk, Trustee
         Brown 116
         San Nicolas


GASEOSA DEL ESTE: To Hold Informative Assembly Aug. 19
------------------------------------------------------
Trelew-based Gaseosa del Este del Chubut S.R.L. will hold an
informative assembly with its creditors on August 19, reports
Infobae. Creditors will vote to ratify the completed settlement
plan on the said assembly.

Court No. 2 of Trelew's civil and commercial tribunal has
jurisdiction over this case. The city's Clerk No. 4 assists the
court with the proceedings.

CONTACT: Gaseosa del Este del Chubut S.R.L.
         Santa Fe y 28 de Julio
         Trelew (Chubut)

         Mr. Carlos Alberto Maza, Trustee
         Pasaje La Rioja 287
         Trelew (Chubut)


GRUKIEL: Court Designates Trustee for Liquidation
-------------------------------------------------
Buenos Aires accountant Manuel Alberto Cibeira was assigned
trustee for the liquidation of local company Grukiel S.A.,
relates Infobae.

Mr. Cibeira will verify creditors' claims until July 28, the
source adds. After that, he will prepare the individual reports,
which are to be submitted in court on September 8. The
submission of the general report should follow on October 21.

The city's civil and commercial Court No. 16 holds jurisdiction
over the Company's case. Clerk No. 31 assists the court with the
wind-up proceedings.

CONTACT: Mr. Manuel Alberto Cibeira, Trustee
         Avda Cordoba 1247
         Buenos Aires


KLUJ GRISOLIA: Gets Court Approval for Reorganization
-----------------------------------------------------
Kluj Grisolia S.A. will begin reorganization following the
approval of its petition by Court No. 18 of La Plata's civil and
commercial tribunal. The opening of the reorganization will
allow the company to negotiate a settlement with its creditors
in order to avoid a straight liquidation.

Mr. Luis Emilio Felli will oversee the reorganization
proceedings as the court-appointed trustee. He will verify
creditors' claims until June 2. The validated claims will be
presented in court as individual reports on August 11.

Mr. Felli is also required by the court to submit a general
report essentially auditing the company's accounting and
business records as well as summarizing important events
pertaining to the reorganization. The report will be presented
in court on September 29.

An Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the company's
creditors for approval, is scheduled on November 3.

CONTACT: Kluj Grisolia S.A.
         Calle 511 Nro. 1160
         La Plata

         Mr. Luis Emilio Felli, Trustee
         Calle 49 Nro. 365
         La Plata


NEW PRESS: Court Grants Reorganization Plea
-------------------------------------------
New Press Grupo Impresor S.A. successfully petitioned for
reorganization after Court No. 16 of Buenos Aires' civil and
commercial tribunal issued a resolution opening the Company's
insolvency proceedings.

Under insolvency protection, the company will continue to manage
its assets subject to certain conditions imposed by Argentine
law and the oversight of a court-appointed trustee.

Infobae relates that accounting firm "Estudio Chiaia, Stolzing y
Asociados" will serve as trustee during the course of the
reorganization. The trustee will be accepting creditors' proofs
of claims for verification until June 22.

After verifications, the trustee will prepare the individual
reports and submit it in court on August 18. The firm will also
present a general report for court review on September 29.

The company will endorse the settlement proposal, drafted from
the submitted claims, for approval by the creditors during the
informative assembly scheduled on March 31 next year.

CONTACT: "Estudio Chiaia, Stolzing y Asociados"
          Trustee
          Suipacha 190
          Buenos Aires


PLASTITREBOL: Court Rules for Liquidation
------------------------------------------
Court No. 23 of Buenos Aires' civil and commercial tribunal
ordered the liquidation of Plastitrebol S.R.L. after the company
defaulted on its obligations, Infobae reveals. The pronouncement
will effectively place the company's affairs as well as its
assets under the control of Mr. Manuel Omar Mansanta, the court-
appointed trustee.

Mr. Mansanta will verify creditors' proofs of claims until June
29. The verified claims will serve as basis for the individual
reports to be submitted in court on August 25. The submission of
the general report follows on October 6.

Clerk No. 46 assists the court on this case, which will end with
the disposal of the company's assets in favor of its creditors.

CONTACT: Plastitrebol S.R.L.
         Estomba 3932
         Buenos Aires

         Mr. Manuel Omar Mansanta, Trustee
         Avda Cordoba 1351
         Buenos Aires


POHBA S.A.: Hopes to Liquidate Assets
-------------------------------------
Local food and data processing equipment retailer Pohba S.A.
asked Court No. 18 of Buenos Aires' civil and commercial
tribunal for permission to proceed with voluntary liquidation.

Infobae reports that the company resolved to wind-up its
operations after defaulting on its debt payments this week.
Proceeds from the sale of the Company's assets at the end of the
liquidation will be used to repay its debts.

Clerk No. 35 of assists the court in resolving this case.

CONTACT: Pohba S.A.
         Gallo 1182
         Buenos Aires


T.R.A.C.T.U.R.: Begins Liquidation
----------------------------------
T.r.a.c.t.u.r. Viajes y Turismo S.R.L. of Buenos Aires will
begin liquidating its assets after Court No. 22 of the city's
civil and commercial tribunal declared the company bankrupt.
Infobae reveals that the bankruptcy process will commence under
the supervision of court-appointed trustee Alejandra E.
Giacomini.

The trustee will review claims forwarded by the company's
creditors until June 27. After claims verification, Ms.
Giacomini will submit the individual reports for court approval
on August 24. The general report will follow on October 6.

Clerk No. 43 assists the court on this case.

CONTACT: Ms. Alejandra E Giacomini
         Avda Carabobo 250
         Buenos Aires


TRANSPORTES MORAS: Court Favors Creditor's Bankruptcy Motion
------------------------------------------------------------
Court No. 21 of Buenos Aires' civil and commercial tribunal
declared Transportes Moras S.A. bankrupt, says La Nacion. The
ruling comes in approval of the petition filed by the Company's
creditor, Obra Social de Constructores Navales, for nonpayment
of US$26,259.10 in debt.

Trustee Alejandro Sabasay will examine and authenticate
creditors' claims until August 8. This is done to determine the
nature and amount of the Company's debts. Creditors must have
their claims authenticated by the said date in order to qualify
for the payments that will be made after the Company's assets
are liquidated.

Clerk No. 41 assists the court on the case that will conclude
with the sale of the Company's assets.

CONTACT: Transportes Moras S.A.
         Lavalle 1763
         Buenos Aires


* ARGENTINA: US Court Agrees to Unfreeze Defaulted Bonds
--------------------------------------------------------
A New York Court of Appeals lifted Friday the freeze on US$7
billion in defaulted Argentine bonds. The frozen bonds were part
of a much larger amount of defaulted Argentine debt, which had
been turned in by creditors who agreed to accept new bonds and
take a loss of about 70 cents on the dollar as part of
Argentina's $102 billion debt restructuring plan.

Argentina, which had said it could not proceed with the exchange
with the freeze in place, said Friday the appeal court's ruling
meant it would "immediately" issue the new bonds.

However, the tendered bonds for the time being are stuck in a
sort of legal limbo.

The freeze remains in place until U.S. District Court Judge
Thomas Griesa formally lifts the freeze as a result of the
appeals court's decision.

However, Griesa himself is powerless to lift the freeze until
the appeals court formally hands him an official decision in the
form of a 'mandate', a process that can be stalled for weeks in
order to give appellants a chance to further appeal.



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B E R M U D A
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BERMUDA BAKERY: Summons Shareholders to AGM Scheduled for June 2
----------------------------------------------------------------
The Annual General Meeting of the Shareholders of The Bermuda
Bakery, Limited will be held on Thursday, 2nd June 2005 at the
Bakery's new office located at 69 Pitts Bay Road, Pembroke
(upstairs of Oliver's Deli & Catering) at 10:30 a.m.

A G E N D A:

1. To appoint a Chairman of the meeting.
2. To consider the minutes of the last meeting of Members.
3. To receive the President's Report to the Members.
4. To receive the financial statements of the Company for the
financial year ended 31st December 2004, together with the
Auditor's report thereon.
5. To determine the number of Directors for the ensuing year.
6. To elect Directors.
7. To consider fees payable to Directors.
8. To consider the appointment of an auditor for the forthcoming
year.


FOSTER WHEELER: To Supply BFB Retrofit in Sweden
------------------------------------------------
Foster Wheeler Ltd. (OTCBB: FWHLF) announced Monday that its
Swedish subsidiary in the Foster Wheeler Global Power Group has
been awarded a contract to supply a biomass-fired bubbling
fluidized bed (BFB) retrofit to Stora Enso Hylte AB. The
retrofitted boiler produces steam and electricity for the Hylte
pulp and paper mill in Hyltebruk in southern Sweden.

The total investment cost of the project is approximately $51
million (EUR40 million). The Foster Wheeler contract value was
not disclosed. The project will be included in the company's
second-quarter 2005 bookings.

"Foster Wheeler is delighted to be awarded this contract by
Stora Enso Hylte AB. Our partnership goes back many years.
Foster Wheeler supplied a 49 MWth CFB boiler to the Hylte mill
in 1982, and it is still in daily operation," said Bernard H.
Cherry, president and chief executive officer, Foster Wheeler
Global Power Group. "The project concept, including several
special technical solutions, was actively developed by Foster
Wheeler and Hylte experts, resulting in this project."

The contract includes a BFB boiler retrofit to the existing
Axon-oven/natural gas-fired boiler (90 t/h, 63 bar, 450 degrees
C, 69 MWth), internal fuel feeding, necessary new auxiliary
equipment, electrical motors and field instruments, erection and
commissioning. The primary goals for the retrofit are to enable
firing of sludges in addition to drier biomass, control of
fouling and corrosion and control of emissions. The main fuels
for the boiler will be de-inking sludge, biosludge, demolition
wood and bark. Work on the project will start immediately, and
the plant is scheduled for handing over to the customer in May
2006.

Stora Enso is an integrated paper, packaging and forest products
company producing publication and fine papers, packaging boards
and wood products. The company serves its mainly business-to-
business customers in Europe, North America and Asia.

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,
petrochemical, 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 Contacts:
          Maureen Bingert
          Phone: 908-730-4444
              or
          Tarja Pitkanen
          Phone: 358 (0)10-393-7395
              or
          Other Inquiries:
          Phone: 908-730-4000



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B R A Z I L
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NET SERVICOS: Announces Outcome of May 9 Auction
------------------------------------------------
Net Servicos de Comunicacao S.A. (Nasdaq: NETC) (Bovespa: NETC4
NETC3) (Latibex: XNET), the largest Pay-TV multi-service
operator in Latin America, and an important provider of bi-
directional broadband Internet access (Virtua), announces the
following notice to the market:

On May 9, 2005, the Company held an auction to sell the shares
that were not subscribed under the scope of the Company's
private capital increase. In this auction, the common shares
("ON shares") were sold at R$ 0.51 per share and the preferred
shares ("PN Shares") at R$ 0.63 per share, concluding, then, the
last stage of the capital increase. As the total amount raised
through the capital increase was higher than the amount
necessary for the conclusion of its financial restructuring, the
Company will amortize, as from the present date, a total of R$
53.5 million of its new debt instruments principal amount. Thus,
after such settlement, the Company's total debt will amount to
approximately R$ 655 million and its net debt, to approximately
R$ 392 million, compared to R$ 939 million and R$ 727 million,
respectively, posted by the end of 1Q05.

The Company hereby definitely concludes its financial
restructuring process started in December 2002, having fully
achieved its initial goals.

CONTACT:  NET SERVICOS DE COMUNICACAO
          Investor Relations: Marcio Minoru
          Phone: 011-5511-2111-2811
          Email: minoru@netservicos.com.br

          Sandro Pina
          Phone: 011-5511-2111-2721
          Email: sandro.pina@netservicos.com.br
          http://www.netservicos.com.br


PARMALAT: Says Profitability, Revenue Up
----------------------------------------
Parmalat Finanziaria SpA said Monday profitability and revenue
at the almost bankrupt Italian dairy group's core businesses
grew in the first quarter of 2005.

Parmalat said it had earnings before interest, taxes,
depreciation and amortization of 61.8 million euros ($78.08
million), up from 50.6 million euros in 2004. Revenue rose to
880.5 million euros ($1.1 billion) from 845.9 million euros in
the same period last year.

The company is being run by government-appointed administrator
Enrico Bondi, who stepped in after massive fraud was uncovered
in December 2003. Parmalat revealed that its net debt was more
than 14 billion euros ($18.3 billion), eight times higher than
what it had previously stated, and the company sought and
obtained protection from creditors.

Parmalat also said Monday non-core businesses earmarked for sale
posted 5.7 million euros ($7.2 million) in earnings before
interest, taxes, depreciation and amortization compared to a 5.7
million euros loss in the same period a year earlier. Sales in
the units stood at 68.8 million euros ($86.93 million), compared
to 102.9 million euros in 2004.

Bondi has drafted a plan for creditors to swap their debt for
equity in a new Parmalat to be listed this year. The new company
aims to focus on dairy products and fruit juices in countries
where it can command premium prices.

Parmalat said its net debt was 11.4 billion euros ($14.4
billion) at the end of March, up from 11.35 billion euros at the
end of 2004.

CONTACT:   Parmalat Finanziaria SPA
           Web site: http://www.parmalat.net
           Phone: 3902-8068-801


VARIG: To Engage in Formal Talks With Portugal's TAP
----------------------------------------------------
Brazil's flagship airline Varig has agreed to embark on formal
negotiations with TAP Air Portugal over terms of a rescue plan
aimed at preventing the South American carrier from going
bankrupt.

Details about the agreement were not immediately released. But
according to Varig, any deal would involve a "capitalization
plan" involving foreign investment.

TAP Air Portugal chief executive Fernando Pinto said his carrier
ultimately wants to obtain a 20% stake in the Brazilian airline.

"There is no possibility of TAP merging with Varig, there will
only be a participation in the company," said Pinto.

Any deal with Varig will be complicated, because the airline is
saddled with BRL9.5 billion (US$3.8 billion) in debt, and has
been losing domestic market share.

Also, Varig's controlling shareholder, the nonprofit Rubem Berta
Foundation representing airline employees, has made a
restructuring of the airline impossible over the last several
years through repeated refusals to relinquish control of the
company.

The foundation warned that no deal has been reached and that the
talks could fall apart.

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



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C H I L E
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ELECTROANDINA: To Spend $8.6M to Relocate 5 High-Voltage Lines
--------------------------------------------------------------
An environmental impact study (EIS) submitted to national
environment regulator Conama revealed that generator company
Electroandina plans to invest US$8.6 million to relocate five
high-voltage transmission lines in the northern Region II,
reports Business News Americas.

The two 220kV and three 100kV lines, which supply power to the
northern division of state copper miner Codelco, must be
relocated because they are in areas that must be cleared to
develop Codelco's Botadero 95 expansion of its Chuquicamata
mine.

Electroandina, which has 1,029MW of installed thermoelectric
capacity in the country's northern grid (SING), recently had its
ratings downgraded by Fitch.

The ratings agency cut the Company's senior unsecured local and
foreign currency ratings to 'BB' from 'BB+' and revised the
rating outlook to Stable from Negative.

The downgrade, according to Fitch, reflects a continued
deterioration in credit protection measures and short-term
liquidity concerns.

Electroandina is owned by Inversiones Tocopilla Ltda, which has
management control, and Codelco.


SR TELECOM: Audit Report Contains Going Concern Qualifications
--------------------------------------------------------------
SR Telecom Inc. (TSX: SRX - News; NASDAQ: SRXA - News) announced
Monday that its financial statements for the year ended December
31, 2004 contained in its annual report filed on Form 20-F for
the year ended December 31, 2004 as filed with the Securities
Exchange Commission included an audit report containing going
concern qualifications from its independent registered chartered
accountants. This announcement is being made in compliance with
NASDAQ Marketplace Rule 4350(b), which requires separate
disclosure of receipt of an audit opinion that contains a going
concern qualification. This announcement does not represent any
change or amendment to the Corporation's 2004 financial
statements, or its annual report on Form 20-F. The reasons for
the going concern qualifications are set forth in the
Corporation's annual report on Form 20-F for the year ended
December 31, 2004 under the caption "Item 5. Operating and
Financial Review and Prospects".

SR TELECOM (TSX: SRX, NASDAQ: SRXA) designs, manufactures and
deploys versatile, Broadband Fixed Wireless Access solutions.
For over two decades, carriers have used SR Telecom's products
to provide field-proven data and carrier-class voice services to
end-users in both urban and remote areas around the globe. SR
Telecom's products have helped to connect millions of people
throughout the world.

A pioneer in the industry, SR Telecom works closely with
carriers to ensure that its broadband wireless access solutions
directly respond to evolving customer needs. Its turnkey
solutions include equipment, network planning, project
management, installation and maintenance.

SR Telecom is a principal member of WiMAX Forum, a cooperative
industry initiative which promotes the deployment of broadband
wireless access networks by using a global standard and
certifying interoperability of products and technologies.

CONTACT: SR Telecom
         David Adams
         Senior Vice-President, Finance and CFO
         Tel: (514) 335-4035

         Scott Lawrence
         Maison Brison
         Tel: (514) 731.0000



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J A M A I C A
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AIR JAMAICA: Signs Amended CBA With JALPA
-----------------------------------------
Air Jamaica Holdings and the Jamaica Airline Pilots Association
(JALPA) signed an agreement on May 5 amending the 1998
Collective Labor Agreement. The signing took place at Jamaica
House and was witnessed by Prime Minister, the Most Hon. P.J.
Patterson and the Bustamante Industrial Trade Union, BITU.

Select terms of the new three-year agreement are as follows:

a) Pilot salaries have been reduced by 5.6%.

b) Overtime pay has been reduced, while the number of work hours
per month required to qualify for overtime pay has been
increased from 72 hours to 80.

c) Midnight duty allowance has been eliminated.

d) Navigation pay has been reduced by 20%.

e) Air Jamaica Holdings can hire new pilots without reference to
JALPA.

Executive Chairman of Air Jamaica Holdings, Dr. Vincent
Lawrence, says he is pleased with the agreement as it brings
pilot costs more in line with international trends and is an
important step in the company's restructuring program. "In many
ways, this arrangement strengthens our ability to direct the
affairs of the company and control costs," says Dr. Lawrence.

The management of Air Jamaica Holdings and the Jamaica Airline
Pilots Association held discussions on the need for changes to
the terms and conditions of employment for pilots for more than
two years.

Air Jamaica is a service-oriented passenger airline offering
travelers a level of comfort, convenience and amenities not
commonly found in air travel today. The Air Jamaica fleet is
comprised of new Airbus A320, A321 and A340 aircraft. Air
Jamaica operates 300+ weekly flights between Jamaica and the
Caribbean, the U.S., Canada, and the UK.

CONTACT: Air Jamaica
         Corporate Communications
         Phone: 876-922-3460 ext 4060-5
         Web site: www.airjamaica.com


AIR JAMAICA: Suspends Service To Bonaire
----------------------------------------
Air Jamaica announced Thursday that it will suspend service
to/from Flamingo International Airport (BON) in Bonaire,
Netherlands Antilles effective August 28, 2005. The latest move
in the company's ongoing corporate restructuring program, the
suspension of Air Jamaica's Bonaire service will be carried out
in two phases:

- Phase I - JM flights 66/67 operating Wed., Thurs., and Sun.
suspended as of June 27, 2005.

- Phase II - All JM service to/from Bonaire suspended as of
August 28, 2005.

Air Jamaica customer service representatives are contacting
passengers holding reservations to/from Bonaire during the
affected periods to accommodate their air travel needs.

Air Jamaica's Bonaire service began in June 1999. The carrier
will continue to serve the Netherlands Antilles with service
to/from Curacao.

Launched in December 2004, Air Jamaica's restructuring program
is designed to improve efficiency and reduce operating costs to
sustain viability in the face of record-high fuel prices and
increased competition.


AIR JAMAICA: Web-based Sales Surge More Than 50% in 2004
--------------------------------------------------------
Air Jamaica announced Monday that the number of tickets sold via
the company's Web site - www.airjamaica.com - during the first
quarter of 2005 increased by 50% over the same period in 2004.
More than 7,100 tickets were sold in total, including a one-
month record high of 2,839 tickets sold in February.

Will Rodgers, Air Jamaica's Senior Vice President of Industry
Affairs, commented on the increase, saying, "The surge in Web
sales is very encouraging, especially in light of our
restructuring program and need to cut costs. The relative
contribution to overall sales is far less than our travel
agents, who account for more than 50% of our business. Still,
we're on the right path toward establishing a good balance for
sustained viability."

According to the Travel Industry Association (TIA), 45 million
people made online travel purchases in 2004 generating US$50
billion in bookings. By 2009, online travel bookings are
expected to reach US$90 million.



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

BALLY TOTAL: Deems $14.3M Arbitration Award Unreasonable
--------------------------------------------------------
Bally Total Fitness Holding Corporation announced that on May
12, 2005, it received notification of the entry of an
arbitration award in a previously disclosed proceeding arising
from a contractual dispute related to a program of transferring
membership receivables balances into a credit card program
funded and managed by an independent financial institution.

The Company's prior management instituted the program in 1995.
Current management terminated the program in 2003 in order to
stem excessive losses Bally believes were caused by the
financial institution's management of the program. The ensuing
arbitration related to allocating program losses resulting from
accounts transferred to the program prior to February 2003. On
May 12, 2005, the arbitration tribunal overseeing the proceeding
awarded damages to each party, resulting in a net award to the
financial institution in the amount of approximately $14.3
million. Bally believes the award is unreasonable and is
exploring all of its options.

The award does not constitute a default or event of default
under the Company's $275 million secured credit facility or the
indentures governing the Company's $235 million 10-1/2% Senior
Notes due 2011 and $300 million 9-7/8% Senior Subordinated Notes
due 2007.

Bally Total Fitness is the largest and only nationwide
commercial operator of fitness centers, with approximately four
million members and 440 facilities located in 29 states, Mexico,
Canada, Korea, China and the Caribbean under the Bally Total
Fitness(R), Crunch Fitness(SM), Gorilla Sports(SM), Pinnacle
Fitness(R), Bally Sports Clubs(R) and Sports Clubs of Canada(R)
brands. With an estimated 150 million annual visits to its
clubs, Bally offers a unique platform for distribution of a wide
range of products and services targeted to active, fitness-
conscious adult consumers.

CONTACT: Bally Total Fitness Holding Corporation
         Mr. Matt Messinger
         Phone: 773-864-6850


EMPRESAS ICA: Signs Ps. 165 Million Contract With SCT
-----------------------------------------------------
Empresas ICA, S.A. de C.V. (BMV and NYSE: ICA), the largest
engineering, construction, and procurement company in Mexico,
announced Monday the signing of a Ps. 165 million contract with
the Ministry of Communications and Transport (SCT) to complete
the San Cristobal bridge.

The SCT awarded ICA a unit price contract on April 18 for the
construction of the bridge which is located on Kilometer 24 +
921 of the Tuxtla Guti‚rrez-San Cristobal highway in the state
of Chiapas. The bridge has a span of 324m, and will cross a
gorge that is 200m deep. The project is scheduled for completion
on February 16, 2006.

The bridge will connect Tuxtla Gutierrez, capital of Chiapas
with San Cristobal de las Casas; and will reduce driving time
between the two cities from 1 hour and 30 minutes to 40 minutes,
making the road secure and comfortable.

This project represents an important step forward in the
development of Mexico's southeastern highway infrastructure,
particularly in the state of Chiapas.

ICA was founded in M‚xico in 1947. ICA has completed
construction and engineering projects in 21 countries. ICA's
principal business units include civil construction and
industrial construction. Through its subsidiaries, ICA also
develops housing, manages airports, and operates tunnels,
highways, and municipal services under government concession
contracts and/or partial sale of long-term contract rights.

CONTACT:   Empresas ICA Sociedad Controladora SA de CV
           Phone: (212) 688-6840
           Email: inversionistas@ica.com.mx
           Web Site: http://www.ica.com.mx/


GRUPO MEXICO: Higher Copper Prices Help Improve Debt Profile
------------------------------------------------------------
Higher copper prices helped copper producer Grupo Mexico pay
more than US$197 million in debt in three operations, most of it
at its Americas Mining Corp. unit, reports Reuters.

The latest payments "underscore the good fundamentals of the
group, which has benefited from a strong recovery in copper
prices but has also been hurt because of the volatility in the
metal's price," Marco Reyes, an analyst with Scotia Inverlat,
said in a report.

The Company said its payments brought corporate debt down to
zero but its total debt stands at more than $2 billion, held by
several of the miner's subsidiaries.

"We will continue working to improve our debt profile and
maturities," said Juan Rebolledo, a spokesman for Grupo Mexico.

Rebolledo said Grupo Mexico is confident Chinese and U.S. demand
will remain stable this year, although price volatility is
likely to continue.

CONTACT:  GRUPO MEXICO S.A. DE C.V.
          Avenida Baja California 200,
          Colonia Roma Sur
          06760 Mexico, D.F., Mexico
          Phone: +52-55-5264-7775
          Fax: +52-55-5264-7769
          Web site: http://www.gmexico.com


INNOVA: Ratings Reflect Strong Competition, Says S&P
----------------------------------------------------
Rationale

The ratings on Innova S. de R.L. de C.V. (Innova) reflect strong
competition from cable operators, some of which are undertaking
digital upgrades; financial risk from the company's subscriber
acquisition spending; the marginal positive free or
discretionary cash flow; negative equity; high leverage; and a
significant currency mismatch, as 83% of its debt and a
significant amount of its programming costs are dollar
denominated, while 100% of its revenues are peso based. These
factors are partially mitigated by the company's position as the
largest provider of pay-TV services in Mexico, consistent
subscriber growth; positive developments on the Direct-to-Home
(DTH) competitive front; improving cash flow and credit
measures; and business and financial support from its key
shareholders, 60% owner Grupo Televisa S.A. (foreign and local
currency: BBB/Stable/--), 30% owner News Corp. Ltd. (BBB-
/Positive/--), and 10% Liberty Media Corp. (BB+/Stable/--), a
shareholder composition that will change in early 2006 to
approximately 57% Televisa and 43% by The DIRECTV Group Inc.
(BB/Stable/--), upon this last company's October-2004 announced
restructuring in Latin America.

Innova is the largest pay-TV service provider in Mexico, and
upon the upcoming closure of operations of Galaxy Mexico (dba
DirecTV M‚xico) by early to mid-2006, it will be the only DTH
service provider in the country. Innova provides digital DTH
broadcast satellite signals in Mexico under the commercial name
of "Sky." Innova leases 12 Ku-band transponders on the
PanAmSat's PAS-9 satellite. The company launched its service in
December 1996, and broadcasts up to 177 digital channels (116
video, 29 pay per view, and 32 audio) to 1.1 million customers,
a figure 25% higher than the one achieved by March 2004. About
43% of the year-over-year 221,400 new subscribers were added
during first-quarter 2005, most of them migrating customers from
DirecTV Mexico to Innova, approximately in line with the
company's original expectations.

Innova's revenues amounted to $446 million for the 12 months
(LTM) ended March 2005, up 25% year-over-year, thanks to the
company's higher subscriber base and its programming strategy.
In turn, its EBITDA was 43% above March 2004's LTM figure,
therefore improving its margin by almost 500 basis points to
37.4% from 32.7% a year ago. As of March 2005, the company's
debt was $516 million, 3.1x its LTM EBITDA, which compares
positively with the 4.5x ratio from the previous 12-month
period. As for the coverage of interest expenses, Innova's
EBITDA growth allowed it to report a 2.9x ratio, up from the
1.6x achieved a year before.

Liquidity

Comfortable. While Innova's liquidity used to be weak due to the
company's weak cash generation and the maturing of its original
bonds in early 2007, now the critical mass of its subscriber
base provided for US$96 million in FFO during 2004 and the
successful refinancing of its financial obligations (from late
2003 to early 2005) explain this turnaround. As of March 2005,
Innova reported US$91 million in cash and US$167 million in
EBITDA (LTM), while its short-term maturities amounted to US $8
million, and its capex, US$51 million during 2004, might be
increased somewhat to accommodate for new service offerings.
Debt maturities are moderate, with no significant debt
maturities until 2012, when its US$88 million peso loan entered
into in January 2005 (which has Televisa and News Corp
guarantee) will mature, and the $300 million senior notes due in
2013. Although no liquidity shortage is foreseen, Standard &
Poor's Ratings Services expects financial support from Innova's
parents if this situation takes place.

Primary Credit Analyst: Manuel Guerena, Mexico City
(52) 55-5081-4411; manuel_guerena@standardandpoors.com

Secondary Credit Analyst: Raul Marquez, Mexico City
(52) 55-5081-4437; raul_marquez@standardandpoors.com


PYCSA: Discussions With MOP Nearing End
---------------------------------------
Construction outfit Proyectos y Construcciones S.A. (PYCSA) and
the Ministry of Public Works (MOP) are about to wrap up
negotiations that could terminate the former's concession
contract to operate the Northern Corridor Expressway and the
construction of the second phase and the Panama-Colon Freeway.

The problem, according to a La Prensa report, is based on the
doubts of the financial standing of PYCSA to continue with the
projects that require an investment of more than US $152-million
and that have been paralyzed since March 2004.

PYCSA has since refrained from issuing public comments on the
situation, saying it will do so after the meetings.


WILLBROS GROUP: Updates Status of Audit Committee Investigation
---------------------------------------------------------------
Willbros Group, Inc. (NYSE: WG) provided an update Monday on its
Audit Committee's independent internal investigation and on its
expected financial results. The Audit Committee has
substantially completed its investigation. The Company and its
external auditors are reviewing and analyzing the results of the
Audit Committee's investigation in order to finalize the
Company's financial statements.

AUDIT COMMITTEE INVESTIGATION

As previously reported in January 2005, the Company's Audit
Committee, with the assistance of independent counsel, has been
carrying out an investigation into the activities of James K.
Tillery, the former President of Willbros International, Inc.
("WII"), and other employees and consultants of WII and its
subsidiaries. WII and its wholly owned subsidiaries operate
internationally outside the United States and Canada ("Willbros
International"). WII is a wholly owned subsidiary of Willbros
Group, Inc.

Mr. Tillery resigned without severance benefits from Willbros
International, Inc. on January 6, 2005, as a direct result of
senior management's preliminary investigation into a tax matter
in Bolivia. After Mr. Tillery's resignation, the Company
discovered numerous documents and encrypted computer files
indicating that Mr. Tillery may have been concealing other
improper activities. Senior management promptly brought this
information to the attention of the Audit Committee, which then
launched its own independent investigation.

The investigation conducted by the Audit Committee confirmed
that Mr. Tillery and others who directly or indirectly reported
to him violated Company policies and possibly the laws of
several countries, including the United States. Based on the
Audit Committee's independent investigation and on information
obtained by senior management, the Company has determined the
following:

-- Mr. Tillery and other Willbros International employees or
consultants owned interests in enterprises with whom Willbros
International did business, and may have usurped corporate
opportunities, received payments and other improper benefits
from consultants, suppliers or competitors.  Mr. Tillery and
these others appear to have benefited personally as a result of
such transactions.  Their failure to disclose such activities
may constitute a violation of United States law, or the laws of
other countries.

-- Mr. Tillery and other Willbros International employees or
consultants may have directly and indirectly promised to make,
made, caused to be made, or approved payments to government
officials in Bolivia, Nigeria and Ecuador, and possibly to
client personnel in one or more of those countries.  Mr. Tillery
may have also acquiesced in, or approved, a prior commitment by
another to make an improper future payment in Mexico.  These
activities and, in some cases, their possible
mischaracterization on Willbros International's financial
records, may constitute violations of the United States Foreign
Corrupt Practices Act ("FCPA"), other laws of the United States,
or the laws of other countries.

-- Under the direction of Mr. Tillery and other Willbros
International employees or consultants, certain subsidiaries of
WII filed false tax returns, failed to file required tax
returns, and failed to pay certain taxes in locations outside
the United States.

-- Mr. Tillery and other Willbros International employees or
consultants may have engaged in discussions with competitors and
others regarding bids for projects outside the United States.
These discussions may have been in violation of United States
law or the laws of other countries.

-- Following Mr. Tillery's resignation, Willbros International
employees and former consultants may have contravened Company
directives and continued to carry out some of the activities
described above.

The process and results of the Audit Committee's investigation
have been voluntarily reported to both the United States
Securities and Exchange Commission ("SEC") and the United States
Department of Justice ("DOJ"), which are currently investigating
these matters. The Company is cooperating fully with these
governmental authorities.

The Company, including the Audit Committee, is continuing to
examine certain of Willbros International's operations to
determine whether there are any other improper or illegal
activities by Mr. Tillery or others. It is possible that
additional instances of improper or illegal behavior could be
identified in the future. The Company has already taken a
variety of remedial actions in response to the findings of the
Audit Committee and will continue to evaluate the necessity of
taking additional remedial actions.

The Company cannot predict the outcome of any investigations
conducted by the SEC, the DOJ or other governmental authorities,
whether they will result in legal proceedings against the
Company, or whether the Company will be subject to civil or
criminal fines or penalties or other regulatory action which
could have a material adverse effect on the Company's business
and results of operations. If the Company or one of its
subsidiaries is found to have violated the FCPA, that entity
could be subject to civil penalties of up to $650,000 per
violation and criminal penalties of up to the greater of $2
million per violation or twice the gross pecuniary gain
resulting from the improper conduct. The Company and its
subsidiaries could also be barred from participating in future
United States government contracts. There may be other penalties
that could apply under other laws of the United States or the
laws of other countries.

In addition to the liability of the Company or its subsidiaries
that could arise out of the governmental proceedings described
above, there are other adverse effects that could occur as a
result of the foregoing, including the following:

-- The net, uninsured expense of responding to anticipated
investigations by governmental authorities and fulfilling the
Company's obligations to fund director and officer legal costs
could adversely affect results of operations.

-- The Company's refusal to make improper payments, or to permit
others to do so on its behalf, may negatively affect ongoing
international operations, particularly in Nigeria.

-- The competitors of the Company may be able to exploit these
circumstances to the disadvantage of the Company.

The discovery of the circumstances described above has also led
the Audit Committee and the Company to conclude that material
weaknesses existed in the Company's internal controls and
procedures. The Company is in the process of implementing an
enhanced system of internal controls and procedures designed to
eliminate these recently discovered weaknesses including, among
others:

-- Realignment of the reporting of the financial staff in all
business units directly to the Corporate Controller's Office;

-- Adoption of a more frequent rotation policy for the
operations and financial staff at the business unit level;

-- Implementation of an enhanced, stand-alone FCPA Compliance
Program;

-- Implementation of an enhanced Whistle Blower policy;

-- Appointment of a senior-level Company employee reporting to
the Audit Committee with primary responsibility for
implementation, oversight and enforcement of Corporate
Governance Policies;

-- Expansion of internal audit staff;

-- Internal control improvements related to cash disbursements;
and

-- Expanded review by corporate tax personnel of all tax
liability accounts on a quarterly basis.

There is no assurance that enhanced controls and procedures will
eliminate all future inaccuracies or potential violations of
law.

The Company has initiated certain recovery measures against some
who have compromised the interests of the Company. The Company
will continue with its recovery effort and is assessing all of
its options in that regard.

EXPECTED FINANCIAL RESTATEMENT

The previously announced financial restatements for the years
ended December 31, 2002, and 2003, and the first three quarters
of 2004 will incorporate the results of the Audit Committee's
investigation, and a review of the Company's financial records.
The estimated financial impact of those restatements on the
referenced periods are expected to be as follows:

For the year ended December 31, 2002, reductions in net income
ranging from $4.3 to $5.0 million and consisting of:

-- $3.1 to $3.3 million related to Bolivian taxes, penalties and
interest; and

-- $1.2 to $1.7 million related to underpayment of Nigerian
payroll taxes and other accounting adjustments.

For the year ended December 31, 2003, reductions in net income
ranging from $1.5 to $2.1 million and consisting of:

-- $1.0 to $1.3 million related to Bolivian taxes, penalties and
interest; and

-- $0.5 to $0.8 million related to underpayment of Nigerian
payroll taxes and other accounting adjustments.

For the three quarters ended September 30, 2004, reductions in
net income ranging from $1.4 to $2.1 million and consisting of:

-- $1.0 to $1.4 million related to Bolivian taxes, penalties and
interest; and

-- $0.4 to $0.7 million related to underpayment of Nigerian
payroll taxes and other accounting adjustments.

The total financial statement impact of the restatements for the
periods discussed above is currently estimated to be a reduction
in net income ranging from $7.2 to $9.2 million. During this
same timeframe the Company recorded net income before
restatements of approximately $20.8 million.

EXPECTED 2004 RESULTS

Based on current information, the Company expects to report a
loss in the range of $11.5 to $12.0 million for the full year
2004. In addition to the restatement amounts noted above, full
year 2004 results were negatively impacted by:

-- Increased reserves for accounts receivable and warranty work,
primarily in Nigeria;

-- Reductions of estimated contract margins on work in progress
at year- in Nigeria; and

-- Increases in general and administrative expenses ("G&A")
related to external audit and Sarbanes-Oxley compliance.

The investigation disclosed that during the years ended December
31, 2002, 2003 and 2004, the Company (1) made related party
payments of $33.2 million and (2) recorded $10.8 million in
revenue with respect to entities where Mr. Tillery appears to
have had an ownership interest or over whose operations he
appears to have exercised some level of control. The related
party payments were mainly in connection with marine vessel
charters, diving services and consulting services for projects
in Nigeria, Bolivia and Ecuador.

FIRST QUARTER 2005

As reported previously, the Company incurred costs of
approximately $1.5 million associated with the performance of
the Audit Committee's independent internal investigation through
March 1, 2005. Total costs for the investigation in the quarter
ended March 31, 2005 were approximately $4.0 million, including
the previously reported amount. Currently, management expects to
record revenue of approximately $135 to $140 million and a loss
of approximately $5.0 to $7.0 million for the quarter ended
March 31, 2005, including the costs for the internal
investigation. In addition to the investigation costs noted
above, first quarter 2005 results were negatively impacted by:

-- Increased contract and indirect costs in Nigeria;

-- The Company declining to perform a contract in Ecuador; and

-- Lower than anticipated margins on liquids extracted at the
Company's Opal facility.

ESTIMATES SUBJECT TO CHANGE

All of the estimates presented above are subject to change based
upon the further review and analysis of the results of the Audit
Committee's investigation by management and the Company's
external auditors.

GUIDANCE FOR 2005

The Company is withdrawing its guidance for the remainder of
2005 due to the following uncertainties associated with its
operations this year:

-- Ongoing costs associated with current and anticipated
investigations;

-- Increased costs associated with actions taken to improve
internal controls; and

-- Potential negative impact on contract margins in Nigeria due
to changes in management, business relationships and business
practices.

CREDIT FACILITY

Based on the anticipated results for 2004 and the first quarter
of 2005, the Company expects to have a technical default under
its Credit Agreement related to non-compliance with a financial
covenant. The Company is currently working with its banks to
obtain a waiver of this covenant and believes that it will
obtain the waiver. However, until this waiver is finalized, the
Company cannot access the credit facility for the issuance of
new letters of credit or borrowings. There are no borrowings
under the credit facility as of this date and there are
currently approximately $45 million in letters of credit
outstanding under the facility.

Willbros Group, Inc. is an independent contractor serving the
oil, gas and power industries, providing engineering and
construction, and facilities development and operations services
to industry and government entities worldwide.

CONTACT:  Willbros Group, Inc.
          Michael W. Collier
          Investor Relations Manager
          Tel: (713) 403-8016

          Jack Lascar / Partner
          DRG&E
          Tel: (713) 529-6600
          URL: http://www.willbros.com



=======
P E R U
=======

LUMINA COPPER: Receives Final Court Approval for Restructuring
--------------------------------------------------------------
Lumina Copper Corp. (TSX:LCC)(AMEX:LCC) announced May 16 that it
has received final approval from the Supreme Court of British
Columbia for its planned restructuring that will occur at the
close of trading Wednesday, May 18, 2005.

Shareholders of record at the close of trading on May 18, 2005
will receive, in exchange for their Lumina shares, an equal
number of shares in the new entities: Regalito Copper Corp.,
Northern Peru Copper Corp., Global Copper Corp. and Lumina
Resources Corp.

At the opening of trading on the morning of May 19, 2005,
Regalito Copper Corp. will begin trading on the American and
Toronto Stock Exchanges under the symbol "RLO." Northern Peru
Copper Corp. (symbol: "NOC") and Lumina Resources Corp. (symbol:
"LUR") will begin trading on the Toronto Stock Exchange. Global
Copper Corp. will remain a public, non-trading, company for the
immediate future.

Registered shareholders, those holding physical share
certificates, are advised that they must submit the Letter of
Transmittal that accompanied the Management Proxy Circular to
Pacific Corporate Trust Company in order to receive their share
certificates in the new companies. Non registered shareholders,
those whose shares are held on their behalf by a nominee, are
advised to contact their nominee (i.e. broker, trust company,
bank or other registered holder) to arrange for their exchange.
A copy of the Letter of Transmittal can be downloaded from the
Lumina website (www.luminacopper.com).

CONTACT:  LUMINA COPPER CORP.
          Anthony Floyd, President


LUMINA COPPER: Clarifies News Release Related to Restructuring
--------------------------------------------------------------
Lumina Copper Corp.'s (TSX:LCC)(AMEX:LCC) news release issued on
May 16, 2005 made reference to a record date being May 18, 2005.
As the distribution of new share certificates will be undertaken
by letters of transmittal reference to a record date is no
longer necessary.

Letters of transmittal containing instructions with respect to
the surrender of certificates representing shares of the Company
were mailed to the Company's shareholders on April 12, 2005
together with the Company's Management Proxy Circular dated
April 1, 2005. The letters of transmittal are to be used by the
shareholders, following the Effective Date, being May 18, 2005,
to exchange their certificates for shares of Lumina Resources
Corp., Northern Peru Copper Corp. and Global Copper Corp. as
well as shares in the new name of the Company being Regaltio
Copper Corp. Upon surrender of a properly completed letter of
transmittal together with certificates representing the
Company's shares to the Company's transfer agent, Pacific
Corporate Trust Company, certificates representing the shares of
Lumina Resources Corp., Northern Peru Copper Corp., Global
Copper Corp. and the Company, respectively, will be issued and
delivered to each such former Company shareholder.



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

CENTENNIAL COMMUNICATIONS: Launches Service in Grand Rapids
-----------------------------------------------------------
Centennial Communications Corp. (NASDAQ: CYCL) ("Centennial")
announced Monday that it has expanded its wireless network in
Michigan, launching service with its popular Blue Region
Plans(R) in Grand Rapids and Lansing. Centennial continues to
expand and improve its network in the Midwest, leveraging the
strength of its Trusted AdvisorCopyright brand and tailored
customer experience to meet customer needs in each of its local
markets.

"We are delighted to expand our service offerings to Grand
Rapids and Lansing, Michigan," said Phillip H. Mayberry,
Centennial's U.S. wireless president. "Our business is built on
understanding local market needs, and we are excited to welcome
these new communities into the Centennial family."

"This targeted expansion significantly improves our Midwest
footprint, strengthening our competitive advantage and setting a
course for renewed subscriber growth in our U.S. wireless
business," said Michael J. Small, chief executive officer.
"Grand Rapids and Lansing will be the anchor of our Michigan
footprint, representing an attractive growth opportunity on its
own merit and making us stronger in many of our existing
markets. This launch illustrates our commitment to profitable
growth in our U.S. wireless operation."

Centennial Communications (NASDAQ: CYCL), based in Wall, NJ, is
a leading provider of regional wireless and integrated
communications services in the United States and the Caribbean
with over 1.1 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, video and Internet
solutions. Welsh, Carson Anderson & Stowe and an affiliate of
the Blackstone Group are controlling shareholders of Centennial.

CONTACT:    CENTENNIAL COMMUNICATIONS CORP.
            Steve E. Kunszabo
            Director, Investor Relations
            Phone: 732-556-2220


R&G FINANCIAL: Stull, Stull & Brody Announces Class Action Suit
---------------------------------------------------------------
Notice is hereby given that a class action lawsuit was filed in
the United States District Court for the Southern District of
New York on behalf of all persons who purchased the publicly
traded securities of R&G Financial Corporation ("R&G")
(NYSE:RGF) between April 21, 2003 and April 25, 2005, inclusive
(the "Class Period") against R&G and certain of its officers
and/or directors.

The Complaint alleges that R&G violated the federal securities
laws by issuing false or misleading public statements.
Specifically, the Complaint alleges that R&G used improper
accounting assumptions to value its interest only ("IO")
residuals used in securitization transactions. On March 25,
2005, R&G announced that it would restate its financial results
for fiscal years 2003 and 2004. Then on April 26, 2005, R&G
announced that it was subject to an informal SEC probe relating
to its restatement announcement. On this news, shares of R&G
fell from a close of $23.18 per share on April 25, 2005, to
close at $15.10 on April 26, 2005.

If you are a member of the class you may, no later than June 27,
2005, request the Court appoint you as lead plaintiff. A lead
plaintiff is a representative party that acts on behalf of other
class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the
class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members
may together serve as "lead plaintiff." Your ability to share in
any recovery is not, however, affected by the decision whether
or not to serve as a lead plaintiff. You may retain Stull, Stull
& Brody, or other counsel of your choice, to serve as your
counsel in this action. Stull, Stull & Brody has litigated many
class actions for violations of securities laws in federal
courts over the past 30 years and has obtained court approval of
substantial settlements on numerous occasions. Stull, Stull &
Brody maintains offices in both New York and Los Angeles.

If you wish to discuss this action or have any questions
concerning this notice or your rights or interests with respect
to these matters, contact:

  Stull, Stull & Brody
  Tzivia Brody, Esq.
  Toll-Free: 1-800-337-4983
  E-mail: SSBNY@aol.com
  Fax: 212-490-2022

  Stull, Stull & Brody
  6 East 45th Street
  New York, NY 10017.
  URL: www.ssbny.com



=============
U R U G U A Y
=============

FAE: Ratings Assigned Reflect Status Within Financial System
------------------------------------------------------------
Fitch affirmed the ratings assigned to Cooperativa de Ahorro y
Credito FAE as follows:

--Long-term foreign currency rating 'B-', Stable Outlook;
--Support '5';
--Long-term National Rating: BB+(uy)', Stable Outlook.

The ratings assigned to FAE reflect its small position within
the Uruguayan financial system and the difficulties presented by
its shrinking balance sheet in the context of an increasingly
concentrated system and weaknesses in internal controls given
the institution's small staff. They also consider its ample
liquidity position and its strong capitalization relative to the
size and risk of its activities. At the same time, they also
consider FAE's recent request to the BCU to withdraw from the
financial system due to higher minimum nominal capital
requirements that are being implemented. If approved, Fitch
expects that the institution's withdrawal from the system will
be orderly.

Established as a credit cooperative in Uruguay in 1977, FAE
offers loans and retirement products to its members. It has been
unsuccessful in expanding its balance sheet, and it remains the
smallest credit cooperative in the financial system.

CONTACT: Ana Gavuzzo +5411 5235-8100, Buenos Aires
         Maria Fernanda Lopez +5411 5235-8100, Buenos Aires
         Linda Hammel +1-212-908-0303, New York
         Peter Shaw +1-212-908-0553, New York

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


FUCAC: Fitch Affirms Ratings
----------------------------
Fitch affirmed the ratings assigned to Federacion Uruguaya de
Cooperativas de Ahorro y Credito (FUCAC) as follows:

--Long-term foreign currency rating 'B-', Stable Outlook;
--Support '5';
--Long-term national rating 'BB+(uy)', Stable Outlook.

The ratings assigned to FUCAC are based on its small position
within the Uruguayan financial system, the difficulties
presented by its shrinking balance sheet in the context of an
increasingly concentrated system, but also reflect its good
liquidity position. The ratings also take into account the
challenges posed by restrictions that will be placed on the
bank's activities as a result of its recent decision to operate
under a limited license to avoid higher nominal capital
requirements.

Established in Uruguay in 1972, FUCAC is a financial cooperative
that focuses mainly on small and micro-businesses, as well as
consumers. In 2002, FUCAC signed a contract with another
Uruguayan credit cooperative, COFAC, whereby the latter
transferred 70% of its assets and liabilities to COFAC.
Recently, in the face of higher nominal capital requirements,
FUCAC requested authorization from the Central Bank of Uruguay
(BCU) to operate as a financial cooperative with restricted
activities.

CONTACT: Ana Gavuzzo +5411 5235-8100, Buenos Aires
         Maria Fernanda Lopez +5411 5235-8100, Buenos Aires
         Linda Hammel +1-212-908-0303, New York
         Peter Shaw +1-212-908-0553, New York

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


HSBC BANK: Ratings Reflect Good Liquidity, Strong Parent Backing
----------------------------------------------------------------
Fitch Ratings affirmed the ratings assigned to HSBC Bank Uruguay
as follows:

--Long-term foreign currency rating 'B+', Stable Outlook;
--Support '4';
--Long-term national rating: 'AA(uy)', Stable Outlook.

The ratings assigned to HSBC Bank (Uruguay) S.A. [HSBC (Uy)] are
based on its good liquidity levels, as well as the strong
backing of its parent company, HSBC Holdings, which is assigned
a long-term foreign currency rating of 'AA' by Fitch. In
addition, the bank's recurring operating losses are also
considered.

HSBC(uy) offers personal banking services, as well as commercial
banking services to important clients of the HSBC Group. HSBC
(Uy) is fully owned by HSBC Latin America Holdings (UK) Limited,
which in turn is a subsidiary of HSBC Holdings Plc.

CONTACT: Ana Gavuzzo +5411 5235-8100, Buenos Aires
         Maria Fernanda Lopez +5411 5235-8100, Buenos Aires
         Linda Hammel +1-212-908-0303, New York
         Peter Shaw +1-212-908-0553, New York

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



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

CERRO NEGRO: Union Mulls Strike Following Dismissals
----------------------------------------------------
A workers' union is condemning the recent dismissals at heavy
crude project Cerro Negro but is carefully contemplating on its
moves, says Dow Jones Newswires.

Fedepetrol oil union representative, Rafael Barrios, said a
handful of employees were unjustly fired from a construction
firm contracted to work on Cerro Negro, a joint venture between
ExxonMobil, Petroleos de Venezuela (PDVSA) and BP.

"At Fedepetrol, we are interested in defending all the workers
but without putting ourselves on the margin of the law," said
Barrios, who fears PDVSA would start sacking workers if they
called for a stoppage.

Barrios said the union would ask for a strike request from the
labor ministry before taking action.

Meanwhile, an unnamed manager of the construction firm in
question, Costa Norte, said the company recently fired two of
the workers for abandoning their posts for over a month.

"They didn't come to work for a month and a half, and the case
is in the courts," the manager said, adding, "There is nothing
to negotiate."

Costa Norte employs around 200 of the 800 workers at Cerro
Negro.




                            ***********


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

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