TCRLA_Public/050803.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, August 3, 2005, Vol. 6, Issue 152

                            Headlines


A R G E N T I N A

BIRA S.R.L.: Enters Bankruptcy on Court Orders
CAPACITACION INFORMATICA: Liquidates Assets to Pay Debts
CENTRO EMPLEADOS: Court Rules for Liquidation
COMPANIA DE INVERSIONES: S&P Affirms `raD' Rating on $220M Bonds
CRESUD: Sells Cordoba Farm El Gualicho

EASA: Fitch Affirms `D(arg)' Rating on $200M Notes
EDENOR: $600M of Bonds Retain D(arg) Rating
EMBOTELLADORA TORASSO: To Propose Settlement Plan to Creditors
EUROMAYOR: $7.4M Bonds Remain at Default Level
GAS ARGENTINO: $130M of Bonds Retain `D(arg)' Rating

HIDROELECTRICA PIEDRA: Fitch Assigns `D(arg)' Rating to Bonds
IRSA: Reports 38.449018% Acquisition of Shares from Ecipsa
KEY ENERGY: Announces New Senior Credit Facility
MARISKOS S.A.: Enters Bankruptcy on Court Orders
SOLMEL S.R.L.: Court Grants Reorganization Plea

TIEMESMANN Y ARENHARDT: Trustee to Submit Individual Reports
TRANSPORTE AUTOMOTOR: Individual Reports Due Sep. 7
VICENTEX S.R.L.: Liquidates Assets to Pay Debts


B E R M U D A

B.C.M. HOLDINGS: Members Appoint Liquidator
CVI LIMITED: Robin J Mayor Named as Liquidator
EXPORTERS ASSET: Members Resolve to Wind-Up
EXPORTERS INSURANCE: Members Decide to Wind-Up Company
FIRST VIRGINIA: Morrison, Butterfield Appointed as Liquidators

FOSTER WHEELER: 2.6M Trust Preferred Securities Tendered
GLOBAL CROSSING: Grant & Eisenhofer's Issues Statement
LII LIMITED: Members to Hold Final General Meeting Aug. 31
MII LIMITED: Members Volunteer to Wind-Up Company
PVI LIMITED: Robin J Mayor Named as Liquidator

RMI LIMITED: Members Resolve to Wind-Up Company


B R A Z I L

BANCO BRADESCO: Proposal on Payment to Stockholders Gets Nod
BANCO BRADESCO: Bear Stearns Raises Recommendation to Outperform
BANCO DO BRASIL: Rating Reflects Exposure to Sovereign Risk
BANCO FIBRA: Increases Bond Issuance on Strong Demand
BANCO ITAU: Reports Net Income of R$2.5 Bln for 1H05

CELPE: Launches Sale of 5-Yr. Debentures Worth $173M
CESP: Has Until July 2006 to Pay Debts Owed to BNDES
NET SERVICOS: Gives Info on Planned Debentures Issuance
TELEMAR: Refutes Rumors About Electropaulo Deal


M E X I C O

BALLY TOTAL: Financial Reporting Covenant Default Waiver Expires
EMPRESAS ICA: Bear Stearns Cuts Recommendation
GRUPO IUSACELL: Creditor Talks on Restructuring Pact Continue


P E R U

SPCC: Pays off $680M Bank Debts


P U E R T O   R I C O

R&G FINANCIAL: Announces Quarterly Cash Dividend for 2Q05


V E N E Z U E L A

PDVSA: Appoints New E&P Manager for Eastern Unit
SINCOR: Venezuela Seeks Unpaid Royalties From Project
SIVENSA: Reports $54.3M Net Profit in FY 2005

     -  -  -  -  -  -  -  -

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

BIRA S.R.L.: Enters Bankruptcy on Court Orders
----------------------------------------------
Bira S.R.L. enters bankruptcy protection after Court No. 2 of
Salta's civil and commercial tribunal ordered the Company's
liquidation. The order effectively transfers control of the
Company's assets to a court-appointed trustee who will supervise
the liquidation proceedings.

Infobae reports that the court-selected trustee will be
verifying creditors' proofs of claim until the end of the
verification phase on Aug. 23, 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 Oct. 10, 2005 followed by the general report, which is due on
Nov. 24, 2005.

CONTACT: Bira S.R.L.
         Mitre 51
         Ciudad de Salta (Salta)


CAPACITACION INFORMATICA: Liquidates Assets to Pay Debts
--------------------------------------------------------
Buenos Aires-based Capacitacion Informatica Superior S.R.L. will
begin liquidating its assets following the pronouncement of the
city's Court No. 16 that the Company is bankrupt, reports
Infobae.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Raul Alberto Sena. The trustee will
verify creditors' proofs of claim until Sep. 28, 2005. The
validated claims will be presented in court as individual
reports on Nov. 14, 2005.

Mr. Sena 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 Feb. 1, 2006.

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

Clerk No. 32 assists the court with the proceedings.

CONTACT: Mr. Raul Alberto Sena, Trustee
         Bartolome Mitre 734
         Buenos Aires


CENTRO EMPLEADOS: Court Rules for Liquidation
---------------------------------------------
Mendoza's civil and commercial Court No. 3 ordered the
liquidation of Centro Empleados de Comercio de Rivadavia y Junin
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
Edgardo Mario Consolini, the court-appointed trustee.

Mr. Consolini will verify creditors' proofs of claim until Aug.
12, 2005. The verified claims will serve as basis for the
individual reports to be submitted in court on Sep. 27, 2005.
The submission of the general report follows on Nov. 7, 2005.

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

CONTACT: Centro Empleados de Comercio de Rivadavia y Junin
         Constitution 234
         Rivadavia (Mendoza)

         Mr. Edgardo Mario Consolini, Trustee
         9 de Julio 385
         San Martin (Mendoza)


COMPANIA DE INVERSIONES: S&P Affirms `raD' Rating on $220M Bonds
----------------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
maintained its `raD' rating on US$220 million worth of bonds
issued by Compania de Inversiones de Energia S.A. (CIESA).

The bonds, according to Argentina's securities regulator, the
National Securities Commission (CNV), are classified under
`Simple Issue' and are described as Obligaciones Negociables
autorizadas por AGE de fecha 13.12.96. The bonds matured on
April 22, 2002.

S&P gives an `raD' rating to financial obligations that are
currently in default. The ratings agency said that the same
rating may be issued if interest or principal payments are not
made on the due even if the applicable grace period has not
expired.

The ratings given were based on the Company's finances as of
March 31, 2005.


CRESUD: Sells Cordoba Farm El Gualicho
--------------------------------------
Cresud S.A.C.I.F. y A. reported the sale of its farm, El
Gualicho, in a letter addressed to the Comision Nacional de
Valores on July 28, 2005.

El Gualicho is located in the province of Cordoba, Republic of
Argentina. The transaction was for the total price of
US$5,727,083.

The farm has a surface of 5,727 hectares and 83.56 areas. It was
purchased by Mr. Hector Osvaldo Nicola, Mr. Miguel Angel Nicola
and Mr. Hugo Alberto Nicola.

CONTACT:  CRESUD S.A.C.I.F. Y A.
          Gabriel Blasi, CFO
          Phone: 011-54-11-4323-7449
          E-mail: finanzas@cresud.com.ar
          URL: http://www.cresud.com.ar


EASA: Fitch Affirms `D(arg)' Rating on $200M Notes
--------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. confirmed the
`D(arg)' rating assigned to US$200 million worth of Obligaciones
Negociables (ON) issued by Electricidad Argentina S.A. (EASA).

EASA struggles to meet debt obligations after local distributor
Edenor, upon which EASA derives its sole income, has seen its
ability to generate funds deteriorate due to the peso
devaluation over their debt nominated in dollars in view of the
pesification and tariff freeze.

EASA was founded in 1992 with the aim to acquire the majority
share capital of Edenor S.A. (51%). Edenor owns the concession
to supply electricity in the north area of Capital federal and
Greater Buenos Aires for a period of 95 years. Edenor is the
first electricity supplier company in Argentina with 2.27 M of
clients. EASA is controlled by EDF International (100%).


EDENOR: $600M of Bonds Retain D(arg) Rating
-------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. is maintaining its
'D(arg)' rating assigned to US$600 million of bonds issued by
power distributor Edenor, reports Business News Americas.

The rating reflects Edenor's inability to make good on its debt
obligations, which are in US dollars.

Edenor, which distributes electricity to parts of the capital
and the greater Buenos Aires region, posted net losses of
ARS89.9 million (US$30.8mn) in 2004. The Company has been
negatively affected by the devaluation of the peso in early 2002
and subsequent rates freeze.

Fitch believes Edenor is operating in an uncertain environment
that is pending renegotiations with the Argentine government.

Argentina's Dolphin Fund Management recently bought a 65% stake
in Edenor. France's state power company EDF holds a 25% share in
the company and Edenor employees hold the remaining 10%.

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


EMBOTELLADORA TORASSO: To Propose Settlement Plan to Creditors
--------------------------------------------------------------
Embotelladora Torasso S.A., a Tucuman-based company undergoing
reorganization, will propose a settlement plan to its creditors
on Nov. 17, 2005, Infobae reports. The said assembly is the
final stage of the reorganization process.

The court-appointed trustee submitted on April 29, 2005 the
general report which contain the Company's accounting and
business records, which the trustee himself audited, as well as
the summary of important events pertaining to the
reorganization.

The Company began the reorganization following the approval of
its petition by Court No. 4 of the city's civil and commercial
tribunal.


EUROMAYOR: $7.4M Bonds Remain at Default Level
----------------------------------------------
Over US$7.4 million worth of corporate bonds issued by Argentine
company Euromayor S.A. de Inversiones received 'D' ratings from
local ratings agency Evaluadora Latinoamericana S.A.
Calificadora de Riesgo. The rating was made based on the
company's financial status as of April 30, 2005.

The affected bonds include some US$3.078 million worth of bonds
called "Serie II Clase dolares", and about US$4.42 million of
"Serie II Clase pesos". Both set of bonds are classified under
"Series and/or Class", and matured in June 2003.

A 'D' rating is issued to bonds that are in default, said the
ratings agency.


GAS ARGENTINO: $130M of Bonds Retain `D(arg)' Rating
----------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. maintained its
`D(arg)' rating on US$130 Million of bonds issued by Gas
Argentino S.A..

Fitch said that the given rating is assigned to bonds that are
in payment default or whose obligor is seeking bankruptcy
protection.

The CNV described the bonds, which matured on June 30 2000, as
"Obligaciones negociables simples por U$S 130.000.000."

The rating action was based on the Company's financial status as
of September 30, 2004.

CONTACT: Gas Argentino S.A.
         Ruta 16 - km. 23,7
        (3505) - Puerto Tirol


HIDROELECTRICA PIEDRA: Fitch Assigns `D(arg)' Rating to Bonds
-------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. assigned a `D(arg)'
rating to various corporate bonds issued by Hidroelectrica
Piedra del Aguila S.A., the CNV reveals.

The rating affects:

- Class 1 bonds worth US$ 94.4 million due on Dec. 31, 2009;
- Class 2 bonds worth US$ 94.4 million due on July 29, 2005;
   and
- Class 3 bonds worth US$ 62.5 million due on Dec. 31, 200l

The rating was assigned based on the Company's financial
condition as of March 31, 2005. A 'D(arg)' rating is assigned to
issues with very low recovery potential.

HPDA is the largest private hydroelectric generator in
Argentina. The Company holds a concession until Dec. 29, 2023
from the Argentine government to operate its hydroelectric
facility and for the generation and sale of electricity. HPDA is
located approximately 1,200 km southwest of Buenos Aires on the
Limay River.


IRSA: Reports 38.449018% Acquisition of Shares from Ecipsa
----------------------------------------------------------
IRSA Inversiones y Representaciones Sociedad Anonima informed
the Comision Nacional de Valores of the acquisition from Ecipsa
Holding S.A. 38.449018% of the shares issued by the company
Canteras Natal Crespo S.A. These shares give the right to the
same percentage of votes. The total amount paid for the shares
was US$ 1,307,265.96.

Canteras Natal Crespo S.A. is a corporation registered in the
province of Cordoba which has as principal activity the
urbanization of own and third parties land, sell and purchase of
lots, quarry exploitation, real estate, and homes construction.

CONTACT: IRSA Inversiones y Representaciones S. A.
         Alejandro Elsztain, Director
         Gabriel Blasi, CFO
         Tel: +011-5411 4323-7449
         E-mail: finanzas@irsa.com.ar


KEY ENERGY: Announces New Senior Credit Facility
------------------------------------------------
Key Energy Services, Inc. (Pink Sheets: KEGS) announced Monday
that it has closed its new $547.25 million Senior Credit
Facilities which were arranged by Lehman Brothers Inc.  The
Senior Credit Facilities include a seven-year Delayed Draw $400
million Term Loan B Facility, a five-year $82.25 million
Synthetic Letter of Credit Facility and a five-year $65 million
Revolving Credit Facility (including a $25 million sub-limit for
additional letters of credit).

The new $65 million Revolving Credit Facility and the $82.25
million Letter of Credit Facility replace the Company's existing
$150 million Revolving Credit Facility.  Lehman Commercial Paper
Inc., an affiliate of Lehman Brothers Inc., will serve as the
administrative agent and collateral agent for the Facilities and
Wells Fargo Foothill, Inc. will serve as the administrative
agent for the Revolving Credit and Synthetic Letter of Credit
Facilities.  In connection with the termination of the Company's
existing Revolving Credit Facility, the Company will accelerate
approximately $327,000 of debt issuance costs in the third
quarter of 2005.  At present, the Company has no plans to make
any borrowings under the new $65 million Revolving Credit
Facility.

The $400 million seven-year Term Loan B Facility will be used to
refinance the Company's 6 3/8% Senior Notes due 2013 or its 8
3/8% Senior Notes due 2008, if necessary.  The pricing on the
Term Loan B facility will initially be LIBOR + 275 basis points.

Failure to provide audited financial statements will not create
a breach of the new Senior Credit Facilities until March 16,
2007, the date the Company's 10-K for the year ended December
31, 2006, would be due. The Company believes the new Facilities
provide ample time for the Company to complete the restatement
process.  The new Facilities provide for a 50 basis point
increase in interest rate on each of December 31, 2005, and June
3, 2006, if the Company is not current on its filings with the
SEC by those respective dates.

Total fees and expenses for the new Senior Credit Facilities
will depend on the amount of the Term Loan B facility which is
used by the Company and the timing of that use.  Fees and
expenses paid at closing of the Revolving Credit Facility and
Synthetic Letter of Credit Facility totaled approximately $7.2
million, of which approximately $2.1 million will be expensed in
the quarter ending September 30, 2005.

Commenting on the new credit facilities, Dick Alario, Chairman
and CEO, stated, "We are very pleased with the success of the
Senior Credit Facilities and the support we received from Lehman
Brothers and Wells Fargo Foothill.  In addition, we are
gratified that over 80 lenders and institutions made commitments
to the Facilities.  The Facilities permit the Company to
refinance both the 6 3/8% and 8 3/8% Notes, if and to the extent
necessary, as well as to meet our letter of credit needs and
provide a source of additional liquidity if we need it in the
future."

The Company's work on the restatement of its financial
statements for 2003 and prior periods is continuing, but it will
be unable to file its annual report for the fiscal year ended
December 31, 2003 with the Securities and Exchange Commission by
August 6, 2005.  As a result, the holders of the 6 3/8% Notes
and the 8 3/8% Notes will have the right to accelerate repayment
of the respective Notes after August 6, 2005.  The Company
expects to provide an update on the status of the restatement in
a conference call scheduled for August 18, 2005.  In addition,
the Company did not file annual and quarterly reports for the
2004 fiscal year by July 31, 2005, which constitutes a separate
default under the indentures for the 6 3/8% Notes and the 8 3/8%
Notes.

Key Energy Services, Inc. is the world's largest rig-based well
service company.  The Company provides oilfield services
including well servicing, contract drilling, pressure pumping,
fishing and rental tools and other oilfield services.  The
Company has operations in essentially all major onshore oil and
gas producing regions of the continental United States and
internationally in Argentina.

CONTACT:  KEY ENERGY SERVICES
          John Daniel
          (713) 651-4300


MARISKOS S.A.: Enters Bankruptcy on Court Orders
------------------------------------------------
Buenos Aires' civil and commercial Court No. 13 declared
Mariskos S.A. 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, Alcira Tallone.

As the trustee, Ms. Tallone is tasked with verifying the
authenticity of claims presented by the Company's creditors. The
verification phase is ongoing until Sep. 6, 2005.

Following claims verification, the trustee will submit the
individual reports based on the forwarded claims and a general
report on the Company's financial status and the summary of
events pertaining the reorganization.

Infobae reports that Clerk No. 26 assists the court on this
case, which will end with the disposal of the Company's assets
in favor of its creditors.

CONTACT: Ms. Alcira Tallone, Trustee
         Uruguay 662
         Buenos Aires


SOLMEL S.R.L.: Court Grants Reorganization Plea
-----------------------------------------------
Solmel S.R.L. successfully petitioned for reorganization after
Mendoza's civil and commercial Court No. 1 issued a resolution
opening the Company's insolvency proceedings.

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

Infobae relates that Laura Beatriz Ranzuglia will serve as
trustee during the course of the reorganization. The trustee
will be accepting creditors' proofs of claim for verification
until Nov. 22, 2005.

After verifications, the trustee will prepare the individual
reports and submit it in court on Feb. 3, 2006. She will also
present a general report for court review on March 20, 2006.

The Company will endorse the settlement proposal, drafted from
the submitted claims, for approval by the creditors during the
informative assembly scheduled on Aug. 28, 2006.

CONTACT: Ms. Laura Beatriz Ranzuglia, Trustee
         Mitre 535
         Ciudad de Mendoza (Mendoza)


TIEMESMANN Y ARENHARDT: Trustee to Submit Individual Reports
------------------------------------------------------------
Mr. Ernesto Jose Rolon, the trustee for the Tiemesmann y
Arenhardt Etce S.R.L. reorganization case, will submit on Sep.
7, 2005 the individual reports on the validated claims of the
Company's creditors as required by the Argentine court.

Infobae relates that Mr. Rolon had stopped verifying claims on
July 8, 2005. After the submission of the above-mentioned
reports, the trustee will then prepare the general report
pertaining to the reorganization. This report will be needed in
court on Oct. 21, 2005.

Eldorado's civil and commercial Court No. 1 has scheduled the
informative assembly on March 3, 2006.

CONTACT: Tiemesmann y Arenhardt Etce S.R.L.
         Avda. San Martin 3306
         Km. 11, Eldorado (Misiones)

         Mr. Ernesto Jose Rolon, Trustee
         Jose Hernandez 161
         Eldorado (Misiones)


TRANSPORTE AUTOMOTOR: Individual Reports Due Sep. 7
---------------------------------------------------
The individual reports for the Transporte Automotor de Pasajeros
El Practico S.R.L. reorganization is due on Sep. 7, 2005,
Infobae reports. These reports contain the creditors' forwarded
claims that underwent verification on and before July 8, 2005. A
general report will follow on Oct. 21, 2005.

Misiones' civil and commercial Court No. 1 has scheduled the
informative assembly on March 7, 2006. In this assembly, the
creditors will vote on the settlement plan proposed by the
Company.

The court, with the assistance of Clerk No. 1, issued a
resolution, granting the Company's petition for reorganization,
and appointed the accountant Antonia Cabral as trustee.

CONTACT: Transporte Automotor de Pasajeros El Practico S.R.L.
         Dos Hermanas s/n Zona Industrial Puerto Iguazu
         (Misiones)

         Ms. Antonia Cabral, Trustee
         Avda. San Martin 1547
         Eldorado (Misiones)


VICENTEX S.R.L.: Liquidates Assets to Pay Debts
-----------------------------------------------
Vicentex S.R.L. will begin liquidating its assets following the
pronouncement of the Buenos Aires' civil and commercial Court
No. 10 that the Company is bankrupt, Infobae reports.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Carlos Daniel Ayuso. The trustee
will verify creditors' proofs of claim until Sep. 19, 2005. The
validated claims will be presented in court as individual
reports on Oct. 31, 2005.

Mr. Ayuso 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 Dec. 13, 2005.

Clerk No. 19 assists the court the Company's case, which will
end with the disposal of the Company's assets in favor of its
creditors.

CONTACT: Mr. Carlos Daniel Ayuso, Trustee
         Tucuman 1455
         Buenos Aires



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

B.C.M. HOLDINGS: Members Appoint Liquidator
-------------------------------------------
           IN THE MATTER OF THE COMPANIES ACT 1981

                             And

            IN THE MATTER OF B.C.M. Holdings Ltd.

At the annual general meeting of the Members of the above-named
Company, duly convened and held St John's Road, Pembroke,
Bermuda on July 13, 2005, the following resolutions were passed:

1) The Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and
2) Mr. Doug Redmond be appointed for the purposes of such
winding-up, such appointment to be effective forthwith.

Creditors of B.C.M. Holdings Ltd., which is being voluntarily
wound up, are required, on or before the August 17, 2005, to
send their full Christian and Surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their lawyers (if any) to the appointed
liquidator and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

CONTACT: Mr. Doug Redmond, Liquidator
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX
         Bermuda


CVI LIMITED: Robin J Mayor Named as Liquidator
----------------------------------------------
         IN THE MATTER OF THE COMPANIES ACT 1981

                            And

              IN THE MATTER OF CVI Limited

The Members of CVI Limited, acting by written consent without a
meeting on July 12, 2005 passed the following resolutions:

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

2) THAT Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator informs that:

- Creditors of CVI Limited are required, on or before August
10, 2005 to send their full Christian and Surnames, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their lawyers (if any) to
the Liquidator of the said Company, and if so required by notice
in writing from the said Liquidator, and personally or by their
lawyers, to come in and prove their debts or claims at such time
and place as shall be specified in such notice, or in default
thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A final general meeting of the Members of the above named
Company will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
August 31, 2005 at 9:30 a.m., or as soon as possible thereafter,
for the purposes of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Robin J Mayor, Liquidator
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX
         Bermuda


EXPORTERS ASSET: Members Resolve to Wind-Up
-------------------------------------------
         IN THE MATTER OF THE COMPANIES ACT 1981

                           And

     IN THE MATTER OF Exporters Asset Management LTD.

The Members of the Company acting by written consent without a
meeting on, July 25, 2005 passed the following resolutions:

1) THAT the Company be wound up voluntarily; and

2) THAT Kehinde A. L. George, a partner of the firm of Attride-
Stirling & Woloniecki, be and is hereby appointed liquidator of
the Company.

The Liquidator informs that:

- Creditors of Exporters Asset Management LTD., which is being
voluntarily wound up, are required, on or before Friday, August
26, 2005 to send their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their attorneys (if any) to the
Liquidator, and if so required by notice in writing from the
Liquidator, and personally or by their attorneys, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice. In default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- Final General Meeting of the Members of the above-named
Company, will be held at the offices of Attride-Stirling &
Woloniecki, Crawford House, 4th Floor, 50 Cedar Avenue, Hamilton
HM 11, Bermuda on Friday, September 16, 2005 at 3:00 p.m., or as
soon as possible thereafter, for the purposes of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Kehinde A. L. George, Liquidator
         Attride-Stirling & Woloniecki
         Crawford House, 4th Floor
         50 Cedar Avenue, Hamilton HM 11
         Bermuda


EXPORTERS INSURANCE: Members Decide to Wind-Up Company
------------------------------------------------------
          IN THE MATTER OF THE COMPANIES ACT 1981

                          And

IN THE MATTER OF Exporters Insurance Company (Overseas) LTD.

The Members of Exporters Insurance Company (Overseas) LTD.
acting by written consent without a meeting on, July 25, 2005
passed the following resolutions:

1) THAT the Company be wound up voluntarily; and

2) THAT Kehinde A. L. George, a partner of the firm of Attride-
Stirling & Woloniecki, be and is hereby appointed liquidator of
the Company.

The Liquidator informs that:

- Creditors of Exporters Insurance Company (Overseas) LTD. are
required, on or before Friday, August 26, 2005 to send their
full names, their addresses and descriptions, full particulars
of their debts or claims, and the names and addresses of their
attorneys (if any) to the Liquidator of the said Company, and if
so required by notice in writing from the said Liquidator, and
personally or by their attorneys, to come in and prove their
debts or claims at such time and place as shall be specified in
such notice. Creditors who fail to submit the abovementioned
will be excluded from the benefit of any distribution made
before such debts are proved.

- Final General Meeting of the Members of Exporters Insurance
Company (Overseas) LTD. will be held at the offices of Attride-
Stirling & Woloniecki, Crawford House, 4th Floor, 50 Cedar
Avenue, Hamilton HM 11, Bermuda on Friday, September 16, 2005 at
3:00 p.m., or as soon as possible thereafter, for the purposes
of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.
Kehinde A. L. George
Liquidator

CONTACT: Mr. Kehinde A. L. George, Liquidator
         Attride-Stirling & Woloniecki
         Crawford House, 4th Floor
         50 Cedar Avenue, Hamilton HM 11
         Bermuda


FIRST VIRGINIA: Morrison, Butterfield Appointed as Liquidators
--------------------------------------------------------------
      IN THE SUPREME COURT OF BERMUDA COMPANIES (WINDING-UP)

                             And

             IN THE MATTER OF THE COMPANIES ACT 1981

                             And

  IN THE MATTER OF SECTIONS 33 AND 25 OF THE INSURANCE ACT 1978

                             And

         IN THE MATTER OF FIRST VIRGINIA REINSURANCE LTD.

                  ADVERTISEMENT OF APPOINTMENT

By order of the Supreme Court of Bermuda, dated 21st day of July
2005, Mr. Michael W. Morrison and Mr. Malcolm L. Butterfield
have been appointed liquidators of the above-named company
without a committee of inspection.

DATED: July 27, 2005
Cox Hallett Wilkinson
Milner House
18 Parliament Street
Hamilton HM 12
Attorneys for the Joint Provisional Liquidators


FOSTER WHEELER: 2.6M Trust Preferred Securities Tendered
--------------------------------------------------------
Foster Wheeler Ltd. (Nasdaq:FWLT) announced Monday that it has
accepted for payment all securities tendered in the exchange
offer for its Trust Preferred Securities. As of 5:00 p.m., New
York City time, on July 29, 2005, 2.6 million Trust Preferred
Securities had been tendered, constituting 91% of the Trust
Preferred Securities currently outstanding.

This exchange

- reduces consolidated debt by $64.8 million;

- reduces future annual interest expense by $8.7 million;

- improves net worth by $87.0 million;

- is expected to be accretive to 2005 and 2006 earnings per
share, excluding the one-time 2005 accounting charge discussed
below; and

- eliminates $25.9 million of deferred interest, which would
accrete to a cash payment of $38.5 million, due in January 2007.

The number of new common shares issued pursuant to this exchange
will be 5.6 million, bringing the total outstanding common
shares to 50.5 million. As of the July 29, 2005 closing price
for its common shares and after allowing for the issuance of the
shares in this exchange, the Company's equity market
capitalization is now in excess of $1.1 billion.

"I am very pleased with the results of this exchange offer,
which is another successful step in our ongoing strategy to
reduce leverage and therefore improve the relative competitive
and financial position of Foster Wheeler," said Raymond J.
Milchovich, chairman, president and chief executive officer.

In order to allow additional holders of the 9.00% Trust
Preferred Securities to participate in the exchange, Foster
Wheeler also announced the commencement of a subsequent offering
period. This period commences August 1, 2005 and will expire at
5:00 p.m., New York City time, on August 10, 2005. Holders
tendering securities during the subsequent offering period will
receive the same consideration as holders who tendered during
the initial offering period, that is, 2.16 common shares for
each Trust Preferred Security. Securities tendered during the
subsequent offering period may not be withdrawn.

The exchange will also result in one-time, non-cash, accounting
charge of approximately $40 million, which will be recorded in
the third quarter of 2005. The Company has incurred exchange-
related expenses of approximately $1.6 million, most of which
will be reflected in the Company's second quarter 2005 results.

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

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


GLOBAL CROSSING: Grant & Eisenhofer's Issues Statement
------------------------------------------------------
The following statement is being issued by the law firm of Grant
& Eisenhofer P.A. regarding the Global Crossing Ltd. Securities
Litigation.

  UNITED STATES DISTRICT COURT
  SOUTHERN DISTRICT OF NEW YORK

  IN RE GLOBAL CROSSING LTD.       Case No. 02 Civ. 910 (GEL)
  SECURITIES LITIGATION

               COURT-ORDERED LEGAL NOTICE

If You Bought Global Crossing Ltd. or Asia Global Crossing Ltd.
Securities Between February 1, 1999 and December 8, 2003 You
Could Get a Payment From a Partial Class Action Settlement

Para una notificacion en Espanol, llamar o visitar nuestro
website

A partial settlement has been preliminarily approved in a class
action lawsuit concerning the alleged fraudulent inflation of
the price of stock and bonds of Global Crossing Ltd. and Asia
Global Crossing Ltd. The settlement will provide approximately
$25 million to pay claims from investors who bought Global
Crossing and Asia Global Crossing securities between February 1,
1999 and December 8, 2003 (the "Class Period"). The Settling
Defendant is Arthur Andersen LLP ("Andersen"). Other parties
receiving releases pursuant to this settlement are: Mark Fagan,
Joseph F. Berardino, Thomas L. Elliott, Anthony J. Amoruso,
Scott Taub, Benjamin Neuhausen, Carl E. Bass, Amy Ripepi, John
Stewart, Dorsey L. Baskin, Jr., Gary Michael Crooch, Rick
Petersen, Thomas Hoey and Donald J. Weeks (collectively, with
Andersen, the "Andersen Defendants"), as well as Andersen
Worldwide S.C., en liquidation, and Arthur Andersen Asahi & Co.
(collectively, with the Andersen Defendants, the "Andersen
Releasees"). This is the third partial settlement in this
lawsuit. If you qualify and have not filed a claim in either of
the prior partial settlements and would like to submit one, you
may do so.

You may send in a claim form to get benefits, exclude yourself
from the settlement, or object to it. Please note that the net
proceeds of the various partial settlements are being aggregated
for purposes of distribution. Thus, if you believe your recovery
may not warrant the filing of a claim, you should still submit a
claim for this and any prior partial settlement. The United
States District Court for the Southern District of New York
authorized this Notice.

WHO IS INCLUDED?

You may be a Class Member and able to participate in the
settlement and prior settlements in this lawsuit if you bought
Global Crossing or Asia Global Crossing securities during the
Class Period. Current or former officers and directors of Global
Crossing or Asia Global Crossing and the Citigroup Defendants
are not Class Members. You may contact your broker to see if you
purchased or held Global Crossing or Asia Global Crossing
securities during the Class Period.

If you are not sure whether you are included in the settlement,
you can get more information, including a detailed Notice
concerning the settlement, at
http://www.globalcrossinglitigation.comor by calling toll free
1-866-808-3497.

WHAT IS THIS ABOUT?

The Plaintiffs in the securities litigation claim that the
Defendants violated federal securities laws and misled investors
by issuing false information about Global Crossing's and Asia
Global Crossing's revenues and financial performance. Because
some of the Defendants have agreed to settle and some have not,
this is a partial settlement. The Andersen Releasees deny they
did anything wrong. The Court has not ruled in favor of either
side. But both sides agreed to the settlement to ensure a
resolution and to provide benefits to Class Members.

WHAT DOES THE SETTLEMENT PROVIDE?

The settling parties agreed to the creation of a Settlement Fund
of approximately $25 million (less all taxes, approved costs,
fees and expenses) to be divided among all Class Members who
invested in Global Crossing or Asia Global Crossing securities
during the Class Period. To participate in the Settlement Fund,
Class Members must send in valid claim forms. A Settlement
Agreement, available at the website below, describes the details
of the proposed settlement. This is the third partial settlement
in this lawsuit. The prior two settlements have an approximate
total value of $320 million.

If you are a Class Member, your share of the Settlement Fund
will depend on the number of valid claim forms that Class
Members send in, how many Global Crossing or Asia Global
Crossing securities you bought, and when you bought and sold
them. Generally, if you bought more securities and have more Net
Recognized Losses (as explained in the Notice), you will get
more money. If you bought fewer securities and have fewer Net
Recognized Losses, you will get less. The approximate amount of
recovery per damaged share of Global Crossing common stock
solely considering this third partial settlement is $.005; the
amount per damaged share of Global Crossing preferred stock is
$.127; and the recovery per damaged Global Crossing note is
$.561. The approximate recovery per damaged Asia Global Crossing
share and note is $.005 and $2.748, respectively. Considering
the three partial settlements combined, the approximate amount
of recovery per damaged share of Global Crossing common stock
solely considering this third partial settlement is $.062; the
amount per damaged share of Global Crossing preferred stock is
$1.553; and the recovery per damaged Global Crossing note is
$6.841. The approximate recovery per damaged Asia Global
Crossing share and note is $.055 and $33.522, respectively. If
less than 100% of the Class Members in the Class sends in a
claim form, you could get a larger settlement payment. The
number of class action claimants who send in claim forms varies
widely from case to case.

As a consequence to the settlement, the settling parties will be
released from claims. For a complete description of the release,
you should review the Notice or Stipulation of Settlement
available at http://www.globalcrossinglitigation.comor by
calling toll free 1-866-808-3497. Generally and with some
exceptions, the settling parties will be released from each and
every Claim or Unknown Claim, whether arising under any federal,
state or foreign statutory or common law or rule, that has been,
could have been, or could be asserted against any of them (a) in
these actions or (b) in any other court, tribunal or other forum
of competent jurisdiction arising out of or related, directly or
indirectly, to (i) the purchase, sale, exchange, acquisition,
disposal, transfer or any other Investment Decision involving
Global Crossing Securities, during the Class Period, and (ii)
the purchase, sale, exchange, acquisition, disposal, transfer or
any other Investment Decision involving Global Crossing
Securities.

The Settlement is a partial settlement of the Action. As
explained below, the Action will continue as to other defendants
who are not part of this Settlement.

WHAT ATTORNEYS' FEES AND EXPENSES ARE BEING SOUGHT?

Lead Counsel intends to seek an award of attorneys' fees and
expenses for itself and other law firms representing the named
plaintiffs in the Action. Lead Counsel will seek no more than
$4.25 million in fees as is permitted under its agreement with
the Lead Plaintiffs (Public Employees' Retirement System of Ohio
and State Teachers' Retirement System of Ohio). The amount of
expenses the Lead Counsel intends to seek as part of the
Settlement will not exceed $500,000. The requested fees and
expenses solely considering this third partial settlement would
amount to an average of $.001 per share of damaged Global
Crossing common stock; $.026 per share of damaged Global
Crossing preferred stock; $.114 per damaged Global Crossing
note; $.0002 per damaged Asia Global Crossing share; and $.103
per damaged Asia Global Crossing note.

HOW DO YOU ASK FOR A PAYMENT?

The Notice and claim form package contain everything you need.
Just call or visit the website below to get one. Payments will
be made in the Action only to Class Members who qualify for
payment and who send in a claim form no later than January 5,
2006.

WHAT ARE YOUR OTHER OPTIONS?

If you do not want to be legally bound by the Settlement, you
must exclude yourself by September 27, 2005 or you will not be
able to maintain any claims against the Andersen Releasees.
However, if you exclude yourself from the Class, you will not be
able to get any benefits from the Settlement Fund.

If you are a Class Member who stays in the settlement, you may
object to it by September 27, 2005. The Notice explains how to
exclude yourself or object. This settlement does not affect
anyone's legal claims against the Defendants who are not part of
this Settlement.

The Court will hold a hearing on October 27, 2005 at 2 p.m. to
consider whether to approve the Settlement and whether to grant
the request by the lead lawyers representing the Class Members
for attorneys' fees and costs. You may ask to appear at the
hearing, but you do not have to. For more information or a
detailed description and explanation concerning these
settlements, call toll free 1-866-808-3497, visit the website
http://www.globalcrossinglitigation.com,or write to Global
Crossing, Ltd. Securities Litigation, Andersen Entities Partial
Settlement, c/o The Garden City Group, Inc., Claims
Administrator, P.O. Box 9000 #6152, Merrick, NY 11566-9000.

Further information regarding the Action and this Notice may be
obtained by contacting Plaintiffs' Lead Counsel:

    Jay W. Eisenhofer, Esq.
    Sidney S. Liebesman, Esq.
    Grant & Eisenhofer P.A.
    Chase Manhattan Centre
    1201 N. Market Street
    Wilmington, DE 19801
    Telephone:  (302) 622-7149
    Facsimile:  (302) 622-7100


LII LIMITED: Members to Hold Final General Meeting Aug. 31
----------------------------------------------------------
          IN THE MATTER OF THE COMPANIES ACT 1981

                             And

               IN THE MATTER OF LII Limited

The Members of LII Limited, acting by written consent without a
meeting on July 12, 2005 passed the following resolutions:

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

2) THAT Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator of LII Limited informs that:

- Creditors of the above-named Company, which is being
voluntarily wound up, are required, on or before August 10, 2005
to send their full Christian and Surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their lawyers (if any) to the Liquidator,
and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Members of the above named
Company will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
August 31, 2005 at 9:30 a.m., or as soon as possible thereafter,
for the purposes of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.
Dated: 27 July 2005

CONTACT: Mr. Robin J Mayor, Liquidator
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


MII LIMITED: Members Volunteer to Wind-Up Company
-------------------------------------------------
           IN THE MATTER OF THE COMPANIES ACT 1981

                            And

               IN THE MATTER OF MII Limited

            NOTICE OF APPOINTMENT OF LIQUIDATOR

The Members of MII Limited, acting by written consent without a
meeting on July 12, 2005 passed the following resolutions:

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

2) THAT Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator informs that:

- Creditors of MII Limited, which is being voluntarily wound
up, are required, on or before 10 August, 2005 to send their
full Christian and Surnames, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their lawyers (if any) to Robin J Mayor, the
Liquidator of the said Company, and if so required by notice in
writing from Mr. Mayor, and personally or by their lawyers, to
come in and prove their debts or claims at such time and place
as shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

- A final general meeting of the Members of the above named
Company will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
August 31, 2005 at 9:30 a.m., or as soon as possible thereafter,
for the purposes of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Robin J Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX,
         Bermuda


PVI LIMITED: Robin J Mayor Named as Liquidator
----------------------------------------------
        IN THE MATTER OF THE COMPANIES ACT 1981

                          And

            IN THE MATTER OF PVI Limited

The Members of the PVI Limited, acting by written consent
without a meeting on July 12, 2005 passed the following
resolutions:

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

2) THAT Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator informs that:

- Creditors of PVI Limited, which is being voluntarily wound
up, are required, on or before August 10, 2005 to send their
full Christian and Surnames, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their lawyers (if any) to the Liquidator of the
said Company, and if so required by notice in writing from the
said Liquidator, and personally or by their lawyers, to come in
and prove their debts or claims at such time and place as shall
be specified in such notice. Creditors who fail to submit will
be excluded from the benefit of any distribution made before
such debts are proved.

- A final general meeting of the Members of the above named
Company will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
August 31, 2005 at 9:30 a.m., or as soon as possible thereafter,
for the purposes of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Robin J Mayor, Liquidator
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX
         Bermuda


RMI LIMITED: Members Resolve to Wind-Up Company
-----------------------------------------------
           IN THE MATTER OF THE COMPANIES ACT 1981

                           And

               IN THE MATTER OF RMI Limited

The Members of the above-named Company, acting by written
consent without a meeting on July 12, 2005 passed the following
resolutions:

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

2) THAT Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator of the Company informs that:

- Creditors of RMI Limited are required, on or before August
10, 2005 to send their full Christian and Surnames, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their lawyers (if any) to
the Liquidator of the Company, and if so required by notice in
writing from the said Liquidator, and personally or by their
lawyers, to come in and prove their debts or claims at such time
and place as shall be specified in such notice. In default
thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A final general meeting of the Members of the above named
Company will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
August 31, 2005 at 9:30 a.m., or as soon as possible thereafter,
for the purposes of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Robin J Mayor, Liquidator
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX
         Bermuda



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

BANCO BRADESCO: Proposal on Payment to Stockholders Gets Nod
------------------------------------------------------------
The Board of Directors of Banco Bradesco approved in a meeting
held on Monday the proposal of the Board of Executive Officers
on the payment of the monthly interest on own capital to the
Company's stockholders.

The Company's Executive Vice President and Investor Relations
Director Jose Luiz Acar Pedro sent on Monday a letter to the
Securities and Exchange Commission saying:

The Board of Directors of this Bank, in a meeting held as of
today, approved the proposal submitted by the Board of Executive
Officers to pay to the Company's stockholders, pursuant to the
Corporate By-laws and legal provisions, of interest on own
capital related to the month of August/2005, in the amount of
R$0.057000 per common stock and R$0.062700 per preferred stock,
benefiting the stockholders registered in the Company's records
on this date (August 1, 2005).

The payment will be made on September 1, 2005, at the net amount
of R$0.048450 per common stock and R$0.053295 per preferred
stock, after deduction of Withholding Income Tax of fifteen
percent (15%), except for the legal entity stockholders that are
exempt from such taxation, which will receive for the declared
amount.

The respective Interests will be computed, net of Withholding
Income Tax, in the calculation of the mandatory dividends for
the year as provided in the Corporate By-Laws.

The Interests relating to the stocks under custody at CBLC -
Brazilian Company and Depository Corporation will be paid to
CBLC that will transfer to the stockholders through the
depository Brokers.

CONTACT: Banco Bradesco S.A.
         Predio Novo - 4 ANDAR
         Cidade de Deus
         S/N, Osasco
         Sao Paulo, 06029-900
         Brazil
         Phone: 55-11-3684-9229
         Web site: http://www.bradesco.com.br


BANCO BRADESCO: Bear Stearns Raises Recommendation to Outperform
----------------------------------------------------------------
Banco Bradesco SA's strong net interest margin expansion and
operating efficiency gains prompted Bear Stearns to upgrade the
bank to outperform from peer perform on Monday, says Dow Jones
Newswires. In addition, the investment house increased
Bradesco's American Depositary Receipts target price by 13% to
US$39.65 from US$35.09. Bear Stearns says Bradesco has the
fastest earnings growth of any of the Brazilian banks that it
follows.


BANCO DO BRASIL: Rating Reflects Exposure to Sovereign Risk
-----------------------------------------------------------
Rationale

The local currency rating on Banco do Brasil S.A. reflects the
direct exposure to sovereign credit risk in the form of
marketable securities; Standard & Poor's Ratings Services
assessment of high economic risks within the Brazilian banking
industry; and the still-weak intrinsic quality of the bank's
capital base (although this has been improving consistently). On
the positive side, the rating incorporates the firm commitment
and support demonstrated by the Federative Republic of Brazil;
the competitiveness by Banco do Brasil in private-sector-related
operations while keeping its public-sector mission; and the
bank's strong franchise and extensive branch network.

The ratings on Banco do Brasil incorporate the bank's higher-
than-average exposure to sovereign risk through its public-
sector securities portfolio and open market transactions.
Government securities accounted for approximately 4.7x Banco do
Brasil's equity in March 2005 and are expected to remain at
similar levels in the near term. This high level of government
securities is partly explained by the bank's past restructuring
processes whereby it received federal government securities
received as part of the negotiation.

Banco do Brasil's capital base remains a negative factor for the
rating, especially due to high tax credits in its asset base
equivalent to 53% of its equity in March 2005. The bank has been
successful in its efforts to reduce tax credits, and local
regulations have become stricter about the accounting of tax
credits. Our expectation is of further reductions in tax credits
throughout 2005. A positive feature is that Banco do Brasil has
been reporting adequate, consistent profitability during the
past five years, which has helped to increase the bank's capital
base through earnings retention. Banco do Brasil's regulatory
ratio of equity-to-risk-weighted assets has been in an upward
trend recently, having reached 15.6% in March 2005, which
remains higher than the minimum capital requirements of 11% in
the local market.

The Brazilian government's firm commitment to Banco do Brasil
and demonstrated support in recent years are major positive
factors in the ratings. Banco do Brasil is the largest bank in
Brazil, with ample access to relatively cheap and stable funding
through its extensive distribution network of approximately
3,600 branches. The bank's public-sector role involves promoting
banking access in remote areas of the country and servicing the
agricultural sector.

Banco do Brasil has been showing adequate asset quality, roughly
in line with that of its private-sector peers in the domestic
market. Following the latest restructuring in 2001, the bank has
been able to maintain its credit-quality ratios at good levels
for local standards, with the ratio of nonperforming loans
(credits classified from 'E' to 'H' as per local regulations)-
to-total loans at 5.1% in March 2005. Nonetheless, given the
volatile economic environment in Brazil, Banco do Brasil is
exposed to a potential worsening of its asset-quality ratios-a
common risk for all banks in the country.

Outlook

The ratings and outlook on Banco do Brasil's long-term corporate
credit rating mirror those of the Federative Republic of Brazil.
At current levels, both the foreign currency and local currency
credit ratings on the bank should move in tandem with those on
the sovereign.

Primary Credit Analyst: Daniel Araujo, Sao Paulo
(55) 11-5501-8939; daniel_araujo@standardandpoors.com

Secondary Credit Analyst: Tamara Berenholc, Sao Paulo
(55) 11-5501-8950; tamara_berenholc@standardandpoors.com


BANCO FIBRA: Increases Bond Issuance on Strong Demand
-----------------------------------------------------
Sao Paulo-based bank Banco Fibra completed Friday the issuance
of US$60 million in overseas bonds denominated in Brazilian
reals ($1=BRL2.38), reports Dow Jones Newswires.

The amount of bonds issued is US$10 million more than what the
bank had planned to raise when it opened the offer on Thursday
with Unibanco as coordinator. The 18-month bonds placed at an
annual yield of 17.95%.

Banco Fibra was created in 1987 by the family of Benjamin
Steinbruch, the chief executive of Brazil's flat-steel maker
Companhia Siderurgica Nacional (SID). The bank manages the
financial side of steel company Vicunha Siderurgica SA
(VINE5.BR), controlled by Steinbruch.


BANCO ITAU: Reports Net Income of R$2.5 Bln for 1H05
----------------------------------------------------
In this period, Itau (NYSE: ITU) maintained its differentiated
performance, and presented significant results that reflect the
continuous growth of its business.

MAIN HIGHLIGHTS FOR THE PERIOD:

- Consolidated net income for the first half of 2005 was
R$ 2,475 million, and annualized return was 35.6% on
consolidated stockholders' equity.

- Staff fixed compensation plus charges and benefits of 45,602
employees totaled R$ 1,553 million. Welfare benefits granted to
employees and their dependants totaled R$ 286 million. In
addition, Itau invested R$ 26 million in education, training,
and development programs.

- Itau paid or provided for its own taxes and contributions
related to the first half in the amount of R$ 2,992 million.

- Consolidated stockholders' equity of R$ 15,027 million, a
17.5% increase as compared to the first half of 2004, and
reference equity for operating limits calculation purposes,
reached R$ 20,219 million.

- The loan portfolio, including guarantees and sureties, grew
20.4% as compared to the first half of 2004, reaching R$ 58,647
million. Noteworthy is the 65.6% growth in credit to
individuals.

- Total own free funds increased 17.4% as compared to June
2004, totaling R$ 228,576 million. Note the 80.4% growth in time
deposits.

- Itau preferred shares appreciated by 62.9% in 12 months,
while the Bovespa index increased 25.8%. In this first half,
Itau preferred shares appreciated by 12.8%. The amount of
interest on own capital that was provided for and paid to
shareholders totaled R$ 697 million in the six-month period, at
the rate of R$ 6.20 per share.

- The total amount of technical provisions of insurance,
capitalization and pension plans reached R$ 12,506 million, an
increase of 34.9% as compared to the same period of 2004. The
premiums earned and the result of capitalization and pension
plans grew by 10.9% in relation to the first half of 2004.

- Itau was recognized as the Most Ethical and Best Managed
Large Bank in Latin America by Latin Finance Magazine/Management
& Excellence. It was also recognized as the Best Brazilian Bank
by Euromoney for the 8th time in a row.

- Moody's and Fitch Ratings, major international rating
agencies, raised Itau's Financial Strength by Moody's and
Individual by Fitch ratings. This increase reflects the strong
financial performance of the Bank, associated to improvements in
operating efficiency and consistent profitability. These ratings
render Itau as the best bank in this type of ratings in Brazil.

- For the fourth consecutive year, the Itau brand was
considered the most valuable brand of the country, according to
the British consulting company Interbrand. In this year, its
worth was estimated at US$ 1,342 million, representing an
increase of 11.7% in relation to 2004 (US$ 1,204 million).

- In order to reinforce its consumer credit activities, Itau
and Lojas Americanas S.A. (LASA) announced in February an
association that will operate exclusively to design and sell
financial products and services to LASA customers.

- In February, Itau Holding and Citigroup entered into a New
Agreement to manage the customer base and the 7.6 million credit
cards issued with the Credicard brand. During 2005, the company
management will be carried out jointly, and in the end of the
year the customer base, credit cards, assets and liabilities
will be fully transferred to both partners. This operation
reinforces Itau business growth strategy, as it creates products
and services to customers that do not hold bank accounts.

- In June, Itau created Itau's Corporate Liaison Office, whose
mission is to represent and defend customers, by transforming
problems into opportunities and ensuring that cases of customer
dissatisfaction are rapidly resolved. This initiative is a
result of Itau's commitment to providing quality services and
corporate social responsibility. In order to reinforce publicly
its commitment, Itau launched in July the campaign O Itau Quer
Ouvir Voce (Itau Wants to Hear Your Opinion), integrated to the
Bank's 60-year anniversary actions.

- Fundacao Itau Social investments exceeded R$ 8 milion in this
six month period. Itau Bank, through PIC Esperanca, transferred
over R$ 2 million to elementary education programs developed by
Unicef and Fundacao Itau Social. Noteworthy in this period was
the 6th edition of the Itau-Unicef Award and the launching of
the Itau Support to Entrepreneurs Award, which purpose is to
stimulate micro-credit and the realization of the first Social
Projects Economic Evaluation course.

- The investments in the activities of Instituto Itau Cultural
totaled R$ 10 million in this first half. Among the Institute's
activities we highlight the Visual Arts and Cultural and Art
Education of Itau Cultural's "Rumos" (Directions) program, which
promoted more than 30 meetings in many capitals of the country,
and the exhibition "O Corpo na Arte Contemporanea Brasileira"
(The Body in Brazilian Contemporary Art), which received over 70
thousand visitors.


CELPE: Launches Sale of 5-Yr. Debentures Worth $173M
----------------------------------------------------
Electric power distributor Companhia Energetica de Pernambuco SA
(Celpe) kicked off Monday the sale of five-year, non-convertible
debentures worth BRL430 million (US$173 million), reports
Business News Americas.

The debentures will pay an annual interest rate of 10.95%. Banco
Santander, Banco Real ABN Amro, HSBC, Itau BBA and Unibanco are
coordinating the operation.

Celpe is a subsidiary of Neoenergia SA, the Brazilian affiliate
of Spanish electric power utility Iberdrola SA (IBE.MC).

Celpe's sister company, power distributor Cosern, is also
planning to sell BRL400 million in local debt. Cosern, which
distributes power in the northeastern state of Rio Grande do
Norte, has scheduled a shareholders' meeting for August 8 to
vote on the debt issue.


CESP: Has Until July 2006 to Pay Debts Owed to BNDES
----------------------------------------------------
Brazil's National Development Bank (BNDES) has agreed to give
Sao Paulo state-controlled electric power utility Companhia
Energetica de Sao Paulo (CESP) a 15-month grace period to make
debt repayments, says Dow Jones Newswires.

The agreement, which was formalized on July 15, means CESP won't
have to repay any debts due to the bank between April 2005 and
July 2006.

"With the rescheduling of the payments due in July and October
2005 and January and April 2006, Cesp will postpone payment of
close to BRL540 million considering interest and principal,"
BNDES said in a statement.

At the beginning of this year, CESP, which owns six
hydroelectric power plants producing 7,455 megawatts of electric
power, had about US$3.8 billion of debts, of which $2 billion
was with Brazil's federal government.

As part of an effort to resolve CESP's debts, Sao Paulo state
will privatize its electric power transmission company,
Companhia de Transmissao de Energia Eletrica Paulista SA
(CTEEP). Proceeds would be used to pay down CESP's debts.

CONTACT:  Companhia Energetica De Sao Paulo (CESP)
          Rua da ConsolaO o, 1.875
          CEP 01301 -100 S o Paulo, Brazil
          Phone: +55-11-234-6322
          Fax: +55-11-287-0871
          Home Page: http://www.CESP.com.br/
          Contact:
          Mauro G. Jardim Arce, Chairman
          Ruy M. Altenfelder Silva, Vice Chairman
          Vicente Kazuhiro Okazaki, Finance Director


NET SERVICOS: Gives Info on Planned Debentures Issuance
-------------------------------------------------------
Brazilian pay television firm Net Servicos de Comunicacao SA
(NETC) has unveiled the details of the 5th debentures issuance
it has asked the Brazilian Securities Exchange (CVM) to register
late Friday.

Dow Jones Newswires reports that Net has registered plans to
sell non-convertible debentures worth a total of BRL650 million
($1=BRL2.38). The issue will be coordinated by Banco Itau BBA.

Net said earlier that the through this operation, the Company
aims to replace the current outstanding debt resulting in longer
maturity, foreign exchange risk elimination and removal of
certain existing obligations, which could limit its growth in a
more stable operational scenario.

CONTACT:  Net Servicos de Comunicacao S.A.
          Marcio Minoru
          Tel: +5511-2111-2811
          E-mail: minoru@netservicos.com.br

          Sandro Pina
          Tel: +5511-2111-2721
          E-mail: sandro.pina@netservicos.com.br


TELEMAR: Refutes Rumors About Electropaulo Deal
-----------------------------------------------
Executives at Telemar denied rumors that the telecoms operator
was lining up a deal with electricity company Electropaulo,
relates Business News Americas.

"We are not looking at Electropaulo," Telemar CFO Marcos
Grodetzky said. "When we bought Pegasus we acquired [its]
network in Sao Paulo and we don't need Electropaulo's capacity,"
he added.

Telemar executives also denied reports that the Company was
looking to acquire subscription cable TV company TVA, which is
expected to be sold by media group Abril.



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

BALLY TOTAL: Financial Reporting Covenant Default Waiver Expires
----------------------------------------------------------------
Bally Total Fitness Holding Corporation (NYSE: BFT) announced
Monday that the previously obtained waiver through July 31, 2005
of the financial reporting covenant default under the indentures
governing its 10-1/2% Senior Notes due 2011 (the "Senior Notes")
and 9-7/8% Senior Subordinated Notes due 2007 (the "Subordinated
Notes") has expired. Bally also announced that it has extended
the Consent Date (as defined in Bally's Consent Solicitation
Statements dated July 13, 2005) for holders of its Senior Notes
and Senior Subordinated Notes to consent to an extension of the
waivers to 5:00 p.m., New York City time, on August 5, 2005.

The Company continues to negotiate with several significant
holders of Senior Subordinated Notes to reach approval of the
consent.

The record date for determining noteholders eligible to submit
consents remains July 12, 2005. Noteholders who have previously
submitted Letters of Consent are not required to take any
further action in order to receive payment of the Initial
Consent Fee in the event the Requisite Consents are received and
the Initial Consent Fee becomes payable in accordance with the
terms of Bally's Consent Solicitation Statements. Noteholders
who have not yet consented are asked to submit the previously
distributed Letters of Consent in order to consent and receive
any consent fees that may be paid by the Company.

A condition to Bally's obligation to accept consents with
respect to a series of notes is that a requisite number of
consents are received with respect to the other series of notes.
Although the requisite consents have been delivered with respect
to the Senior Notes, holders of a majority in aggregate
principal amount of Senior Subordinated Notes have not delivered
consents. As of 5:00 p.m., New York City time, on July 29, 2005,
holders of: (i) $223,286,000 principal amount of the Company's
Senior Notes had delivered consents, representing approximately
95.02% of the outstanding Senior Notes; and (ii) $125,393,000
principal amount of the Company's Senior Subordinated Notes had
delivered consents, representing approximately 41.83% of the
outstanding Senior Subordinated Notes.

Although the failure to receive the requisite consents to the
waiver extension with respect to the Senior Subordinated Notes
results in defaults under the indentures, it does not result in
an "event of default" or acceleration without the delivery to
Bally of a default notice from the trustee or holders of at
least 25% in the aggregate principal amount of either series of
notes and the expiration of a 30-day cure period thereafter. If
the defaults were not cured or waived by the expiration of such
30-day period, an "event of default" would occur, and the
trustee or holders of 25% aggregate principal amount of either
the Senior Notes or Senior Subordinated Notes would have the
right to accelerate their respective notes at 100% of par value,
plus accrued and unpaid interest thereon. In addition, Bally's
$275 million secured credit agreement provides for a cross-
default 10 days after delivery of a default notice under either
of the indentures. As a result, delivery of a default notice
could result in acceleration of Bally's obligations under the
credit agreement and the indentures, causing over $700 million
of Bally's debt obligations to become immediately due and
payable.

Except as set forth herein, the terms of the Consent
Solicitations remain the same as set forth in the Consent
Solicitation Statements previously distributed to noteholders.

As previously announced, Bally has retained Deutsche Bank
Securities Inc. to serve as its solicitation agent and MacKenzie
Partners, Inc. to serve as the information agent and tabulation
agent for the consent solicitation. Questions concerning the
terms of the consent solicitation should be directed to Deutsche
Bank Securities Inc., 60 Wall Street, 2nd Floor, New York, New
York 10005, Attention: Christopher White. The solicitation agent
may be reached by telephone at (212) 250-6008. Requests for
documents may be directed to MacKenzie Partners, Inc., 105
Madison Avenue, New York, New York 10016, Attention: Jeanne Carr
or Simon Coope. The information agent and tabulation agent may
be reached by telephone at (212) 929-5500 (call collect) or
(800) 322-2885 (toll-free).

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

CONTACT: Bally Total Fitness
         Matt Messinger
         Phone: 773-864-6850
         URL: www.ballyfitness.com
                  or
         MWW Group
         Carreen Winters
         Phone: 201-507-9500


EMPRESAS ICA: Bear Stearns Cuts Recommendation
----------------------------------------------
Investment house Bear Stearns slashed its recommendation on
Mexican engineering and construction concern Empresas ICA SA
(ICA) to underperform from peer perform on Monday, saying the
currency share price seems unattractive despite a positive
growth outlook, reports Dow Jones Newswires.

"We remain on the sidelines for ICA until we get better
visibility on backlog/revenue growth needed to support future
earnings/stock performance," said Bear Stearns.

ICA should trade at a "meaningful" discount to its U.S.
competitors, Bear Stearns said, noting high project
concentration, lack of geographical diversification and the
relatively small scale of operations, among other factors.

The construction company recently had its debt rating placed on
review for a possible increase by Standard & Poor's. The rating
action came after ICA's shareholders approved a US$230-million
share sale, which S&P believed would improve the Company's
finances.

ICA's debt rating of B- is six levels below investment grade and
seven levels behind Mexico's sovereign rating of BBB.

CONTACT: Empresas ICA Sociedad Controladora S.A. de C.V.
         Col. Escandon Del Migual Hidalgo
         Mexico City, 11800
         Mexico
         Phone: 525-272-9991
         URL: http://www.ica.com.mx


GRUPO IUSACELL: Creditor Talks on Restructuring Pact Continue
-------------------------------------------------------------
Grupo Iusacell, S.A. de C.V. (NYSE: CEL; BMV: CEL) continues
negotiations with several of its creditors, seeking to obtain a
comprehensive restructuring agreement as soon as possible.

As reported in the Troubled Company Reporter on May 10, 2005,
the Company received a notice dated March 21, 2005, from The
Bank of New York, acting as trustee for the $350 million 14-1/4%
notes due December 2006, informing that, due to Grupo Iusacell's
non-payment of interest since June 1, 2003, an unspecified
percentage of noteholders have requested the acceleration of
principal and accrued interest on the notes.

                       Going Concern Doubt

Despacho Freyssinier Morin, S.C., completed its audit of Grupo
Iusacell, S.A. de C.V.'s financial statements as of Dec. 31,
2004. In their audit opinion, the auditors express substantial
doubt about the company's ability to continue as a going
concern. The auditors point to two items:

(A) The Company incurred in certain events of default related
     to its debt originally issued at long-term, which entitled
     the creditors with the right to request the immediate
     payment of the principal and interest; also, one subsidiary
     of the Company was sued before a New York Court.  Under
     these circumstances, the Company classified its debt,
     originally issued at long-term, as short-term liabilities,
     and as a result, current liabilities exceeded current
     assets by Ps.10,300.9 millions (constant Mexican pesos of
     Dec. 31, 2004); and

(B) The Company reported accumulated losses representing more
     than two thirds of its capital stock, which, in accordance
     with Mexican law is a cause of dissolution, and could be
     among the assumptions provided by the Concurso Mercantil
     Law in Mexico.

                       Events of Default

The Company has incurred in events of default under the
agreements and/or instruments governing the loans which conform
the Company's debt.  Such events relate, mainly, to the failure
in the payment of the principal and the corresponding interest,
to technical defaults and non compliance of financial ratios,
and to the change of control of the Company that occurred when
the former shareholders, Verizon Communications, Inc. (Verizon)
and Vodafone Group Plc. (Vodafone), sold the majority equity
shares to Movil Access, S.A. de C.V., as well as other defaults
detailed in such notes.  These defaults entitled the creditors
of most of the Company's debt to request the immediate payment
of principal and corresponding accessories, in accordance with
the executed agreements.  As a result of the above, and in
conformity with accounting principles generally accepted in
Mexico, long-term debt, as described has been classified as
short-term and, consequently, as of December 31, 2004, current
liabilities exceed current assets by Ps.11,068.6 million
approximately.

On Jan. 14, 2004, a group of holders of the Secured Senior Notes
Due 2004, issued by the Company's main subsidiary, filed a
lawsuit in a New York Court against that subsidiary, for the
immediate payment of principal and interest.

The Company has incurred accumulated losses as of December 31,
2004, which have originated the total loss of the Company's
capital stock, and a deficit in its stockholders' equity at that
date.  The loss of capital stock, in accordance with Mexican
General Corporate Law, is cause of a possible dissolution of the
Company; furthermore, the Company might be instituted in a
reorganization proceeding under the Concurso Mercantil Law in
Mexico.

These circumstances raise substantial doubt about the Company's
ability to continue as a going concern, which will depend, among
other factors, on its debt restructure and/or, as the case may
be, on obtaining or generating the additional resources
necessary to settle its obligations and to cover its operating
needs.

               Extraordinary meeting of Shareholders

The Extraordinary Shareholders' Meeting held on June 1, 2005
approved, by the vote of 96.70% of the Company's shares, the
termination of the American Depositary Receipts program that the
Company has in the United States, which ADRs are listed in the
New York Stock Exchange.

The New York Stock Exchange is expected to suspend trading of
the ADRs on or about Sept. 19, 2005, which is the date when the
ADR program will be terminated.  ADR holders then will have 60
days to exchange their ADRs for shares that are traded on the
BMV. Upon the expiration of the 60-day period, The Bank of New
York, which is acting as ADR depositary bank, will have the
right to sell the shares underlying the ADRs that were not
surrendered and distribute the proceeds of the sale to holders.

Grupo Iusacell, S.A. de C.V. (NYSE: CEL; BMV: CEL) is a wireless
cellular and PCS service provider in Mexico with a national
footprint. 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.

At June 30, 2005, Grupo Iusacell's balance sheet showed a Ps.
1.4 billion stockholders' deficit, compared to a Ps. 435.2
million deficit at June 30, 2004. (Troubled Company Reporter,
Tuesday, August 02, 2005, Vol. 9, Issue No. 181)

CONTACT: Grupo Iusacell, S.A. de C.V.
         Jose Luis Riera K.
         Chief Financial Officer
                   or
         J. Victor Ferrer
         Finance Manager
         E-mail: vferrer@iusacell.com.mx
         Phone: 5255-5109-5927
         URL: http://www.iusacell.com



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

SPCC: Pays off $680M Bank Debts
-------------------------------
Southern Peru Copper Corp. (SPCC), the Peruvian subsidiary of
mining interest Grupo Mexico SA, made a US$680-million debt
payment last week.

The payment consisted of US$200 million of bank debt owed by
SPCC and US$480 million owed by the Company's new Minera Mexico
(MM) subsidiary.

The debt repayment was funded by a bond issue carried out by
SPCC between July 20 and 27 this year. The bond issue consisted
of US$200 million of 6.375% notes due 2015 and US$600 million of
7.500% notes due 2035.

SPCC said it will use the remaining cash from the issue to
improve its debt profile.

CONTACT:  SOUTHERN PERU COPPER CORP.
          Avenida Caminos del Inca #171
          Chacarilla del Estanque
          Santiago de Surco
          Lima, 33
          Peru
          Website: http://www.southernperu.com
          Phone: +51-(0)1-372-1414
          Officers: Oscar Gonzalez Rocha, Pres.

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



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

R&G FINANCIAL: Announces Quarterly Cash Dividend for 2Q05
---------------------------------------------------------
R&G Financial Corporation (NYSE: RGF - News; the "Company")
announced today that its Board of Directors has declared the
Company's quarterly cash dividend for the quarter ended June 30,
2005, of $0.1260 per share ($0.5040 on an annualized basis) on
the Company's common stock, payable on September 22, 2005, to
stockholders of record as of the close of business on September
16, 2005.

The dividend payment for the quarter ended June 30, 2005,
represents the 35th consecutive quarterly dividend payment of
the Company.

The Company, currently in its 33rd year of operations, 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 R-G Premier Bank of Puerto Rico, a Puerto
Rico commercial bank; R-G Crown Bank, its Florida-based federal
savings bank; R&G Mortgage Corp., Puerto Rico's second largest
mortgage banker; Mortgage Store of Puerto Rico, Inc., a
subsidiary of R&G Mortgage; Continental Capital Corporation, R&G
Financial's New York and North Carolina based mortgage banking
subsidiary; R-G Investments Corporation, the Company's Puerto
Rico broker-dealer; and Home and Property Insurance Corporation,
its Puerto Rico insurance agency. The Company operates 33 bank
branches in Puerto Rico, 15 bank branches in the Orlando and
Tampa/St. Petersburg Florida markets, and 56 mortgage offices in
Puerto Rico, including 27 facilities located within R-G
Premier's banking branches.



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

PDVSA: Appoints New E&P Manager for Eastern Unit
------------------------------------------------
The eastern division of Venezuela's state oil firm PDVSA has a
new exploration and production (E&P) manager, reports Business
News Americas.

Mr. Isaac Doni has been appointed to replace Mr. Luis Pulido in
the post. Alberto Madail, manager for PDVSA's northern district,
said Doni will oversee a project to inject wells with water, a
method of secondary crude recovery for maturing oil wells.

PDVSA's eastern unit is the star performer of the three
exploration and production divisions, pumping 1.15 million
barrels a day (Mb/d), 13,000b/d barrels above the goal of
1.14Mb/d.

Energy and Oil Minister and PDVSA President Rafael Ramirez said
earlier that the Company was going to spend US$5.6 billion on
exploration and production this year, up from the US$5 billion
spent in 2004.

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: http://www.pdvsa.com.ve



SINCOR: Venezuela Seeks Unpaid Royalties From Project
-----------------------------------------------------
France's Total and Norway's Statoil, the partners of PDVSA in
the Sincor crude upgrading plant in Venezuela, acknowledged
Monday receipt of a letter from Caracas allegedly seeking unpaid
royalties from the project.

According to Dow Jones Newswires, the amount involved wasn't
revealed. However, a Total spokeswoman said the Ministry of
Energy and Petroleum was seeking almost double the amount of
royalties the project had already paid, from 16.6% to 30%, on
volumes that were allegedly produced in excess of contract
limits.

Statoil Chief Executive Helge Lund said that the partners were
reviewing the letter, adding that they had, and were continuing
to, "live up to the letter" of their contract with the
Venezuelan government.

Statoil said that the two partners were "jointly evaluating
actions to be taken." It added that "the exposure, if any,
cannot be determined at this time."

It is not yet known if the issue would stall a potential US$5
billion Sincor II project on the drawing board.

In June, people familiar with the situation said the project
wouldn't move forward until the tax issue was resolved.
Nevertheless, the Total spokeswoman said the Company was "still
interested in the project."


SIVENSA: Reports $54.3M Net Profit in FY 2005
----------------------------------------------
Siderurgica Venezolana Sivensa, S.A. reported consolidated sales
for the third quarter of fiscal year 2005, ending last June 30,
in the amount of US$242.6 million, compared to sales of US$143.4
million corresponding to the same quarter of the previous fiscal
year.1 The operating profit was US$55.6 million compared to
US$37.7 million operating profit during the period April-June
2004. The net profit was US$54.3 million, versus a net profit of
US$27.3 million recorded in the same period of the prior fiscal
year.

International Market:

Steel

In the steel international market a price reduction trend for
flat products was observed, as a result of inventory excess in
the final markets and a decrease in the European industrial
activity. Prices for long products, which have reportedly
experienced a decrease by mid 2004, have had a less sharp
reduction in prices since.

Metallics and Briquettes

The average reference price of the reduced iron briquettes
unloaded on barge in the port of New Orleans, United States of
America was US$276.0/MT during the quarter April-June 2005,
compared to US$295.0/MT in the immediately preceding quarter
(January-March 2005), and with US$271.7/MT in the same period of
the previous year (April-June 2004).

Towards the end of the quarter, metallic prices showed a
pronounced tendency to drop, mainly as a result of a decrease in
the European industrial activity and the high inventories of
scrap in the United States. During the month of July and to the
date of publication of this report, a slight price recovery has
been observed.

National Market:

In the domestic market, the sales volumes during the quarter
were similar to those of the previous quarter (January-March
2005). However, as of the month of June, a decrease in the
products demand for the manufacturing, construction and
infrastructure sectors was noticed. This situation continues to
the date of publication of this report.

ANALYSIS BY BUSINESS SECTORS

Steel Sector

Sidetur's sales during the quarter April-June 2005 were US$
103.8 million, 35% higher than those registered in the same
period of the previous fiscal year. The sales increase is mainly
due to the increase in the export volumes.

Wire Sector

Vicson wire and wire products sales during the quarter,
including the Proalco subsidiary, with operations in Colombia,
were US$36.0 million, 18% higher than those for the period
April-June 2004. Such increase was due to the growth in sales
volumes for both the domestic and the Colombian market, and to
the higher price in the international market compared to the
same quarter of fiscal year 2004.

Pre-reduced Sector

International Briquettes Holding reported sales for US$114.8
million during April-June 2005, compared to sales of US$34.0
million during the same period of 2004. The increase of sales is
mainly due to the consolidation of Orinoco Iron with IBH's
results.

Venprecar

Venprecar's production for the analyzed quarter was 155,256 MT,
which is compared to the production of 192,717 MT obtained in
the same period of fiscal year 2004. The production decrease was
due to the shutdown during the month of May for the annual
maintenance, equipment replacement and technological upgrading.
According to the program announced in prior reports, during the
May shutdown a device to improve the gas and mineral flow in the
reactor was installed. As a result of this modification, the
iron ore lumps proportion was elevated in the reactor feeding,
in relation to the pellets proportion. Given the pellets
shortage in the Guayana region, this change of proportions in
the mixture of Venprecar's raw material, has allowed the plant
to continue to produce without interruptions.

Orinoco Iron

The Orinoco Iron plant produced 353,834 MT during the period
April-June 2005, a volume 57% higher than that obtained in the
same period of the previous fiscal year. As a result of an
improved operating stability, the four production trains
obtained a higher daily average production and daily and monthly
production records were achieved.

As it was previously announced, the company has a project in
progress to control the size of the particles of the iron ore it
uses as raw material in the reduction process. The beginning of
operations of the screening system has been rescheduled for
September and the crushing system for November. In the last
months temporary screening and crushing equipment has been used,
which has resulted in a higher homogeneity to the mineral, which
has positively reflected in the reactors performance.

ORINOCO RIVER DRAFT PROBLEMS

As well as other exporter companies of Guayana, IBH has
expressed to the responsible authorities its concern over the
Orinoco River draft low level, due to the lack of dredging. Such
situation has caused that the draft be extremely low during the
rainy season, when it is usually high. In response to such
conditions, the vessels have started to limit the tonnage of
transported briquettes, thus affecting Venprecar and Orinoco
Iron exports.

ASPECTS RELATED TO THE ORINOCO IRON DEBT CONSOLIDATION

As in the previous quarter, it has been deemed necessary to
explain certain aspects related to the Orinoco Iron
consolidation in the IBH financial statements, and consequently
those of Sivensa, from November 5, 2004, when the settlement
agreement between IBH and BHP Billiton was executed. As it can
be seen in the balance sheet, certain items that deserve an
explanation for the analysis of the company's financial
situation have been recorded.

Under the assets there is an item of Restricted accounts
receivable for the execution of guaranties in an amount of
US$394.0 million3, which correspond to the amount of enforcement
of security over accounts receivable of Orinoco Iron and
Venprecar, which the banks have made as a result of the default
situation of Orinoco Iron under its financing agreement. In a
net indebtedness financial analysis of the company, such amount
shall be subtracted from the debt.

Under the liabilities it is noted: a) bank loans in process of
restructuring for US$365.8 million. Management continues
negotiating with the creditor banks of Orinoco Iron with a plan
for paying such amount on a long term schedule; b) loan of BHP
assigned to the creditor banks for US$399.2 million, which is
part of a settlement agreement with BHP Billiton and the present
negotiations; and c) under long term loans there are US$387.1
million of new loans obtained by Orinoco Iron and Venprecar,
valued on a conservative criterion that reflects the case of
application of the highest value of the various payment options
set for these loans The difference corresponds to Sivensa,
Sidetur and Vicson debts.

In addition, it is important to point out that within the terms
reached in the settlement agreement as a result of the formal
separation of BHP Billiton and IBH, which were announced on
November 4, 2004, it is established that an amount equivalent to
the Orinoco Iron debt with BHP Billiton, assigned to the banks,
may be neutralized in the future, subject to the compliance of
certain conditions. At the Shareholders' Extraordinary Meeting
of Orinoco Iron held on last May 24, a mechanism for such
neutralization was approved.

The settlement with BHP Billiton for termination of the
partnership with IBH, the merger of Venprecar and Orinoco Iron,
the restructuring of the commercial debt with Ferrominera
Orinoco and Edelca, and the approval of the neutralization
mechanism are the bases to reach a restructuring agreement of
the Orinoco Iron financial debt. The parties continue
progressing with their negotiations towards the restructuring.

AMENDMENT No. 6 OF SIDETUR AND SIVENSA FINANCING AGREEMENT

During the course of this quarter, Amendment No. 6 entered into
effect once the capital increase and the payment to Sidetur and
Sivensa creditor banks were completed. With such amendment
entering into effect the following benefits were obtained: the
extension of the maturity of the debt from September
2007 to December 2009; the cancellation of the obligation to
sell certain assets and investments; the release of some
covenants related to such operations' management; and a
favorable change to the expiration terms of the golden share
held by the creditor banks.

As part of Amendment No. 6, from April 1, 2005, US$30 million of
Tranche B (which currently is noninterest bearing) were
transferred to Tranche A (interest bearing). It is expected that
another US$20 million be transferred to Tranche A by way of
increases of US$5 million every six months commencing on October
1, 2005. In the same manner, the spread on the LIBOR rate for
Tranche A was increased from 3.5% to 4.5%, and the banking
shareholding percentage remained unaltered.

As part of Amendment No. 6, Sivensa carried on a capital
increase in an amount in Bolivars that converted into dollars of
the United States at the official exchange rate was
US$17,513,451.27. Such amount, which exceeded the minimum
established equivalent to US$15,000,000.00, was used to amortize
Sivensa and Sidetur's debt, which payment was made on June 30,
2005.

The Board of Directors, acting by delegation of the
Shareholders' Extraordinary Meeting held on April 15, 2005,
proceeded to increase the subscribed and paid-in capital in the
amount of Bs. 44,299,758,880, represented by 2,214,987,944 new
common shares with a par value of Bs. 20.00 each, of which
1,882,696,012 shares were fully subscribed and paid at their
nominal value by the company's shareholders who participated in
the Public Offering, and 332,291,932 shares were fully
subscribed and paid by the capitalization agreed upon in favor
of Sivensa and Sidetur creditor banks, pursuant to Amendment No.
6 of the debt restructuring agreement.

As a result thereof, the company's subscribed and paid-in
capital was increased to reach the amount of Bs.
114,894,857,120.00 represented by 5,744,742,856 shares of Bs. 20
each.

>From the last debt restructuring in May 2002, until this date,
US$88 millions have been amortized, of which US$41.4 were paid
in the reported quarter (April-June 2005). The balance of
Sivensa and Sidetur debt at June 30, 2005 is US$ 167.3 millions.
Siderurgica Venezolana Sivensa S.A. comprises three divisions:
Sidetur, engaged in the manufacture of steel products for the
manufacturing, construction and infrastructure industries;
International Briquettes Holding, IBH, which groups the plants
that produce iron briquettes that are used as high-quality raw
material in steel mills; and Vicson, which manufactures wires
and wire products for the manufacturing, construction,
agriculture and infrastructure sectors. The partners of Sivensa
are: in the Vicson division: Bekaert Corporation, and in the IBH
division: CVG Ferrominera Orinoco. Sivensa's labor force at
March 31, 2005 was 2,985 workers.

To see consolidated balance sheets:
http://bankrupt.com/misc/SIVENSA.htm

CONTACT:  International Briquettes Holding, IBH
          Filial de Siderorgica Venezolana SIVENSA S.A.
          Telephone: 58-212-707.62.80
          Telefax: 58-212-707.63.52
          E-mail: antonio.osorio@sivensa.com



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