TCRLA_Public/050928.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    L A T I N   A M E R I C A

          Wednesday, September 28, 2005, Vol. 6, Issue 192

                            Headlines

A R G E N T I N A

AGRONORD S.A.: Trustee to Submit General Report Sept. 29
AGUAS ARGENTINAS: New Operator Search May Be Challenging
ALUBA ASOCIACION: Court Approves Concurso Motion
ECOURBAN S.A.: Verification Deadline Fixed
EDENOR: Initiates Restructuring of Over $500M in Debt

IMPRESIONES ARCO: Individual Reports Due for Court Presentation
KLUJ GRISOLIA: General Report to be Submitted Sep. 29
MEGAMARKETING S.A.: Trustee to Submit General Report Sep. 29
TGN: Fitch Assigns D(arg) Rating to Various Bonds
WORLD SAT S.A.: Deadline for General Report Approaches


B A H A M A S

KERZNER INTERNATIONAL: Accepts 99.22% of $400M Notes in Offer


B E R M U D A

ANNUITY & LIFE: Enters Separation Agreement with John F. Burke


B O L I V I A

COEUR D'ALENE: Expects to Meet 2005 Production Target


B R A Z I L

BRASKEM: German Firm Wins Contract to Provide Bus. Mgt. System
ELETROPAULO METROPOLITANA: Initiates Sale of BRL800 Mln in Debt
GERDAU: Ratings Not Affected By CADE Fine
GERDAU: Expresses Disappointment over CADE's Ruling
GERDAU: Analysts See Little Impact from CADE's Ruling

NET SERVICOS: Receives Consents From Holders of Subsidiary
NET SERVICOS: Subsidiary Extends Consent Solicitation
TELEMAR: Declares Interest On Capital - 2005 Fiscal Year
TELEMAR: Interconnects with iBasis
VARIG: Brazilian Bankruptcy Judge Teams Up With Judge Drain


C H I L E

MANQUEHUE NET: GTD Takeover Suffers Delay


J A M A I C A

DYOLL GROUP: JSE Lifts Suspension on Trading of Shares


M E X I C O

ASARCO: Wants to Employ Keegan Linscott as Accountant
VITRO: Closes Credit Facilities for Vitro Plan, VENA


P A N A M A

WILLBROS GROUP: Noteholders Agree to Waive Potential Defaults


T R I N I D A D   &   T O B A G O

WASA: Cabinet OKs $91M Funding for Disaster Preparation Program

     -  -  -  -  -  -  -  -

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

AGRONORD S.A.: Trustee to Submit General Report Sept. 29
--------------------------------------------------------
The general report on the bankruptcy of Agronord S.A. will be
presented in court tomorrow, Sep. 29, 2005.

Court No. 14 of Buenos Aires' civil and commercial tribunal
declared Agronord S.A. bankrupt. The ruling came in approval of
the petition filed by the Company's creditor, Kosturat S.R.L.,
for nonpayment of US$9,924.86 in debt.

Trustee Alberto Buceta examined and authenticated creditors'
claims until June 22, 2005. He submitted the validated
individual claims for court approval on Aug. 18, 2005.

The city's Clerk No. 27 assists the court on the case that will
conclude with the liquidation of the Company's assets.

CONTACT: Agronord S.A.
         Teniente General Juan Domingo Peron 1730
         Buenos Aires


AGUAS ARGENTINAS: New Operator Search May Be Challenging
--------------------------------------------------------
Argentine Foreign Minister, Rafael Bielsa, considers it
difficult to find an operator for Aguas Argentinas, according to
Business News Americas.

Now that French firms Suez and Veolia and Spanish company Aguas
de Barcelona (Agbar) have decided to pull out of Aguas
Argentinas, the government must find new operators and
investors.

Cabinet chief Alberto Fernandez revealed recently that a number
of local and foreign firms have expressed interest in filling
the breach left by the exit of Aguas Argentinas.

But the idea that new investors will have to be capable of
investing around US$2 billion over 18 years, narrows the list
considerably.

"It is not going to be easy to find an operator for Aguas
Argentinas," Bielsa was quoted as saying recently by El
Cronista.

Graciela Gerola, president of the Argentine association of
sanitary engineering and environmental sciences, said: "The
issue is not so much about the operation, but the investment. It
is hard for a private operator to put in the investments
needed."

Aguas Argentinas claims to have invested US$1.7 billion between
1993 and 2001. When it won the concession, Suez announced US$4.1
billion in investments over the 30-year contract.

Conservative estimates are that another US$2 billion will have
to be invested, while others think that the figure could rise as
high as US$4 billion due to the serious lack of water and
sewerage infrastructure in some areas of the city.

"It is almost impossible for [water] prices to cover the works
in the city. There will have to be a very important investment
by the state," added Gerola.


ALUBA ASOCIACION: Court Approves Concurso Motion
------------------------------------------------
Court No. 23 of Buenos Aires' civil and commercial tribunal
approved a petition for reorganization filed by ALUBA Asociacion
de Lucha contra la Bulimia, Anorexia y otros trastornos
alimentarios, according to Argentine daily La Nacion.

The Company disclosed assets amounting to $965,676.42 and
liabilities totaling $897,110.23 in its court filing.

Accounting firm Estudio Fiorillo-Bugueiro y Asociados was
appointed trustee, tasked to verify claims from the Company's
creditors. After verification period, the firm will submit the
individual and general reports in court. Dates for the end of
the verification and the submission of the reports are yet to be
disclosed.

The city's Clerk No. 45 assists the court on the case.

CONTACT: ALUBA Asociacion de Lucha contra la Bulimia,
         Anorexia y otros trastornos alimentarios
         Combate de los Pozos 2193
         Buenos Aires

         Estudio Fiorillo-Bugueiro y Asociados, Trustee
         Rodriguez Pena 434
         Buenos Aires


ECOURBAN S.A.: Verification Deadline Fixed
------------------------------------------
The verification of creditors' claims for the Ecourban S.A.
insolvency case is set to end on Nov. 4, 2005, states Infobae.
Ms. Noemi Zulema Vivares, the court-appointed trustee tasked
with examining the claims, will submit the validation results as
individual reports as well as the general report on the
Company's case in court. The dates for the submission of these
reports are yet to be disclosed.

On July 6, 2006, the Company's creditors will vote on the
settlement proposal prepared by the Company. Infobae adds that
Court No. 5 of Buenos Aires' civil and commercial tribunal
handles the Company's reorganization case. Clerk No. 9 assists
the court in the proceedings.

CONTACT: Ecourban S.A.
         Bruix 4344
         Buenos Aires

         Ms. Noemi Zulema Vivares, Trustee
         Avda. Cordoba 2626
         Buenos Aires


EDENOR: Initiates Restructuring of Over $500M in Debt
-----------------------------------------------------
Electricity distributor Edenor announced Monday that it has
begun the process of restructuring more than US$500 million of
defaulted debt.

The news was outlined in a brief filing with the Buenos Aires
Stock Exchange that summarized a Monday meeting of Edenor's
board of directors.

Edenor gave no details about its restructuring offer but said it
plans to stop making interest payments on its defaulted debt as
part of the restructuring deal.

Edenor defaulted on its debt in September 2002 in the wake of
the nation's economic meltdown. Last week, the Company signed a
new, long-term contract with the government that calls for
investments totaling ARS1.2 billion ($1=ARS2.91) over the next
five years and sees no residential rate hikes.

Edenor is newly controlled by Argentina's Dolphin group after
Electricite de France (EDF) sold a 65% stake last month. The
French company retains 25% of shares.

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


IMPRESIONES ARCO: Individual Reports Due for Court Presentation
---------------------------------------------------------------
The validation results on the claims of creditors against
Impresiones Arco Iris Cordoba S.A. (formerly Arco Iris
Impresiones S.A.) will be presented in court as individual
reports tomorrow, Sep. 29, 2005. Court-appointed trustee Carlos
Daniel Brezinski stopped accepting claims on Aug. 18, 2005.

Mr. Brezinski will also present a general report on the
Company's insolvency case on Nov. 11, 2005.

On April 13 next year, the Company's creditors will vote on the
settlement proposal prepared by the Company. The Company's
reorganization is under the jurisdiction of Court No. 22 of
Buenos Aries' civil and commercial tribunal. Clerk No. 44
assists the court with the proceedings.

CONTACT: Mr. Carlos Daniel Brezinski, Trustee
         Lambare 1140
         Buenos Aires


KLUJ GRISOLIA: General Report to be Submitted Sep. 29
-----------------------------------------------------
The general report on the Kluj Grisolia S.A. insolvency will be
submitted tomorrow, Sep. 29, 2005. The report will contain the
Company's accounting and business records as well as the summary
of important events pertaining to the reorganization.

Mr. Luis Emilio Felli, the court-appointed trustee verified
creditors' claims until June 2, 2005. The validated claims were
presented in court as individual reports on Aug. 11, 2005.

Kluj Grisolia began reorganization following the approval of its
petition by Court No. 18 of La Plata'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.

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 Nov. 3, 2005.

CONTACT: Kluj Grisolia S.A.
         Calle 511 Nro. 1160
         La Plata

         Mr. Luis Emilio Felli, Trustee
         Calle 49 Nro. 365
         La Plata


MEGAMARKETING S.A.: Trustee to Submit General Report Sep. 29
------------------------------------------------------------
Mr. Juan Angel Fontecha, the trustee assigned to supervise the
liquidation of Megamarketing S.A., will submit the general
report tomorrow, Sep. 29, 2005.

The trustee presented on Aug. 18, 2005 the validated individual
claims for court approval. These reports explain the basis for
the accepted and rejected claims. Mr. Fontecha will also submit
a general report of the case on Sep. 29, 2005.

Infobae reports that Court No. 12 of Buenos Aires' civil and
commercial tribunal has jurisdiction over this bankruptcy case.
The city's Clerk No. 24 assists the court with the proceedings.

CONTACT: Mr. Juan Angel Fontecha, Trustee
         Parana 785
         Buenos Aires


TGN: Fitch Assigns D(arg) Rating to Various Bonds
-------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. assigned a D(arg)
rating to debt securities issued by Transportadora de Gas del
Norte S.A., according to the country's securities regulator, the
Comision Nacional de Valores (CNV).

The rating action, taken based on the Company's financial status
as of June 30, 2005, affected the following debt issues:

- US$300 million worth of undated bonds described as "Programa
   de Obligaciones Negociables;"

- US$320 million worth of bonds described as "Programa Global
   de ONs simples o convertibles en acciones ordinarias,
   autorizado por AGOyE de 21.2.96 y ampliado en USD 70 Mio por
   AE del 17.5.96." These bonds matured on Feb. 1, 2001;

- US$20 million worth of bonds described as "Serie I emitida
   bajo el Progr. Global de Ons Simples por un monto de US$ 320
   mm." These bonds will mature on July 1, 2009;

- US$154 million worth of bonds described as "Serie II emitida
   bajo el Progr. Global de Ons Simples por un monto de US$ 320
   mm." These bonds will mature on Aug. 1, 2008;

- US$10.7 million worth of bonds described as "Serie III
   emitida bajo el Progr. Global de Ons Simples por un monto de
   US$ 320 mm." These bonds will mature on July 1, 2009

- US$50 million worth of bonds described as "Serie III, con
   vencimiento en octubre de 2004, emitida bajo el Programa
   Global de Obligaciones Negociables simples (USD 300 Mio)
   vencido en 03.99." These bonds matured on Oct. 1, 2004;

- US$9.3 million worth of bonds described as "Serie IV emitida
   bajo el Progr. Global de Ons Simples por un monto de US$ 320
   mm." These bonds will mature on July 1, 2009;


- US$46 million worth of bonds described as "Serie IV, con
   vencimiento en junio de 2002, emitida bajo el Programa Global
   de ONs simples (USD 300 Mio) vencido en 03.99." These bonds
   matured on June 3, 2002;

- US$24 million worth of bonds described as "Serie V, con
   vencimiento en junio de 2004, emitida bajo el Programa Global
   de ONs simples (USD 300 Mio) vencido en 03.99." These bonds
   matured on June 1, 2004;

- US$60.5 million worth of bonds described as "Serie VI emitida
   bajo el Progr. Global de Ons Simples por un monto de US$ 320
   mm." These bonds will mature on Sep. 1, 2008

- US$20 million worth of bonds described as "Serie VII, con
   vencimiento en marzo de 2003, emitida bajo el Programa Global
   de ONs simples (USD 300 Mio) vencido en 03.99." These bonds
   matured on March 3, 2003

Fitch said that a D(arg) rating is assigned to bonds that are in
payment default or whose obligor is seeking bankruptcy
protection.

CONTACT:  Transportadora De Gas Del Norte (TGN)
          Don Bosco 3672, (C120ABF)
          Buenos Aires, Argentina.
          Phone: (+54 11) 4959-2000
          Fax: (+54 11) 4959-2242
          Home Page: www.tgn.com.ar


WORLD SAT S.A.: Deadline for General Report Approaches
------------------------------------------------------
The deadline for the submission of the general report on the
World Sat S.A. insolvency case will be tomorrow, Sep. 29, 2005.

The Company began reorganization following the approval
of its petition by Court No. 19 of Buenos Aires' civil and
commercial tribunal.

Mr. Gustavo Fiszman was appointed trustee by the court. He
verified creditors' claims until June 29, 2005. The validated
claims were presented in court as individual reports on Aug. 18,
2005.

An Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the Company's
creditors for approval, is scheduled on March 17 next year.

Clerk No. 37 assists the court on this case.

CONTACT: World Sat S.A.
         Moreno 574/84
         Buenos Aires

         Mr. Gustavo Fiszman, Trustee
         Avda Santa Fe 5086
         Buenos Aires



=============
B A H A M A S
=============

KERZNER INTERNATIONAL: Accepts 99.22% of $400M Notes in Offer
-------------------------------------------------------------
Kerzner International Limited (NYSE: KZL) and its wholly owned
subsidiary, Kerzner International North America, Inc. reported
that as of 5:00 p.m. EST on Sept. 21, 2005, they had received
the tenders and consents required to eliminate or modify certain
covenants and related provisions in the indenture governing
their outstanding 8-7/8% senior subordinated notes due 2011.

As of the Consent Date, approximately 99.22% of the $400 million
aggregate principal amount outstanding of the Notes were
received and accepted for payment by the Company and KINA.

The Company paid the total consideration of $1,082.83 per $1,000
aggregate principal amount of Notes validly tendered on or prior
to the Consent Date on September 22, 2005 by delivery to the
depositary.

Furthermore, the Company, KINA and the trustee have executed a
supplemental indenture containing certain amendments to the
indenture, as described in the Offer to Purchase and Consent
Solicitation Statement dated Sept. 12, 2005.  The Company used
the proceeds of a new offering of $400 million 6-3/4% senior
subordinated notes that closed on September 22, 2005, together
with cash on hand, to repay the tendered Notes.

Holders of Notes can still tender their Notes until 12:01 a.m.
EST on Oct. 8, 2005.  Holders who validly tender their Notes
after the Consent Date and on or prior to the Expiration Date
are entitled to receive $1,060.58 per $1,000 aggregate principal
amount of Notes validly tendered, which represents the total
consideration less the consent payment.

Copies of the tender offer and consent solicitation documents
can be obtained by contacting MacKenzie Partners, Inc., the
tabulation agent and information agent for the consent
solicitation, at 800-322-2885 (toll free) and 212-929-5500.

Deutsche Bank Securities Inc. is acting as dealer manager for
the tender offer and solicitation agent for the consent
solicitation. Questions concerning the tender offer and consent
solicitation may be directed to Deutsche Bank Securities Inc.,
High Yield Capital Markets, at 800-553-2826 (toll free).

Kerzner International Limited engages in the development and
operation of destination resorts, luxury resort hotels, and
gaming properties worldwide.  The company was incorporated as
Sun International Hotels Limited in 1993 and changed its name to
Kerzner International Limited in 2002.  Kerzner is headquartered
in Paradise Island, The Bahamas. (Troubled Company Reporter,
Sep. 27, 2005, Vol. 9, No. 229)



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

ANNUITY & LIFE: Enters Separation Agreement with John F. Burke
--------------------------------------------------------------
Annuity and Life Re (Holdings), Ltd. (the "Company") and its
subsidiary, Annuity and Life Reassurance, Ltd. ("Annuity
Reassurance"), entered into a Separation of Employment Agreement
and General Release (the "Separation Agreement") on September
23, 2005 with John F. Burke, the Company's President and Chief
Executive Officer.

Pursuant to the Separation Agreement, the Amended and Restated
Employment Agreement, dated July 28, 2003, by and among Mr.
Burke, the Company and Annuity Reassurance (the "Employment
Agreement") was terminated, and Mr. Burke resigned from all
positions he held as a director or officer of the Company and
its subsidiaries.

Pursuant to the Separation Agreement, on or prior to October 7,
2005, the Company will make a one-time payment to Mr. Burke of
$740,000 in cash.

In addition, within five business days of the closing of the
transactions contemplated by that certain Master Agreement,
dated as of August 10, 2005, by and among Annuity Reassurance,
Annuity and Life Reassurance America, Inc., Prudential Select
Life Insurance Company of America and Wilton Reinsurance Bermuda
Limited (the "Master Agreement"), the Company will pay Mr. Burke
a one-time cash amount of $1,160,000 (the "Closing Payment").

The Separation Agreement provides that Mr. Burke will also be
paid the Closing Payment if (i) a "Competing Acquisition
Proposal" (as such term is defined in the Master Agreement) is
formally proposed to the Company's Board of Directors, on or
before February 28, 2006, (ii) the Board elects to pursue that
Competing Acquisition Proposal in lieu of the transactions
contemplated by the Master Agreement and (iii) the final closing
of such Competing Acquisition Proposal occurs.

Effective with the execution of the Separation Agreement, all of
Mr. Burke's restricted common shares became immediately vested
and his stock options became immediately exercisable. Mr. Burke
will also be permitted to keep certain computer equipment that
was provided to him during the course of his employment with the
Company.

The Separation Agreement also provides that Mr. Burke will
cooperate fully with the Company and its counsel with respect to
any matter (including any litigation, arbitration,
investigation, or governmental proceeding) relating to matters
with which Mr. Burke was involved during the term of his
employment with the Company.

Mr. Burke is entitled to receive a fee of $2,500 for each day he
provides services pursuant to this provision. The Separation
Agreement also contains a mutual release by the Company and Mr.
Burke of any and all claims relating to Mr. Burke's service as a
director of the Company, his employment relationship with the
Company, the Employment Agreement or Mr. Burke's separation from
the Company.

Mr. Burke has the right to revoke the Separation Agreement by
delivering written notice to the Company on or prior to
September 30, 2005. The Separation Agreement is filed as Exhibit
10.1 to this Form 8-K and is incorporated into this Item 1.01 by
reference.

The Company will seek to appoint a new Chief Executive Officer
as expeditiously as possible.

In connection with the Separation Agreement entered into on
September 23, 2005 Mr. Burke's Employment Agreement was
terminated effective as of September 16, 2005, except for
certain confidentiality and other provisions that expressly
survive pursuant to the terms of the Separation Agreement.

Pursuant to the Separation Agreement, the material terms on
September 23, 2005, John F. Burke, the Company's President and
Chief Executive Officer, resigned from all positions he held as
a director or officer of the Company and its subsidiaries
effective as of September 16, 2005.

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



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

COEUR D'ALENE: Expects to Meet 2005 Production Target
-----------------------------------------------------
Silver producer Coeur D'Alene Mines Corp. expects to reach its
2005 target for 14 million ounces of silver production, Reuters
reports.

Chief Executive Dennis Wheeler said at the Denver Gold Forum
that the Company could boost silver production at 86% in the
coming years if its strategy works.

The price of silver, which currently trades for around $7.32 an
ounce, could easily rise to $8 an ounce on continued strong
fundamentals, according to Wheeler.

The Company's Kensington project in Alaska is on schedule and on
budget, said Wheeler. Production is expected to start in early
2007, with an estimate for about 100,000 ounces per year at a
cash cost of $250 an ounce.

The upcoming mine project in San Bartolome in Bolivia would also
add 6 million to 8 million ounces a year of annual silver from
sometime in 2007.

The Company's chief executive said on Monday that the Company
expects no problems with its permits or contracts for the San
Bartolome project despite recent political instability in
Bolivia.

Wheeler said that whatever changes to mining regulations may
come from the upheaval there were unlikely to affect Coeur's
position.

"We have our permits and I don't think the government would
revisit that ... we have our contracts and I don't think the
government would expect that the dynamics of those would
change," he stated.



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

BRASKEM: German Firm Wins Contract to Provide Bus. Mgt. System
--------------------------------------------------------------
German industrial software provider SAP AG secured a BRL146-
million contract to provide a business management system at
Brazilian petrochemicals firm Braskem, reports Dow Jones
Newswires.

SAP said it will start installing the system soon and hopes to
complete it by early 2007.

The SAP system is expected to improve the quality of Braskem's
management systems, simplify its in-house processes and unify
standards in all operational units. The project is intended to
position Braskem as one of the most competitive companies in the
world by 2007.

According to a Business News Americas report, Braskem expects
the project, one of Brazil's largest ever IT contracts, to
deliver BRL260 million in cost savings.


ELETROPAULO METROPOLITANA: Initiates Sale of BRL800 Mln in Debt
---------------------------------------------------------------
Electric power utility Eletropaulo Metropolitana Eletricidade de
Sao Paulo SA kicked off Monday the issuance of BRL800 million
($1=BRL2.266) worth of non-convertible debentures, reports Dow
Jones Newswires.

Banco Itau BBA is coordinating the issue, which will mature in
August 2010 and will pay an annual interest rate of 2.9
percentage points over the local interbank rate.

The operation was classified with a BB+ rating from Fitch.

The Troubled Company Reporter - Latin America detailed in a
previous report that Eletropaulo expects to use BRL720 million
of the issue to pay part of its existing BRL1.5 billion debt. It
will use the remaining balance for its investment program and to
strengthen its cash reserves.

Eletropaulo defaulted on over US$2 billion in debts in 2002 but
resumed payments in 2004 after extended negotiations with
creditors in Brazil and abroad. At the time, the Company said it
did not need to raise more money in financial markets but would
consider opportunities that led to lower financial costs.

Eletropaulo is controlled by US power company AES (NYSE: AES)
through a 50% stake in holding company Brasiliana, in which one
of the Company's largest creditors, national development bank
BNDES, has the other 50%.

CONTACT: Eletropaulo Metropolitana Eletricidade de Sao Paulo S/A
         Investor Relations Manager
         Ms. Clarice Silva Assis
         E-mail: clarice.assis@aes.com
         Phone:(55 11) 2195-2229
         Fax:(55 11) 2195-2503


GERDAU: Ratings Not Affected By CADE Fine
-----------------------------------------
Standard & Poor's Ratings Services said Monday that the decision
by the Brazilian antitrust authority Conselho Administrativo de
Defesa Economica (CADE) to fine Gerdau S.A. (Gerdau, foreign
currency BB-/Stable/--, local currency BB+/Stable/--) for
anticompetitive practices in Brazil has no immediate effect on
Gerdau's ratings. Last Friday, CADE said that Brazilian nonflat
steel companies, including Gerdau, must pay a fine equivalent to
7% of their respective construction steel bars domestic gross
sales in 1999, adjusted for inflation to the present value. The
decision may still be challenged in Brazilian courts. The impact
of CADE's decision on Gerdau's business and financial profiles
is neutral. While any potential payment to be made by Gerdau
cannot be precisely determined at this time (the company has
been granted 30 days to calculate effective steel bar domestic
gross sales in 1999, which are reasonably smaller than total
domestic gross sales of BrR2.7 billion in that year), we do not
believe this possible cash outlay under the terms currently
determined by CADE would affect Gerdau's strong liquidity
situation or jeopardize its cash flow fundamentals in Brazil in
the near term.

Primary Credit Analyst: Reginaldo Takara, Sao Paulo
(55) 11-5501-8932; reginaldo_takara@standardandpoors.com


GERDAU: Expresses Disappointment over CADE's Ruling
---------------------------------------------------
The recent ruling by the Brazilian anti-trust commission -
Conselho Administrativo de Defesa Economica (CADE) was the
outcome of an investigation concerning the alleged anti-
competitive practices by steel companies among which Gerdau.
These facts allegedly occurred in 1999.

Throughout the years in which the administrative process was
being prepared, Gerdau attempted to make it clear that it was
aware of several improprieties and that it would endeavor to
protect its legitimate interests, and vows to correct these
irregularities in the process.

Gerdau also protested against the lack of technical evidence
that would have allowed the company to prove the inexistence of
the alleged practices with which it is being accused. The
company has produced economic surveys conducted by renowned
professionals that reaffirm Gerdau's declarations of proper
conduct. All surveys were conducted according to practices
recognized internationally and that confirm price variations and
market share changes throughout the period under discussion.
These variations are incompatible with the accusation made and
the ruling against the company.

In spite of Gerdau's request to have this piece of evidence
produced, as determined by existing law, the ruling happened
without having these economic studies actually ordered either by
agencies preceding the CADE, or by CADE itself. The ruling
against the steel companies was not unanimous and was based on
depositions which are being questioned in court by the company.

For the reasons mentioned above, Gerdau feels that it should
express its regret the ruling against it and will continue to
pursue the recognition of its rights and justice through all
legal means including the courts of law.

Gerdau reiterates its commitment to its ethical behavior towards
its clients, shareholders, employees, suppliers and the
community, especially with regards to its business practices,
which have been guided by the strictest observation of its legal
obligations.

CONTACT: Gerdau S.A.
         Press Office
         Phone: 55(51) 3323-2170
         E-mail: imprensa@gerdau.com.br
         URL: www.gerdau.com.br


GERDAU: Analysts See Little Impact from CADE's Ruling
-----------------------------------------------------
The penalty meted out to steelmaker Gerdau by the Justice
Ministry Antitrust Division (CADE) will not affect the Company's
shares, Dow Jones Newswires reports, citing analysts.

"The fine could be a maximum of BRL189 million ($1=2.257)
because the fine is applied only to gross domestic revenue,"
said a steel sector analyst, who asked not to be named.

However, the fine actually will be less because it only will be
applied to 1999 domestic gross revenue for steel rebar, the
analyst added. Gerdau doesn't break out revenue by segment, but
analysts forecast a fine of about BRL60 million.

"It will affect Gerdau's results because they will have to
account for the penalty," the analyst said.

But according to another analyst, "The fine is not problematic
for Gerdau. It is about 0.7% of total gross revenue, and less
than 3% of cash flow. The fine is really very small."

Analysts from Bear Stearns, Merrill Lynch and UBS agreed that,
although the ruling wasn't favorable to Gerdau, the Company had
avoided the major hit that a maximum penalty could have
delivered.

"The CADE ruling looks minor," Bear Stearns said in a research
report published Monday.


NET SERVICOS: Receives Consents From Holders of Subsidiary
----------------------------------------------------------
Net Servicos de Comunicacao S.A. (Nasdaq: NETC) (Bovespa: NETC4
NETC3) (Latibex: XNET) ("Net") announced Monday that its wholly
owned subsidiary Net Sul Comunicacoes Ltda. ("Net Sul")
received, prior to 12:00 p.m., New York City time, on September
26, 2005 (the "Consent Date"), consents from holders
representing 91.2% of the aggregate principal amount of
outstanding Notes to (i) effect certain amendments to the
indenture (the "Indenture") under which Net Sul's 7.0% Senior
Secured Notes due 2009 (the "Fixed Rate Notes") and Senior
Secured Floating Rate Notes due 2009 (the "Floating Rate Notes"
and, together with the Fixed Rate Notes, the "Notes") were
issued that can be amended with the consent of not less than
two-thirds of the holders of the outstanding Notes and (ii)
release the collateral securing the obligations of Net Sul, Net
and the other guarantors under the Notes and the Indenture, as
described in the consent solicitation statement dated September
12, 2005 (the "Consent Solicitation Statement"). Consents
validly submitted and not revoked prior to the Consent Date can
no longer be revoked and the consent solicitation period has
expired.

As promptly as possible after all conditions set forth in the
Consent Solicitation Statement are either satisfied or waived by
Net Sul, consent payments (the "Consent Fee") will be made to
holders of Notes that submitted valid, unrevoked, consents on or
prior to 12:00 p.m. New York City time on the Consent Date. The
Consent Fee to be paid to each holder of Notes will equal
US$10.00 in cash for each US$1,000 in principal amount of Notes
multiplied by a scaling factor (equal to 0.92233) with respect
to which consents were received and not revoked on or prior to
the Consent Date. The payment date for the Consent Fee is
currently expected to occur on or about October 17, 2005. If any
of the conditions set forth in the Consent Solicitation
Statement are not satisfied or waived, no Consent Fee will be
paid.

Deutsche Bank Securities Inc. is acting as solicitation agent in
connection with the consent solicitation. Questions regarding
the consent solicitation should be directed to Deutsche Bank
Securities Inc., attention: Liability Management Group at
+1-212-250-2955 (collect), or +1-866-627-0391 (U.S. toll-free).

Global Bondholder Services Corporation is acting as the
tabulation agent and information agent in connection with the
consent solicitation. Requests for documentation should be
directed to Global Bondholder Services Corporation at
+1-866-294-2200 (toll free), or +1-212-430-3774 (banks and
brokers).

CONTACT: Net Servicos de Comunicacao S.A.
         Investors
         Marcio Minoru
         Phone: 011-55-11-2111-2811
         E-mail: minoru@netservicos.com.br
                       or
         Sandro Pina
         Phone: 011-55-11-2111-2721
         E-mail: sandro.pina@netservicos.com.br

         URL: http://www.netservicos.com.br


NET SERVICOS: Subsidiary Extends Consent Solicitation
-----------------------------------------------------
Net Servicos de Comunicacao S.A. ("Net") (Nasdaq: NETC; Bovespa:
NETC4 and NETC3; and Latibex: XNET) announced Monday that its
wholly-owned subsidiary Net Sul Comunicacoes Ltda. ("Net Sul")
has extended to 12:00 p.m., New York City time, on September 26,
2005 (as extended, the "Consent Date"), the period for the
solicitation of consents (the "Consent Solicitation") required
to (i) effect certain amendments (the "Proposed Amendments") to
the indenture (the "Indenture") under which Net Sul's 7.0%
Senior Secured Notes due 2009 (the "Fixed Rate Notes") and
Senior Secured Floating Rate Notes due 2009 (the "Floating Rate
Notes" and, together with the Fixed Rate Notes, the "Notes")
were issued and (ii) release all of the collateral securing the
obligations of Net Sul, Net and the other guarantors under the
Notes and the Indenture (the "Collateral Release"), as described
in the consent solicitation statement dated September 12, 2005
(the "Consent Solicitation Statement").

Consummation of the Consent Solicitation is subject to, among
other things, Net Sul receiving valid and unrevoked consents
representing at least two-thirds in aggregate principal amount
of the Notes outstanding (the "Proposed Amendments Requisite
Consent") and to the satisfaction of certain other conditions
described in the Consent Solicitation Statement.

Adoption of the Collateral Release requires the consent of
holders of at least 85% in aggregate principal amount of Net's
outstanding senior secured indebtedness (the "Collateral Release
Requisite Consent"). The receipt of the Collateral Release
Requisite Consent is not a condition to the consummation of the
Consent Solicitation.

The Consent Solicitation was originally scheduled to expire at
5:00 p.m., New York City time, on September 23, 2005. As of 5:00
p.m., New York City time, on September 23, 2005, the Proposed
Amendments Requisite Consent had been received. Accordingly, as
set out in the Consent Solicitation Statement, consents validly
submitted can no longer be revoked.

All other terms and conditions of the Consent Solicitation
remain unchanged. These terms and conditions are set out in the
Consent Solicitation Statement. The record date for the Consent
Solicitation continues to be September 9, 2005. The Consent Date
may be further extended at the discretion of Net Sul, as set out
in the Consent Solicitation Statement.

Deutsche Bank Securities Inc. is acting as solicitation agent in
connection with the Consent Solicitation. Questions regarding
the Consent Solicitation should be directed to Deutsche Bank
Securities Inc., attention: Liability Management Group at
+1 212 250-2955 (collect) or +1 866 627-0391 (US toll-free).

Global Bondholder Services Corporation is acting as the
tabulation agent and information agent in connection with the
Consent Solicitation. Requests for documentation should be
directed to Global Bondholder Services Corporation at
+1 866 294-2200 (toll free) or + 1 212 430-3774 (banks and
brokers).

CONTACT: Net Servicos de Comunicacao S.A
         Marcio Minoru
         Phone: 5511-2111-2811
         E-mail: minoru@netservicos.com.br
                       or
         Sandro Pina
         Phone: 5511-2111-2721
         E-mail: sandro.pina@netservicos.com.br


TELEMAR: Declares Interest On Capital - 2005 Fiscal Year
--------------------------------------------------------
Telemar Norte Leste S.A. approved Monday the declaration of
Interest on Capital ("IOC") in the amount of R$92,454,079.20 to
be distributed along with the mandatory dividends to be declared
for 2005. The Company's proposal will be presented and voted on
at the 2005 General Shareholders' Meeting, to be held until
April 30, 2006. Following are the details:

Brazilian Record Date: September 30, 2005
Brazilian Ex-Date: October 3, 2005
Gross Dividend Rates:
- common share: R$0.3674
- preferred shares Class A: R$0.4041
- preferred shares Class B: R$0.3674

CONTACT:  TNE - INVESTOR RELATIONS
          Email: invest@telemar.com.br
          Roberto Terziani - 55 (21) 3131-1208
          Carlos Lacerda - 55 (21) 3131-1314
          Fax: 55 (21) 3131-1155
          URL: www.telemar.com.br.


TELEMAR: Interconnects with iBasis
----------------------------------
iBasis, Inc. (OTCBB: IBAS), a leader in international long
distance, VoIP, and prepaid calling cards, announced Monday that
Telemar Norte Leste S.A. (NYSE: TNE), an integrated Telecom
services provider that is becoming a major force in the
international long distance market, has interconnected with The
iBasis Network(TM) to exchange international voice traffic. The
interconnection with iBasis enables Telemar to route
international calls from Brazil over iBasis' global VoIP
network, as well as complete calls for iBasis over Telemar's
fixed and mobile networks to all destinations in Brazil.

Telemar benefits from the lower capital and operational costs of
the iBasis VoIP infrastructure and has immediate access to its
global footprint, which comprises more than 1,000 direct routes
in more than 100 on-net countries. Telemar leverages iBasis
operational expertise in managing international routing and also
benefits from iBasis proprietary technologies - Assured Quality
Routing(R) and PathEngine(TM), which deliver consistently high
quality and call completion.

By providing Tier One quality international service to carriers,
iBasis has become one of the world's 10 largest carriers of
international traffic(1) and continues to increase its market
share of international voice traffic. iBasis currently carries
more than 16% of all international VoIP traffic.(2)

"As Brazil has gradually deregulated its telecommunications
industry over the last few years, Telemar has been very
effective in expanding from local and intrastate service into
international long distance, mobile, and broadband data
services," said Ofer Gneezy, president and CEO of iBasis. "As a
result, it is a growing source of both outbound traffic from
Brazil and of high quality termination capacity within the
country, which is a very important and rapidly growing
destination for iBasis."

Telemar joins iBasis' growing customer base of approximately 350
carriers worldwide, who rely on iBasis both to complete their
international calls over the company's global VoIP network and
to provide a reliable and growing source of inbound traffic from
which they derive termination revenue. In the first half of
2005, the iBasis network carried approximately 3.6 billion
minutes of international calls.

"Continuing to provide our retail and carrier customers the
highest quality of service is critically important as we expand
our business," said Abel Camargo, Director of Wholesale Business
Unit at Telemar. "Our relationship with iBasis enables us to
deliver high quality international long distance service while
also establishing a reliable source of revenue from Brazil-bound
traffic from one of the world's largest international carriers."

Telemar is a leading integrated telecommunications service
provider operating in six business areas in Brazil: fixed line
local service, domestic and international long distance,
Wireless, Broadband, Data & Corporate services and Internet
service.

Already a leader in local and long distance service, Telemar has
become the second largest mobile provider in Region I less than
three years after launching its Oi service. The company's
domestic network covers 65% of Brazil reaching more than 94
million inhabitants. Telemar (NYSE: TNE) has a market
capitalization of more than US$ 4 billion.

Founded in 1996, iBasis (OTCBB: IBAS) is a leading wholesale
carrier of international long distance telephone calls and a
provider of retail prepaid calling services, including the
Pingo(TM) web-based offering (www.pingo.com) and disposable
calling cards, which are sold through major distributors and
available at retail stores throughout the U.S.

iBasis customers include many of the largest telecommunications
carriers in the world, including AT&T, Cable & Wireless, China
Mobile, China Unicom, MCI, Sprint, Skype, and Telefonica.

iBasis carried approximately 5 billion minutes of international
voice over IP (VoIP) traffic in 2004, and is one of the ten
largest carriers of international voice traffic in the world.

For four consecutive years service providers named iBasis the
best international wholesale carrier in ATLANTIC-ACM's annual
International Wholesale Carrier Report Card(3). iBasis was also
ranked among the fastest-growing technology companies in New
England in the 2002, 2003, and 2004 Technology Fast 50 programs
sponsored by Deloitte & Touche.

iBasis and Assured Quality Routing are registered marks and The
iBasis Network, PathEngine, and Pingo are trademarks of iBasis,
Inc. All other trademarks are the property of their respective
owners.

CONTACT:  TNE - INVESTOR RELATIONS
          Email: invest@telemar.com.br
          Roberto Terziani - 55 (21) 3131-1208
          Carlos Lacerda - 55 (21) 3131-1314
          Fax: 55 (21) 3131-1155
          URL: www.telemar.com.br
                     Or
          iBasis, Inc.
          Media
          Chris Ward
          Phone: 781-505-7557
          E-mail: cward@ibasis.net
                    or
          Investors
          Richard Tennant
          Phone: 781-505-7409
          E-mail: ir@ibasis.net
          URL: www.ibasis.com


VARIG: Brazilian Bankruptcy Judge Teams Up With Judge Drain
-----------------------------------------------------------
Judge Sergio Cavalieri, President of the Courts of Justice of
the State of Rio de Janeiro, appoints Judge Marcia Cunha Silva
de Carvalho of the Commercial Bankruptcy and Reorganization
Court to coordinate with Judge Drain of the United States
Bankruptcy Court for the Southern District of New York in
dealing with Viacao Aereas Rio-Grandense, S.A.'s bankruptcy
proceedings.

Judge Cavalieri directs Judge de Carvalho to discuss with Judge
Drain the VARIG reorganization case in Brazil, the ancillary
proceedings in the U.S. Bankruptcy Court, and more generally,
the reorganization under the new Brazilian and U.S. Bankruptcy
Codes.

"We believe that mutual understanding between [the] Courts and a
unified approach to the case are fundamentally important to the
successful reorganization of VARIG and the continuance of its
operations with the minimum possible adverse effect on the
airline's creditors, employees and contractors," Judge Cavalieri
said in a letter to Judge Drain.

"VARIG is important to Brazil, as a taxpayer, employer, and
member of the airline industry, and [it] plays a critical role
in connecting parts of the country which are accessible only by
air."

In line with the appointment, Judge Cavalieri emphasizes the
importance of close cooperation between the judiciary of Brazil
and the U.S. as a means of enhancing the commercial relations
between the two countries.

Headquartered in Rio de Janeiro, Brazil, VARIG S.A. is Brazil's
largest air carrier and the largest air carrier in Latin
America.  VARIG's principal business is the transportation of
passengers and cargo by air on domestic routes within Brazil and
on international routes between Brazil and North and South
America, Europe and Asia.  VARIG carries approximately 13
million passengers annually and employs approximately 11,456
full-time employees, of which approximately 133 are employed in
the United States.

The Company, along with two affiliates, filed for a judicial
reorganization proceeding under the New Bankruptcy and
Restructuring Law of Brazil on June 17, 2005, due to a
competitive landscape, high fuel costs, cash flow deficit, and
high operating leverage.  The Debtors may be the first case
under the new law, which took effect on June 9, 2005.  Similar
to a chapter 11 debtor-in-possession under the U.S. Bankruptcy
Code, the Debtors remain in possession and control of their
estate pending the Judicial Reorganization.  Sergio Bermudes,
Esq., at Escritorio de Advocacia Sergio Bermudes, represents the
carrier in Brazil.

Each of the Debtors' Boards of Directors authorized Vicente
Cervo as foreign representative.  In this capacity, Mr. Cervo
filed a Sec. 304 petition on June 17, 2005 (Bankr. S.D.N.Y. Case
Nos. 05-14400 and 05-14402).  Rick B. Antonoff, Esq., at
Pillsbury Winthrop Shaw Pittman LLP represents Mr. Cervo in the
United States.  As of March 31, 2005, the Debtors reported
BRL2,979,309,000 in total assets and BRL9,474,930,000 in total
debts. (VARIG Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Service, Inc., 215/945-7000)



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

MANQUEHUE NET: GTD Takeover Suffers Delay
-----------------------------------------
Chilean telecoms holding company Grupo GTD's formal takeover of
local telco Manquehue Net is facing delays, reports Business
News Americas.

Earlier this year, GTD agreed to buy Manquehue Net in a deal
worth US$25 million, including an agreement to purchase the
Company's debt that totals approximately US$85 million.

GTD had expected to close the acquisition on August 31. However,
new documents that GTD needed to sign to ink the agreement have
not yet arrived.

GTD is acquiring 49% of Manquehue's shares and in a separate
contract plans to acquire 100% of the telco's debt.

Even after the operation is completed, GTD and Manquehue Net
will continue to operate as independent companies, mostly
because of Manquehue's strength in the residential segment,
according to previous reports.

GTD will continue to be a corporate orientated brand, while
Manquehue plans to fortify its presence with greater penetration
in the broadband market, specifically in the higher income
segments.



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

DYOLL GROUP: JSE Lifts Suspension on Trading of Shares
------------------------------------------------------
The Board of the Jamaica Stock Exchange (JSE) has decided to
lift the suspension on the trading of shares in Dyoll Group Ltd.
on or before October 11, 2005, provided that the Company submits
its outstanding financial statements.

Trading in Dyoll's shares was suspended on February 15, 2005
because of its failure to provide material information to the
JSE in keeping with the Exchange's Policy Statement on Timely
Disclosure (JSE's Rule Book Appendix 8).

JSE's Executive Chairman, Roy Johnson pointed out that Dyoll
Group has submitted its Group audited financial statements for
the year ended December 2004 as well as its first quarter
results. However, he said that the second quarter results were
still outstanding.

Mr. Johnson noted that the Board, at its regular monthly meeting
early this month, had deliberated on the matter and decided that
once Dyoll was in compliance with JSE's Rule 407 governing
submission of `Quarterly Financial Statements' the suspension of
trading in Dyoll shares would be lifted on or before October 11,
2005.

The Executive Chairman noted that the JSE remains resolute in
pursuing its mandate in "providing a fair, efficient and
transparent stock market" and ensuring the protection of all
shareholders.



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

ASARCO: Wants to Employ Keegan Linscott as Accountant
-----------------------------------------------------
ASARCO LLC seeks authority from the U.S. Bankruptcy Court for
the Southern District of Texas to employ Keegan, Linscott &
Kenon, P.C., as its accountant nunc pro tunc to Aug. 9, 2005.

James R. Prince, Esq., at Baker Botts L.L.P., in Dallas, Texas,
tells Judge Schmidt that Keegan is a full service accounting
firm established in January 1994 in Tucson, Arizona.  The firm
is a professional services corporation, which offers a wide
range of services specializing in real estate, construction,
non-profit organizations, mining, and business consulting.  The
firm enjoys an outstanding reputation in the community and its
Tucson office is the third largest accounting firm in Southern
Arizona.

Mr. Prince relates that since 1999, Keegan has represented
ASARCO as accountants and has performed financial statement
audits, royalty audits, pension plan audits and tax and
consulting services for the company.  Because of Keegan's
previous engagement with ASARCO, the firm already has an
extensive experience with and knowledge of the company's
businesses and financial affairs, and is already an expert in
the matters for which the firm is employed.  Accordingly, Keegan
is uniquely qualified to assist ASARCO in certain accounting
matters.

ASARCO believes that in engaging accountants other than Keegan,
the company, its estate, and all parties-in-interest would be
unduly prejudiced by the time and expense necessarily attendant
to the accountant's familiarization with ASARCO's business
operations and affairs, and the impossibility of acquiring that
familiarity within the time constraints.

Mr. Prince informs the Court that in the ordinary course of
representing ASARCO before the Petition Date, Keegan received a
$13,669 retainer.  Within the 90-day period preceding the
commencement of ASARCO's Chapter 11 cases, the firm received
$84,270 for professional services rendered and as reimbursement
for prepetition expenses incurred.

ASARCO will pay Keegan in accordance with the firm's customary
hourly rates, which range from $65 to $250.  Keegan will also be
reimbursed for the necessary out-of-pocket expenses it incurs.

ASARCO asks Judge Schmidt to allow Keegan to submit interim
monthly invoices to the company for reimbursement of
postpetition fees generated and expenses incurred, and to allow
ASARCO to pay those invoices on an interim basis in an amount
not to exceed $20,000 per month.

Christopher Linscott, a director at Keegan, attests that the
firm does not have or represent any interest adverse to ASARCO
or its estate on the matters for which Keegan is engaged as
accountants.

Headquartered in Tucson, Arizona, ASARCO LLC --
http://www.asarco.com/-- is an integrated copper mining,
smelting and refining company.  Grupo Mexico S.A. de C.V. is
ASARCO's ultimate parent.  The Company filed for chapter 11
protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207).
James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A.
Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter
Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble,
Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the
Debtor in its restructuring efforts.  When the Debtor filed for
protection from its creditors,it listed $600 million in total
assets and $1 billion in total debts.

The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-
20521 through 05-20525).  They are Lac d'Amiante Du Quebec Ltee,
CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304),
Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex.
Case No. 05-21346) also filed for chapter 11 protection, and
ASARCO has asked that the three subsidiary cases be jointly
administered with its chapter 11 case.  (ASARCO Bankruptcy News,
Issue No. 6; Bankruptcy Creditors' Service, Inc., 215/945-7000).


VITRO: Closes Credit Facilities for Vitro Plan, VENA
----------------------------------------------------
Vitro, S.A. de C.V. successfully closed two Credit Facilities
for US$150 million with an eighteen month maturity.

The first Credit Facility is a US$45 million secured working
capital facility for Vitro Plan, S.A. de C.V. (Flat Glass) to
purchase inventory and refinance debt.

The second Credit Facility is a US$105 million unsecured
guaranteed facility for Vitro Envases Norteam‚rica, S.A. de C.V.
(VENA) to refinance debt.

This transaction is in line with Vitro's commitment, announced
during this year's second quarter results conference call. This
is the first step of the Company's plan, and provides the
liquidity required to continue with the evaluation and further
implementation of its Strategic Plan aimed at reducing the
Holding Company's debt.

Vitro, through its subsidiary companies, is one of the world's
leading glass producers. Vitro is a major participant in three
principal businesses: flat glass, glass containers and
glassware. Vitro serves multiple product markets, including
construction and automotive glass; food and beverage, wine,
liquor, cosmetics and pharmaceutical glass containers; glassware
for commercial, industrial and retail uses. Founded in 1909 in
Monterrey, Mexico-based Vitro has joint ventures with major
world-class partners and industry leaders that provide its
subsidiaries with access to international markets, distribution
channels and state-of-the-art technology. Vitro's subsidiaries
have facilities and distribution centers in eight countries,
located in North, Central and South America, and Europe, and
export to more than 70 countries worldwide.

CONTACT: Vitro, S.A. de C.V.
         Investor Relations
         Adrian Meouchi / Leticia Vargas
         Phone: (52) 81-8863-1350 / 1219
         E-mail: ameouchi@vitro.com
                 lvargasv@vitro.com
         URL: http://www.vitro.com

         U.S. agency
         Susan Borinelli / Michael Fehle
         Breakstone Group
         Phone: (646) 452-2333/2336
         E-mail: sborinelli@breakstone-group.com
                 mfehle@breakstone-group.com


         Media Relations
         Albert Chico
         Phone: (52) 81-8863-1335
         E-mail: achico@vitro.com



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

WILLBROS GROUP: Noteholders Agree to Waive Potential Defaults
-------------------------------------------------------------
Willbros Group, Inc. (NYSE: WG) received and accepted consents
from the holders of a majority in principal amount of its 2.75%
convertible senior notes due 2024 to:

  -- waive any potential defaults that may have occurred before
     the proposed amendments become effective;

  -- rescind a purported notice of default that was delivered to
     Willbros under the indenture; and

  -- clarify that for a period ending on the nine-month
     anniversary of the date the proposed amendments become
     effective, no default will occur if Willbros fails to
     timely file a periodic report with the Securities and
     Exchange Commission.

Bear, Stearns & Co. Inc. acted as the solicitation agent and
D.F. King & Co., Inc., served as the information agent and
tabulation agent for the consent solicitation.  Information
regarding the consent solicitation may be obtained by contacting
Bear, Stearns & Co., Inc., Global Liability Management Group at
(877) 696-BEAR (toll free) or (877) 696-2327 (toll free).

Willbros Group, Inc. -- http://www.willbros.com/-- 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. (Troubled Company Reporter, Sep.
27, 2005, Vol. 9, No. 229)



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

WASA: Cabinet OKs $91M Funding for Disaster Preparation Program
---------------------------------------------------------------
Public Utilities and the Environment Minister Pennelope Beckles
revealed that Cabinet has approved a $91-million Disaster
Preparation Program for the Water and Sewerage Authority (WASA),
the Trinidad Express relates.

The approval is part of an agreement that funding be provided in
the 2005/2006 national budget "to fund the expenditure related
to disaster preparedness for the water and electricity sectors,"
Beckles said.

She also indicated that much of the funding will go towards
providing emergency generators and equipment in the case of any
natural disasters.

Noting that there were still about ten more hurricanes expected
before the close of the season, Beckles added that everything
would be done to ensure that most of the equipment is acquired
as soon as possible.

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



                            ***********


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
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Information contained herein is obtained from sources believed
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* * * End of Transmission * * *