TCRLA_Public/050623.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

           Thursday, June 23, 2005, Vol. 6, Issue 123



AGUAS PROVINCIALES: Latin Aguas Still Committed to Buying Stake
ANDHAL S SERVICIOS: Court Designates Trustee for Liquidation
ARPECO S.A.: Court Converts Bankruptcy to Reorganization
AUTO CLIPS: Court OKs Creditor's Request for Bankruptcy
CARLOS CAMPOLONGHI: Court Orders Liquidation

GRALEX S.A.: Debt Payments Halted, Set To Reorganize
KALANDRA S.A.: Declared Bankrupt by Court
LOS GLACIARES: Initiates Bankruptcy Proceedings
TABACO INTERNACIONAL: Court to Oversee Bankruptcy
* ARGENTINA: IMF Recommends Budget Belt-Tightening


AES CORP.: Fitch Upgrades, Removes Ratings From Watch Positive
NII HOLDINGS: Concludes Notes Conversion Transaction
VARIG: US Judge Upholds Temporary Restraining Order
VARIG: Rubem Berta Chairman Exits Post


MANQUEHUE NET: GTD Offers to Pay $25M for 100% Stake


PAZ DEL RIO: Stock Rises on Merger Rumors


PETROECUADOR: Initiates Measures to Ensure Fuel Supplies


* HAITI: IDB Approves $5M Loan


AIR JAMAICA: Vows to Resume St. Lucia Service by Year-end


GRUPO IUSACELL: Escalating Share Price Goes Unexplained


WILLBROS GROUP: Cohen, Milstein Files Class Action Lawsuit

P U E R T O   R I C O

R&G FINANCIAL: Glancy Binkow Files Class Action Lawsuit


NBC: Three Potential Bidders Scrutinize Bank's Books


EDC: Announces Newly-Appointed Board Members

     - - - - - - - - - -


AGUAS PROVINCIALES: Latin Aguas Still Committed to Buying Stake
Argentine water utility Latin Aguas said it is still in the
running for Aguas Provinciales de Santa Fe even after the
latter's French parent, Suez, said it had entered into exclusive
talks with two Argentine companies to divest its stake in the
provincial water company. Latin Aguas revealed earlier this
month that it had signed a letter of intent to buy Suez's shares
in the Santa Fe unit.

On Monday, however, Suez signed an exclusive agreement with
Fides Group and Grupo Energia BV for the sale of its share in
the Santa Fe water company. The agreement stipulates that the
sale must come into effect by July 31.

"We don't know what Suez has signed with the groups," a Latin
Aguas representative said Tuesday. "What we know for sure is
that they [Suez] continue to have a good dialogue with us."

The Latin Aguas representative went on to say that the Company
"ratifies our investment plan," which calls for more than ARS100
million ($1=ARS2.8725) to be spent over three years.

The representative said Latin Aguas is still optimistic its
experience in water services will convince the Santa Fe
provincial authorities to back Latin Aguas, despite Suez's
exclusive pact with Fides and Grupo Energia.

"There's an important factor to point out, which is that Aguas
de Santa Fe's concession contract says clearly that no company
can be in charge of service without having expertise or prior
experience," the representative said. "Until now, the only ones
that have presented a material proposal to the government have
been us."

Argentine businessman Alejandro Ivanissevich controls Fides
Group and Grupo Energia BV.

ANDHAL S SERVICIOS: Court Designates Trustee for Liquidation
Buenos Aires accountant Marta Cristina Lucena was assigned
trustee for the liquidation of local company Andhal s Servicios
S.A., relates Infobae.

Ms. Lucena will verify creditors' claims until Aug. 1, 2005, the
source adds. After that, she will prepare the individual
reports, which are to be submitted in court on Sep. 12, 2005.
The submission of the general report should follow on Oct. 25,

The city's civil and commercial Court No. 8 handles the
Company's case. Clerk No. 16 assists the court with the wind-up

CONTACT: Ms. Marta Cristina Lucena, Trustee
         Parana 774
         Capital Federal

ARPECO S.A.: Court Converts Bankruptcy to Reorganization
Arpeco S.A. will embark on a reorganization process after La
Plata's civil and commercial Court No. 10 converted the
Company's ongoing bankruptcy case into a "concurso preventivo",
states Infobae. Under Insolvency protection, the Company will be
able to draft a proposal designed to settle its debts with
creditors. The reorganization also prevents an outright

Mr. Roberto Guillermo Coliqueo, the court-appointed trustee,
will verify creditors' proofs of claim until June 27, 2005.
Creditors with unverified claims cannot participate in the
Company's settlement plan.

Mr. Coliqueo will pass an individual report based on the
verified claims on Aug. 29, 2005. He will also present the
general reports to court on Oct. 25, 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 on March 31, 2006.

CONTACT: Arpeco S.A.
         Calle 50 Nro. 913
         La Plata

         Mr. Roberto Guillermo Coliqueo, Trustee
         Calle 132 Nro. 871
         La Plata

AUTO CLIPS: Court OKs Creditor's Request for Bankruptcy
Auto Clips S.A. entered bankruptcy after Court No. 6 of Buenos
Aires' civil and commercial tribunal approved a bankruptcy
motion filed by Jorge Zapata, reports La Nacion. The Company's
failure to pay $53,569.23 in debt prompted the creditor to file
the petition.

Working with the city's Clerk No. 12, the court assigned Mr.
Alfredo Donatti as trustee for the bankruptcy process. The
trustee's duties include the authentication of the Company's
debts and the preparation of the individual and general reports.
Creditors are required to present their proofs of claim to the
trustee before Sep. 1, 2005.

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

CONTACT: Auto Clips S.A.
         Avenida del Trabajo 2883
         Buenos Aires

         Mr. Alfredo Donatti, Trustee
         Montevideo 31
         Buenos Aires

CARLOS CAMPOLONGHI: Court Orders Liquidation
Carlos Campolonghi Marmoles Piedras y Granitos S.A.I.C. prepares
to wind-up its operations following the bankruptcy pronouncement
issued by Court No. 11 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 the office of Estudio
Contadores Bruzzo Plotno Turek y Asociados as trustee, which
will be reviewing creditors' proofs of claim until Aug. 12,
2005. The verified claims will serve as basis for the individual
reports to be presented for court approval on Sep. 26, 2005. The
trustee will also submit a general report of the case on Nov. 8,

Clerk No. 21 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: Estudio Contadores Bruzzo Plotno Turek y Asociados          
         Sarmiento 930 Capital Federal

GRALEX S.A.: Debt Payments Halted, Set To Reorganize
Court No. 23 of Buenos Aires civil and commercial tribunal is
now analyzing whether to grant Gralex S.A. approval for its
petition to reorganize. Infobae reports that the Company filed a
"Concurso Preventivo" petition after failing to pay its
creditors. Clerk No. 45 is assisting the court on the Company's

CONTACT: Gralex S.A.
         Belgrano 1915
         Buenos Aires

KALANDRA S.A.: Declared Bankrupt by Court
Kalandra S.A. is now "Quiebra" - meaning bankrupt, says Infobae.
Buenos Aires' civil and commercial Court No. 1 decreed the
Company's bankruptcy and appointed Magdalena de la Quintana, as
receiver for the Company. Ms. de la Quintana will be reviewing
creditors' claims until Aug. 12, 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.
2, will conclude the bankruptcy process by liquidating the
Company's assets to repay creditors.

CONTACT: Ms. Magdalena de la Quintana, Trustee
         Cerrito 1136
         Buenos Aires

LOS GLACIARES: Initiates Bankruptcy Proceedings
Court No. 21 of Buenos Aires' civil and commercial tribunal
declared Los Glaciares Company S.A. "Quiebra," reports Infobae.
Clerk No. 42 assists the court on the case, which will close
with the liquidation of the Company's assets to repay creditors.

Mr. Leon Sergio Fuks, whom the court named as trustee, will
verify creditors' claims until Aug. 26, 2005 and then prepare
the individual reports based on the results of the verification

The individual reports will then be submitted to court on Oct.
10, 2005, followed by the general report on Nov. 21, 2005.

CONTACT: Los Glaciares Company S.A.
         Yerbal 3520
         Buenos Aires

         Mr. Leon Sergio Fuks, Trustee
         Bouchard 644
         Buenos Aires

TABACO INTERNACIONAL: Court to Oversee Bankruptcy
Buenos Aires' civil and commercial Court No. 13 decreed the
bankruptcy of Tabaco Internacional S.R.L., reports Infobae. The
Company will kick off the process with Mr. Ricardo Sukiassian as
receiver, who will verify creditors' claims until Aug. 8, 2005.
The Company's case will conclude with the liquidation of its
assets to repay creditors. Clerk No. 25 assists the court in
handling the proceedings.

CONTACT: Mr. Ricardo Sukiassian, Trustee
         San Martin 1009
         Buenos Aires

* ARGENTINA: IMF Recommends Budget Belt-Tightening
International Monetary Fund Managing Director Rodrigo Rato
advised Argentina Monday to shave its budget and raise savings
to set its once-struggling economy on firm ground, reports
Reuters. Speaking at Ottawa's National Press Club, Mr. Rato said
that Argentina did a good turnaround since its 2001-02 economic
crisis and debt default, and now has to reduce spending to
address its creeping inflation and heavy debts.

As Mr. Rato spoke with reporters, the IMF board of directors met
in Washington to evaluate the fund's first review of Argentina's
economy since the completion of the country's huge debt swap in

The IMF review leads to a renewed lending program with the fund,
which is likely to include economic performance goals and a
primary surplus target.

Argentina is yet to decide whether it will request a new
program. Last year, Argentina broke off its IMF accord to focus
on its debt exchange deal.


AES CORP.: Fitch Upgrades, Removes Ratings From Watch Positive
Fitch Ratings has upgraded and removed the ratings of AES
Corporation (AES) from Rating Watch Positive, where it was
initially placed on Jan. 18, 2005 pending review of the
company's year-end financial results. The Rating Outlook is
Stable. A full description of the rating actions is listed

Following the completion of its review, Fitch's upgrade reflects
the significant progress AES had made in retiring parent company
recourse debt and improving liquidity. In addition, AES has
refinanced several near term debt maturities and extended the
company's debt maturity profile. The company has successfully
accessed both the debt and equity markets in 2004 and 2003.
Furthermore, AES has in place a $450 million revolving credit
facility which significantly improves the company's liquidity
position. Finally, management has affirmed the goal of continued
debt reduction committing to $600 million in parent company debt
retirements in 2005. In this regard, AES called for early
redemption approximately $112 million of notes in May 2005.
These notes were redeemed in full on June 1, 2005.

While AES has made significant progress in reducing debt and
improving liquidity, Fitch recognizes that the company's
management emphasis has shifted from debt reduction to a resumed
focus on growth. AES recently made two acquisitions in the
domestic wind power generation sector. While these acquisitions
have been modest, Fitch notes that wind is a new technology for
AES and as such, raises some execution risk. Internationally,
AES has indicated that growth will be focused on platform
extensions (i.e. expansion opportunities around existing assets)
and 'emergent' countries (i.e. countries which are approaching
developed nation status). Management has stressed that such
expansion will be funded with a prudent mix of equity and debt.
Fitch's rating and Outlook would be adversely affected if AES'
future investments result in escalating parent company leverage.

This rating action does not affect the ratings of other AES
affiliates rated by Fitch listed below. In general, these rated
entities are bankruptcy remote from AES by virtue of their legal
structure or by virtue of their country of location. These
entities include:

--AES Clesa
--AES Eastern Energy
--AES Gener
--AES Puerto Rico
--AES Tiete
--Electricidad de Caracas
--Eletropaulo Metropolitana Eletricidade de Sao Paulo

The Fitch placed the ratings of IPALCO Enterprises Inc., and
Indianapolis Power & Light Company on Rating Watch Positive on
Jan. 18, 2005. The ratings of these entities which are
potentially affected by the AES ratings upgrade will be resolved
in the near future.

AES is a leading global power company, with 2004 sales of $9.5
billion. AES operates in 27 countries, generating 44,000
megawatts of electricity through 124 power facilities and
delivers electricity through 15 distribution companies.

Fitch has upgraded the following ratings:

AES Corporation
--Senior secured credit facility to 'BB+' from 'BB';
--Junior secured notes to 'BB+' from 'B+';
--Senior unsecured notes to 'B+' from 'B';
--Senior subordinated notes to 'B' from 'B-';
--Convertible notes to 'B' from 'B-';
--Rating Outlook Stable.

--Trust preferred securities to 'B-' from 'CCC+'
--Rating Outlook Stable.

--Trust preferred securities to 'B-' from 'CCC+'
--Rating Outlook Stable.

CONTACT: Jonathan Cho +1-212-908-0842
         Ellen Lapson +1-212-908-0504, New York

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

NII HOLDINGS: Concludes Notes Conversion Transaction
NII Holdings and a holder of 3.5% Convertible Notes due 2033
concluded a transaction Monday, wherein the holder of the notes
converted US$48,478,000 in principal amount of the Notes into
1,817,925 shares of NII's common stock. In consideration for
such conversion, NII Holdings made cash payment of approximately
US$5.4 million to the holder. The Company's issuance of the
shares of common stock in this transaction was made pursuant to
the exemption from registration provided by Section 3(a)(9) of
the Securities Act of 1933, as amended.

As previously reported, the Notes, which the Company issued
initially in 2003 and which were not convertible at that time,
are currently convertible pursuant to the terms of the


On June 16, 2005, NII Holdings entered into an agreement with
the holder of the 3.5% Convertible Notes due 2033 to convert
such Notes into shares of NII Holdings common stock, par value
$0.001 per share, pursuant to the terms of the Indenture dated
as of September 16, 2003 between NII Holdings and Wilmington
Trust Company.

         Phone: 703-390-5100

VARIG: US Judge Upholds Temporary Restraining Order
Judge Robert Drain of the U.S. Bankruptcy Court in the Southern
District of New York upheld Monday the temporary restraining
order issued June 17 that prevents creditors of struggling
Brazilian airline Varig from seizing aircraft, says Dow Jones

Judge Drain's order stated: "The grant of relief will best
assure the economical and expeditious administration" of Varig's
bankruptcy proceedings in Brazil.

Varig filed for bankruptcy in a Rio de Janeiro court on June 17
to prevent the aircraft leasing unit of American International
Group Inc. (AIG), the ILFC, from seizing 11 Varig jets whose
lease payments weren't up to date. Varig followed that up with a
request for a temporary restraining order in the U.S. to prevent
its aircraft from being seized overseas.

According to Judge Drain, Varig and its subsidiaries need a
"breathing spell" to undertake the bankruptcy procedures.
Without the restraining order, Varig and its subsidiaries "will
be irreparably harmed," the judge added.

Furthermore, keeping the restraining order would not cause
"undue hardships" for Varig's creditors, he said.

The ILFC, which claims some US$6.8 million overdue debts from
Varig, as well as the Boeing Co., Goodrich Corporatioh, U.S.
Bank and Wells Fargo, had all objected to the order.

According to Dow Jones Newswires, Judge Drain will hold a
hearing on June 27 at 10 a.m. EDT to consider Varig's request
for a preliminary injunction order, which would reinforce the
terms of the temporary restraining order.

CONTACT:  VARIG S.A. (Viacao Aerea Rio-Grandense)
          Avenida Almirante Silvio de Noronha, 365
          Rio de Janeiro, RJ 20021-010

          Attorneys for the Foreign Representative:
               1540 Broadway
               New York, New York 10036-4039
               (212) 858-1000 (Phone)
               (212) 858-1500 (Fax)
               Rick B. Antonoff (RBA-4158)

VARIG: Rubem Berta Chairman Exits Post
The chairman of Varig's controlling shareholder, the Rubem Berta
Foundation, has decided to quit his post, Dow Jones Newswires
reports. Mr. Ernesto Miguel Fazolin Zanata is leaving the post
for personal reasons.

However, reports suggest that Mr. Zanata is disappointed by the
new management team's failure to strike a deal with potential
investors, which would help settle the airline's debts.

On Monday, Portugal's state-owned airlines TAP pulled out of
talks with Brazilian airline Varig to purchase a 20% stake in
the struggling carrier.

Mr. Zanata will be replaced by Mr. Osvaldo Cesar Curi de Souza,
currently the foundation's deputy chairman.


MANQUEHUE NET: GTD Offers to Pay $25M for 100% Stake
Manquehue Net informed the securities regulator SVS that local
telecoms holding company GTD Teleductos made a CLP14.5-billion
(US$25 million) offer to acquire 100% of the Company, reports
Business News Americas. The offer, according to Manquehue, is
still subject to a due diligence process that should begin
within two weeks and last for 45 days. In the interim, GTD will
renegotiate Manquehue's US$85-million debt with the operator's

The two firms expect to be ready to sign the definitive
acquisition contract within 90 days from the time Manquehue
signs an agreement to discuss the sale. The Manquehue board has
agreed to sign such a document.

Adding the debt to the offer suggests GTD valued Manquehue at
US$110 million overall. Previous reports placed the sale price
at US$117 million, based on a calculation of US$32 million for
the assets and US$85 million for the Company's debt.

Manquehue is owned today by gas distribution firm Metrogas
(25.54%), US telecoms holding company Williams International
Telecom (23.52%), Capital Trust (19.14%), Chile's Rabat family
(19.13%) and Xycom Devel Chile (12.67%).


PAZ DEL RIO: Stock Rises on Merger Rumors
Colombian steelmaker Acerias Paz del Rio saw its stock rise 16%
to COP20.90 in the country's main stock index on Tuesday amid
speculation that international companies could be preparing a
bid to merge or acquire the Colombian company. Paz del Rio said
earlier this year that it wasn't up for sale but it is
considering a strategic alliance with an international group. At
the time, Paz del Rio acknowledged it had received visits from
France's Arcelor (5786.FR) and Argentina's Techint.

CONTACT: Acerias Paz Del Rio S.A.
         CARRERA 8A, N 13-31, PISOS 7-11
         4260 - Bogota
         Phone: +57 1 3411570
                +57 1 2823480


PETROECUADOR: Initiates Measures to Ensure Fuel Supplies
State oil company Petroecuador is extending fuel supply
contracts with Trafigura and Projector to guarantee fuel
supplies throughout the end of the year, reports Business News

Petroecuador needs to import 4.8 million barrels (Mb) of
gasoline and diesel to meet demand through December this year,
of which Trafigura and Projector will import 1.2Mb and the
remainder will be obtained through a tender.

Petroecuador's board is now preparing the bidding rules for the
tender and will call for bids this week.


* HAITI: IDB Approves $5M Loan
The Inter-American Development Bank announced Tuesday the
approval of a $5 million soft loan to Haiti to strengthen public
sector institutions in charge of revenue collection, budget
formulation and execution and government procurement.

"The goal is to reinforce Haiti's capacity to launch key reforms
to improve economic governance," said IDB project team leader
Roberto Camblor. "By improving the efficacy of its budget,
revenue and spending control systems, the Haitian government
will avoid losses and have more resources to invest in poverty

A more efficient and transparent management of public resources
will also encourage the international community to maintain its
support for Haiti's political, economic and social recovery,
Camblor added.

The new operation will build on the activities financed with
more than $27.5 million in loans and grants approved since late
2002 as part of the IDB strategy in Haiti to support public
finances reforms and help rebuild the government's management

Those programs and projects supported the formulation and
implementation of a new budget law with deadlines and rules for
preparing and publicizing the budget bill; a drastic reduction
of the use of discretionary accounts on the part of the public
sector; the shaping of strategic plans to modernize the customs
and tax bureaus and the establishment of an anti-corruption

The new operation, which has four components, was prepared in
close coordination with specialized agencies of donor countries
and multilateral institutions that support Haiti's Interim
Cooperation Framework, which covers priority sectors for
reconstruction and short- and medium-term development.

Revenues: two of the components are aimed at increasing public
sector revenues by strengthening Haiti's tax and customs
bureaus. They will finance analyses of both agencies' legal and
regulatory frameworks and the design of new structures; the
modernization of their information technology, training for
officials and agents and the fight against customs fraud and
other crimes.

Procurement: another component will strengthen procurement
management capabilities at the ministries of Public Works,
Agriculture, Education, Health and Justice. Among other
activities, it will support a reorganization of internal
procedures; training for staff involved in procurement
activities; the implementation of system to supervise contracts
and the establishment of a system to control the quality of
procured goods, services and civil works.

Financial management and controls: the coordination between the
Ministry of Economy and Finance and the five other ministries
will be strengthened, as well as their financial management and
controls systems. The use of an automated system of public
expenditure management will be extended to key government
agencies and staff will be trained to strengthen their
analytical skills.

The new loan is for 40 years, with a 10-year grace period and an
annual interest of 1 percent during the first decade and 2
percent thereafter. Local counterpart funds will total $45,000.

IDB support for Haiti

The IDB has the largest portfolio of loans in execution in
Haiti, with some $330 million to finance economic and social
development projects. Besides the public finances reforms, the
IDB is supporting programs in priority sectors such as
transportation, agriculture, health, basic education and job
training, water and sanitation, local development and small
productive projects across the country.

Other loans under preparation totaling around $250 million will
finance projects involving rural development, rural roads,
environmental management and flood warning systems, urban center
upgrading, access to credit for small and medium-size
enterprises and deepening economic governance reforms.

CONTACT: Inter-American Development Bank - IDB
         In Washington DC:
         1300 New York Avenue, NW
         Stop B-560
         Washington, DC 20577
         Fax: (202) 623-3810

         Santiago Real de Azua
         Chief, Press Section
         Tel. (202) 623-1371

         Peter Bate
         Press and Information Officer
         Responsible for: Mexico, Central America, the Dominican
                          Republic and Haiti
         Tel. (202) 623-2609


AIR JAMAICA: Vows to Resume St. Lucia Service by Year-end
Air Jamaica told St. Lucia's tourism stakeholders that it will
resume its operations in the country by year-end, according to a
report by Caribbean Media Corporation (CMC) news agency. The
airline company decided to suspend services to/from St. Lucia
earlier this year as part of its restructuring and cost cutting

Senior airline officials told local tourism stakeholders that
due to the current maintenance schedule, it was not possible for
Air Jamaica to return to St Lucia during the next few months but
any return would be in time for the winter season.

But while the Air Jamaica "Love Bird" services would be
suspended, the airline will still serve St Lucia, five flights a
week through its code share partner Delta Airlines, said Senior
Executive George de Mercardo.

"It's an Air Jamaica flight just as much as it is a Delta
flight, the only difference is that you do not have the pretty
aero plane coming here for the time being. It's a Delta
delivery, but nonetheless it's an Air Jamaica flight," he said.

He said Air Jamaica also enjoyed a joint fare agreement with
Caribbean Star Airlines via Barbados and Grenada, where persons
travelling to Jamaica and North American can make their

"So we are simply changing our method of operation. We are not
serving St Lucia at the moment but that does not mean that we
will not serve St Lucia in the future," Mr. de Mercardo told
local tourism officials over the weekend.

         Corporate Communications
         Tel: 876-922-3460 ext 4060-5


GRUPO IUSACELL: Escalating Share Price Goes Unexplained
Grupo Iusacell, S.A. de C.V. (NYSE: CEL) (BMV: CEL) announced
Monday that this company does not have knowledge of any relevant
event that has motivated an increase in the price of its shares
negotiated in the Mexican stock market (BMV) during the last few

Grupo Iusacell, S.A. de C.V. (Iusacell) (NYSE and BMV: CEL) is a
wireless cellular and PCS service provider in Mexico
encompassing a total of approximately 92 million POPs,
representing approximately 90% of the country's total

Independent of the negotiations towards the restructuring of its
debt, Iusacell reinforces its commitment with customers,
employees and suppliers and guarantees the highest quality
standards in its daily operations offering more and better voice
communication and data services through state-of-the-art
technology, such as its new 3G network, throughout all of the
regions in which it operates.

CONTACT: Grupo Iusacell, S.A. de C.V.
         Jose Luis Riera K.
         Chief Financial Officer
         Phone: 011-5255-5109-5927

         J.Victor Ferrer
         Finance Manager
         Phone: 011-5255-5109-5927



WILLBROS GROUP: Cohen, Milstein Files Class Action Lawsuit
The law firm of Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has
filed a lawsuit on behalf of its client and on behalf of other
similarly situated purchasers of the securities of Willbros
Group Inc. ("Willbros" or the Company") common stock between May
6, 2002, and May 16, 2005, inclusive (the "Class Period"), in
the United States District Court for the Southern District of

The Complaint charges Willbros and certain of its officers and
directors with violation of Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 (the "Exchange Act"). The
Complaint alleges that defendants omitted or misrepresented
material facts about the Company's financial condition, business
prospects, revenue expectations and internal controls during the
Class Period.

The Complaint alleges that the Company's International
operations were engaging in bribery and tax evasion, among other
things, and that the Company would have to restate its financial
statements for fiscal years 2002 to the present, as the Company
had materially overstated its financial condition by failing to
account for the bribes it was paying or the taxes it was
evading. In addition, it is alleged, that Willbros admitted that
it likely violated the Foreign Corrupt Practices Act "(FCPA"),
which prohibits bribery of foreign officials to obtain business.

It is contended that on May 16, 2005, Willbros revealed the true
extent of the problems at Willbros International. On that date,
the Company issued a press release announcing the completion of
its Audit Committee investigation into the activities of
defendant James K. Tillery and other employees and consultants
of Willbros International and its subsidiaries. The
investigation revealed, among other things, that: (1) Willbros
International was bribing foreign officials in order to obtain
business in at least Bolivia, Nigeria and Ecuador, which were
not being properly accounted for on the Company's financial
statements and exposed the Company to the risk of substantial
fines; (2) Willbros International was evading the payment of
taxes in various locales, thereby materially overstating the
Company's financial results and exposing the Company to
potential fines and penalties; (3) the Company was engaging in
substantial undisclosed related party transactions; and (4) the
Company's financial statements were not prepared in conformity
with Generally Accepted Accounting Principles ("GAAP") and were
materially false and misleading when issued. By restating
several years of the Company's financial statements, it is
alleged, Willbros admitted that its financial statements were
materially false and misleading when made.

Following this news, the price of Willbros stock fell $4.92 per
share or more than 30% to close at $11.00 per share, on
unusually heavy trading volume.

During the Class Period and prior to the announcement of the
serious problems plaguing Willbros, it is alleged that the
Company: (1) completed an offering of $70 million of its 2.75%
Convertible Senior Notes; (2) entered into an expanded credit
agreement for a new $150 million three-year senior secured
credit facility; and (3) enabled insiders to sell 462,354 shares
of their personally held Willbros common stock at inflated
prices reaping in more than $7 million in illicit proceeds.

If you are a member of the class, you may, no later than July
18, 2005, request that the Court appoint you as Lead Plaintiff
of the class. Any member of the purported class may move the
Court to serve as Lead Plaintiff through counsel of their choice
or may choose to remain an absent class member.

Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has significant
experience in prosecuting investor class actions and actions
involving securities fraud. The firm has offices in Washington,
D.C., New York, Philadelphia and Chicago, and is active in major
litigation pending in federal and state courts throughout the
nation. You may visit the firm's website at

The firm's reputation for excellence has been recognized on
repeated occasions by courts which have appointed the firm to
lead positions in complex multi-district or consolidated
litigation. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has taken
a lead role in numerous important cases on behalf of defrauded
investors, and has been responsible for a number of outstanding
recoveries which, in the aggregate, total in the billions of

If you have any questions about this notice or the action, or
with regard to your rights, contact either of the following:

CONTACT:  Steven J. Toll, Esq.
          Robert C. Smits
          1100 New York Avenue, N.W.
          West Tower, Suite 500
          Washington, D.C. 20005
          Telephone: (888) 240-0775 or (202) 408-4600
          Email: or

P U E R T O   R I C O

R&G FINANCIAL: Glancy Binkow Files Class Action Lawsuit
Notice is hereby given by Glancy Binkow & Goldberg LLP that a
Class Action lawsuit was filed in the United States District
Court for the Southern District of New York on behalf of a class
(the "Class") consisting of all persons or entities who
purchased or otherwise acquired securities of R&G Financial
Corporation ("R&G Financial" or the "Company") (NYSE:RGF),
between April 21, 2003 and April 25, 2005, inclusive (the "Class
Period"). All persons and institutions who purchased securities
of R&G Financial during the Class Period may move the Court not
later than June 27, 2005, to serve as lead plaintiff, however,
you must meet certain legal requirements.

The Complaint charges R&G Financial and certain of the Company's
executive officers with violations of federal securities laws.
Plaintiff claims defendants' omissions and material
misrepresentations during the Class Period artificially inflated
the Company's stock price, inflicting damages on investors. R&G
Financial is a diversified financial holding company with
operations in Puerto Rico and the United States providing
banking, mortgage banking, investments, consumer finance and
insurance through its wholly-owned subsidiaries. The Complaint
alleges that during the Class Period defendants made materially
false and misleading statements concerning the Company's
operations and financial performance. Unbeknownst to public
investors, the true facts, which defendants knew or recklessly
disregarded and failed to disclose to the investing public
during the Class Period, included: (a) that the Company was
using fraudulent accounting practices, including failing to
record impairment losses for the deterioration in the value of
residual interests retained, and materially overstated its net
income, net gain on mortgage loan sales and net capital; and (b)
that the Company was using ineffective risk-management and
hedging strategies against the increasing risk of rising
interest rates.

On April 25, 2005, defendants disclosed that the Company would
need to restate its earnings for the prior two-year period.
Specifically, R&G Financial disclosed that the Company's
financial reports from January 1, 2003 through December 31, 2004
would incur charges to reflect impairments of $90 million to
$150 million on retained residual interests. As a result of this
news, R&G Financial's stock price plummeted 35%, on unusually
high volume, falling $23.18 in one day.

The next day, April 26, 2005, the Company announced the
Securities and Exchange Commission had commenced an
investigation concerning the financial restatement announced by
R&G Financial the previous day, as well as the underlying issues
addressed in the Company's April 25 press release.

Plaintiff seeks to recover damages on behalf of Class members
and is represented by Glancy Binkow & Goldberg LLP, a law firm
with significant experience in prosecuting class actions, and
substantial expertise in actions involving corporate fraud.

If you are a member of the Class described above, you may move
the Court, not later than June 27, 2005, to serve as lead
plaintiff, however, you must meet certain legal requirements. 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:

CONTACT:  Michael Goldberg, Esquire,
          Glancy Binkow & Goldberg LLP
          1801 Avenue of the Stars, Suite 311
          Los Angeles, California 90067
          E-mail to


NBC: Three Potential Bidders Scrutinize Bank's Books
The government's plan to privatize state bank Nuevo Banco
Comercial (NBC) by the end of the year has attracted the
interest of three potential bidders, Business News Americas
reports, citing NBC president Julio Cesar Porteiro.

The bidders - American International Group (AIC), General
Electric Consumer Finance (GECF) and investment fund Advent
International - are now examining the books of NBC.

"The bank's situation is good, and although it suffers from the
inactivity that affects the whole system it still has a solid
portfolio and good paying clients," Mr. Porteiro said.

Fitch Uruguay recently upgraded its local and global ratings on
NBC to B+ and AA- from B and A+ respectively, and assigned a
stable outlook on the ratings.

The upgrades, according to Fitch, reflected NBC's good
performance considering that it was created from the liquidated
assets of three local banks, which may have carried financial
burdens due to the bank's prolonged inactivity.

NBC was created in March 2003 from the assets of local banks
Banco Comercial, Banco Montevideo and Banco Caja Obrera. The
three banks were intervened and suspended as a result of a run
on deposits during the country's 2002 financial crisis.

When it opened its doors, NBC had equity of US$150 million and
assets and liabilities worth US$825 million and US$699 million,

Fitch said it also took into account NBC's healthy liquidity and
capital, as well as its position within the Uruguayan financial

NBC currently ranks fourth in the country's financial system in
terms of assets and savings, and comes second in the private
sector. The company has 48 branches throughout Uruguay.


EDC: Announces Newly-Appointed Board Members
Power company L.A. Electricidad de Caracas (EDC), a local unit
of US company AES Corp (NYSE: AES), appointed new members to its
board for the 2005-2006 period during a recent stockholders
meeting, reports Business News Americas.

The new members are Amelia Crespo, Arminio Borjas, Steven Walsh
and Maritza Izaguirre.

AES acquired control of EDC in 2000, when it bought more than
80% of the Company's capital. EDC generates, transmits, and
distributes power to about a million clients in the greater
Caracas area.

At the end of March 2005, EDC's financial debt stood at US$610
million, lower than the US$780 million recorded in March 2004.

CONTACT: C.A. La Electricidad de Caracas
         Avenida Vollmer
         Caracas, Venezuela

         Scarlett Alvarez
         Directora: Relaciones con Inversionistas
         Tel: 0212 502-2950


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

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