TCRLA_Public/050830.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

            Tuesday, August 30, 2005, Vol. 6, Issue 171

                            Headlines


A R G E N T I N A

AMBA EDITORES: Individual Reports to be Filed August 31
ALTO PALERMO: Shareholders Favorable About Board's Role
ESTACION DE SERVICIO: Judge Issues Bankruptcy Mandate
GALYSUR S.A.: Trustee to Submit General Report
MAT S.A.: To Present Settlement Plan to Creditors

NEWMAX S.R.L.: Deadline for General Report Approaches
NOUVEAU AUCTION: Court Declares Company Bankrupt
QUEBECOR WORLD: Moody's Lowers Rating to Ba2; Outlook Negative
QUEBECOR WORLD: Responds to Moody's Announcement
RESTAURANTE TERMINAL: Gets Court Approval to Reorganization

SERVICIOS HORIZONTE: General Report Due for Filing by Trustee
TELEFONICA DE ARGENTINA: Nears Contract Agreement With Govt.


B E R M U D A

ATTRANSCO (BERMUDA): Appoints Robin J Mayor as Liquidator
CREATIVE ACCENTS: Creditor Petitions for Company's Winding Up
PENYON INVESTMENT: Robin J Mayor Appointed as Liquidator
PHARMA HOLDINGS: Company to be Wound Up, Liquidator Appointed
SEA CONTAINERS: Losses Prompt S&P Negative Watch

SEA-LAND INDUSTRIES: Company to be Wound Up Voluntarily


B R A Z I L

VARIG: VarigLog Sale Plan Suffers Setback


C O L O M B I A

PAZ DEL RIO: Hadad Moves On, Celebrates Successes
TELECOM: Completes Proposed MOU With Telmex


D O M I N I C A N   R E P U B L I C

TRICOM: Cuts Operating Losses by 35% in 2Q05


E C U A D O R

PETROECUADOR: PDVSA to Deliver 660,000B of Crude in September


M E X I C O

BALLY TOTAL: Stephen C. Swid Resigns from Board of Directors
GRUPO MEXICO: Workers Agree to Delay Strike Deadline
METALFORMING TECHNOLOGIES: Hires Fisher Phillips as Counsel
SICARTSA: Parent Presents Formal Offer to Striking Workers
UNITED RENTALS: Noteholders to Negotiate Consent Offer Terms


P U E R T O   R I C O

CENTENNIAL COMMUNICATIONS: Signs Roaming Agreement With T-Mobile


V E N E Z U E L A

CANTV: President Chavez Praises Court Ruling on Pension Payments
PDVSA: S&P Affirms Citgo's BB Credit Rating, Stable Outlook


     - - - - - - - - - -


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

AMBA EDITORES: Individual Reports to be Filed August 31
-------------------------------------------------------
The individual reports for the Amba Editores S.R.L. liquidation
are due tomorrow, Aug. 31, 2005. The reports will include the
validated claims submitted by the Company's creditors. The
claims underwent verification phase which lasted until July 5,
2005. A general report is also expected on Oct. 12, 2005.

Buenos Aires' civil and commercial Court No. 10, with the
assistance of Clerk No. 19, appointed accountant Amalia Mild was
assigned trustee for the liquidation of Amba Editores S.R.L.

CONTACT: Ms. Amalia Mild, Trustee
         Tucuman 1539
         Buenos Aires


ALTO PALERMO: Shareholders Favorable About Board's Role
-------------------------------------------------------
The shareholders of Alto Palermo S.A. gave thumbs up to the
Board of Director's past performance in relation to compliance
with local and foreign rules and regulations. The Company
revealed in a letter sent to the Comision Nacional de Valores on
August 22, 2005 that its shareholders, holders of common book-
entry shares with a nominal value of Pesos 0.10 each and
registered as such in the Book of Shareholders' Meeting
Attendance kept by the Company, held an Ordinary General
Shareholders' Meeting in the Company's premises situated in
Bolívar 108, First Floor, City of Buenos Aires, at 13:05 noon,
on August 2, 2005.

The Meeting was chaired by Mr. Eduardo Sergio Elsztain and also
in attendance are the Directors Gabriel Adolfo Gregorio Reznik,
the Regular Syndic, Andres Suarez and the representative of the
Buenos Aires Stock Exchange, Dr. Nora Lavorante.

The person representing to the Shareholder IRSA suggested that
the Shareholder Parque Arauco Argentina S.A. (PAASA) be allowed
to participate in the meeting even though its certificate was
not filing on time. The participation of PAASA was fully
accepted.

Given the absence of objections to the meeting, the Chairman
called the meeting to order with four depositor shareholders in
attendance, all of whom attend the meeting by proxy and
represent in the aggregate 539,128,340 ordinary book-entry
shares with a nominal value of $0.10 each and with a right to
539,128,340 votes equivalent to 69.08% of the Company's capital
stock, i.e. $53,912,834.

It was put on record that the Shareholders' Meeting held was an
Ordinary Shareholders' Meeting. The first point of the agenda
"Appointment of two shareholders to approve and sign the
Shareholders' Meeting" was submitted to consideration by the
Shareholders' Meeting.

IRSA's representative motions for the appointment of PARQUE
ARAUCO ARGENTINA S.A. (PAASA) and IRSA INVERSIONES Y
REPRESENTACIONES SOCIEDAD ANONIMA (IRSA) shareholders to approve
and sign the minutes of the Shareholders' Meeting. The votes
having been cast, the motion was unanimously approved, with
501,785,429 shares voting in favor and 37,342,920 abstentions on
the part of the shareholder The Bank Of New York.

Next, the second and last points in the agenda were submitted to
the consideration of the Shareholders' Meeting: "Review of the
US rules and regulations applicable to the Company by reason of
its shares being listed in the US market. Consideration of the
exceptions applicable to foreign companies. If appropriate,
adaptation of the Board of Directors to conform to such
regulations and election of regular members in accordance with
the regulatory requirements mentioned. Authorizations."

Having the floor, the Chairman announced that as the
shareholders aree aware, APSA not only operates within the
Argentine public offering regime but also has securities listed
in the US market.

Therefore, the Company is subject to all the rules and
regulations applicable to the capital markets in its capacity as
foreign company.

In that respect, the Chairman emphasized that the Board of
Directors has been implementing a number of measures aimed at
complying with such rules and regulations. Among other
requirements, these rules provide for the establishment of an
Audit Committee and in that respect, that all the members should
be independent directors, including the expert in finance, that
a Code of Ethics should be put together, that whistleblower
procedures should be put in place, that audit services should be
subject to "prior approval" and that the Company should also
have an area responsible for Internal Audit issues.

In order to adequately interpret the requirement imposed by
foreign legislation, the Board of Directors has made all
appropriate consultations and relied on the advisory services
rendered by the law firm Simpson, Thacher & Bartlett of the
United States of America.

Based on this prior discussion and notwithstanding the fact that
APSA is a foreign company from the point of view of the US
market, the composition of the Board of Directors has to be
reviewed and a determination is to be made as to whether to fall
within the scope of the exception specifically provided for in
US legislation or either to comply with such rules and
regulations, and for that purpose, such decision is to be
submitted to the consideration by the Shareholders' Meeting, as
it is the Company's governance body inherently responsible for
the appointment of the Board of Directors. Such decision is
hereby submitted to the Meeting.

IRSA's representative took the floor and expressed that pursuant
to the information available through the different communication
channels used by the Company to disclose corporate information
and given the information hereby supplied by the Chairman, the
representative motioned for the Meeting to:

1. Approve the Board of Director's past performance in relation
to compliance with local and foreign rules and regulations

2. Delegate in the Board of Directors and the Supervisory
Committee the powers required to comply with any current rules
and regulations applicable to the Company; and

3. To abstain from introducing any changes with regard to the
composition of the Board of Directors and to appoint independent
directors for the Auditors Committee, without resorting to the
applicable exception to foreign companies.

Having been submitted to a vote, the motion was unanimously
approved with 501,785,429 shares voting in favor and 37,342,920
abstentions on the part of shareholder The Bank of New York.

As there was no further business to discuss, the meeting rose at
13:15.

CONTACT: Alto Palermo S.A. (APSA)
         2/F
         476 Hipolito Yrigoyen
         Buenos Aires
         Argentina
         Phone: +54 11 4344 4600
         Web site: http://www.altopalermo.com.ar

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


ESTACION DE SERVICIO: Judge Issues Bankruptcy Mandate
-----------------------------------------------------
Estacion de Servicio Puerto Nuevo S.A. was declared bankrupt
after Court No. 12 of Buenos Aires' civil and commercial
tribunal endorsed the petition of Banca Nazionale del Lavoro for
the Company's liquidation. Argentine daily La Nacion reports
that Banca Nazionale del Lavoro has claims totaling $22,979.70
against Estacion de Servicio Puerto Nuevo S.A.

The court assigned Jorge Podhorzer to supervise the liquidation
process as trustee. Mr. Podhorzer will validate creditors'
proofs of claim until Oct. 3, 2005.

The city's Clerk No. 24 assists the court in resolving this
case.

CONTACT: Mr. Jorge Podhorzer, Trustee
         Pasaje del Carmen 716
         Buenos Aires


GALYSUR S.A.: Trustee to Submit General Report
----------------------------------------------
Court-appointed trustee Oscar Leonardo Epstein will submit a
general report on the bankruptcy of Galysur S.A. tomorrow, Aug.
31, 2005. On July 5, 2005, Mr. Epstein presented in court
reports on creditors' individual claims, which underwent
authentication until May 20, 2005.

The reorganization of Galysur S.A. progressed into bankruptcy.
Buenos Aires' civil and commercial Court No. 25 declared the
Company "Quiebra Decretada".

An organizational meeting is scheduled on March 6 next year.

CONTACT: Mr. Oscar Leonardo Epstein, Trustee
         Viamonte 1620
         Buenos Aires


MAT S.A.: To Present Settlement Plan to Creditors
-------------------------------------------------
La Plata-based Mat S.A., a Company undergoing reorganization,
will present a settlement plan to the Company's creditors during
the informative assembly tomorrow, Aug. 31, 2005. The Company
started its reorganization after Court No. 2 of the city's civil
and commercial tribunal appointed Mr. Juan Carlos Gavilan to
supervise the proceedings as trustee.

Mr. Gavilan verified creditors claims until April 15.
Afterwards, he presented these claims as individual reports for
final review by the court on June 15.

The trustee also provided the court with a general report
pertaining to the reorganization 30 days after the submission of
the individual reports.

CONTACT: Mat S.A.
         Calle 48 Nro. 971
         La Plata

         Mr. Juan Carlos Gavilan, Trustee
         Calle 48 Nro. 726
         La Plata


NEWMAX S.R.L.: Deadline for General Report Approaches
-----------------------------------------------------
The deadline for the submission of the general report on the
Newmax S.R.L. liquidation is tomorrow, Aug. 31, 2005. On July 5,
2005, the authenticated individual claims of the Company's
creditors were presented for court approval.

Court No. 5 of Buenos Aires' civil and commercial tribunal
handles the Company's bankruptcy case with the assistance of
Clerk No. 10.

CONTACT: Ms. Monica Beatriz Cacioli, Trustee
         Parana 723
         Buenos Aires


NOUVEAU AUCTION: Court Declares Company Bankrupt
------------------------------------------------
Court No. 20 of Buenos Aires' civil and commercial tribunal
declared local company Nouveau Auction International S.A.
"Quiebra", relates La Nacion.

The Company will undergo the bankruptcy process with Ms. Laura
Marletta as trustee. Creditors are required to present proofs of
claim to Ms. Marletta for verification before Sep. 28, 2005.
Creditors who fail to submit the required documents by the said
date will not qualify for any post-liquidation distributions.

Clerk No. 40 assists the court on the case.

CONTACT: Nouveau Auction International S.A.
         Tucuman 540
         Buenos Aires

         Ms. Laura Marletta, Trustee
         San Jose de Calasanz 530
         Buenos Aires


QUEBECOR WORLD: Moody's Lowers Rating to Ba2; Outlook Negative
--------------------------------------------------------------
Approximately US$1.8 billion of debt securities affected.

Moody's Investors Service lowered the senior unsecured rating of
Quebecor World Inc ("QWI") to Ba2 from Baa3, and assigned a
Corporate Family Rating of Ba2, concluding the review initiated
in May 2005. The outlook is negative.

The rating was lowered reflecting the effect of continuing
difficult industry conditions on QWI's performance and credit
metrics, coupled with Moody's expectation that debt is unlikely
to reduce as previously anticipated. Despite an initially
successful effort in 2004 by a new management team to improve
operating performance, results in the first half of 2005 were
weaker than expected by Moody's. Moody's anticipates that, in
order to improve its competitive position in the longer term,
QWI will incur further restructuring charges, which will limit
debt reduction over a two year rating horizon. Despite higher
reinvestment plans in the business, and increasing industry
competition, management has recently decided to buy back its own
shares. Moody's believes this reflects management's priority
toward shareholders over creditors.

The outlook is negative as Moody's expectations for QWI's
financial metrics in 2007 are weak for the Ba2 rating. Moody's
expects net debt to EBITDA (after Moody's standard adjustments)
of approximately 4.2X, funds from operations to net debt of 15%,
retained cash flow to net debt of 13%, EBITDA-Capex/interest of
2X, and free cash flow to net debt of 4-5%. QWI will need to
outperform on Moody's expectations in order to retain a Ba2
rating, which might occur if the new printing presses result in
improved operating results, or if management's ongoing
restructuring produces a meaningful margin improvement. The
rating will be considered for downgrade if management undertakes
additional share buybacks or a significant acquisition or if
operating results underperform due to a loss in revenues or
shrinkage in QWI's margin, reflecting worsening industry
conditions or inability to control costs. A rating upgrade is
not considered likely over the next 18-24 months.

The assigned Corporate Family Rating of Ba2 is constrained by 1)
global industry overcapacity, 2) high leverage and related
credit metrics, 3) increasing capital expenditures which will
limit debt reduction from free cash flow, 4) management focus on
shareholder returns which limit debt reduction, 5) acquisition
risk and 6) poor liquidity. The rating is supported by 1) QWI's
position as one of the two largest commercial printers in the
world, 2) geographic, industry and product diversity, 3) long-
term contractual relationships with major print customers, and
4) a focus on cost-cutting to address poor industry demand,
which produced improved results in 2004.

Moody's assumes that QWI's top line will be relatively flat over
the next few years, as industry pricing pressures continue.
While management is very focused on both incremental as well as
strategic operational improvements, Moody's assumes that the
EBITDA margin (after Moody's standard adjustments and including
restructuring costs) will remain in the 12-13% range
demonstrated through the difficult first half of 2005. Although
QWI's operating margin may benefit from the 22 new offset
presses which will start arriving in North America in late 2005
and continuing through 2007, Moody's will not include such
improvement in its expectations until there is tangible evidence
to that effect. Moody's does expect, however, that QWI will
likely incur future restructuring costs that will dampen margin
improvement for the intermediate term.

As QWI has announced a $330 million North American press
modernization program, Moody's believes that the company may
also choose to further increase capital expenditures to
modernize its European press platform and address protracted
profitability problems in that region.

Moody's believes that the share buyback program now under way,
in an amount of up to approximately US$140 million, demonstrates
management's focus on returning cash to shareholders and
supporting its share price. Moody's considers this to be
detrimental to creditors, particularly given continuing industry
pressures and the need for QWI to reinvest in order to remain
competitive. Moody's believes that management is more focused on
its strategic positioning within the industry and on its share
price than improving credit metrics. Strategic repositioning
currently involves capital expenditures for new presses, but
Moody's also believes that QWI could choose to make future
acquisitions in this very fragmented industry, as it has done
frequently in the past.

Ratings affected by this action:

Quebecor World Inc.

- Corporate Family Rating, Ba2 (assigned)
- Senior Unsecured, rated Ba2 (lowered from Baa3):
- US$1 billion bank facility due November 2007 US$365 million*

Quebecor World (USA) Inc.

- Senior Subordinated, rated Ba3 (lowered from Ba1)
- 6% due October 2007 US$113 million

Quebecor World Capital Corporation

- Senior Unsecured, rated Ba2 (lowered from Baa3)
- 6.5% debentures due August 2007
- (puttable August 2004) US$ 3 million
- 7.25% debentures due January 2007 US$150 million**
- 4.875% debentures due November 2008 US$200 million**
- 6.125% debentures due November 2013 US$397 million**

*also available to, and cross-guaranteed by, Quebecor World
(USA) Inc.

**guaranteed by Quebecor World Inc.

Quebecor World Inc. is one of the world's largest commercial
printers, headquartered in Montreal, Quebec, Canada.


QUEBECOR WORLD: Responds to Moody's Announcement
------------------------------------------------
In light of Friday's surprising decision by Moody's to reduce
the rating of Quebecor World Inc. (NYSE:IQW)(TSX:IQW.SV), the
Company reaffirms that its credit ratios have in fact been
improving despite unfavorable market conditions.

-- The Company generated strong free cash flow of $183 million
in 2003 and $319 million in 2004

As of year-end 2003 and 2004

- Debt/EBITDA ratio improved from 3.0 to 2.3

- Debt/Capitalization improved from 44.3% to 42.7%

- EBITDA coverage of interest expense improved from 3.8 to 6.4

The Company notes that Moody's adjusted definition of debt
includes unfunded pension liabilities, preferred shares, as well
as capitalized operating leases and securitization. Moody's
decision to downgrade Quebecor World's rating reflects this
interpretation of the Company's balance sheet, as well as its
repurchase of shares under a normal course program.

Quebecor World's financial policy takes into account the
interests of all its key stakeholders, including creditors,
shareholders, customers and employees. Quebecor World's credit
ratios should continue to improve in the upcoming years. To
illustrate this, Quebecor World's free cash flow for the first
six months of 2005 increased $55 million compared to the same
period in 2004. Free cash flow for first half of 2005 was $36.9
million compared to ($18.2) million for the first half of 2004.

As of June 30 2005 and 2004

- Debt/EBITDA ratio improved from 2.7 to 2.4

- Debt/Capitalization improved from 45.2% to 43.1%

- EBITDA coverage of interest expense improved from 4.8 to 6.5

These ratios should continue to improve taking into account our
important investment plan recently announced which will make the
Company one of the best-equipped manufacturers in the industry,
to better service our customers and improve our competitive
position.

Quebecor World Inc. (NYSE:IQW)(TSX:IQW.SV) is one of the largest
commercial printers in the world. It is a market leader in most
of its major product categories which include Magazines, inserts
and circulars, books, catalogs, specialty printing and direct
mail, directories, digital pre-media, logistics, mail list
technologies and other value added services. The Company has
approximately 35,000 employees working in more than 160 printing
and related facilities in the United States, Canada, Brazil,
France, the United Kingdom, Belgium, Spain, Austria, Sweden,
Switzerland, Finland, Chile, Argentina, Peru, Colombia, Mexico
and India.


RESTAURANTE TERMINAL: Gets Court Approval to Reorganization
-----------------------------------------------------------
Restaurante Terminal Terraza S.R.L. will embark on
reorganization proceedings following the approval of its
petition by Court No. 10 of Rosario's civil and commercial
tribunal. The opening of the reorganization will allow the
Company to negotiate a settlement with its creditors in order to
avoid a straight liquidation.

Ms. Patricia Aida Silvia Paulozza will oversee the
reorganization proceedings as the court-appointed trustee. He
will verify creditors' claims until Sep. 26, 2005. The validated
claims will be presented in court as individual reports on Nov.
8, 2005.

Ms. Paulozza is also required by the court to submit a general
report essentially auditing the Company's accounting and
business records as well as summarizing important events
pertaining to the reorganization. The report will be presented
in court on Dec. 21, 2005.

An Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the Company's
creditors for approval, is scheduled on May 24, 2006.

CONTACT: Restaurante Terminal Terraza S.R.L.
         Cafferata 702
         Rosario (Santa Fe)

         Ms. Patricia Aida Silvia Paulozza, Trustee
         E. Zeballos 2071
         Rosario (Santa Fe)


SERVICIOS HORIZONTE: General Report Due for Filing by Trustee
-------------------------------------------------------------
The general report on the reorganization of Buenos Aires-based
Servicios Horizonte S.A. will be submitted tomorrow, Aug. 31,
2005. Court-appointed trustee Monica Graciela Aquin will include
in the report the Company's audited accounting and business
records as well as the summary of important events pertaining to
the reorganization.

Ms. Aquin stopped accepting creditors' claims against the
Company on June 6, 2005. These claims served as basis for the
individual reports, which the trustee submitted on July 5, 2005.

The Company began reorganization following the approval of its
petition by Court No. 5 of the city's civil and commercial
tribunal.

An Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the company's
creditors for approval, is scheduled on March 3.

The city's Clerk No. 10 assists the court on this case.

CONTACT: Ms. Monica Graciela Aquin, Trustee
         Uruguay 660
         Buenos Aires


TELEFONICA DE ARGENTINA: Nears Contract Agreement With Govt.
------------------------------------------------------------
Fixed line operator Telefonica de Argentina (NYSE: TAR), a unit
of Spain's Telefonica, is confident it will sign an agreement
with the government for a new concession contract soon.

"We're in very advanced conversations with the government,"
Telefonica de Argentina general manager, Juan Waehner said,
adding, "we are totally confident that we're going to reach an
agreement in the very near term; if not, we wouldn't be
announcing investments here."

Mr. Waehner made his comments at an event in Buenos Aires
province to announce an ARS11-million ($1=ARS2.905) investment
in satellite technology.

The new concession contract, according to the manager, includes
the withdrawal or suspension of the Company's US$2.8 billion
claim against Argentina in the International Center for the
Settlement of Investment Disputes (ICSID), the World Bank's
arbitration tribunal.

Mr. Waehner said a long-term agreement will also include
adjustments in regulated fixed-line rates, which were converted
from dollars into devalued pesos and subsequently frozen in
2002.

Telefonica's ICSID claim centered on the 2002 rates freeze,
which is also at the heart of some 30 other suits from foreign-
owned utilities that Argentina faces in the arbitration
tribunal.

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



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

ATTRANSCO (BERMUDA): Appoints Robin J Mayor as Liquidator
---------------------------------------------------------
         IN THE MATTER OF THE COMPANIES ACT 1981

                            And

         IN THE MATTER OF Attransco (Bermuda) Ltd.

The Sole Member of Attransco (Bermuda) Ltd., acting by written
consent without a meeting on August 24, 2005 passed the
following resolutions:

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

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

The Liquidator informs that:

- Creditors of Attransco (Bermuda) Ltd., which is being
voluntarily wound up, are required, on or before September 9,
2005, to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J
Mayor, the Liquidator of the said Company, and if so required by
notice in writing from the said Liquidator, and personally or by
their lawyers, to come in and prove their debts or claims at
such time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A final general meeting of the Sole Member of the above named
Company will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda 30th
September 2005 at 9.30am, or as soon as possible thereafter, for
the purposes of:

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

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

3) by resolution dissolving the Company.

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


CREATIVE ACCENTS: Creditor Petitions for Company's Winding Up
-------------------------------------------------------------
   IN THE SUPREME COURT OF BERMUDA COMPANIES (WINDING UP)

                          And

          IN THE MATTER OF THE COMPANIES ACT 1981

                          And

           IN THE MATTER OF Creative Accents Ltd.

NOTICE IS HEREBY GIVEN that a petition for the winding up of
Creative Accents Ltd. by the Supreme Court of Bermuda was, on
August 12, 2005 presented to the said Court by Innovative
Moldings Limited, a creditor of the Company.

The said petition is directed to be heard before the Court at
9:30 a.m. on September 2, 2005. Any creditor or contributory of
the said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose; and a copy of the
petition will be furnished to any creditor or contributory of
the said company requiring the same by the undersigned on
payment of the regulated charge for the same.

Any person who intends to appear on the hearing of the said
petition must serve on or send by post to the above-named,
notice in writing of his intention so to do. The notice must
state the name and address of the person, or, if a firm, the
name and address of the firm, and must be signed by the person
or firm, or his or their attorney (if any) and must be served,
or if posted, must be sent by post in sufficient time to reach
the above-named not later than four o'clock in the afternoon of
the September 1, 2005.

smith&co.
95 Front Street
Hamilton
Attorneys for the Petitioner


PENYON INVESTMENT: Robin J Mayor Appointed as Liquidator
--------------------------------------------------------
             IN THE MATTER OF THE COMPANIES ACT 1981

                              And

             IN THE MATTER OF Penyon Investment Ltd.

The Member of Penyon Investment Ltd., acting by written consent
without a meeting on August 15, 2005 passed the following
resolutions:

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

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

The Liquidator informs that:

- The Creditors of Penyon Investment Ltd., which is being
voluntarily wound up, are required, on or before September 13,
2005 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J
Mayor, the Liquidator of the said Company, and if so required by
notice in writing from the said Liquidator, and personally or by
their lawyers, to come in and prove their debts or claims at
such time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A final general meeting of the Member of Penyon Investment
Ltd.  will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
October 3, 2005 at 9:30 a.m., or as soon as possible thereafter,
for the purposes of:

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

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

3) by resolution dissolving the Company.

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


PHARMA HOLDINGS: Company to be Wound Up, Liquidator Appointed
-------------------------------------------------------------
           IN THE MATTER OF THE COMPANIES ACT 1981

                              And

            IN THE MATTER OF Pharma Holdings Ltd.

The Sole Member of Pharma Holdings Ltd., acting by written
consent without a meeting on August 19, 2005 passed the
following resolutions:

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

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

The Liquidator informs that:

- Creditors of Pharma Holdings Ltd., which is being voluntarily
wound up, are required, on or before August 9, 2005, to send
their full Christian and Surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their lawyers (if any) to Robin J Mayor,
the Liquidator of the said Company, and if so required by notice
in writing from the said Liquidator, and personally or by their
lawyers, to come in and prove their debts or claims at such time
and place as shall be specified in such notice, or in default
thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A final general meeting of the Sole Member of Pharma Holdings
Ltd. will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
September 30, 2005 at 9:30 a.m., or as soon as possible
thereafter, for the purposes of:

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

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

3) by resolution dissolving the Company.

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


SEA CONTAINERS: Losses Prompt S&P Negative Watch
------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Sea
Containers Ltd. (BB-/Watch Neg/--) on CreditWatch with negative
implications following ongoing substantial losses at the
company's ferry operations.  As a result, Sea Containers will
take actions, expected to be announced by early October 2005,
which will result in nonrecurring charges.

"This will likely further weaken the company's credit profile,
which has already been negatively affected by a $25 million loss
incurred in the first six months of 2005," said Standard &
Poor's credit analyst Betsy Snyder.

Ratings on Bermuda-based Sea Containers reflect a relatively
weak financial profile and financial flexibility.  However, the
company does benefit from fairly strong competitive positions in
its major businesses.  Sea Containers is involved in passenger
transport operations and marine cargo container leasing.  It
also has a stake of approximately 25% in Orient-Express Hotels
Ltd. (OEH). Passenger transport is the largest operation,
accounting for around 90% of total revenues (although a smaller
percentage of earnings and cash flow).  This business includes:

   * passenger and vehicle ferry services in the:

     -- English Channel,
     -- the Irish Sea, and
     -- the Northern Baltic Sea; and

   * passenger rail service between London and Scotland, GNER
     (Great North Eastern Railway).

While Sea Containers is one of the larger ferry participants on
routes it serves, this is a highly competitive business, with
several participants.  GNER operates under a U.K. government
franchise that was renewed on March 22, 2005, for a 10-year
period effective May 1, 2005.  Marine cargo container leasing
primarily includes Sea Containers' share of its 50/50 joint
venture with General Electric Capital Corp., GE SeaCo SRL, one
of the larger marine cargo container lessors in the world.
Leisure investments include the company's stake in OEH, which
owns and/or manages:

   * deluxe hotels,
   * tourist trains,
   * river cruise ships, and
   * restaurants located around the world.

Sea Containers also owns a variety of smaller businesses.

To resolve the CreditWatch, Standard & Poor's will review Sea
Containers' third-quarter earnings and the effect of steps taken
to aid the unprofitable ferry operations on the company's credit
profile.  If either is determined to further weaken the
company's credit profile, ratings would be lowered.(Troubled
Company Reporter, Monday, August 29, 2005, Vol. 9, No. 204)


SEA-LAND INDUSTRIES: Company to be Wound Up Voluntarily
-------------------------------------------------------
       IN THE MATTER OF THE COMPANIES ACT 1981

                        And

  IN THE MATTER OF Sea-Land Industries (Bermuda) Ltd.

The Members of Sea-Land Industries (Bermuda) Ltd., acting by
written consent without a meeting on August 23, 2005 passed the
following resolutions:

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

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

The Liquidator further informs that:

- Creditors of Sea-Land Industries (Bermuda) Ltd., which is
being voluntarily wound up, are required, on or before September
9, 2005 to send their full Christian and Surnames, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their lawyers (if any) to
Robin J Mayor, the Liquidator of the said Company, and if so
required by notice in writing from the said Liquidator, and
personally or by their lawyers, to come in and prove their debts
or claims at such time and place as shall be specified in such
notice. In default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

- A final general meeting of the Members of Sea-Land Industries
(Bermuda) Ltd. will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on October 6, 2005 at 9:30 a.m., or as soon as possible
thereafter, for the purposes of:

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

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

3) by resolution dissolving the Company.

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



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

VARIG: VarigLog Sale Plan Suffers Setback
-----------------------------------------
Brazil's national federation of civil aviation workers (Fentac)
has requested a Rio de Janeiro court handling Varig's debt-
restructuring process to freeze any asset sales, says Dow Jones
Newswires. The request follows the debt-ridden airline's
announcement to sell its cargo unit, VarigLog, to U.S. private
equity firm Matlin Patterson Global Advisers LLC.

Matlin has offered to buy 95% of Variglog's shares for US$38
million. It will also prepay US$50 million of Varig's
receivables from airfare sales through Visa cards, and will
provide a US$15 million loan as an advance on the credit card
receivables.

Varig president Omar Carneiro da Cunha said that the cash from
the Variglog sale will buy the financially stricken airline time
to implement its debt restructuring plan.

At the same time, Fentac, which represents all the aviation
unions and consequently, a large share of Varig's workforce, has
asked the court to remove Varig's management team because of
fraud in the restructuring process.

Varig is preparing a plan to restructure its balance sheet,
which is weighed down by total liabilities of more than BRL9
billion. The airline has hired Lufthansa Consulting, investment
bank UBS and Brazilian private economic research institute
Fundacao Getulio Vargas to work on the plan.



===============
C O L O M B I A
===============

PAZ DEL RIO: Hadad Moves On, Celebrates Successes
-------------------------------------------------
Alberto Hadad has left his post as president of steelmaker
Acerias Paz del Rio (APR). According to Business News Americas,
Hadad submitted his resignation to the board last week.

Mr. Hadad believes his tenure in the Company, which lasted 20
months, "was very interesting... I believe it is left with the
restructuring and other themes moving forward, and is
approaching a 500,000t/y production level for 2006, having
produced 220,000t/y over the past 50 years."

According to Hadad, when he took over, the stock was worth
roughly COP0.29 (US$0.00013) on Colombia's exchange and is now
at COP35.

In addition, margins were negative but now Ebitda exceeds 30%,
while net and operating margins are higher than 20% each.

The Company's board has designated Carlos Pinzon as interim
president until it selects a fulltime replacement.

APR is headquartered in Belencito in the central department of
Boyaca. The Company has a 14% domestic steel market share.

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


TELECOM: Completes Proposed MOU With Telmex
-------------------------------------------
Telefonos de Mexico, S.A. de C.V. has completed a proposed
memorandum of understanding with Colombia Telecomunicaciones
S.A. E.S.P. (TELECOM) with the objective of providing
telecommunications services in Colombia through the merger of
Telmex Colombia S.A. into TELECOM.

- TELMEX will invest US$350 million in TELECOM. Part of its
investment will be its shares of Telmex Colombia S.A., valued at
approximately US$90 million, and the remainder will be cash.

- This investment will entitle TELMEX to 50% + 1 share of
TELECOM's capital. TELECOM's current shareholders will hold the
remaining interest.

- For so long as TELMEX is a shareholder of TELECOM, TELMEX will
receive a management fee equal to 3% of TELECOM's net revenues.

- Beginning in 2006, TELECOM will pay its predecessor
approximately nominal COP402 billion per year for 15 years,
adjusted annually by the Colombian Consumer Price Index plus 4%.
These payments are required under an operating agreement between
TELECOM and its predecessor that gives TELECOM the right to use
the assets of its predecessor, which the Colombian Government
liquidated in 2003.

- All of the assets and other rights of TELECOM's predecessor
will be transferred to TELECOM once the final annual payment is
made.

The memorandum of understanding will be posted on the Colombian
Government's web site for 5 days, after which it is expected to
be signed. The memorandum of understanding provides an initial
term of 45 days to formalize the transaction documents.

TELMEX is the leading telecommunications company in Mexico.
TELMEX and its subsidiaries provide a wide range of
telecommunications services, data and video transmission and
Internet access, as well as integrated telecommunications
solutions to its corporate customers. Additionally, it offers
telecommunications services through its affiliates in Argentina,
Brazil, Chile, Colombia and Peru. More information about TELMEX
can be accessed on the Internet at www.telmex.com

Colombia Telecomunicaciones provides voice, data and Internet
services in 742 communities in Colombia with 2.4 million lines
in service. In 2004, its revenues totaled US$800 million and
EBITDA was US$409 million.



===================================
D O M I N I C A N   R E P U B L I C
===================================

TRICOM: Cuts Operating Losses by 35% in 2Q05
--------------------------------------------
Tricom, S.A. (OTC: TRICY) reported Thursday consolidated
unaudited financial and operational results for the second
quarter and first six months of 2005.

    Results of Operations

Operating revenues grew 29 percent to $55.4 million for the 2005
second quarter compared to $43.0 for the 2004 second quarter,
and increased by 31 percent to $110.4 million during the first
six months of 2005 compared to $84.3 million for the first six
months of 2004.  These results reflect the continued improvement
of the Company's core domestic businesses coupled with the
appreciation of the value of the Dominican peso. The revenue
growth was driven by the Company's domestic telephony, mobile,
cable and data & Internet services, offset by slightly lower
international long distance revenues.

Operating losses declined by approximately 35 percent to $5.0
million during the 2005 second quarter compared to $7.7 million
during the 2004 second quarter, and by 45 percent to $6.9
million during the first six months of 2005 compared to $12.6
million for the first six months of 2004. The improvement in the
Company's operating performance during the 2005 second quarter
and first six months of the year is attributable to improved
margins resulting from higher operating revenues.

Consolidated operating costs and expenses increased by 19.3
percent to $60.4 million in the 2005 second quarter, and by 21.1
percent to $117.3 million during the first half of the year,
primarily due to higher selling, general and administrative
expenses (SG&A) and non-cash depreciation and amortization
charges. These increases were offset in part by lower costs
related to the Company's financial restructuring efforts
totaling $1.8 million during the 2005 second quarter and $3.0
million during the first six months of the year compared to $2.6
million during the 2004 second quarter and $4.6 million during
the first six months of 2004.

SG&A expenses increased by 77.4 percent to $20.6 million in the
2005 second quarter and by 71.1 percent to $38.4 million during
the first six months of the year, mainly due to higher employee
compensation, which include severance and other compensations
payable to the Company's former Chief Executive Officer, energy
and occupancy costs, as well as marketing and promotional
expenses. The increases in SG&A expenses were in large part
attributed to the increase in the average value of the Dominican
Peso. Depreciation and amortization expenses totaled $16.0
million during the 2005 second quarter and $32.1 million during
the first six months of 2005, a 12 percent and 20 percent,
increase respectively, from the year-ago periods. The increase
in depreciation and amortization expenses is due primarily to a
shorter useful life of the Company's depreciable asset base.

Interest expense increased by 18.6 percent to $16.7 million in
the 2005 second quarter, and by 12.6 percent to $33.2 million
during the first half of the year primarily due to currency
appreciation impacting peso-denominated interest bearing
indebtedness, as well as cumulative penalties for debt in
arrears. The Company is in default with respect to its
outstanding indebtedness, approximately $446 million principal
amount as of June 30, 2005.

Net loss totaled $20.8 million, or $0.32 per share, for the 2005
second quarter, and $40.1 million, or $0.62 per share, for the
first six months of the year.

    Recent Developments

On June 16, 2005, the Company announced that former Chief
Executive Officer (CEO) and President Carl Carlson left the
Company. The Company's Board of Directors selected Hector Castro
Noboa, Secretary and Vice-Chairman of the Board of Directors, to
succeed Mr. Carlson as CEO. Mr. Carlson continues to work with
the Company in a consulting role.

On July 27, 2005, the Company reached a settlement with General
Electric Credit Corporation of Tennessee and General Electric
Capital Corporation of Puerto Rico with respect to claims
arising from the Company's alleged breach of a lease agreement
due to early termination in December 2003. As part of the
settlement, the Company has signed a 7-year $6 million 9% per
annum promissory note payable in monthly installments, with the
first year comprised of interest-only payments and the principal
balance amortized over the remaining 6 years.

    Financial Restructuring Update

The Company understands that certain of its creditors, including
an ad hoc committee of holders of its 11-3/8 percent Senior
Notes, along with GFN Corporation, the Company's majority
shareholder, continue to engage in discussions regarding an
agreement on a consensual financial restructuring of the
Company's balance sheet. The Company's future results and its
ability to continue operations will depend on the successful
conclusion of the restructuring of its indebtedness.

Since these negotiations are ongoing, the value and treatment of
the Company's existing secured and unsecured obligations, as
well as that of the interest of its existing shareholders, is
uncertain at this time. Even if a restructuring can be
completed, the value of the Company's existing debt securities
and instruments is expected to be substantially less than the
current recorded face amount of such obligations, and investors
in the Company's equity interests, including the American
Depository Shares, are expected to receive little or no value
with respect to their investment.

    About TRICOM

Tricom, S.A. is a full service communications services provider
in the Dominican Republic. We offer local, long distance,
mobile, cable television and broadband data transmission and
Internet services. Through Tricom USA, we are one of the few
Latin American based long distance carriers that is licensed by
the U.S. Federal Communications Commission to own and operate
switching facilities in the United States. Through our
subsidiary, TCN Dominicana, S.A., we are the largest cable
television operator in the Dominican Republic based on our
number of subscribers and homes passed.

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



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

PETROECUADOR: PDVSA to Deliver 660,000B of Crude in September
-------------------------------------------------------------
State oil firm Petroecuador is to receive two shipments of
330,000 barrels of crude each in September from its Venezuelan
counterpart Petroleos de Venezuela (PDVSA). Business News
Americas reports that Ecuador had originally asked for five
million barrels of oil to make up for the shortfalls in oil
production after a recent five-day protest cut Petroecuador's
output to 20,000b/d from normal output of about 200,000b/d.

Ecuador also offered to pay it back in kind once its production
ramps up. But PDVSA balked at the proposed arrangement, offering
only 660,000b and asking for payment in cash instead of crude
production, as the type of Petroecuador's crude is different
from that of PDVSA's.

Ecuadorian Economy Minister Magdalena Barreiro said Ecuador has
asked for six months grace period to pay for the crude. In
addition to the crude, PDVSA will send "a large shipment" of
diesel during the period September 10-17, he said.



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

BALLY TOTAL: Stephen C. Swid Resigns from Board of Directors
------------------------------------------------------------
Bally Total Fitness Holding Corporation (NYSE: BFT), announced
Friday that Stephen C. Swid has resigned from the Board of
Directors. The Company and its Board of Directors express their
appreciation to Mr. Swid for his valuable contribution to the
Company during his service on the Board of Directors.

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

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


GRUPO MEXICO: Workers Agree to Delay Strike Deadline
----------------------------------------------------
Workers at Grupo Mexico's La Cananea copper mine have decided to
postpone the deadline for a strike from Aug. 27 to Sep. 3,
reports Dow Jones Newswires. The move came because Grupo Mexico
has showed a good disposition to actually sit down and negotiate
the renewal of the collective contracts, said Consuelo Aguilar,
a spokeswoman for the miners' union.

Legal documents have been filed that would allow the union to
strike as of 12:00 noon local time (1900 GMT) on Sept. 3, Ms.
Aguilar added.

Cananea union representative Rene Cordova last week said that
the productivity bonus was the most disputed issue in the
current talks over the annual revision of the collective
contract at the mine.

Cananea holds Mexico's biggest copper reserves and has the
second-largest operation of refined copper products after La
Caridad. Both Grupo Mexico units are in northern Sonora state.

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


METALFORMING TECHNOLOGIES: Hires Fisher Phillips as Counsel
-----------------------------------------------------------
Metalforming Technologies, Inc., and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware for
authority to employ Fisher & Phillips LLP as special labor,
employment and benefits counsel, nunc pro tunc to June 23, 2005.

The Debtors chose Fisher & Phillips as their attorneys because
of the Firm's extensive experience and knowledge in the field of
labor, employment and employee benefits law as well as its long-
standing experience with the Debtor's labor issues.

Fisher & Phillips will:

   a) provide legal advice in connection with labor, employment,
      benefits and immigration issues which now exist and will
      arise in the continued operation of the Debtors'
      businesses;

   b) assist in the preparation of applications, motions,
      answers, orders, reports and other legal papers relating
      to labor, employment and benefits matters; and

   c) appear in court to protect the interests of the Debtors
      with respect to labor, employment and benefits related
      matters.

Fisher & Phillips will charge the Debtors on an hourly basis,
plus reimbursement of actual and necessary expenses incurred by
the Firm.  Fisher & Phillips' principal attorneys and paralegal
presently designated to represent the Debtors and their current
rates are:

        Professional                        Hourly Rate
        ------------                        -----------
        Robert C. Christenson, Esq.            $420
        Claud L. McIver III, Esq.               395
        David Whitlock, Esq.                    350
        Tim Turnbow, Paralegal                  125
        Jennifer Duensing, Paralegal            125

The Debtors tell the Court that Fisher & Phillips received a
$50,000 retainer in June 2005 as payment for prepetition
services and expenses and as security for post-petition services
and expenses.  The Debtors add that they owe Fisher & Phillips
approximately $1,315 for pre-petition services.

To the best of the Debtor's knowledge, Fisher & Phillips is a
"disinterested person" as that term is defined in section
101(14) of the Bankruptcy Code.

Headquartered in Atlanta, Georgia, Fisher & Phillips LLP --
http://www.laborlawyers.com/-- is one of the first U.S. law
firms to concentrate its practice exclusively upon
representation of employers in labor and employment matters.
After more than 60 years, the Firm is now one of the largest
national law firms in the increasingly complex field of labor
and employment law.  Its principal practice areas include
Business Immigration Services, Educational Law, Employee
Benefits, Employee Discrimination, Health and Safety Laws, Labor
Relations, Mergers and Acquisitions, and Wage and Hour Laws.

Headquartered in Chicago, Illinois, Metalforming Technologies,
Inc., and its debtor-affiliates manufacture seating components,
stamped and welded powertrain components, closure systems,
airbag housings and charge air tubing assemblies for automobiles
and light trucks.  The Company and eight of its affiliates,
filed for chapter 11 protection on June 16, 2005 (Bankr. D. Del.
Case Nos. 05-11697 through 05-11705).  Joel A. Waite, Esq.,
Robert S. Brady, Esq., and Sean Matthew Beach, Esq., at Young
Conaway Stargatt & Taylor, represent the Debtors in their
restructuring efforts.  As of May 1, 2005, the Debtors reported
$108 million in total assets and $111 million in total
debts.(Troubled Company Reporter, Monday, August 29, 2005, Vol.
9, No. 204)


SICARTSA: Parent Presents Formal Offer to Striking Workers
----------------------------------------------------------
Grupo Villacero has formally presented to mining-metalworkers
union STMMRM a formal offer that it hopes would put an end to
the ongoing strike at its Sicartsa steel plant. Business News
Americas reports that Villacero's offer to the Sicartsa workers
consisted of a 4.2% increase in benefits and economic bonuses, a
6% salary increase, a 9% increase in social benefits and a one-
off 2% salary bonus.

STMMRM director Napoleon Gomez said the union would now analyze
the offer. But he said the strike would not be lifted unless
there was a new study to determine if Villacero's plant in
Apodaca in Nuevo Leon state would be subject to a collective
contract.

Meanwhile, Labor minister Javier Salazar has called on STMMRM
and Grupo Villacero management to negotiate an end to the
strike. Salazar recommended that both sides use the agreement
reached between STMMRM and Mittal Steel as a starting point for
consensus.

Late last month, Mittal agreed with the STMMRM to award a pay
rise to workers at its Lazaro Cardenas unit. The raise comprised
an 8% increase in salaries and a 12% increase in benefits.

In addition, Mittal agreed to revise clauses in the collective
work contract at the unit, something that the STMMRM is also
demanding at Sicartsa.


UNITED RENTALS: Noteholders to Negotiate Consent Offer Terms
------------------------------------------------------------
The Ad Hoc Committee of Noteholders of United Rentals, Inc.
(NYSE: URI), has organized in order to negotiate the terms of
the consent solicitation recently proposed by the Company in an
effort to cure its pending financial reporting defaults under
the note indentures.  The Ad Hoc Committee is composed of
financial institutions that collectively hold an aggregate of
more than $800 million of the three issues of the Company's
publicly held senior and senior subordinated notes.

The three note issuances are:

   -- $1 billion of 6-1/2% Senior Notes;
   -- $525 million of 7-3/4% Senior Subordinated Notes; and
   -- $375 million of 7% Senior Subordinated Notes.

Collectively, the Committee holds substantially more than 25% of
each note issue, which is the amount necessary for noteholders
to give notice of an event of default to the Company under the
indentures.

J. Andrew Rahl, Jr. of Anderson Kill & Olick, P.C., counsel to
the Ad Hoc Committee, said: "The Ad Hoc Committee is interested
in pursuing a constructive dialogue for the benefit of all
concerned, but the terms of the consent solicitation as
presently proposed are inadequate.  In addition to improved
financial terms, the Committee will also insist upon enhanced
monthly reporting of unaudited interim financial information
going forward from now until the Company completes its financial
restatement."

As reported in the Troubled Company Reporter on Aug. 25, 2005,
the Company solicited consents for amendments to the indentures
governing its bonds and QUIPs securities which would allow the
company additional time to make certain SEC filings.  As
previously announced, the company has delayed filing its Form
10-K for 2004 and Form 10-Qs for subsequent 2005 quarters.

The consents are being solicited from the holders of these
five securities:

    -- 6 1/2% Senior Notes due 2012;
    -- 7 3/4% Senior Subordinated Notes due 2013;
    -- 7% Senior Subordinated Notes due 2014;
    -- 1 7/8% Convertible Senior Subordinated Notes due 2023;
       and
    -- 6 1/2% Convertible Quarterly Income Preferred
       Securities.

The indentures for the securities require the company to
timely file required annual and other periodic reports with the
SEC.  The proposed amendments would, among other things, allow
the company up until March 31, 2006, to regain compliance with
this requirement and waive any violation of this requirement
that has previously occurred.

The company is offering a consent fee of $2.50 for each $1,000
in principal amount of notes and $0.125 for each $50 of
liquidation preference of QUIPs as to which the holder provides
a consent. In addition, if the company does not file its 2004
Form 10-K by December 31, 2005, the company will pay an
additional $2.50 for each $1,000 in principal amount of notes
and $0.125 for each $50 of liquidation preference of QUIPs.

Approval of the proposed amendments and related waiver
with respect to each series of securities requires the consent
of holders of the majority of principal amount or
liquidation preference, as applicable, of the outstanding
securities of such series.

The consent solicitations will expire at 5:00 p.m., New York
City time, on Sept. 7, 2005, unless extended.  Holders may
tender their consents to the Information Agent as described
below at any time before the expiration date.  However, after
consents are received from the requisite majority of holders of
any series of securities, the company will execute a
supplemental indenture and thereafter the consents related to
that series may not be revoked unless the company fails to pay
the required consent fee.

The company has retained Credit Suisse First Boston to serve
as Solicitation Agent for the solicitation, and MacKenzie
Partners to serve as the Information Agent.  Copies of the
consent solicitation statements, consent form and related
documents may be obtained at no charge by contacting the
Information Agent by telephone at (800) 322-2885 (toll free) or
(212) 929-5500 (call collect), or in writing at 105 Madison
Avenue, New York, New York 10016.

Questions regarding the solicitation may be directed to:
Credit Suisse First Boston, Eleven Madison Avenue, New York, New
York, 10010, U.S. Toll Free: (800) 820-1653, Call Collect: (212)
325- 7596, Attn: Liability Management Group.

United Rentals, Inc. -- http://www.unitedrentals.com/-- is the
largest equipment rental company in the world, with an
integrated network of more than 730 rental locations in 48
states, 10 Canadian provinces and Mexico.  The company's 13,200
employees serve construction and industrial customers,
utilities, municipalities, homeowners and others.  The company
offers for rent over 600 different types of equipment with a
total original cost of $3.9 billion.  United Rentals is a member
of the Standard & Poor's MidCap 400 Index and the Russell 2000
Index(R) and is headquartered in Greenwich, Connecticut.

                        *     *     *

As reported in the Troubled Company Reporter on July 18, 2005,
Moody's Investors Service lowered the long-term ratings of
United Rental (North America) Inc. and its related entities:

  * Corporate Family Rating (previously called Senior Implied)
    to B1 from Ba3;

  * Senior Unsecured to B2 from B1; Senior Subordinate to B3
    from B2; and

   * Quarterly Income Preferred Securities to Caa1 from B3.

The rating action is prompted by the continuing challenges
facing the company in resolving the pending SEC investigation
and certain accounting irregularities.  These challenges are
accentuated by today's announcement regarding the employment
status of the company's President and Chief Financial Officer.
URI's board determined that refusal by the President and CFO to
answer questions at this time by the special committee of the
board constitutes a failure to perform his duties, and would
constitute grounds for termination if not cured within the
thirty-day cure period provided by his employment agreement.
The special committee of the board is reviewing matters relating
to the previously disclosed SEC inquiry of the company.(Troubled
Company Reporter, Monday, August 29, 2005, Vol. 9, No. 204)



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

CENTENNIAL COMMUNICATIONS: Signs Roaming Agreement With T-Mobile
----------------------------------------------------------------
Centennial Communications Corp. (NASDAQ: CYCL) ("Centennial")
announced Friday that it has entered into a new long-term
roaming agreement with T-Mobile USA, Inc.

"We're excited to provide an enhanced GSM customer experience in
our U.S. markets," said Michael J. Small, Centennial's chief
executive officer. "Historically, we've had only a limited
roaming relationship with T-Mobile USA, and we look forward to a
valuable long-term partnership with this national wireless
carrier. The impact of this roaming agreement was considered
when we provided our financial outlook for the 2006 fiscal
year."

Centennial Communications customers benefit from the ability to
roam on T-Mobile USA's nationwide GSM/GPRS network. T-Mobile
customers benefit from expanded network coverage in Indiana and
Michigan, as well as Louisiana and Mississippi. Additional terms
of the agreement are not disclosed.

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.

Based in Bellevue, Wash., T-Mobile USA, Inc. is a member of the
T-Mobile International group, the mobile telecommunications
subsidiary of Deutsche Telekom AG (NYSE: DT). T-Mobile USA's
GSM/GPRS voice and data networks in the United States (including
roaming and other agreements) reach more than 254 million
people. In addition, T-Mobile operates the largest carrier
grade, commercial wireless broadband network in the United
States providing Wi-Fi at more than 6,000 public locations
throughout the country with further access at over 20,000
international roaming locations. Through its Get More(R)
promise, T-Mobile provides customers with more minutes, more
features and more service. For more information, visit the
company Web site at www.t-mobile.com. T-Mobile(R) and Get
More(R) are federally registered trademarks of Deutsche Telekom
AG and T-Mobile USA Inc., respectively.

CONTACT: Centennial Communications Corp.
         Steve E. Kunszabo
         Director, Investor Relations
         Phone: 732-556-2220

         URL: http://www.centennialwireless.com



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

CANTV: President Chavez Praises Court Ruling on Pension Payments
----------------------------------------------------------------
Venezuelan President Hugo Chavez applauded the Supreme Court's
recent decision to have the country's top telecommunications
firm CANTV pay its workers possibly millions of dollars to
adjust their pensions. In a televised speech, Mr. Chavez said
the court restored "the right to dignified pensions that CANTV
retirees have."

"For 12 years they unsuccessfully made their claim with the
telephone company... for the payment of their pensions," Nr.
Chavez said, adding, CANTV owed former employees around US$279
million.

The Supreme Court announced late last month that it ruled in
favor of telecom company retirees who have sued CANTV to adjust
pensions to reflect a new minimum wage level, as well as past
devaluations and inflation.

CANTV officials have said the decision will deeply hurt its
finances and have vowed to fight the ruling.

The company's stock had suffered a steep decline in recent weeks
in the midst of uncertainty over how much the court ruling would
cost CANTV.

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


PDVSA: S&P Affirms Citgo's BB Credit Rating, Stable Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on refiner and marketer CITGO Petroleum Corp.  The
outlook is stable.  As of June 30, the Houston-based company had
$1.3 billion in debt outstanding. The affirmation follows the
upgrade of CITGO's parent, Petroleos de Venezuela S.A. (PDVSA),
and the Bolivarian Republic of Venezuela.

The corporate credit rating on PDVSA was raised to 'B+' from 'B'
and the long-term foreign and local currency sovereign credit
ratings on the Bolivarian Republic of Venezuela were raised to
'B+' from 'B'.  The ratings on PDVSA and Venezuela are equalized
because of their ties of ownership and economic interests.

"The ratings on CITGO were not raised in step with those of the
parent in part due to continuing uncertainty regarding PDVSA's
strategic plans for the refiner," said Standard & Poor's credit
analyst Ben Tsocanos.

Presently, PDVSA ratings limit CITGO's credit rating, despite a
financial profile that would be commensurate with a higher
rating level, and ratings improvement is unlikely under existing
ownership.(Troubled Company Reporter, Monday, August 29, 2005,
Vol. 9, No. 204)




                            ***********


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