TCRLA_Public/051013.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

           Thursday, October 13, 2005, Vol. 6, Issue 203

                            Headlines



A N T I G U A   &   B A R B U D A

LIAT: Revamped as Discount Carrier to Stay Afloat


A R G E N T I N A

ALTO PALERMO: Board to Propose Cash Payment of Dividends
BHEL S.R.L.: Bankruptcy Initiated on Court Orders
BODEGA DEL OESTE: Liquidates Assets to Pay Debts
IAMBI S.R.L.: Judge Approves Creditor's Bankruptcy Petition
LOMA NEGRA: Government Approves Acquisition by Brazilian Firm

PROAMAR S.A.: Proceeds With Liquidation
RENAUTO TUCUMAN: Court Approves Reorganization Request
RESPUESTA MEDICA: Court Declares Company Bankrupt
NARCON CONSTRUCCIONES: Liquidation Process Initiated
SATEGNA COSTA: Seeks Court Approval to Reorganize

STOP CAR: Court Authorizes Plan, Concludes Reorganization
TELECOM ARGENTINA: Initiates Global Debt Issue
TRANSPORTES AUTOMOTORES: Court Declares Company "Quiebra"
* ARGENTINA: IDB Approves $800,000 Grant


B E R M U D A

GLOBAL CROSSING: Expanded Mexican License Includes Voice
RICHMOND INSURANCE: Dissolution Proceeds As Planned


B O L I V I A

AGUAS DEL ILLIMANI: Auditor Search Initiated


B R A Z I L

BANCO BRADESCO: Treasury, Preferred Share Votes on Tap
BANCO BRADESCO: Payment of Complementary Interest Proposed
EMBRATEL PARTICIPACOES: Clarifies Report on Accounting
LIGHT SERVICOS: Six Firms Eyeing Part of EDF's Stake
ROYAL SHELL: Responds to Lawmaker's Allegations

TELEMAR: Commences Debt Tender Offer
UNIBANCO: Proposing Dividend Payment on Capital Stock
VARIG: Brazilian Court Refers GCAS Dispute to U.S. Court
VASP: Local Court Grants Bankruptcy Request
* BRAZIL: Fitch Revises Sovereign Rating Outlook to Positive


C A Y M A N   I S L A N D S

ACROPOLE LIMITED: Buchanan Limited Appointed as Liquidator
ALMOND LIMITED: Appoints Buchanan Limited as Liquidator
ARAMANDA HOLDINGS: Company Enters Liquidation
BCS GLOBAL: Tammy Seymour Appointed as Liquidator
CAPTIVA FINANCE: Shareholder Resolves to Wind Up Company

CLARE IV: David Dyer Named Liquidator
CONTINUITY ASIAN: Taps Q&H Nominees Ltd. as Liquidator
COROMANDEL TREND: Selects Krys, Tomkins as Liquidators
CORONATION GATEHOUSE: Shareholder Voluntarily Winds Up Company
CORONATION SABATON: Q & H Nominees Named Liquidator

DB HEDGE: Creditors Called to Prove Debt Claims Before Nov. 3
HAWTHORNE LTD: Creditors' Claims to be Submitted Nov. 3
HUON HOLDINGS: Appoints Lawrence Edwards as Liquidator
IRU HOLDINGS: Liquidator Selected for Wind Up Process
IRON ORE: Wind Up Process to be Explained to Members Nov. 3

KIRTLAND PDM: To Present Account of Wind Up Process to Members
LMCG MEDSCIENCE: To Authorize Liquidators to Retain Records
MCCONNELL ENTERPRISES: Shareholder Voluntarily Winds Up Firm
OSCAR FUNDING: Shareholder Decides on Voluntary Liquidation
ROXIO CI: Account Liquidation Set for Final Meeting

ROYAL TRUST: Shareholder Decides to Wind Up Affairs
SECOND REBECCA: Shareholders Voluntarily Wind Up Company
SOUTHBRIDGE INVESTMENTS: Claims Verification Ends Nov. 3
SWEETPEA LIMITED: Selects Liquidator
TENET OFFSHORE: Creditors to Submit Claims Before Nov. 5

THE MACRO (MASTER): Debt Filings Due Before Nov. 3
TRANSPORT COMMUNITY: Taps Le Roux, Jon Roney as Liquidators
VINTAGE PETROLEUM: Proof of Claims Due by October 22
WILSHIRE FUND: Shareholders Resolve to Wind Up Firm
ZAIS MATRIX: To Hold Final Meeting at Deutsche Bank Nov. 3


E L   S A L V A D O R

BANCO AMERICANO: Liquidity Pressures Keep Ratings Negative


M E X I C O

AEROMEXICO: Warns of Rising Fuel Price Complications
ASARCO: Seeks Extension to to File Schedules
BANCO MERCANTIL: Ratings Reflect Various Efficiency Challenges
VITRO: Puts Corporate Headquarters on the Block


V E N E Z U E L A

BANPLUS: Regulator Seeks to Sell Bank to Private Investor
PDVSA: Files 2003 Annual Report With U.S. SEC


     - - - - - - - - - -


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

LIAT: Revamped as Discount Carrier to Stay Afloat
-------------------------------------------------
Embattled Antigua-based regional airline LIAT relaunched itself
as a low-cost carrier on Tuesday, the Associated Press reports.
To keep flying despite soaring operational costs and increased
competition, LIAT is offering fares as low as $22 on some
routes for passengers who book early.

Airline marketing manager Danny Oliver said LIAT will also
introduce an e-ticketing system throughout its 18-island
network. The airline received a $16.2 million pledge from its
owners as aid in leasing new aircraft and in changing its
operational structure, according to LIAT Chairman Jean Holder.

LIAT is jointly owned by the governments of Barbados, St.
Vincent, Trinidad and Antigua. Nonstop service is now being
offered to those destinations.

The airline's CEO Gary Cullen said LIAT's commercial and
financial results continue to improve after a slump in travel
resulting from the 2001 terror attacks in the United States.

In 2002 LIAT laid off 241 employees, about one-third of its
work force. Over the last three years it has received several
bailout packages.

The airline has also struggled with high fuel costs and
competition from rival carriers.



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

ALTO PALERMO: Board to Propose Cash Payment of Dividends
--------------------------------------------------------
The Board of Directors of Alto Palermo S.A. (APSA) will propose
to the shareholders the cash payment of dividends in the amount
of ARS29,000,000. In a letter sent to the Comision Nacional de
Valores on October 6, 2005 the Company reported that the Board
of Directors called an Ordinary and Extraordinary Shareholder's
Meeting to be held on November 1, 2005 in the Company's
premises at 3:00 p.m., Buenos Aires time.

In addition of the deliberation over the ordinary shareholder's
meeting proper matters, the Board of Directors will propose for
shareholders approval:

- The cash payment of dividends for the amount of Argentinean
pesos $29,000,000;

- The analysis of the last period, which result in a profit of
Argentinean pesos $33,255,400;

- The payment of the Directors' remuneration for the amount of
Argentinean pesos $4,656,999;

- The merge of the Company with Alto Research Development S.A.

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


BHEL S.R.L.: Bankruptcy Initiated on Court Orders
-------------------------------------------------
Bhel S.R.L. enters bankruptcy protection after La Plata's 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. Jaime Jose Tocho as
trustee. Mr. Tocho 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 submission for the said reports are
yet to be disclosed.

CONTACT: Bhel S.R.L.
         Calle 44 Nro. 2215
         La Plata

         Mr. Jaime Jose Tocho, Trustee
         Calle 63 Nro. 1721 y 1/2
         La Plata


BODEGA DEL OESTE: Liquidates Assets to Pay Debts
------------------------------------------------
Buenos Aires-based Bodega del Oeste S.A. will begin liquidating
its assets following the pronouncement of the city's court that
the Company is bankrupt, reports Infobae.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Miguel Angel Troisi. The trustee
will verify creditors' proofs of claim until Nov. 14, 2005. The
validated claims will be presented in court as individual
reports on Feb. 7, 2006.

Mr. Troisi will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, April 10, 2006.

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

CONTACT: Mr. Miguel Angel Troisi, Trustee
         Cerrito 146
         Buenos Aires



IAMBI S.R.L.: Judge Approves Creditor's Bankruptcy Petition
-----------------------------------------------------------
Iambi S.R.L. was declared bankrupt after Court No. 12 of Buenos
Aires' civil and commercial tribunal endorsed the petition of
Banco Rio de la Plata S.A. for the Company's liquidation.
Argentine daily La Nacion reports that Banco Rio de la Plata
S.A. has claims totaling $69,048.92 against Iambi S.R.L.

The court assigned Mr. Luis Chelala to supervise the
liquidation process as trustee. Mr. Chelala will validate
creditors' proofs of claim until Dec. 7, 2005.

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

CONTACT: Iambi S.R.L.
         Senillosa 370
         Buenos Aires

         Mr. Luis Chelala, Trustee
         Avenida Corrientes 2335
         Buenos Aires


LOMA NEGRA: Government Approves Acquisition by Brazilian Firm
-------------------------------------------------------------
Brazilian engineering company Camargo-Correa's (CCG) purchase
of Argentine cement producer Loma Negra's holding company has
gained authorization from the Argentine government. According
to Dow Jones Newswires, Argentina's secretary of technical
coordination, the agency that oversees the country's antitrust
regulatory body, approved CGC's purchase of Holdtotal for
US$1.025 billion.

Loma Negra is Argentina's largest cement maker, with nine
plants and 1,850 employees. The Company formerly belonged to
Amalia Lacroze de Fortabat, the country's richest woman.


PROAMAR S.A.: Proceeds With Liquidation
---------------------------------------
Liberty Aseguradora de Riesgos de Trabajo S.A. successfully
sought for the bankruptcy of Proamar S.A. after Buenos Aires'
civil and commercial Court No. 12 declared the Company
"Quiebra," reports La Nacion.

As such, Proamar S.A. will now start the process with Mr.
Leandro Villari as trustee. Creditors must submit proofs of
their claim to the trustee by Dec. 7, 2005 for authentication.
Failure to comply with this requirement will mean a
disqualification from the payments that will be made after the
Company's assets are liquidated.

The creditor sought for the Company's liquidation after the
latter failed to pay debts amounting to $9,577.84.

The city's Clerk No. 24 assists the court on the case that will
close with the sale of all of its assets.

CONTACT: Proamar S.A.
         Gualeguay 1255
         Buenos Aires

         Mr. Leandro Villari, Trustee
         Talcahuano 316
         Buenos Aires


RENAUTO TUCUMAN: Court Approves Reorganization Request
------------------------------------------------------
Renauto Tucuman S.A. will begin reorganization following the
approval of its petition by San Miguel Tucuman's civil and
commercial 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. Julio Cesar Vera will oversee the reorganization
proceedings as the court-appointed trustee. He will verify
creditors' claims until Oct. 27, 2005. The validated claims
will be presented in court as individual reports on Dec. 9,
2005.

Mr. Vera 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 Feb. 21, 2006.

CONTACT: Mr. Julio Cesar Vera, Trustee
         San Juan 290
         San Miguel de Tucuman (Tucuman)


RESPUESTA MEDICA: Court Declares Company Bankrupt
-------------------------------------------------
Court No. 12 of Buenos Aires' civil and commercial tribunal
declared local company Respuesta Medica Emergencias S.R.L.
"Quiebra", relates La Nacion. The court approved the bankruptcy
petition filed by Congregacion Hijas de San Camilo, whom the
Company has debts amounting to $93,827.75.

The Company will undergo the bankruptcy process with Mr. Juan
Fontecha as trustee. Creditors are required to present proofs
of their claim to Mr. Fontecha for verification before Dec. 21,
2005. Creditors who fail to submit the required documents by
the said date will not qualify for any post-liquidation
distributions.

Clerk No. 23 assists the court on the case.

CONTACT: Respuesta Medica Emergencias S.R.L.
         Virgilio 2664
         Buenos Aires

         Mr. Juan Fontecha, Trustee
         Parana 785
         Buenos Aires


NARCON CONSTRUCCIONES: Liquidation Process Initiated
----------------------------------------------------
Buenos Aires' civil and commercial court ordered the
liquidation of Narcon Construcciones y Servicios 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. Enrique
Carlos Quadraroli, the court-appointed trustee.

Mr. Quadraroli will verify creditors' proofs of claim until
Nov. 21, 2005. The verified claims will serve as basis for the
individual reports to be submitted in court on Feb. 3, 2006.
The submission of the general report follows on March 17, 2006.

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

CONTACT: Mr. Enrique Carlos Quadraroli, Trustee
         Parana 425
         Buenos Aires


SATEGNA COSTA: Seeks Court Approval to Reorganize
-------------------------------------------------
Sategna Costa Afuera S.A., a company operating in Buenos Aires,
has requested for reorganization after failing to pay its
liabilities. The reorganization petition, once approved by the
court, will allow the Company to negotiate a settlement with
its creditors in order to avoid a straight liquidation.

The case is pending before Court No. 20 of the city's civil and
commercial tribunal. Clerk No. 40 assists on this case.

CONTACT: Sategna Costa Afuera S.A.
         Reconquista 559
         Buenos Aires


STOP CAR: Court Authorizes Plan, Concludes Reorganization
---------------------------------------------------------
Buenos Aires-based company Stop Car S.A. concluded its
reorganization process, according to data released by Infobae
on its Web site. The conclusion came after the city's court
homologated the debt plan signed between the Company and its
creditors.

CONTACT: Stop Car S.A.
         Buenos Aires


TELECOM ARGENTINA: Initiates Global Debt Issue
----------------------------------------------
Telecom Argentina S.A. has resolved in an Ordinary and
Extraordinary Shareholders Meeting of the controlled subsidiary
Telecom Personal S.A. held on October 6 the creation of a
Global Program for the issuance of Simple, Unsecured Notes, up
to the maximum outstanding at any time of US$500,000,000 or its
equivalent in other currencies ("The Global Program").

Mr. Pedro Gaston Insussarry, Responsible for Market Relations
of the Company, wrote that the shareholders also resolved the
request to the Comision Nacional de Valores the authorization
for Telecom Personal to enter in the public offer regime, and
the authorization of the Global Program, in order to be in
condition to obtain the authorization of public offer of Notes
that will be issued under such program.

As expressed by the representative of Telecom Argentina in the
above mentioned Meeting, and the commitments assumed by the
Board of Directors of Telecom Personal in the meeting held
today, the issuances under the Global Program and up to the
maximum amount, will be made in strict compliance with the
commitments assumed by Telecom Personal and Telecom Argentina
with its financial creditors in the respective debt
restructuring documents.

CONTACT: TELECOM ARGENTINA S.A.
         Pedro Insussarry
         Phone: (54-11) 4968-3743

         Moira Colombo
         Phone: (54-11) 4968-3627

         Gaston Urbina
         Phone: (54-11) 4968-3628

         Morgan Stanley & Co. Incorporated
         Carlos Medina
         Phone: (1-212) 761-6520

         MBA Banco de Inversiones S.A.
         Diego Steverlynck
         Phone: (54-11) 4319-5865


TRANSPORTES AUTOMOTORES: Court Declares Company "Quiebra"
---------------------------------------------------------
Court No. 21 of Buenos Aires' civil and commercial tribunal
declared Transportes Automotores Riachuelo S.A. bankrupt, says
La Nacion. The ruling comes in approval of the petition filed
by the Company's creditor, Ms. Rita Lezcano, for nonpayment of
$24,759.85 in debt.

Trustee Maximo Piccinelli will examine and authenticate
creditors' claims until Dec. 28, 2005. This is done to
determine the nature and amount of the Company's debts.
Creditors must have their claims authenticated by the trustee
by the said date in order to qualify for the payments that will
be made after the Company's assets are liquidated.

Clerk No. 42 assists the court on the case, which will conclude
with the liquidation of the Company's assets.

CONTACT: Transportes Automotores Riachuelo S.A.:
         Pichincha 1765
         Buenos Aires

         Mr. Maximo Piccinelli, Trustee
         Montevideo 666
         Buenos Aires


* ARGENTINA: IDB Approves $800,000 Grant
----------------------------------------
- MIF resources to support Fondo de Capital Social S.A.

The Multilateral Investment Fund announced Tuesday the approval
of a $800,000 grant to help consolidate the microfinance system
in Argentina by supporting Fondo de Capital Social S.A.
(FONCAP).

"In Argentina there is a pressing need to expand the credit
frontier and design new financial services geared to the
microenterprise sector," said MIF team leader Susana Garcˇa-
Robles. "The economic crisis at the beginning of this decade
saw unemployment climb, generating a sharp increase in informal
sector activity both in social terms and in terms of this
sector's contribution to gross domestic product."

There are nearly two million microentrepreneurs in Argentina,
of which approximately 72 percent could theoretically qualify
for credit. Around 40 percent of them do not have access to
formal lending and to the payments system.

FONCAP is a second-tier microfinance institution that provides
technical and credit support to organizations and groups of
micro and small entrepreneurs that wish to develop sustainable
operations, eliminating barriers in access to lending
particularly to those with less financial resources.

FONCAP is an initiative of the Argentine Ministry of Social
Development, created in 1997 as a private law company to manage
trust funds for developing microfinance institutions. Accion
International, a non-governmental organization with a
recognized record of providing financial support to the
microenterprise sector in Latin America, was a founding
shareholder of FONCAP with 45 percent of the shares, increasing
its equity to 51 percent of total shares in 2002. Accion
International has 30 years experience working in Latin America
as a provider of technical assistance, credit and equity to
microenterprise.

FONCAP has recently implemented a program with the Spanish
International Cooperation Agency (AECI) that will provide a
loan of 3 million euros to respond to the institutional demand
for microfinance. Through a coordinated effort with AECI,
FONCAP will be endowed with stability and financial resources
so that it can grow, train new technical personnel in
microfinance methodology, expand its coverage, considerably
increase its portfolio and be sustainable.

The design of the program enables coordination of the two
FONCAP operations with AECI and the IDB, and it also enables
MIF to have a major impact on strengthening several first-tier
entities with the potential to expand the channeling of
resources for microfinance in an efficient manner. As a second-
tier institution FONCAP can obtain major economies of scale.

The IDB-financed project will consolidate and strengthen FONCAP
technically at an institutional level as a leading second-tier
microfinance institution, which will provide technical
assistance and training to first-tier microfinance
institutions. The project will also disseminate information and
create awareness of opportunities in the microfinance industry.

The Multilateral Investment Fund, a member of the Inter-
American Development Bank Group, provides grants and
investments to promote development of the private sector in
Latin America and the Caribbean.

CONTACT: Inter-American Development Bank
         Website: http://www.iadb.org/



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

GLOBAL CROSSING: Expanded Mexican License Includes Voice
--------------------------------------------------------
Global Crossing (Nasdaq: GLBC - News) announced Tuesday that
the Mexican Ministry of Communications and Transportation has
granted its Mexican subsidiary, Global Crossing Landing
Mexicana, S. de R.L. ("GCLM"), an amendment to its public
telecommunications network concession, allowing it to provide
voice services in Mexico. The company will now be permitted to
sell voice services directly to Mexican-based businesses and
carriers. The new services will enhance Global Crossing's
portfolio of products for new and existing customers in the
country. Global Crossing has been providing data services in
Mexico since 1999.

"Global Crossing's IP network already provides Mexican
businesses with top-quality data services, and we're delighted
to offer voice as well," commented Jose Antonio Rios, chief
administrative officer and international president of Global
Crossing. "Mexico is a key market for Global Crossing, and
we're committed to serving our Mexican customers with our
state-of-the-art network and product portfolio."

"Mexican businesses are looking forward to accessing all of the
benefits voice over IP has to offer," said Adrian Gonzalez,
managing director of Global Crossing Landing Mexicana. "I'm
pleased that we now have the license to offer technology such
as VoIP at a local level."

Global Crossing's significant Mexican operations are
headquartered in Mexico City, with a terrestrial network
connecting Mexico City, Monterrey, Guadalajara and Mazatlan.
Through its subsea system, Global Crossing connects facilities
in Tijuana and the rest of its global network, delivering
services to 500 cities in 50 countries around the world.

                 ABOUT GLOBAL CROSSING

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

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

CONTACT:

     GLOBAL CROSSING
     Press Contact
     Kendra Langlie
     +1 305 808 5912
     LatAmPR@globalcrossing.com

     Analysts/Investors Contact
     Laurinda Pang
     +1 800 836 0342
     glbc@globalcrossing.com

     URL: http://www.globalcrossing.com


RICHMOND INSURANCE: Dissolution Proceeds As Planned
---------------------------------------------------
Richmond Insurance Company Ltd., a Bermuda holding company
whose biggest shareholder is American International Group Inc.,
is close to being wound up, the Royal Gazette suggests. Last
month, Richmond sold its European rent-a-captive, Euroguard, to
Guardrisk Insurance Company Limited, a South African company
for a "fair price."

The operation follows the sale of its Bermuda unit, Norfolk
Reinsurance Co. Ltd. AIG did not disclose the price or the
buyer of the unit.

Both Euroguard and Norfolk were set up as rent-a-captive
companies. Under this type of structure the insured gets to
'rent' space in the company, forming, in effect, a mini-
captive. It is common for the structure to be designed as a
segregated cell, which legally separates each 'mini-captive'
from the liabilities of any other cells.

The sale of both operations leaves Richmond with only its
Dublin and Barbados units.

Earlier this year, Richmond, a holding company that counted AIG
as a large customer, surrendered its insurance license to
financial services regulator, the Bermuda Monetary Authority.

At the time, an AIG official in Bermuda said Richmond was
winding up operations by putting its four units on the block or
into run off. An insurance company in run off remains open for
a time to honor claims from policies still in effect, but does
not sell any new policies.

AIG at first hid the truth from regulators about its
relationship with Richmond, saying it was only a minority
stakeholder, and did not have control over the Company.

It was only in May that AIG admitted to hiding its control of
offshore reinsurers, including Richmond, after US authorities
began probing AIG's offshore structure.

In June, AIG had to increase its 19.9% stake in Richmond after
its largest shareholder, Germany's Munich Re, exercised its put
option. AIG bought out Munich's 49.9% stake for $12.2 million.

The Gazette reveals Richmond is based at AIG's Bermuda office
on Richmond Road, its management agreement was with an AIG
company, and AIG was the only investor at risk because other
shareholders held put options to sell back shares at any time,
at cost. The put options were guaranteed by former chief
executive Maurice (Hank) Greenberg.



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

AGUAS DEL ILLIMANI: Auditor Search Initiated
--------------------------------------------
The process of hiring a consultancy to carry out an audit on
waterworks concessionaire Aguas del Illimani (Aisa) has
started, reports Business News Americas. A spokesperson from
the basic services regulator, Sisab, said the regulator has
"sent invitations along with the terms of reference and the
specifications of the audit to four major international
auditing specialists."

The auditing firms, whose names have not been released, have
until October 28 to prepare and present proposals.

The audit will cover technical, commercial, financial and
economic, environmental and legal aspects of Aisa's performance
of its concession to operate potable water and sanitation
services in capital La Paz and its satellite city El Alto.

AISA, a subsidiary of French energy company Suez, was notified
by the government last year that its contract has been
rescinded after residents complained about lack of services in
parts of the city.



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

BANCO BRADESCO: Treasury, Preferred Share Votes on Tap
------------------------------------------------------
The stockholders of Banco Bradesco S.A. will gather in a
Special Stockholders' Meeting on November 11, 2005 to examine
the Board of Directors' proposal to cancel the shares held in
treasury, existing on the date of the Meeting, representatives
of its own Capital Stock, without reduction thereof.

The Board of Directors will also propose to:

1. Increase the capital stock in the amount of
R$3,000,000,000.00, from R$10,000,000,000.00 to
R$13,000,000,000.00, by using a portion of the balance in the
"Profit Reserve - Statutory Reserve" account, attributing to
the Company's stockholders, on a free basis, as bonus stock
held, 1 (one) new stock, of the same type, for each stock
possessed. The bonus stock held on a date to be announced to
the market by the Company, after the process is approved by the
Central Bank of Brazil.

Simultaneously to the operation in the Brazilian Market, and in
the same proportion, the bonus stock will benefit the DRs
holders - Depositary Receipts in the U.S. (NYSE) and European
(Latibex) Markets, as investors will receive one (1) new DR for
each DR held, which will continue to be traded at the ratio of
one (1) preferred stock for one (1) DR, in the respective
markets.

The operation aims at providing an improved liquidity to the
shares, with the subsequent adjustment to the quote value on
the market to a more attractive level for trading, not implying
an increase in the distribution of monthly dividends and/or
interest on own capital.

Thus, the monthly interest on own capital to be declared after
including the bonus stock in stockholders' positions, will have
its value adjusted, from R$0.057000 to R$0.028500 per common
stock and from R$0.062700 to R$0.031350 per preferred stock, so
that the stockholders will continue receiving equal amount of
Interests.

Current stocks issued by the Company will continue to be
traded, entitled to bonus stock, and new stocks will be made
available for trading after the approval of respective process
by the Central Bank of Brazil and included in the stockholders'
position, which will be purpose of announcement to the market.
The unit price to be attributed to the bonus stock, pursuant to
the provisions in the Paragraph 1st of Article 25 of the
Normative Ruling of the Brazilian Internal Revenue Service 25,
as of 3.6.2001, will be informed on the date of the Meeting.

Dividends - Stocks resulting from the bonus stock will be
entitled to monthly dividends and/or interest on own capital,
and possibly complementary dividends and/or interests to be
declared from the date the new stocks are included in the
stockholders' position. They also will be fully entitled to
possible attributed advantages to other stocks from the
referred date.

2. Ammend the "caput" of Article 6, of the Company's Bylaws, as
a result of the previous items.

The meeting will be held at 4:00 p.m., at the Company's head
office, located at Cidade de Deus, Vila Yara, Osasco, Sao
Paulo, in the "Salao Nobre", on the 5th floor of Predio Novo.

CONTACT: Banco Bradesco S.A.
         Stock and Custody Department
         Email: 4010.acoes@bradesco.com.br
         Phone: (55 11) 3684-9281


BANCO BRADESCO: Payment of Complementary Interest Proposed
----------------------------------------------------------
The Management Bodies of Banco Bradesco S.A., gathered in
meetings held on October 10, 2005, decided that the Board of
Executive Officers will propose to the Company's Board of
Directors, in a meeting of this body to be held on November 11,
2005, the payment to the Company's stockholders of
Complementary Interest on Own Capital relating to the fiscal
year of 2005, in the amount of R$1.755955872 per common stock
and R$1.931551459 per preferred stock, which represent
approximately 30.8 times the monthly interest paid, benefiting
the stockholders registered in the Bank's books on that date
(November 11, 2005).

Upon approval of this proposal, the payment will be settled on
April 28th, 2006, in the net amount of R$1.492562491 per common
stock and R$1.641818741 per preferred stock, already deducting
fifteen percent (15%) withholding Income Tax, except for
corporate entities stockholders, which are exempted from this
taxation, and thus will receive the declared amount.
The Interest on Own Capital related to the stocks deposited at
CBLC (Brazilian Clearing and Depositary Corporation) shall be
paid to the referred CBLC, which will transfer this interest to
the stockholders by means of depositor Brokerage Houses.

The capital remuneration policy adopted by Bradesco aims the
distribution of Interest on Own Capital in the maximum
calculated amount in conformity with the current legislation,
which are determined, net of withholding Income Tax, in the
calculation of mandatory dividends of the fiscal year as
provided in the Company's Bylaws.

The Board of Executive Officers, based on the net income posted
in the fiscal year of 2005, may propose to the Board of
Directors the distribution of Dividends to the Company's
stockholders, complementing Interest paid and declared in the
fiscal year.

CONTACT: Banco Bradesco S.A.
         Stock and Custody Department
         Email: 4010.acoes@bradesco.com.br
         Phone: (55 11) 3684-9281


EMBRATEL PARTICIPACOES: Clarifies Report on Accounting
------------------------------------------------------
Embratel Participacoes S.A. requested clarification on the news
published by Newspaper Valor Economico on October 6, 2005,
under the title "Embratel and Telefonica solve interconnection
dispute" and any further clarification thought to be of
relevance, particularly accounting impacts that may result.

Investor Relations Director Isaac Berensztejn wrote:

Reference is made to the above correspondence. We clarify that
the article published in the October 6, 2005 edition of
newspaper Valor Economico relates to several historical
disputes between the companies that were part of an agreement.
As a result of the agreement, some income statement and balance
sheet accounts in the third quarter 2005 will be impacted, but
the net impact on the company's cash is insignificant.

Embratel is the premier communications provider in Brazil
offering a wide array of advanced communications services over
its own state of the art network. It is the leading provider of
data and Internet services in the country and is well
positioned to be the country's only true national local service
provider for corporate customers. Service offerings include:
telephony, advanced voice, high-speed data communication
services, Internet, satellite data communications, corporate
networks and local voice services for corporate clients.
Embratel is uniquely positioned to be the all-distance
telecommunications network of South America. The Company's
network has countrywide coverage with 32,466 km of fiber
cables.

CONTACT: Embratel Participacoes S.A.
         Silvia M.R. Pereira
         Investor Relations
         Phone: (55 21) 2121-9662
         Fax: (55 21) 2121-6388
         E-mail: silvia.pereira@embratel.com.br
                 invest@embratel.com.br


LIGHT SERVICOS: Six Firms Eyeing Part of EDF's Stake
----------------------------------------------------
There are at least six companies interested in buying
struggling Rio de Janeiro distributor Light Servicos de
Eletricidade SA, Business News Americas.

Among the companies reportedly interested are:

   - Minas Gerais state power company Cemig
   - Power group CPFL Energia
   - Rio de Janeiro power distributor Ampla
   - Telecommunications company Telemar
   - Investment group GP Investimentos
   - Engineering company Andrade Gutierrez

In September, French state-owned power company EDF authorized
US investment bank Goldman Sachs to start a process to sell
part of its 95% stake in Light. EDF has a preference for a
local partner that knows the Brazilian market.

Light, which distributes power in city of Rio de Janeiro and
surrounding towns, recently came out of two years of default
after signing a US$742-million debt restructuring agreement
with 12 creditor banks and obtaining a US$400-million capital
injection from EDF.


ROYAL SHELL: Responds to Lawmaker's Allegations
-----------------------------------------------
Anglo-Dutch oil company Royal Shell denied allegations by a
local lawmaker that the Company is not declaring to government
authorities part of the oil produced at the Bijupira-Salema
field in the Campos basin, reports Business News Americas.

Earlier this week, Luciano Zica, a left-wing congressman in
Brazil's ruling Workers Party (PT), alleged that while Shell
declares to export some 70,000 barrels of oil a day from these
oil fields, the Company may be exporting as much as 100,000
b/d.

The congressman said his suspicion was based on observations by
oil workers at Brazil's state oil company Petrobras SA (PBR) of
movements of oil shipments at the field above those necessary
for the smaller, declared production. Zica did not say, who
those oil workers were.

But Shell denied the accusation, saying production monitoring
is performed by high-precision devices submitted to regular
inspection by Brazil's hydrocarbons regulator ANP.

The ANP backed Shell's assertion. ANP director John Forman said
the regulator carries out regular inspection of Shell's
production monitoring devices and did not find anything
suspicious.


TELEMAR: Commences Debt Tender Offer
------------------------------------
Tele Norte Leste Participacoes S.A. ("TNL") has commenced a
cash tender offer for up to US $150,000,000 of its US
$300,000,000 8.00% notes due December 18, 2013 (the "Notes").

Rationale for the transaction:

TNL is taking advantage of its strong cash flow generation,
solid balance sheet and financial position to repurchase up to
US $150,000,000 of its outstanding Notes.

With this transaction, TNL is seeking to decrease its average
cost of funding and once again demonstrate to the market that
it is capable of efficiently managing its assets and
liabilities.

Information pertaining to the repurchase:

TNL has commenced a cash tender offer for up to US $150,000,000
outstanding aggregate principal amount of TNL's US $300,000,000
8.00% Notes due 2013 (CUSIP Nos.: 879246AB2, 879246AA4 and
P90369AA0; ISIN Nos. US879246AB24, US879246AA41 and
USP90369AA07; Common Code Nos. 020292709 and 018258609). The
offer is made upon the terms, and subject to the conditions,
set forth in the Offer to Purchase, dated October 11, 2005 (the
"Offer to Purchase").

The purchase price for each US $1,000 principal amount of Notes
validly tendered and not properly withdrawn pursuant to the
offer, shall be the price (calculated as described in the Offer
to Purchase) equal to (i) the present value on the settlement
date of US $1,040 (the amount payable on December 18, 2008,
which is the next call date for the Notes (the "Next Call
Date")) and the present value of the interest that would be
payable on, or accrue from, the last interest payment date
until the Next Call Date, in each case determined on the basis
of a yield to the Next Call Date equal to the sum of (x) the
bid-side yield (as quoted on Bloomberg Page PX5 at 2:00 p.m.,
New York City time, on the price determination date) on the 3-
3/8 % U.S. Treasury note due December 15, 2008, plus (y) 190
basis points (such price being rounded to the nearest cent),
minus accrued and unpaid interest from the last interest
payment date to, but not including, the settlement date, minus
(ii) US $20 per US $1,000 principal amount of Notes (the "Early
Tender Premium"). Each noteholder who validly tenders and does
not properly withdraw its Notes prior to 5:00 p.m., New York
City time, on Wednesday, October 26, 2005, will receive the
Early Tender Premium. In addition, registered holders of the
Notes who validly tender and do not properly withdraw their
Notes in the offer will also receive accrued and unpaid
interest from the last interest payment date to, but not
including, the settlement date. The price determination date is
expected to be Monday, November 7, 2005.

The offer is scheduled to expire at 5:00 p.m., New York City
time, on Wednesday, November 9, 2005, unless extended or
earlier terminated (such date and time, as the same may be
extended or earlier terminated, the "Expiration Date").
Settlement of the offer is expected to occur on the second
business day following the Expiration Date.

TNL has retained Citigroup Corporate and Investment Banking to
act as Dealer Manager for the offer and Global Bondholder
Services Corporation to act as the depositary and information
agent for the offer.

Requests for documents may be directed to:

   Global Bondholder Services Corporation
   Tel: +1 (866) 470-4200 (in the United States)
        +1 (212) 430-3774

            or in writing at:

   Global Bondholder Services Corporation
   65 Broadway - Suite 704
   New York, New York 10006
   Attn. Corporate Actions

These documents contain important information, and holders
should read them carefully before making any investment
decision. Questions regarding the offer may be directed:

    Citigroup Corporate and Investment Banking
    Tel: +1 (800) 558-3745 (in the United States)
         +1 (212) 723-6108 (outside the United States, call
                               collect)

             or in writing at:

    Citigroup Corporate and Investment Banking
    Liability Management Group
    390 Greenwich Street, 4th Floor
    New York, New York 10013


UNIBANCO: Proposing Dividend Payment on Capital Stock
-----------------------------------------------------
The Board of Officers of UNIBANCO - Uniao de Bancos Brasileiros
S.A ("Unibanco") and of UNIBANCO HOLDINGS S.A. ("Unibanco
Holdings") have decided to propose to their respective Boards
of Directors to hold meetings on October 20, 2005 in order to
discuss:

The payment of Quarterly Interests, related to the third
quarter of 2005, in the gross total amount of R$56.7 millions
and R$27.4 millions, and net total amount of R$48.2 millions
and R$23.3 millions, respectively to Unibanco and Unibanco
Holdings, to be made on October 31, 2005.

This payment shall be considered as part of the mandatory
dividend corresponding to the fiscal year of 2005, in
accordance with the provisions of paragraph 7th article 9th of
Federal Law 9,249/95, paragraph 8th of article 44 of the by-
laws of Unibanco and the sole paragraph of article 35 of the
bylaws of Unibanco Holdings.

Should the Quarterly Interest proposals described herein be
approved by the respective Boards of Directors, the
shareholders of Unibanco and/or Unibanco Holdings shall have
the right to receive the interest on capital stock in
accordance with the gross and net amounts set forth in the
table below. Such values correspond to one (1) share, one (1)
Share Deposit Certificate ("Unit")*, or one (1) "Global
Depositary Share" ("GDS")**, as the case may be. An income tax
rate of fifteen percent (15%) shall apply, resulting in the net
values.

To see net values: http://bankrupt.com/misc/UNIBANCO.htm

Should the proposals above of the Board of Officers be
approved:

In Brazil, October 20, 2005 will be considered as "Record Date"
for the purpose of determining the right to receive the payment
of interest on capital stock, on October 31, 2005. Unibanco's
and Unibanco Holdings' shares and Units will trade ex-interest
on capital stock from October 21, 2005.

In the United States of America, October 25, 2005 will be
considered as "Record Date" for the purpose of attending the
obligations assumed by the GDS program maintained by the
Companies. The GDSs will trade ex-interest on capital stock
from October 21, 2005.

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


VARIG: Brazilian Court Refers GCAS Dispute to U.S. Court
--------------------------------------------------------
The Hon. Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York, at the request of Vicente Cervo
and Eduardo Zerwes, the Foreign Representatives appointed in
the reorganization proceedings of VARIG S.A. and its debtor-
affiliates, directs GE Commercial Aviation Services, LLC, and
JPMorgan Chase Bank to show cause before the U.S. Court in New
York, on Oct., 2005, why an order should not be issued
compelling them to deliver certain property of the Foreign
Debtors' estate, or the proceeds of the property, to the
Foreign Representatives.

The Bankruptcy Court had previously denied the Debtors' request
to direct GE Commercial Aviation Services, LLC, to turn over
the Debtors' receivables in its possession.  Judge Drain said
he recognizes the jurisdiction of the Brazilian courts to
decide issues involving VARIG and GE Commercial Aviation
Services, LLC, regarding the Judicial Recovery Plan.

As reported in the Troubled Company Reporter, Mr. Cervo and Mr.
Zerwes alleged that GE Commercial wrongfully instructed
JPMorgan Chase Bank, N.A., to distribute funds out of the
Foreign Debtors' JPMorgan account as accelerated payment of a
prepetition debt.

GE Commercial had served a notice on JPMorgan declaring a
default -- as a result of the Foreign Debtors' bankruptcy in
Brazil and the Section 304 Proceedings.  In accordance with the
instructions in the Default Notice, yet without notice to the
Foreign Debtors, JPMorgan wired $5,076,961 to GE Commercial.
The total amount disbursed by JPMorgan constituted the proceeds
of the Foreign Debtors' accounts receivable

                        GECAS Defends Case

The Foreign Debtors' submitted their request before the 8th
Corporate Court of the District of Rio de Janeiro following
Judge Drains' denial.

Joao Luiz Aguiar de Medeiros and Luiz Fernando Valente de
Paiva, counsel to GECAS in Rio Janeiro, tell the Brazilian
Court that VARIG omitted a relevant fact.  The debt VARIG
assumed was already due when they entered into a settlement
agreement with the Lessors.  The Lessors only agreed to grant a
new time limit to pay it off and to pardon part of the debt if
VARIG complied with certain obligations and if they abstained
from committing certain acts -- it being certain that any
failure to comply with the obligations would make the debt
immediately and fully due and payable.

Mr. Aguiar argues that GECAS and the Lessors' exercise of their
contractual rights does not violate any material Brazilian law
or infringe any procedure rules and principles of the Code of
Civil Procedure or the New Bankruptcy Law of Brazil.

Mr. Aguiar explains that under the Settlement Agreement, the
Lessors agreed to reschedule the debt in monthly payments
beginning in March 2004 and terminating in December 2009.  If
and only if there were no occurrence of an event of default and
VARIG and Rio Sul paid $83,000,000 of the total debt within a
certain time, the Lessors would pardon the remaining
$38,471,000.

"The Lessors granted VARIG and Rio Sul a clear, effective and
unquestionable commercial benefit, which today could amount to
approximately BRL90,000,000," Mr. Aguiar says.

Mr. Aguiar notes that VARIG granted the Lessors a real
guarantee for a portion of the debt, a guarantee that is
constituted and governed by the laws of New York.  The
guarantee includes a bank account held by VARIG with JPMorgan
Chase Bank.

Mr. Aguiar also points out that VARIG notified the
International Air Transport Association of the terms of the
Settlement Agreement and a related Security Agreement that
VARIG granted the Lessors and GECAS, all rights to withhold, in
an event of default, payments owed by IATA or by its ticketing
system, reports, currency remittance and compensation in
VARIG's name in relation to the sale of airfares and correlated
services effected in France and the United Kingdom.

VARIG agreed that in the event of default, the Lessors could,
without the need for notice of any type to the Lessees, declare
early call-in of the debt.

GECAS also questions the jurisdiction of the Brazilian Court to
act on the issue, considering that the governing law of the
Agreement is New York law.

                 Brazilian Court Sides with VARIG

Judge Luiz Roberto Ayoub of the 8th Corporate Court of the
District of Rio de Janeiro, Brazil, directs GECAS to abstain
from transferring the amounts derived from the liquidation of
the VARIG group's receivables generated by the BSP/IATA system
and to return the amounts transferred as of the Petition Date.

"I feel that I must grant the request submitted by VARIG in its
entirety," says Judge Ayoub in his six-page decision.

Judge Ayoub explains that the provisions of article 50 of Law
no. 11.101/2005 render GECAS' actions abusive.  Under article
50, "all the credits existing on the date of the request, even
if not yet due, are subject to the Judicial Recovery."  Thus,
it is not conceivable that, after the Judicial Recovery was
authorized, any creditor could -- no matter what its reason may
be -- take possession of funds earmarked for the company's
recovery, according to Judge Ayoub.  The conclusion to
accelerate the debt's payment date does not have the power to
affect funds constituted after the recovery process has
commenced.

Judge Ayoub says accelerating the debt frustrates VARIG's
restructuring plan.  The legal purpose of guaranteeing the
protection of the debtor and its property, starting on the
filing date of the request for judicial recovery, is clear and
enough reason to recognize that GECAS abused a right when it
took possession of funds earmarked for the company's recovery
plan.

Judge Ayoub further notes that that the issue is of the public
interest, insofar as the principle of preservation of the
business is the basis for the entire system initiated by Law
no. 11.101/05, which went into effect as of June 9, 2005.  In
addition, Judge Ayoub says the transcript of the hearing held
in the U.S. Court shows that the Bankruptcy Court of the
Southern District of New York recognizes the jurisdiction of
the Brazilian courts to decide issues involving VARIG and GECAS
regarding the Judicial Recovery Plan.  Judge Ayoub maintains
that under Section 552(a) and (b) of the U.S. Bankruptcy Code,
"property generated after the request for restructuring was
filed must be free from any lien so that the debtor can use it
to effectively reorganize."

Due to identical reasons for justifying the concern for
protecting the debtor and the debtor's estate, Judge Ayoub says
the Brazilian legislation grants the same treatment as the U.S.
legislation, aimed at making the company's recovery feasible.

Judge Ayoub orders that notification of the requests and the
decision be given to Judge Drain of the U.S. Bankruptcy Court,
which has jurisdiction to enforce the decision.

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

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

Each of the Debtors' Boards of Directors authorized Vicente
Cervo as foreign representative.  In this capacity, Mr. Cervo
filed a Sec. 304 petition on June 17, 2005 (Bankr. S.D.N.Y.
Case Nos. 05-14400 and 05-14402).  Rick B. Antonoff, Esq., at
Pillsbury Winthrop Shaw Pittman LLP represents Mr. Cervo in the
United States.  As of March 31, 2005, the Debtors reported
BRL2,979,309,000 in total assets and BRL9,474,930,000 in total
debts. (VARIG Bankruptcy News, Issue No. 9; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


VASP: Local Court Grants Bankruptcy Request
-------------------------------------------
Another Brazilian airline will undergo bankruptcy protection
under the new bankruptcy legislation, which took effect in
June.

Dow Jones Newswires reports that a local court approved late
Monday a bankruptcy protection petition filed earlier this year
by grounded airline Viacao Aerea de Sao Paulo SA (VASP).

VASP, which has total debts of BRL3 billion (US$1.33 billion),
will have 60 days to present a recovery plan to creditors under
the new bankruptcy law.

"Our idea is to transform VASP into a low-cost company," said
VASP's government-appointed manager, Raul de Medeiros.

VASP has been experiencing financial difficulties since the
2001 recession that hit the industry and suffered a dramatic
loss of market share in 2004. In January, the carrier stopped
flying passenger routes. However, it continued to operate a
cargo transport unit until Brazil's Civil Aviation Department,
or DAC, closed the Company completely in March.


* BRAZIL: Fitch Revises Sovereign Rating Outlook to Positive
------------------------------------------------------------
Fitch Ratings has revised the Outlook on Brazil's 'BB-'
sovereign ratings (long-term foreign currency and long-term
local currency) to Positive from Stable. This reflects the
country's favorable trends in the balance of payments and
external debt dynamics, as well as substantial progress in
moderating inflationary pressures, holding out the prospect of
lower real interest rates and underpinning future growth
prospects. In addition, the Outlook revision is supported by
the fact that the recent turmoil in Brazilian politics has not
compromised the country's commitment to sound macro policy
settings.

'The improvement in Brazil's external solvency indicators has
been impressive and is expected to continue. And, in spite of a
strong currency, Brazilian exports continue to expand at a nice
pace,' said Roger Scher, head of Latin American Sovereign
Ratings at Fitch.

Exports were up 23.4% in the year to September to US$86.7
billion, compared with a 19.6% increase in imports to US$54
billion, for a US$32.7 billion nine-month trade surplus, or
US$41 billion over the last 12 months. Fitch has raised its
forecasted trade surplus for year-end 2005 to US$40 billion
from US$33.3 billion in July 2005, when the agency issued a
report on the Brazilian sovereign. The current account surplus
is forecast at US$11.5 billion (or 1.4% of GDP) this year.

Net external debt (NXD) to current external receipts (CXR), a
key external solvency indicator monitored by Fitch, should fall
below 100% this year from 128% last year and a high of 308% in
1999. Still, Brazil's ratio compares unfavorably to the 'BB'
median of 56.1%, though Brazil's NXD relative GDP compares
favorably against peers.

Even so, Fitch warns that despite the government's adherence to
its primary budget surplus targets, the public debt burden
remains high and of short duration and remains a constraint on
Brazil's sovereign ratings. Central to reducing the public debt
and firmly anchoring public finances on a sustainable path is a
reduction in real interest rates, which remain very high by
international standards and impose large fiscal costs. In
Fitch's opinion, establishing a consistent track record on
appropriate monetary policy actions to meet the central bank's
stated inflation target, including in the run-up to the
presidential elections, would further enhance the credibility
of the macroeconomic policy framework. This would support a
sustained reduction in inflation expectations and real interest
rates that would be beneficial both for growth and public
finances. Likewise, central bank autonomy reform would underpin
monetary policy credibility and therefore lower real rates.

'GDP growth should be higher next year than originally
expected,' said Scher, 'due to lower real interest rates'.
Fitch revised its 2006 GDP growth forecast to 3.5% from 3.2%.

Finally, while the corruption scandals that have rocked
Brazilian politics since June of this year are far from
resolved, there have been signs of late that Brazil's political
leaders are not willing to compromise sound macro policy
settings and economic performance as a result of pre-election
power struggles. The Lula administration passed the LDO multi-
year budget guidelines law in August, albeit two months later
than is customary, with the budgetary spending and tax ceilings
intact. Moreover, President Lula vetoed amendments to the LDO
that would constitute policy slippage. Congress will ultimately
vote on whether to uphold or override his vetoes. While the
president may have difficulty putting through a 2006 budget
this year, signs of his ability to govern have emerged, in
spite of the corruption allegations. Such signs include the
recent victory of his allies in the election for the leadership
of the Chamber of Deputies.

'Fitch will closely watch whether President Lula can uphold his
vetoes and pass a sound budget,' said Scher, 'or whether there
will be fiscal policy slippage as a result of the current
political crisis.'

Factors that could trigger an upgrade of Brazil's sovereign
ratings include: exports and the balance of payments continuing
to weather a strong Real, slower global growth and the
possibility of increased risk aversion in the international
capital markets; a fall in real interest rates underpinning
sustained GDP growth rates of at least 3.5% per year;
governability maintained in spite of the corruption
investigations and the 2006 elections (underscored in the near
term by passage of the Lula LDO vetoes and the 2006 budget), as
well as continued fiscal restraint; and finally, greater
certainty about the continuity of macro policies in the
incoming administration.

CONTACT: Roger M. Scher +1-212-908-0240
         Morgan Harting +1-212-908-0820, New York

MEDIA RELATIONS: Chris Kimble +1-212-908-0226, New York



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

ACROPOLE LIMITED: Buchanan Limited Appointed as Liquidator
----------------------------------------------------------
                       ACROPOLE LIMITED
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Acropole Limited. at an extraordinary general meeting of the
shareholders held on September 22, 2005:

"THAT the Company be voluntarily wound up under the Companies
Law (2004) Revision);" and

"THAT Buchanan Limited be appointed as liquidator, and that the
liquidator be authorized, if it thinks fit, to distribute
specific assets to members."

Creditors of Acropole Limited., which is being wound up
voluntarily, are required on or before November 3, 2005 to send
in their names and addresses and the particulars of their debts
or claims and the names and addresses of their attorneys-at-law
(if any) to the undersigned, the liquidator of the Company, and
if so required by notice in writing from the said liquidator
either by their attorneys-at-law or personally to come in and
prove the said debts or claims at such time and place as shall
be specified in such notice or, in default thereof, they will
be excluded from the benefit of any distribution made before
such debts are proved.

CONTACT: Buchanan Limited, Voluntary Liquidator
         Timothy Haddleton
         P.O. Box 1170 GT, Grand Cayman
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360


ALMOND LIMITED: Appoints Buchanan Limited as Liquidator
-------------------------------------------------------
                         ALMOND LIMITED
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Almond Limited an extraordinary general meeting of the
shareholders held on September 22, 2005:

"THAT the Company be voluntarily wound up under the Companies
Law (2004) Revision);" and

"THAT Buchanan Limited be appointed as liquidator, and that the
liquidator be authorized if it thinks fit, to distribute
specific assets to members."

Creditors of Almond Limited, which is being wound up
voluntarily, are required on or before November 3, 2005 to send
in their names and addresses and the particulars of their debts
or claims and the names and addresses of their attorneys-at-law
(if any) to the undersigned, the liquidator of the Company, and
if so required by notice in writing from the said liquidator
either by their attorneys-at-law or personally to come in and
prove the said debts or claims at such time and place as shall
be specified in such notice or, in default thereof, they will
be excluded from the benefit of any distribution made before
such debts are proved.

CONTACT: Buchanan Limited, Voluntary Liquidator
         Timothy Haddleton
         P.O. Box 1170 GT, Grand Cayman
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360


ARAMANDA HOLDINGS: Company Enters Liquidation
---------------------------------------------
                   ARAMANDA HOLDINGS LIMITED
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Aramanda Holdings Limited at an extraordinary general
meeting of the shareholders held on September 22, 2005:

"THAT the Company be voluntarily wound up under the Companies
Law (2004) Revision);" and

"THAT Buchanan Limited be appointed as liquidator, and that the
liquidator be authorized, if it thinks fit, to distribute
specific assets to members."

Creditors of Aramanda Holdings Limited, which is being wound up
voluntarily, are required on or before November 3, 2005 to send
in their names and addresses and the particulars of their debts
or claims and the names and addresses of their attorneys-at-law
(if any) to the undersigned, the liquidator of the said company
and if so required by notice in writing from the said
liquidator either by their attorneys-at-law or personally to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT: Buchanan Limited, Voluntary Liquidator
         Timothy Haddleton
         P.O. Box 1170 GT, Grand Cayman
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360


BCS GLOBAL: Tammy Seymour Appointed as Liquidator
-------------------------------------------------
         BCS GLOBAL FUND LTD.
     (In Voluntary Liquidation)
   The Companies Law (2004 Revision)

TAKE NOTICE that the following special resolution was passed by
the sole shareholder of the above-named Company on 19th of
September 2005:

"THAT Tammy Seymour, of dms Corporate Services Ltd., P.O. Box
31910 SMB, Grand Cayman, be and is hereby appointed liquidator
of the Company and is authorized to take all necessary steps
for the purposes of such winding up."

Creditors of the above-named Company are to prove their debts
or claims on or before 3rd November 2005, and to establish any
title they may have under the Companies Law (2004 Revision), or
to be excluded from the benefit of any distribution made before
the debts are proved or from objecting to the distribution.

CONTACT:  dms CORPORATE SERVICES LTD., Voluntary Liquidator
          For enquiries: Tammy Seymour
          Telephone: (345) 946 7665
          Facsmilie: (345) 946 7666
          Address for service: Ansbacher House
                               P.O. Box 31910 SMB, Grand Cayman


CAPTIVA FINANCE: Shareholder Resolves to Wind Up Company
--------------------------------------------------------
           CAPTIVA FINANCE II LTD.
         (In Voluntary Liquidation)
     The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of the abovementioned company at an
extraordinary general meeting held on 23rd September 2005:

"THAT the company be placed into voluntary liquidation
forthwith;" and "THAT David Dyer be appointed liquidator for
the purposes thereof."

Creditors of the company are to prove their debts or claims on
or before 3rd November 2005, and to establish any title they
may have under the Companies Law (2004 Revision), or to be
excluded from the benefit of any distribution made before such
debts are proved or from objecting to the distribution.

CONTACT:  DAVID DYER, Voluntary Liquidator
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984 GT, George Town
          Grand Cayman


CLARE IV: David Dyer Named Liquidator
-------------------------------------
          CLARE IV FUNDING CORP.
       (In Voluntary Liquidation)
    The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of the above-mentioned company at an
extraordinary general meeting held on 23rd September 2005:

"THAT the company be placed into voluntary liquidation
forthwith;" and "THAT David Dyer be appointed liquidator, for
the purposes thereof."

Creditors of the company are to prove their debts or claims on
or before 3rd November 2005, and to establish any title they
may have under the Companies Law (2004 Revision), or to be
excluded from the benefit of any distribution made before such
debts are proved or from objecting to the distribution.

CONTACT:  DAVID DYER, Voluntary Liquidator
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984GT, George Town, Grand Cayman


CONTINUITY ASIAN: Taps Q&H Nominees Ltd. as Liquidator
------------------------------------------------------
    CONTINUITY ASIAN TECHNOLOGY FUND LTD.
         (In Voluntary Liquidation)
         The Companies Law (Revised)

The following special resolution was passed by the shareholder
of this Company at an extraordinary general meeting held on
14th
September 2005:

"That the company be voluntarily wound up and that Q&H Nominees
Ltd. be appointed liquidator of the company for that purpose."

Creditors of the company are to prove their debts or claims on
or before the 4th November 2005 and to establish any title they
may have under the Companies Law (Revised), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

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


COROMANDEL TREND: Selects Krys, Tomkins as Liquidators
------------------------------------------------------
                COROMANDEL TREND FUND LIMITED
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

Take notice that the following special resolution was passed by
the shareholder of Coromandel Trend Fund Limited by special
resolution dated on September 15, 2005:

"THAT the company be placed into voluntary liquidation.

"THAT Kenneth Krys and Simone Tomkins, of RSM Cayman, P.O. Box
1370 GT, Commerce House, 2nd Floor, 7th Dr. Roy's Drive, George
Town, be appointed joint liquidators of the Company each with
the power to act jointly or singly for the purposes of winding
up the affairs of the company."

Creditors of the Company are to prove their debts or claims on
or before November 3, 2005, and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.
Dated this 22nd day of September 2005.

CONTACT: KENNETH KYRS and SIMONE TOMKINS
         Joint Voluntary Liquidators
         c/o RSM Cayman Islands, P.O. Box 1370
         Grand Cayman, Cayman Islands



CORONATION GATEHOUSE: Shareholder Voluntarily Winds Up Company
--------------------------------------------------------------
          CORONATION GATEHOUSE COMPANY
           (In Voluntary Liquidation)
          The Companies Law (Revised)

The following special resolution was passed by the shareholder
of this Company at an extraordinary general meeting held on
26th August 2005.

"That the company be voluntarily wound up and that Q & H
Nominees, Ltd., be appointed liquidator of the company for that
purpose."

Creditors of the company are to prove their debts or claims on
or before the 4th November 2005 and to establish any title they
may have under the Companies Law (Revised), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

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


CORONATION SABATON: Q & H Nominees Named Liquidator
---------------------------------------------------
         CORONATION SABATON COMPANY
         (In Voluntary Liquidation)
        The Companies Law (Revised)

The following special resolution was passed by the shareholder
of this Company at an extraordinary general meeting held on
26th
August 2005:

"That the company be voluntarily wound up and that Q & H
Nominees, Ltd. be appointed liquidator of the company for that
purpose."

Creditors of the company are to prove their debts or claims on
or before the 4th November 2005 and to establish any title they
may have under the Companies Law (Revised), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

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


DB HEDGE: Creditors Called to Prove Debt Claims Before Nov. 3
-------------------------------------------------------------
               DB HEDGE LIMITED
          (In Voluntary Liquidation)
       The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of the abovementioned company at an
extraordinary general meeting held on 23rd September 2005:

"THAT the company be placed into voluntary liquidation
forthwith;" and "THAT David Dyer be appointed liquidator, for
the purposes thereof."

Creditors of the company are to prove their debts or claims on
or before 3rd November 2005, and to establish any title they
may have under the Companies Law (2004 Revision), or to be
excluded from the benefit of any distribution made before such
debts are proved or from objecting to the distribution.

CONTACT: DAVID DYER, Voluntary Liquidator
         C/O Deutsche Bank (Cayman) Limited
         P.O. Box 1984GT, George Town, Grand Cayman


HAWTHORNE LTD: Creditors' Claims to be Submitted Nov. 3
-------------------------------------------------------
                        HAWTHORNE LTD
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Hawthorne Ltd at an extraordinary general meeting of the
shareholders held on September 22, 2005:

"THAT the Company be voluntarily wound up under the Companies
Law (2004) Revision);" and

"THAT Buchanan Limited be appointed as liquidator, and that the
liquidator be authorized if it thinks fit, to distribute
specific assets to members."

Creditors of Hawthorne Ltd, which is being wound up
voluntarily, are required on or before November 3, 2005 to send
in their names and addresses and the particulars of their debts
or claims and the names and addresses of their attorneys-at-law
(if any) to the undersigned, the liquidator of the Company and
if so required by notice in writing from the liquidator either
by their attorneys-at-law or personally to come in and prove
the debts or claims at such time and place as shall be
specified in such notice or, in default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.

CONTACT: Buchanan Limited, Voluntary Liquidator
         Timothy Haddleton
         P.O. Box 1170 GT, Grand Cayman
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360


HUON HOLDINGS: Appoints Lawrence Edwards as Liquidator
------------------------------------------------------
                      HUON HOLDINGS LIMITED
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

The following written resolution was passed by the sole
shareholder of the Company on June 8, 2005:

THAT the Company be wound-up voluntarily and that David A.K.
Walker and Lawrence Edwards, of PricewaterhouseCoopers,
Strathvale House, George Town, Grand Cayman, Cayman Islands, be
and are hereby appointed Joint Liquidators for the purposes of
winding-up the Company and that either of them shall have the
power to act alone in the winding-up.

Creditors of the company are to prove their debts or claims on
or before October 28, 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT: Mr. Lawrence Edwards, Joint Voluntary Liquidator
         Jodi Smith
         PO Box 219GT, Grand Cayman, Cayman Islands
         Telephone: (345) 914 8694
         Facsimile: (345) 949 4590


IRU HOLDINGS: Liquidator Selected for Wind Up Process
-----------------------------------------------------
                     IRU HOLDINGS LIMITED
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of IRU Holdings Limited at an extraordinary general meeting of
the shareholders held on September 22, 2005:

"THAT the Company be voluntarily wound up under the Companies
Law (2004) Revision);" and

"THAT Buchanan Limited be appointed as liquidator, and that the
liquidator be authorized if it thinks fit, to distribute
specific assets to members."

Creditors of IRU Holdings Limited, which is being wound up
voluntarily, are required on or before November 3, 2005 to send
in their names and addresses and the particulars of their debts
or claims and the names and addresses of their attorneys-at-law
(if any) to the undersigned, the liquidator of the said company
and if so required by notice in writing from the said
liquidator either by their attorneys-at-law or personally to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT: Buchanan Limited, Voluntary Liquidator
         Timothy Haddleton
         P.O. Box 1170 GT, Grand Cayman
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360


IRON ORE: Wind Up Process to be Explained to Members Nov. 3
-----------------------------------------------------------
                       IRON ORE OFFSHORE 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 Iron Ore Offshore Ltd.
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
November 3, 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.


KIRTLAND PDM: To Present Account of Wind Up Process to Members
--------------------------------------------------------------
                     KIRTLAND PDM BRIDGE LLC
                    (In Voluntary Winding Up)
                The Companies Law (2004 Revision)
                            Section 145

NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of the Company will be held
at 3201 Enterprise Parkway, Suite 200, Beachwood, OH 44122,
USA, on November 25, 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. Michael T. Degrandis, Voluntary Liquidator
         c/o Maples and Calder, Attorneys-at-law
         PO Box 309GT, Ugland House
         South Church Street, George Town
         Grand Cayman, Cayman Islands


LMCG MEDSCIENCE: To Authorize Liquidators to Retain Records
-----------------------------------------------------------
                  LMCG MEDSCIENCE PARTNERS, LTD
                         (The "Company")
                    (In Voluntary Liquidation)
                  The Companies Law (As Amended)

Pursuant to section 145 of the Companies Law (as amended), the
Final Meeting of the Shareholders of the Company will be held
at the registered office of the Company on November 4, 2005 at
2:30 p.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed
of, as at final winding up on November 4, 2005.

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

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

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


MCCONNELL ENTERPRISES: Shareholder Voluntarily Winds Up Firm
------------------------------------------------------------
           MCCONNELL ENTERPRISES LTD.
          (In voluntary Liquidation)
      The Companies Law (2004 Revision)

TAKE NOTICE THAT the following special resolution was passed by
the sole shareholder of McConnell Enterprises Ltd. (the
"Company") on the 20th day of September 2005:

RESOLVED THAT the Company be wound up voluntarily and that Mr.
Andre Voizard be and is appointed as liquidator of the Company
for the purposes of the winding up.

NOTICE IS HEREBY GIVEN that creditors of the Company are
required to provide details of and prove their debts or claims
to the liquidator of the Company by 4th November 2005 and, in
default thereof, will be excluded from the benefit of any
distribution made before such debts or claims are proved or
from objecting to any distribution.

CONTACT:  ANDRE VOIZARD
          Voluntary Liquidator
          For enquiries: Voizard, Voizard, Steenackers, Vallee
                         1080, rue Valiquette, Saint-Adele
                         Quebec, J8B 2M3, Canada
          Tel: 450 229 3551
          Fax: 450 229 9062


OSCAR FUNDING: Shareholder Decides on Voluntary Liquidation
-----------------------------------------------------------
          OSCAR FUNDING CORP. VIII
         (In Voluntary Liquidation)
      The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of the abovementioned company at an
extraordinary general meeting held on 23rd September 2005:

"THAT the company be placed into voluntary liquidation
forthwith;" and "THAT David Dyer be appointed liquidator, for
the purposes thereof."

Creditors of the company are to prove their debts or claims on
or before 3rd November 2005, and to establish any title they
may have under the Companies Law (2004 Revision), or to be
excluded from the benefit of any distribution made before such
debts are proved or from objecting to the distribution.

CONTACT: DAVID DYER, Voluntary Liquidator
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984GT, George Town, Grand Cayman


ROXIO CI: Account Liquidation Set for Final Meeting
---------------------------------------------------
                           ROXIO CI LTD.
                    (In Voluntary Liquidation)
                  The Companies Law (As Amended)

Pursuant to section 145 of the Companies Law (as amended), the
Final Meeting of the Shareholders of the Company will be held
at the registered office of the Company on November 4, 2005 at
1:30 p.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed
of, as at final winding up on November 4, 2005.

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

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

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


ROYAL TRUST: Shareholder Decides to Wind Up Affairs
---------------------------------------------------
        ROYAL TRUST (BERMUDA) LIMITED
            (The "Company")
       (In Voluntary Liquidation)
    The Companies Law (2004 Revision)

TAKE NOTICE that the following Special Resolutions were adopted
in writing by the Sole Shareholder of the Company on 23rd
September 2005:

"THAT the Company's affairs be wound up and that the Company be
placed in voluntary liquidation forthwith;" and "THAT Simon
Garnett and Candace L. Ebanks be appointed as joint liquidators
of the Company."

Creditors of the Company are to prove their debts or claims on
or before 24th October 2005, and to establish any title they
may have under the Companies Law (2004 Revision), or to be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

CONTACT:  SIMON GARNETT and CANDACE L. EBANKS
          Joint Voluntary Liquidators
          P.O. Box 1586 GT, Grand Cayman
          For enquiries: Candace L. Ebanks
          Royal Bank of Canada Trust Company (Cayman) Limited
          P.O. Box 1586 GT, Grand Cayman
          Telephone: (345) 949-9107
          Facsimile: (345) 949-5777


SECOND REBECCA: Shareholders Voluntarily Wind Up Company
--------------------------------------------------------
          SECOND REBECCA CORPORATION
               (The "Company")
         (In Voluntary Liquidation)
         Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
Shareholders of the Company by written resolution dated 21st
September 2005:

"RESOLVED that the Company be voluntarily wound up and John
Cullinane and Derrie Boggess, c/o Walkers SPV Limited, P.O. Box
908, George Town, Grand Cayman, Cayman Islands, be appointed as
Joint Liquidators to act for the purposes of such winding up."

NOTICE IS HEREBY GIVEN that the creditors of the Company which
is being wound up voluntarily are required within 30 days of
the publication of this notice, to send in their names and
addresses and the particulars of their debts and claims and the
names and addresses of their attorneys-at-law (if any) to the
undersigned. In default thereof, they will be excluded from the
benefit of any distribution made before such debts are proved.

CONTACT:  JOHN CULLINANE and DERRIE BOGGESS
          Joint Voluntary Liquidators
          For enquiries: John Cullinane
          Telephone: (345) 914-6305
          c/o Walkers SPV Limited, Walker House
          P.O. Box 908, George Town, Grand Cayman


SOUTHBRIDGE INVESTMENTS: Claims Verification Ends Nov. 3
--------------------------------------------------------
                 SOUTHBRIDGE INVESTMENTS LIMITED
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Southbridge Investments Limited at an extraordinary general
meeting of the shareholders held on September 22, 2005:

"THAT the Company be voluntarily wound up under the Companies
Law (2004) Revision);" and

"THAT Buchanan Limited be appointed as liquidator, and that the
liquidator be authorized if it thinks fit, to distribute
specific assets to members."

Creditors of Southbridge Investments Limited, which is being
wound up voluntarily, are required on or before November 3,
2005 to send in their names and addresses and the particulars
of their debts or claims and the names and addresses of their
attorneys-at-law (if any) to the undersigned, the liquidator of
the Company and if so required by notice in writing from the
said liquidator either by their attorneys-at-law or personally
to come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT: Buchanan Limited, Voluntary Liquidator
         Timothy Haddleton
         P.O. Box 1170 GT, Grand Cayman
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360


SWEETPEA LIMITED: Selects Liquidator
------------------------------------
                          SWEETPEA LIMITED
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Sweetpea Limited at an extraordinary general meeting of the
shareholders held on September 22, 2005:

"THAT the Company be voluntarily wound up under the Companies
Law (2004) Revision);" and

"THAT Buchanan Limited be appointed as liquidator, and that the
liquidator be authorized if it thinks fit, to distribute
specific assets to members."

Creditors of Sweetpea Limited, which is being wound up
voluntarily, are required on or before November 3, 2005 to send
in their names and addresses and the particulars of their debts
or claims and the names and addresses of their attorneys-at-law
(if any) to the undersigned, the liquidator of the said
company, and if so required by notice in writing from the said
liquidator either by their attorneys-at-law or personally to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT: Buchanan Limited, Voluntary Liquidator
         Timothy Haddleton
         P.O. Box 1170 GT, Grand Cayman
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360


TENET OFFSHORE: Creditors to Submit Claims Before Nov. 5
--------------------------------------------------------
         TENET OFFSHORE CAPITAL PARTNERS, LTD.
             (In Voluntary Liquidation)
                   ("The Company")
         The Companies Law (2004 Revision)

Notice is hereby given that the creditors of the above-named
company, which is being wound up voluntarily, are required on
or before 3rd November 2005 to send in their names and
addresses and particulars of their debts or claims and the
names and addresses of their attorneys-at-law (if any) to the
undersigned, the liquidator of the said company, and if so
required by notice in writing from the said liquidator, either
by their attorneys-at-law or personally, to come in and prove
the said debts or claims at such time and place as shall be
specified in such notice or, in default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.

CONTACT:  S.L.C. WHICKER, Joint Voluntary Liquidator
          P.O. Box 493 GT, Grand Cayman
          Cayman Islands
          Merrin Hodge
          Telephone: 345-914-4362
          Facsimile: 345-949-7164


THE MACRO (MASTER): Debt Filings Due Before Nov. 3
--------------------------------------------------
           THE MACRO (MASTER) FUND LIMITED
             (In Voluntary Liquidation)
                   (The "Company")
          The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the shareholders of this Company on 16th September 2005:

THAT the Company be placed into voluntary liquidation
forthwith; and

THAT Ian Wight and Stuart Sybersma, of Deloitte, be appointed
liquidators, jointly and severally, for the purposes thereof.

Creditors of the Company are to prove their debts or claims on
or before 3rd November 2005, and to establish any title they
may have under the Companies Law (2004 Revision), or to be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

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


TRANSPORT COMMUNITY: Taps Le Roux, Jon Roney as Liquidators
-----------------------------------------------------------
                   TRANSPORT COMMUNITY LIMITED
                   (In Voluntary Liquidation)
                The Companies Law (2004 revision)
                           Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Transport Community at an extraordinary
general meeting of the shareholder(s) held on August 30, 2005:

THAT the Company be placed into voluntary liquidation
forthwith.

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

Creditors of Transport Community are to prove their debts or
claims on or before November 3, 2005, and to send full
particulars of their debts or claims to the joint liquidators
of the Company. In default thereof, they will be excluded from
the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

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


VINTAGE PETROLEUM: Proof of Claims Due by October 22
----------------------------------------------------
             VINTAGE PETROLEUM ECUADOR, INC.
                   (The "Company")
              (In Voluntary Liquidation)
              Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
Shareholders of the Company by written resolution dated 9th
September 2005:

"RESOLVED that the Company be voluntarily wound up and John
Cullinane and Derrie Boggess, c/o Walkers SPV Limited, P.O. Box
908, George Town, Grand Cayman, Cayman Islands, be appointed as
Joint Liquidators to act for the purposes of such winding up."

NOTICE IS HEREBY GIVEN that the creditors of the Company which
is being wound up voluntarily are required within 30 days of
the publication of this notice, to send in their names and
addresses and the particulars of their debts and claims and the
names and addresses of their attorneys-at-law (if any) to the
undersigned. In default thereof, they will be excluded from the
benefit of any distribution made before such debts are proved.

Dated this 22nd September 2005

CONTACT:  JOHN CULLINANE and DERRIE BOGGESS
          Joint Voluntary Liquidators
          Telephone: (345) 914-6305
          c/o Walkers SPV Limited
          Walker House, P.O. Box 908
          George Town, Grand Cayman


WILSHIRE FUND: Shareholders Resolve to Wind Up Firm
---------------------------------------------------
             WILSHIRE FUND LTD.
              ("The Company")
        (In Voluntary Liquidation)
     The Companies Law (2004 Revision)

The following resolution of the members of the Company was
passed at an Extraordinary General Meeting of the shareholders
of the Company held on 14th September 2005:

That the Company be wound up voluntarily"

That Lawrence Winfield Sifton, of PO Box 2255 GT, Grand Cayman,
Cayman Islands, British West Indies, be and is hereby appointed
sole Liquidator of the Company.

Creditors of the Company are required on or before Friday, 13th
January 2006, to send in their names and addresses and the
particulars of their debts or claims and the names and
addresses of their attorneys-at-law (if any) to the Liquidator
of the said Company as set out below, and if so required by
notice in writing from the said Liquidator either by their
attorneys-at-law or personally to come in and prove the said
debts or claims at such time and place as shall be specified in
such notice, or in default thereof they will be excluded from
the benefit of any distribution made before such debts are
proved.

CONTACT:  LAWRENCE WINFIELD SIFTON
          Voluntary Liquidator
          For enquiries: Lawrence Winfield Sifton
                         c/o Woodward Terry & Company
          Address for service:
          Suite #102nd Floor, Jack & Jill Building
          19 Fort Street, c/o P.O. Box 822GT
          Grand Cayman, Cayman Islands
          Telephone: 345-945-2800
          Facsimile: 345-945-2727


ZAIS MATRIX: To Hold Final Meeting at Deutsche Bank Nov. 3
----------------------------------------------------------
                    ZAIS MATRIX IV FUND, LTD.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of the
Company will be held at the offices of Deutsche Bank (Cayman)
Limited, Elizabethan Square, George Town, Grand Cayman, on
November 3, 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. David Dyer, Voluntary Liquidator
         P.O. Box 1984GT, Grand Cayman
         Telephone: (345) 949 8244
         Facsimile: (345) 949 5223



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

BANCO AMERICANO: Liquidity Pressures Keep Ratings Negative
----------------------------------------------------------
Fitch Ratings affirmed Banco Americano's long-term national
scale B-(slv) and short-term B(slv) ratings with a negative
outlook, reports Business News Americas. Fitch said the ratings
reflect liquidity pressures on Americano's balance sheet due to
the outflow of deposits during the first half, exacerbated by
the high concentration of deposits. The ratings also take into
account the high concentration of Americano's loan portfolio.

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

Banco Industrial, Guatemala's largest bank, has shown an
interest in acquiring Americano. Unnamed sources say
Industrial, which is also active in the commercial and family
remittance space with a network of remittance agencies in the
US, is currently negotiating Americano's purchase.

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


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

AEROMEXICO: Warns of Rising Fuel Price Complications
----------------------------------------------------
AeroMexico expects to pay about US$100 million more for jet
fuel this year than in recent years, Dow Jones Newswires
reports, citing a company official. Jose Manuel Diaz de Rivera,
executive vice president for sales and marketing at AeroMexico,
disclosed that the carrier's fuel costs soared nearly 41%
between January and September.

"Aviation is definitely living in a complicated moment," Mr.
Diaz said, citing recent bankruptcies of major carriers as
proof that the industry model needs to be reshaped.

Aeromexico and its sister carrier, Mexicana, are in the process
of being sold by controller government holding company Cintra.
Credit Suisse First Boston (CSF.YY) is managing the sale.

Five investor groups are expected to submit offers for the
carriers in November.

Cintra Chairman Andres Conesa said that if for some reason the
sale is postponed, the airlines are likely to continue losing
market share "for lack of funds to invest."


ASARCO: Seeks Extension to to File Schedules
--------------------------------------------
Jack L. Kinzie, Esq., at Baker Botts, L.L.P., in Dallas, Texas,
tells the U.S. Bankruptcy Court for the Southern District of
Texas, Corpus Christi Division, that ASARCO, LLC, has been
working diligently to compile the information needed to
complete its schedules of assets and liabilities, statement of
financial affairs, list of equity security holders, and lists
of executory contracts and unexpired leases required by Rule
1007 of the Federal Rules of Bankruptcy Procedure.

However, due to the complexity and size of the business, the
fact that some of the information is scattered in facilities
throughout the country, and the fact that the company's
attention has been required to attend to many other urgent
issues, ASARCO will not be able to complete its Schedules in
time for filing on Oct. 10, 2005, as it had expected.

By this motion, ASARCO asks Judge Schmidt to extend the
deadline for filing the Schedules until Nov. 9, 2005.

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

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

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304),
Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex.
Case No. 05-21346) also filed for chapter 11 protection, and
ASARCO has asked that the three subsidiary cases be jointly
administered with its chapter 11 case.  (ASARCO Bankruptcy
News, Issue No. 7; Bankruptcy Creditors' Service, Inc.,
215/945-7000).


BANCO MERCANTIL: Ratings Reflect Various Efficiency Challenges
--------------------------------------------------------------
CREDIT RATING: BB+/Positive/B

Outstanding Rating(s)
  Counterparty Credit:  BB+/Positive/B
  Certificate of deposit:  BB+/B

Rationale

The ratings assigned to Banco Mercantil del Norte S.A.
(Banorte) consider challenges to successfully leverage its
branch network, to continue its loan portfolio growth with
adequate asset quality in a very competitive environment, to
further build up loans to replace IPAB notes with higher-margin
assets, and to improve efficiency and capitalization to peer
levels. The ratings are underpinned by the bank's strong
presence in the north of the country, its strengthened
financial condition, particularly with regards to asset
quality, and its improved profitability and coverage.

Although Banorte has exhibited double-digit growth in its loan
portfolio in the past two years and credit demand in the
Mexican market has shown recovery, the bank still faces the
challenge of confronting strong foreign large banks, which are
receiving strong support from their parents and are
implementing strategies to penetrate the market. In addition,
Banorte faces competition from midsize and small banks that are
willing to gain market share. Banorte has the challenge to
build up loans to replace IPAB notes with higher-margin assets
and to increase cross selling. Banorte has a strong presence in
the north and central regions that provides the basis for
future growth; however, its market share and penetration of the
Mexico City region is below that of peers. It is a challenge
for Banorte to continue strengthening capitalization because
even when the adjusted common equity-to-asset ratio increased
to 6.6% as of June 2005, compared to 3.3% in June 2004, it
remains below those of main peers.

Significant improvements were achieved in efficiency, asset
quality, net interest margin, and profitability in the past 12
months. This positive trend is expected to continue during
2005, thus addressing the main vulnerabilities that constrain
the bank's credit quality. The efficiency program announced
during the second half of 2004, which included staff and branch
rationalization, has already borne fruit. The bank's efficiency
ratio during first-half 2005 dropped to 57% from a high 77% the
prior year. Banorte's target efficiency levels are around 55%-
60%, which should be achieved by additional savings, but more
importantly by higher volume of revenues.

The Mexican pesos 47 billion securitization of the bank's IPAB
note done in December 2004 is producing a stronger net interest
margin and is expected to continue during 2005. The
securitization allowed the bank to pay down expensive funding
and should reduce the net interest income (NII) exposure to
rising interest rates. Additionally, NII has increased as a
consequence of growth in higher-margin loans, and Standard &
Poor's Ratings Services expects this margin to remain similar
to current levels. Further reductions in funding and operating
costs are also expected to enhance Banorte's profitability.

Banorte's loan portfolio has grown quickly in the past two
years, but asset quality has not deteriorated. Banorte has
increased its loan portfolio in real terms, mainly in consumer
and mortgage lending, without breaching conservative loans
underwriting and maintaining adequate asset quality figures.
Additionally, during fourth-quarter 2004, the bank took charge-
offs of around 1.5%, bringing down its nonperforming asset
(NPA) ratio to 2% of total loans as of June 2005 from 3% in
2004 and 6.3% in 2003. We do not anticipate significant charge-
offs going forward, and expect the NPA ratio to remain
relatively unchanged. Banorte has also achieved steady loan
growth, particularly in consumer loans and mortgages. Future
performance of newly originated loans will be mitigated by
management's focus on risk, and the good economic prospect for
Mexico. It is expected that the bank will maintain NPAs around
2% and coverage of NPAs at 1.2x, which are in line with those
of most Mexican banks. Although the bank has been able to
improve its asset quality indicators, it still has the
challenge of maintaining good asset quality as loans granted
during the past couple of years mature.

Outlook

The positive outlook is based on the expectation that the bank
will maintain its financial profile, with good asset quality
indicators, while increasing its loan portfolio, achieving
efficiency and profitability similar to other Mexican banks'
level. Good performance is expected to be maintained in the
coming years, reflected in better operating profitability. The
bank is challenged to keep its growth pace through better
cross-selling opportunities. The ratings could improve if the
bank maintains its positive performance trend, including good
asset quality, profitability, and capitalization. Should the
bank be unsuccessful in maintaining its positive performance
trend, good asset quality indicators, and adequate
capitalization, its creditworthiness could be negatively
affected.

Primary Credit Analyst: Leonardo Bravo, Mexico City (52)55-
5081-4406; leonardo_bravo@standardandpoors.com

Secondary Credit Analyst: Francisco Suarez, Mexico City (52)
55-5081-4474; francisco_suarez@standardandpoors.com


VITRO: Puts Corporate Headquarters on the Block
-----------------------------------------------
Vitro, S.A. de C.V. announced Tuesday that it is offering for
sale its corporate headquarters located in San Pedro Garza
Garcia, Mexico. The Company has entered into a formal process
to sell two corporate office buildings and their surrounding
undeveloped land. One building covers 119,000 square feet built
on a property of 4.7 acres and the other covers 67,000 square
feet built on a property of 3.8 acres. The offer also includes
26.6 acres of undeveloped land.

This sale is in line with Vitro's Strategic Plan aimed at
reducing the Holding Company's debt.

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

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

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

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



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

BANPLUS: Regulator Seeks to Sell Bank to Private Investor
---------------------------------------------------------
Banking regulator Sudeban is planning to privatize Banplus,
which was intervened last week after Sudeban detected
irregularities in its loan portfolio and poor solvency
indicators.

According to Business News Americas, banking regulator Trino
Alcides Diaz prefers privatization for the institution, whose
equity totals some VEB18.9 billion (US$6.71mn).

Banplus operates through 10 branches in Venezuela, seven of
which are located in the capital Caracas.


PDVSA: Files 2003 Annual Report With U.S. SEC
---------------------------------------------
State-owned oil conglomerate Petroleos de Venezuela, S.A.
(PDVSA) has filed its annual report for the year ended December
31, 2003 with the U.S. Securities and Exchange Commission.

In its filing, the Company revealed that Venezuela's oil
production fell to 2.60 million barrels a day in 2003, down
from 2.83 million in 2002, and 3.27 million in 2001.

Venezuela, the world's fifth-largest oil exporter, saw
production plummet in 2002-2003 because of a two-month long
nationwide strike.

PDVSA fired more than half of its workforce to end the strike.
The Company's former managers have repeatedly said that the
Company doesn't have enough experienced personnel on hand to
manage the company's oil fields, which has resulted in falling
output.

Chavez and Venezuela's Energy and Oil Minister Rafael Ramirez
have said the country's current output is about 3.3 million
barrels a day. Former managers say it is closer to 2.5 million
barrels a day, a figure backed by most international analysts.

The Company said it was more than a year late in filing its
2003 report because of the strike and sabotage.

PDVSA said it has yet to submit its 2004 report to the SEC. But
in a press release, the Company said it is working hard to
complete financial closure of 2004 and 20-F forms as soon as
possible to return to normalcy in financial reporting.




                            ***********


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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