TCRLA_Public/051010.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Monday, October 10, 2005, Vol. 6, Issue 200

                            Headlines


A R G E N T I N A

ALIMENTOS FARGO: SANALP 2005 Extends Payment Deadline
BANCO GALICIA: Local S&P Leaves Bond Ratings Unchanged
BANCO HIPOTECARIO: S&P Maintains Default Ratings on Bonds
BAWEX S.A.: Court Declares Company Bankrupt
CAMATU S.A.C.I.F.I.: Gets Court Approval to Reorganize

COLORIN INDUSTRIA: Moody's Reaffirms `D' Rating on $47M Bonds
D'VIGI S.A.: Court Approves Concurso Motion
DISCOS CHALTEN: Bankruptcy Initiated Following Court Ruling
FLEJHIL S.R.L.: Seeks Court Approval to Reorganize
FOREVER TANGO: Judge Approves Bankruptcy

FRANCIS GROUP: Court Rules for Liquidation
KEY ENERGY: To Redeem 8.375% Notes; Repays 6.375% Notes
KEY ENERGY: 'B-' Rating Still On Watch After Debt Refinancing
LUIS N. LUZZI: Finalizes Reorganization
M.C. SEGURIDAD: Court Designates Trustee for Liquidation

MULTICANAL: Local S&P Maintains `raD' Rating on $719M Bonds
PIONEER NATURAL: S&P Cuts Corporate Credit Rating to 'BB+'
STAL GRIFF: Court Orders Liquidation
TELEFONICA DE ARGENTINA: Ratings Review Released


B E R M U D A

PORTUS ALTERNATIVE: KPMG Recommends Bankruptcy for Hedge Fund


B R A Z I L

BANCO ITAU: Insurance Arm Contemplates $652M Debentures
BANCO SCHAHIN: S&P Rates Senior Unsecured Notes 'B'
SADIA: Issues Update on $1.5B Mato Grosso Investment
SADIA: Nicolini Partnership to Increase Production
VARIG: Maintenance Woes Concerns May Ground Jets


C A Y M A N   I S L A N D S

AHFP BAILEY: To Explain Liquidation to Members Oct. 20
AHFP MOSAIC: Account on Liquidation to be Presented Oct. 20
ALLIANCE INVESTMENTS: Final General Meeting Set for Oct. 20
ATLANTIC OPPORTUNITIES: To Lay Account on Liquidation Oct. 26
CALIBRE 2003-II: To Present Account on Liquidation Oct. 20

CALIBRE 2004-IV: To Hold Final General Meeting Oct. 20
CLERKENWELL LIMITED: Liquidation Account Meeting Oct. 20
COLOGICO INVESTMENT: To Present Liquidation Account Oct. 21
CPORTS LAKE: Final General Meeting to be Held Oct. 20
DL-BGL (CAYMAN): To Hold Final General Meeting Oct. 20
DORSET CDO: Final General Meeting Set for Oct. 20

eANYWHERE TELECOM: To Hold Final General Meeting Oct. 19
ELLERSLY ROAD: Final Meeting of Shareholders Set for Oct. 19
GEORGE PUTNAM: Final Meeting Set for Oct. 20
J-FINANCE CORPORATION: To Give Account on Winding Up Oct. 20
J-INCOME ALFA: To Explain Liquidation at Final General Meeting

J.D. ASSOCIATES: Final Meeting Set for Oct. 20
JINNAN RETAIL: Final Gen. Meeting Scheduled for Oct. 19
KONOHANASAKUYA LTD: To Hold Final General Meeting Oct. 19
LAKANA HOLDINGS: Final General Meeting to be Held Oct. 19
MOORE JAPAN: Final Meeting to be Held Oct. 19

NO LOAN BUSINESS: To Hold Final General Meeting Oct. 20
R.C. HIBARIGAOKA: To Hold Final General Meeting Oct. 19
SAGINUMA ASSET: Issues Notice of Final General Meeting
SHANTI PROPELLER: To Allow Liquidator to Retain Company Records
STAR CAPITAL: To Present Account on Wind Up Process Oct. 20

SYMPHONIA II: To Hold Final General Meeting Oct. 19
T.A.N.T.S. 1: Shareholders to Hold Final Meeting Oct. 19
TOKYO DORADO: To Hold Final General Meeting Oct. 19
VANLOGIC HOLDING: Final General Meeting Set for Oct. 19
WICKAM EUROPEAN: Final General Meeting Set for Oct. 20


C O S T A   R I C A

* COSTA RICA: Rating Reflects Poor External Liquidity


D O M I N I C A N   R E P U B L I C


* DOMINICAN REPUBLIC: Weak External Indicators Affect Ratings


E C U A D O R


PETROECUADOR: To Join U.S. Companies in Oil, Gas Exploration


P A N A M A


* PANAMA: High Debt Burden Hampers Debt Rating


P A R A G U A Y


ACEPAR: Scrap Producers Seek Government Itervention


P U E R T O   R I C O


CENTENNIAL COMMUNICATIONS: Posts Fiscal 1Q06 Improvements
DORAL FINANCIAL: Nasdaq Exends Deadline to November 1
DORAL FINANCIAL: Compensation Committee to Revise Terms


   - - - - - - - - - - -


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

ALIMENTOS FARGO: SANALP 2005 Extends Payment Deadline
-----------------------------------------------------
SANALP 2005, S.L. (the "Offeror") announced Thursday that it is
amending its previously announced tender offer and solicitation
of certain approvals and waivers (the "Tender Offer") for any
and all of the outstanding 13-1/4% Notes Due 2008 (the "Notes")
of Compania de Alimentos Fargo S.A. (the "Company") by
extending the Early Tender Payment Deadline from 5:00 p.m., New
York City time, on October 6, 2005 to 5:00 p.m., New York City
time, to October 27, 2005 (as so amended, the "Early Tender
Payment Deadline"). Capitalized terms used herein but not
otherwise defined herein have the meanings ascribed to them in
the Offer to Purchase and Solicitation of Holder Approvals
dated September 8, 2005 (the "Offer to Purchase").

The Total Tender Offer Consideration and Basic Tender Offer
Consideration will not be affected. Holders who validly tender
Notes and deliver Holder Approvals prior to 5:00 p.m., New York
City time, on October 27, 2005, unless further extended, will
be entitled to receive the Total Tender Offer Consideration of
$180.00 per $1,000 principal amount of Notes (which includes an
Early Tender Payment of $40.00 per $1,000 principal amount of
Notes). Holders who validly tender Notes after 5:00 p.m., New
York City time, on October 27, 2005 but prior to 5:00 p.m., New
York City time, on July 1, 2006, unless extended (the
"Expiration Time"), will be entitled to receive the Basic
Tender Offer Consideration of $140.00 per $1,000 principal
amount of Notes, which is equal to the Total Tender Offer
Consideration less the Early Tender Payment. The Expiration
Time is not being amended in connection with extension of the
Early Tender Payment Deadline.

This news release is neither an offer to purchase nor a
solicitation of an offer to sell the Notes. The offer is being
made only by reference to the Offer to Purchase, which is
superseded by this press release to the extent that the terms
contained herein are inconsistent with the terms contained
therein.

About the Agents

Goldman, Sachs & Co. is the exclusive Dealer Manager and
Solicitation Agent for the tender offer and consent
solicitation. Questions regarding the terms of the tender offer
or consent solicitation should be directed to Goldman, Sachs &
Co. toll free in the United States at (800) 828-3182 or at +1
212 357-3019 for international callers (call collect).

The Information and Tender Agent is Bondholder Communications
Group. Any questions or requests for assistance or additional
copies of documents may be directed to the Information and
Tender Agent toll free in the United States at (888) 385 2663
or at +1 212 809 2663 or +44 207 236 0788 for international
callers.

About Compania de Alimentos Fargo S.A.

Compania de Alimentos Fargo S.A. is the leading producer and
distributor of packaged bread and bakery products in Argentina.
The Company is the sole bakery supplier for McDonald's in
Argentina and one of the leading producers and distributors of
frozen dough, which is used to bake traditional bread. The
Company's wide range of products also includes sweets, empanada
tortillas, pastry, pasta and other manufactured flour-based
products.

CONTACT: Bondholder Communications Group
         New York: +1-212-809-2663
         London: +44-207-236-0788


BANCO GALICIA: Local S&P Leaves Bond Ratings Unchanged
------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal
Argentina maintained the ratings assigned to various bonds
issued by Banco de Galicia y Buenos Aires. The Comision
Nacional de Valores enumerated the affected bonds with their
corresponding ratings as follows:

- 'raD' rating to US$9 million worth of "Obligaciones
Negociables emitidas 11-6-01 bajo el Programa de USD 1000
millones, monto original USD 12 millones" coming due on
December 20, 2005;

- 'raD' rating to US$21.4 million worth of "Obligaciones
Negociables simples 8-11-93, monto original USD 200 millones"
due on 01 Nov 2004;

The rating actions reflect the bank's financial status as of
June 30, 2005.

CONTACT:  Banco De Galicia Y Buenos Aires
          Tte Gral Juan D Peron 407
          Buenos Aires
          Argentina
          C1038AAI
          Phone: +54 11 6329 0000
          Fax: +54 11 6329 6100


BANCO HIPOTECARIO: S&P Maintains Default Ratings on Bonds
---------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal
Argentina maintained its `raD' rating on US$500 million worth
of bonds issued by local bank Banco Hipotecario.

The CNV described the affected bonds as "Series en Default bajo
el Programa Global de Cedulas Hipotecarias (EMTNP)."

S&P said that the rating is assigned to bonds that are in
currently in default or whose obligor has filed for bankruptcy.
The rating may also be used if interest payments are not made
on the date due even if the applicable grace period has not
expired, unless S&P believes that payments will be made during
the grace period.


BAWEX S.A.: Court Declares Company Bankrupt
-------------------------------------------
Court No. 20 of Buenos Aires' civil and commercial tribunal
declared local company Bawex S.A. "Quiebra", relates La Nacion.
The court approved the bankruptcy petition filed by Barraca
Imaz S.R.L., whom the Company has debts amounting to
$12,733.20.

The Company will undergo the bankruptcy process with Mr. Rut
Alfici as trustee. Creditors are required to present proofs of
their claim to Mr. Mr. Alfici for verification before Dec. 16,
2005. Creditors who fail to submit the required documents by
the said date will not qualify for any post-liquidation
distributions.

Clerk No. 40 assists the court on the case.

CONTACT: Bawex S.A.
         Humahuaca 4239
         Buenos Aires

         Mr. Rut Alfici, Trustee
         Rodriguez Pena 565
         Buenos Aires


CAMATU S.A.C.I.F.I.: Gets Court Approval to Reorganize
------------------------------------------------------
Camatu S.A.C.I.F.I. will begin reorganization following the
approval of its petition by the Argentine 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. Ricardo Guillermo Chelala will oversee the reorganization
proceedings as the court-appointed trustee. He will verify
creditors' claims until Dec. 2, 2005. The validated claims will
be presented in court as individual reports on Feb. 15, 2006.

Mr. Chelala 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 29, 2006.

CONTACT: Mr. Ricardo Guillermo Chelala, Trustee
         La Rioja 37/39
         San Miguel de Tucuman (Tucuman)


COLORIN INDUSTRIA: Moody's Reaffirms `D' Rating on $47M Bonds
-------------------------------------------------------------
Moody's Latin America Calificadora de Riesgo S.A. maintained
its 'D' rating on the US$47 million bond issued by Colorin
Industria de Materiales Sintet.

Comision Nacional de Valores (CNV), Argentina's securities
regulator, reports that the action was based on the Company's
financial status as of June 30, 2005.

Moody's assigns `D' ratings to bonds that are in payment
default and have a poor prospect of repaying all obligations.
The bond issue, described as `Obligaciones Negociables', will
mature on March 31, 2006.

CONTACT: Colorin Industria de Materiales Sinteticos S.A.
         Av del Libertador 7400
         Buenos Aires


D'VIGI S.A.: Court Approves Concurso Motion
-------------------------------------------
Court No. 12 of Buenos Aires' civil and commercial tribunal
approved a petition for reorganization filed by D'Vigi S.A.,
according to a report from Argentine daily La Nacion.

Trustee Vila Perbeils will verify claims from the Company's
creditors until Dec. 7, 2005. After verification period, the
trustee will submit the individual and general reports in
court. Dates for submission of these reports are yet to be
disclosed.

The informative assembly will be held on Sep. 8, 2006.
Creditors will vote to ratify the completed settlement plan
during the said assembly.

The city's Clerk No. 24 assists the court on the case.

CONTACT: D'Vigi S.A.
         Talcahuano 833
         Buenos Aires

         Ms. Vila Perbeils, Trustee
         Vidal 2670
         Buenos Aires


DISCOS CHALTEN: Bankruptcy Initiated Following Court Ruling
-----------------------------------------------------------
Discos Chalten S.A. enters bankruptcy protection after Buenos
Aires' civil and commercial 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. Horacio Fernando
Crespo as trustee. Mr. Crespo will be verifying creditors'
proofs of claim until the end of the verification phase on Nov.
18, 2005.

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 dates for the submission of these
reports are yet to be disclosed.

CONTACT: Mr. Horacio Fernando Crespo, Trustee
         Maipu 464
         Buenos Aires


FLEJHIL S.R.L.: Seeks Court Approval to Reorganize
--------------------------------------------------
Flejhil S.R.L., a company operating in Buenos Aires, has
requested authorization to reorganizet after failing to pay its
liabilities, Infobae reports.

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: Flejhil S.R.L.
         Buenos Aires


FOREVER TANGO: Judge Approves Bankruptcy
----------------------------------------
Forever Tango S.A. was declared bankrupt after Court No. 9 of
Buenos Aires' civil and commercial tribunal endorsed the
petition of Mr. Oscar Sicilia for the Company's liquidation.
Argentine daily La Nacion reports that Mr. Sicilia has claims
totaling $62,134.34 against the Company.

The court assigned Mr. Ruben Kwasniewski to supervise the
liquidation process as trustee. Mr. Kwasniewski will validate
creditors' proofs of claims until Dec. 27, 2005.

The city's Clerk No. 17 assists the court in resolving this
case.

CONTACT: Forever Tango S.A.
         S. de Bustamante 2320
         Buenos Aires

         Mr. Ruben Kwasniewski, Trustee
         Montevideo 536
         Buenos Aires


FRANCIS GROUP: Court Rules for Liquidation
------------------------------------------
Buenos Aires' civil and commercial court ordered the
liquidation of Francis Group S.A. after the Company defaulted
on its obligations, Infobae reveals. The liquidation
pronouncement will effectively place the Company's affairs as
well as its assets under the control of Mr. Benigno Ramon
Fernandez, the court-appointed trustee.

Mr. Fernandez will verify creditors' proofs of claim until Dec.
5, 2005. The verified claims will serve as basis for the
individual reports to be submitted in court on Feb. 17, 2006.
The submission of the general report follows on April 3, 2006.

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

CONTACT: Francis Group S.A.
         Talcahuano 981
         Buenos Aires

         Mr. Benigno Ramon Fernandez, Trustee
         Pte. Jose Evaristo Uriburu
         Buenos Aires


KEY ENERGY: To Redeem 8.375% Notes; Repays 6.375% Notes
-------------------------------------------------------
Key Energy Services, Inc. (OTC Pink Sheets: KEGS) announced
Thursday that it has notified the trustee and holders of its
8.375% Senior Notes Due 2008 ("8.375% Notes") that on November
8, 2005, it will redeem all $275 million principal amount of
the 8.375% Notes at a redemption price of 104.188% of the
principal amount outstanding plus accrued and unpaid interest
to the redemption date. The retirement of the 8.375% Notes will
be funded through the borrowing of $250 million from the
Company's $400 million seven-year Delayed Draw Term Loan B
Facility and cash on hand. In connection with the redemption of
the 8.375% Notes, the Company will record a pre-tax charge of
approximately $13.3 million in the December 2005 quarter due to
the redemption premium, the acceleration of the existing
unamortized premium and the acceleration of unamortized debt
issuance costs.

The Company also announced that it paid the outstanding
principal and accrued interest on the Company's $150 million
6.375% Senior Notes due 2013 (the "6.375% Notes") on October 5,
2005, with borrowings of $150 million from the Company's $400
million seven-year Delayed Draw Term Loan B Facility. The
6.375% Notes were repaid following acceleration by the holders
of approximately 34% of the outstanding 6.375% Notes and demand
for payment by the indenture trustee. In connection with the
repayment of the 6.375% Notes, the Company will record a pre-
tax charge of approximately $2.1 million in the December 2005
quarter due to the acceleration of unamortized debt issuance
costs.

Following the retirement of the Company's 8.375% Notes and
repayment of the 6.375% Notes, the Company will have $400
million outstanding under its Term Loan B Facility, no
borrowings outstanding under its $65 million Revolving Credit
Facility and approximately $82.1 million in letters of credit
issued pursuant to its $82.25 million synthetic letter of
credit facility. Cash and cash equivalents totaled
approximately $113 million as of October 4, 2005.

Key Energy Services, Inc. is the world's largest rig-based well
service company. The Company provides oilfield services
including well servicing, contract drilling, pressure pumping,
fishing and rental tools and other oilfield services. The
Company has operations in essentially all major onshore oil and
gas producing regions of the continental United States and
internationally in Argentina.

CONTACT: Key Energy Services, Inc.
         John Daniel
         Tel: +1-713-651-4300


KEY ENERGY: 'B-' Rating Still On Watch After Debt Refinancing
------------------------------------------------------------
Standard & Poor's Ratings Services said Thursday that its 'B-'
corporate credit rating on oil and gas equipment services
provider Key Energy Services Inc. remains on CreditWatch with
developing implications. Midland, Texas-based Key had about
$450 million of total debt as of June 30, 2005.

The CreditWatch update follows the recent announcement that Key
paid the full outstanding principal and accrued interest on its
$150 million 6.375% notes. The company repaid the debt with
$150 million borrowed under its $400 million seven-year delayed
draw term loan B.

In addition, the company plans to redeem its $275 million
8.375% senior notes due 2008 in November.

The company will primarily repay both notes with its back-up
facility from Lehman Brothers Inc., which consists of a $400
million term loan B due 2012, a prefunded five-year $85 million
letter of credit, and a five-year $65 million revolving credit
facility and with cash on hand.

"The CreditWatch listing reflects Key's current credit
profile," said Standard & Poor's credit analyst Brian Janiak.
"The company's refinancing and Lehman Brothers' willingness to
work with Key during its current financial predicament provide
a potential platform for Key's credit quality at a higher
rating."

Nonetheless, Standard & Poor's continues to have heightened
credit concerns with regard to the successful completion of the
SEC's investigation of the company's operations and the
company's filing of its 2003 and 2004 10-K.

Primary Credit Analyst: Brian Janiak, New York (1) 212-438-
5025; brian_janiak@standardandpoors.com


LUIS N. LUZZI: Finalizes Reorganization
------------------------------------
The reorganization of Luis N. Luzzi S.A. has been concluded.
Data revealed by Infobae on its Web site indicated that the
process was concluded after the court homologated the debt
agreement signed between the Company and its creditors.


M.C. SEGURIDAD: Court Designates Trustee for Liquidation
--------------------------------------------------------
La Plata's accountant Jorge Mario Jauregui Lorda was assigned
trustee for the liquidation of local company M.C. Seguridad
Privada, relates Infobae.

Mr. Lorda will verify creditors' claims until Nov. 30, 2005,
the source adds. After that, he will prepare the individual
reports, which are to be submitted in court on Feb. 14, 2006.
The submission of the general report should follow on March 29,
2006.

CONTACT: M.C. Seguridad Privada
         Calle 13 Nro. 1433
         La Plata

         Mr. Jorge Mario Jauregui Lorda, Trustee
         Calle 50 Nro. 408
         La Plata


MULTICANAL: Local S&P Maintains `raD' Rating on $719M Bonds
-----------------------------------------------------------
The Argentine arm of Standard & Poor's maintains an `raD'
rating On a total of US$719 million of bonds issued by
Argentine company Multicanal S.A., according to the CNV.

The bonds are:

- US$125 million of "Obligaciones Negociables simples, con
vencimiento a 10 anos, autorizada poa AGOyE de fecha 7.10.96",
due on February 1, 2007. These were classified under "Simple
Issue"

- US$125 million of "Obligaciones Negociables simples, con
vencimiento a 5 anos, autorizadas por AGOyE de fecha 7.10.96",
which matured in February 2002, and classified under "Simple
issue".

- US$150 million of "SERIE C, bajo el Programa de U$S 1050
millones", due on April 15, 2018. These were classified under
"Series and/or Class".

- US$175 million of "Serie E de Ons, bajo el Programa de U$S
1050 millones", also under "series and/or class". The bonds
will mature on April 15, 2009.

- US$144 million of bonds called "Serie J de ON bajo el
Programa de ON de USD 1050 MM", with undisclosed maturity date.
These bonds are classified as "Series and/or Class."

The rating was given based on the Company's financial status as
of June 30, 2005.


PIONEER NATURAL: S&P Cuts Corporate Credit Rating to 'BB+'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on oil and gas exploration and production company
Pioneer Natural Resources Co. to 'BB+' from 'BBB-' and removed
the rating from CreditWatch with negative implications. The
outlook is stable.

As of June 30, 2005, the Irving, Texas-based company had
approximately $1.4 billion of balance sheet debt. The rating
was originally placed on CreditWatch Sept. 1, 2005.

The rating action follows the announcement that the company
plans to repurchase up to $1 billion of common stock and sell
oil and gas producing assets in the deepwater Gulf of Mexico
and in the Tierra del Fuego region of Argentina.

The share repurchases will initially be funded with bank debt
that the company intends to repay using projected proceeds from
the announced divestitures. The share repurchase plan follows
pressure from shareholders to enhance returns as Pioneer's
share price has lagged that of industry peers.

"The downgrade reflects our view that at best Pioneer is
selling a significant portion of current production in order to
fund its share repurchases while struggling to maintain output
and at a time when drilling has failed to replace reserves,"
said Standard & Poor's credit analyst Ben Tsocanos.

"More immediately, the company is increasing debt to fund the
first $650 million of buybacks, and delays in closing asset
sales or lower-than-expected proceeds could result in
persistently higher leverage," said Mr. Tsocanos.

The stable outlook reflects the expectation that Pioneer will
complete the asset sale as indicated, and use the proceeds to
reduce bank debt incurred to repurchase stock.

Primary Credit Analyst: Ben Tsocanos, New York (1) 212-438-
1995; ben_tsocanos@standardandpoors.com


STAL GRIFF: Court Orders Liquidation
------------------------------------
Stal Griff S.R.L. prepares to wind-up its operations following
the bankruptcy pronouncement issued by Buenos Aires' 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 Mr. Javier Marcelo
Espineira as trustee. Mr. Espineira will be reviewing
creditors' proofs of claim until Dec. 28, 2005. The verified
claims will serve as basis for the individual reports to be
presented for court approval. The trustee will also submit a
general report of the case. The dates for the submission of the
reports are yet to be disclosed.

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: Stal Griff S.R.L.
         Concordia 3650
         Buenos Aires

         Mr. Javier Marcelo Espineira, Trustee
         Viamonte 783
         Buenos Aires


TELEFONICA DE ARGENTINA: Ratings Review Released
------------------------------------------------
Rationale

The rating on Telefonica de Argentina S.A. (TASA) reflects the
financial and regulatory challenges of operating in the
Argentine environment. The high proportion of foreign-currency
debt to be served with still-frozen Argentine peso revenues
exposes the company to currency and inflation risks and weakens
TASA's debt-servicing ability. In addition, regulatory
uncertainty is still high as the contract and tariff
renegotiation, which was mandated by the government in early
2002, is still pending. Nevertheless, potential tariff
adjustments resulting from the renegotiation are not expected
to compensate for the effects of the devaluation of the peso
and pesification and freeze of tariffs. The company's good
market position, efficient operations, and improved financial
performance partially mitigate the negative factors mentioned
above.

Despite the negative regulatory environment, TASA's financial
performance has gradually recovered as a result of the economic
improvements in the country since 2003, debt reductions, cost
containments, and efficiency measures taken by the company.
Interest coverage and funds from operations-to-total debt
measures for the 12 months ended June 2005 improved to 4.8x and
47%, respectively, from 2.9x and 23.6% in fiscal 2003. These
improvements should allow the company to weather a certain
level of unfavorable changes in Argentina's macroeconomic
environment-particularly as regards inflation and exchange
rates-and still maintain credit quality commensurate with the
current rating category.

Looking forward, TASA's future cash-flow generation and
financial profile will depend on the sustainability of economic
recovery and stability in Argentina, the company's ability to
contain costs, and the result of tariff renegotiations with the
government (mainly of a tariff-setting mechanism).
Nevertheless, margins are expected to decline gradually with
the upward adjustments in wages and other costs under still-
frozen tariff levels. This can already be observed in the first
half of 2005, when the EBITDA margin declined to 50.4% from
57.2% in the same period of 2004.

In addition, important debt reductions-albeit mainly of
intercompany debt-improved TASA's debt-to-capitalization ratio
to 51.3% and the debt-to-12-month EBITDA to 1.8x as of June 30,
2005 (compared to 62% and 3x, respectively, in December 2003).

TASA is one of two incumbent telephone companies in Argentina,
formed in 1990 after the privatization of state
telecommunications. Holding approximately 53% of the more than
8 million lines in service in Argentina, TASA currently
provides basic telecommunications services (local, national,
and international long distance) throughout the country. The
Spanish telecommunication operator Telefonica S.A. (TESA;
A/Negative/A-1) directly and indirectly owns 98% of TASA's
shares.

Liquidity

In spite of some access to the local capital markets, TASA's
liquidity remains relatively tight due to the limited long-term
funding flexibility for Argentine companies and the company's
higher exposure of debt maturities with third parties (after
the payment of all TASA's debt with companies of the group). In
addition, cash-flow generation is still affected by the
mismatch of peso flows and dollar debt burden. This is
mitigated by the company's manageable maturity schedule when
compared to the current cash generation.

As of June 30, 2005, TASA had approximately $266 million in
short-term debt, including CP notes for about Argentine pesos
(ArP) 400 million due between October 2005 and April 2006
(equivalent to about $130 million). Total consolidated debt as
of June 30, 2005, amounted to $1,087 million (including
interest).

TASA's internal cash generation and cash holdings-of about $100
million as of June 30, 2005-are expected to be devoted to fund
capital expenditures and to continue to reduce debt.

Outlook

The stable outlook reflects expectations that the company's
good competitive position and a relatively stable economic
scenario should allow TASA to maintain its financial profile if
conditions in Argentina become more challenging. Rating upside
is somewhat limited by the current business environment in
Argentina, especially with regards to regulatory risk and the
persistence of currency mismatch (between the company's foreign
currency debt and certain costs in foreign currencies, and
peso-denominated cash generation). Ratings could be revised if
tariff inflexibility persists under a higher than expected
inflationary and exchange rate scenario, government
intervention increases, or financial flexibility deteriorates
significantly.

Primary Credit Analyst: Ivana Recalde, Buenos Aires (54) 114-
891-2127; ivana_recalde@standardandpoors.com

Secondary Credit Analyst: Pablo Lutereau, Buenos Aires (54)
114-891-2125; pablo_lutereau@standardandpoors.com



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

PORTUS ALTERNATIVE: KPMG Recommends Bankruptcy for Hedge Fund
-------------------------------------------------------------
Forty-five Bermuda-based investors injected nearly $1.5 million
dollars into Portus Alternative Asset Management, the collapsed
Canadian hedge fund that is now under investigation by the
Ontario Securities Commission (OSC), the Royal Gazette Reports.

Although the total book value from the 45 Bermuda investors is
nowhere near the $725 million invested by 24,519 Canadians,
court documents reveal that Bermuda's book value leads foreign
investments in Portus.

Portus was put into receivership in March amid regulatory
investigations into its sales practices, freezing its assets
and leaving thousands of investors in the lurch. The court
appointed receiver KPMG is attempting to untangle the
transactions in the now-insolvent hedge fund.

According to the Royal Gazette, KPMG's recent report revealed
Portus managers skimmed roughly $90 million in undisclosed fees
and never followed the stated investment strategy of buying
Canadian securities.

KPMG alleged that no shares were ever bought and the money sent
to brokerages were "commingled at various times with monies"
from other Portus series.

To hasten the recovery of investor funds, KPMG intends to ask
the court to declare Portus bankrupt. KPMG said bankruptcy
could make it easier to liquidate investments and distribute
all recovered assets to shareholders. KPMG said it would be
next to impossible to track individual investor accounts
because Portus co-mingled client funds from every product.



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

BANCO ITAU: Insurance Arm Contemplates $652M Debentures
-------------------------------------------------------
Banco Itau's insurance unit, Itauseg Participacoes SA, plans to
issue BRL1.5 billion ($652 million) worth of non-convertible
debentures, reports Dow Jones Newswires. The insurance firm
didn't release details about the maturity or the interest rate
for the bonds. Itauseg's parent company, Banco Itau Holdings
Financeira SA's (ITU), will coordinate the issue.


BANCO SCHAHIN: S&P Rates Senior Unsecured Notes 'B'
---------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' foreign-
currency short-term senior unsecured debt rating to Banco
Schahin S.A.'s $15 million notes issued on Sept. 19, 2005, and
maturing in 12 months.

"The counterparty credit rating on Banco Schahin S.A.
(B/Stable/B) reflects the intrinsic risks of a small bank
facing the challenge of growing its retail business while
maintaining adequate funding in the increasingly competitive
and volatile Brazilian banking market; the bank's loan
portfolio, with comparatively worse quality than those of its
peers; and the relatively low core profitability in past years
as compared to the bank's risk profile," said Standard & Poor's
credit analyst Tamara Berenholc.

These risk factors are partially offset by the bank's coherent
strategy to generate more retail business while gradually
reducing the weight of loans to small and midsize companies (to
accomplish this strategy, the bank has developed good
relationships with representatives and correspondent banking
units and recently closed an agreement with HSBC Bank Brasil
S.A.), and therefore improve credit quality indicators and
reduce nonperforming loans (NPLs; credits classified from E to
H); the bank's efforts to improve gradually its credit quality
by means of diluting its credit risk, while improving
profitability by increasing its retail operations; and the
conservative approach of its Treasury activity.

The stable outlook on both local and foreign currency ratings
assigned to Schahin incorporates our expectation that the bank
will be able to maintain stability in its consumer finance and
payroll discount lending to support its growth strategy while
maintaining its profitability. It also incorporates the
expectation that the bank will maintain its asset-quality ratio
(NPL ratio) better than current levels and in a positive trend
following better economic prospects for the country and the
benefit of risk reduction with higher participation on
individual loans. The stable outlook also incorporates the
maintenance of a BIS ratio above 13%.

The outlook may be changed to positive or ratings may be raised
if the bank (consolidated figure) shows sustainable growth and
stronger returns, a significant improvement in asset quality
indicators, the maintenance of a stable and diversified funding
base, and better capital ratios. On the other hand, the outlook
could be changed to negative or ratings could be lowered if
there is a significant deterioration in Schahin's asset quality
ratios (vis-a-vis its current levels), or if the bank is unable
to gradually improve its profitability.

Primary Credit Analyst: Tamara Berenholc, Sao Paulo (55) 11-
5501-8950; tamara_berenholc@standardandpoors.com

Secondary Credit Analyst: Daniel Araujo, Sao Paulo (55) 11-
5501-8939; daniel_araujo@standardandpoors.com


SADIA: Issues Update on $1.5B Mato Grosso Investment
----------------------------------------------------
On September 19, Sadia S.A. announced a R$1.5 billion
investment in the State of Mato Grosso, that will be
distributed between 2006 and 2009. Sadia will be responsible
for R$800 million, and the remainder will be done by its out
growers. The amount will be directed towards the construction
of two poultry slaughter houses, one in the city of Lucas do
Rio Verde, and the other in the city of Campo Verde. Each one
of them will have the slaughter capacity of 500 thousand
animals per day. As part of this investment, Sadia will also
set up a slaughter and industrialization hog unit, with
slaughter capacity of 5 thousand animals per day, and a feed
factory. The new units will generate 8 thousand direct jobs and
24 thousand indirect ones.

Regarding the investment announced in the State of Mato Grosso,
Sadia S.A. presents the following additional information:

- Sadia's R$800 million investment will be distributed as
follows: 50% in 2006; 25% in 2007 and the remainder 25%, in
2008.

- From 2007 on, the poultry slaughterhouses will operate with
20% of capacity. In 2008, it is expected that these units will
operate with 85% of capacity, reaching their full capacity in
2009.

- The expected additional R$1.2 billion annual revenue, as
announced on September 19, 2005, refers only to the poultry
units. The expected additional revenue for the hog unit will be
R$400 million by 2009.

- The R$800 million investment does not contemplate additional
working capital, which will add up to R$140 million in 2009,
for the 3 units.

- The tax incentives will be similar to those obtained in other
states in the mid-west and better than those obtained in the
southern states of Brazil.

- The minimum expected rate of return for this investment is
20% per annum.

- Regarding the hog unit, Sadia continues its studies to
determine the best location for its installation, in the state
of Mato Grosso.

CONTACT: Sadia S.A.
         Director of Finance and Investor Relations
         Luiz Murat Jr.
         Phone: (55 11) 2113-3465
         Fax: (55 11) 2113-1785
         E-mail: grm@sadia.com.br

         Investor Relations
         Christiane Assis
         Phone : (55 11) 2113-3552
         E-mail: christiane.assis@sadia.com.br

         Silvia H. M. Pinheiro
         Phone : (55 11) 2113-3197
         E-mail: silvia.pinheiro@sadia.com.br

         Carlos Eduardo T. Araujo
         Phone : (55 11) 2113-3161
         E-mail: henrique.bastos@sadia.com.br

         IR Consultant
         Ligia Montagnani
         Phone: (55 11) 3897-6405
         E-mail: ligia.montagnani@firb.com

         URL: www.sadia.com


SADIA: Nicolini Partnership to Increase Production
--------------------------------------------------
It is expected that 140 thousand chickens will be slaughtered
per day with the agreement with Nicolini; the products will
leave the slaughterhouse with the Sadia brand. The Company will
be responsible for the sales. Sadia established an agreement
with Frigorifico Nicolini, which will slaughter and process 140
thousand chickens per day for the Company.

This partnership is similar to that the Company maintains with
Minuano and represents an increase in production capacity for
chicken of 5%. Additional revenues are estimated at R$150
million per year.

Sadia will supply the chicken and will be responsible for
logistics and sales, which will be mainly directed towards the
foreign market. Nicolini will be responsible for the slaughter
and processing.

Frigorifico Nicolini is located in Garibaldi, in the state of
Rio Grande do Sul. With this partnership, Sadia will reinforce
its position in this state, where the Company already has a
plant, in Tres Passos.


VARIG: Maintenance Woes Concerns May Ground Jets
------------------------------------------------
Cash-strapped flagship carrier Viacao Aerea Riograndense SA
(Varig) may see some 31 of its 34 aircraft grounded because of
lack of maintenance, according to confidential reports
circulated among executives at the Brazilian airline. Varig
estimates that it will need US$70 million to boost maintenance
to pre-crisis levels. Already, 15 of the airline's aircraft are
grounded.

Varig, which has been undergoing a financial restructuring
since June 17, has debts totaling BRL7.7 billion (US$3.4
billion). In September, the Company presented a business plan
to a Rio de Janeiro bankruptcy judge designed to reorganize the
Company and attract new investors.



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

AHFP BAILEY: To Explain Liquidation to Members Oct. 20
------------------------------------------------------
                      AHFP BAILEY COATES
                  (In Voluntary Liquidation)
               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 AHFP Bailey Coates will
be held at the offices of Maples Finance Limited, Queensgate
House, George Town, Grand Cayman, Cayman Islands, on October
20, 2005, for the purpose of presenting to the members an
account of the winding up of the Company and giving any
explanation thereof.

CONTACT: Mr. Jonathan Roney, Voluntary Liquidator
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands.


AHFP MOSAIC: Account on Liquidation to be Presented Oct. 20
-----------------------------------------------------------
                         AHFP Mosaic
                 (In Voluntary Liquidation)
              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 AHFP Mosaic will be held
at the offices of Maples Finance Limited, Queensgate House,
George Town, Grand Cayman, Cayman Islands, on October 20, 2005,
for the purpose of presenting to the members an account of the
winding up of the Company and giving any explanation thereof.

CONTACT: Mr. Jonathan Roney, Voluntary Liquidator
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands.


ALLIANCE INVESTMENTS: Final General Meeting Set for Oct. 20
-----------------------------------------------------------
               ALLIANCE INVESTMENTS, LIMITED
                 (In Voluntary Liquidation)
             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 Alliance Investments,
Limited will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
October 20, 2005, for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

CONTACT: Mr. Johann Le Roux, Voluntary Liquidator
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands.


ATLANTIC OPPORTUNITIES: To Lay Account on Liquidation Oct. 26
-------------------------------------------------------------
              ATLANTIC OPPORTUNITIES FUND LIMITED
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of Atlantic
Opportunities Fund Limited will be held at the offices of Close
Brothers (Cayman) Limited, 4th Floor Harbour Place, George
Town, Grand Cayman, on October 26, 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, as at final winding up on October 26, 2005.

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 a creditor.

CONTACT: Mr. Linburgh Martin, Joint Voluntary Liquidator
         Thiry Gordon
         Close Brothers (Cayman) Limited
         Fourth Floor, Harbour Place
         P.O. Box 1034GT, Grand Cayman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499


CALIBRE 2003-II: To Present Account on Liquidation Oct. 20
----------------------------------------------------------
                     CALIBRE 2003-II, LTD.
                   (In Voluntary Liquidation)
                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 Calibre 2003-II, Ltd.
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
October 20, 2005, for the purpose of presenting to the members
an account of the winding up of the Company and giving any
explanation thereof.

CONTACT: Mr. Johann Le Roux, Voluntary Liquidator
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands.


CALIBRE 2004-IV: To Hold Final General Meeting Oct. 20
------------------------------------------------------
                    CALIBRE 2004-IV, LTD
                 (In Voluntary Liquidation)
              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 Calibre 2004-IV, Ltd will
be held at the offices of Maples Finance Limited, Queensgate
House, George Town, Grand Cayman, Cayman Islands, on October
20, 2005, for the purpose of presenting to the members an
account of the winding up of the Company and giving any
explanation thereof.

CONTACT: Mr. Johann Le Roux, Joint Voluntary Liquidator
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


CLERKENWELL LIMITED: Liquidation Account to be Presented Oct.
20
---------------------------------------------------------------
-
                      CLERKENWELL LIMITED
                   (In Voluntary Liquidation)
                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 Clerkenwell Limited will
be held at the offices of Maples Finance Limited, Queensgate
House, George Town, Grand Cayman, Cayman Islands, on October
20, 2005, for the purpose of presenting to the members an
account of the winding up of the Company and giving any
explanation thereof.

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


COLOGICO INVESTMENT: To Present Liquidation Account 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 Cologico Investment Management will be
held at the registered office of the Company on October 21,
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 October 21, 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: Mr. David A. K. Walker, Joint Voluntary Liquidator
         Jodi Smith
         PO Box 219GT, Grand Cayman, Cayman Islands
         Telephone: (345) 914 8694
         Facsimile: (345) 945 4237


CPORTS LAKE: Final General Meeting to be Held Oct. 20
-----------------------------------------------------
               CPORTS LAKE SUPERIOR 2004-1 LTD
                 (In Voluntary Liquidation)
              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 CPORTS Lake Superior
2004-1 Ltd will be held at the offices of Maples Finance
Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
October 20, 2005, for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

The Liquidator informs that a final general meeting of CPORTS
Lake Superior 2004-1 Ltd will be held at the offices of Maples
Finance Limited, Queensgate House, George Town, Grand
Cayman, Cayman Islands, on October 20, 2005, for the purpose of
presenting to the members an account of the winding up of the
Company and giving any explanation thereof.

CONTACT: Mr. Johann Le Roux, Joint Voluntary Liquidator
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


DL-BGL (CAYMAN): To Hold Final General Meeting Oct. 20
------------------------------------------------------
                   DL-BGL (CAYMAN) LIMITED
                 (In Voluntary Liquidation)
              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 DL-BGL (Cayman) Limited
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
October 20, 2005, for the purpose of presenting to the members
an account of the winding up of the Company and giving any
explanation thereof.

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


DORSET CDO: Final General Meeting Set for Oct. 20
-------------------------------------------------
                       DORSET CDO LIMITED
                   (In Voluntary Liquidation)
                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 Dorset CDO Limited will
be held at the offices of Maples Finance Limited, Queensgate
House, George Town, Grand Cayman, Cayman Islands, on October
20, 2005, for the purpose of presenting to the members an
account of the winding up of the Company and giving any
explanation thereof.

CONTACT: Ms. Helen Allen, Mr. Jonathan Roney
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


eANYWHERE TELECOM: To Hold Final General Meeting Oct. 19
--------------------------------------------------------
                   eANYWHERE TELECOM, INC.
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to section 145 of the
Companies Law (2004 Revision), that the final general meeting
of the
Company will be held at 33F, No. 99, Sec. 2, Tun-Hua S. Road,
Taipei, Taiwan, ROC, on October 19, 2005 at 5:00 p.m., for the
purposes of having accounts laid before the members and to
receive the report of the liquidator, showing the manner in
which the winding up has been conducted, the property of the
Company disposed of and the debts and obligations of the
Company discharged, and of hearing any explanation that may be
given by the Liquidator and also of determining the manner in
which the books, accounts and documents of the Company and the
Liquidator should be disposed.

CONTACT: NIEN-HUNG CHUNG, Voluntary Liquidator
         Donald M. Miller
         Charles Adams, Ritchie & Duckworth
         P.O. Box 709GT, Zephyr House, Mary Street
         George Town, Grand Cayman
         Phone: 345-949-4544
         Fax: 345-949-8460


ELLERSLY ROAD: Final Meeting of Shareholders Set for Oct. 19
------------------------------------------------------------
        ELLERSLY ROAD INVESTMENT COMPANY
           (In Voluntary Liquidation)
                ("The Company")

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of the Company will be
held at the registered office of the Company on 19th October
2005 at 1:00 p.m.

Business:

1. To confirm, ratify and approve the conduct of the
liquidation by the liquidators, K.D. Blake and S.L.C. Whicker;

2. To approve the quantum of the liquidators' remuneration,
that being fixed by the time properly spent by the liquidators
and their staff;

3. To lay accounts before the meeting showing how the winding
up has been conducted and how the property of the Company has
been disposed of as at the date of the final meeting and to
approve such accounts; and

4. To authorise the liquidators to retain the records of the
Company and of the liquidators 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 their stead.
A proxy need not be a member or creditor.

CONTACT:  K.D. BLAKE
          Joint Voluntary Liquidator
          For enquiries: Casey McDonald
          Telephone: 345-945-4334
          Facsimile: 345-949-7164
          Address for service:
          P.O. Box 493 GT, Grand Cayman
          Cayman Islands
          Telephone: 345-949-4800
          Facsimile: 345-949-7164


GEORGE PUTNAM: Final Meeting Set for Oct. 20
--------------------------------------------
         GEORGE PUTNAM PRINCIPALPROTECTED FUND LIMITED
                  (In Voluntary Liquidation)
               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 George Putnam
Principalprotected Fund Limited will be held at the offices of
Maples Finance Limited, Queensgate House, George Town, Grand
Cayman, Cayman Islands, on October 20, 2005, for the purpose of
presenting to the members an account of the winding up of the
Company and giving any explanation thereof.

NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of George Putnam
Principalprotected Fund Limited will be held at the offices of
Maples Finance Limited, Queensgate House, George Town, Grand
Cayman, Cayman Islands, on October 20, 2005, for the purpose of
presenting to the members an account of the winding up of the
Company and giving any explanation thereof.

CONTACT: Mr. Johann Le Roux
         Joint Voluntary Liquidator
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


J-FINANCE CORPORATION: To Give Account on Winding Up Oct. 20
------------------------------------------------------------
                   J-FINANCE CORPORATION III
                  (In Voluntary Liquidation)
               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 J-Finance Corporation III
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
October 20, 2005 for the purpose of presenting to the members
an account of the winding up of the Company and giving any
explanation thereof.

CONTACT: Mr. Johann Le Roux, Voluntary Liquidator
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands.


J-INCOME ALFA: To Explain Liquidation at Final General Meeting
--------------------------------------------------------------
                       J-INCOME ALFA INC.
                   (In Voluntary Liquidation)
                       The Companies Law
                          Section 145

NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of J-Income Alfa Inc. will
be held at the offices of Maples Finance Jersey Limited, 2nd
Floor, Le Masurier House, La Rue Le Masurier, St. Helier,
Jersey JE2 4YE, on October 19, 2005, for the purpose of
presenting to the members an account of the winding up of the
Company and giving any explanation thereof.

CONTACT:  Mr. Mark Wanless, Voluntary Liquidator
          c/o Maples Finance Jersey Limited
          2nd Floor, Le Masurier House
          La Rue Le Masurier, St. Helier, Jersey JE2 4YE


J.D. ASSOCIATES: Final Meeting Set for Oct. 20
----------------------------------------------
                        J.D. ASSOCIATES LTD.
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholder of J.D. Associates Ltd.
will be held on October 20, 2005 at 9:00 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, as at the final winding up; and

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 their stead.
A proxy need not be a member or a creditor.

CONTACT: Mr. Leo M Connolly, Sole Voluntary Liquidator
         Campbells, 4th Floor, Scotia Centre
         P.O. Box 884, George Town, Grand Cayman


JINNAN RETAIL: Final Gen. Meeting Scheduled for Oct. 19
-------------------------------------------------------
       JINNAN RETAIL HOLDING LTD
       (In Voluntary Liquidation)
          The Companies Law
             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 Maples Finance Jersey
Limited, 2nd Floor, Le Masurier House, La Rue
Le Masurier, St. Helier, Jersey JE2 4YE, on 19th
October 2005, for the purpose of presenting to the members an
account of the winding up of the company and giving any
explanation thereof.

CONTACT: MARK WANLESS
         Joint Voluntary Liquidator
         c/o Maples Finance Jersey Limited
         2nd Floor, Le Masurier House
         La Rue Le Masurier
         St. Helier, Jersey JE2 4YE


KONOHANASAKUYA LTD: To Hold Final General Meeting Oct. 19
---------------------------------------------------------
                KONOHANASAKUYA LTD
           (In Voluntary Liquidation)
                The Companies Law
                     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 Maples Finance Jersey Limited,
2nd Floor, Le Masurier House, La Rue Le Masurier, St. Helier,
Jersey JE2 4YE, on 19th October 2005, for the purpose of
presenting to the members an account of the winding up of the
company and giving any explanation thereof.

CONTACT:  MARK WANLESS
          Joint Voluntary Liquidator
          c/o Maples Finance Jersey Limited
          2nd Floor, Le Masurier House
          La Rue Le Masurier
          St. Helier, Jersey JE2 4YE


LAKANA HOLDINGS: Final General Meeting to be Held Oct. 19
---------------------------------------------------------
           LAKANA HOLDINGS LIMITED
        (In Voluntary Liquidation)
             The Companies Law
                 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 Maples Finance Jersey
Limited, 2nd Floor, Le Masurier House, La Rue Le Masurier, St.
Helier, Jersey JE2 4YE, on 19th October 2005, for the purpose
of presenting to the members an account of the winding up of
the company and giving any explanation thereof.

CONTACT:  MARK WANLESS
          Joint Voluntary Liquidator
          c/o Maples Finance Jersey Limited
          2nd Floor, Le Masurier House
          La Rue Le Masurier
          St. Helier, Jersey JE2 4YE


MOORE JAPAN: Final Meeting to be Held Oct. 19
---------------------------------------------
     MOORE JAPAN RESTRUCTURING BANCHO, LTD.
          (In Voluntary Liquidation)
         The Companies Law (Revised)

Pursuant to section 145 of the Companies Law (Revised), the
final meeting of the sole shareholder of this company will be
held at the offices of Ogier & Boxalls, Attorneys, Queensgate
House, South Church Street, Grand Cayman, on 19th October 2005,
at 10:00 (local time).

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.

2. To authorise 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 creditor.

CONTACT:  OGIER & BOXALLS
          On behalf of the Voluntary Liquidator
          For enquiries: Colin MacKay
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986
          Address: P.O. Box 1234 GT
                   Grand Cayman


NO LOAN BUSINESS: To Hold Final General Meeting Oct. 20
-------------------------------------------------------
         NO LOAN BUSINESS FUNDING
        (In Voluntary Liquidation)
    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 Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
20th October 2005, for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

CONTACT: Mr. Johann Le Roux
         Joint Voluntary Liquidator
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


R.C. HIBARIGAOKA: To Hold Final General Meeting Oct. 19
-------------------------------------------------------
                 R.C. HIBARIGAOKA HOLDINGS INC.
                   (In Voluntary Liquidation)
                       The Companies Law
                          Section 145

NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of R.C. Hibarigaoka Holdings
Inc. will be held at the offices of Maples Finance Jersey
Limited, 2nd Floor, Le Masurier House, La Rue Le Masurier, St.
Helier, Jersey JE2 4YE, on October 19, 2005, for the purpose of
presenting to the members an account of the winding up of the
Company and giving any explanation thereof.

CONTACT: Mr. Mark Wanless, Joint Voluntary Liquidator
         c/o Maples Finance Jersey Limited, 2nd Floor
         Le Masurier House, La Rue Le Masurier
         St. Helier, Jersey JE2 4YE


SAGINUMA ASSET: Issues Notice of Final General Meeting
------------------------------------------------------
                SAGINUMA ASSET FUNDING CORPORATION
                    (In Voluntary Liquidation)
                        The Companies Law
                           Section 145

NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of Saginuma Asset Funding
Corporation will be held at the offices of Maples Finance
Jersey Limited, 2nd Floor, Le Masurier House, La Rue Le
Masurier, St. Helier, Jersey JE2 4YE, on October 19, 2005, for
the purpose of presenting to the members an account of the
winding up of the Company and giving any explanation thereof.

CONTACT: Mr. Mark Wanless, Voluntary Liquidator
         c/o Maples Finance Jersey Limited
         2nd Floor, Le Masurier House,
         La Rue Le Masurier, St. Helier, Jersey JE2 4YE


SHANTI PROPELLER: To Allow Liquidator to Retain Company Records
---------------------------------------------------------------
                        SHANTI PROPELLER
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision)
the final meeting of Shanti Propeller will be held at the
registered office of the Company on October 24, 2005 at 9:00
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.

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: Mr. Richard L. Finlay, Voluntary Liquidator
         Krysten Lumsden
         P.O. Box 2681 GT, Grand Cayman
         Telephone: (345) 949 1040
         Facsimile: (345) 949 1048


STAR CAPITAL: To Present Account on Wind Up Process Oct. 20
-----------------------------------------------------------
                  STAR CAPITAL CAYMAN, INC.
                 (In Voluntary Liquidation)
              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 Star Capital Cayman, Inc.
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
October 20, 2005, for the purpose of presenting to the members
an account of the winding up of the Company and giving any
explanation thereof.

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


SYMPHONIA II: To Hold Final General Meeting Oct. 19
---------------------------------------------------
                          SYMPHONIA II
                   (In Voluntary Liquidation)
                        The Companies Law
                          Section 145

NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of Symphonia II will be held
at the offices of Maples Finance Jersey Limited, 2nd Floor, Le
Masurier House, La Rue Le Masurier, St. Helier, Jersey JE2 4YE,
on October 19, 2005, for the purpose of presenting to the
members an account of the winding up of the Company and giving
any explanation thereof.

CONTACT: Mr. Mark Wanless, Voluntary Liquidator
         c/o Maples Finance Jersey Limited
         2nd Floor, Le Masurier House
         La Rue Le Masurier, St. Helier, Jersey JE2 4YE


T.A.N.T.S. 1: Shareholders to Hold Final Meeting Oct. 19
--------------------------------------------------------
              T.A.N.T.S. 1 LTD.
         (In Voluntary Liquidation)
              ("The Company")

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of the Company will be
held at the registered office of the Company on 19th October
2005 at 1:00 p.m.

Business:

1. To confirm, ratify and approve the conduct of the
liquidation by the liquidators, K.D. Blake and S.L.C. Whicker;

2. To approve the quantum of the liquidators' remuneration,
that being fixed by the time properly spent by the liquidators
and their staff;

3. To lay accounts before the meeting showing how the winding
up has been conducted and how the property of the Company has
been disposed of as at the date of the final meeting and to
approve such accounts; and

4. To authorise the liquidators to retain the records of the
Company and of the liquidators 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 their stead.
A proxy need not be a member or creditor.

CONTACT:  K.D. BLAKE
          Joint Voluntary Liquidator
          For enquiries: Casey McDonald
          Telephone: 345-945-4334
          Facsimile: 345-949-7164
          Address: P.O. Box 493 GT, Grand Cayman
                   Cayman Islands
          Telephone: 345-949-4800
          Facsimile: 345-949-7164


TOKYO DORADO: To Hold Final General Meeting Oct. 19
---------------------------------------------------
                           TOKYO DORADO
                    (In Voluntary Liquidation)
                         The Companies Law
                            Section 145

NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of Tokyo Dorado will be held
at the offices of Maples Finance Jersey Limited, 2nd Floor, Le
Masurier House, La Rue Le Masurier, St. Helier, Jersey JE2 4YE,
on October 19, 2005, for the purpose of presenting to the
members an account of the winding up of the company and giving
any explanation thereof.

CONTACT: Mr. Mark Wanless, Voluntary Liquidator
         c/o Maples Finance Jersey Limited
         2nd Floor, Le Masurier House
         La Rue Le Masurier, St. Helier, Jersey JE2 4YE


VANLOGIC HOLDING: Final General Meeting Set for Oct. 19
-------------------------------------------------------
        VANLOGIC HOLDING LIMITED
      (In Voluntary Liquidation)
          The Companies Law
             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 Maples Finance Jersey Limited,
2nd Floor, Le Masurier House, La Rue Le Masurier, St. Helier,
Jersey JE2 4YE, on 19th October 2005, for the purpose of
presenting to the members an account of the winding up of the
company and giving any explanation thereof.

CONTACT:  MARK WANLESS
          Voluntary Liquidator
          Address: c/o Maples Finance Jersey Limited
                   2nd Floor, Le Masurier House,
                   La Rue Le Masurier
                   St. Helier, Jersey JE2 4YE


WICKAM EUROPEAN: Final General Meeting Set for Oct. 20
------------------------------------------------------
                     WICKAM EUROPEAN FUND
                  (In Voluntary Liquidation)
               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 Wickam European Fund will
be held at the offices of Maples Finance Limited, Queensgate
House, George Town, Grand Cayman, Cayman Islands, on October
20, 2005, for the purpose of presenting to the members an
account of the winding up of the Company and giving any
explanation thereof.

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



===================
C O S T A   R I C A
===================

* COSTA RICA: Rating Reflects Poor External Liquidity
-----------------------------------------------------
Rationale

The ratings on the Republic of Costa Rica are supported by:

    - Long-standing political stability, with relatively strong
      institutions and more of a general respect for the rule
of
      law than found in peer credits; and
    - A highly diversified economy, with a per capita GDP of
      US$4,379, which is almost twice that of the 'BB' median.

The ratings are constrained by:

    - A large, unsupervised offshore banking sector and a high
      level of dollar lending;
    - Monetary policy that is constrained by quasi-fiscal
losses
      at the central bank, a crawling peg exchange-rate regime,
      and a high level of dollarization, and
    - Poor external liquidity.

The ratings on Costa Rica reflect improved fiscal management
over the last year and the likely passage of fiscal reform that
is expected to yield up to 2% of GDP in 2006 in further
revenue, bringing the overall general government deficit to
around 2.5%. The general government deficit was 3.5% in 2004,
down from 4.3% in 2003 and over 5% in 2002-despite an end to
temporary tax measures implemented in 2003-as the government
cut expenditure and improved tax collection. As noted, there is
a high probability that fiscal reform, which has been under
debate for well over two years, will pass by August 2005 under
a new fast-track approach that shortens debate in Congress and
allows for a speedier vote. Most of the major parties approve
of the reform; additionally, major social security reform that
will improve the overall health of the system was approved
recently. Over time, monthly pension contributions will rise,
the number of contributions required to receive a pension will
lengthen, and the number of months used to calculate a pension
will increase. The fiscal consolidation efforts now underway
will likely reduce the monetary and external vulnerabilities
that have built up over the last three years.

Despite the improved outlook, Costa Rica's vulnerabilities
include a large and less-strictly supervised offshore banking
sector that takes deposits mainly from residents and relends
the funds onshore, largely in U.S. dollars (nearly 60% of local
lending is in U.S. dollars). A high degree of dollarization and
a crawling peg exchange-rate regime constrain monetary policy.
A change of monetary regime under stress would heighten the
risk of banking-sector failures and raise the government's
contingent liability. Further efforts to strengthen the
country's monetary and financial regulatory framework could
improve the sovereign's creditworthiness.

The ratings on Costa Rica are supported by the country's long-
standing political stability, with relatively stronger
institutions and general respect for the rule of law than in
peer credits. The political stability and high levels of
education have helped Costa Rica attract significant amounts of
foreign direct investment (FDI) and allowed the country to
become much more highly diversified, with a large increase in
tourism and export revenue over the past decade. Current
account receipts (CAR) now total nearly 50% of GDP. As a
result, the per capita GDP, at US$4,679 in 2005, is double that
of the 'BB' median.

Outlook

The stable outlook reflects the government's improved fiscal
stance and the likelihood that further measures will reduce the
deficit further, to 2.5% in 2006. However, Costa Rica's
external liquidity and relatively weak monetary stance continue
to constrain its ratings. Improved economic prospects due to
passage of the Central America Free Trade Agreement (CAFTA),
together with further efforts to strengthen the country's
monetary and financial regulatory framework, could lead to
improved creditworthiness.

Primary Credit Analyst: Richard Francis, New York (1) 212-438-
7348; richard_francis@standardandpoors.com



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

* DOMINICAN REPUBLIC: Weak External Indicators Affect Ratings
-------------------------------------------------------------

Rationale

The ratings on the Dominican Republic reflect:

    - A moderate stock of debt.

The ratings are constrained by:

    - Weak external indicators;
    - Weak institutions; and
    - Diminished fiscal flexibility.

While the ratings on the Dominican Republic are constrained by
a number of factors, its general government debt to GDP, at
under 50% for 2005, is much lower than the 'B' median's 74% and
tends to support the country's creditworthiness. As noted, the
country has weak external indicators. External liquidity as
measured by its gross financing gap (current account position,
plus errors and omissions, plus short-term external debt, plus
long-term external amortization) to liquid international
reserves is over 200%, indicating continued liquidity
constraints despite a significant current account adjustment
and a rise in international reserves. Furthermore, the
Dominican Republic historically has had weak institutions and
poor economic policy implementation.

Additionally, there is diminished fiscal flexibility due to a
higher interest burden. As a result of increased debt levels
and the sharp depreciation of the Dominican peso, the
government's interest burden as measured by interest
expenditure to revenue is expected to surpass 20% in 2005, up
from just 7% in 2002. However, as noted the Dominican Republic
has a moderate stock of general government debt, although
general government debt to GDP will only reach 50% in 2005,
well below the 'B' median's 69%. Furthermore, much of this debt
is composed of lower-cost multilateral and bilateral loans.

Outlook

The stable outlook balances improved economic prospects and
moderate government debt levels with weak institutions and the
large quasi-fiscal deficits of the central bank that constrain
monetary policy. Further improvements in governance, along with
sustained economic growth and further fiscal measures to
contain the fiscal deficits and tackle the quasi-fiscal
deficits of the central bank, could lead to improved
creditworthiness. On the other hand, further political problems
or policy reversals could lead to negative rating actions.

Primary Credit Analyst: Richard Francis, New York (1) 212-438-
7348; richard_francis@standardandpoors.com



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

PETROECUADOR: To Join U.S. Companies in Oil, Gas Exploration
------------------------------------------------------------
State oil firm PetroEcuador will join two U.S. companies in an
oil and gas exploration off Ecuador's south coast, Bloomberg
reports. The Company is set to sign two contracts with Texas-
based Sundown International and Clipper Energy Co.

Petroecuador spokesman Eduardo Naranjo said the contracts are
part of a drive that started in 2002 to attract investment to
Ecuador's oil and gas industry.

Sundown and Clipper will invest US$10 million in exploration
blocks in the bay off the Guyaquil port, Mr. Naranjo said.

The offshore exploration would be Ecuador's first after 20
years.



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

* PANAMA: High Debt Burden Hampers Debt Rating
----------------------------------------------
Rationale

    - The ratings on the Republic of Panama are supported by:
    - Stable political environment and institution; and
    - Long-standing monetary stability anchored by the use of
      the U.S. dollar.

The ratings are constrained by:

    - Fiscal imbalances limit policy flexibility and are not
      compatible with the framework of Panama's dollarized
      economy; and

    - Moderate trend growth; a dual economic structure,
poverty,
      and unequal income distribution limit domestic demand
      despite comparatively high per-capita GDP.

The ratings on Panama reflect a stable political environment.
Since General Manuel Noriega's dictatorship (1985-1989) ended,
the presidency has alternated between the country's two main
political parties, the Partido Revolucionario Democratico (PRD)
and the Partido Arnulfista (PA), whose chief policy differences
center on the size and role of the state in the economy. Panama
has undergone major political and institutional changes since
1999, including the transfer of ownership of the Panama Canal.
Long-standing monetary stability has been anchored by use of
the U.S. dollar as the official currency since 1904.
Dollarization has underpinned low inflation, which has averaged
1.2% for the past five years and is projected at about 1.6% for
2005-2006.

However, large fiscal imbalances and a high debt burden limit
Panama's policy flexibility. Given official dollarization, the
government can use fiscal policy only to adjust to economic
shocks. In addition to payroll and social security, fiscal
expenditure rigidities reflect a high interest burden-projected
at 20% of general government revenue for 2005-2006. The
interest burden, in turn, reflects gross general government
debt of 64% of GDP for 2005 (excluding holdings of government
debt by the social security regime [CSS]). The lower net
reflects large asset holdings, including the Trust Fund for
Development (TFD) and deposits at Banco Nacional de Panama
(BNP).

To lower the deficit and debt burden, President Martín
Torrijos' government passed a fiscal reform package in February
2005 that includes spending cuts and tax increases. The general
government deficit is projected to decline to 2.0% to 3.5% of
GDP in 2005-2006, from an estimated almost 5.4% of GDP in 2004.
In addition, the passage of reform to CSS implies modest
additional fiscal savings.

Real GDP growth was 6.2% in 2004, given strong global and
regional economic activity that boosted exports, as well as
public sector infrastructure projects and tax incentives on
construction that boosted domestic investment. The pace of
growth is expected to slow during 2005-2006, but to remain
above the 2.7% per year averaged during 1999 to 2003. A
potential negative effect from changes in the tax regime (part
of the fiscal reform package) on business confidence and
investment plans could dampen investment in 2005-2006. However,
progress on a trade agreement with the U.S. and expansion of
the Panama Canal, which could begin as early as 2006, would
support growth.

Domestic demand is constrained by Panama's dual economic
structure, which contributes to income inequalities, relatively
high unemployment, and poverty. Economic activity is highly
concentrated in the two major cities, Panama City and Colón.
The internationally oriented service sectors are not labor-
intensive (excluding tourism) and have limited links with the
rest of the economy. The less-efficient agriculture and
manufacturing sectors have limited growth prospects.

Outlook

The stable outlook reflects the assumption that the government
will implement its reforms to stem fiscal deterioration despite
challenging political resistance. Stronger-than-expected
results of the reforms could generate positive implications for
creditworthiness. The outlook also assumes that any expansion
of the Panama Canal, which would enhance economic opportunities
in Panama, will be managed in a fiscally prudent manner that
imposes little pressure on government finances.

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



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

ACEPAR: Scrap Producers Seek Government Itervention
---------------------------------------------------
Scrap producers, who live off on Acepar's waste metal, have
launched protests against the steelmaker after company
President Sergio Taselli banned them from entering the plant.

Citing an unnamed Acepar official, Business News Americas
reports that the scrap producers are conducting protests
against Acepar outside the governmental palace, demanding
authorities to intervene to let them use and sell the
steelmaker's scrap iron.

"Scrap producers say they have an agreement with the company to
take scrap and waste to produce iron and sell it," the official
said.

However, they are taking pig iron and iron and not scrap,
prompting the President to block them from entering the plant.



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

CENTENNIAL COMMUNICATIONS: Posts Fiscal 1Q06 Improvements
---------------------------------------------------------
- Balanced Success Across All Businesses Continues to Support
Strong Cash Flow

- Fiscal first-quarter income from continuing operations of
$0.14 per diluted share, compared to income of $0.10 per
diluted share from continuing operations in the prior-year
quarter

- Fiscal first-quarter consolidated adjusted operating income
from continuing operations of $94.2 million, compared to $91.6
million in the prior-year quarter which benefited from
approximately $5.5 million of USF support related to prior
periods

- Fiscal first-quarter consolidated revenue from continuing
operations of $237.2 million, up 9 percent year-over-year from
$216.8 million

Centennial Communications Corp. (NASDAQ: CYCL) ("Centennial")
reported Thursday the income from continuing operations of
$14.6 million, or $0.14 per diluted share, for the fiscal first
quarter of 2006 as compared to income from continuing
operations of $10.5 million, or $0.10 per diluted share, in the
fiscal first quarter of 2005. Consolidated adjusted operating
income (AOI)(1) from continuing operations for the fiscal first
quarter was $94.2 million, as compared to $91.6 million for the
prior-year quarter which benefited from approximately $5.5
million of Universal Service Fund (USF) support related to
prior periods.

"We set a course years ago to develop a clear brand message
guided by understanding local market needs," said Michael J.
Small, Centennial's chief executive officer. "We remain focused
on building our local markets and are encouraged by early
evidence of renewed postpaid subscriber growth in our U.S.
markets."

Centennial reported fiscal first-quarter consolidated revenue
from continuing operations of $237.2 million, which included
$107.8 million from U.S. wireless and $129.4 million from
Caribbean operations. Consolidated revenue from continuing
operations grew 9 percent versus the fiscal first quarter of
2005. The Company ended the quarter with 1.31 million total
wireless subscribers, which compares to 1.08 million for the
year-ago quarter and 1.24 million for the previous quarter
ended May 31, 2005. The Company reported 320,200 total access
lines and equivalents for the fiscal first quarter.

"Our consistent ability to execute continues to support strong
cash flow generation across all of our businesses," said
Centennial chief financial officer Thomas J. Fitzpatrick. "Our
financial flexibility and strength and solid operating momentum
will continue to provide opportunities."

Other Highlights

- On August 26, 2005, Centennial announced that it entered into
a new long-term roaming agreement with T-Mobile USA, Inc. The
impact of this roaming agreement was considered when the
Company provided its outlook for the 2006 fiscal year.

- On September 19, 2005, the Company announced that it engaged
Lehman Brothers and Evercore Partners as financial advisors to
assist it in evaluating a range of possible strategic and
financial alternatives. There can be no assurance that the
Company will undertake any particular action as a result of
such evaluation.

- On September 23, 2005, Centennial announced that Carlos T.
Blanco was named President of Centennial de Puerto Rico. Blanco
will have operational responsibility for Puerto Rico's wireless
and broadband businesses, leading the customer service,
marketing, network engineering and sales teams.

Centennial Segment Highlights

U.S. Wireless Operations

- Revenue was $107.8 million, a 5 percent increase from last
year's first quarter. Roaming revenue increased 59 percent from
the prior-year quarter as a result of increased traffic from
robust growth in GSM minutes. Due to recent strong performance,
Centennial expects growth in roaming revenues during fiscal
2006, but anticipates that roaming revenue will remain a small
percentage of consolidated revenue in future periods.

- AOI was $40.7 million, a 15 percent year-over-year decrease,
representing an AOI margin of 38 percent. AOI growth was
pressured by approximately $5.5 million of USF support recorded
during last year's first quarter that related to prior periods.
Increased equipment expense associated with handset upgrades
and costs related to increased minutes-of-use also pressured
margins during the quarter, but growth in roaming revenue
partially offset the effect of these expense increases.

- U.S. wireless ended the quarter with 592,600 total
subscribers including 43,200 wholesale subscribers. This
compares to 564,900 for the year-ago quarter including 13,500
wholesale subscribers and to 586,000 for the previous quarter
ended May 31, 2005 including 39,300 wholesale subscribers. At
the end of the fiscal first quarter, approximately 46 percent
of U.S. retail wireless subscribers were on GSM calling plans.
Postpaid retail subscribers increased 4,600 from the fiscal
fourth quarter of 2005, as the build-out of contiguous
footprint in Grand Rapids and Lansing, MI supported renewed
subscriber growth.

- Capital expenditures were $9.6 million for the fiscal first
quarter as U.S. wireless continued to build out its network and
distribution channels in Grand Rapids and Lansing, MI.

Caribbean Wireless Operations

- Revenue was $95.8 million, an increase of 15 percent from the
prior-year first quarter, driven primarily by solid subscriber
growth.

- Average revenue per user (ARPU) was $46, a 16 percent decline
from the year-ago period, due to the continued impact of robust
prepaid subscriber growth in the Dominican Republic. Postpaid
ARPU in Puerto Rico remained above $70.

- AOI totaled $36.8 million, a 14 percent year-over-year
increase, representing an AOI margin of 38 percent. AOI was
favorably impacted by solid subscriber growth during the
quarter.

- Caribbean wireless ended the quarter with 715,000
subscribers, which compares to 516,700 for the prior-year
quarter and to 658,800 for the previous quarter ended May 31,
2005. Customer growth benefited from strong prepaid subscriber
growth in the Dominican Republic, partially offset by weak
postpaid subscriber growth due to higher involuntary churn in
Puerto Rico and higher overall churn in the Dominican Republic
as Centennial has shifted its marketing emphasis from postpaid
plans to prepaid and hybrid plans in the Dominican Republic.

- Capital expenditures were $10.3 million for the fiscal first
quarter.

Caribbean Broadband Operations

- Revenue was $36.7 million, an increase of 9 percent year-
over-year, driven by strong access line growth.

- AOI was $16.7 million, a 46 percent year-over-year increase,
representing an AOI margin of 46 percent. AOI increased
primarily due to strong access line growth, increased
intercarrier compensation revenue and reduced termination
expenses due to lower per minute access rates.

- Switched access lines totaled approximately 64,700 at the end
of the fiscal first quarter, an increase of 10,700 lines, or 20
percent from the prior-year quarter. Dedicated access line
equivalents were 255,500 at the end of the fiscal first
quarter, a 14 percent year-over-year increase.

- Wholesale termination revenue was $6.6 million, a 13 percent
year-over-year decrease, primarily driven by a decline in
southbound terminating traffic to the Dominican Republic.

- Capital expenditures were $6.8 million for the fiscal first
quarter.

Definitions And Reconciliation

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

Centennial Communications (NASDAQ:CYCL), based in Wall, NJ, is
a leading provider of regional wireless and integrated
communications services in the United States and the Caribbean
with over 1.3 million wireless subscribers and 320,000 access
lines and equivalents. The U.S. business owns and operates
wireless networks in the Midwest and Southeast covering parts
of six states. Centennial's Caribbean business owns and
operates wireless networks in Puerto Rico, the Dominican
Republic and the U.S. Virgin Islands and provides facilities-
based integrated voice, data and Internet solutions. Welsh,
Carson, Anderson & Stowe and an affiliate of the Blackstone
Group are controlling shareholders of Centennial.

To see financial data:
http://bankrupt.com/misc/CENTENNIAL_COMMUNICATIONS.htm

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


DORAL FINANCIAL: Nasdaq Exends Deadline to November 1
-----------------------------------------------------
Doral Financial Corporation (NYSE: DRL) announced that on
October 4, 2005, it received notice from The Nasdaq Stock
Market ("Nasdaq") that a Nasdaq Listing Qualifications Panel
(the "Panel") had extended to November 1, 2005 from September
30, 2005 the deadline for the Company to be in full compliance
with Nasdaq Marketplace Rule 4310(c)(14).

The Panel's decision to continue the listing of the Company's
7% Noncumulative Monthly Income Preferred Stock, Series A,
8.35% Noncumulative Monthly Income Preferred Stock, Series B
and 7.25% Noncumulative Monthly Income Preferred Stock, Series
C (collectively, the "Preferred Stock") on Nasdaq is subject to
the Company filing its Quarterly Reports on Form 10-Q for the
periods ended March 31, 2005 and June 30, 2005, and all filings
that reflect restatements for prior periods, where required, on
or before November 1, 2005.

The Panel noted, however, that if the Company was unable to be
in full compliance with Nasdaq Marketplace Rule 4310(c)(14) by
the November 1, 2005 deadline, the Panel would not entertain
any further requests for extension. Under Nasdaq rules, the
Company may request that the Nasdaq Listing and Hearing Review
Council review this decision within 15 days of the Panel's
determination.

Doral Financial Corporation, a financial holding company, is
the largest residential mortgage lender in Puerto Rico, and the
parent company of Doral Bank, a Puerto Rico based commercial
bank, Doral Securities, a Puerto Rico based investment banking
and institutional brokerage firm, Doral Insurance Agency, Inc.
and Doral Bank FSB, a federal savings bank based in New York
City.

CONTACT: Doral Financial Corporation
         Lucienne Gigante
         Vice President
         Investor Relations
         Phone: (212) 329-3733


DORAL FINANCIAL: Compensation Committee to Revise Terms
-------------------------------------------------------
The Compensation Committee of the Board of Directors determined
on October 3, 2005 that, in light of the increased
responsibilities inherent in their new positions, it was
appropriate to revise the compensation of John A. Ward, III,
Lidio Soriano and Julio Micheo, interim Chief Executive
Officer, interim Chief Financial Officer and Treasurer,
respectively, of Doral Financial Corporation (the "Company").

Accordingly, on October 3, 2005, on the basis of the
recommendation of the Compensation Committee, the Board of
Directors voted to increase Mr. Ward's compensation to $750,000
and award him a bonus equal to $250,000 payable on the earlier
of (i) the recruitment by the Company of a permanent Chief
Executive Officer; or (ii) September 15, 2006. Mr. Ward was
also granted stock options to acquire 100,000 shares of common
stock at an exercise price of $12.76, the market price of the
common stock on the date of grant. The options vest fully on
the earlier of (i) the recruitment by the Company of a
permanent Chief Executive Officer; or (i) September 15, 2006.

In connection with his appointment as interim Chief Financial
Officer, the Board of Directors also voted to increase Mr.
Soriano's salary from $200,000 to $250,000 per year.

In addition, in connection with Mr. Micheo's appointment as
Treasurer, he will receive a salary of $600,000 per year. Prior
to his appointment as Treasurer, Mr. Micheo received an annual
salary equal to $315,000 plus half of the management fees
received by the Company's brokerage subsidiary from a local
investment company, up to an aggregate amount of $600,000 per
year.

CONTACT: Doral Financial Corporation
         Lucienne Gigante
         Vice President
         Investor Relations
         Phone: (212) 329-3733







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

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