TCRLA_Public/050608.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, June 8, 2005, Vol. 6, Issue 112



AGROVEN S.A.: Enters Bankruptcy on Court Orders
AGUAS PROVINCIALES: Latin Aguas Seeks to Buy Suez's Local Unit
CENTER WASH: Gets Court Approval for Reorganization
CLANSAT S.A.: Liquidates Assets to Pay Debt
COMPANIA: Files Petition to Reorganize

FABRIL COLOR: Court Rules for Liquidation
FUSION SERVICIOS: Enters Bankruptcy on Court Orders
GRANJA: Debt Payments Halted, Set To Reorganize
METGON S.R.L.: Judge Approves Bankruptcy
PARQUE SERVICIOS: Declared Bankrupt by Court

PLATAMARINE S.R.L.: Court Designates Trustee for Liquidation
REDES EXCON: Seeks Reorganization Approval From Court
SACIMEX S.A.: Court Orders Liquidation
SERVICIOS: Court Favors Creditor's Involuntary Bankruptcy Motion


SUNBEACH COMMUNICATIONS: Insists Business Operations Stable


AGUAS DEL ILLIMANI: Assures Customers of Continued Services


BRASKEM: S&P Assigns `BB-' to Forthcoming $100M Perpetual Bonds
BRASKEM: Fitch Rates $100M Perpetual Bond Issuance 'BB-'
COPEL: Bndespar Acquires Elejor's Debentures
VARIG: Restructuring Can Be Completed in 6 Months


CORPORACION GEO: Launches Second Phase of JV to Acquire Land
TV AZTECA: Grupo Todito to Be Divided Between Shareholders
VISTEON CORP.: UAW Supports Restructuring Plan

P U E R T O   R I C O

CABLE OPERATIONS: Adelphia to Sell Cable System for $520M
DORAL FINANCIAL: Appoints Faria to Head Subsidiary


URUGUAYAN BANKS: Sluggish Loan Activity Hampers Profitability


PDVSA: In "Transition Agreement" Talks With Harvest-Vinccler
PDVSA: New Gas Production Record In Anaco
PDVSA: OPEC Commission to Verify Oil Output

     -  -  -  -  -  -  -  -


AGROVEN S.A.: Enters Bankruptcy on Court Orders
Agroven S.A. entered bankruptcy protection after Court No. 12 of
Buenos Aires' civil and commercial tribunal, with the assistance
of Clerk No. 23, 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

Infobae reports that the court selected Ricardo Jorge Randrup as
trustee. Mr. Randrup will be verifying creditors' proofs of
claim until the end of the verification phase on Aug. 1, 2005.

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 Sep. 12, 2005 followed by the general report, which is due on
Oct. 24, 2005.

CONTACT: Mr. Ricardo Jorge Randrup, Trusteee
         Avda Cordoba 1351
         Buenos Aires

AGUAS PROVINCIALES: Latin Aguas Seeks to Buy Suez's Local Unit
Argentine water utility Latin Aguas said Monday it has signed a
letter of intent with French company Suez Environment to buy the
latter's concession in Santa Fe province.

Latin Aguas is aiming to take over Suez's holdings in Aguas
Provinciales de Santa Fe within sixty days and plans to invest
some ARS100 million (US$34.5mn) within three years, revealed
Latin Aguas president Luis Chamas.

"The idea is to build a potable water plant in Rosario and a
reverse osmosis plant in Rafaela to improve water quality,"
Chamas said. "In any case, the investment plan will be discussed
and agreed upon with the provincial government."

Suez decided to pull out of its Santa Fe concession in May.
Provincial authorities had already been preparing for Suez's
withdrawal because negotiations over frozen rate hikes had
stalled. The Company was requesting a 60% increase in rates,
which were converted into devalued pesos and frozen in 2002,
along with all other utility rates in Argentina. The Santa Fe
government drafted a law creating a provincial water company
that would have taken over water services.

CENTER WASH: Gets Court Approval for Reorganization
Center Wash S.R.L. will initiate a reorganization process
following the approval of its petition by Court No. 12 of Buenos
Aires' 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.

Rodolfo Arzu will oversee the reorganization proceedings as the
court-appointed trustee. He will verify creditors' claims until
July 1, 2005. The validated claims will be presented in court as
individual reports on Aug. 12, 2005.

Mr. Arzu 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 Aug. 29, 2005.

An Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the Company's
creditors for approval, is scheduled for April 5, 2006.

Clerk No. 24 assists the court on this case.

CONTACT: Mr. Rodolfo Arzu, Trustee
         Junin 55
         Buenos Aires

CLANSAT S.A.: Liquidates Assets to Pay Debt
Buenos Aires-based Clansat S.A. will begin liquidating its
assets following the pronouncement of the city's civil and
commercial Court No. 3 that the Company is bankrupt, reports

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Maria Cenatiempo. The trustee will
verify creditors' proofs of claim until Aug. 8, 205. The
validated claims will be presented in court as individual
reports on Sep. 20, 2005.

Ms. Cenatiempo will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy on Nov. 2, 2005.

The bankruptcy process will end with the disposal of the
Company's assets in favor of its creditors.

CONTACT: Maria Cenatiempo
         Avda de Mayo 1365
         Buenos Aires

COMPANIA: Files Petition to Reorganize
Compania de Gas de la Costa S.A. filed a "Concurso Preventivo"
motion, reports Infobae. The Company is seeking to reorganize
its finances following cessation of debt payments. The Company's
case is pending before Court No. 3 of Buenos Aires' civil and
commercial tribunal.

Clerk No. 6 assists the court on this case.

CONTACT: Compania de Gas de la Costa S.A.
         Buenos Aires

FABRIL COLOR: Court Rules for Liquidation
Court No. 16 of Buenos Aires' civil and commercial tribunal
ordered the liquidation of Fabril Color S.R.L. after the Company
defaulted on its obligations, Infobae reveals. The liquidation
pronouncement will effectively place the Company's affairs as
well as its assets under the control of Manuel Alberdi, the
court-appointed trustee.

Mr. Alberdi will verify creditors' proofs of claim until July
28, 2005. The verified claims will serve as basis for the
individual reports to be submitted to court on Sep. 8, 2005. The
submission of the general report follows on Oct. 20, 2005.

Clerk No. 31 assists the court on this case, which will end with
the disposal of the Company's assets in favor of its creditors.

CONTACT: Mr. Manuel Alberdi, Trustee
         Rodriguez Pea 189
         Buenos Aires

FUSION SERVICIOS: Enters Bankruptcy on Court Orders
Court No. 21 of Buenos Aires' civil and commercial tribunal
declared Fusion Servicios Integrales S.R.L. bankrupt after the
Company defaulted on its debt payments. The bankruptcy order
effectively places the Company's affairs as well as its assets
under the control of court-appointed trustee, Maximo C A

As the trustee, Mr. Piccinelli is tasked with verifying the
authenticity of claims presented by the Company's creditors. The
verification phase is ongoing until June 30, 2005.

Following claims verification, the trustee will submit the
individual reports based on the forwarded claims for final
approval by the court on Aug. 25, 2005. A general report will
also be submitted on Oct. 13, 2005.

Infobae reports that Clerk No. 41 assists the court on this
case, which will end with the disposal of the Company's assets
in favor of its creditors.

CONTACT: Fusion Servicios Integrales S.R.L.
         Roque Saenz Pea 917
         Buenos Aires

         Mr. Maximo C A Piccinelli, Trustee
         Montevideo 666
         Buenos Aires

GRANJA: Debt Payments Halted, Set To Reorganize
Court No. 3 of Buenos Aires civil and commercial tribunal is now
analyzing whether to grant Granja San Patricio S.A. approval for
its petition to reorganize. La Nacion recalls that the Company
filed a "Concurso Preventivo" petition following cessation of
debt payments in January. Clerk No. 6 is assisting the court on
the Company's case.

CONTACT: Granja San Patricio S.A.
         Catulo Castillo 2342
         Buenos Aires

METGON S.R.L.: Judge Approves Bankruptcy
Metgon S.R.L., a local distributor of irons and steels, was
declared bankrupt after Court No. 8 of Buenos Aires' civil and
commercial tribunal endorsed the petition of Diraco S.A. for the
Company's liquidation. Argentine daily La Nacion reports that
Diraco S.A. has claims totaling $6,390 against Metgon.

The court assigned Pablo Luis Peregal to supervise the
liquidation process as trustee. Mr. Peregal will validate
creditors' proofs of claim until Aug. 9, 2005.

The city's Clerk No. 15 assists the court in resolving this

CONTACT: Metgon S.R.L.
         Boulogne-sur- Mer 135
         Buenos Aires

         Mr. Pablo Luis Peregal, Trustee
         Avenida Leandro N. Alem 651
         Buenos Aires

PARQUE SERVICIOS: Declared Bankrupt by Court
Parque Servicios Integrales S.R.L. is now "Quiebra" - meaning
bankrupt, says Infobae. Buenos Aires' civil and commercial Court
No. 13 decreed the Company's bankruptcy and appointed Ruben
Eduardo Suez, as receiver for the Company. Mr. Suez will be
reviewing creditors' claims until Aug. 8, 2005. Analyzing these
claims is important because the outcome of the process will
determine the amount each creditor will get after all the assets
of the Company are liquidated. The court, which is aided by
Clerk No. 25, will conclude the bankruptcy process by
liquidating its assets to repay creditors.

CONTACT: Mr. Ruben Eduardo Suez, Trustee
         General Cesar Diaz 2324
         Buenos Aires

PLATAMARINE S.R.L.: Court Designates Trustee for Liquidation
Buenos Aires accountant Maria Cenatiempo was assigned trustee
for the liquidation of local company Platamarine S.R.L., relates

Ms. will verify creditors' claims until Aug. 19, 2005, the
source adds. After that, she will prepare the individual
reports, which are to be submitted in court on Sep. 30, 2005.
The submission of the general report should follow on Nov. 14,

The city's civil and commercial Court No. 3 handles the case
with the assistance of Clerk No. 6.

CONTACT: Ms. Maria Cenatiempo, Trustee
         Avda de Mayo 1365
         Buenos Aires

REDES EXCON: Seeks Reorganization Approval From Court
Court No. 3 of Buenos Aires' civil and commercial tribunal is
studying the request for reorganization submitted by local
company, Redes Excon S.A., says La Nacion.

The report adds that that the Company, which was formerly called
Compania de Gas de la Costa S.A., filed a "Concurso Preventivo"
petition following cessation of debt payments on April 8, 2005.

The city's Clerk No. 6 assists the court on this case.

CONTACT: Redes Excon S.A.
         Montevideo 251
         Buenos Aires

SACIMEX S.A.: Court Orders Liquidation
Sacimex S.A. prepares to wind-up its operations following the
bankruptcy pronouncement issued by Court No. 24 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. Gabriel Tomas Vulej
as trustee. Mr. Vulej will be reviewing creditors' proofs of
claim until July 29, 2005. The verified claims will serve as
basis for the individual reports to be presented for court
approval on Sep. 2, 2005. The trustee will also submit a general
report of the case on Oct. 14, 2005.

Clerk No. 47 assists the court on this case that will culminate
in the sale of the Company's assets. Proceeds from the sale will
be used to repay the Company's debts.

CONTACT: Mr. Gabriel Tomas Vulej, Trustee
         Tucuman 1484
         Buenos Aires

SERVICIOS: Court Favors Creditor's Involuntary Bankruptcy Motion
Court No. 5 of Buenos Aires' civil and commercial tribunal
declared Servicios de Excelencia S.A. Hospital Central de San
Isidro bankrupt, says La Nacion. The ruling comes in approval of
the petition filed by the Company's creditor, Atenas Cooperativa
de Credito and Consumo y Vivienda Limitada, for nonpayment of
$114,577.02 in debt.

Trustee Noemi Zulema Vivares will examine and authenticate
creditors' claims until Aug. 18, 2005. This is done to determine
the nature and amount of the Company's debts. Creditors must
have their claims authenticated by the trustee by the said date
in order to qualify for the payments that will be made after the
Company's assets are liquidated.

Clerk No. 10 assists the court on the case, which will conclude
with the liquidation of the Company's assets.

CONTACT: Servicios de Excelencia S.A.
         Hospital Central de San Isidro
         Teniente General Juan Domingo Peron 1757
         Buenos Aires

         Ms. Noemi Zulema Vivares, Trustee
         Avenida Cordoba 2626
         Buenos Aires


SUNBEACH COMMUNICATIONS: Insists Business Operations Stable
Dial-up Internet Service Provider Sunbeach Communications plans
to remain in business for long, saying it is still a strong and
vibrant company.

"We are here for the long term. We have been here since 1995, we
are still here and we intend to be here in 2025," Ian Worrell,
Sunbeach's Vice-President of Corporate Communications, told
Business Monday during an interview last week.

To ensure its continued development, Sunbeach intends to
leverage the growth and potential, which still exists in the
Internet services market.

Worrell insists that Sunbeach's Internet service continues to be
profitable and its customer service levels also continue to be

"We are still here providing a quality service to our customers.
Any negative opinions about Sunbeach came about last year
because of our financials. Everybody believed that, based on our
financials, we might have eventually gone out of business, but
this is certainly not the case. We believe in our customer base
and our customer base believes in us," Worrel said.

Last year, Sunbeach shares were suspended from trading by the
Barbados Stock Exchange and on the Alternative Investment Market
of the London Stock Exchange because of serious doubts raised by
its auditors about the Company's ability to continue as a going

          San Remo Belmont Road
          St. Michael, Barbados
          Phone: 246-430-1569
          Fax: 246-228-6330


AGUAS DEL ILLIMANI: Assures Customers of Continued Services
Water concessionaire Aguas del Illimani assured its customers in
Bolivia's capital La Paz that the basic water services are not
at risk of being interrupted due to ongoing unrest.

According to Business News Americas, La Paz has been in the
throes of widespread strikes and public unrest in recent weeks
organized by groups seeking to nationalize the natural gas
industry and allow constitutional reforms.

Reports suggest that militant organizations could cut potable
water supply in order to force the government to set up a
constitutional assembly.

"We are taking [the reports] as rumors; we have not suffered any
infrastructure damage and are working as normal even though the
strikes have affected us," Illimani spokesperson Tania Jaldin
said, adding state military troops have taken over security at
Illimani's plants at Puchukollo and El Alto.

Illimani, which is controlled by French water giant Suez, was
informed by the government last year that its contract will be
rescinded. The notification came after residents complained
about lack of services in parts of the city and water bills tied
to the US dollar.

Illimani argued, saying it has complied fully with its
obligations under the contract it had with the government.


BRASKEM: S&P Assigns `BB-' to Forthcoming $100M Perpetual Bonds
Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured debt rating to the forthcoming $100 million Perpetual
Bonds to be issued by Brazil's largest petrochemical company,
Braskem S.A. The outlook on the corporate credit ratings on
Braskem is stable.

The Perpetual Bonds will be a senior unsecured obligation of
Braskem and will allow for early redemption only at the
company's option, in whole but not in part, starting in June
2010. The net proceeds will be used for general corporate
purposes, including working capital and repayment of long-term

The ratings on Braskem reflect the risks associated with price
volatility of its main feedstock, naphtha; exposure to its home
market of Brazil for EBITDA and sales generation; and growing
competition with the consolidation and expansion of other
players, some of them using alternative feedstock. These
negatives are mitigated by Braskem's leading business and market
position in the Latin American petrochemical industry; economies
of scale and some level of geographic diversification;
increasing technological expertise; and efficiency initiatives
being implemented by the company, conducive to structural cost
reductions in the medium term and more resilience in cash flows.
"A more conservative financial policy undertaken by Braskem's
management from now on, providing it with a safety cushion to
weather the inevitable downturns in the cyclical petrochemical
industry and of the volatile economy of its home market, Brazil,
is also an important supporting rating factor," said Standard &
Poor's credit analyst Reginaldo Takara.

Braskem is the largest petrochemical company in Latin America,
with net sales and EBITDA of $4.18 billion and $946.9 million,
respectively, in the 12 months ended March 31, 2005.

The stable local-currency rating outlook derives from the
expectation that Braskem's current capital structure will be
sustained and that the company's operating and business profiles
will continue on a positive trend. We believe that fundamentals
for Braskem's operating profitability and cash generation are
fair to positive in the medium term and stable in the long term,
allowing the company to report credit measures that are quite
comfortable for the rating category in 2005 and that should
remain adequate throughout the petrochemical cycle.

Further rating improvement can derive from the company's ability
to effectively withstand the petrochemical cycle thanks to its
several improvement initiatives and scale (which would prove so
under less favorable market conditions), combined with further
total debt reductions relative to a normalized, through-the-
cycle cash flow. A negative rating action could be prompted by
the company's inability to sustain margins or a radical reversal
in the trend of cash generation, or a quick deterioration of its
liquidity position.

The stable outlook on the foreign-currency rating reflects the
outlook on the foreign-currency sovereign rating on the
Federative Republic of Brazil.

BRASKEM: Fitch Rates $100M Perpetual Bond Issuance 'BB-'
Fitch Ratings has assigned a rating of 'BB-' to the proposed
offering of US$100 million senior unsecured perpetual bonds to
be issued by Braskem S.A. (Braskem). The perpetual bonds have no
fixed final maturity; however, they will become callable, by
Braskem, in whole on a quarterly basis after the five-year
initial term, ending June 2010. The bonds are being offered
under Rule 144A and Regulation S. Interest will be paid on a
quarterly basis. The proceeds of the offering are expected to be
used for general corporate purposes. Fitch also maintains an
international local currency rating of 'BB+' and a national
scale rating of 'AA-(bra)' for Braskem. The Rating Outlook for
this bond issuance and all other Braskem ratings is Stable.

Braskem's ratings are supported by the company's strong and
improving credit profile, reflecting sustained growth of its
operational cash flow, strong liquidity, reduced refinancing
risks, and an extended debt profile. Braskem also benefits from
its leading position in Latin America and Brazil in the
petrochemical industry and as a material exporter of
petrochemicals. Over the past several years, Braskem has focused
on consolidating its first- and second-generation petrochemical
operations. The company has realized substantial synergies and
cost reductions, which, coupled with a stronger petrochemical
pricing environment, has allowed the company to build a strong
liquidity position, reduce debt, and lower refinancing risk.
Braskem is well positioned in the rating category to maintain
its credit quality throughout the petrochemical cycle. Braskem's
foreign currency bond ratings are constrained by the 'BB-'
country ceiling of the Federative Republic of Brazil.

Braskem's credit protection measures have shown solid
improvement over the past couple of years with LTM EBITDA-to-
interest increasing to 4.8 times (x) through March 2005 from
4.0x for full-year 2004 and 3.5x for 2003. Braskem also reported
an improvement in leverage with net debt-to-EBITDA decreasing to
1.3x for LTM as of March 31, 2005 from 3.4x for LTM as of March
31, 2004. The recent credit strengthening reflects a combination
of greater operating cash flow, a BRL1.2 billion capital
increase from an equity offering in early 2004, and a BRL2.1
billion reduction in total debt since December 2003. Fitch
expects that Braskem will continue to improve its debt profile
and cost of funding during 2005, further supporting credit
protection measures. The company's substantial liquidity
position and the ability to issue debt suggest that Braskem
should be able to prepay or refinance some of its higher priced
financial indebtedness. Fitch expects that Braskem management
will maintain a debt profile that in terms of maturities and
cost of debt, will allow the company to satisfactorily operate
through the peaks and troughs of the petrochemical industry
cycle. Fitch expects the company will maintain a liquidity
position sufficiently strong to limit its exposure to
refinancing risk.

The current cyclical upturn for petrochemical products is
expected to drive Braskem's profitability in 2005 and 2006 to
levels above those reported in recent years, boosting cash
generation and strengthening its liquidity and debt positions.
The petrochemical industry is realizing higher operating rates
and tightening of supply/demand fundamentals, which should
enable producers to gain greater pricing power. Margin expansion
has occurred in 2004 and, in general, is expected to continue as
market fundamentals strengthen. The constant growth in margin
indicates that the petrochemical industry has been increasing
profitability from the growing cost differential between naphtha
and ethylene and the next chain of the principal petrochemical
products. In 2007-2008, global capacity expansion projects are
expected to come on line and remove some of the upward pressure
on petrochemical prices.

Despite the generally improving fundamentals, Fitch remains
moderately concerned about the sustainability of the recovery
with increasing energy costs and the overall effect of high
petrochemical prices on demand. In general terms, oil price
increases translate into similar adjustments in the price of
naphtha, raising concerns about the industry's ability to
continue to pass on increases related to the high prices of
petrochemical products. Since the companies have no control over
naphtha prices, constant increases in the price of oil per
barrel could pressure both the profitability and sales volume of
petrochemical companies, potentially shortening the current

Braskem is the largest petrochemical company in Latin America,
producing 5.7 million tons of primary, secondary, and
intermediary petrochemical products with integrated first- and
second-generation petrochemical production. The company has
grown over the past four years through the integration of six
Brazilian petrochemical companies: Copene Petroquimica do
Nordeste S.A.; OPP Quimica S.A.; Polialden Petroquintica S.A.;
Trikem S.A.; Proppet S.A.; and Nitrocarbono S.A. The company is
now organized into four business units: basic petrochemicals;
polyolefins; vinyls; and business development. It is controlled
by the Odebrecht Group and Norquisa, which have, respectively,
47.5% and 25.4% of the voting capital.

MEDIA RELATIONS: Brian Bertsch +1-212-908-0549, New York

COPEL: Bndespar Acquires Elejor's Debentures
ELEJOR (Centrais Eletricas do Rio Jordao S.A.), a generation
company where Copel holds 70% of the total common shares,
comprising Santa Clara and Fundao power plants, with 120 MW
capacity each, and two other small power plants incorporated to
the dam, which add 5.9 MW to the group, totaling a 245.9 MW
installed capacity, had its debenture issuance fully acquired by
BNDESPar - BNDES Participacoes S.A

Characteristics of the operation:
-Total amount: R$ 255.6 million
-Duration: 11 years
-Grace period: 4 years
-Compensation: TJLP (long-term interest rate) + 4% p.a.
-Type: Private debentures convertible into shares

With a view not to delaying the schedule of the construction
works, Copel had been providing resources for the company as
mutual loan. With this debenture issuance, part of such mutual
loan is being amortized.

          Investor Relations Department

          Ricardo Portugal Alves
          (55 41) 3331-4311

          Solange Maueler Gomide
          (55 41) 3331-4359

VARIG: Restructuring Can Be Completed in 6 Months
TAP-Portugal's rescue plan for Brazilian flagship airline Varig
will take up to six months to be completed, AFP reports, citing
TAP-Portugal president Fernando Pinto.

Under the plan, TAP will take up to a 20% stake in Varig and
find more investors in the airline to help it avert bankruptcy
after defaulting on its debt in 2002.

The plan recently gained the support of the Brazilian
government, which is Varig's biggest creditor.

Varig has suffered deep financial problems since the airline
industry was hit by a recession in 2001. It has struggled to
service net debts estimated at over BRL6 billion (USD$2.5
billion) while trying to improve its performance.

Brazil's government, which holds over 50% of Varig's debt,
settled on a plan to let foreign and domestic companies invest
in the airline after considering state intervention.

Under Brazilian law, no foreign company can own a majority stake
in a Brazilian airline.

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:


CORPORACION GEO: Launches Second Phase of JV to Acquire Land
Corporacion Geo, S.A. de C.V. (BMV: GEOB; CORPGEO MX; ADR Level
I CUSIP: 21986V204) has begun investing the second phase of its
joint venture for the acquisition of land, with Prudential Real
Estate Investors. Geo is Latin America's leading homebuilder and
the largest developer of economic, affordable, and middle and
residential housing in number of units sold.

The first phase, which was launched in 2004, was increased from
an initial $100 million dollars to $175 million dollars. The
second phase will have $180 million dollars to invest in its
initial stage. However, the size of the second phase may be
increased, in the coming months. The capital of the second phase
is expected to continue to be used to secure strategic land
sites throughout Mexico, exclusively for Geo. Similar to the
first phase, the second phase is being launched and a capital
call is being issued immediately. The first capital call of the
second phase will be for $20 million dollars, which will be
invested in four land sites, three of which are located in the
State of Mexico and one in Baja California.

Miguel Gomez Mont, CEO for Corporacion Geo, commented, "We feel
very proud of our joint venture with Prudential, the success of
the first phase, and the launch of the second phase of this
strategic relationship. At Geo, we believe that the joint
venture with Prudential is the most efficient way to acquire
land, increasing our capacity to meet our goals, without
diluting our investors or increasing the amount of debt
previously utilized for this purpose."

Geo is involved in all aspects of housing development, from
design and construction to marketing and sales of affordable and
middle-class houses in Mexico, through its subsidiaries
positioned in the most dynamic cities and regions of the
country, operating in 33 cities in 19 states, covering more than
76% of the population of the country. In the past 31 years, Geo
has sold and produced over 233,000 homes in which more than
1,100,000 people live. Geo is dedicated to generating value for
its shareholders through a Solid Strategy of Sustainable Growth,
which provides Superior Quality of Life for all of its

CONTACT:  Jorge Perez
          Tel: +(52) 55-5480-5071

          Kenia Vargas/Eduardo Muniz
          Tel: +(52) 55-5480-5078

TV AZTECA: Grupo Todito to Be Divided Between Shareholders
Universidad CNCI, S.A. de C.V. and TV Azteca, S.A. de C.V.
announced Monday the division of Grupo Todito, S.A. de C.V., a
leading Internet and telecommunications company for North
American Spanish-speakers, into two independent companies. As of
Monday, TV Azteca and UCNCI owned each 50% of Grupo Todito. The
Board of Directors of TV Azteca and UCNCI unanimously approved
the transaction that will result in TV Azteca owning 100% of's network of sites and UCNCI as sole owner of Todito
Card's pre-paid businesses. The division will be effective as of
the second quarter of 2005. was constituted in August 1999 by Universidad CNCI,
S.A. de C.V. (then operating as Dataflux, S.A. de C.V.), as an
Internet portal whose business model was based on the sale of
internet advertising. In February 2000, TV Azteca acquired 50%
of Todito's capital in exchange for a five-year services
agreement that included television advertising, exclusive use of
TV Azteca content online and advertising sales support, valued
at US$100 million. A year later, in an effort to diversify
revenue and take advantage of the rapid increase in residential
internet connections in Mexico, the Company launched Todito
Card-a pre-paid dial-up ISP. Todito Card was an immediate
success, offering an alternative to Mexican consumers who did
not want to sign long-term contracts for more expensive Internet
connection services such as those offered by Terra, Telmex and

At the end of 2004,'s network of sites had
established itself as one of the most-visited by Mexican
Internet users, with 1.8 million average daily page views and
two million active registered users. In addition to online
advertising sales, generates revenue from the sale of
online premium content and services, such as Todito TV (online
video clip library) and AmigosyMas (online dating service). In
2004, reported sales of Ps.137.9 million (US$12.2

In the four years since its launch, Todito Card has become the
leading multi-services pre-paid card in North America. It is the
leading pre-paid ISP in Mexico by a wide margin and the second
largest dial-up ISP, surpassed only by Telmex's ISP, Prodigy.
Todito Card's business extends to pre-paid long-distance
telephone services and to being an increasingly widely-accepted
form of payment for online content and services. Todito Card is
distributed in over 40,000 points of sales in Mexico and the
U.S. In 2004, Todito Card reported sales of Ps.99.2 million
(US$8.8 million) and currently has over 500,000 active users
(clients with credit remaining on their Todito Card) of its
services in Mexico and the U.S. will be combined with, TV Azteca's
popular network of content sites derived from TV Azteca programs
and talent, to form a new operating subsidiary-Azteca Internet.

"It is a good and logical business for TV Azteca to wholly-own a
strong online media business," commented Mario San Roman, TV
Azteca's Chief Executive Officer. "Internet use in Mexico and
among U.S. Hispanics has grown rapidly since TV Azteca became a
shareholder of Todito. Azteca Internet's network of sites will
provide TV Azteca viewers with an opportunity to access
interactive online content associated with our programs. We will
monetize Azteca Internet's large and growing audience through
our current sales channels-internet advertising is simply
another option that we can offer TV Azteca clients."

Todito Card will continue its existing operations in Mexico and
the United States, providing high-volume communication services
(Internet connection and long distance telephony) to Mexicans
and U.S. Hispanics.

"With the exit of Terra and AOL from the ISP market, Todito Card
is in a privileged position to generate cash flow from the
internet boom in Mexico and the U.S. Hispanic market," commented
Tim Parsa, Chief Executive Officer of Grupo
"Millions of Mexicans will be buying PC's and looking to connect
to the Internet over the coming years and we plan on making
Todito Card their first choice for ISP."

"We are all very proud of what we have accomplished with both of
these businesses and we look forward to building on our
success," commented Mr. Parsa. "We started five years ago in the
face of fierce competition by well-capitalized global internet
players, as well as local players with deep pockets. Through
hard work and excellent management, we survived the internet
boom and its subsequent bust that destroyed so many of our
competitors. The division of Grupo Todito between TV Azteca and
UCNCI is a logical step that aligns each business with the owner
that is best positioned to maximize its value. I am honored to
continue working for two companies that I respect, operating two
businesses that I know to have great potential for growth."

Both Todito Card and Azteca Internet will be managed by Mr.
Parsa for the remainder of 2005. Adrian Gonzalez will be
Director of Operations of Todito Card. Mr. Gonzalez was
previously Director of Operations of the combined Grupo Todito.
Hector Sanchez will be Director of Operations of Azteca
Internet. Previously Mr. Sanchez was Director of Operations of

Except for historical information, the matters discussed in this
press release are forward-looking statements and are subject to
certain risks and uncertainties that could cause actual results
to differ materially from those projected. Risks that may affect
TV Azteca are identified in its Form 20-F and other filings with
the US Securities and Exchange Commission.

Company Profile

TV Azteca, S.A. de C.V. (BMV: TVAZTCA; NYSE: TZA; Latibex: XTZA)
is one of the two largest producers of Spanish language
television programming in the world, operating two national
television networks in Mexico, Azteca 13 and Azteca 7, through
more than 300 owned and operated stations across the country. TV
Azteca affiliates include Azteca America Network, a new
broadcast television network focused on the rapidly growing US
Hispanic market, and, an Internet portal for North
American Spanish speakers.

Universidad CNCI, S.A. de C.V. (BMV: CNCIB) offers education and
information technology services to the Mexican market through
the CNCI University (the Educational Institution with the
largest geographical reach in Mexico). Universidad CNCI
affiliates include Grupo Todito, an Internet portal for North
American Spanish-speakers.

Grupo Todito, S.A. de C.V. is a leading Internet and
telecommunications company for North American Spanish-speakers.
It has two principal operating units, (an Internet
portal that generates revenue from the sale of online
advertising and premium content and services) and Todito Card (a
multi-services prepaid card for dial-up internet connection,
long distance telephone service and the payment of online and
offline content and services). Grupo Todito is jointly owned by
Universidad CNCI, S.A. de C.V. (BMV: CNCIB) and TV Azteca, S.A.

CONTACT:  TV Azteca, S.A. de C.V.
          Press Inquiries: Adrian Gonzalez
          Tel: 52-81-8221-2082

          Investor Relations: Bruno Rangel
          Tel: +52-55-1720-9167

          Rolando Villarreal
          Tel: +52-55-1720-0041

          Press Inquiries: Tristan Canales
          Tel: +52-55-1720-1464

VISTEON CORP.: UAW Supports Restructuring Plan
The United Auto Workers (UAW) union revealed Monday its members
voted overwhelmingly in favor of a plan to restructure and
revive auto supplier Visteon Corp. (VC).

UAW members at the 15 Visteon locations covered by the National
Agreement ratified the Visteon Restructuring Memorandum of
Agreement (MOA) by an 88.7% majority in voting completed June 5.

"We strongly believe this restructuring plan is in the best
interests of UAW members at Visteon, and we are gratified by
their overwhelming vote in favor of the plan," said UAW
President Ron Gettelfinger.

"No one is left behind by this restructuring plan," said UAW
Vice President Gerald Bantom. "Not one UAW-represented worker at
Visteon will face a reduction in wages and benefits; indeed,
some 900 workers will receive a significant increase in their
wages and benefits as a result of this agreement."

Last month, Visteon and its former parent, Ford Motor Co.,
announced the restructuring plan, under which, Ford would take
back 24 plants and other facilities in the U.S. and Mexico and
pay more than US$1 billion in restructuring costs to help
Visteon avoid bankruptcy. Ford said the deal could eventually
save it millions of dollars on parts.

Under the plan, Ford would offer voluntary buyout packages to
5,000 UAW members between now and 2007, when the UAW's contract
with Ford expires. The remaining 12,400 hourly workers would
continue to be covered by the contract with Ford, which has
agreed to meet its salary obligations to UAW members.

Visteon and Ford expect to sign a final agreement by Aug. 1.

P U E R T O   R I C O

CABLE OPERATIONS: Adelphia to Sell Cable System for $520M
Adelphia Communications Corporation (OTC: ADELQ) and ML Media
Partners, L.P. announced Monday they have entered into an
agreement with a newly formed entity between MidOcean Partners,
a New York and London-based private equity firm and its partner,
Crestview Partners, a New York-based private equity firm, to
sell their jointly owned San Juan Puerto Rico area cable
operations. Under the terms of the transaction, MidOcean and
Crestview will pay $520 million subject to customary purchase
price adjustments, which equates to an approximately $3,800 per
subscriber valuation.

The system serves approximately 137,000 customers in the greater
San Juan area. The transaction, once completed, will create a
strong, stable operation that will continue to improve cable
services in the San Juan area in ways that benefit its
customers, its investors and the community.

"We are extremely pleased to enter into this agreement with
MidOcean and Crestview, who have a proven ability for employing
their skills in concert with management teams at their portfolio
companies to build stronger businesses," said Bill Schleyer,
chairman and CEO of Adelphia. "They have the necessary cable
sector expertise to provide our customers in Puerto Rico with
opportunities for continued service improvements and the launch
of advanced services through an upgraded cable system."

"This is a positive deal for everyone involved," said Elizabeth
McNey Yates, a partner in RP Media Management, the managing
general partner of ML Media Partners, LP. "MidOcean and
Crestview will acquire an attractive business and our Puerto
Rico employees and management, who have worked hard to improve
the operational and service performance of the systems, will
benefit from an experienced and well-funded ownership group."

Tyler Zachem, a managing director at MidOcean Partners, said,
"This transaction is the culmination of a long and complex
process which we began over a year ago. The operation has an
excellent management team in place and dedicated employees who
have helped to build this company over the years. We are excited
about the opportunity to work with the team at Crestview to
continue building on the company's previous successes."

Cable industry veteran and Crestview Managing Director Jeffrey
A. Marcus said, "We look forward to working with the team in
Puerto Rico to optimize the potential of the cable television
system. Cable is a core competency for Crestview and we are
delighted to be partnering with MidOcean in this venture."

"We are pleased to have arrived at a solution that benefits our
customers and our 350 dedicated employees in Puerto Rico," added
Schleyer. "We have been working with ML Media to identify the
most appropriate manner to sell the joint venture and are
pleased to have reached an agreement that maximizes the value to
be realized from the venture. We are confident that this new
ownership structure will be viewed as great news by all
concerned in Puerto Rico. We're grateful to our employees for
their exceptional performance under challenging circumstances."

Since September 30, 2002, the joint venture between Adelphia and
ML Media Partners that owns and operates the Puerto Rico systems
has been under Chapter 11 bankruptcy protection, separately
administered from the larger Chapter 11 bankruptcy of Adelphia
Communications. The Puerto Rico Joint Venture was not included
in the previously announced asset sale of Adelphia
Communications Corporation to Comcast Corporation and Time
Warner Inc.

The transaction is subject to approval by the U.S. Bankruptcy
Court for the Southern District of New York, regulatory
approvals, financing by the buying group and other customary
closing conditions. The closing of the transaction is expected
to occur sometime in the fourth quarter of this year. Until the
deal is completed, Adelphia will continue to manage daily


Lazard acted as financial advisors to Adelphia. Daniels &
Associates acted as financial advisors to ML Media Partners.
Willkie Farr & Gallagher acted as legal advisors to Adelphia for
the transaction and the bankruptcy process. Proskauer Rose acted
as legal advisor to ML Media Partners, L.P. for the transaction
and the bankruptcy process. DH Capital acted as financial
advisors for MidOcean and Crestview and Kirkland & Ellis acted
as legal advisors for MidOcean and Crestview. Citigroup and JP
Morgan are providing the debt financing.

About Adelphia

Adelphia Communications Corporation (OTC: ADELQ) is the fifth-
largest cable television company in the country. It serves
customers in 31 states and Puerto Rico, and offers analog and
digital video services, high-speed Internet access and other
advanced services over Adelphia's broadband networks.

About ML Media Partners, L.P.

ML Media Partners is a public limited partnership raised in 1986
to acquire, finance, hold, develop, improve, maintain, operate,
lease, sell, exchange, dispose of and otherwise invest in and
deal with media businesses and direct and indirect interests
therein. ML Media Partners made direct operating investments in
seven cable television systems, eleven radio stations and two
network affiliated television stations. ML Media has liquidated
all of its holdings with the exception of the cable properties
in Puerto Rico.

About MidOcean Partners

MidOcean Partners is a premier private equity firm focused on
the middle market. Based in New York and London, MidOcean is
committed to investing in high-quality middle market companies
with stable market positions and opportunities for growth in the
United States and Europe. Targeted sectors include consumer and
leisure, media and communications, business services, financial
services and industrial sectors. MidOcean utilizes a broad
foundation of expertise in its focus industries and its
intercontinental platform to create value for its investors and
partners. For more information, visit

About Crestview

Crestview Partners is a New York-based private equity firm
established by Barry Volpert and Tom Murphy. Mr. Volpert and Mr.
Murphy are former partners at Goldman, Sachs & Co. The firm is
focused on investments in North America and Europe.

CONTACT: Adelphia Communications Corporation
         Media: Paul Jacobson, +1-303-268-6426
                Erica Stull, +1-303-268-6502

         Investor Relations: Jeff Lawton, +1-303-268-6419

         Broadgate Consultants for
         Chris Tofalli, +1-212-232-2226

         for ML MEDIA PARTNERS, L.P.
         Elizabeth McNey Yates, +1-212-980-7110 ext. 201

The Compensation Committee (the "Committee") of the Board of
Directors (the "Board") of Centennial Communications Corp. (the
"Company") approved on June 1, 2005 the base salary levels and
bonus program for fiscal 2006 for its executive officers,
including the executive officers listed as "Named Executive
Officers" in the Company's proxy statement for its 2004 annual
meeting of stockholders. The Committee also approved grants of
stock options to each of the Named Executive Officers, pursuant
to the Company's 1999 Stock Option and Restricted Stock Purchase

Fiscal 2006 Base Salary

The following table sets forth the annual base salary levels for
fiscal 2006 for the Named Executive Officers:

  Name                  Position                     Base Salary
  ----                  --------                     -----------

Michael J. Small        Chief Executive Officer       $425,000

Thomas J. Fitzpatrick   Executive Vice President      $325,000
                        Chief Financial Officer

Phillip H. Mayberry     President                     $285,000
                        U.S. Wireless Operations

Thomas R. Cogar         Executive Vice President      $235,000
                        Chief Technology Officer
                        Caribbean Operations

Fiscal 2006 Bonus Compensation. Bonus compensation for executive
officers, including the Named Executive Officers, is determined
by reference to a formula that ties a target bonus objective to
the achievement of certain pre-defined financial benchmarks. The
financial benchmarks established by the Committee are revenue
and adjusted operating income, but vary slightly with respect to
certain executive officers that perform services directly for
one of the Company's individual business units. Under this
formula, the Company's executive officers' actual bonus amounts
could be greater or less than the target bonus based on the
Company's actual financial performance. In addition, an
executive officers' individual bonus award may be adjusted up or
down by up to 15% based on the achievement of certain personal
objectives. The maximum bonus for any executive officer is 250%
of target. The following table sets forth the target bonuses for
fiscal 2006 for the Named Executive Officers:

  Name                  Position                   Target Bonus
  ----                  --------                   ------------

Michael J. Small        Chief Executive Officer      $500,000

Thomas J. Fitzpatrick   Executive Vice President     $250,000
                        Chief Financial Officer

Phillip H. Mayberry     President                    $250,000
                        U.S. Wireless Operations

Thomas R. Cogar         Executive Vice President     $125,000
                        Chief Technology Officer
                        Caribbean Operations

Stock options. The Committee approved grants of options to
purchase the following number of shares of the Company's common
stock to the following Named Executive Officers, pursuant to the
Company's 1999 Stock Option and Restricted Stock Purchase Plan:

  Name                  Position              Number of Shares
  ----                  --------              ----------------
                                              Subject to Option

Michael J. Small        Chief Executive Officer    175,000

Thomas J. Fitzpatrick   Executive Vice President   125,000
                        Chief Financial Officer

Phillip H. Mayberry     President                   75,000
                        U.S. Wireless Operations

Thomas R. Cogar         Executive Vice President    50,000
                        Chief Technology Officer
                        Caribbean Operations

The stock options have an exercise price of $13.22 and will vest
in three equal installments beginning on May 31, 2006.

The Company will provide additional information with regard to
compensation of its Named Executive Officers in the proxy
statement for its 2005 annual meeting of stockholders.

CONTACT: Centennial Communications Corp.
         Phone: 732-919-1000

DORAL FINANCIAL: Appoints Faria to Head Subsidiary
Doral Financial Corporation (NYSE: DRL), a diversified financial
services company, announced Monday that Mr. Antonio F. Faria, a
highly respected banking professional, has joined Doral to serve
as President of Doral Money, Inc., a New York based subsidiary
of Doral Bank, specializing in commercial and construction
mortgage lending.

Salomon Levis, chairman and chief executive officer of Doral
Financial, stated, "We are pleased that Mr. Faria is committing
his expertise to our company and to the leadership of Doral
Money. Mr. Faria brings tremendous business-area expertise to
Doral's commercial and construction lending business, as well as
to our markets. His understanding and expertise have been
developed through his distinguished careers in both the public
and private sectors."

Prior to joining Doral, Mr. Faria served in the public sector as
President and CEO of the Government Development Bank for Puerto
Rico, President and CEO of the Economic Development Bank for
Puerto Rico and as the Commissioner of Financial Institutions
Puerto Rico. Prior to his public service, he had a long and
successful career with Banco Central Hispano with more than 25
years of experience in Puerto Rico's banking industry.

Mr. Levis further stated, "The appointment of Antonio both
enhances the strength of Doral's management team as the Company
continues to position itself to capitalize on the long term
growth potential of its businesses, and underscores the strength
of our organization and operations in attracting and retaining
highly respected executive talent."

Doral Financial Corporation, a financial holding company, is the
largest residential mortgage lender in Puerto Rico, and the
parent company of Doral Bank, a Puerto Rico commercial bank,
Doral Securities, a Puerto Rico based investment banking and
brokerage firm, Doral Insurance Agency, Inc. and Doral Bank,
FSB, a federal savings bank based in New York City.

Doral Money, Inc. is a New York based subsidiary of Doral Bank
specializing in commercial and construction mortgage lending.

CONTACT:  Doral Financial Corporation
          Salomon Levis, 787-474-1111
          Richard F. Bonini or Lucienne Gigante, 212-329-3729


URUGUAYAN BANKS: Sluggish Loan Activity Hampers Profitability
A Standard & Poor's banking analyst revealed that Uruguayan
banks are still plagued by weak loan growth and poor
profitability, relates Business News Americas.

"The system's main weakness is its still sluggish loan
activity," the analyst, Carina Lopez, said, adding low
profitability with banks barely breaking even is also a problem.

"If this situation continues it would be a clear sign that the
financial system is over-sized either in terms of the number of
institutions or their size," she said.


PDVSA: In "Transition Agreement" Talks With Harvest-Vinccler
Harvest Natural Resources, Inc. (NYSE: HNR) announced Friday an
update on Venezuela. Harvest President and Chief Executive
Officer, Dr. Peter J. Hill, said, "There have been numerous
statements and reports concerning the 32 operating service
agreements in Venezuela, including the agreement held by the
company's Venezuelan affiliate, Harvest Vinccler, C.A. (HVCA).
It is our desire to provide an update of what we know about the

In April, Government officials stated that PDVSA intends to
limit the fees paid for oil deliveries under the operating
service agreements to no more than two-thirds of the market
value of the delivered oil. In addition, they have stated that a
portion of the fee may be paid in U.S. dollars and a portion may
be paid in Venezuelan bolivars. Hill added, "The financial
impact to HVCA of these positions taken by Venezuelan Government
officials is unclear at this time. However, we continue to
receive assurances from the most senior officials of PDVSA that
payment for our first quarter deliveries of oil and gas which
was due May 31st will be received during the week ending June

SENIAT, the Venezuelan income tax authority, intends to conduct
an audit of all companies with operating service agreements and
has announced a retroactive increase of income tax rates from
34% to 67% for 2001 and 50% for all years thereafter. SENIAT is
currently conducting an audit of HVCA. The Company believes HVCA
has met its tax obligations in all material respects.

The Company previously announced the suspension of HVCA's
drilling program in January 2005 as a consequence of delays in
receiving the permits necessary to drill additional wells.
Current production is approximately 23,000 barrels of oil per
day (Bopd), down significantly from the 28,100 Bopd average in
the first quarter. The current level of production is due to
natural production declines and production curtailment by PDVSA
of approximately 2,000 Bopd. Production will continue to decline
until drilling is resumed and PDVSA lifts restrictions on
deliveries. Due to the extended suspension of the drilling
program, the Company is withdrawing its operational and
financial guidance for 2005 which was previously issued December
14, 2004.

HVCA has been notified that all operating service agreements are
to be converted into incorporated joint ventures under the 2001
Venezuelan Organic Hydrocarbon Law (OHL) through negotiation
with the contract holders. HVCA has exchanged proposals with
PDVSA and is in negotiations to establish a transition agreement
under which HVCA would continue operations while negotiating the
migration of its operating service agreement to an "Empresa
Mixta", or mixed company, under the OHL. Under the OHL, PDVSA
will own a majority stake in the new company and HVCA will own
the remaining stake in the joint venture.

Hill said, "While very concerned about events in Venezuela, we
are mindful that we and the other operating service agreement
owners are involved in a process. We remain committed to seeking
a mutually acceptable solution which recognizes the value of our

Harvest Natural Resources, Inc. headquartered in Houston, Texas,
is an independent oil and gas development and production company
with principal operations in Venezuela and an office in Russia.

CONTACT:  Harvest Natural Resources, Inc.
          Steven W. Tholen, Senior VP, CFO, +1-281-899-5714,
          Amanda Koenig, Investor Relations, +1-281-899-5716

PDVSA: New Gas Production Record In Anaco
The PDVSA Gas' District of Anaco, a PDVSA affiliate, reached a
new operational record last May 30th when it produced 1.677
billion cubic feet per day of gas.

The General Management of this industrial complex, located in
the State of Anzoategui to the east of the country, reported
that "this record was attained due to the effort that both the
operational team and the workers have carried out after the oil
sabotage (2003) which left production in 400 million cubic feet
per day of gas".

The General Management stressed that "the optimal performance
levels achieved by this district make available 1.700 billion
cubic feet per day of gas and offer a potential of 2.100 billion
cubic feet per day of gas".

On the other hand, the General Management announced that
progress is being made in the "Traditional Areas Compression
Reactivation Project" (RECAT); this project will increase
production to 1.850 billion cubic feet per day of gas by August
2005 and complement the Anaco Gas Project (PGA) which has been
developed in 50% and is aimed at fulfilling the increasing gas
demand in the domestic market.

Anaco has become the "Gas Heart of Venezuela" and a key element
to foster national development, since it steadily fulfills the
increasing gas demand in the domestic market.

CONTACT: Petroleos de Venezuela S.A.
         Edificio Petroleos de Venezuela
         Avenida Libertador, La Campina, Apartado 169
         Caracas, 1010-A, Venezuela
         Phone: +58-212-708-4111
         Fax: +58-212-708-4661
         Web site:

PDVSA: OPEC Commission to Verify Oil Output
State oil company Petroleos de Venezuela's (PDVSA) actual oil
output has become such a hot issue lately that the OPEC oil
producers cartel is sending a commission to Venezuela to verify
the Company's figures.

Venezuela's OPEC representative Ivan Orellana said that the
country is producing 3.27 million barrels a day (MB/d) and that
the figures managed by PDVSA are absolutely verifiable.

Any production decline is due to sabotage by US agents,
according to the government. But opposition argues that
inefficiency, theft and mismanagement have taken their toll on


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
Sheryl Joy P. Olano, Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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