TCRLA_Public/050805.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

            Friday, August 5, 2005, Vol. 6, Issue 154

                            Headlines


A R G E N T I N A

AGUAS PROVINCIALES: Govt. Snubs Request to Extend Deal Deadline
CADELA S.R.L.: Liquidates Assets to Pay Debts
CLINICA SANATORIO: Court Rules for Liquidation
COR-PEL S.R.L.: Court OKs Creditor's Bankruptcy Call
EDESUR: Reports 1H05 Net Losses of ARS20.5 Mln

FABRICA DE MUEBLES: Court Declares Company Bankrupt
HIJOS DE FRANCISCO: Reorganization Proceeds To Bankruptcy
KINGS COLLEGE: Liquidates Assets to Pay Debts
L.M. SISTEMAS: Concludes Reorganization
LA COSTA S.R.L.: Court Sets Deadline for Reports' Submission

MENCHINI HNOS: General Report to be Submitted Sep. 19
SECURITY CONSULTING: Seeks Court Approval to Reorganize
TELEFONICA DE ARGENTINA: ICSID Decision Awaits Final Rates Pact
TGS: Posts 2Q05 Net Profit of ARS63.8 Mln
TOP PRODUCCIONES: Court Declares Company Bankrupt

TROLECOR S.A.: Trustee to Submit Individual Reports
VINTAGE PETROLEUM: Discloses Results, Status of 2Q Activities


B E R M U D A

ANECO REINSURANCE: Scheme Creditors to Get Final Dividend
TRA INSURANCE: Liquidators Declare Dividend Payable to Creditors


B O L I V I A

AGUAS DEL ILLIMANI: Regulator Sees Audit Pact in the Offing


B R A Z I L

BRASKEM S.A.: Net Income Reaches $428M in 2Q05
NET SERVICOS: Reports $37.7M Net Income for 2Q05


E C U A D O R

PETROECUADOR: President Quits Post at Energy Minister's Behest


J A M A I C A

NCB JAMAICA: Ratings Constrained By Jamaica's Sovereign Ratings


M E X I C O

AXTEL: Revenue from Operations Reaches Ps.1.2 Bln in 2Q05
GRUPO MEXICO: Workers Plan Work Stoppage on Aug. 12
HYLSAMEX: To Make $143M Dividend Payment on Aug. 22
SANLUIS CORPORACION: Reports $159.0M Sales in 2Q05
SATMEX: To Ship Satmex 6 Back to U.S. Lab


P U E R T O   R I C O

CENTENNIAL COMMUNICATIONS: To Restate 3Q05 Financial Statements


T R I N I D A D   &   T O B A G O

BWIA: Expects More Flexibility After T&T Regains Cat. 1 Status


V E N E Z U E L A

CANTV: Shares Continue Downward Trend Following Court Ruling

     -  -  -  -  -  -  -  -                            

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

AGUAS PROVINCIALES: Govt. Snubs Request to Extend Deal Deadline
---------------------------------------------------------------
French firm Suez will have until August 15 to close a deal to
hand over Aguas Provinciales de Santa Fe to Fides Group, the
firm controlling local energy company Emgasud, according to
Business News Americas.

Suez had requested an extension of the handover deadline by a
month to conclude the fine print of the purchase-sale agreement
of its 77.5% majority shareholding in Aguas Provinciales.

The provincial government has said that the information provided
so far by Emgasud on its intended purchase of the water utility
is lacking in technical, financial and economic terms. It has
demanded a copy of the purchase-sale contract and the
presentation of guarantees.

Santa Fe Governor Jorge Obeid denied the French operator's
request to extend the handover deadline. The deadline for the
deal has already been extended once, as it was originally set
for July 30, but was moved to August 16.


CADELA S.R.L.: Liquidates Assets to Pay Debts
---------------------------------------------
Buenos Aires-based Cadela S.R.L. will begin liquidating its
assets following the pronouncement of the city's civil and
commercial Court No. 18 that the Company is bankrupt, reports
Infobae.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Bernardino Kopcow. The trustee will
verify creditors' proofs of claim until Oct. 26, 2005. The
validated claims will be presented in court as individual
reports.

Mr. Kopcow will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy.

Clerk No. 36 assists the court on this case, which will end with
the disposal of the Company's assets in favor of its creditors.

CONTACT: Cadela S.R.L.
         Presidente Peron 1547
         Buenos Aires

         Mr. Bernardino Kopcow, Trustee
         Lavalle 1527
         Buenos Aires


CLINICA SANATORIO: Court Rules for Liquidation
----------------------------------------------
Court No. 2 of Mendoza's civil and commercial tribunal ordered
the liquidation of Clinica Sanatorio Mitre S.R.L. after the
Company defaulted on its obligations, Infobae reveals. The
liquidation pronouncement will effectively place the Company's
affairs as well as its assets under the control of Silvia Irma
Bustos, the court-appointed trustee.

Ms. Bustos will verify creditors' proofs of claim until Aug. 25,
2005. The verified claims will serve as basis for the individual
reports to be submitted in court on Oct. 20, 2005. The
submission of the general report follows on March 14, 2006.

CONTACT: Ms. Silvia Irma Bustos, Trustee
         25 de Mayo 1054
         Ciudad de Mendoza (Mendoza)


COR-PEL S.R.L.: Court OKs Creditor's Bankruptcy Call
----------------------------------------------------
Cor-Pel S.R.L. entered bankruptcy after Court No. 5 of Buenos
Aires' civil and commercial tribunal approved a bankruptcy
motion filed by APS, reports La Nacion. The Company's failure to
pay $17,385.86 in debt prompted the creditor to file the
petition.

Working with the city's Clerk No. 10, the court assigned Mr.
Carlos Alberto Llorca as trustee for the bankruptcy process. The
trustee's duties include the authentication of the Company's
debts and the preparation of the individual and general reports.
Creditors are required to present their proofs of claim to the
trustee before Sep. 22, 2005.

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

CONTACT: Cor-Pel S.R.L.
         Zanartu 1461
         Buenos Aires

         Mr. Carlos Alberto Llorca, Trustee
         Carlos Pellegrini 385
         Buenos Aires


EDESUR: Reports 1H05 Net Losses of ARS20.5 Mln
----------------------------------------------
Electricity distributor Edesur saw its losses balloon to ARS20.5
million (US$7.16mn) in the first half of this year from ARS6.9
million in the same period in 2004, reports Business News
Americas.

Like other utilities, Edesur blames its losses on prices being
pesofied after the end of the one-to-one peg with the US dollar
three years ago.

The Company agreed in June to a renegotiation of its contract
with the government, which includes a 15% price hike for
industrial clients starting in November.

Controlled by Spanish power giant Endesa (NYSE: ELE), Edesur
distributes in the south of Buenos Aires city and part of Buenos
Aires province, serving over 6 million people.

CONTACT:  EDESUR S.A.
          San Jos, 140
          Buenos Aires
          Tel: 4383-0200
               4381-1313


FABRICA DE MUEBLES: Court Declares Company Bankrupt
---------------------------------------------------
Court No. 8 of Buenos Aires' civil and commercial tribunal
declared local company Fabrica de Muebles Saenz Pena S.R.L.
"Quiebra", relates La Nacion. The court approved the bankruptcy
petition filed by Mr. Eduardo Marino, whom the Company has debts
amounting to $1,824.54.

The Company will undergo the bankruptcy process with Juan Carlos
Acuaz as trustee. Creditors are required to present proof of
their claims to Mr. Acuaz for verification before Sep. 14, 2005.
Creditors who fail to submit the required documents by the said
date will not qualify for any post-liquidation distributions.

Clerk No. 15 assists the court on the case.

CONTACT: Fabrica de Muebles Saenz Pena S.R.L.
         Salvador Maria del Carril 4728
         Buenos Aires

         Mr. Juan Carlos Acuaz, Trustee
         Av. Cordoba 1522
         Buenos Aires


HIJOS DE FRANCISCO: Reorganization Proceeds To Bankruptcy
---------------------------------------------------------
The reorganization of Hijos de Francisco Muzzo S.R.L. has
progressed into bankruptcy. Argentine news source Infobae
relates that Rosario's Court No. 10 ruled that the Company is
"Quiebra Decretada".

The report adds that the court assigned a trustee, who will
verify creditors' proofs of claim and prepare the individual and
general reports.

The case will end with the liquidation of its assets to pay its
creditors.

CONTACT: Hijos de Francisco Muzzo S.R.L.
         Mercado de Productores de Rosario
         Calle San Nicolas y Galvez
         Rosario (Santa Fe)


KINGS COLLEGE: Liquidates Assets to Pay Debts
---------------------------------------------
Kings College S.R.L. will begin liquidating its assets following
the pronouncement of the city's civil and commercial Court No.
11 that the Company is bankrupt, Infobae reports.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Ricardo Oscar Garcia. The trustee
will verify creditors' proofs of claim until Oct. 6, 2005. The
validated claims will be presented in court as individual
reports on Nov. 18, 2005.

Mr. Garcia 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.

CONTACT: Mr. Ricardo Oscar Garcia, Trustee
         Lavalle 1206
         Buenos Aires


L.M. SISTEMAS: Concludes Reorganization
---------------------------------------
The reorganization of Buenos Aires-based L.M. Sistemas Luminicos
S.A. has ended. Data revealed by Infobae on its Web site
indicated that the process was concluded after Buenos Aires
civil and commercial Court No. 1, with assistance from Clerk No.
1, homologated the debt agreement signed between the Company and
its creditors.


LA COSTA S.R.L.: Court Sets Deadline for Reports' Submission
-------------------------------------------------------------
After authorizing La Costa S.R.L. to undergo a reorganization
process, Court No. 3 of Viedma's civil and commercial tribunal
ordered Carlos Isidoro Lauronce, the receiver, to submit
individual reports on Oct. 11, 2005.

The submission of the individual reports follows the
verification process, which ended on July 20, 2005. After
submitting the individual reports, the receiver will prepare the
general report and hand it to court on Dec. 12, 2005.

The informative assembly, which sets the last phase of a
reorganization process, will take place on May 10, 2006.

CONTACT: La Costa S.R.L.
         Mexico 298
         Viedma (Rio Negro)

         Mr. Carlos Isidoro Lauronce, Trustee
         BA Ayacucho 458
         Viedma (Rio Negro)


MENCHINI HNOS: General Report to be Submitted Sep. 19
-----------------------------------------------------
The submission of the general report on the Menchini Hnos S.A.
insolvency case will be on Sep. 19, 2005, to be followed by the
informative assembly on March 24, 2006, Infobae reports.

Court No. 4 of San Luis' civil and commercial tribunal declared
the Company bankrupt after it failed to pay its creditors. The
declaration has prohibited the Company from administering its
assets, control of which has been transferred to a court-
appointed trustee.

The case will end with the sale of the Company's assets.
Proceeds from the sale will be used to repay the Company's
debts.


SECURITY CONSULTING: Seeks Court Approval to Reorganize
-------------------------------------------------------
Security Consulting S.R.L., a company operating in Buenos Aires,
has requested reorganization after failing to pay its
liabilities, says Infobae.

The reorganization petition, once approved by the court, will
allow the Company to negotiate a settlement with its creditors
in order to avoid a straight liquidation.

The case is pending before the Court No. 25 of the city's civil
and commercial tribunal. Clerk No. 49, assists on this case.

CONTACT: Security Consulting S.R.L.
         Tres Sargentos 463
         Buenos Aires


TELEFONICA DE ARGENTINA: ICSID Decision Awaits Final Rates Pact
---------------------------------------------------------------
Madrid-based Telefonica SA (TEF) denied claims made recently by
Argentine government officials that the company has promised to
drop its US$2.8 billion arbitration claim against Argentina.

"We never said we would withdraw...what we have said is that we
have the best will possible to negotiate, as we've always had,"
La Nacion, in its Tuesday edition, quoted a person close to the
company as saying.

Telefonica, which directly and indirectly owns 98% of Telefonica
de Argentina S.A.'s shares, filed the claim in 2002 with the
International Center for the Settlement of Investment Disputes,
or ICSID. The company was seeking compensation for the Argentine
government's decision that year to convert rates into devalued
pesos and freeze them. Telefonica suspended the claim in
September 2004, but then reactivated the case in January.

Last month, the Argentine Planning Ministry said Telefonica
President Cesar Alierta told Minister Julio De Vido that the
company would drop the claim. But Telefonica said it is not
pulling its case until a final contract is reached.

This puts the telecom at odds with the government, which has set
withdrawal of ICSID arbitration as a prerequisite for getting a
new contract and an increase in frozen rates.

The Telefonica press officer confirmed a Wednesday report in
Ambito Financiero, which said the company will suspend its ICSID
claim when the government signs an agreement to dollarize rates
for incoming international calls. Telefonica will only fully
withdraw the suit when a full contract is reached, according to
Ambito Financiero.

CONTACT: Telefonica de Argentina S.A.
         Avenida Ingeniero Huergo 723
         Buenos Aires, Argentina
         Phone: 5411 4332-2066
         Web site: http://www.telefonica.com.ar


TGS: Posts 2Q05 Net Profit of ARS63.8 Mln
-----------------------------------------
Argentine natural gas pipeline operator Transportadora de Gas
del Sur (TGS) ended the second quarter of 2005 with a ARS63.8-
million net profit compared to a ARS52.6-million net loss.

According to Dow Jones Newswires, the Company attributed almost
80% of its profit to favorable foreign exchange effects.

TGS reported an 8.2% increase in the second quarter in sales and
administrative costs to ARS140.0 million. This rise was due in
part to higher NGL production costs resulting from higher prices
for raw materials.

Net financial expenses amounted to ARS28.2 million in the
quarter, down from ARS148.8 million a year earlier. This figure
would have been larger if it weren't for an ARS21.8 million gain
generated by an appreciation in the Argentine peso over the
period.

As in previous earnings reports, the pipeline operator was
mostly silent on the issue of contract renegotiations with the
government and future rate increases to ease the 3 1/2-year rate
freeze, repeating the line that the rate "renegotiating process
has been delayed with no significant progress."

The previous administration converted utility rates into
devalued pesos and froze them in 2002, and has allowed only
limited adjustments for the energy sector since then.

TGS's controlling shareholder is a holding company named
Compania de Inversiones de Energia S.A. (CIESA), which is in
turn controlled by Petrobras Energia SA (PC.BA) and subsidiaries
of Enron Corp. (ENRNQ). Petrobras Energia is a unit of Petroleo
Brasileiro SA (PBR), or Petrobras.

CONTACT: Buenos Aires
         Investor Relations
         Mr. Gonzalo Castro Olivera
         Finance & IR Manager
         E-mail: gonzalo_olivera@tgs.com.ar

         Ms. Maria Victoria Quade
         Investor Relations
         Ms. victoria_quade@tgs.com.ar
         Phone: (54-11) 4865-9077

         Media Relation
         Mr. Rafael Rodriguez Roda
         Phone: (54-11) 4865-9050 ext. 1238

         Mr. Kevin Kirkeby
         E-mail: kkirkeby@hfgcg.com
         Phone: (646) 284-9416


TOP PRODUCCIONES: Court Declares Company Bankrupt
-------------------------------------------------
Court No. 24 of Buenos Aires' civil and commercial tribunal
declared local company Top Producciones S.R.L. "Quiebra",
relates La Nacion. The court approved the bankruptcy petition
filed by BBVA Banco Frances, whom the Company has debts
amounting to $62,230.94.

The Company will undergo the bankruptcy process with Mr. Jorge
Cevallos as trustee. Creditors are required to present proofs of
their claim to Mr. Jorge Cevallos for verification before Oct.
24, 2005. Creditors who fail to submit the required documents by
the said date will not qualify for any post-liquidation
distributions.

Clerk No. 48 assists the court on the case.

CONTACT: Top Producciones S.R.L.
         25 de Mayo 244
         Buenos Aires

         Mr. Jorge Cevallos, Trustee
         Aguaribay 6736
         Buenos Aires


TROLECOR S.A.: Trustee to Submit Individual Reports
---------------------------------------------------
Ms. Maria Elena Sanchez de Franchin, the trustee of the Trolecor
S.A. bankruptcy case, had stopped accepting the claims of the
Company's creditors. She will then present the verified claims
of as individual reports on Aug. 16, 2005, Infobae reports. Ms.
de Franchin will also submit a general report on Nov. 14, 2005.
The individual and general reports are both required by the
Argentine bankruptcy law.

Cordoba's civil and commercial Court No. 3 declared Trolecor
S.A. bankrupt after the Company defaulted on its debt payments.
The case will end with the disposal of the Company's assets in
favor of its creditors.

CONTACT: Trolecor S.A.
         Avda. Sabattini 4316
         Ciudad de Cordoba (Cordoba)

         Ms. Maria Elena Sanchez de Franchin, Trustee
         Duarte Quiros 631
         Ciudad de Cordoba (Cordoba)


VINTAGE PETROLEUM: Discloses Results, Status of 2Q Activities
-------------------------------------------------------------
Vintage Petroleum, Inc. (NYSE:VPI) announced Wednesday the
results and status of its second quarter operational activities
and plans for the second half of 2005. In the three months
ending June 30, 2005, the company made capital investments
totaling $79.7 million, with $60.8 million going to a variety of
lower-risk exploitation projects, $12.9 million spent on
potentially higher-impact exploration programs in the United
States and Yemen and $6.0 million on domestic acquisitions. This
brings total capital expenditures for the first six months of
2005 to $144.0 million. The 2005 non-acquisition capital budget
has been raised 14 percent to $285 million as a result of
increased spending planned for exploitation in the United States
and Yemen, as well as domestic unconventional resource
exploration.

United States - Exploitation

Based on the company's success to date in domestic exploitation
activities and the opportunity to expand the drilling program in
several fields, Vintage has increased its 2005 domestic capital
spending budget for exploitation by $30 million to a total of
$70 million. Active drilling programs and workovers in the
Luling, Darst Creek and West Ranch fields in South Central Texas
continue, where nine wells were drilled and ten workovers were
completed during the second quarter. Work is currently underway
to drill an additional 18 wells and complete eight workovers.
Another eight workover projects are also under evaluation.
Activity in the second quarter of 2005 included the continuation
of an infill drilling program at the South Gilmer field of East
Texas, where two wells were successfully completed in the second
quarter with another well in progress. The expanded budget
includes two Gilmer wells for the second half, with another two
under evaluation for possible drilling in the future. At the
company's Main Pass 116 complex in the federal waters of the
Gulf of Mexico, three workovers were completed in the second
quarter, and the company is evaluating several additional
drilling prospects in the field.

At the end of the second quarter of 2005, the company had
returned to production virtually all of the estimated 6,100 net
BOE per day of production which had been temporarily shut-in due
to the mudslides experienced in California during January. The
company spent a total of approximately $5.7 million through June
30, 2005, to repair mudslide damage. Of this amount,
approximately $2.2 million was incurred during the second
quarter. The company estimates an additional $2.5 million will
be needed in the third quarter to finalize repairs to equipment
and roads providing permanent access to production facilities.

United States - Exploration

The focus of domestic exploration activity is split between
onshore unconventional gas resource plays and conventional
exploration targeting principally the Gulf Coast. The capital
budget for U.S. exploration has been reduced somewhat overall to
$60 million from $64 million with the allocation to
unconventional resources raised to $31 million, up 19 percent
from $26 million. The capital budget for U.S. conventional
exploration has been reduced to $29 million from $38 million
principally due to delays in planned drilling caused by the
difficulty in obtaining drilling rigs on a timely basis. The
budget allocated to the unconventional gas resource exploration
program targets the drilling of 13 wells, pending rig
availability, to test five separate play concepts during 2005,
an increase over the prior allocation to drill ten wells to test
four play concepts.

In one of these unconventional plays, located in the Palo Duro
Basin of Texas, the company has secured a substantial lease
position of approximately 145,000 net acres. Two exploratory
wells have been drilled and cored. The first well (Echols 2 #1)
was fracture stimulated in early July. Analysis of the core
samples from the second well drilled (Burleson 60 #1) is nearly
complete and frac design work is underway. Currently, the
company plans to fracture stimulate the Burleson well later in
the third quarter. Results of long-term production tests from
the Echols and Burleson wells will then be analyzed before
additional drilling is undertaken in the Palo Duro Basin.
Vintage owns working interests in this venture which range
between 65 and 75 percent.

To date, approximately 128,000 net acres have been acquired in
four additional, separate unconventional play concepts located
in other areas of the country with the intention of accumulating
additional acreage and drilling wells later in the year to test
each play concept. The company is currently securing a rig that
will allow drilling operations to commence during September on
the second play concept to be tested (shale play "A").

Twenty-nine million dollars has been allocated to conventional
exploration activities primarily targeting natural gas that can
be brought to production quickly. This reflects a $9 million
reduction in planned conventional exploration as Vintage has
adjusted or deferred participation in selected prospects for the
remainder of 2005 principally due to the tight rig market.

Vintage anticipates drilling four exploration wells to test
prospects primarily located in the onshore and offshore Texas
Gulf Coast. Two Miocene prospects were drilled at Matagorda
Island 639 and 640 during the second half of 2004 with both
encountering apparent pay sands. Vintage holds a 25 percent
working interest in this offshore Texas gas prospect and expects
these wells to be brought online with the completion of
production facilities in August. Vintage recently acquired an
additional lease covering 720 acres in the Nueces Bay on the
Texas Gulf Coast, where the company holds a 53 percent working
interest in a 1,000 acre prospect that is targeting gas in
underdeveloped Frio and Vicksburg sands. The drilling of two
wells on this prospect has been approved for the fourth quarter.

Other wells planned or underway include a prospect in the Texas
State waters of the Gulf of Mexico targeting gas in the deep
Marg Tex sands, and an exploration well updip to existing
productive sands near Lafayette, Louisiana. The company owns 20
percent and 25 percent interests, respectively, in these two
prospects. The company also owns a 15 percent interest in a
prospect in West Cameron 145, located in the federal waters of
offshore Louisiana, that targets Miocene age formations at
depths of approximately 12,000 to 15,000 feet. This well is
targeted to spud in the fourth quarter of 2005 or early 2006.

Argentina

The company's forecasted production growth in 2005 is supported
by an increase in Argentina capital spending of 23 percent over
2004 levels to $115 million, which targets the drilling of 110
wells. Second quarter activity included the drilling of 27
wells, with 15 in progress, and the completion of 21 workovers.
Currently there are six drilling rigs and ten workover rigs
active on the company's concessions in the San Jorge and Cuyo
Basins. Further, a portion of 2005 capital spending is budgeted
for the implementation of four waterflood projects which could
enhance production in 2006. Procurement and installation work
was initiated on three of these projects in the second quarter.

Second quarter activity continued to build on the company's
substantial existing inventory of more than 800 combined proved
undeveloped and probable and possible locations which provide
significant future production visibility. Based solely on
drilling a majority of this inventory, Vintage's Argentina
production is projected to rise at a compound annual rate of 10
percent over the next seven years, exclusive of acquisitions.
Furthermore, given the company's production growth and high
drilling success rate predicated upon its 3-D seismic surveys
over the past nine years, additional production locations are
likely to be generated as the existing inventory is drilled,
existing 3-D seismic is further evaluated and new 3-D seismic
surveys are conducted. Only about one-half of the company's more
than one million acres in Argentina have been surveyed using 3-D
seismic. With Argentina currently accounting for approximately
one-half of company production, Argentina's projected growth
provides strong support for total company volume growth.

Yemen

The 18-mile (28 km) permanent pipeline in Yemen was completed as
planned at the end of the second quarter, and it is currently
transporting approximately 8,800 gross barrels of oil per day
(4,600 net). Completion of the central processing facility at An
Nagyah is scheduled for the fourth quarter, however, key
portions of the facility are expected to be fully operational by
the end of the third quarter. Daily production is expected to
increase to 10,000 gross barrels of oil (5,200 barrels net) by
mid-third quarter.

The company increased its 2005 exploitation budget by $7 million
to accommodate additional development drilling in the field. The
An Nagyah #16 horizontal well is currently drilling, and the
company plans to drill the An Nagyah #17 to test and develop a
potential northwest extension of the Lam reservoir immediately
thereafter. The An Nagyah #18, another horizontal well targeting
the Lam formation, is planned to follow in the fourth quarter.
All of these wells, including the An Nagyah #15 drilled earlier
this year, are horizontal wells located and designed to optimize
recovery of oil from the An Nagyah field.

International Exploration

Approximately $8 million has been allocated to international
exploration in 2005, with the majority dedicated to the
exploration program in the company's Block S-1 in Yemen. An
exploration well on the company's Wadi Markhah prospect was
drilled and partially tested during the second quarter. The
primary objective resulted in non-commercial shows, but a
shallower prospective zone remains to be tested. The well is
suspended until a workover rig can be secured for additional
evaluation of this shallow zone. Also in Yemen, the company
installed two pumping units and began a long-term test during
the second quarter to assess the economic feasibility for
further development of the shallow reservoirs at its Harmel
discovery.

Vintage Petroleum, Inc. is an independent energy company engaged
in the acquisition, exploitation and exploration of oil and gas
properties and the marketing of natural gas and crude oil.
Company headquarters are in Tulsa, Oklahoma, and its common
shares are traded on the New York Stock Exchange under the
symbol VPI.

CONTACT: Vintage Petroleum, Inc.
         Tulsa Robert E. Phaneuf
         Tel: 918-592-0101
         Web site: http://www.vintagepetroleum.com



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B E R M U D A
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ANECO REINSURANCE: Scheme Creditors to Get Final Dividend
---------------------------------------------------------
IN THE MATTER OF SECTION 99 OF THE COMPANIES ACT 1981

                          And

IN THE MATTER OF Aneco Reinsurance Underwriting Limited- in
Liquidation

The Liquidators of Aneco Reinsurance Underwriting Limited - in
Liquidation have declared a Second and Final Dividend payable to
Scheme Creditors, whose claims have been agreed, pursuant to the
Scheme of Arrangement that became effective on June, 2002.

The final dividend cheques will be dispatched to Scheme
Creditors during August 2005.

Any enquiries regarding the above should be addressed to the
Joint Liquidators.

CONTACT: The Joint Liquidators
         Aneco Reinsurance Underwriting Limited - in Liquidation
         PricewaterhouseCoopers
         PO Box HM 1171
         Hamilton
         Bermuda
         HM EX
         Phone: 441-295-2000
         Fax: 441-295-1242


TRA INSURANCE: Liquidators Declare Dividend Payable to Creditors
----------------------------------------------------------------
  IN THE SUPREME COURT OF BERMUDA COMPANIES (WINDING-UP)

                            And

          IN THE MATTER OF THE COMPANIES ACT 1981

                            And

IN THE MATTER OF TRA Insurance Company Limited - in Liquidation

(Under an Order for Winding-Up the above-named Company, dated
29th September, 2000)

                       NOTICE OF DIVIDEND

The Liquidators of TRA Insurance Company Limited - in
Liquidation have declared a First and Final Dividend payable to
Creditors whose claims have been agreed in accordance with the
Notice to Creditors to Submit Claims dated May 31, 2005.

The final dividend cheques will be dispatched to Creditors
during August 2005.

Any enquiries regarding the above should be addressed to the
Joint Liquidators.

CONTACT: Joint Liquidator
         TRA Insurance Company Limited - in Liquidation          
         PricewaterhouseCoopers
         P.O. Box HM 1171
         Hamilton
         HMEX
         Bermuda
         Phone: 441-295-2000
         Fax 441-295-1242.



=============
B O L I V I A
=============

AGUAS DEL ILLIMANI: Regulator Sees Audit Pact in the Offing
-----------------------------------------------------------
Bolivia's government and outgoing water concessionaire Aguas del
Illimani (AISA) may reach a pact soon over the terms of an audit
of the Company, Business News Americas reports, citing Alvaro
Camacho, director of the country's water regulator Sisab.

"Due to the amount of public pressure pushing for a solution,
Sisab is recommending the government try hard to get a deal on
the issue," Camacho said

Residents groups have threatened to lodge street protests if
AISA is not relieved of its concession as promised by interim
President Eduardo Rodriguez last month.

"The neighborhood protest groups are in a weak position because
they realize investment is needed to extend water services. But
in these situations you never know what can happen," Camacho
said. "In the long term it all really hangs on the outcome of
the audit - the terms of which the public services ministry is
negotiating now," he added.

A three-man transition team will be appointed to audit AISA's
books and inspect the condition of the potable water and
sanitation infrastructure and service to determine levels of
investment.

The government wants the audit to cover the whole period of the
concession because it is important to establish the source of
funds used in infrastructure investment to ensure they did not
come from water charges revenues. But AISA has been resisting
the probe claiming that the period 1997-2001 has already been
covered by a previous audit.

AISA, a subsidiary of French energy group Suez, is in handover
talks with Sisab and basic services ministry (VSB) officials
after the government rescinded its 30-year concession after
residents protested over Aisa's supposed poor service.

The World Bank (WB) will provide assistance in the process to
turn the concessionaire back over to the state, according to WB
regional director Marcelo Giugale.



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

BRASKEM S.A.: Net Income Reaches $428M in 2Q05
----------------------------------------------
Braskem S.A. (NYSE: BAK) (Bovespa: BRKM5) (Latibex: XBRK),
leader in the thermoplastic resins segment in Latin America and
one of the largest Brazilian privately- owned industrial
companies, announced Wednesday its results for the second
quarter (2Q05) and first half (1H05) of 2005.

HIGHLIGHTS

- Braskem maintained high production volumes in the second
quarter of 2005 as a result of investments in production
capacity increases implemented since 2004 along with high asset
utilization rates due to higher levels of operating efficiency
and reliability.

- Polypropylene production exhibited considerable growth of 28%
in 1H05 compared to 1H04. Also, PP production increased by 19%
in 1Q05.

- Total sales volume of thermoplastic resins (PE, PP and PVC)
grew by 7% in 1H05. In 2Q05, sales grew by 2% over 2Q04.

- Braskem achieved record results in the export market in 1H05.
Net export revenue reached US$509 million, a 44% increase
compared to the US$353 million recorded during the same period
in 2004.

- Braskem posted a 22% increase in its 1H05 net revenue, which
reached R$ 6 billion.

- Braskem's EBITDA reached R$1.3 billion in 1H05, a 10%
increase compared to EBITDA of R$1.1 billion recorded in the
same period of 2004. When expressed in dollars, EBITDA reached
US$489 million, representing a 27% increase over 1H04. During
the 2Q05, EBITDA expressed in U.S. dollars was 11% lower than
during the same period in 2004. Nevertheless, the ratio of
EBITDA to net income remained approximately at 20%, the highest
in the international petrochemical sector, according to
Braskem's own research.

- Braskem successfully completed three important debt offerings
in 2Q05 at very competitive costs: US$150 million in 10-year
bonds, US$150 million in perpetual bonds and R$ 300 million in
5-year debentures. These new funds enabled a substantial
reduction in the cost of capital and an extension of the average
debt maturity from 3.2 years on March 31, 2005, to over 9 years
by the end of 2Q05.

- When denominated in U.S. dollars, Braskem's net debt
decreased by 16%, from US$1.5 billion to US$ 1.2 billion.
Braskem's level of financial leverage, measured by the Net Debt/
EBITDA ratio, decreased by 29% during the same period, from 1.52
on December 31, 2004, to 1.27 on March 31, 2005, and finally to
1.08 on June 30, 2005.

- Braskem has made significant progress in its operational
excellence program called "Braskem +". Since the implementation
of the program in 2004, the Company has captured R$ 192 million
in productivity gains, on an annual and recurring basis.

- In June, in accordance with its value creation agenda,
Braskem announced two important expansion projects: a joint
venture with Petroquisa, in Paulinia (Sao Paulo state) to build
a 350,000 ton polypropylene plant and the result of a Memorandum
of Understanding executed in February 2005 with Pequiven for the
construction of a 400,000 ton polyethylene (PE) plant in
Venezuela.

- Braskem's net income reached R$428 million in 2Q05,
corresponding to a R$730 million reversal in relation to the
R$302 million loss recorded during the same period in 2004. In
1H05, net income was R$634 million, representing an increase of
over R$900 million when compared to 1H04.

CONTACT: Braskem S.A.         
         Investor Relations
         Jose Marcos Treiger
         Phone: 011-55-11-3443-9529
                     or
         E-mail: jm.treiger@braskem.com.br
                     or
         Luiz Henrique Valverde
         Phone: 011-55-11-3443-9744
                     or
         E-mail: luiz.valverde@braskem.com.br
                     or
         Luciana Ferreira
         Phone: 011-55-11-3443-9178
                     or
         E-mail: luciana.ferreira@braskem.com.br
         URL: http://www.braskem.com.br


NET SERVICOS: Reports $37.7M Net Income for 2Q05
------------------------------------------------
Net Servicos de Comunicacao S.A. (Nasdaq: NETC) (Bovespa: NETC4
and NETC3) (Latibex: XNET), the largest Pay-TV multi-service
operator in Latin America, and an important provider of bi-
directional broadband Internet access (Virtua), announced
Wednesday its 2Q05 financial results. The following financial
and operating information, except where otherwise stated, is
presented in U.S. GAAP on a consolidated basis.

Net Revenue ended the quarter at US$155.5 million, a 39.4%
growth in comparison to the US$111.6 million recorded in 2Q04.
Subscriber base increase, in both Pay-TV and broadband segments,
in addition to the increase in PPV revenues generated the
positive top line result.

Consolidated EBITDA totaled US$47.2 million, up by 62.4% in
comparison to the US$29.0 million recorded in 2Q04.

Operating Income continues its growth trend, ending 2Q05 with a
120.5% increase, US$31.2 million versus US$14.2 million in 2Q04.

Following the conclusion of the final stage of the debt
restructuring in 2Q05, Net Debt dropped to US$224.5 million,
resulting in a Net debt to last 12 month EBITDA ratio of 1.42x.

The Company recorded a US$37.7 million Net Income, or US$0.02
per share, versus a US$24.6 million net loss in 2Q04. This is
the Company's first financial result after the conclusion of the
debt restructuring and without any significant adjustment
related to the restructuring. The result recorded shows that the
Company's goal of achieving an adequate capital structure and
lower financial expenses was fully reached.

CONTACT: Net Servicos de Comunicacao S.A.
         Investor Relations
         Marcio Minoru
         Phone: 011-5511-2111-2811
                    or
         E-mail: minoru@netservicos.com.br
                    or
         Sandro Pina
         Phone: 011-5511-2111-2721
                    or
         E-mail: sandro.pina@netservicos.com.br
         URL: http://www.ir.netservicos.com.br
     


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

PETROECUADOR: President Quits Post at Energy Minister's Behest
--------------------------------------------------------------
Carlos Pareja has resigned from his post as president of state
oil company Petroecuador, Bloomberg reports, citing a company
spokesman.

Petroecuador spokesman Eduardo Naranjo revealed that Pareja was
asked to resign by Energy & Mines Minister Ivan Rodriguez after
he advised the Energy Ministry to cancel a contract with U.S.
company Occidental Petroleum Corp.

Occidental was granted exploitation rights in January 1985 to
the oil fields in Block 15, located some 240 kilometers (150
miles) east of Quito, the capital.

Pareja alleged that Occidental transferred 40% of its concession
shares in Block 15 to Canadian petroleum company EnCana in
November 2000 without authorization from the Energy Ministry.

Ecuador's hydrocarbons law establishes that once a contract is
rescinded, the Company has to transfer back to the government
all its investments and property in the country.

Pareja said Occidental had not offered convincing legal
arguments to counter a request made a year ago by Solicitor
General Jose Maria Borja to revoke the concession.

The solicitor general also charged that Occidental invested less
than required in the Block 15 concession and had been repeatedly
fined for breaking the country's petroleum regulations.



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

NCB JAMAICA: Ratings Constrained By Jamaica's Sovereign Ratings
---------------------------------------------------------------
CREDIT RATING - B/Stable/B

Outstanding Rating(s)
Counterparty Credit - B/Stable/B
Certificate of deposit - B/B

Rationale

The ratings on National Commercial Bank Jamaica Ltd. (NCB) are
constrained by the sovereign ratings on Jamaica, as sovereign
bonds and loans to public entities represent most of NCB's
assets. The ratings are also constrained by NCB's larger-than-
peer loan concentration in its main clients and its operating in
a relatively small, highly indebted, and nondiversified economy.
The ratings are supported by the bank's relevant market presence
in the Jamaican banking system and consistent improvements in
its operating performance.

NCB maintains a large exposure to Jamaica's government,
represented by investments in government bonds. In addition, an
important portion of the loan portfolio is concentrated in
Jamaican public-sector companies in which the government is the
ultimate payer. Concentration in NCB's loan portfolio is higher
than that observed in other Central American and Caribbean banks
because the loan portfolio is relatively small, there is a
reduced number of clients, and loans are larger than those of
other institutions. Although NCB is increasing its consumer
loans to improve margins and to diversify its loan portfolio,
its main business is commercial lending, and it will take time
to decrease concentrations and change the business mix.

NCB is one of the leading institutions in Jamaica, holding
around a 35% market share in terms of deposits. The bank
benefits from strong brand-name recognition, maintains an
important presence in retail banking, and holds a leading
position in the island's credit card business. The bank
benefited in the past year from a positive environment of a
stable foreign exchange market, lower rates than prior years,
and improved economic conditions. In addition, it strengthened
credit risk underwriting by centralizing and focusing processes,
updating credit limits, and strengthening credit approval
processes for consumer loans.

While growth in the loan portfolio continues on a positive
trend, loans still represent a small 22% of total assets as of
March 2005. The nonperforming asset (NPA) ratio has improved to
3.8% at March 2005 from 5% reported in 2003. On the same
positive trend, reserve coverage was maintained at an adequate
1.4x the balance of NPAs. As credit underwriting has
strengthened, it is expected that asset quality will remain at
current levels, barring any major event in Jamaica's economy.
Improvements in NCB's financial profile have been achieved as
per loan growth, higher participation of consumer loans, and
improving asset quality. Nevertheless, the bank's cost-to-income
ratio is still at a weak 63%, and although it has shown a
positive trend in the past two years, it will pose a challenge
to maintain as the bank follows its expansion strategy. In
Standard & Poor's Ratings Services' view, the bank maintains a
high regulatory capital ratio that allows loan growth, but given
expansion plans, capital ratios could be under pressure in the
future.

Outlook

The stable outlook mirrors the outlook on Jamaica's sovereign
credit ratings, and reflects NCB's significant exposure to that
country, with most of the bank's assets represented by
government securities. NCB has improved its financial profile,
but it is challenged to further increase its loan portfolio,
maintaining adequate asset quality and reducing loan
concentration. The positive developments concerning
profitability are expected to continue; however, an improvement
in efficiency has to be implemented to maintain the trend. We
expect that NCB has the ability to maintain adequate
profitability ratios as a consequence of its important market
share, and the increasing focus on growing its consumer loan
portfolio under prudent underwriting standards.

Primary Credit Analyst: Leonardo Bravo, Mexico City
(52)55-5081-4406; leonardo_bravo@standardandpoors.com

Secondary Credit Analyst: Jaime Carreno, Mexico City
(52) 55-5081-4417; jaime_carreno@standardandpoors.com



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

AXTEL: Revenue from Operations Reaches Ps.1.2 Bln in 2Q05
---------------------------------------------------------
Axtel, S.A. de C.V., a leading telecommunications services
provider in Mexico, announced that its unaudited second quarter
and last twelve-month results ended June 30, 2005. Comparisons
in pesos are in real terms, that is, adjusted for inflation.

Revenues

We derive our revenues from:

- Local calling services. We generate revenues by enabling our
customers to originate and receive an unlimited number of calls
within a defined "exchange" area. Customers are charged an
initial fee for the activation of the service, a flat monthly
fee for basic service, a per call fee (measured service) and a
per minute usage fee for calls completed on a cellular line
("calling party pays", or CPP, calls).

- Long distance services. We generate revenues by providing
long distance services (domestic and international) for our
customers' completed calls.

- Other services. We generate revenues by providing other
services to our customers including internet, data,
interconnection and dedicated private line service, as well as
value-added services such as caller ID, call waiting, call
forwarding and voicemail among others.

Revenues from operations

Revenues from operations increased to Ps. 1,200.1 million in the
second quarter of year 2005 from Ps. 935.7 million for the same
period in 2004, an increase of Ps. 264.4 million or 28%. Our
lines in service at the end of the second quarter of 2005
increased to 529,653 from 388,194 at the end of the same period
in 2004, an increase of 36%.

Revenues from operations increased to Ps. 4,377.6 million for
the twelve-month period ended June 30, 2005 from Ps. 3,487.4
million for the same period in 2004, an increase of Ps. 890.2
million or 26%. This result was driven due to the launch of
operations of six new cities during the second half of 2004 and
infrastructure expansion in the current cities, resulting in a
higher customer base and traffic growth.

We derived our revenues from the following sources:

Local services - Local service revenues increased to Ps.
859.5 million for the three-month period ended June 30, 2005
from Ps. 669.8 million for the same period ended 2004, an
increase of Ps. 189.8 million or 28%. For the twelve-month
period ended June 30, 2005, local services increased to Ps.
3,095.5 million from Ps. 2,510.6 million recorded in the same
period of 2004, an increase of Ps. 584.9 million or 23%. Higher
number of lines in service reflected in the monthly rent and a
higher cellular consumption were the main drivers of these
increases.

Long distance services - Long distance service revenues
increased to Ps. 112.0 million for the three-month period ended
June 30, 2005 from Ps. 93.5 million in the same period in 2004,
an increase of Ps. 18.6 million or 20%, due to our increased
customer base. For the twelve-month period ended June 30, 2005,
long distance services increased to Ps. 415.7 million from Ps.
351.9 million registered in the same period in 2004, an increase
of Ps. 63.8 million or 18%.

Other services. Revenue from other services increased to
Ps. 228.6 million in the first quarter of 2005 from Ps. 172.5
million in same period in 2004, an increase of Ps. 56.1 million
or 33%.

Other services revenue increased to Ps. 866.5 million for the
twelve-month period ended June 30, 2005 from Ps. 625.0 million
for the same period in year 2004, an increase of Ps. 241.5
million or 39%.

Cost of Revenues and Operating Expenses

Cost of Revenues - For the three-month period ended June
30, 2005, the cost of revenues was Ps. 375.7 million, an
increase of Ps. 87.5 million compared with the same period of
year 2004. For the twelve-month period ended June 30, 2005, the
cost of revenues reached Ps. 1,399.5 million, an increase of Ps.
384.7 million in comparison with the same period in year 2004.
Both increases were mainly due to a higher consumption in
cellular and domestic long distance traffic.

Gross Profit- Gross profit is defined as revenues minus costs of
revenues. For the second quarter of 2005, the gross profit
accounted for Ps. 824.5 million, an increase of Ps. 176.9
million or 27%, compared with the same period in year 2004. For
the twelve-month period ended June 30, 2005, our gross profit
increased to Ps. 2,978.1 million from Ps. 2,472.6 million
recorded in the same period of year 2004, an increase of Ps.
505.5 million or 20%.

Quarterly Results Report Q2 2005

Operating expenses. For the second quarter of year 2005,
operating expenses grew Ps. 79.2 million totaling Ps. 407.5
million.

During the same period of year 2004 this amount was Ps. 328.3
million. For the twelve-month period ended June 30, 2005,
operating expenses increased Ps. 300.2 million coming from Ps.
1,261.6 million in 2004 to Ps. 1,561.9 million in 2005. These
increases were attributable primarily to rents, sales
commissions and advertising expenses related to the current
operational levels of the Company.

Costs are categorized as follows:

- Cost of revenues include expenses related to the termination
of our customers' cellular and long distance calls in other
carriers' networks, as well as expenses related to billing,
payment processing, operator services and our leasing of private
circuit links.

- Operating expenses include costs incurred in connection with
general and administrative matters which incorporate
compensation and benefits, the costs of leasing land related to
our operations and costs associated with sales and marketing and
the maintenance of our network.

- Depreciation and amortization includes depreciation of all
communications network and equipment and amortization of pre-
operating expenses and the cost of spectrum licenses.

Adjusted EBITDA - (1) The Adjusted EBITDA was Ps. 417.0 million
for the three-month period ended June 30, 2005 as compared to
Ps. 319.3 million for the same period in 2004, an increase of
31%. As a percentage of total revenues it was 35% for the three-
month period ended June 30, 2005. For the twelve-month period
ended June 30, 2005 it increased to Ps. 1,416.3 million from Ps.
1,211.0 million in the same period in year 2004, an increase of
Ps. 205.3 million, or 17.0%.

Depreciation and Amortization - As a result of the continuing
expansion of our asset base, depreciation and amortization
increased to Ps. 264.4 million for the three-month period ended
June 30, 2005 from Ps. 251.1 million for the same period in year
2004, an increase of Ps. 13.3 million or 5%. Depreciation and
amortization for the twelve-month period ended June 30, 2005
reached Ps. 1,045.6 million from Ps. 960.6 million in the same
period in year 2004, an increase of Ps. 85.0 million or 9%.

Operating Income (loss) - Operating income increased to Ps.
152.5 million for the three-month period ended June 30, 2005
compared to an operating income of Ps. 68.2 million registered
in the same period in year 2004, an increase of Ps. 84.4 million
or 124%. For the twelve-month period ended June 30, 2005 our
operating income reached Ps. 370.7 million when compared to the
income registered in the same period of year 2004 of Ps. 250.3
million, an increase of Ps. 120.3 million or 48%.

Comprehensive financial result - The comprehensive financial
gain was Ps. 13.9 million for the three-month period ended June
30, 2005, compared to a comprehensive financial loss of Ps.
101.8 million for the same period in 2004. This result was based
on the issuance of Senior Notes and the foreign exchange gain.

Capital Expenditures - Axtel invested Ps. 332.9 million in fixed
assets during the second quarter of year 2005 vs. Ps. 307.2
million during the same period of year 2004, an 8% increase. For
the twelve-month period ended June 30, 2005, Axtel invested Ps.
1,722.8 million in fixed assets compared to Ps. 801.4 million of
the same period of year 2004, an increase of Ps. 921.4 million,
or 115%.

This investment was targeted towards the expansion of our
network infrastructure both in current and new cities, as well
as the net lines added during this period.

AXTEL is a leading fixed-line telecommunications provider in
Mexico. It offers local, domestic and international long
distance, internet and value-added services. It provides a basic
telecom infrastructure in Mexico through its intelligent
network, offering a wide range of services to all its markets.
Headquartered in Monterrey, AXTEL also has offices in
Guadalajara, Leon, Mexico, Puebla, Toluca, Queretaro, San Luis
Potosi, Aguascalientes, Saltillo, Cd. Juarez and Tijuana.

CONTACT: Axtel, S.A. de C.V.
         Corporate Communication
         Jose Manuel Basave
         E-mail: jmbasave@axtel.com.mx
         URL: www.axtel.com.mx


GRUPO MEXICO: Workers Plan Work Stoppage on Aug. 12
---------------------------------------------------
An estimated 4,000 workers at Grupo Mexico's facilities in
northern Sonora are threatening to go on strike on August 12
unless the Company agrees to a new collective work contract for
workers at its U.S. subsidiary Asarco.

A spokesman for the Mexican Miners' and Metalworkers' Union said
Wednesday the strike in Mexico will last only one day and will
affect the two processing plants and all three mines of the
company in Sonora state, including the two giant mines La
Caridad and La Cananea.

More than 1,500 workers stopped work on Asarco facilities in the
U.S. on July 2 after failing to reach an agreement with the
Company over a labor dispute and Asarco has since said it is at
risk of filing for Chapter 11 reorganization if the one-month
long strike continues.

The two sides are scheduled to meet again in the U.S. on Aug.
12, on the day the Mexican workers will make their solidarity
one-day strike with the U.S. workers.

"It is very important to show solidarity between the workers of
the same company and that's why we are doing this," the union
spokesman said.

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


HYLSAMEX: To Make $143M Dividend Payment on Aug. 22
---------------------------------------------------
Steelmaker Hylsamex informed the Mexico City's bourse (BMV) that
it will pay a total of US$143 million in dividends on August 22,
relates Business News Americas. The dividends will be paid in US
dollars at US$0.235 apiece to shareholders of record by August
12, Hylsamex said.

The dividends are tied to Argentine-Italian group Techint's
public offer for Hylsamex's outstanding shares. Techint said its
public offer of US$3.4732 per share to shareholders will be
followed by the US$143 million payout to shareholders once the
buyout is accepted. But whether or not shareholders accept
Techint's public offer, they will still receive the dividend,
said Hylsamex.

CONTACT:  Othon Diaz Del Guante
          Tel: +(52) 81-8865-1240
          E-mail: odiaz@hylsamex.com.mx

          Ismael De La Garza
          Tel: +(52) 81-8865-1224
          E-mail: idelagarza@hylsamex.com.mx

          Kevin Kirkeby
          Tel: +(646) 284-9416
          E-mail: kkirkeby@hfgcg.com


SANLUIS CORPORACION: Reports $159.0M Sales in 2Q05
--------------------------------------------------
SANLUIS Corporacion, S.A. de C.V. (BMV: SANLUIS), a Mexican
industrial group that manufactures autoparts (Suspension and
Brake components), reported Wednesday results for the three
months ended June 30, 2005.

Sales were US$159.0 million in the second quarter of 2005, and
US$310.4 million for the first half of the year.

EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization) in the last three months were US$17.6 million (11%
to sales), and US$32.8 million (11% to sales) for the first half
of 2005.

Compared to the second quarter of last year, sales increased 5 %
while EBITDA increased 14 %; comparing against the first half of
2004, sales increased 8% and EBITDA increased 5%.

With the excellent sales levels achieved in the first half of
2005, the consolidated operating results of SANLUIS are better
than those obtained in the same period of last year, allowing
the Company, through additional productivity improvements and
lower operational costs to partially close the gap with the
profitability levels that were consistently obtained in the
past.

For the first half of 2005, sales in the Suspension Division
(83% of total sales volume) were 18% above the previous year
levels, with almost all product lines having important increases
in dollar terms (Leaf Springs: +18%, Coil Springs: +32%);
whereas the Brake Division (17% of total sales volume) posted a
decrease of 22% in the first half of the year, affected by low
sales volume in an aging platform which is in its final
production year, and the low start in the ramp-up programs for
its successor platforms.

The Operating margin (EBITDA/Sales) in the first half of this
year is similar to the one achieved in the same period of last
year (11%), due to the larger sales in our NAFTA related
Suspension business (65% of consolidated sales) and our
Brazilian Suspension operations (18% of sales). The Brake
Division (17% of sales) reported decreased EBITDAs in spite of
lower fixed manufacturing costs and improved productivity levels
due to the sales decline described above.

The larger consolidated EBITDA recorded in the second quarter
and in the first half of 2005 against last year, is the result
of the commanding market share achieved by the company in the
Light Truck segment in the United States, a segment that
represents 54% of the North American automotive market with
positive levels of growth, and the compensation of the high cost
of steel through higher sale levels, new contracts at updated
prices, lower fixed manufacturing costs, improved productivity
levels and a broader diversification in the sourcing of raw
materials, which underline the Company's efforts in its recovery
process towards the operating profitability levels that it
consistently achieved in the past.

Additionally to the larger EBITDA level recorded and due to the
revaluation of the Mexican Peso against the US Dollar during the
reported period, an Exchange Gain was generated based on our net
liability position in foreign currency, this plus the Monetary
Gains on the net liability position of the company, produced a
Net Profit for the first half of 2005 of US$6.2 million, which
favorably compares to the US$0.6 million reported a year
earlier.

In terms of cash-flow generation, the Company was able to
increase its available cash and marketable securities at the end
of the quarter by reducing its Capital Expenditures, a better
working capital management mainly based in a raw material
inventory reduction and a rationalization on its purchases of
raw materials and components, improving supplier financing days
outstanding.

SANLUIS produces suspensions and brake components for the global
automotive industry, with a focus on Original Equipment
Manufacturers (OEMs).

Suspension products include Leaf Springs (parabolic and multi-
leaf), Coil Springs, Torsion Bars, Bushings, and Stabilizer
Bars. The Brake Division produces Drums and Discs.

SANLUIS-Rassini has a 90% share of the NAFTA market (U.S.,
Mexico and Canada) for light truck suspensions. Its solid and
diversified client base includes General Motors, Ford Motor
Company, Daimler-Chrysler, Nissan, Volkswagen and Toyota. In the
Brake division, SANLUIS-Rassini has a 12% market share in the
light truck and automobile segment of the U.S. and Canada
markets.
   
CONTACT: SANLUIS Corporacion, S.A. de C.V.
         Antonio Olivo
         Phone: (5255) 5229-58-44
         Fax: (5255) 5202-66-04
         URL: www.sanluiscorp.com
         E-mail: aolivo@sanluiscorp.com.mx


SATMEX: To Ship Satmex 6 Back to U.S. Lab
-----------------------------------------
Satelites Mexicanos SA will ship its crucial Satmex 6 satellite
back to the U.S. laboratory where it was made to get it
certified for a launch into space, reports Dow Jones Newswires.

Satmex said the satellite will undergo seven months of
reconditioning. The Company must get Satmex 6 airborne by June
30, 2006 to comply with an agreement reached with U.S. creditors
last week.

The creditors, who hold at least US$379 million of Satmex's
US$523 million in overdue notes agreed on July 29 to allow
bankruptcy proceedings to go ahead under Mexican jurisdiction.
In a statement, the creditors said they would withdraw their
chapter 11 involuntary bankruptcy filing with a US court in
exchange for certain conditions.

The conditions include a commitment from Satmex to file a 304
petition to a US bankruptcy court. The 304 petition basically
means that the US bankruptcy court will continue to have some
role in the restructuring proceedings, even though the
bankruptcy will take place under Mexican law.

The US court will have to respect the rulings of the Mexican
jurisdiction. However, the petition will preserve the option of
returning to a US court if the bankruptcy proceedings in Mexico
become stalled.

The agreement has set certain time limits. Satmex must make a
financial restructuring proposal to the US creditors by October
31. Secondly, the Satmex 6 satellite, whose launch is seen as
essential for the future survival of the company, must be
launched by June 30, 2006.

The satellite has been grounded for two years awaiting
stabilization of Satmex's financial situation. Creditors have
promised to provide the US$50 million needed to ensure the
satellite's launch once a restructuring process is complete.

Satmex is owned by Loral Space & Communications Ltd. (LRLSQ) of
the U.S., and Principia SA, which is run by Autrey. The Mexican
government has a 23.6% non-voting stake in the company.



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

CENTENNIAL COMMUNICATIONS: To Restate 3Q05 Financial Statements
---------------------------------------------------------------
Centennial Communications Corp. (NASDAQ: CYCL) announced
Wednesday that it will restate its financial statements for the
three and nine months ended February 28, 2005 to correct an
error in the amount of deferred income taxes included in the
calculation of the gain on disposition of the Company's
previously owned cable television subsidiary, Centennial Puerto
Rico Cable TV Corp. Centennial Cable was sold on December 28,
2004, and the disposition was accounted for as a discontinued
operation.

The correction of this error will result in non-cash adjustments
to the Company's gain on disposition of discontinued operations,
net income from discontinued operations, consolidated net income
and total stockholders' deficit. The restatement will not affect
previously reported revenue, adjusted operating income, cash
flow or income from continuing operations.

The net effect of the restatement as of and for the three and
nine months ended February 28, 2005 is:

- increase gain on disposition of discontinued operations by
$24,272,000;

- increase net income from discontinued operations by
$15,579,000;

- increase consolidated net income by $15,579,000; and

- decrease total stockholders' deficit by $15,579,000.

The Company's management believes that the accounting error
discussed above was inadvertent. The Company identified the
error through application of certain internal controls that were
implemented during the fiscal fourth quarter of 2005.
Accordingly, the Company believes that, prior to year-end, it
remediated the control weakness associated with these
adjustments. The Company intends to present additional detail
regarding the restatement in its Annual Report on Form 10-K for
the year ended May 31, 2005.

Centennial Communications, based in Wall, NJ, is a leading
provider of regional wireless and integrated communications
services in the United States and the Caribbean with over 1.1
million wireless subscribers. The U.S. business owns and
operates wireless networks in the Midwest and Southeast covering
parts of six states. Centennial's Caribbean business owns and
operates wireless networks in Puerto Rico, the Dominican
Republic and the U.S. Virgin Islands and provides facilities-
based integrated voice, data and Internet solutions. Welsh,
Carson Anderson & Stowe and an affiliate of the Blackstone Group
are controlling shareholders of Centennial.

CONTACT: Centennial Communications
         Steve E. Kunszabo
         Director, Investor Relations
         Phone: 732-556-2220
         URL: http://www.centennialwireless.com/
              http://www.centennialpr.com/
              http://www.centennialrd.com/



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

BWIA: Expects More Flexibility After T&T Regains Cat. 1 Status
--------------------------------------------------------------
Trinidad and Tobago has regained its Category One status from
the United States Federal Aviation Administration, Prime
Minister Patrick Manning announced Tuesday at a Whitehall press
conference.

Although the reinstatement to Category One status does not
necessarily mean that national airline BWIA has been guaranteed
a lifeline, it does offer the airline some flexibility in its
operations.

"It gives BWIA a lot more flexibility than we would have had as
a Category Two. They can now identify new destinations within
the United States, which means if BWIA wishes to add a new
destination or adjust its flights it can now do so. It could not
have done so prior to the advent of Category One."

Moreover, the reinstatement allows access for the new Airbus
A340 which BWIA had acquired, Manning said.

T&T country lost its Category One status in 2001 because the
International Civil Aviation Organization prescribed new
requirements with which the country was not in compliance.

To regain its status, T&T satisfied all eight of the critical
elements for its assessment, including such tenets as
legislation (in 2001 a new Civil Aviation Act was passed),
licensing of pilots, engineers, aircraft operators,
certification of air operators, aircraft maintenance, trained
inspectors, procedures, amongst others.

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



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

CANTV: Shares Continue Downward Trend Following Court Ruling
------------------------------------------------------------
Shares of Nacional Telefonos de Venezuela (VNT) (CANTV) continue
to take a beating since the Company announced last week that a
pension dispute with workers could hurt its financial standing.

Dow Jones Newswires reveals that CANTV's shares traded on the
Caracas Stock Exchange closed down 2.15% at VEB5000
($1=VEB2,150) per share on Wednesday, an almost continuous
decline since the announcement.

CANTV shares traded in New York as American Depositary Receipts
closed down 2.84% at $13.33 per share, according to New York
Stock Exchange data.

Venezuela's Supreme Court ordered CANTV last week to adjust the
pensions of more than 3000 workers to a new minimum wage level.
Telecom executives haven't given any detailed figures yet on
what this could end up costing.

"A big factor in the drop is the lack of precise information,"
of what this will cost the company, said Leonardo Emperador, a
trader with brokerage Intervalores. "Logic would say this is a
buying opportunity, but it's hard to say for sure."

CANTV is the leading Venezuelan telecommunications services
provider with approximately 3.1 million access lines in service,
3.1 million cellular subscribers and 363 thousand Internet
subscribers as of December 31, 2004. The Company's principal
strategic shareholder is a wholly owned subsidiary of Verizon
Communications Inc. with 28.5% of the capital stock. Other major
shareholders include the Venezuelan Government with 6.6% of the
capital stock (Class B Shares), employees, retirees and employee
trusts which own 7.1% (Class C Shares) and Telefonica de Espana,
S.A. with 6.9%. Public shareholders hold the remaining 50.9 % of
the capital stock.

CONTACT: Cantv Investor Relations
         Phone: +011 58 212 500-1831 (Master)
                +011 58 212 500-1828 (Fax)
         E-mail: invest@Cantv.com.ve

         The Global Consulting Group
         Ms. Lauren Puffer
         Phone: 646 284-9426 (US)
         E-mail: lpuffer@hfgcg.com




                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
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Copyright 2005.  All rights reserved.  ISSN 1529-2746.

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