TCRLA_Public/051007.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Friday, October 7, 2005, Vol. 6, Issue 199

                            Headlines


A R G E N T I N A

AGRO - LA GRANJA: Liquidates Assets to Pay Debts
ALEJANDRO Y WALTER: Enters Bankruptcy on Court Orders
ASOCIACION MUTUAL: Gets Court Approval for Reorganization
BEBSUR S.A.: Initiates Bankruptcy Proceedings
CARLOS BELTRAMONE: Court Orders Liquidation

CONFITUR S.A.: Judge Approves Bankruptcy
CRESUD: Holders of Convertible Notes Exercise Conversion Right
DEL TEGLIA: General Report Due for Submission Oct. 27
DISLAZZER S.R.L.: Court Declares Company Bankrupt
ESTRUCTURAS INDUSTRIALES: Reorganization Proceeds to Bankruptcy

INDUSTRIAS SABRA: Debt Payments Halted, Moves to Reorganize
IRSA: Holders of Convertible Notes Exercise Warrant Rights
NOLAMETAL S.R.L.: Verification Deadline Approaches
PGS S.A.: Court Authorizes Plan, Concludes Reorganization
PINNACLE ENTERTAINMENT: Moody's Affirms Junk Debt Ratings

RADIO CLASICA: Gets Court Approval for Reorganization
SERVICIOS INTEGRADOS: Court OKs Creditor's Bankruptcy Petition
TRANS DAN: Asks Court for Reorganization
* ARGENTINA: High Government Debt Burden Dictates Ratings


B E R M U D A

GLOBAL CROSSING: Court Approves Settlement of Citigroup Lawsuit


B O L I V I A

* BOLIVIA: Ratings Reflect High Political Instability


B R A Z I L

CP CIMENTO: Moody's Downgrades Debentures Rating from B1 to B3
TELEMAR: Nokia to Kick Off Trial With Oi in Brazil
* BRAZIL: Ratings Reflect Large General Government Debt Burden


C A Y M A N   I S L A N D S

ACONITE INVESTMENTS: Shareholders to Discuss Liquidation
ADVANTAGE ADVISERS: Final Meeting Set for Oct. 20
ANMK KYOTO: Final Meeting on Liquidation Set for Oct. 20
AS THREE HOLDINGS: Shareholders to Hold Final Meeting Oct. 20
BANCO FRANCES: Shareholders to Hold General Meeting Oct. 20

COLOGICO INVESTMENT: To Hold Final Meeting Oct. 21
EPIDOTE INVESTMENTS: Shareholders' Final Meeting Set for Oct. 20
FAIRFIELD MASTERS: Account of Winding Up to be Presented Oct. 14
GOLDEN DYNASTY: Extraordinary Final Meeting Set for Oct. 19
J-CARS III: Johann Le Roux, Martin Couch Named as Liquidators

JUGLANDS INVESTMENTS: Final Meeting Set for Oct. 20
KNUTSFORD LIMITED: Extraordinary Final Mtg. to be Held Oct. 19
ML/CONVERGENCE: Final Gen. Mtg. of Shareholders Set for Oct. 19
MOORE JAPAN: Louis Casto Appointed as Liquidator
PJ EUROPEAN: Shareholders to Hold Final Meeting on Liquidation

REGENT EASTERN: Appoints Liquidators
RICE CAPITAL: Johann Le Roux, Jon Roney Appointed as Liquidators
RISK MITIGATION: Shareholders to Holding Final Meeting Oct. 18
SEARCHLIGHT CAPITAL: Final General Meeting to be Held Oct. 21
SIRES LOAN: Put Into Voluntary Liquidation

SUDAM PAPER: Final Winding-up Meeting Set for Oct. 20
THE EQUITUS CAYMAN: Final Meeting to Take Place Oct. 21
THE EQUITUS MASTER: Final Meeting Set for Oct. 21
UNISON CDO: Shareholders Decide on Voluntary Liquidation
WEST HIGHLAND: Final Meeting of Shareholders to be Held Oct. 20

WHITE TOWER: Shareholders Resolve to Liquidate Company


C O L O M B I A

TELECOM: Government Delays Privatization Process


E C U A D O R

PETROECUADOR: Strikes Cooperation Agreement With French INP


E L   S A L V A D O R

BANCO AMERICANO: Guatemalan Bank in Acquisition Talks


J A M A I C A

AIR JAMAICA: Turns Down Proposal To Rehire Workers


M E X I C O

EMPRESAS ICA: UBS Investment Assigns `Buy' Rating


T R I N I D A D   &   T O B A G O

BWIA: Yetming Expresses Concern About Govt.'s $260M Rescue Plan


V E N E Z U E L A

PDVSA: Govt. Expects Boost in Private Oil Output Next Year

     -  -  -  -  -  -  -  -


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

AGRO - LA GRANJA: Liquidates Assets to Pay Debts
------------------------------------------------
Buenos Aires-based Agro - La Granja S.A. will begin liquidating
its assets following the pronouncement of the city's court that
the Company is bankrupt, reports Infobae.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Susana Beatriz Gonzalez Cabrerizo.
The trustee will verify creditors' proofs of claim until Nov. 4,
2005. The validated claims will be presented in court as
individual reports on Dec. 16, 2005.

Ms. Cabrerizo will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, on March 1, 2006.

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

CONTACT: Ms. Susana Beatriz Gonzalez Cabrerizo, Trustee
         Guayaquil 236
         Buenos Aires

         
ALEJANDRO Y WALTER: Enters Bankruptcy on Court Orders
-----------------------------------------------------
Alejandro y Walter Sanchez S.R.L. enters bankruptcy protection
after Mendoza court ordered the Company's liquidation. The order
effectively transfers control of the Company's assets to a
court-appointed trustee who will supervise the liquidation
proceedings.

Infobae reports that the court selected Mr. Daniel Leonardo
Martinez as trustee. Mr. Martinez will be verifying creditors'
proofs of claims until the end of the verification phase on Feb.
6, 2006.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the Company's accounting
and business records. The individual reports will be submitted
on March 20, 2006 followed by the general report, which is due
on May 4, 2006.

CONTACT: Alejandro y Walter Sanchez S.R.L.
         Mathus Hoyos 1905
         Bermejo, Guaymallen (Mendoza)
  
         Mr. Daniel Leonardo Martinez, Trustee
         Garibaldi 239
         Ciudad de Mendoza (Mendoza)


ASOCIACION MUTUAL: Gets Court Approval for Reorganization
---------------------------------------------------------
Asociacion Mutual de Empleados de la Policia de la Provincia de
Cordoba will begin reorganization following the approval of its
petition by Court No. 7 of Cordoba'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.

Trustees Gustavo F. Eluani, Rene A. Lujan and Pablo E. Masih
will oversee the reorganization proceedings. They will verify
creditors' claims until Nov. 1, 2005. The validated claims will
be presented in court as individual reports.

The trustees are 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.

CONTACT: Asociacion Mutual de Empleados de la Policia de la
         Provincia de Cordoba
         27 de Abril 550
         Ciudad de Cordoba (Cordoba)

         Gustavo F. Eluani, Rene A. Lujan y Pablo E. Masih
         9 de Julio 40
         Ciudad de Cordoba (Cordoba)


BEBSUR S.A.: Initiates Bankruptcy Proceedings
---------------------------------------------
Buenos Aires' civil and commercial court declared Bebsur S.A.
"Quiebra," reports Infobae.

Mr. Abel Alexis Latendorf, who has been appointed as trustee,
will verify creditors' claims until Nov. 4, 2005 and then
prepare the individual reports based on the results of the
verification process.

The individual reports will then be submitted to court on Dec.
19, 2005, followed by the general report on March 3, 2006.

CONTACT: Mr. Abel Alexis Latendorf, Trustee
         Piedras 153
         Buenos Aires


CARLOS BELTRAMONE: Court Orders Liquidation
-------------------------------------------
Carlos Beltramone Bienes Raices S.R.L. prepares to wind-up its
operations following the bankruptcy pronouncement issued by
Rosario's civil and commercial court. The declaration
effectively prohibits the company from administering its assets,
control of which will be transferred to a court-appointed
trustee.

Infobae reports that the court-appointed trustee will be
reviewing creditors' proofs of claim and present them in court
for approval. The trustee will also submit a general report of
the case.

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

CONTACT: Carlos Beltramone Bienes Raices S.R.L.
         Tucuman 1029
         Rosario (Santa Fe)


CONFITUR S.A.: Judge Approves Bankruptcy
----------------------------------------
Confitur S.A. was declared bankrupt after Court No. 19 of Buenos
Aires' civil and commercial tribunal endorsed the petition of
Mr. Heriberto Barros for the Company's liquidation. Argentine
daily La Nacion reports that Mr. Barros has claims totaling
$11,563.25 against the Company.

The court assigned Mr. Francisco Cano to supervise the
liquidation process as trustee. Mr. Cano will validate
creditors' proofs of claims until Dec. 20, 2005.

The city's Clerk No. 37 assists the court in resolving this
case.

CONTACT: Confitur S.A.
         Avenida Caseros 781

         Mr. Francisco Cano, Trustee
         Uruguay 618
         Buenos Aires


CRESUD: Holders of Convertible Notes Exercise Conversion Right
--------------------------------------------------------------
The holders of the Convertible Notes of CRESUD S.A.C.I.F. y A
that had already exercised their conversion right exercised
their warrant rights.

In a letter dated September 30, 2005 filed with the Bolsa de
Comercio de Buenos Aires and the Comision Nacional de Valores
reported that a reduction of 88,312 warrants and an increase of
173,908 ordinary shares face value pesos 1 (V$N 1) each was
made. As a result, the amount of shares of the Company goes from
163,051,043 to 163,224,951. The amount of warrants outstanding
is 40,233,718.

The exercise of the warrant was performed according to terms and
conditions established in the prospectus of issuance. The amount
of shares acquired is equal to the amount of shares into which
it was converted the convertible note at a price of US$ 0.6093
for each share face value pesos 1. Therefore US$ 105,962.14
entered into the Company.  

CONTACT: Cresud S.A.C.I.F. y A.
         Alejandro Elsztain - CEO
         Gabriel Blasi - CFO
         Phone: 54-11-4323-7449
         E-mail: finanzas@cresud.com.ar
         URL: http://www.cresud.com.ar


DEL TEGLIA: General Report Due for Submission Oct. 27
-----------------------------------------------------
Ms. Diana Suardi, the trustee assigned to supervise the
liquidation of Del Teglia y Cia. S.R.L., will submit the general
report on the Company's case on Oct. 27, 2005.

Ms. Suardi stopped accepting creditors' claims against the
Company on Aug. 2, 2005. The validated claims served as basis
for the individual claims, which were presented in court for
approval on Sep. 12, 2005. The trustee also submitted the
general report on Oct. 27, 2005.

CONTACT: Ms. Diana Suardi, Trustee
         San Martin 791
         Rosario (Santa Fe)


DISLAZZER S.R.L.: Court Declares Company Bankrupt
-------------------------------------------------
Court No. 17 of Buenos Aires' civil and commercial tribunal
declared local company Dislazzer S.R.L. bankrupt, relates La
Nacion. The Company has debts to Mr. Jose Millet totaling
US$79,320.

Dislazzer S.R.L. will undergo the bankruptcy process with Ms.
Andrea Daniela Krikorian as trustee. Creditors are required to
present their proofs of claims to the trustee for verification
before Nov. 30, 2005. Creditors who fail to have their claims
authenticated by the said date will be disqualified from the
payments that will be made after the Company's assets are
liquidated at the end of the bankruptcy process.

Clerk No. 33 assists the court on the case.

CONTACT: Dislazzer S.R.L.
         Avenida Juan B. Justo 1421
         Buenos Aires

         Ms. Andrea Daniela Krikorian, Trustee
         Piedras 264
         Buenos Aires


ESTRUCTURAS INDUSTRIALES: Reorganization Proceeds to Bankruptcy
---------------------------------------------------------------
The reorganization of Estructuras Industriales S.R.L. has
progressed into bankruptcy. Argentine news source Infobae
relates that Rosario's court ruled that the Company is "Quiebra
Decretada".

The report adds that the court assigned Ms. Olga Ilda Nicolasa
Recabarren Garay as trustee, who will verify creditors' proofs
of claim until Oct. 31, 2005.

The court also ordered the trustee to prepare individual reports
after the verification process is completed, and have them ready
by Dec. 13, 2005. A general report on the bankruptcy process is
expected on Feb. 24, 2006.

CONTACT: Estructuras Industriales S.R.L.
         Mendoza 154
         General Lagos (Santa Fe)

         Ms. Olga Ilda Nicolasa Recabarren Garay, Trustee
         Alsina 1927
         Rosario (Santa Fe)


INDUSTRIAS SABRA: Debt Payments Halted, Moves to Reorganize
-----------------------------------------------------------
The Buenos Aires' civil and commercial court is studying the
request for reorganization submitted by local company Industrias
Sabra S.A., says Infobae.

The report adds that that the Company filed a "Concurso
Preventivo" petition following cessation of debt payments.

CONTACT: Industrias Sabra S.A.
         Salguero 95
         Buenos Aires


IRSA: Holders of Convertible Notes Exercise Warrant Rights
----------------------------------------------------------
IRSA Inversiones y Representaciones Sociedad Anonima reported in
a letter sent to the Bolsa de Comercio de Buenos Aires and the
Comision Nacional de Valores on September 30, 2005 that the
holders of Company's Convertible Notes exercised their warrant
rights after exercising their conversion right.

Hence, a reduction of 4,601,652 warrants and an increase of
8,443,396 ordinary shares face value pesos 1 (V$N 1) each was
made.

As a result, the amount of shares of the Company goes from
360,004,487 to 368,447,883. The new amount of warrants
outstanding is 57,754,471.

The exercise of the warrant was performed according to terms and
conditions established in the prospectus of issuance. The amount
of shares acquired is equal to the amount of shares into which
it was converted the convertible note at a price of US$ 0.6541
for each share face value pesos 1. Therefore US$ 5,522,825.32
entered into the Company.

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


NOLAMETAL S.R.L.: Verification Deadline Approaches
--------------------------------------------------
The verification of claims for the Nolametal S.R.L. bankruptcy
will end on Dec. 12, 2005, according to Infobae. Creditors with
claims against the bankrupt company must present proof of the
liabilities to Ms. Graciela Esther Palma, the court-appointed
trustee, before the deadline.

The submitted proof will serve as basis for the individual
reports, which will be due on Feb. 22, 2006. The presentation of
the general report in court will follow on April 5, 2006.

Buenos Aires' court handles the Company's case. The bankruptcy
will conclude with the liquidation of the Company's assets to
pay its creditors.

CONTACT: Ms. Graciela Esther Palma, Trustee
         Avda. Cordoba 1351
         Buenos Aires


PGS S.A.: Court Authorizes Plan, Concludes Reorganization
---------------------------------------------------------
Buenos Aires-based company PGS S.A. concluded its reorganization
process, according to data released by Infobae on its Web site.
The conclusion came after Rosario's civil and commercial Court
No. 2 homologated the debt plan signed between the Company and
its creditors.


PINNACLE ENTERTAINMENT: Moody's Affirms Junk Debt Ratings
---------------------------------------------------------
Moody's Investors Service revised Pinnacle Entertainment, Inc's
ratings outlook to stable from positive following the company's
announcement that its primary insurance carrier believes damage
caused by Hurricane Katrina was the result of flooding rather
than a weather catastrophe and planned to limit payments to
Pinnacle as a result.  Pinnacle's B2 corporate family rating, B1
secured bank loan rating and Caa1 senior subordinated debt
ratings were affirmed.

The increased uncertainty regarding the amount and timing of any
insurance coverage as a result of this recent announcement makes
it less likely there will be ratings improvement over the
intermediate term, particularly given Pinnacle's significant
exposure in the Mississippi and New Orleans coastal areas and
gaming markets, and Moody's initial expectation that L'Auberge
du Lac, the company's new Lake Charles, LA casino, would be a
key catalyst with respect to improving the company's overall
credit profile.

Pinnacle believes the damages sustained at its properties as a
result of Hurricanes Katrina and Rita are covered under its
policies, and intends to vigorously oppose any effort by any of
its insurance carriers to limit their obligations under the
policies.  At this time, Pinnacle does not know whether the
insurance carriers, which are in excess of Westport, will take
the same position as Westport.

Despite a very strong opening, L'Auberge du Lac has been
negatively impacted by the recent weather catastrophes.  
Pinnacle plans to reopen L'Auberge du Lac as soon as government
authorities allow it to do so.  To the extent L'Auberge du Lac
performs at a level consistent with initial expectations, the
company's other casino properties continue to improve, and
insurance matters are resolved in a manner that does not have a
material negative impact on the company's overall financial
profile, a higher rating would be considered.

The outlook revision also takes into account that Pinnacle
recently announced it is seeking to amend its credit agreement
to account for the financial impairment and uncertainty caused
by the two hurricane events, and that the company is also in the
process of arranging a new and larger bank facility to provide
additional funding for its St. Louis and Biloxi projects.  The
proposed amendment is expected to clarify the calculation of
financial covenants of certain expected insurance recoveries,
including business interruption insurance.  It is also designed
to waive compliance with certain financial covenants for the
remainder of the year, and establishes procedures for rebuilding
Pinnacle's Biloxi facility.  In addition, the amendment would
establish new procedures for measuring compliance with financial
covenants in 2006 with respect to the Boomtown New Orleans and
L'Auberge du Lac properties.

The outlook revision also considers that as a result of the
weather catastrophes and the position taken by the primary
insurance carriers, Pinnacle may not be able to meet a key
financial strength hurdle measure by October 31, 2005.  The
Missouri Gaming Commission requires that Pinnacle have an
interest coverage ratio of at least 2.0 times before it can
proceed with development in St. Louis.  The St. Louis
development opportunities are viewed as positive credit
considerations in that they would provide Pinnacle with an
increased level of diversification, a key factor with respect to
longer-term ratings improvement.

Pinnacle Entertainment owns casinos in Nevada, Mississippi,
Louisiana, Indiana, and Argentina; owns a hotel in Missouri; and
receives lease income from two card club casinos in the Los
Angeles metropolitan area. (Troubled Company Reporter, Oct. 6,
2005, Vol. 9, No. 237)


RADIO CLASICA: Gets Court Approval for Reorganization
-----------------------------------------------------
Radio Clasica S.A. will begin reorganization following the
approval of its petition by Buenos Aires' court. The opening of
the reorganization will allow the Company to negotiate a
settlement with its creditors in order to avoid a straight
liquidation.

Mr. Emilio Gallego will oversee the reorganization proceedings
as the court-appointed trustee. He will verify creditors' claims
until Nov. 11, 2005. The validated claims will be presented in
court as individual reports on Dec. 26, 2005.

Mr. Gallego 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 March 9, 2006.

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 Aug. 30, 2006.

CONTACT: Radio Clasica S.A.
         Avda. Roque Saenz Pena 615
         Buenos Aires

         Mr. Emilio Gallego, Trustee
         Esmeralda 1066
         Buenos Aires


SERVICIOS INTEGRADOS: Court OKs Creditor's Bankruptcy Petition
--------------------------------------------------------------
Court No. 9 of Buenos Aires' civil and commercial tribunal
declared Servicios Integrados S.R.L. bankrupt, says La Nacion.
The ruling comes in approval of the petition filed by the
Company's creditor, Obra Social de Empleados de Comercio y
Actividades Civiles, for nonpayment of $150,851.55 in debt.

Trustee Marcos Livszyc will examine and authenticate creditors'
claims until Nov. 30, 2005. This is done to determine the nature
and amount of the Company's debts. Creditors must have their
claims authenticated by the trustee by the said date in order to
qualify for the payments that will be made after the Company's
assets are liquidated.

Clerk No. 17 assists the court on the case, which will conclude
with the liquidation of the Company's assets.

CONTACT: Servicios Integrados S.R.L.
         Avenida Montes de Oca 1198
         Buenos Aires

         Mr. Marcos Livszyc, Trustee
         Nunez 6387
         Buenos Aires


TRANS DAN: Asks Court for Reorganization
----------------------------------------
Trans Dan S.R.L., a company operating in Buenos Aires, has
requested for reorganization after failing to pay its
liabilities.

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

CONTACT: Trans Dan S.R.L.
         Lamadrid 1850
         Buenos Aires



* ARGENTINA: High Government Debt Burden Dictates Ratings
---------------------------------------------------------
Rationale

The ratings on the Republic of Argentina reflect:

    - A higher level of human development, including better
health and education, than other similarly rated sovereigns.

The ratings are constrained by:

    - A high government debt burden;
    - Limited fiscal flexibility; and
    - Limited monetary flexibility.

Argentina has emerged from the selective default that took place
in November 2001, and was assigned 'B-' long-term and 'C' short-
term sovereign credit ratings on June 1, 2005.

However, the ratings are constrained by a high general
government debt burden, which is likely to remain above 70% of
GDP after the financial close of the current debt-rescheduling
exercise. Adding the approximately US$20 billion in defaulted
debt (excluding past-due interest on it) that has not been
exchanged in the recent debt exchange would raise the debt
burden to more than 81% of Argentina's projected 2005 GDP.
Although the proposed new sovereign bonds will create only a
modest burden on the budget in the coming years, the government
will still bear a heavy burden in servicing other market debt
that has not been in default as well as obligations to official
creditors.

Argentina's fiscal flexibility is limited. The improvement in
fiscal performance in 2004 reflects both cyclical and structural
features. Tax collections have improved because of high export
prices and renewed economic growth that is boosting employment.
Maintaining the current level of tax revenue (as a share of GDP)
will be difficult in the coming years as commodity prices weaken
and capacity constraints curtail economic growth. This dynamic
will necessitate greater spending control to generate adequate
primary budget surpluses to meet future debt-service
obligations.

Argentina's monetary flexibility is limited. The conduct of
monetary policy will be constrained by the legacy of the recent
financial crisis, which led to the loss of the central bank's
autonomy and damaged the transmission mechanism of monetary
policy and its credibility.

Argentina's ratings will be supported by a higher level of human
development, including better health and education, than in
other similarly rated sovereigns. In addition, Argentina enjoys
relatively more developed physical infrastructure and greater
technical and managerial depth. These factors augur well for
reasonably good GDP growth prospects but are balanced by the
country's weak legal and regulatory framework and other
limitations.

Outlook

Over the coming years, the credit rating on Argentina will
depend largely on the government's underlying fiscal stance as
well as its ability to gain access to funding from official
creditors. An improved relationship with official creditors-
including the International Monetary Fund (IMF)-could result in
rollovers of official and multilateral debt that is maturing in
2005 and 2006 (totaling more than US$13 billion in principal
alone), substantially easing the government's debt-service
burden and increasing its creditworthiness.

Primary Credit Analyst: Joydeep Mukherji, New York
(1) 212-438-7351; joydeep_mukherji@standardandpoors.com



=============
B E R M U D A
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GLOBAL CROSSING: Court Approves Settlement of Citigroup Lawsuit
---------------------------------------------------------------
The United States District Court for the Southern District of
New York granted preliminary approval to the settlement of the
class action filed against Citigroup Global Markets, Inc.,
Citigroup, Inc., Citigroup Global Market Holdings, Inc. (CGMH),
styled "In Re: Global Crossing, Ltd. Securities Litigation." The
suit also names as defendants certain of Global Crossing's
officers and current and former employees.

The consolidated complaint was filed on behalf of purchasers of
the securities of Global Crossing and Asia Global Crossing. The
purported class action complaint asserts claims under the
federal securities laws alleging that the defendants issued
research reports without a reasonable basis in fact and failed
to disclose conflicts of interest with Global Crossing in
connection with published investment research.

On March 22, 2004, the lead plaintiff amended its consolidated
complaint to add claims on behalf of purchasers of the
securities of Asia Global Crossing. The added claims assert
causes of action under the federal securities laws and common
law in connection with the Company's research reports about
Global Crossing and Asia Global Crossing and for its roles as an
investment banker for Global Crossing and as an underwriter in
the Global Crossing and Asia Global Crossing offerings.

The Citigroup related defendants moved to dismiss all of the
claims against them on July 2, 2004. The plaintiffs and the
Citigroup related defendants have reached an agreement in
principle on the terms of a settlement of this action.

In March 2005, the plaintiffs and the Citigroup-related
defendants reached a settlement of all claims against the
Citigroup-related defendants, including both research and
underwriting claims, and including claims concerning losses in
both Global Crossing and Asia Global Crossing, for a total of
$75 million. The Court granted preliminary approval of the
settlement on March 8, 2005.

The suit is styled "In Re: Global Crossing Ltd. Securities &
"ERISA" Litigation, case no. 1:02-md-01472-GEL," filed in the
United States District Court for the Southern District of New
York, under Judge Gerard E. Lynch. For more details, contact Jay
W. Eisenhofer, Esq., Sidney S. Liebesman, Esq. or Grant &
Eisenhofer P.A. of Chase Manhattan Centre, 1201 N. Market St.,
Wilmington, DE, 19801, Phone: (302) 622-7149, Fax:
(302) 622-7100 or visit the Website:
http://www.globalcrossinglitigation.com(Class Action Reporter,  
Oct. 6, 2005, Issue 198)



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

* BOLIVIA: Ratings Reflect High Political Instability
-----------------------------------------------------
Rationale

The ratings on the Republic of Bolivia reflect:

    - Strong support from the international community;
    - Abundant natural resources-in particular, one of the
      largest reserves of gas in the world; and
    - Relatively long track record of low inflation.

The ratings are constrained by:

    - Relatively high political instability, characterized by
      severe political polarization and a fragmented society;
    - Very limited fiscal flexibility; and
    - A commodity-based economy highly dependent upon external
      conditions.

The rating and outlook on Bolivia are based upon weakening
governability resulting from increasingly severe political
fragmentation across regional, social, and ethnic lines. The
resignation of President Carlos Mesa in June 2005 underscores
the difficulties posed by the current political instability.
Former President of the Supreme Court Eduardo Rodriguez Veltze,
was elected president of the republic after an agreement reached
between the major political parties eased the transition to a
new government. Subsequently, general elections were scheduled
for December 2005. Regardless of the outcome of the current
crisis, the level of polarization makes it unlikely that anyone
can build a government agenda that will receive support from all
the disparate parties and groups. Standard & Poor's believes
that political turmoil in Bolivia will continue even despite the
early presidential elections. Most of the country's economic
indicators recently posted some improvement. For example, GDP
grew by 2.4% in 2003 and 3.7% in 2004, the budget deficit
decreased to 6.1% of GDP in 2004 from 8.1% in 2003, and exports
increased by an estimated 35% in 2004, boosted by high commodity
prices. Regardless, political instability has intensified
despite these relatively, positive economic results.

Outlook

Even though multilateral funds, coupled with access to domestic
borrowing, should continue to provide financing for the
government over the short term, Standard & Poor's believes that
Bolivia's ability to honor its domestically issued government
bonds (Bolivia has no indebtedness outstanding in the
international capital markets) would be threatened if political
developments worsen. Therefore, signs of a further deterioration
in governability might trigger a downgrade. Conversely, the
emergence of a solution to the country's political agenda that
has sufficient support across political parties and social
groups could stabilize the country. Such an agreement would
therefore constitute a positive rating factor and might lead to
a revision of the outlook back to stable.

Primary Credit Analyst: Sebastian Briozzo, New York
(1) 212-438-7342; sebastian_briozzo@standardandpoors.com



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

CP CIMENTO: Moody's Downgrades Debentures Rating from B1 to B3
--------------------------------------------------------------
Moody's America Latina today downgraded the global local
currency rating of CP Cimento e Participacoes S.A.'s ("CP
Cimento") debentures due in 2006 from B1 to B3. Simultaneously,
the national scale rating of the debentures was downgraded from
Baa1.br to Ba3.br. The rating outlook is negative. The rating
action concludes the review process initiated on September 16,
2005.

The downgrade of CP Cimento's debentures ratings reflects the
overall deterioration in credit metrics as a result of weaker
operating margins, higher indebtedness, as well as the company's
tighter liquidity position due to a substantial concentration of
debt maturity in the short term. Additionally, the higher
indebtedness at CP Cimento's operating subsidiaries led to
increased structural subordination causing an additional one
notch downgrade of the global local currency rating. .

The performance of the Brazilian cement industry in general has
been impaired by the unfavorable domestic market conditions,
reflecting high interest rates and regulatory uncertainties that
have inhibited the performance of the civil construction sector
and restrained investments in infrastructure. In addition,
fierce competition has pressured margins as increased production
costs could not be passed on through higher cement prices. This
has particularly impacted the southeast region of Brazil, which
is CP Cimento's primary sales market. Aggravated by the
inefficiencies deriving from CP Cimento's idled capacity of
around 52%, the company's consolidated EBITDA margin has
continuously declined from 35% in 2002 to 20% in the last twelve
months ended June 30, 2005. In the first 6 months of 2005 the
company reported a historic low EBITDA margin of 17%. Given the
overall unfavorable outlook for the industry in Brazil, Moody's
does not expect margins to recover from present low level over
the short-term.

In the past years, the consolidated adjusted total debt of CP
Cimento has grown consistently, reaching BRL 501 million at the
end of the first half of 2005, including redeemable preferred
shares and refinanced taxes, with Total Adjusted Debt to EBITDA
ratio deteriorating from 1.8x in 2002 to 5.5x at June 30, 2005
LTM. The additional debt was primarily used to fund boosted
inventories of furnace slag and investments to support the
company's export plans. Slag is supplied by Companhia
Siderurgica Nacional -- CSN under a long-term take-or-pay
contract, which has resulted in accumulated inventories of about
2.8 million tons at June 30, 2005, equivalent to some 7 years of
CP Cimento's slag needs at present operation level. As a way to
reduce the idle capacity of its plants and reduce slag
inventories, CP Cimento has invested significant amounts in
logistics for the export of bulk cement and excess slag
inventories from 2006 on. Investments included the leasing and
remodeling of port facilities in Brazil and USA, and the
acquisition of a cargo ship.

CP Cimento's new debt has been concentrated on expensive short-
term local currency working capital loans, leading to a
deterioration of the company's liquidity and cash flow position.
At 6/30/2005, some 70% of consolidated debt was due within one
year through June-2006, while the bulk of the remaining 30% of
total debt, including the BRL 100 million debentures rated by
Moody's, is due in the second half of 2006, posing a significant
refinancing risk on the company.

The rating downgrade also incorporates the structural
subordination of CP Cimento's debentures relative to the
increased debt at the operating subsidiaries, which represented
some 58% of consolidated adjusted debt at June 30,2005.

Outlook

The rating outlook is negative based on Moody's belief that CP
Cimento will continue to struggle to generate sufficient free
cash flow in the quarters ahead, which will demand significant
efforts by the company's management to refinance the existing
high short term debt.

What could pressure the rating down

The ratings of CP Cimento could be under pressure for a possible
downgrade if the company is not able to timely refinance its
maturing debt.

What could change the rating up

Since Moody's does not believe that the cement market in Brazil
will dramatically improve in the foreseeable future, we do not
anticipate an upgrade of CP Cimento's ratings. Also, Moody's did
not incorporate any support from the controlling shareholders
given the absence of explicit guarantees. However, if the
company is successful in extending its maturities beyond 2007,
and if margins stabilize, then the outlook could be returned to
stable.

CP Cimento is a non-operational holding company that controls
two cement producers in Brazil, Cimento Tupi S.A. and Companhia
de Cimento Ribeirao Grande. Headquartered in Rio de Janeiro, CP
Cimento is Brazil's seventh largest cement producer with annual
production capacity of 3.7 million tons. Consolidated net
revenues for the twelve months ended June 30, 2005 were
approximately USD 159 million.


TELEMAR: Nokia to Kick Off Trial With Oi in Brazil
--------------------------------------------------
Nokia (NYSE: NOK) has signed a Memorandum of Understanding (MoU)
with Brazilian telecommunications giant Telemar Oi to begin
trials of Nokia's Fixed Mobile convergence solutions. The Nokia
Fixed Mobile Convergence solutions can leverage Telemar's
current fixed network to create a converged packet based domain
for fixed and mobile services. Telemar operates the largest
fixed network in South America, with around 15 million
subscribers, as well as the Oi branded mobile network, which
currently caters to around 8 million subscribers.

The trial employs a comprehensive Nokia end-to-end solution for
unified core and converged access networks, as well as Nokia
terminals providing multimedia and VoIP services for both mobile
and fixed customers. The Nokia unified core includes the Nokia
IP Multimedia Subsystem (IMS), for voice calls and multimedia
services, the Nokia VoIP Server, and the Nokia MSC Server System
(MSS). The agreement also includes testing of the Nokia
Unlicensed Mobile Access (UMA) solution for extending the
potential of fixed broadband networks.

"At Telemar Oi, we have been a pioneer in GSM in Brazil and have
already successfully launched integrated service packages for
our fixed and mobile residential customers," says Alberto
Blanco, marketing director of Telemar Group. "This convergence
trial is a natural extension of that and is an important part in
our vision for the future in driving growth in our businesses."

"We are delighted to be working with Telemar Oi on this end-to-
end convergence trial to address emerging opportunities for
combining fixed and mobile services in Brazil," says Olli
Oittinen, Vice President, Networks, Nokia. "Nokia is trialing
its converged solutions with many leading operators worldwide,
providing powerful solutions for consumer and corporate, fixed
and mobile networks, in what is shaping up to be a new chapter
in this industry."

The Nokia IMS solution provides the service machinery for
enriching communications in converging fixed and mobile
networks. It enables SIP-based multimedia services, such as
video sharing and push to talk, in addition to voice services
for fixed, cellular and multiradio terminals, as well as for
PCs.

The Nokia VoIP Server, a key part of the Nokia IMS solution,
supports the convergence of legacy voice and VoIP communications
by allowing Telemar Oi to offer mobile telephony services, such
as Caller ID and SMS, to VoIP customers.

The Nokia MSC Server, the world leading 3GPP Release 4 based
voice solution, is currently deployed in Telemar Oi's commercial
mobile network, as part of an earlier contract. Nokia has been
the main GSM network supplier to Oi since 2001.

About Telemar Group

The Telemar Group is the biggest private company in the country.
It's focused on the offering of integrated solutions; Telemar
offers local calling services, long distance, wireless, data
communication, a helpline and the Internet.

The company holds the concession to operate the local fixed
telecommunication network and the authority to offers wireless
services with Oi in Region I, which includes 16 northern,
northeastern and southeastern states.

Besides this, the company acts in all national territory and
provides data communication and long distance services since
June 2002, when it anticipated the universal standards and
received authorization to act throughout Brazil with code 31,
which was launched regionally in 1999.

The Telemar Group has established a single brand in Internet and
mobile segments with its own ISP Oi Internet, launched in
February 2005.

Nokia is a world leader in mobile communications, driving the
growth and sustainability of the broader mobility industry.
Nokia connects people to each other and the information that
matters to them with easy-to-use and innovative products like
mobile phones, devices and solutions for imaging, games, media
and businesses. Nokia provides equipment, solutions and services
for network operators and corporations.

CONTACT:  Nokia, Networks, Communications
          Tel. +358-7180-34379
               +358-7180-34900
          E-mail: press.office@nokia.com
          URL: http://www.nokia.com


* BRAZIL: Ratings Reflect Large General Government Debt Burden
--------------------------------------------------------------

Rationale

The ratings on the Federative Republic of Brazil are supported
by:

    - A consistent macroeconomic framework, entailing a fiscal
      consolidation strategy and floating exchange rate regime;
    - A strengthened institutional environment, including the
      smooth political transition to a Partido dos Trabhaladores
      (PT) government in 2002-2003; and
    - A significant portion of government debt issued
      domestically, in local currency, and held by residents.

The ratings are constrained by:

    - A large general government debt burden (51% of GDP), and
      composition of domestic debt that vulnerable to interest-
      rate movements and short-term;
    - An external position that, although improving, remains
      vulnerable due to a high stock of external debt and an
      export base of only 20% of GDP; and
    - Structural economic and institutional weaknesses, which
      limit investment and growth.

The ratings on Brazil reflect a consistent macroeconomic
framework that includes a floating exchange-rate regime and
inflation and fiscal consolidation strategies. This policy
framework has consolidated progressively since 1999; there have
also been subsequent improvements in Brazil's fiscal and
external indicators since the 2002 crisis. Brazil's
institutional environment is stronger than that in many
similarly rated credits. The smooth political transition of
2002-2003 highlights the maturing of Brazil's democracy. A
culture of fiscal responsibility that extends beyond the
executive branch of government to congressional and local
government officials and across party lines continues to
develop.

Brazil's ratings, however, remain constrained by a large general
government debt burden. The domestic debt burden remains
vulnerable to interest-rate movements (with over 50% linked to
overnight interest rates) and is short-term (around two years
average maturity). Net general government debt is projected at
about 51% of GDP in 2005, and interest payments on the debt,
while declining, are still high at 19% of general government
revenue. The magnitude and composition of the debt burden and
extent of spending rigidities imply that there is limited room
for reduction of the primary surplus effort, especially given
Brazil's reliance on capital markets.

Although still problematic, the profile of domestically issued
debt has improved since 2002. The share of U.S. dollar-linked
debt has declined significantly, reducing the vulnerability of
the debt burden to exchange rate fluctuations. Locally issued
debt is held domestically and denominated in Brazilian reals.
Domestic agents hold around 95% of domestic debt. A relatively
deep and captive domestic capital market for government
securities mitigates rollover risk.

Brazil's external vulnerability, while still quite high, has
declined significantly over the past several years. External
debt net of reserves and other liquid assets has dropped
sharply, and is projected at 120% of current account receipts
(CAR) in 2005-high compared with 55% for the 'BB' median.
Projected at 95% in 2005, Brazil's gross external financing
needs (current account deficit, medium- and long-term
amortizations, and short-term debt) are historically low in
terms of reserves, and near the 'BB' median's 90%.

Structural economic and institutional weaknesses have limited
investment and growth in recent years. Policy challenges include
further simplifying a complex tax regime, deepening the local
capital market, improving labor-market flexibility, judicial
reform, and ensuring an adequate energy, regulatory, and
infrastructure framework. Improvement would likely be conducive
to increased investment and, in turn, higher growth prospects.

Outlook

The stable outlook reflects the commitment of the government to
pursue prudent macroeconomic policy against the risk surrounding
Brazil's still-vulnerable fiscal and external positions. The
timely implementation of reform and continued growth in the
export base are key to ensuring the continuation of a consistent
and robust growth path that keeps the fiscal and external debt
burdens declining. The government is expected to maintain its
commitment to a 3%-4% of GDP general government primary surplus
(without major changes in budgetary accounting) to keep its debt
trajectory on a modestly improving trend.

Primary Credit Analyst: Lisa M Schineller, New York
(1) 212-438-7352; lisa_schineller@standardandpoors.com



===========================
C A Y M A N   I S L A N D S
===========================

ACONITE INVESTMENTS: Shareholders to Discuss Liquidation
--------------------------------------------------------
                   ACONITE INVESTMENTS LIMITED
                    In Voluntary Liquidation
                The Companies Law (2004 Revision)

Pursuant to section 146 of the Companies Law (2004 Revision),
the final Meeting of the Shareholders of Aconite Investments
Limited will be held at its Registered Office, George Town,
Grand Cayman, on October 20, 2005 at 8:30 a.m.

Business:

1. To lay account before the meeting, showing how the winding up
has been conducted and how the property has been disposed of, as
at the final winding up on October 20, 2005.

2. To authorize the liquidator to retain the records of the
company for a period of five years from the dissolution of the
Company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote is
entitled to appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT: Mr. Raymond E. Whittaker, Voluntary Liquidator
         FCM LTD.
         P.O. Box 1982, George Town, Grand Cayman
         Phone: 345-946-5125
         Fax: 345-946-5126


ADVANTAGE ADVISERS: Final Meeting Set for Oct. 20
-------------------------------------------------
           ADVANTAGE ADVISERS TROON INTERNATIONAL, LTD.
                    In Voluntary Liquidation
                The Companies Law (2004 Revision)

Pursuant to section 146 of the Companies Law (2004 Revision),
the final Meeting of the Shareholders of Advantage Advisers
Troon International, Ltd. will be held at it Registered Office,
George Town, Grand Cayman, on October 20, 2005 at 10:00 a.m.

Business:

1. To lay account before the meeting, showing how the winding up
has been conducted and how the property has been disposed of, as
at the final winding up on October 20, 2005.

2. To authorize the liquidator to retain the records of the
Company for a period of five years from the dissolution of the
Company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote is
entitled to appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT: Mr. Raymond E. Whittaker, Voluntary Liquidator
         FCM LTD.
         P.O. Box 1982, George Town, Grand Cayman
         Phone: 345-946-5125
         Fax: 345-946-5126


ANMK KYOTO: Final Meeting on Liquidation Set for Oct. 20
--------------------------------------------------------
                        ANMK KYOTO (CAYMAN)
                    (In Voluntary Liquidation)
                  The Companies Law (As Amended)

Pursuant to section 145 of the Companies Law (as amended), the
Final Meeting of the Shareholders of the Company will be held at
the registered office of the Company on October 20, 2005 at 2:30
p.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on October 20, 2005.

2. To authorize the Liquidators to retain the records of the
Company for a period of five years from the dissolution of the
Company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.

CONTACT: John Cullinane and Derrie Boggess
         Joint Voluntary Liquidator
         c/o Walkers SPV Limited, Walker House
         P.O. Box 908, George Town, Grand Cayman


AS THREE HOLDINGS: Shareholders to Hold Final Meeting Oct. 20
-------------------------------------------------------------
             AS THREE HOLDINGS INC.
                (The "Company")
           (In Voluntary Liquidation)
         The Companies Law (As Amended)

Pursuant to section 145 of the Companies Law (as amended), the
Final Meeting of the Shareholders of the Company will be held at
the registered office of the Company on 20th October 2005 at
1.30p.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on 20th October 2005.

2. To authorize the Liquidators to retain the records of the
company for a period of five years from the dissolution of the
company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.

CONTACT:  JOHN CULLINANE and DERRIE BOGGESS
          Joint Voluntary Liquidators
          Address: c/o Walkers SPV Limited
                   Walker House
                   P.O. Box 908
                   George Town, Grand Cayman


BANCO FRANCES: Shareholders to Hold General Meeting Oct. 20
-----------------------------------------------------------
           BANCO FRANCES (CAYMAN) LIMITED
             (In Voluntary Liquidation)
          The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to section 145 of the Companies
Law, that the final General Meeting of the Shareholders of Banco
Frances (Cayman) Limited (the "Company") will be held at Madrid
(Spain), P de la Castellana, no.81, on the 20th day of October
2005 at 10 a.m., for the purpose of:

1. Having an account laid before the members showing the manner
in which the winding-up has been conducted and the property of
the Company disposed of, and of hearing any explanation that may
be given by the liquidator;

2. Approving the consideration that the liquidator will receive
for his services rendered to the Company; and,

3. Determining the manner in which the books, accounts and
documentation of the Company and of the liquidator should be
disposed of.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT:  JUAN IGNACIO DEL POZO GONZALEZ
          Voluntary Liquidator
          Contact for enquiries and address for service:
               Zonamerica Business -
               Technology Park
               Ruta 8, km. 17.500 -
               Edificio Beta 4
                       -
               Locales 001A y
               001B, CP 91600 Montevideo, URUGUAY
               Tel: +59 82 518 3306
               Fax: +59 82 518 3306


COLOGICO INVESTMENT: To Hold Final Meeting Oct. 21
--------------------------------------------------
          COLOGICO INVESTMENT MANAGEMENT
           (In Voluntary Liquidation)
        The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision) the
final meeting of this company will be held at the registered
office of the company on 21st October 2005 at 11:00 a.m.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of to
the date of final winding up on 21st October, 2005.

2. To authorize the Liquidators to retain the records of the
company for a period of six years from the dissolution of the
company after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

Dated: 9th September 2005

CONTACT:  LAWRENCE EDWARDS
          Joint Voluntary Liquidator
          For enquiries: Jodi Smith
          Telephone: (345) 914 8694
          Facsimile: (345) 945 4237
          Address: PO Box 219GT
                   Grand Cayman, Cayman Islands


EPIDOTE INVESTMENTS: Shareholders' Final Meeting Set for Oct. 20
----------------------------------------------------------------
                  EPIDOTE INVESTMENTS LIMITED
                   In Voluntary Liquidation
               The Companies Law (2004 Revision)

Pursuant to section 146 of the Companies Law (2004 Revision),
the final Meeting of the Shareholders of this Company will be
held at it Registered Office, George Town, Grand Cayman, on
October 20, 2005 at 9:00 a.m.

Business:

1. To lay account before the meeting, showing how the winding up
has been conducted and how the property has been disposed of, as
at the final winding up on October 20, 2005.

2. To authorize the liquidator to retain the records of the
Company for a period of five years from the dissolution of the
Company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote is
entitled to appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT: Mr. Raymond E. Whittaker, Voluntary Liquidator
         FCM LTD.
         P.O. Box 1982, George Town, Grand Cayman
         Phone: 345-946-5125
         Fax: 345-946-5126


FAIRFIELD MASTERS: Account of Winding Up to be Presented Oct. 14
----------------------------------------------------------------
          FAIRFIELD MASTERS FUND LIMITED
           (In Voluntary Winding Up)
        The Companies Law (2004 Revision)
                  Section 145

NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of the above-named Company
will be held at the offices of Stuarts, Walker Hersant, Cayman
Financial Centre, 36a Dr. Roy's Drive, George Town, Grand
Cayman, on 14th October 2005 at 11:00am for the purpose of
presenting to the members an account of the winding up of the
Company and giving any explanation thereof.

CONTACT:  SOPHIA A. DILBERT and CHRIS HUMPHRIES
          Joint Voluntary Liquidators
          Address for service:
             c/o Stuarts, Walker Hersant, Attorneys-at-Law
             P.O. Box 2510GT, Cayman Financial Centre
             36a Dr. Roy's Drive, George Town
             Grand Cayman, Cayman Islands


GOLDEN DYNASTY: Extraordinary Final Meeting Set for Oct. 19
-----------------------------------------------------------
       GOLDEN DYNASTY INVESTMENT LIMITED
         (In Voluntary Liquidation)
      The Companies Law (2003 Revision)

Pursuant to section 145 of the Companies Law (2003 Revision),
the Extraordinary Final Meeting of the shareholders of this
company will be held at Coutts (Cayman) Limited, Citrus Grove
Building, 3rd Floor, #106 Goring Avenue, George Town, Grand
Cayman, on 19th October 2005.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of, as
at the final winding up on 19th October 2005.

2. To authorize the liquidator to retain the records of the
Company for a period of five years from the dissolution of the
company after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.

CONTACT:  ROYHAVEN SECRETARIES LIMITED
          Voluntary Liquidator
          For enquiries: Lesley S Walker
          Telephone: 945-4777
          Facsimile: 945-4799
          Address: c/o P O Box 707GT, Grand Cayman
          

J-CARS III: Johann Le Roux, Martin Couch Named as Liquidators
-------------------------------------------------------------
                     J-CARS III CORPORATION
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                           Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of J-Cars III Corporation at an extraordinary
general meeting held on September 1, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Johann Le Roux and Martin Couch be appointed as liquidators
of the Company.

Creditors of J-Cars III Corporation are to prove their debts or
claims on or before October 20, 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the Company. In default thereof, they will be excluded from the
benefit of any distribution made before the debts are proved or
from objecting to the distribution.

CONTACT: Messrs. Johann Le Roux and Martin Couch
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


JUGLANDS INVESTMENTS: Final Meeting Set for Oct. 20
---------------------------------------------------
              JUGLANDS INVESTMENTS LIMITED
               In Voluntary Liquidation
           The Companies Law (2004 Revision)

Pursuant to section 146 of the Companies Law (2004 Revision),
the final Meeting of the Shareholders of Juglands Investments
Limited will be held at it Registered Office, George Town, Grand
Cayman, on October 20, 2005, at 9:30 a.m.

Business:

1. To lay account before the meeting, showing how the winding up
has been conducted and how the property has been disposed of, as
at the final winding up on October 20, 2005.

2. To authorize the liquidator to retain the records of the
Company for a period of five years from the dissolution of the
Company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote is
entitled to appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT: Mr. Raymond E. Whittaker, Voluntary Liquidator
         FCM LTD.
         P.O. Box 1982, George Town, Grand Cayman
         Phone: 345-946-5125
         Fax: 345-946-5126


KNUTSFORD LIMITED: Extraordinary Final Mtg. to be Held Oct. 19
--------------------------------------------------------------
            KNUTSFORD LIMITED
         (In Voluntary Liquidation)
      The Companies Law (2003 Revision)

Pursuant to section 145 of the Companies Law  (2003 Revision),
the Extraordinary Final Meeting of the shareholders of this
company will be held at Coutts (Cayman) Limited, Citrus Grove
Building, 3rd Floor, #106 Goring Avenue, George Town, Grand
Cayman, on 19th October 2005.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of, as
at the final winding up on 19th October 2005.

2. To authorize the liquidator to retain the records of the
Company for a period of five years from the dissolution of the
company after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.

CONTACT: ROYHAVEN SECRETARIES LIMITED
         Voluntary Liquidator
         For enquiries: Sharon Meghoo
         Telephone: 945-4777
         Facsimile: 945-4799
         Address: c/o P O Box 707GT
                  Grand Cayman


ML/CONVERGENCE: Final Gen. Mtg. of Shareholders Set for Oct. 19
---------------------------------------------------------------
                 ML/CONVERGENCE
           (In Voluntary Liquidation)
                (The "Company")
The Companies Law (2004 Revision) Pursuant to section 145 of the
Companies Law (2004 Revision), the final general meeting of the
shareholders of this Company will be held at the offices of
Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787, George
Town, Grand Cayman, on 19th October 2005 at 10:00a.m.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of to
the date of the final winding up on 19th October 2005.

2. To authorize the liquidators to retain the records of the
Company for a period of five years from the dissolution of the
Company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT:  STUART SYBERSMA
          Joint Voluntary Liquidator
          For enquiries: Nicole Ebanks, Deloitte
                         P.O. Box 1787 GT
                         Grand Cayman, Cayman Islands
                         Telephone: (345) 949-7500
                         Facsimile: (345) 949-8258


MOORE JAPAN: Louis Casto Appointed as Liquidator
------------------------------------------------
            MOORE JAPAN RESTRUCTURING BANCHO, LTD.
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of Moore Japan Restructuring Bancho, Ltd. on August
23, 2005:

"THAT the Company be wound up voluntarily and that Louis Casto,
of 1251 Avenue of the Americas, 17th Floor, New York, NY 10020,
U.S.A., be appointed Liquidator for the purposes of such winding
up the Company."

Creditors of this company are to prove their debts or claims on
or before October 14, 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT: Colin MacKay
         Ogier & Boxalls
         c/o Ogier & Boxalls
         P.O. Box 1234 GT, Grand Cayman
         Cayman Islands
         Telephone: (345) 949 9876
         Facsimile: (345) 949 1986


PJ EUROPEAN: Shareholders to Hold Final Meeting on Liquidation
--------------------------------------------------------------
                    PJ EUROPEAN FUND LIMITED
                   (In Voluntary Liquidation)
                   The Companies Law (Revised)

Pursuant to section 145 of the Companies Law (Revised), the
final meeting of the shareholders of PJ European Fund Limited
will be held at the registered office of the Company, on October
28, 2005 at 10:00 a.m.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and giving account thereof;

2. To authorize the liquidator to retain the records of the
Company for a period of six years from the dissolution of the
Company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT: Q&H Nominees Ltd., Voluntary Liquidator
         Greg Link
         Telephone: 949 4123
         Facsimile: 949 4647
         P.O. Box 1348, George Town
         Grand Cayman


REGENT EASTERN: Appoints Liquidators
------------------------------------
             REGENT EASTERN EUROPE LEVERAGED DEBT FUND
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

The following special written resolution was passed by the sole
shareholder of the Company on September 1, 2005:

"RESOLVED THAT the Company be wound up voluntarily and that
S.L.C. Whicker and K.D. Blake, of KPMG, Grand Cayman, Cayman
Islands, be and are hereby appointed Joint Voluntary Liquidators
of the Company to act jointly or severally for the purposes of
such winding-up."

Creditors of the Company, including any counterparties of the
Company that may consider themselves to be obliges, are to prove
their debts, claims, or obligations they claim, on or before
October 19, 2005 and to establish any title they may have under
the Companies Law (2004 Revision), or to be excluded from the
benefit of any distribution made before such debts are proved or
from objecting to the distribution.

CONTACT: K.D. Blake, Joint Voluntary Liquidator
         P.O. Box 493 GT, Grand Cayman
         Cayman Islands
         Russell Crumpler
         Telephone: 345-914-4331/345-949-4800
         Facsimile: 345-949-7164


RICE CAPITAL: Johann Le Roux, Jon Roney Appointed as Liquidators
----------------------------------------------------------------
                         RICE CAPITAL
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                         Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Rice Capital at an extraordinary general
meeting of the shareholder(s) held on September 9, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Johann Le Roux and Jon Roney be appointed as liquidators of
the Company.

Creditors of Rice Capital are to prove their debts or claims on
or before October 20, 2005, and to send full particulars of
their debts or claims to the joint liquidators of the Company.
In default thereof, they will be excluded from the benefit of
any distribution made before the debts are proved or from
objecting to the distribution.

CONTACT: Messrs. Johann Le Roux and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


RISK MITIGATION: Shareholders to Holding Final Meeting Oct. 18
--------------------------------------------------------------
      RISK MITIGATION CAPITAL INSURANCE COMPANY
             (In Voluntary Liquidation)
         The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this company will be
held at the offices of the Joint Liquidators, Ground Floor
Harbour Centre, George Town, Grand Cayman, Cayman Islands, on
18th October 2005 at 11.00a.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at the final winding up on 18th October 2005

2. To authorize the liquidators to retain the records of the
Company for a period of five years from the dissolution of the
Company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote is
entitled to appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT: DAVID M.L. ROBERTS
         Joint Voluntary Liquidator
         For enquiries:
         Telephone: (345) 949 4018
         Facsimile: (345) 949 7891
         Address: c/o P.O. Box 1569GT
                  Grand Cayman, Cayman Islands


SEARCHLIGHT CAPITAL: Final General Meeting to be Held Oct. 21
-------------------------------------------------------------
          SEARCHLIGHT CAPITAL INTERNATIONAL LTD.
              (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to section 145 of Companies Law
(2004 Revision), that the final general meeting of the sole
shareholder of the above-named company will be held at Ansbacher
House, 20 Genesis Close, George Town, Grand Cayman, on the 21st
of October 2005, at 3:30 p.m.

The purpose of said general meeting of the sole shareholder is
to have laid before him the report of the Liquidator, showing
the manner in which the winding-up of the company has been
conducted, the property of the company distributed and the debts
and obligations of the company discharged and giving any
explanation thereof.

CONTACT:  DMS CORPORATE SERVICES LTD.
          Voluntary Liquidator
          For enquires: Tammy Seymour
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          Address: Ansbacher House
                   P.O. Box 31910 SMB
                   Grand Cayman


SIRES LOAN: Put Into Voluntary Liquidation
------------------------------------------
                      SIRES LOAN CO.
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)
                        Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Sires Loan Co. at an extraordinary general
meeting held on August 31, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Guy Major and Jon Roney be appointed as liquidators of the
Company.

Creditors of Sires Loan Co. are to prove their debts or claims
on or before October 20, 2005, and to send full particulars of
their debts or claims to the joint liquidators of the Company.
In default thereof, they will be excluded from the benefit of
any distribution made before the debts are proved.

CONTACT: Messrs. Guy Major and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


SUDAM PAPER: Final Winding-up Meeting Set for Oct. 20
-----------------------------------------------------
                SUDAM PAPER S.A.
           (In Voluntary Liquidation)
         The Companies Law (2003 Revision)

NOTICE IS HEREBY GIVEN pursuant to the Companies Law (2002
Revision), that the Final Winding-up Meeting of the above-named
Company will be held on the 20th day of October, 2005 for the
purpose of

1. Laying accounts before the meeting, showing how the winding
up has been conducted, how the property has been disposed of and
hearing of any explanation that might be given by the
Liquidator.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.

CONTACT:  LUIS MARMISSOLLE
          Voluntary Liquidator
          For enquiries:
          Tel: (598-2) 601 6544*
          Fax: (598-2) 601 7614
          Address: Av. de las Americas 8000, C.P. 14000
                   Canelones, Uruguay


THE EQUITUS CAYMAN: Final Meeting to Take Place Oct. 21
-------------------------------------------------------
            THE EQUITUS CAYMAN FUND
          (In Voluntary Liquidation)
       The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision) the
final meeting of this company will be held at the registered
office of the company on 21st October 2005 at 10:30 a.m.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of to
the date of final winding up on 21st October 2005.

2. To authorize the Liquidators to retain the records of the
company for a period of six years from the dissolution of the
company after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT:  DAVID A. K. WALKER and LAWRENCE EDWARDS
          Joint Voluntary Liquidators
          For enquiries: Jodi Smith
          Telephone: (345) 914 8694
          Facsimile: (345) 949 4590
          Address: PO Box 219GT
                   Grand Cayman, Cayman Islands


THE EQUITUS MASTER: Final Meeting Set for Oct. 21
-------------------------------------------------
            THE EQUITUS MASTER FUND
          (In Voluntary Liquidation)
       The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision) the
final meeting of this company will be held at the registered
office of the company on 21st October 2005 at 10:00 a.m.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of to
the date of final winding up on 21st October 2005.

2. To authorise the Liquidators to retain the records of the
company for a period of six years from the dissolution of the
company after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT:  DAVID A. K. WALKER and LAWRENCE EDWARDS
          Joint Voluntary Liquidators
          For enquiries: Jodi Smith
          Telephone: (345) 914 8694
          Facsimile: (345) 949 4590
          Address: PO Box 219GT
                   Grand Cayman, Cayman Islands


UNISON CDO: Shareholders Decide on Voluntary Liquidation
--------------------------------------------------------
                      UNISON CDO LIMITED
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                          Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Unison CDO Limited at an extraordinary
general meeting of the shareholder(s) held on August 31, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Phillipa White and Jon Roney be appointed as liquidators of
the Company.

Creditors of Unison CDO Limited are to prove their debts or
claims on or before October 20, 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the Company. In default thereof, they will be excluded from the
benefit of any distribution made before the debts are proved or
from objecting to the distribution.

CONTACT: Ms. Phillipa White and Mr. Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited
         P.O. Box 1093GT
         Grand Cayman, Cayman Islands


WEST HIGHLAND: Final Meeting of Shareholders to be Held Oct. 20
---------------------------------------------------------------
               WEST HIGHLAND INTERNATIONAL
                    (The "Company")
               (In Voluntary Liquidation)
             The Companies Law (As Amended)

Pursuant to section 145 of the Companies Law (as amended), the
Final Meeting of the Shareholders of the Company will be held at
the registered office of the Company on 20th October 2005 at
3.30p.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on 20th October 2005.

2. To authorize the Liquidators to retain the records of the
company for a period of five years from the dissolution of the
company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.

CONTACT:  JOHN CULLINANE and DERRIE BOGGESS
          Joint Voluntary Liquidators
          Address: c/o Walkers SPV Limited
                   Walker House
                   P.O. Box 908
                   George Town, Grand Cayman


WHITE TOWER: Shareholders Resolve to Liquidate Company
------------------------------------------------------
                 WHITE TOWER PICCADILLY LIMITED
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                           Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the White Tower Piccadilly Limited at an
extraordinary general meeting of the shareholder(s) held on
September 2, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Johann Le Roux and Helen Allen be appointed as liquidators
of the Company.

Creditors of White Tower Piccadilly Limited are to prove their
debts or claims on or before October 20, 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the Company. In default thereof, they will be excluded from the
benefit of any distribution made before the debts are proved or
from objecting to the distribution.

CONTACT: Mr. Johann Le Roux and Ms. Helen Allen
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands



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

TELECOM: Government Delays Privatization Process
------------------------------------------------
The Colombian government will not be announcing the winner of
the privatization of Colombia Telecomunicaciones (Telecom) this
year, reports AFX.

The government's decision to delay the announcement follows the
suspension of the tentative agreement to sell a controlling
stake in the fixed line operator to Mexico's Telmex.

Telmex and Telecom agreed in August that the Mexican company
would invest US$350 million in Telecom for a stake of 50% plus
one share. Telmex also said it would assume pension and other
liabilities at the carrier valued at US$3.3 billion.

But Telecom, which is 99.99%-owned by the Colombian government,
recently decided against signing a memorandum of understanding
with Telmex and will instead open a bidding process for the
state-owned carrier.



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

PETROECUADOR: Strikes Cooperation Agreement With French INP
-----------------------------------------------------------
Ecuador has signed a technical cooperation agreement with
France's oil institute (INP) for offshore exploration, refining
and biofuels projects.

According to Business News Americas, the agreement was signed in
Paris on October 5 by Ecuador's energy and mines minister Ivan
Rodriguez and Petroecuador president Luis Roman Lazo.

Petroecuador said the agreement includes training for the
Company's personnel in France and technical, financial, legal
and scientific cooperation in areas such as petrochemicals,
environmental regulations and natural gas operations.

At the same time, Rodriguez and Roman will also seek technical
support from INP to revise oil contracts held by foreign oil
companies operating in Ecuador, a ministry spokesperson said.

INP will be a technical advisor to Ecuador's government to
determine the best form to renegotiate contracts, the
spokesperson said.



=====================
E L   S A L V A D O R
=====================

BANCO AMERICANO: Guatemalan Bank in Acquisition Talks
-----------------------------------------------------
Banco Industrial, Guatemala's largest bank, is looking to
acquire El Salvadorian niche bank Banco Americano in order to
enter the country with a wide range of services.

Citing unnamed sources, Business News Americas reports that
Industrial, which is also active in the commercial and family
remittance space with a network of remittance agencies in the
US, is currently negotiating Americano's purchase.

Americano, which specializes in commercial lending, put itself
up for sale earlier this year due to competitive pressures in a
banking industry that is increasingly dominated by a handful of
big players.

Market observers say Americano's main asset is its banking
license given its small footprint, just two offices in capital
San Salvador, and shrinking assets and deposits.

In June, Fitch Ratings cut the bank's national scale long-term
ratings to B- from B, citing its shallow funding base and the
significant loss of deposits during the first quarter, a trend
that continued through the first half.

Americano's assets fell 35% year-over-year to US$71.6 million at
June 30, while deposits plunged nearly 50% to US$21.6 million.



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

AIR JAMAICA: Turns Down Proposal To Rehire Workers
--------------------------------------------------
Air Jamaica Holdings Limited rejected a proposal to hire some of
the workers whose positions are to be made redundant in two
weeks at Air Jamaica Express.

RadioJamaica.com reports that the Bustamante Industrial Trade
Union and the National Workers Union, which presented the
proposal, was informed by the airline it will not able to take
on the employees.

NWU Senior Negotiating Officer, Granville Valentine, has
expressed concern about Air Jamaica's decision, noting that
there are a number of existing vacancies at the airline.

Mr. Valentine says his union has made another proposal to Air
Jamaica.



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

EMPRESAS ICA: UBS Investment Assigns `Buy' Rating
-------------------------------------------------
UBS Investment Research started coverage of Mexican construction
company Empresas ICA with a `buy' rating and a 12-month price
target of MXN5.50 ($1=MXN10.7040), reports Dow Jones Newswires.

ICA was trading up in the local stock exchange, adding 1.2% at
$4.16. In New York, ICA's American Depositary Receipt share was
also rising, up 1.3% to US$2.33.

In a report, UBS said ICA has underperformed Mexico's stock
exchange benchmark, the IPC, by 24% year-to-date and by 22% over
the past three months, "making the current price level a good
entry point, in our opinion, given the positive outlook we have
for the stock."

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



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

BWIA: Yetming Expresses Concern About Govt.'s $260M Rescue Plan
---------------------------------------------------------------
St Joseph MP Gerald Yetming questioned the government's plan to
inject US$260 million (TTD1.6 billion) into beleaguered national
airline BWIA.

The Trinidad Express reports that on Monday night, Prime
Minister Patrick Manning in his 2005/2006 budget presentation
said that a total of US$260 million will be invested in the
airline.

The investment will be earmarked for the creation of a new
entity with a significant change in management, improved
corporate governance, protection from chartered flights and
restoration of maintenance capability.

But Yetming asked: "Is that sufficient for us to agree on
injecting $1.6 billion in BWIA, is that sufficient for us to
feel comfortable that we are not going to be pouring $1.6
billion down the drain?"

"Would those changes make BWIA viable? Where are the numbers?
Where are the projections?" he continued.

Yetming said he was also concerned by Manning's statement that
BWIA would be a regional carrier.

"The air link to the rest of the world is a critical part of the
economic infrastructure and should be governed by a Trinidad and
Tobago airline," said Yetming.

Yetming said with expenditure such as this, Government should
not be allowed to make investments directly or through State
enterprises or even from the Revenue Stabilization Fund without
Parliamentary approval.

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



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

PDVSA: Govt. Expects Boost in Private Oil Output Next Year
----------------------------------------------------------
Venezuela expects output at privately-run oil fields to rise by
up to 50,000 barrels a day next year after state oil giant
Petroleos de Venezuela S.A. (PDVSA) takes majority stakes in 32
fields, reports Dow Jones Newswires.

According to Eulogio Del Pino, the president of Corporacion
Venezolana de Petroleo - a division of PdVSA that oversees
projects with other companies, the 32 operating contracts, which
were awarded during three licensing rounds in the 1990s,
currently pump 550,000 b/d. Next year this should reach 580,000
b/d to 600,000 b/d.

"As partners, we will be able to increase production," Del Pino
said.

PdVSA, however, must first finalize "joint ventures" with the
companies currently managing the fields.

PdVSA President Rafael Ramirez is scheduled to announce this
week the new legal framework for the fields, and has said the
state will reclaim any fields that are not migrated into joint
ventures by the end of this year.

To accelerate the legal changes, Del Pino said PdVSA is setting
up an "executive committee" to study each of the 32 fields.

For each field, PdVSA will appoint three company officials and 2
private representatives to "take decisions" on how the final
contracts will be spelled out.





                            ***********


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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