TCRLA_Public/050815.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

            Monday, August 15, 2005, Vol. 6, Issue 160

                           Headlines

A R G E N T I N A

AGUAS ARGENTINAS: Concession Talks Could Go Beyond Sept. 7
ALPARGATAS: Agrees to Refinance ARS38 Mln Owed to Banco Nacion
ANTU APLICACIONES: Validated Claims to be Presented to Court
BANCO FRANCES: Posts ARS30.3M Net Profit in 2Q05
BUSSINET S.R.L.: Individual Reports Due Aug. 16

CABLEVISION S.A.: Revenues Up 18.9% in 1H05
CENTRAL COSTANERA: Net Loss Widens in 2Q05
CESS S.R.L.: General Report to be Submitted Aug. 16
HSIN YUAN: Trustee to Present General Report to Court
PETROLERA DEL CONOSUR: Chalks Up $13.2M Net Loss in 1H05

SCP: Reports ARS166.13 Mln in Net Profit in 1H05
SERIE S.R.L.: Deadline for General Report Approaches
TELECOM ARGENTINA: Seeks to Complete Restructuring by Oct. 2


B E R M U D A

ANNUITY & LIFE: Enters into Master Agreement with Wilton Re
FOSTER WHEELER: Closes Successful Equity-for-Debt Exchange
GLOBAL CROSSING: District Court OKs $75M Citigroup Settlement
GLOBAL CROSSING: 2Q05 Financial Results Reveal Improvement
INTELSAT: Revenues Up 11% in 2Q05 Over Prior-year Period

LORAL SPACE: Loral-Built Satellite Successfully Launched


B R A Z I L

EMBRATEL PARTICIPACOES: Primesys Acquisition Spells Status Boost
UNIBANCO: To Include New Record Date for Conversion Program
USIMINAS: Net Income Totals $1.8B in 1H05


C H I L E

SR TELECOM: Reports 2Q05 Net Loss of $30.7M Vs $23.4M in 2Q04


J A M A I C A

AIR JAMAICA: Struggles to Keep Up with Competition
JPSCo: Returns to Black with $487.4M Net Profit in 1Q05


M E X I C O

CINTRA: 21 Investors Submit Expressions of Interest for Airlines


P A N A M A

WILLBROS GROUP: Delays Filing of Quarterly Report on Form 10-Q


P U E R T O   R I C O

CENTENNIAL COMMUNICATIONS: Posts $13.6M Loss in 4Q05


T R I N I D A D   &   T O B A G O

WASA: To Issue TT$420M in 15-Yr. Bonds to Refinance Debt


U R U G U A Y

UTE: Agrees to Provide Technical Advice, Support to Cadafe


V E N E Z U E L A

ROYAL SHELL: Seniat Seeks Injunction on $130M Assets

     -  -  -  -  -  -  -  -  

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

AGUAS ARGENTINAS: Concession Talks Could Go Beyond Sept. 7
----------------------------------------------------------
Negotiations between the Argentine government and French utility
Suez to renew the concession contract of Aguas Argentinas could
last beyond September 7, Dow Jones Newswires reports, citing a
Suez spokesperson.

Both parties recently returned to the negotiating table
following a breakdown of talks at the end of July, when Suez
rejected the administration's final proposal. At the time, Suez
sent an ultimatum letter to the government, asking for a
solution within 30 business days.

"On the 7th, the deadline is that the government has to come up
with a proposal, and from there we'll see what the direction
is," the spokesperson said.

The contract talks remain focused on two key issues: water rate
increases, which were converted into devalued pesos and frozen
in 2002; and Aguas Argentinas' US$600 million debt.

Suez had requested a 20% rate increase in January and another
15% hike in the second half of 2006, according to people
familiar with the situation. The Company was also seeking help
from the government in refinancing its debt load.


ALPARGATAS: Agrees to Refinance ARS38 Mln Owed to Banco Nacion
--------------------------------------------------------------
Textiles company Alpargatas SAIC (ALPA.BA) said Thursday it has
agreed to refinance ARS38 million ($1=ARS2.8875) in debt owed to
state-owned bank Banco de la Nacion, relates Dow Jones
Newswires.

The Company said it will pay up-front ARS3.8 million within
three days that Banco Nacion gives its nod to the resolution
containing the restructuring terms.

The remaining ARS34.2 million will be paid over 15 years, with
the size of the capital payments gradually rising over the time
period.

In addition, Alpargatas will pay an annual interest rate of 4%
that will be adjusted for CER, an inflation coefficient.

Alpargatas, which produces denim and a top-selling line of
athletic footwear in Argentina, is finishing a US$600 million
debt restructuring. The Company launched its offer in March
2004, proposing aggressive terms that called for a haircut of
nearly 90% on the $600 million in non-privileged debt.

Meanwhile, the Company revealed a net profit of ARS4.76 million
($1=ARS2.8775) for the first six months of the year. It provided
neither details about the first-half results nor comparative
numbers for the year-earlier period.


ANTU APLICACIONES: Validated Claims to be Presented to Court
------------------------------------------------------------
The validated claims of creditors of bankrupt company Antu
Aplicaciones Industriales Integradas S.A. will be presented to
court for approval tomorrow, Aug. 16, 2005. Mr. Oscar Reynaldo
Paez, the trustee chosen by the court, stopped accepting and
reviewing these claims on June 21, 2005.

The Company was declared "Quiebra" by Court No. 10 of Buenos
Aires' civil and commercial tribunal. The declaration
effectively prohibits the company from administering its assets,
control of which was transferred to a court-appointed trustee.

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

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


BANCO FRANCES: Posts ARS30.3M Net Profit in 2Q05
------------------------------------------------
Banco Frances, one of Argentina's biggest banks, reported
Thursday a second-quarter net profit of ARS30.3 million
($1=ARS2.88), a strong reversal from the loss of ARS44.615
million posted in the same quarter last year.

"Growth in business as compared to June 2004, was driven by both
net income from services and net financial income," the bank
said in a statement.

Net financial income rose 10.2% from a year earlier to ARS172.5
million, but was down from the first quarter as a result of the
sale of some inflation-linked government bonds, the bank said.

Income from services jumped 31.9% to ARS92.7 million in the
second quarter year-on-year.

Banco Frances' operating result showed a profit of ARS87.9
million, well down from ARS106.223 million a year ago.

Administrative expenses were more or less steady, coming in at
ARS138.827 million, higher than the ARS118.926 million in the
second quarter of 2004.

Banco Frances is controlled by Spain's Banco Bilbao Vizcaya
Argentaria.


BUSSINET S.R.L.: Individual Reports Due Aug. 16
-----------------------------------------------
The verified individual claims of creditors of Bussinet S.R.L.
will be submitted to court tomorrow, Aug. 16, 2005. Mr. Juan
Alberto Krimerman, the trustee assigned to supervise the
Company's liquidation, will explain in the reports the basis for
the accepted and rejected claims. He will also submit a general
report of the case on October 18.

Court No. 9 of Buenos Aires' civil and commercial tribunal has
jurisdiction over this bankruptcy case. Clerk No. 17 assists the
court with the proceedings.

CONTACT: Mr. Juan Alberto Krimerman, Trustee
         Uruguay 594
         Buenos Aires


CABLEVISION S.A.: Revenues Up 18.9% in 1H05
-------------------------------------------
Cablevision S.A. (Cablevision), the largest multiple system
operator (MSO) in Argentina, reported for the first half of 2005
revenues from services of Argentine Pesos (Ps.) 420.6 million
and earnings before interest, taxes, depreciation, amortization
and non-cash reserves (EBITDA) of Ps. 162.1 million. When
compared to the first half of 2004, revenues increased in the
first half of 2005 by Ps. 66.9 million or 18.9%, and EBITDA
increased in the first half of 2005 by Ps. 24.1 million or 17.5%
in Peso terms.

First Half of 2005 vs. First Half of 2004

During the first half of 2005, Cablevision had revenues from
services provided of Ps. 420.6 million, an increase of 18.9%
compared to Ps. 353.7 million registered in the first half of
2004. The increase is attributable to (i) the increase in the
number of subscribers, (ii) the price increases registered in
2004 and March 2005, and (iii) higher revenues related to high-
speed Internet access.

Programming costs increased by 10.4% to Ps. 101.6 million in the
first half of 2005 from Ps. 92.0 million in the first half of
2004. This increase is principally attributable to (i) the
increase in the subscriber base, and (ii) adjustments
contemplated in certain programming contracts. However, total
programming costs as percentage of gross cable revenues
decreased to 29.6% in the first half of 2005, from 30.6% in the
first half of 2004.

Cablevision's salaries, social security taxes and other payroll
expenses increased by 26.4% to Ps. 59.4 million in the first
half of 2005, from Ps. 47.0 million in the first half of 2004.
Such increase is principally attributable to the incidence on
salaries of the increases regulated by the Argentine Government,
and the headcount increase in 2005.

Depreciation expense decreased by 16.1% to Ps. 63.1 million in
the first half of 2005 from Ps. 75.2 million in the first half
of 2004. The decrease is principally attributable to the full
depreciation of certain equipment in 2005 and 2004.

Maintenance of property, plant and equipment and network
expenses increased by 20.5% to Ps. 10.0 million in the first
half of 2005, from Ps. 8.3 million in the first half of 2004.
The increase is related to the increase in network maintenance
activity in the first half of 2005.

Advertising and promotion expenses increased by 44.8% to Ps. 4.2
million in the first half of 2005, from Ps. 2.9 million in the
first half of 2004. The increase is principally attributable to
the increase in marketing campaigns.

Uncollectable accounts decreased to Ps. 1.7 million in the first
half of 2005, from Ps. 3.0 million in the first half of 2004.
This decrease is due to the improvement in collections in the
first half of 2005.

In the first half of 2005, the company registered a financial
loss of Ps. 108.3 million, compared to Ps. 211.7 million
registered in the first half of 2004. The variation is
principally attributable to the impact of the exchange rate
differences in each period.

As a consequence of the factors described above, Cablevision's
EBITDA and net loss for the first half of 2005 were Ps. 162.1
million and Ps. 15.0 million respectively, compared to Ps.138.0
million and a Ps. 155.3 million in the first half of 2004.

Cablevision is the largest cable company in Argentina, based on
the number of subscribers served, which, as of June 30, 2005,
was approximately 1.3 million. Cablevision believes that it has
the most technologically advanced distribution network in the
country. Its network passes approximately 3.6 million homes, of
which 89% are passed by cable plant with a bandwidth capacity of
at least 450 Mhz., including more than 50% that are passed by
cable plant with a bandwidth capacity of 750 Mhz.

CONTACT: Cablevision
         Santiago Pena
         Phone: (5411) 4778-6520
         E-mail: spena@cablevision.com.ar

         Martin Pigretti
         Phone: (5411) 4778-6546
         E-mail: mpigretti@cablevision.com.ar

         URL: www.cablevision.com.ar


CENTRAL COSTANERA: Net Loss Widens in 2Q05
------------------------------------------
Power generator Central Costanera (CECO2.BA) reported a bigger
net loss in the second quarter of the year, against the
comparable period last year due to large operating costs,
according to Dow Jones Newswires,

Central Costanera revealed a ARS20.5 million net loss in the
recent quarter, widening from a loss of ARS100,000 a year
earlier.

The Company said operating costs spiked to ARS186.9 million in
the second quarter, outstripping the ARS163.3 million generated
in net sales revenue. Comparably, operating costs in the second
quarter of 2004 were ARS143.4 million and net sales were
ARS187.6 million.

The generator said it experienced natural gas restrictions
during April and May. As a result, it had to use fuel oil "whose
international value reached high levels owing to the well-known
international context in which the oil market is moving," the
company said. "This situation provokes an important lag between
contractual energy prices and generation costs."

Another difficulty during the second quarter was the temporary
loss of a generator due to maintenance in late April. This
forced Central Costanera to reduce supply to Brazilian power
distributors. The company said it would normally buy excess
Argentine electricity to keep current with its contracts, but a
government decree aimed at protecting domestic power supplies
kept Central Costanera from doing so.

For the first six months of the year, the company generated a
net profit of ARS14.3 million, down from ARS32.4 million in the
same period of 2004.

During the first half of 2005, the Company's fuel costs totaled
ARS240.4 million, up from ARS156.2 million a year earlier.
Transport costs rose to ARS4 million from ARS1.8 million, and
labor costs jumped to ARS6.3 million from ARS4.1 million.

CONTACT:  CENTRAL COSTANERA SA
          Avenida Espana 3301
          Buenos Aires, 1107
          ARGENTINA
          +54 11 4307 3040/49
          +54 1 4307 3040


CESS S.R.L.: General Report to be Submitted Aug. 16
---------------------------------------------------
The general report on the liquidation of Buenos Aires-based Cess
S.R.L. will be submitted tomorrow, Aug. 16, 2005. Mr. Hector
Jorge Garcia, the court-appointed trustee, will include in the
report the summary of the Company's financial status as well as
relevant events pertaining to the bankruptcy.

Cess S.R.L. began liquidating its assets following the
bankruptcy pronouncement issued by the city's civil and
commercial Court No. 8. Clerk No. 15 assists the court in
resolving this case.

CONTACT: Cess S.R.L.
         Carlos Pellegrini 743
         Buenos Aires

         Mr. Hector Jorge Garcia, Trustee
         Paraguay 1591
         Buenos Aires


HSIN YUAN: Trustee to Present General Report to Court
-----------------------------------------------------
Mr. Norberto Aurelio Alvarez, the trustee appointed for the Hsin
Yuan S.A. liquidation, will present the general report tomorrow,
Aug. 16, 2005.

Court No. 10 of Buenos Aires' civil and commercial tribunal
declared Hsin Yuan S.A. "Quiebra" after the Company defaulted on
its debt payments. The city's Clerk No. 19 assists the court on
the case that will close with the liquidation of the Company's
assets. Proceeds from the asset sale will be used to repay the
Company's debts.

CONTACT: Mr. Norberto Aurelio Alvarez, Trustee
         Rodriguez Pena 189
         Buenos Aires


PETROLERA DEL CONOSUR: Chalks Up $13.2M Net Loss in 1H05
--------------------------------------------------------
Petrolera del Conosur, Uruguayan state-owned oil company ANCAP's
money-losing Argentine unit, reported net losses of ARS38.1
million (US$13.2 million) for the first half of 2005, reveals
Business News Americas.

The Company, which operates a network of gas stations in
Argentina under the Sol Petroleo brand, disclosed its
performance to the Buenos Aires stock market without providing
comparative figures.

According to the filing, net equity as of June 30, 2005 was
negative ARS49 million.

ANCAP is preparing to sell the unit. Interested buyers include
Brazilian state-owned oil company Petrobras (PBR); Venezuelan
state-owned Petroleos de Venezuela, or PdVSA (PVZ.YY); and
Argentina's new state-run energy company, Enarsa.


SCP: Reports ARS166.13 Mln in Net Profit in 1H05
------------------------------------------------
Oil and entertainment conglomerate Sociedad Comercial del Plata
SA ended the first half of 2005 with a net profit of ARS166.13
million, reversing a ARS2.9 million loss in the first half of
2004.

According to Dow Jones Newswires, the Company's bottom line was
helped by an operating profit of ARS1.435 million, an
improvement from a loss of ARS749,000 in 2004.

But the bigger impact on the bottom line came from a gain on
"permanent investments" of ARS140.151 million in the recent
first half, up from ARS7.755 million in 2004. There was also a
financial gain of ARS46.723 million, compared with a financial
loss of ARS11.045 million last year.

Other extraordinary losses came to ARS17.925 million, compared
with other extraordinary gains of ARS3.064 million a year
earlier.

SCP said that its holding in its former oil subsidiary Compania
General de Combustibles was upwardly revalued by ARS152.2
million as a result of a creditors agreement that reduced its
stake to 19%.

This had the effect of downwardly revising its proportional
share in the negative net asset valuation of the unit and thus
amounted to a balance sheet gain for SCP.

This explained most of the gain in permanent investments and was
offset by a loss of US$7.4 million in theme park Parque de la
Costa and a loss of ARS2 million in petrochemical unit Dapsa and
Parafina SA.

CONTACT: Sociedad Comercial del Plata
         Av. Davila 350
         Buenos Aires, Argentina
         Phone: 54 1 310-0490
         Fax: 54 1 310-0493


SERIE S.R.L.: Deadline for General Report Approaches
----------------------------------------------------
The deadline for the general report on the bankruptcy case of
Salta-based Serie S.R.L. will be tomorrow, Aug. 16, 2005. Court-
selected trustee "Estudio Kohler, Rodriguez y Asociados" will
include in the report a summary of the Company's financial
status as well as relevant events pertaining to the bankruptcy.

Serie S.R.L. began liquidating its assets following the
"Quiebra" pronouncement of Court No. 1 of the city's civil and
commercial tribunal. The bankruptcy process will end with the
disposal of the Company's assets in favor of its creditors.

CONTACT: "Estudio Kohler, Rodriguez y Asociados"
          Trustee
          Zuviria 920
          Salta


TELECOM ARGENTINA: Seeks to Complete Restructuring by Oct. 2
------------------------------------------------------------
Telecom Argentina executives are confident that the fixed-line
provider will be able to complete its US$2.63 billion debt
restructuring by Oct. 2, when a 90-day period to issue the new
bonds for the exchange expires, reports Dow Jones Newswires.

On May 26, 2005, the judge overseeing Telecom Argentina's debt
restructuring process issued a resolution approving the Acuerdo
Preventivo Extrajudicial ("APE") that was subscribed by the
Company and its financial creditors. Such decision became final
on June 10, 2005.

As ordered by the Argentine court, Telecom Argentina published
notices in widely circulated national and foreign newspapers
informing non-consenting creditors of the court's decision to
permit them to select among any of the options offered by
Telecom Argentina in its APE, within ten (10) court days
following the last publication of notices. After that 10-day
period ended, Telecom Argentina was given 90 days to make its
cash payment and issue the new bonds for its restructuring.

Once the exchange is settled, the Company "will report positive
debt restructuring results that will mainly arise from haircuts
in principal amounts and forgiveness of interest," Finance
Director Pablo Caride said.

CONTACT:  Pedro Insussarry
          54-11-4968-3743
          pinsussa@ta.telecom.com.ar

          Moira Colombo
          Tel: 54-11-4968-3628
          E-mail: mcolombo@ta.telecom.com.ar

          Gaston Urbina
          Tel: 54-11-4968-6236
          E-mail: gurbina@ta.telecom.com.ar



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

ANNUITY & LIFE: Enters into Master Agreement with Wilton Re
-----------------------------------------------------------
Annuity and Life Re (Holdings), Ltd. (OTC Bulletin Board: ANNRF)
(the "Company") reported Thursday that Annuity and Life
Reassurance America, Inc. and Annuity and Life Reassurance,
Ltd., each a direct or indirect wholly owned operating
subsidiary of the Company, have entered into a Master Agreement
with Prudential Select Life Insurance Company of America (1) and
Wilton Reinsurance Bermuda Limited, each a direct or indirect
wholly owned operating subsidiary of Wilton Re Holdings, Ltd.
The Master Agreement provides for the novation to or 100%
coinsurance by Wilton Re's subsidiaries effective as of June 30,
2005 of all of the remaining life and annuity reinsurance
treaties of the Company's subsidiaries.

The Master Agreement contemplates that the Company's
subsidiaries and Wilton Re's subsidiaries will use commercially
reasonable efforts to obtain the consent of each counterparty to
the reinsurance treaties to the novation of such treaties to
Wilton Re's subsidiaries. If any of these consents cannot be
obtained, then the appropriate subsidiaries of the Company and
Wilton Re will enter into a 100% indemnity coinsurance agreement
with respect to such reinsurance treaties.

Upon the closing of the transactions contemplated by the Master
Agreement, the Company's subsidiaries will pay Wilton Re's
subsidiaries an aggregate settlement amount equal to $91.6
million, less any expense reimbursement payments previously made
by the Company to Wilton Re in connection with the transactions.
The $91.6 million settlement amount will consist of the funds
withheld held by the cedents under certain of the reinsurance
treaties on June 30, 2005, which assets totaled approximately
$58.4 million on that date, and cash and invested assets of
approximately $33.2 million. If the cash flows arising from the
treaties and the earnings on the invested assets to be
transferred to Wilton Re's subsidiaries are positive between the
June 30, 2005 and the closing date of the transactions, such
positive amount will be paid to Wilton Re's subsidiaries. If
such cash flows and earnings are negative, the negative amount
will be credited to the Company's subsidiaries.

The consummation of the transactions is subject to certain
closing conditions, including the receipt of requisite
regulatory and other approvals, including the approval of the
Company's shareholders and retrocessionaires. In connection with
the execution of the Master Agreement, the Company's directors
and officers, as well as certain significant shareholders,
executed voting agreements obligating them to vote in favor of
the transactions. As of the date of the Master Agreement,
holders of approximately 26.6% of the Company's outstanding
common shares had signed voting agreements.

The Master Agreement is terminable by any party if the closing
of the transactions has not occurred on or before January 2,
2006 and may also be terminated, in limited circumstances, if
the Company's Board of Directors determines it has a fiduciary
obligation to pursue a superior proposal. In such case, the
voting agreements would terminate and the Company would be
obligated to pay Wilton Re a $500,000 "break-up" fee and any out
of pocket expenses it incurred in connection with the
transactions. If the Master Agreement is terminated by any party
due to the failure of the Company's shareholders to approve the
transactions, the Company would be obligated to reimburse Wilton
Re for the out of pocket expenses it incurred in connection with
the transactions. UBS Investment Bank acted as the Company's
financial advisor in connection with the transactions. Further
information about the Master Agreement can be found in the
Company's Current Report on Form 8-K regarding the Master
Agreement that will be filed with the Securities and Exchange
Commission

Following the consummation of the transactions contemplated by
the Master Agreement, the Company expects its GAAP book value
per common share will be between $1.70 and $1.84. The financial
condition and results of operations of the Company and its
subsidiaries, however, will remain subject to certain
contingencies, including obligations for amounts that may be due
under previously terminated or recaptured reinsurance agreements
relating to deaths occurring prior to such terminations or
recaptures and obligations that have been 100% reinsured with
third parties, but for which the Company remains liable in the
event the reinsurer is unable or unwilling to pay its
obligations. The Company also remains subject to certain third
party claims, including an outstanding claim by Transamerica for
$6.0 million related to a life reinsurance agreement novated to
Transamerica effective as of December 31, 2004. The Company also
has continuing obligations under employment agreements with
certain of its employees, including obligations to make
severance payments under certain circumstances. The amount of
funds that may be available for distribution from the Company's
subsidiaries to the Company and its shareholders will also
likely be limited by continuing regulatory requirements,
policyholder obligations that will remain following the closing
under the Master Agreement and normal working capital
requirements.

The Company will continue to explore strategic alternatives to
attempt to maximize its economic value for shareholders,
including a merger, sale, joint venture or other comparable
transaction. The Company cannot make any assurance that these
transactions will be completed on favorable terms. As a result
of the Company's remaining commitments and contingencies, the
Company's shareholders will ultimately not likely realize an
economic value in any strategic transaction that approximates
the Company's GAAP book value per common share following the
consummation of the transactions contemplated by the Master
Agreement.

Jay Burke, the Company's Chief Executive Officer said, "These
transactions, once closed, will represent a significant step
forward for the Company and its shareholders, and will provide
our cedents with a well capitalized and well rated reinsurance
partner."

Chris Stroup, Chairman of Wilton Re Holdings, Ltd. said, "We are
very pleased to have entered into this agreement with Annuity
and Life Re. These transactions exemplify the creative
reinsurance solutions that Wilton Re has to offer. We look
forward to working with our new cedents through a smooth
transition and providing them with ongoing reinsurance support."

Annuity and Life Re (Holdings), Ltd. provides annuity and life
reinsurance to insurers through its wholly owned subsidiaries,
Annuity and Life Reassurance, Ltd. and Annuity and Life
Reassurance America, Inc.

Wilton Re Holdings, Ltd. provides traditional life reinsurance
and insurance run off solutions through its wholly owned
operating subsidiaries, Prudential Select Life Insurance Company
of America (to be renamed Wilton Reassurance Company) and Wilton
Re Bermuda, Ltd. The Wilton Re Group was formed in order to
provide a new source of life reinsurance capacity in response to
the continuing consolidation in the U.S. life reinsurance
industry. The Wilton Re Group raised more than $600 million in
capital commitments through a private placement of its common
stock in December of 2004. A.M. Best Co. has assigned a
financial strength rating of A- (Excellent) to the Wilton Re
Group operating subsidiaries.

CONTACT: Annuity & Life Re (Holdings), Ltd.
         John Lockwood
         Phone: 1-441-296-7667


FOSTER WHEELER: Closes Successful Equity-for-Debt Exchange
----------------------------------------------------------
Foster Wheeler Ltd. (Nasdaq: FWLT) announced Thursday the
closure of its successful equity-for-debt exchange. The Company
has accepted for payment a further 17,731 shares of its 9.00%
Trust Preferred Securities tendered during the subsequent
offering period, which period was announced on August 1, 2005
and expired on August 10, 2005. With the expiration of this
period, no more securities can be tendered into the exchange.

Holders who tendered securities during this 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.

As of the close of the subsequent offering period on August 10,
2005, a total of 2.6 million Trust Preferred Securities had been
tendered in the initial and subsequent offering periods,
constituting 91.6% of the Trust Preferred Securities currently
outstanding.

"I am very pleased with the results of the overall exchange
offer, which has reduced consolidated debt, future annual
interest expense and deferred interest expense, and improved the
Company's net worth," said Raymond J. Milchovich, chairman,
president and chief executive officer.

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: District Court OKs $75M Citigroup Settlement
-------------------------------------------------------------
The United States District Court for the Southern District of
New York approves the settlement agreement allowing Citigroup,
Inc., to pay $75 million pre-tax to the lead plaintiffs of
pending class action litigation brought on behalf of purchasers
of Global Crossing Ltd.'s securities.

As reported in the Troubled Company Reporter on March 10, 2005,
Citigroup has settled a class action litigation brought on
behalf of purchasers of Global Crossing securities which was
pending in the United States District Court for the Southern
District of New York as In re Global Crossing Ltd. Securities
Litigation, No. 02 Civ. 910 (GEL).

Under the terms of the settlement, Citigroup will make a payment
of $75 million pre-tax, approximately $46 million after tax, to
the settlement class, which consists of all investors in
publicly traded securities of Global Crossing or Asia Global
Crossing during the period from February 1, 1999, through and
including December 8, 2003.

The plaintiffs currently contemplate allocating two-thirds of
the settlement amount to investors in underwritten public
offerings of Global Crossing securities and one third to other
investors in Global Crossing securities; the terms of the
settlement and the final plan of allocation will be subject to
review by the Court. Plaintiffs' attorneys' fees will be
determined by the Court and paid out of the settlement amount.

In the settlement agreement, Citigroup specifically denied any
violation of law and stated that it was entering into the
settlement "solely to eliminate the uncertainties, burden and
expense of further protracted litigation."  The settlement
payment is covered by existing reserves and is part of
Citigroup's effort to resolve open litigation issues promptly
and fairly whenever possible.

Citigroup, the leading global financial services company, has
some 200 million customer accounts and does business in more
than 100 countries, providing consumers, corporations,
governments and institutions with a broad range of financial
products and services, including consumer banking and credit,
corporate and investment banking, insurance, securities
brokerage, and asset management.  Major brand names under
Citigroup's trademark red umbrella include Citibank,
CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers
Life and Annuity.  Additional information may be found at
http://www.citigroup.com/

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.    
at http://www.globalcrossing.comprovides telecommunications  
solutions over the world's first integrated global IP-based
network, which reaches 27 countries and more than 200 major
cities around the globe.  Global Crossing serves many of the
world's largest corporations, providing a full range of managed
data and voice products and services.  The Company filed for
chapter 11 protection on January 28, 2002 (Bankr. S.D.N.Y. Case
No. 02-40188).  When the Debtors filed for protection from their
creditors, they listed $25,511,000,000 in total assets and
$15,467,000,000 in total debts.  Global Crossing emerged from
chapter 11 on December 9, 2003.

At March 31, 2005, Global Crossing's total liabilities exceed
its total assets by $30 million. (Troubled Company Reporter,
Friday, August 12, 2005, Vol. 9, No. 190)


GLOBAL CROSSING: 2Q05 Financial Results Reveal Improvement
----------------------------------------------------------
Global Crossing (Nasdaq: GLBC) reported Tuesday financial
results for the second quarter of 2005, including progress on
core revenue growth, cash management and margins.

"We're proud of the results we're announcing today, which
validate our strategy and underscore our execution," said John
Legere, Global Crossing's chief executive officer. "Our success
in expanding the 'invest and grow' portion of our business -
which targets global enterprise and carrier customers with the
converged IP services in which we specialize - plus strong gross
margins and cash performance demonstrate our increasing
competitiveness in the marketplace. We'll continue on this
focused path."

Revenue

Revenue for the second quarter of 2005 was $499 million,
representing growth in the company's "invest and grow" category
and expected declines in the "manage for margin" and "harvest
and exit" business areas. Revenue declined approximately 5
percent compared with the first quarter of 2005, when revenue
was reported at $526 million, and 21 percent compared with
second quarter of 2004, when revenue was reported at $628
million.

"We are very pleased with our progress, as we continue to
concentrate on 'invest and grow' revenue and as the associated
gross margins grow," continued Mr. Legere. "Our core business is
growing as we de-emphasize the lower margin services."

Revenue in the company's "invest and grow" category -- that is,
Global Crossing's core businesses serving global enterprises,
collaboration and carrier data customers through direct and
indirect channels -- was $274 million in the second quarter of
2005, roughly flat compared to $273 million in the first quarter
of 2005 and up from $263 million in the second quarter of 2004.
The year-over-year increase in the "invest and grow" category
included a $16 million increase in revenues generated outside of
Global Crossing (UK) Telecommunications Ltd. (GCUK), partially
offset by a revenue decline of $5 million for GCUK. Second
quarter revenue in the "invest and grow" category was reduced by
$3 million as a result of a one-time, non-cash revenue
adjustment on a deferred revenue contract. Without this
adjustment, "invest and grow" revenue would have grown 5 percent
year over year.

New contracts signed or announced for the "invest and grow"
business in the second quarter included the UK's Forestry
Commission, which utilizes Global Crossing's managed IP
solutions, and MT Contact Center, a leading contact center
services and solutions provider based in Chile, which is
leveraging Global Crossing's advanced voice solutions to expand
its offering to international companies. Global Crossing
announced during the second quarter that it deployed global IP
VPNs for Serta Mattresses and Sonus Networks, delivering
seamless converged features, scalability and lowered total cost
of ownership to these global enterprises. And Loral Skynet
signed an agreement for expanded Fast-Track service
capabilities, enabling the leading satellite communications
provider to deliver total converged IP solutions to its
customers around the world. Contract renewals and extensions
also included Lockheed Martin and Panavision.

During the second quarter of 2005, the company's GCUK subsidiary
completed a final, planned review according to its contract with
its largest customer, the Foreign and Commonwealth Office (FCO).
The review secures the remaining revenue from the contract
through May 2010. The review confirmed that Global Crossing
continues to deliver managed services at competitive rates.

In line with the company's decisive actions to improve
profitability, wholesale voice or Global Crossing's "manage for
margin" business saw a 10 percent sequential reduction in
revenue to $197 million in the second quarter of 2005, from $219
million in the first quarter. When compared to the second
quarter of 2004, this revenue declined 39 percent from $323
million.

Gross Margin

Gross margin as a percentage of revenue was 38 percent in the
second quarter of 2005, roughly flat compared to 39 percent
reported for the first quarter of 2005 and up from 28 percent
for the second quarter of 2004. Gross margin dollars were $188
million, a 9 percent sequential decline from the first quarter
of 2005, when gross margin dollars were $206 million. The
sequential decline comprised $1 million from "invest and grow,"
$13 million from wholesale voice and $4 million from the
company's "harvest or exit" revenue category. Compared year over
year, gross margin dollars improved 6 percent from $178 million,
despite a revenue decline of $129 million.

Within the "invest and grow" category, gross margins were $148
million or 54 percent of "invest and grow" revenue in the second
quarter of 2005. This compares with $149 million or 54 percent
of such revenue in the first quarter of 2005 and $130 million or
49 percent of revenue in the second quarter of 2004. Excluding a
one-time, non-cash revenue adjustment of $3 million, "invest and
grow" gross margins would have been $151 million for the second
quarter. This strong margin performance demonstrates the
company's focus on its higher- margin core business, which
includes premium products and managed services.

Gross margin for the "manage for margin" category was $25
million or 13 percent of revenue, compared to 17 percent or $38
million in the first quarter of 2005 and 8 percent or $27
million in the second quarter of 2004. The sequential decline in
absolute gross margin was driven by the planned reduction of
wholesale voice revenue and some fluctuations in the company's
cost of access expenses.

Global Crossing reduced its cost of access charges by 3 percent
sequentially to $311 million in the second quarter of 2005, from
$320 million in the first quarter of 2005. Cost of access
declined 31 percent year over year, from $450 million in the
second quarter of 2004.

As in the first quarter, sequential and year-over-year
reductions in access costs resulted primarily from lower
wholesale voice volume, continued improvement in access costs
associated with all business categories, and the company's
strategic shift toward a greater ratio of higher-margin, IP and
managed services revenue. The company continues to aggressively
manage access spending by optimizing its access network and
extending the access network closer to the customer.

Operating Expenses

Operating expenses for the second quarter of 2005 were $191
million, compared with $208 million in the first quarter of 2005
and $189 million for the second quarter of 2004. The $17 million
sequential improvement was primarily driven by first quarter
items including a one-time $24 million increase in Global
Crossing's real estate restructuring reserve, a $2 million legal
settlement gain and an increase of $5 million in excess medical
benefits.

Third-party maintenance costs for the second quarter of 2005
were $24 million, compared with $26 million in the first quarter
of 2005 and $27 million for the second quarter of 2004.

Earnings

For the second quarter of 2005, Adjusted EBITDA (as defined in
the tables that follow) was reported at a loss of $27 million,
compared with a loss of $28 million in the first quarter of 2005
and a loss of $38 million in the second quarter of 2004. Without
unusual items in the second quarter, Adjusted EBITDA would have
been a loss of $26 million. In the first quarter of 2005,
unusual operating expense items mentioned above would have
improved Adjusted EBITDA to a loss of $12 million. Absent the
unusual items for both quarters, Adjusted EBITDA would have
declined by $14 million sequentially, primarily as a result of
reduced gross margin.

The year-over-year improvement in Adjusted EBITDA was primarily
attributable to gross margin increases.

Consolidated loss applicable to common shareholders in the
second quarter of 2005 was $76 million, compared to losses of
$107 million in both the first quarter of 2005 and the second
quarter of 2004. The sequential improvement primarily comprised
$25 million of other income including gains from sales of
assets, $8 million from pre-confirmation contingencies, and $4
million in depreciation and amortization. These gains were
offset by a $6 million increase in income tax. The year-over-
year variance resulted from Adjusted EBITDA improvements of $11
million, $6 million of depreciation and amortization, $11
million in other income, $10 million in gains from pre-
confirmation contingencies and $10 million in income from
discontinued operations. These gains were offset by a $15
million increase in net interest expense and a $2 million
increase in income taxes.

Pursuant to the SEC's Regulation G, a definition and a
reconciliation of the company's Adjusted EBITDA measures to the
reported net income or loss for the relevant periods are
included in the attached schedules.

Capital Expenditures

For the second quarter of 2005, cash paid for capital
expenditures ("capex") and capital leases was $26 million,
compared with $27 million in the first quarter of 2005 and $27
million in the second quarter of 2004. Strategic investments
during the second quarter included deployment of state-of-the-
art transport equipment, and installation of next-generation
audio conferencing bridges and IP core and edge platforms.
Global Crossing's IP traffic volume stood at 105 gigabits per
second (Gbps) at the end of the second quarter, and 56 percent
of the company's voice traffic was carried on its Voice over
Internet Protocol (VoIP) backbone. Global Crossing also
decommissioned one of its time division multiplexing (TDM)
switches located in Newark, NJ. At the same time, Global
Crossing increased its VoIP capacity, paving the way toward an
all-IP voice network.

Cash and Liquidity

As of June 30, 2005, unrestricted cash and cash equivalents were
$305 million. Restricted cash was $23 million. The company
generated $28 million of cash in the quarter. Of this amount,
$22 million in net proceeds was from the sale of its Trader
Voice business. An additional $32.5 million was prepayment for
Global Crossing's Small Business Group (SBG), representing a
portion of the purchase price. Global Crossing anticipates the
completion of the SBG sale and receipt of the remaining proceeds
in the third quarter.

Global Crossing's net cash used in operating and financing
activities in the second quarter of 2005 totaled $3 million,
compared to $57 million in the first quarter. GCUK's net cash
provided by operating and financing activities was $12 million,
after paying $21 million in interest associated with the
company's high yield debt. Global Crossing's business excluding
GCUK used $15 million in operating and financing activities.
This cash flow was driven by net loss from operations and
repayment of capital leases. Net cash provided by investing
activities amounted to $33 million in the second quarter of
2005, specifically resulting from asset sales proceeds,
purchases of property and equipment, and changes in restricted
cash. Excluding asset sales proceeds in the second quarter, the
company would have used $22 million in investing activities for
capital expenditures. This compares to $29 million cash used in
investing activities for the first quarter. Finally, the company
experienced a $2 million reduction in cash as a result of the
effect of exchange rate changes on cash and cash equivalents.

The company's cash burn has slowed since the first quarter as a
result of working capital timing and improvements both in
operating cash flow and in "days of sales outstanding" on
accounts receivable.

Global Crossing provides below a summary of the specific
financial guidance for 2005 that it provided on March 16, 2005
and a comparison to results during the first half of the year.

Global Crossing (NASDAQ: GLBC) provides telecommunications
solutions over the world's first integrated global IP-based
network. Its core network connects more than 300 cities and 30
countries worldwide, and delivers services to more than 500
major cities, 50 countries and 6 continents around the globe.
The company's global sales and support model matches the network
footprint and, like the network, delivers a consistent customer
experience worldwide.

Global Crossing IP services are global in scale, linking the
world's enterprises, governments and carriers with customers,
employees and partners worldwide in a secure environment that is
ideally suited for IP-based business applications, allowing e-
commerce to thrive. The company offers a full range of managed
data and voice products including Global Crossing IP VPN
Service, Global Crossing Managed Services and Global Crossing
VoIP services, to more than 40 percent of the Fortune 500, as
well as 700 carriers, mobile operators and ISPs.

CONTACT: Global Crossing
         Press Contacts
         Becky Yeamans
         Phone: 1 973-937-0155
         E-mail: PR@globalcrossing.com

         Tisha Kresler
         Phone: 1 973-937-0146
         E-mail: PR@globalcrossing.com

         Kendra Langlie
         Phone: 1 305-808-5912
         E-mail: LatAmPR@globalcrossing.com

         Analysts/Investors Contact
         Laurinda Pang
         Phone: 1 800-836-0342
         E-mail: glbc@globalcrossing.com
    
         URL: www.globalcrossing.com


INTELSAT: Revenues Up 11% in 2Q05 Over Prior-year Period
--------------------------------------------------------
Intelsat, Ltd., a global satellite communications leader
providing services in over 220 countries and territories,
reported Thursday results for the quarter and six months ended
June 30, 2005.

Intelsat, Ltd. and its subsidiaries, referred to as Intelsat or
the Company, reported revenue of $289.8 million and a net loss
of $53.4 million for the quarter ended June 30, 2005. The
Company also reported EBITDA(1), or earnings before interest,
taxes and depreciation and amortization, of $194.5 million for
the quarter.

The Company also reported covenant EBITDA(2) of $204.9 million
for the quarter ended June 30, 2005, up 4% from $197.0 million
for the quarter ended June 30, 2004 and down less than 1% from
$205.7 million for the quarter ended March 31, 2005. The
sequential decline in covenant EBITDA was due largely to a one-
time $9.9 million net benefit from the payment of the Company's
claims in connection with the MCI WorldCom bankruptcy recorded
in the quarter ended March 31, 2005.

Intelsat generated strong free cash flow from operations of
$62.2 million for the second quarter of 2005. Free cash flow
from operations is defined as net cash provided by operating
activities, less payments for satellites and other property and
equipment and a payment for a deposit on a future satellite. The
Company made a $58 million cash payment for launch and in-orbit
insurance on the recently launched Intelsat Americas(TM)-8 (IA-
8) satellite, which is reflected in the free cash flow from
operations figure.

For the first half of 2005, Intelsat reported revenue of $583.0
million and a net loss of $205.1 million. EBITDA for the six-
month period was $265.9 million, and covenant EBITDA was $410.6
million.

"Intelsat generated solid revenue growth and free cash flow from
operations in the second quarter, led by continued year-over-
year growth in managed solutions and lease revenues and a
favorable capital expense profile," said Intelsat Chief
Executive Officer, David McGlade. "The successful June launch of
the IA-8 satellite provided a key strategic addition to our
North American fleet. IA-8 has completed in-orbit testing and
was fully operational as of July 29th. With more than 50% of the
satellite's North American Ku-band capacity already leased, we
are seeing solid demand trends and opportunities in this area."

On June 23, 2005, Intelsat reported that its IA-8 satellite was
successfully launched aboard Sea Launch's Zenit-3SL rocket.
After completion of in-orbit testing, the satellite has been
operating from 89(degrees)W longitude. IA-8, built by Space
Systems/Loral, is Intelsat's most powerful satellite to date and
offers prime landmass coverage to customers in the Americas, the
Caribbean, Alaska and Hawaii via its C-, Ku- and Ka-band
transponders.

As previously reported, on January 14, 2005, our IS-804
satellite experienced a sudden and unexpected electrical power
system anomaly that resulted in the total loss of the satellite.
We established a failure review board ("FRB") with the
manufacturer of IS-804, Lockheed Martin Corporation, to
investigate the cause of the anomaly. The IS-804 satellite was a
Lockheed Martin 7000 series ("LM 7000 series") satellite, and we
operate three other satellites in the LM 7000 series, the IS-
801, IS-802 and IS-805 satellites. While the FRB is not expected
to complete its analysis until the end of September 2005, we
currently believe, based on the FRB's analysis to date, that the
IS-804 failure is not likely to have been caused by an IS-804
specific workmanship or hardware element, but is more likely
related to the LM 7000 Series design under certain operational
and environmental conditions. The FRB's analysis is expected to
include an assessment of the overall risk level for our other LM
7000 series satellites, and a determination of whether any
operational steps can be taken to mitigate the risk. We are also
analyzing our satellite deployment plan and may make adjustments
to this plan upon review of the FRB's findings. In this context,
we believe that the size and flexibility of our global satellite
fleet will enable us to mitigate the impact of a failure of any
of our LM 7000 series satellites, and that such a failure is
unlikely to have a materially adverse impact on our backlog or
revenue.

Financial Results for the Quarter Ended June 30, 2005

Total revenue increased $29.4 million, or 11.3 percent, to
$289.8 million for the quarter ended June 30, 2005 from $260.4
million for the quarter ended June 30, 2004. The increase was
primarily attributable to increased lease services and managed
solutions revenues, as well as mobile satellite services (MSS)
revenues acquired as part of the COMSAT General acquisition in
October 2004 and now provided by Intelsat General. Intelsat
General was formed following the Company's acquisition of the
COMSAT General business in October 2004. Lease services revenue
increased $7.4 million to $183.0 million. Channel services
revenue declined by $9.1 million to $57.2 million, reflecting
recent business trends in this area. This decline was more than
offset by an increase of $10.0 million in revenue from managed
solutions, which totaled $27.7 million for the quarter. MSS
revenues totaled $19.4 million, and other revenues totaled $2.5
million.

Total operating expenses for the quarter ended June 30, 2005
were $238.9 million, compared to $195.8 million in the prior
year period. The largest component of total operating expenses
was depreciation and amortization expense, which increased $28.4
million to $143.8 million for the quarter ended June 30, 2005.
Approximately $23 million of the increase reflected an increase
in the fair value of the Company's depreciable assets compared
to the prior-year period following the closing of the
acquisition of the Company by Intelsat Holdings, Ltd. on January
28, 2005 (the "Acquisition"), due to purchase accounting
treatment. The balance of the increase primarily reflected
depreciation expense related to the IS-10-02 satellite that
entered service in August 2004. These factors were offset by
reductions in depreciation expense related to the IS-804
satellite failure in the first quarter of 2005 and the IA-7
satellite anomaly in the fourth quarter of 2004. The remaining
$14.7 million of increased operating expenses were due primarily
to higher incremental operating expenses associated with
Intelsat General cost of sales, offset in part by the impact of
our cost control efforts and staff reductions.

Net loss was $53.4 million for the quarter ended June 30, 2005,
compared with net income of $18.5 million for the quarter ended
June 30, 2004. The net loss for the 2005 period as compared with
the prior year was primarily due to higher operating expenses
and higher interest expense resulting from recent financings in
connection with the Acquisition and the repurchase by Intelsat
Holdings, Ltd. of a portion of its preferred shares in March
2005. The quarter ended June 30, 2004 was also negatively
affected by the Company's decision to dispose of its investment
in Galaxy Satellite TV Holdings, Ltd.

EBITDA increased $21.5 million, to $194.5 million, or 67 percent
of revenue, for the quarter ended June 30, 2005 from $173.1
million, or 67 percent of revenue, for the same period in 2004.
EBITDA as a percentage of revenue was maintained, despite the
increased revenue contribution from managed solutions and
Intelsat General, both of which carry lower EBITDA margins than
traditional fixed satellite services. This was due primarily to
our cost control efforts and staff reductions.

Financial Results for the Six Months Ended June 30, 2005

On January 28, 2005, Intelsat, Ltd. was acquired by Intelsat
Holdings, Ltd., a Bermuda company formed at the direction of
funds advised by or associated with certain private equity
firms. For comparative purposes, when we refer in this press
release to our results for the six month period or the six
months ended June 30, 2005, we are referring to our combined
results for the period from January 1, 2005 through January 31,
2005 and for the period (post-Acquisition) from February 1, 2005
through June 30, 2005.

Total revenue increased $88.7 million, or 17.9 percent, to
$583.0 million for the six months ended June 30, 2005 from
$494.3 million for the six months ended June 30, 2004. Lease
services revenue increased $48.9 million to $372.1 million.
Channel services revenue declined by $18.6 million to $117.6
million, reflecting recent business trends in this area. This
decline was more than offset by an increase of $20.3 million in
revenue from managed solutions, which totaled $53.4 million for
the six month period. MSS revenues totaled $34.6 million and
other revenues totaled $5.3 million.

Total operating expenses for the six months ended June 30, 2005
were $596.3 million, which included the $69.2 million non-cash
impairment charge recorded in the first quarter of 2005 and
$59.7 million of charges associated with the Acquisition,
compared to $366.6 million in the year-ago period. Depreciation
and amortization expense increased $59.7 million to $279.0
million for the six months ended June 30, 2005. The increase is
attributable to: an upward adjustment of $51.9 million to
reflect the fair value of the company's depreciable assets at
period end as required under purchase accounting treatment in
connection with the Acquisition, offset in part by a reduction
in depreciation expense owing to the write-off of the IS-804 and
IA-7 satellites; a full six months of depreciation recorded on
the Intelsat Americas satellites compared with approximately 3
months in the prior-year period; and depreciation expense
related to the IS-10-02 satellite that entered service in August
2004. The remaining $41.1 million in increased operating
expenses reflects the first full two quarters of Intelsat
General activity, among other expense items, partially offset by
a $6.7 million reduction in bad debt expense resulting from the
payment of the Company's claims in the MCI WorldCom bankruptcy.

Net loss was $205.1 million for the six months ended June 30,
2005, compared with net income of $35.3 million for the six
months ended June 30, 2004. The net loss for the 2005 period as
compared with the prior year was primarily due to higher
operating expenses and higher interest expense resulting from
recent financings in connection with the Acquisition and the
repurchase by Intelsat Holdings, Ltd. of a portion of its
preferred shares in March 2005. The six months ended June 30,
2004 was also negatively affected by the Company's decision to
dispose of its investment in Galaxy Satellite TV Holdings, Ltd.

EBITDA decreased $70.1 million, to $265.9 million, or 46 percent
of revenue, for the six months ended June 30, 2005 from $336.0
million, or 68 percent of revenue, for the same period in 2004.
The decrease in EBITDA reflects the impact of the IS-804 write-
off and Acquisition-related charges. The EBITDA margin
comparison also reflects the impact of managed solutions and
Intelsat General, both of which carry lower EBITDA margins than
traditional fixed satellite services, somewhat offset by our
cost control efforts and staff reductions.

Other Financial and Operating Data

At June 30, 2005, Intelsat's backlog, representing expected
future revenue under contracts with customers, was $3.7 billion.
At March 31, 2005, Intelsat's backlog was $3.8 billion. The
decline in backlog was due primarily to the expected declines in
the channel business. We expect this trend in our channel
business to continue.

As indicated in the first quarter 2005 earning release, Intelsat
management has reviewed the data pertaining to the use of the
Intelsat system and is providing information with respect to
that use by service category and customer set as indicated in
the following tables. Intelsat management believes this provides
a useful perspective on the changes in revenue and customer
trends over time.

About Intelsat

Intelsat is a global communications provider offering flexible
and secure services to customers in over 220 countries and
territories. Intelsat has maintained a leadership position for
over 40 years by distributing video, voice, and data for
television and content providers, government and military
entities, major corporations, telecommunications carriers, and
Internet service providers. Intelsat's reach, power and
expanding solutions portfolio deliver information reliably and
quickly to every corner of the globe.

To see financial statements:
http://bankrupt.com/misc/Intelsat.txt

CONTACT: INTELSAT, LTD.
         Investor Relations and Financial Media:
         Noah Asher, 202-944-7328
         URL: http://www.intelsat.com


LORAL SPACE: Loral-Built Satellite Successfully Launched
--------------------------------------------------------
Thaicom 4 (IPSTAR), a high-power, broadband satellite built by
Space Systems/Loral (SS/L) for Shin Satellite Plc of Thailand,
was successfully launched Thursday at 1:20 a.m. PDT. The
satellite was put into orbit aboard an Ariane 5 rocket from the
European spaceport in Kourou, French Guiana.

With a launch weight of 14,300 pounds (6486 kilograms), Thaicom
4 (IPSTAR) is the heaviest commercial satellite ever delivered
to geosynchronous orbit. Thaicom 4 (IPSTAR) is designed to
provide broadband services to both enterprises and consumers
throughout 14 countries in the Asia-Pacific region.

"The demand for increased broadband access across the globe is a
key driver in the satellite manufacturing industry," said
Bernard L. Schwartz, chairman and CEO of Loral Space &
Communications. "With Thaicom 4 (IPSTAR) launched and additional
satellites designed for expanded Internet access being
manufactured at our Palo Alto facility, SS/L has proven itself
as the leader in the development and production of these
sophisticated and complex spacecraft."

The satellite has a massive total data throughput capacity of
over 45 Gbps. It is designed to provide users with data speeds
of up to four Mbps on the forward link and two Mbps on the
return link. Thaicom 4 (IPSTAR) will use its seven on-board
antennas to create 112 spot and regional beams in the Ku and Ka
frequency bands. The satellite will generate 14 kW of electrical
power throughout its planned 12-year service life.

Shin Satellite, a turnkey satellite operator, provides C- and
Ku-band transponder leasing, teleport and other value-added and
engineering services to users in Asia, Africa, Europe and
Australia. Shin Satellite owns and operates Thaicom 1A, Thaicom
2 and Thaicom 3. The satellites carry a total of 47 C-band and
20 Ku-band transponders offering over 100 channels. Thaicom is
the hot-bird for Indochina, an emerging platform of choice for
transcontinental satellite television broadcasts from Europe to
Australia. The company has spent years researching and
developing new technology to make Internet via satellite more
efficient, thus reducing costs and improving the service to end-
users.

Space Systems/Loral, a subsidiary of Loral Space &
Communications (OTC Bulletin Board: LRLSQ - News), is a premier
designer, manufacturer, and integrator of powerful satellites
and satellite systems. SS/L also provides a range of related
services that include mission control operations and procurement
of launch services. Based in Palo Alto, Calif., the company has
an international base of commercial and governmental customers
whose applications include broadband digital communications,
direct-to-home broadcast, defense communications, environmental
monitoring, and air traffic control. SS/L satellites have
amassed more than 1,200 years of reliable on-orbit service. SS/L
is ISO 9001:2000 certified. For more information, visit
http://www.ssloral.com.

Loral Space & Communications is a satellite communications
company. In addition to Space Systems/Loral, through its Skynet
subsidiary Loral owns and operates a fleet of telecommunications
satellites used to broadcast video entertainment programming,
and for broadband data transmission, Internet services and other
value-added communications services.

CONTACT: Loral Space & Communications Ltd.
         600 Third Avenue
         New York, NY 10016
         USA
         URL: http://www.loral.com
         Phone: 212-697-1105



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EMBRATEL PARTICIPACOES: Primesys Acquisition Spells Status Boost
----------------------------------------------------------------
In response to BOVESPA enquiry GAE/SAE 1.669 -05 of August 9,
2005, Embrapar informs that the acquisition of PrimeSys Solucoes
Empresarias S.A. (PrimeSys), when concluded, further strengthens
Embratel's position in the corporate market by allowing it to:

- add to its outsourcing activity several business customers
including two of Brazil's major financial institutions;

- become a key strategic partner to those customers and gain
the ability to cross-sell integrated telecommunications
services;

- enhance Embratel's focus on the outsourcing business; and

- achieve operating synergies by integrating networks.

PrimeSys is a leading telecom outsourcing provider offering
fully customized solutions, integrated consulting services and
service level agreements to customers demanding a high level of
service requirements for mission critical applications. The
company provides services over a leased terrestrial and
satellite network comprising 13.000 client points, over 140
points of presence in 66 of the largest Brazilian
municipalities. PrimeSys' net revenues and EBITDA in 2004 were
R$253 million and R$35 million, respectively.

In April 2005, Portugal Telecom do Brasil (PT Brasil) made a
spin-off the IT and Web activities from PrimeSys, so that the
remaining entity, which is being acquired by Embratel, provides
the above-mentioned telecom outsourcing services. Without the IT
and Web businesses, Embratel estimates PrimeSys' 2004 net
revenues and EBITDA to have been R$235 million and R$43 million,
respectively. At April 30, 2005, PrimeSys' bank debt was R$3.7
million and operating leases were R$7.3 million, after the spin-
off. On the same date, the company's cash position was R$20.3
million. The impact of PrimeSys in Embratel 2005 results will
not only depend on PrimeSys performance but also the timing of
the conclusion of the transaction, which is expected to occur in
the fourth quarter of 2005. In addition to strengthening its
position in the corporate market, Embratel expects to grow
outsourcing revenues servicing the future needs of PrimeSys'
existing clients and by adding new clients to its base.

Embratel is a countrywide communications provider in Brazil
offering a wide array of advanced communications services over
its own network. It is the leading provider of data and Internet
services in the country and is well positioned to be the
country's only true national local service provider for
corporate customers. Service offerings include: telephony,
advanced voice, high-speed data communication services,
Internet, satellite data communications, corporate networks and
local voice services for corporate clients. The Company's
network has countrywide coverage with more than 32.5 thousand km
of fiber optic cables with 1,069 thousand km of fibers

CONTACT: Embratel
         Investor Relations   
         Phone: (5521) 2121-6474/2121-9662
         Fax: (5521) 2121-6388/email. invest@embratel.com.br
         URL: www.embratel.com.br

  
UNIBANCO: To Include New Record Date for Conversion Program
-----------------------------------------------------------
Unibanco Holdings S.A. (Unibanco Holdings) and Unibanco - Uniao
de Bancos Brasileiros S.A. (Unibanco) announced that the
Comissao de Valores Mobiliarios (CVM), the Brazilian Securities
and Exchange Commission, released OFICIO/CVM/SEP/GEA-1/N 440/05,
authorizing Unibanco Holdings to include a new record date for
the current Conversion Program of preferred shares into Units
(Bovespa: UBBR11) in the terms of the company announcement
published on June 30, 2005.

According to the request made by Unibanco Holdings, now
authorized by CVM, shareholders who have, on August 19, 2005,
pairs of preferred shares of Unibanco (Bovespa: UBBR4) or pairs
of preferred shares of Unibanco Holdings (Bovespa: UBHD6) will
be able to adhere to the mentioned Conversion Program.

Shareholders who comply with the above-mentioned description,
and who wish to adhere to the Conversion Program, should send a
written request addressed to Unibanco Holdings, by filing a
specific form, which will be available from 08.19.2005 on.

CONTACT: Unibanco - Uniao de Bancos Brasileiros S.A.
         Investor Relations Area
         Av. Eusebio Matoso
         891 - 15th floor - Sao Paulo
         SP 05423-901- Brazil
         Phone: (55 11) 3097-1980
         Fax: (55 11) 3813-6182
         E-mail: investor.relations@unibanco.com
         URL: www.ir.unibanco.com


USIMINAS: Net Income Totals $1.8B in 1H05
-----------------------------------------
Usinas Siderurgicas de Minas Gerais S.A. -- USIMINAS (OTC
Bulletin Board: USNZY - News; Bovespa: USIM3 USIM5 USIM6)
announced Thursday its second quarter 2005 (2Q05) results.
Operational and financial information of the Company, except
where otherwise indicated, is presented based on consolidated
data in Brazilian reais in accordance with Brazilian Corporate
Law. All comparisons made in this release take into
consideration the same period in 2004 (2Q04), except when
specified differently.

Rinaldo Campos Soares, the Company CEO, said:

"The global steel industry is undergoing a moment of adjustment
after the expressive results achieved as of the second half of
2004. The continuous efforts made for cost savings and
maximization of opportunities are key elements.

Companies are more aware of the changes in outlook that directly
influence the demand for steel products. They seek to more
efficiently control the balance between demand and supply and
make faster decisions. Therefore, it is necessary to adapt to
new market conditions in order to preserve profitability and
margins. In this context, we face an environment of great
challenges in a period marked by market retraction as a result
of the country's weaker economic activity and by excessive
inventory levels in some industrial segments, especially in
distribution.

In the international market, we also observed inventory
accumulation, mainly in the U.S. and Europe. Industrial
companies have turned to China, a market with heated demand;
however, it has been oversupplied and prices have been
negatively impacted. In spite of the adverse market conditions
in the first half, the Usiminas System once again has performed
well operationally. In the first half, net sales revenues were
R$ 6.9 billion, operational cash generation reached R$ 3.3
billion, (which corresponded to an EBITDA margin of 48%), and
net profit was R$ 1.8 billion, 35%, 52% and 104%, respectively,
greater than in the same period of 2004, compatible with our
investment needs, shareholder remuneration and debt management.
We continue firmly determined to achieve increasingly better
results."



=========
C H I L E
=========

SR TELECOM: Reports 2Q05 Net Loss of $30.7M Vs $23.4M in 2Q04
-------------------------------------------------------------
SR Telecom Inc. (TSX: SRX, NASDAQ: SRXA) reported Wednesday its
results for the second quarter and first six months of fiscal
2005 ended June 30, 2005.

The second quarter of 2005 was challenging for SR Telecom. There
was further erosion of its operating results, and the
Corporation was forced to seek additional liquidity and
negotiate a balance sheet restructuring. Manufacturing and
delivery of finished products was hampered by procurement issues
and the resulting effect on revenues, profits and cashflow is
evident in the results released Wednesday.

Interim President and CEO William E. Aziz said that, "It is
obvious that there is a need for change at SR Telecom. During
the coming weeks, we will be defining the new business
proposition that the company will use as it is re- positioned
for future success in the wireless infrastructure, equipment and
application markets. SR Telecom has a strong history of
successful deployment and significant intellectual properties
that will act as catalysts for continued development,
commercialization and deployment of our WiMAX and WiMAX- ready
products."

Consolidated Second Quarter Results

Consolidated revenue for the second quarter of fiscal 2005
totalled $17.7 million, compared to $36.6 million in the second
quarter of fiscal 2004. The consolidated operating loss for the
second quarter of fiscal 2005 was $27.7 million, compared to an
operating loss of $21.0 million in the same period in 2004. The
consolidated net loss for the second quarter of 2005 was $30.7
million, compared to a consolidated net loss of $23.4 million in
the corresponding period in 2004.

For the six-month period of fiscal 2005, consolidated revenue
was $35.6 million, compared to $62.8 million in the first six
months of fiscal 2004. The consolidated operating loss for the
first half of fiscal 2005 reached $38.4 million, compared to
$34.6 million in the same period in fiscal 2004. The
consolidated net loss for the first half of fiscal 2005 totalled
$44.4 million, compared to a consolidated net loss $40.3 million
in the prior period.

The decrease in revenue in the second quarter of 2005 compared
to the second quarter of 2004 is primarily a result of delays in
finalizing the credit facility, announced on May 24, 2005, as
well as the effects of reduced supplier credit and a production
slow-down at the beginning of the quarter, and timing issues
related to the delivery of equipment.

As part of its restructuring efforts, during the second quarter
of 2005 management undertook a review of certain aspects of its
operations and decided that it would manufacture discontinue
certain product lines, no longer support prior versions of
certain products and change its approach to repairs. As a
result, inventory comprised mostly of raw materials and repair
stock in the amount of $19.8 million, offset by an inventory
provision of $3.3 million, was written off or written down to
its estimated net realizable value. The inventory affected was
located primarily in Canada and in France.

Core Wireless Solutions Segment

Second quarter revenue in SR Telecom's core wireless solutions
business was $13.0 million, compared to $31.6 million reported
during the same period in 2004. The net loss for the second
quarter of fiscal 2005 totalled $28.4 million, compared to a
$21.4 million net loss in the corresponding period last year.
For the first six months of fiscal 2005, revenue in the core
wireless solutions business was $25.7 million, compared to $53.2
million in the same period in fiscal 2004. The net loss for the
first half of fiscal 2005 totalled $41.3 million, compared to a
net loss of $36.5 million in the prior period.

Selling, general and administrative (SG&A) expenses in the core
wireless business segment decreased to $9.6 million for the
second quarter of 2005, compared to $12.1 million for the same
period in 2004. For the six-month period of fiscal 2005, SG&A
expenses decreased to $19.5 million, versus $25.3 million in the
first six months of fiscal 2004. The decreases were primarily
due to the effects of the restructuring that was implemented in
the second and third quarters of 2004.

As previously indicated, the Corporation has consolidated its
research and development facilities. Principally as a result of
this consolidation and lower activity levels, research and
development expenses in the core wireless business decreased
from $7.5 million in the second quarter of 2004 to $3.0 million
in the second quarter of 2005. For the first half of fiscal
2005, R&D expenses were reduced to $6.5 million, compared to
$14.8 million in the corresponding period in fiscal 2004. The
decreases were also attributable to the restructuring initiative
that was implemented by the Corporation in 2004.

Telecommunications Service Provider Segment (CTR)

The Corporation's Chilean service provider, CTR, experienced a
decrease in revenue to $4.7 million for the three months ended
June 30, 2005, from $5.0 million for the three months ended June
30, 2004. Net revenue in Chilean peso terms was 2,212 million
pesos for the second quarter of 2005 and 2,339 million pesos for
the second quarter of 2004, a decrease of 127 million pesos or
5%. The decrease is attributable to lower traffic than
anticipated due to poor weather conditions in comparison to the
same period in 2004 and an unfavourable change in the mix of
access charges relating to higher-cost prepaid and long-distance
traffic.

For the first six months of fiscal 2005, CTR revenue increased
to $9.9 million, up from the $9.6 million reported for the six
months of 2004. Net revenue in Chilean peso terms was 4,620
million pesos for the first half of 2005 and 4,415 million pesos
for the first half of 2004, an increase of 205 million pesos or
5%. The increase is attributable to the new access tariffs
approved by the Chilean regulator, Subtel, which took effect
March 1, 2004 as well as the roll out of the new urban
initiative, net of the changes for the quarter ended June 30,
2005 described above.

The CTR operating loss totalled $1.3 million in the second
quarter of fiscal 2005, compared to operating earnings of
$279,000 in the same period last year. The loss is the result of
an increase to $6.0 million in operating expenses for the
quarter, from $4.8 million for the three months ended June 30,
2004. The increase is primarily due to professional and legal
fees of approximately $1.0 million related to the renegotiation
of the CTR loans, which were extended for a period of three
years. The net loss for the second quarter of 2005 was $2.2
million, compared to a net loss of $2.0 million in the
corresponding period in 2004.

For the first half of fiscal 2005, the CTR operating loss
totalled $910,000, compared to operating earnings of $20,000 in
the corresponding period in 2004. The CTR net loss for the first
half of fiscal 2005 decreased to $3.1 million, compared to a net
loss of $3.7 million in the same period in 2004.

Financial Position

The Corporation's consolidated cash, including short-term and
long-term restricted cash, increased to $7.7 million at June 30,
2005, compared to $6.4 million at December 31, 2004. On May 19,
2005, an agreement was reached with the debenture holders to
provide up to $50.0 million (US$39.6 million) five-year secured
credit facility. An amount of up to $20.0 million (US$15.85
million) was made available to the Corporation upon closing of
the Agreement, of which $12.1 million (US$9.85 million) was
drawn as at June 30, 2005. The remainder of the facility will be
provided over the next three quarters, subject to approval of
budgets and financial covenants when finalized with the lenders.

Further, the Corporation and the debenture holders have also
agreed to exchange $71.0 million of the outstanding debentures
and approximately $3.5 million of accrued interest into new 10%
Convertible Redeemable Secured Debentures due October 15, 2011,
convertible into common shares at a conversion price of $0.21
per common share. Following the debenture exchange, the
Corporation intends to file a preliminary prospectus relating to
a rights offering to existing shareholders to subscribe for new
common shares, subject to market conditions.

Pursuant to the refinancing arrangements in place in relation to
the credit facility, the debenture exchange and the potential
rights offering, SR Telecom should have sufficient cash and cash
equivalents, short-term investments, and cash from operations
going forward to satisfy its working capital requirements and
continue operations as a going concern for the next twelve
months. There can, however, be no assurance that such plans as
described above will result in sufficient funds.

    Recent Events

  - On July 21, 2005, SR Telecom launched its previously
    announced offer to exchange its outstanding $71.0 million
    8.15% Unsecured Debentures ("debentures") due August 31,
    2005 and related accrued interest of approximately $3.5
    million into new 10% Convertible Redeemable Secured
    Debentures ("convertible debentures") due October 15, 2011,
    convertible into common shares at a rate of $0.21 per common
    share. The exchange offer is subject to terms and conditions
    set forth in a private offering memorandum sent to the  
    debenture holders. The Corporation has entered into lock-up
    agreements with holders of approximately $67.0 million in
    principal amount or approximately 95% of the outstanding
    8.15% debentures. The debenture exchange is expected to
    close on August 22, 2005.

  - On July 21, 2005, SR Telecom announced the resignation of
    Pierre St-Arnaud as the Corporation's President and Chief
    Executive Officer. Mr. St-Arnaud will continue to sit on
    the Corporation's Board of Directors. Mr. William Aziz, the
    Corporation's Chief Restructuring Officer, will assume the
    President and CEO role on an interim basis.

  - On June 22, 2005, SR Telecom announced that it is
    collaborating with Analog Devices Inc. ("ADI"), a global
    leader in high-performance semiconductors for signal
    processing applications, for the development of its 802.16
    (WiMAX) base station solutions. The SR Telecom WiMAX base
    station will incorporate the ADI TigerSHARC processor. As a   
    result of this collaboration, the Corporation will be able
    to produce reliable, feature-rich and future-proof
    solutions for the global WiMAX market.

  - On May 24, 2005, SR Telecom announced that it had entered
    into definitive agreements with a group representing the
    required majority of its outstanding 8.15% debentures (the
    "debenture holders") regarding its capitalization plan.
    Further, the Corporation entered into agreements with the
    lenders of its Chilean subsidiary, CTR, the Inter-American
    Development Bank and Export Development Canada ("the CTR
    lenders"). The transaction highlights include the following:

    - The Corporation closed an operating credit facility of $50
      million (US$39.6 million) with certain of the debenture
      holders. The credit facility is revolving until October 1,
      2006, followed by a non-revolving term period that shall
      extend until October 2, 2011. As the facility becomes
      available to the Corporation, it will be used to fund
      working capital requirements, subject to agreed budgets,
      and will be secured by the available assets of SR Telecom.

    - The CTR lenders agreed to restructure the terms of the
      loans to CTR and postpone maturity for three years, until
      May 17, 2008. As part of the agreement, SR Telecom has
      guaranteed the performance of the obligations of CTR to
      the CTR lenders up to an amount of US$12.0 million.

    - The 8.15% debentures will be restructured into new
      convertible debt and equity, following which the current
      debenture holders will own approximately 95% of the
      Corporation's equity on a fully-diluted basis. The new 10%
      convertible debentures will be converted into common
      shares at a rate of approximately $0.21 per common share.
      It is contemplated that $10.0 million of the 8.15%
      debentures will be converted into approximately 46,939,218
      common shares.

   - On April 18, 2005, SR Telecom announced that it had engaged
    Mr. William Aziz, Managing Partner of BlueTree Advisors, as
    Chief Restructuring Officer on a contract basis to assist in
    identifying and implementing strategies to capitalize on
    opportunities for the enhancement of operating performance.

   - On April 4, 2005, SR Telecom announced that it had received
    purchase orders valued at approximately $11.0 million from
    Siemens for the ongoing Telefonica TRAC initiative.
    Telefonica, a leading international communications
    operator, originally selected SR Telecom's angel over a
    number of competing technologies for an extensive multi-
    service Broadband Fixed Wireless Access (BFWA) network.
    The new orders are for the WiMAX-ready symmetry solution,
    which Telefonica intends to use for the rest of the TRAC
    deployment.

Outlook

"At this time, it would be inappropriate to provide detailed
guidance on the business plans for the changes needed to turn
around the results of operations," Mr. Aziz said. "However, it
is my expectation that all of our resources will be focused on
becoming self-sustaining and bringing products to market that
will be best in class for performance and scalability. This will
enable our customers to continue to make large scale deployments
in many diverse markets. We expect that revenue in the third
quarter will increase significantly in comparison to the current
quarter of 2005, as our supplier issues have been resolved and
production of our order backlog is underway."

About SR Telecom

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

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

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

To see financial statements:
http://bankrupt.com/misc/SR_Telecom.htm



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

AIR JAMAICA: Struggles to Keep Up with Competition
--------------------------------------------------
American Airlines' move to add capacity on the Jamaican routes
is putting at risk national airline Air Jamaica's efforts to
stay in business.

In an interview with the Jamaica Observer, one travel agency
said, "Air Jamaica's monthly booking has fallen off over the
last 12 months. It used to be number one in terms of bookings
but now AA is taking over."

Another travel agency revealed that a third of the bookings that
it made for the national carrier this time last year had
disappeared with American Airlines the primary beneficiary. The
main reason for this is the price differential between Air
Jamaica and other airlines that provide service on key routes
like Florida and New York.

"The airline recently reduced its rate from Kingston to Miami,"
said one travel agency. "American had been charging US$400
($24,800) for a return ticket while Air Jamaica was charging
US$500 ($31,000). Now Air Jamaica will charge US$340 ($20,400)
between August 13 and December 15."

The competition is apparently already forcing the national
carrier to match the lower prices being offered by others.

Meanwhile, reports have it that the current competitive pressure
is about to get more intense with the introduction in November
of a low-budget service by the Fort Lauderdale-based Spirit
Airlines.

Spirit has announced plans to enter the Kingston-Florida route
with its low-cost model and all-Airbus fleet, at a price, which
is significantly lower than what is currently available.

In addition, Richard Branson's Virgin Atlantic plans to start
two services each week between London, Gatwick and Montego Bay,
beginning July next year.

Air Jamaica once dominated the London route, but according to
the Jamaica Observer, British Airways has taken over as the
bigger of the two carriers.

The competition is being stepped up at a time that the national
airline is most vulnerable - having already cut back on its
fleet and routes as a strategy to nurse its way towards
profitability.

The airline, under government control since December last year,
lost over US$60 million during the first five months of this
year -continuing ten consecutive years of bleeding that had been
the case while under private ownership.

CONTACT: AIR JAMAICA
         Corporate Communications
         Tel: 876-922-3460 ext 4060-5
         URL: www.airjamaica.com


JPSCo: Returns to Black with $487.4M Net Profit in 1Q05
-------------------------------------------------------
The Jamaica Public Service Company ended the first quarter of
2005 with a net profit of $487.4 million, a complete turnaround
from the $99 million loss reported in the comparable period last
year.

The Company, according to the Business Observer, attributed the
positive result to higher gross sales and the rate increase
awarded to the firm last year.

"The significant factors contributing to the improved results
were higher gross sales revenue and the stability of the
Jamaican currency that resulted in lower net financing costs,"
the Company told the Business Observer.

"The 2004 tariff adjustment along with the cost savings
(operational improvements) obtained from the company-wide
reorganization were the main drivers for the positive outturn."

JPSCo reported gross revenue of $8.3 billion in the first
quarter of the year, higher than the $6.94 billion in the
comparative quarter in 2004.

During the recent quarter, fuel cost amounted to $3.98 billion,
up from $3.26 billion, while the Company paid out $937.7 million
to purchase power from private suppliers.

During the March 2004 quarter, $892 million was spent on
purchasing power. It meant that JPSCo earned gross profit of
$3.38 billion during the first three months of this year, up
from $2.8 billion during the comparable period last year.

JPSCo, which has long-term debt of US$14 billion, also
attributed its March quarter profit to the completion of its
reorganization. Last year, the light and power monopoly reported
$141 million in net loss, due largely to a $1.6 billion
extraordinary item.

"The exceptional item," according to JPSCo, "represented
extraordinary expenses (non-recurring items) that relate to
redundancy costs due to reorganization, hurricane restoration
costs (unplanned additional expenditure) and asset disposal
costs."

JPSCo profit in the first quarter of the year was a major
contributor to the US$11 million (J$680-million) in consolidated
net income reported by its Atlanta-based parent Mirant
Corporation.

Mirant, which has been operating under bankruptcy protection
since July 2003, attributed its positive outturn significantly
to the rate increase in Jamaica and the Philippines, where it
also has an operation.

"Our gross margin is US$56 million lower for the first quarter
of 2005 compared to the first quarter of 2004," the parent
stated in its quarterly report to the Bankruptcy Court.

Mirant purchased 80% interest in JPSCo in March 2001 from the
government, paying US$201 million for the fully integrated
electric utility company.

JPSCo operates under a 20-year, all-island electric license that
expires in 2021 and provides it with the exclusive right to sell
power in Jamaica. The company has installed generation capacity
of 600 megawatts, and purchases an additional 146 MW capacity
from three independent owner providers under long-term purchase
agreements. It secures additional energy from a 20 MW wind farm
on an as-available basis.



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

CINTRA: 21 Investors Submit Expressions of Interest for Airlines
----------------------------------------------------------------
The privatization of Mexico's two main airlines, Mexicana and
Aeromexico, attracted 21 bids from domestic and foreign firms,
state holding company Cintra revealed Wednesday.

In a statement, the holding company revealed 10 expressions of
interest were submitted for the Aeromexico package and 11
regarding the Mexicana package.

Additional investors can still participate, but only by joining
one of the groups that has already turned in a packet of
interest.

Cintra declined to disclose the names of interested parties due
to confidentiality agreements. Cintra said it will evaluate the
letters of interest and supporting documents to determine which
groups will be able to participate in the privatization of the
top carriers.

The flagship carriers are being sold separately, although
investors are allowed to submit bids for both. Foreigners are
limited to minority stakes in the carriers and must partner with
Mexican investors in order to participate in the sale.

Cintra is hoping to sell at least 51% of each carrier by the end
of the year.

Credit Suisse First Boston (CSR) is managing the sale.

CONTACT: Cintra S.A. de C.V.
         Av Xola 535 piso 16 col. del Valle Mexico
         Phone: (5)448 - 8000
         E-mail: infocintra@cintra.com.mx
         Web site: http://www.cintra.com.mx



===========
P A N A M A
===========

WILLBROS GROUP: Delays Filing of Quarterly Report on Form 10-Q
--------------------------------------------------------------
Willbros Group, Inc. (NYSE: WG) will delay filing of its
Quarterly Report on Form 10-Q for the quarter ended June 30,
2005. The Company had previously announced that the filing of
its Annual Report on Form 10-K for the year ended December 31,
2004 and its Quarterly Report on Form 10-Q for the quarter ended
March 31, 2005 would be delayed as a result of an independent
investigation into the activities of the former President of
Willbros International, Inc. as well as of those of certain
other employees of that entity or its subsidiaries. The
Company's Audit Committee has substantially completed that
investigation. The Company now expects to hold a conference call
later this month to provide an operational and financial update
to the financial community, and will advise the details with a
separate press release in advance of the call.

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

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

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



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

CENTENNIAL COMMUNICATIONS: Posts $13.6M Loss in 4Q05
----------------------------------------------------
Centennial Communications Corp. (NASDAQ: CYCL) (Centennial)
reported Thursday its fourth-quarter and full-year fiscal 2005
results. The Company reported a loss from continuing operations
of $13.6 million, or $0.13 per diluted share, for the fiscal
fourth quarter of 2005 as compared to income from continuing
operations of $3.3 million, or $0.03 per diluted share, in the
fiscal fourth quarter of 2004. This includes a $36.3 million
pre-tax charge for accelerated depreciation on the Company's
wireless network in Puerto Rico, which has been replaced and
upgraded. Consolidated adjusted operating income (AOI)(1) from
continuing operations for the fiscal fourth quarter was $94.1
million, as compared to $84.1 million for the prior year
quarter.

"Our strong fourth quarter and full-year results validate the
ongoing success of our local market strategy and clear brand
message," said Michael J. Small, Centennial's chief executive
officer. "We believe we win with our customers because our way
of doing business remains centered on tailoring the ultimate
customer experience."

Centennial reported fiscal fourth-quarter consolidated revenue
from continuing operations of $229.7 million, which included
$100.8 million from U.S. wireless and $128.9 million from
Caribbean operations. Consolidated revenue from continuing
operations grew 13 percent versus the fiscal fourth quarter of
2004. The Company ended the quarter with 1.24 million total
wireless subscribers, which compares to 1.06 million for the
year-ago quarter and 1.20 million for the previous quarter ended
February 28, 2005. The Company reported 299,100 total access
lines and equivalents for the fiscal fourth quarter.

"We reached important milestones in our deleveraging progress
during fiscal 2005, significantly improving our financial
flexibility and strength to support future success," said
Centennial chief financial officer Thomas J. Fitzpatrick. "We
reduced net debt by over $175 million during the fiscal year,
affirming our commitment to deliver shareholder value by
balancing growth and debt reduction."

Full-Year Fiscal 2005 Results

For the full year, the Company reported income from continuing
operations of $19.6 million, or $0.19 per diluted share, as
compared to a loss from continuing operations of $17.0 million,
or $0.17 per diluted share, for fiscal year 2004. The Company's
net income from continuing operations for fiscal 2005 includes a
$72.7 million pre-tax charge for accelerated depreciation on the
Company's wireless network in Puerto Rico.

Centennial reported full-year 2005 consolidated revenue from
continuing operations of $882.4 million, which included $399.0
million from U.S. wireless and $483.4 million from Caribbean
operations. This represents a consolidated revenue increase of
13 percent versus fiscal 2004, primarily driven by strong
wireless subscriber growth and strong access line growth.

The Company's fiscal 2005 consolidated AOI from continuing
operations was $366.4 million, representing an AOI margin of 42
percent. This compares to consolidated AOI from continuing
operations of $315.5 million and an AOI margin of 40 percent in
fiscal 2004.

Other Highlights

- On April 25, 2005, the Company redeemed $40 million aggregate    
principal amount of its $185 million outstanding 10-3/4 percent
Senior Subordinated Notes due December 15, 2008.

- On May 16, 2005, the Company expanded its wireless network in
Michigan, launching service in Grand Rapids and Lansing with its
popular Blue Region(SM) Plans. Centennial continues to expand
and improve its network in the Midwest, leveraging the strength
of its Trusted Advisor brand and tailored customer experience.

- On June 24, 2005, the Puerto Rico Chamber of Commerce awarded
Centennial its Zenit Award for its commitment to understanding
local market needs and its network and technology leadership on
the island.

- In July 2005, the Company completed the replacement and
upgrade of its wireless network in Puerto Rico, and also began
installing Evolution Data Optimized (EV-DO) functionality to
bring a broadband wireless data experience to its customers.

Centennial Segment Highlights

U.S. Wireless Operations

- Revenue was $100.8 million, a 7 percent increase from last
year's fourth quarter. Roaming revenue increased 32 percent from
the prior year quarter as a result of increased traffic from
robust growth in GSM minutes.

Despite recent strong performance, Centennial does not expect
long-term growth in roaming revenue, and anticipates that
roaming revenue will remain a small percentage of consolidated
revenue in future periods.

- AOI was $41.7 million, a 6 percent year-over-year increase,
representing an AOI margin of 41 percent. AOI was favorably
impacted by growth in roaming and Universal Service Fund
revenue, partially offset by increased equipment expense related
to handset upgrades.

- U.S. wireless ended the quarter with 586,000 total
subscribers including 39,300 wholesale subscribers. This
compares to 563,000 for the year-ago quarter including 8,000
wholesale subscribers and to 577,500 for the previous quarter
ended February 28, 2005, including 33,100 wholesale subscribers.
At fiscal year-end 2005, approximately 36% of U.S. retail
wireless subscribers were on GSM calling plans. Postpaid retail
subscribers increased 3,800 from the fiscal third quarter, with
renewed retail subscriber growth expected from the recent Grand
Rapids and Lansing, MI launch.

- Capital expenditures were $34.7 million for the fiscal fourth
quarter as U.S. wireless launched service in Grand Rapids and
Lansing, MI.

Caribbean Wireless Operations

- Revenue was $95.9 million, an increase of 23 percent from the
prior-year fourth quarter, driven primarily by solid subscriber
growth.

- Average revenue per user was $49, a 9 percent decline from
the year-ago period, due to the continued impact of strong
prepaid subscriber growth in the Dominican Republic. Postpaid
ARPU in Puerto Rico remained above $70.

- AOI totaled $37.5 million, a 24 percent year-over-year
increase, representing an AOI margin of 39 percent. AOI was
favorably impacted by subscriber growth and improved margins in
the Dominican Republic during the quarter.

- Caribbean wireless ended the quarter with 658,800
subscribers, which compares to 496,200 for the prior-year
quarter and to 618,300 for the previous quarter ended February
28, 2005. Customer growth benefited from postpaid subscriber
growth in Puerto Rico during the period, combined with strong
prepaid subscriber growth in the Dominican Republic.

- Capital expenditures were $29.2 million for the fiscal fourth
quarter as Caribbean wireless continued to invest in the
replacement and upgrade of its Puerto Rico wireless network.

Caribbean Broadband Operations

- Revenue was $36.1 million, an increase of 8 percent year-
over-year, driven by strong access line growth.

- AOI was $14.9 million, a 2 percent year-over-year increase,
representing an AOI margin of 41 percent. AOI increased due to
strong access line growth, partially offset by a decline in
wholesale termination revenue and margin. Last year's fourth
quarter benefited from approximately $2.0 million of
intercarrier compensation settlements.

- Switched access lines totaled approximately 62,200 at the end
of the fiscal fourth quarter, an increase of 12,000 lines, or 24
percent from the prior year quarter. Dedicated access line
equivalents were 236,900 at the end of the fiscal fourth
quarter, an 11 percent year-over-year increase.

- Wholesale termination revenue was $5.3 million, a 36 percent
year-over-year decrease, primarily driven by a decline in
southbound terminating traffic to the Dominican Republic.

- Capital expenditures were $5.9 million for the fiscal fourth
quarter.

Fiscal 2006 Outlook

- The Company expects consolidated AOI from continuing
operations between $370 million and $390 million for fiscal
2006, including an approximately $9 million startup loss related
to our recent launch of service in Grand Rapids and Lansing, MI.
Consolidated AOI from continuing operations for fiscal year 2005
was $366.4 million, including non-recurring USF revenue related
to a prior year of $5.5 million in U.S. Wireless and $3.6
million of non-recurring items related to inter-carrier
compensation adjustments in Caribbean broadband. The Company has
not included a reconciliation of projected AOI because
projections for some components of this reconciliation are not
possible to forecast at this time.

- The Company expects consolidated capital expenditures of
approximately $160 million for fiscal 2006.

Definitions And Reconciliation

1) Adjusted operating income is defined as net income (loss)
before net (income) loss from discontinued operations, income
from equity investments, minority interest in income of
subsidiaries, income tax expense, other expense (income), loss
on extinguishment of debt, interest expense, net, other, loss
(gain) on disposition of assets, and depreciation and
amortization. Please refer to the schedule below for a
reconciliation of consolidated net income (loss) to adjusted
operating income and the Investor Relations website at
www.ir.centennialwireless.com for a discussion and
reconciliation of this and other non-GAAP financial measures.

Centennial Communications (NASDAQ: CYCL), based in Wall, NJ, is
a leading provider of regional wireless and integrated
communications services in the United States and the Caribbean
with approximately 1.2 million wireless subscribers and 300,000
access lines and equivalents. 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
=================================

WASA: To Issue TT$420M in 15-Yr. Bonds to Refinance Debt
--------------------------------------------------------
The Water and Sewerage Authority of Trinidad and Tobago (WASA)
(the "Authority") proposes to raise up to TT $420,000,000.00
through the issue of 15-year bonds with a fixed coupon rate of
6.35% per annum (the "Bonds") pursuant to a Trust Deed between
the Authority and Republic Bank Limited.
  
The Bonds will be issued in three tranches:

  First Tranche: TT$125,000,000.00 on 06 June 2005
  Second Tranche: TT$181,000,000.00 on 03 August 2005
  Third Tranche: TT$106,000,000.00 on 10 October 2005

The Central Bank of Trinidad and Tobago will auction the Bonds
via the single price auction system.

As far as possible, applicants will be allotted bonds to the
fullest extent of their applications.

The auction with respect to the Second Tranche of the Bonds will
be opened at 10.00 a.m. on Wednesday 27 July 2005 and closes at
1.00 p.m. on Friday 29 July 2005. The auction date with respect
to the Third Tranche of the Bonds will be advised.

TERMS OF ISSUE

1. Authority

These Bonds will be issued pursuant to Section 26 (2) of the
Water and Sewerage Act Chap. 54:40 and Section 36(2) of the
Exchequer and Audit Act Chap. 69:01 of the Revised Laws of
Trinidad and Tobago.

2. Use of Proceeds

The proceeds of this issue will be applied to refinancing high
cost debt that is to be redeemed by the Authority.

These Bonds are eligible for inclusion in the Statutory Fund of
Insurance Companies and will be considered as assets in and
originating in Trinidad and Tobago within the meaning of
Sections 47 (1) and 186 (3) respectively of the Insurance Act,
1980 and will also be accepted without limit for appropriate
deposit purposes in accordance with section 29 of the Insurance
Act.

3. Date of Issue

  First Tranche - The date of issue of the Bonds
                  is 06 June 2005
  Second Tranche - The date of issue of the Bonds
                   is 03 August 2005
  Third Tranche - The date of issue of the Bonds
                  is 10 October 2005

4. AGENT

The Central Bank of Trinidad and Tobago has been appointed sole
and exclusive agent for the raising and management of this issue
of Bonds.

5. METHOD OF PAYMENT

The full purchase price is payable on settlement date. Payment
will be made in Trinidad and Tobago dollars.

6. SECURITY

The principal monies and interest represented by the Bonds will
be guaranteed irrevocably and unconditionally by the Government
of the Republic of Trinidad and Tobago pursuant to the Guarantee
of Loans, (Statutory Authorities) Act, Chap. 71:81 of the
Revised Laws of the Republic of Trinidad and Tobago.

7. INTEREST

Interest is payable semi-annually on 3 February and 3 August.
Interest will accrue from 3 August 2005 and the first payment
will be made on 3 February 2006. Interest will be calculated at
a rate of 6.35% per annum on a 365-day basis.

8. BUSINESS DAY

In the event that a payment date occurs on a day other than a
Business Day, such payment will be made on the Business Day
following that date.

9. REDEMPTION

Any bond forming part of this issue, if not previously cancelled
or redeemed by purchase in the open market, will be repaid at
par on 3 August 2020.

10. APPLICATIONS AND GENERAL ARRANGEMENTS

Applications will be received at the DOMESTIC MARKETS DIVISION,
CENTRAL BANK OF TRINIDAD AND TOBAGO, CENTRAL BANK BUILDING, ST.
VINCENT STREET, PORT OF SPAIN. Applications must be for
$5,000.00 face value or multiples thereof. No allotment will be
made for any amount less than $5,000.00 face value.

Government Securities Intermediaries appointed by the Central
Bank will act as counterparties to the Central Bank in the
auction and will thereafter provide a market for the bonds. The
public can bid competitively or non-competitively by submitting
the relevant application forms along with payment to a
Government Securities Intermediary. The maximum allotment that
can be obtained through a non-competitive bid is $20,000.00 face
value.

Registration of bondholders will be made by book entry at the
Central Bank of Trinidad and Tobago in the name of each
subscriber.

The Prospectus is available at www.centralbank. org.tt. The
Trust Deed, Application Forms and Transfer of Ownership Forms
may and Transfer of Ownership Forms may be obtained at the
offices of all Government Securities Intermediaries, as
designated by the Central Bank of Trinidad and Tobago.

THE ISSUER

1. Overview

The Water and Sewerage Authority (the "Authority") is a
statutory body. It was established in 1965 by an Act of
Parliament, the Water and Sewerage Act Chap. 54:40 of the
Revised Laws of the
Republic of Trinidad and Tobago. It has responsibility for the
following:

  - maintaining and developing waterworks and other property
    related thereto;
  - providing water supplies and administrating the supply of
    water;
  - promoting the conservation and proper use of water
    resources;
  - maintaining and developing the sewerage system and other
    property related thereto;
  - constructing and developing such further sewerage works
    as it considers necessary or expedient;
  - administering sewerage services;
  - expanding the coverage of the sewer system.

The Authority's vision as enunciated in its Strategic Plan is
"to be a high quality water utility service provider for the
people of Trinidad and Tobago and thereafter to be the center of
excellence within the water utility sector in the Caribbean".

The Authority has an active customer database of 328,860 at 2005
April 30, comprising industrial, commercial, agricultural and
residential customers and is continuing to expand its operations
to meet the growing demand at new industrial sites throughout
Trinidad and Tobago.

As part of its corporate responsibility, the Authority monitors
and manages the water resources throughout Trinidad and Tobago
and is committed to implementing the concept of Integrated Water
Resources Management through the recently approved National
Water Resources Management Policy.

The sewerage sector is also being developed with the recent
commissioning of the largest sewage facility within the region,
located at Beetham. In addition, the Authority has recently
taken over 24 Sewage Treatment facilities previously operated by
the National Housing Authority, its agencies and the Urban
Development Company of Trinidad and Tobago (UDECOTT). Adoption
of other existing privately owned facilities is being pursued.

The Authority is the most essential utility in Trinidad and
Tobago, being the sole provider of water and sewerage services.



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

UTE: Agrees to Provide Technical Advice, Support to Cadafe
----------------------------------------------------------
Uruguay's state power company UTE and its Venezuelan
counterpart, Cadafe, have signed a memorandum of understanding
(MOU), under which UTE will help improve Cadafe's management by
providing it technical advice and support, reports Business News
Americas.

The agreement - signed by Cadafe president Nervis Villalobos,
UTE president Beno Ruchansky and UTE CEO Carlos Pombo - is part
of an energy cooperation agreement signed between the
governments of the two countries.

UTE will present Cadafe with specific proposals for each phase
of the project, identifying corresponding technical and economic
conditions and providing products within a predetermined time
period. The two companies will sign a separate contract for each
phase of the project pending approval by their respective
governments, says Business News Americas.



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

ROYAL SHELL: Seniat Seeks Injunction on $130M Assets
----------------------------------------------------
To guarantee payment of US$131 million in unpaid taxes from
Royal Dutch Shell Group (RD SC), Venezuela's tax agency Seniat
asked a court for an injunction on the Company's assets worth
VEB280 billion (US$130 million).

A few weeks ago, Seniat served Shell with a claim for US$131
million in unpaid taxes allegedly accumulated from 2001-2004.
Shell, however, decided to challenge the claim, prompting Seniat
to seek the injunction.

The tax office said it had "to guarantee that the tax credits in
favor of (the government) are sufficiently guaranteed."

The tax agency asked for the injunction in a tax court in the
oil-producing western state of Zulia. The agency has said Shell
will lose out if the tax case goes to court, and have to pay
additional fines for fighting the claim.

Meanwhile, Seniat ordered a 48-hour closure of Shell's office in
the western city of Maracaibo on Thursday due to alleged
irregularities in value-added taxes.

But according to Shell spokeswoman Bettina Steinhold, the
closing of the office, where about 150 employees work, didn't
affect the Company's oil production in Venezuela.

"Our main production platform is still working," she said,
adding that Shell's offices in the capital of Caracas were still
open.




                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and
Sheryl Joy P. Olano, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed
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