TCRLA_Public/051021.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Friday, October 21, 2005, Vol. 6, Issue 209

                            Headlines


A R G E N T I N A

BANCO DEL CHACO: Improving Financial Status Prompts `B' Rating
CAP-CUATREROS: Auction Set for November 14
CLISA: Fitch Leaves Debenture Ratings Unchanged
CONSTRUCCIONES ANTONIO: Finalizes Reorganization
CONSTRUCCIONES MENHIRES: Halts Debt Payments, Set to Reorganize

CONSTRUCCIONES PYP: Court Approves Involuntary Bankruptcy Motion
DONA LUISA: Court Rules for Liquidation
HIDROELECTRICA PIEDRA: Fitch Maintains D(arg) Rating on Bonds
HORIZONTE INFORMATICA: Court Declares Company Bankrupt
KEY ENERGY: Provides Activity Update, Buys New Rigs

LONERA EL ROSARIO: Court Authorized Reorganization Starts
MEGA MARKET: Liquidates Assets to Pay Debts
NETWAY S.A.: Judge Approves Bankruptcy
ORGANIZACION PASQUINELLI: Court Mandates Bankruptcy
PERIODISMO UNIVERSITARIO: Seeks Court Approval to Reorganize

ROMED S.A.: Court Approves Concurso Motion
SIDECO AMERICANA: Fitch Maintains 'B(arg)' Rating on $56M Bonds
TAPAMAR S.A.: Reorganization Devolves to Bankruptcy


B E R M U D A

ANNUITY & LIFE: To Approve Novation to Subsidiaries of Wilton Re


B R A Z I L

AES CORP.: Lenders Extend Waiver of Default
AMBEV: Sales Volumes Improve Slightly for 3Q05
KLABIN: S&P Affirms Foreign, Local Currency Ratings
VARIG: BNDES to Extend Credit Line to Investors


C A Y M A N   I S L A N D S

APEX (TRIMARAN): Placed into Voluntary Liquidation
ARDENT SECURITIES: Hires Johann LeRoux, Jon Roney as Liquidators
AUGUSTA FUNDING: Creditors Have Until Nov. 17 to Prove Claims
BCH CAPITAL: Proofs of Claims Due By Nov. 21
BCH EUROCAPITAL Creditors to Prove Debt Claims Before Nov. 21

BLUE PERFUME: Final Meeting to be Held Nov. 18
BRESCO FINANCE: Final General Meeting Set for Nov. 17
BRUNSWICK PARTNERS: Debt Claims Filing Set for Nov. 1
CAPTIVA FINANCE: Winding Up Presentation to Members Date Set
CASTLEBAR LEASING: Appoints Liquidator for Voluntary Wind Up

CATALINA CAPITAL: To Hold Final General Meeting at Maples
CIBELES RV: Creditors to Prove Debt Claims Before Nov. 17
COVINGTON FINANCE: Enters Liquidation
CREF (CAYMAN): Final General Meeting to be Held Nov. 17
DBB INVESTMENTS: Extraordinary Final Meeting Set for Nov. 17


C O L O M B I A

EMCALI/TERMOEMCALI: Fitch Withdraws Rating on Defaulted Debts


E L   S A L V A D O R

CAESS/DEUSM/EEO: S&P Reviews, Assigns BB+ Rating


H A I T I

* HAITI: IMF Approves $14.7M Loan in Additional EPCA


M E X I C O

AEROMEXICO/MEXICANA: Sale Scheduled This Year
CORPORACION GEO: 3Q05 Results Show Solid Financial Structure
GRUPO IUSACELL: Reports 39% EBITDA Increase in 3Q05
LUZ Y FUERZA: Theft, Fraud Lead to $794M Annual Loss


V E N E Z U E L A

SIDOR: Workers, CVG Get Into Debate Over Share Price


     - - - - - - - - - -


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

BANCO DEL CHACO: Improving Financial Status Prompts `B' Rating
--------------------------------------------------------------
Fitch Ratings has affirmed its national scale B rating on Nuevo
Banco del Chaco's short-term debt, reports Business News
Americas. Fitch said the action reflects the bank's performance,
its adequate capital and the fact that it is being overseen by
the central bank, the BCRA.

Banco del Chaco ended the 1H05 with profits of ARS14.8 million
(US$5mn), against ARS2.3 million in the same period 2004. At
end-June, its assets totaled ARS787.7 million and its equity
stood at ARS58.6 million.


CAP-CUATREROS: Auction Set for November 14
------------------------------------------
General Cerri-based frozen meat storage group CAP-Cuatreros will
be auctioned off on November 14 at the Corporacion de
Rematadores de Capital Federal. According to an El Cronista
report, the firm, which is over a hundred years old, has a huge
debt and was declared bankrupt back in 2000.

The minimum bid in the auction starts at ARS4.65 million. CAP-
Cuatreros started operating in 1903 under the name Compania de
Carnes Sansinena.


CLISA: Fitch Leaves Debenture Ratings Unchanged
-----------------------------------------------
The Argentine arm of ratings agency Fitch Ratings reaffirmed its
CCC(arg) rating on debentures of up to US$120 million and its
D(arg) rating on debentures for US$100 million issued by
infrastructure and public services holding CLISA, securities
regulator, the CNV, revealed on its Web site:

The affected bonds are:

- US$100 million worth of bonds described as "Obligaciones
  Negociables con garantia" that matured on June 1, 2004.

- US$120 million worth of bonds described as "Obligaciones
  Negociables con garantia (AGO 21-01-03, AD 23-01-03)" maturing
  on June 1, 2012.

Fitch rated these bonds based on the Company's financial status
as of June 30, 2005.

CLISA has four operating divisions: mass transportation
management (Metrovias); waste management (environmental
engineering); construction (Benito Roggio e Hijos); and toll-
road management.


CONSTRUCCIONES ANTONIO: Finalizes Reorganization
------------------------------------------------
The reorganization of Construcciones Antonio C. Caballi S.A. has
been concluded. Data revealed by Infobae on its Web site
indicated that the process was concluded after Parana's civil
and commercial court homologated the debt agreement signed
between the Company and its creditors.


CONSTRUCCIONES MENHIRES: Halts Debt Payments, Set to Reorganize
---------------------------------------------------------------
Buenos Aires' civil and commercial court is reviewing the merits
of the petition of Construcciones Menhires S.A. to reorganize.
Infobae recalls that the Company filed the petition following
cessation of debt payments. Reorganization will allow
Construcciones Menhires S.A. to avoid bankruptcy by negotiating
a settlement with its creditors.

CONTACT: Construcciones Menhires S.A.
         Emilio Mitre 620 Piso 1A
         Buenos Aires


CONSTRUCCIONES PYP: Court Approves Involuntary Bankruptcy Motion
----------------------------------------------------------------
Court No. 23 of Buenos Aires' civil and commercial tribunal
declared Construcciones PyP S.R.L., a construction company and
real estate agency formerly called Baucar y Compania S.R.L.,
bankrupt. La Nacion relates that the ruling comes in approval of
the petition filed by the Company's creditor, Mr. Juan Benitez,
for nonpayment of $39,211.50 in debt.

Trustee Jessica Minci will examine and authenticate creditors'
claims until Feb. 1, 2006. 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. 46 assists the court on the case, which will conclude
with the liquidation of the Company's assets.

CONTACT: Construcciones PyP S.R.L.
         Saenz Pena 20
         Buenos Aires

         Ms. Jessica Minci, Trustee
         Vuelta de Obligado 1715
         Buenos Aires


DONA LUISA: Court Rules for Liquidation
---------------------------------------
Buenos Aires' civil and commercial court ordered the liquidation
of Dona Luisa 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. Jose Maria Colace, the court-appointed
trustee.

Mr. Colace will verify creditors' proofs of claim until Nov. 30,
2005. The verified claims will serve as basis for the individual
reports to be submitted in court on Feb. 10, 2006. The
submission of the general report follows on March 24, 2006.

CONTACT: Mr. Jose Maria Colace, Trustee
         B. Irigoyen 330
         Buenos Aires


HIDROELECTRICA PIEDRA: Fitch Maintains D(arg) Rating on Bonds
-------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. maintained its
D(arg) rating on the following bonds issued by Hidroelectrica
Piedra del Aguila S.A. (HPDA):

- US$97,300,000 undated bonds described as "Clase I dentro del
Programa de U$S 300 millones;"

- US$97,300,000 undated bonds described as "Clase II dentro del
Programa de U$S 300 millones;"

- US$62,500,000 undated bonds described as "Clase III dentro del
Programa de U$S 300 millones;"

- US$35,000,000 undated bonds described as "Clase V subordinada
dentro del Programa de U$S 300 millones;" and

- US$300,000,000 bonds that matured on Sep. 20, 2004 and
described as "Obligaciones Negociables Simples."

The rating action reflects HPDA's financial status as of June
30, 2005. A 'D(arg)' rating is assigned to issues with very low
recovery potential.

HPDA is the largest private hydroelectric generator in
Argentina. The Company holds a concession until Dec. 29, 2023
from the Argentine government to operate its hydroelectric
facility and for the generation and sale of electricity. HPDA is
located approximately 1,200 km southwest of Buenos Aires on the
Limay River.


HORIZONTE INFORMATICA: Court Declares Company Bankrupt
------------------------------------------------------
Court No. 9 of Buenos Aires civil and commercial tribunal
declared local company Horizonte Informatica Educativa S.R.L.
"Quiebra", relates La Nacion. The court approved the bankruptcy
petition filed by Obra Social de Empleados de Comercio y
Actividades Afines, whom the Company has debts amounting to
$19,926.32.

The Company will undergo the bankruptcy process with Mr. Marcos
Livszyc as trustee. Creditors are required to present proof of
their claims to Mr. Livszyc for verification before Dec. 26,
2005. Creditors who fail to submit the required documents by the
said date will not qualify for any post-liquidation
distributions.

Clerk No. 18 assists the court on the case.

CONTACT: Horizonte Informatica Educativa S.R.L.
         Av. Rivadavia 5427
         Buenos Aires

         Marcos Livszyc, Trustee
         Nunez 6387
         Buenos Aires


KEY ENERGY: Provides Activity Update, Buys New Rigs
---------------------------------------------------
Key Energy Services, Inc. (OTC Pink Sheets: KEGS) announced
Wednesday the purchase of new well service rigs, rig hours for
the month of September 2005 and select financial data for the
month ended August 31, 2005.

                   NEW RIG CONSTRUCTION

The Company has entered into an agreement to purchase 30 new-
generation, foreign manufactured well service rigs.  The Company
anticipates that it will receive 5 well service rigs during 2005
with the balance of the rigs to be delivered in 2006.  The
purchase will include eighteen 400-horsepower well service rigs
and twelve 500-horsepower well service rigs which are designed
with enhanced safety features and technology to reduce downtime.
This purchase will be in addition to the 60 well service rigs
that the Company expects to remanufacture during 2006.  The
Company anticipates that the majority of both the new rigs and
the remanufactured rigs will be used to replace existing
capacity, although a portion of the rigs will be used to meet
the increasing demand for the Company's services.

Commenting on the new well service rig purchases, Dick Alario,
Chairman and CEO, stated, "We continue to be very pleased with
industry conditions and are excited about the opportunity to
enhance our well service rig fleet. Recently, we have received
requests from customers seeking long-term contracts for our well
service rigs.  We are currently evaluating these opportunities
and anticipate that we may secure contracts for a portion of our
new well service rigs before year-end."

                    ACTIVITY UPDATE

Overall activity levels remain strong.  The Company's operations
in South Louisiana and the Gulf Coast of Texas did see some
short-term disruptions due to Hurricane Rita.  The Company
incurred no major damage to any of its well service rigs;
however, several company facilities, including those located in
High Island, Texas and Lake Charles, Louisiana, did incur wind
and flood damage, which the Company estimates the repair cost to
be less than $100,000. The Company estimates that lost revenue
associated with Hurricanes Rita and Katrina will be less than
$2.5 million for the month of September. Additionally, the
Company also incurred costs and expenses associated with non-
productive time as a result of the storms.

Mr. Alario commented, "We were very fortunate to have not
incurred any material damage to our equipment or facilities as a
result of Hurricanes Rita and Katrina.  Certain locations did
incur short-term activity disruptions which affected our
September monthly financial results; however, all of our
impacted facilities are now operational."


                                   Month Ending
                  9/30/2005       8/31/2005         9/30/2004
Working Days          21              23                21
Rig Hours          218,973         236,966           206,237
Trucking Hours     199,489         215,807           226,768

The Company calculates working days as total weekdays for the
month less any company holidays that fall in that month.  For
the month of October 2005, there are 21 working days.

                    SELECT FINANCIAL DATA

Set forth below is certain financial information for the Company
for the month ended August 31, 2005. The information provided
has been prepared by management in accordance with generally
accepted accounting principles but is unaudited and has not been
reviewed by the Company's independent accountants. The table
does not contain all the information or notes that would be
included in the Company's financial statements.

                                          Month Ended
                                             8/31/05
                                    (In thousands - Unaudited)
    Select Operating Data:
    Revenues
      Well servicing (A)                      $86,614
      Pressure Pumping                         15,870
      Fishing and Rental Services               7,183
      Other                                       176
    Total revenues                           $109,843

    Costs and Expenses
      Well servicing                          $54,731
      Pressure Pumping                          9,042
      Fishing and Rental Services               4,350
      General and administrative               10,814
      Interest (B)                              4,310

                                              8/31/05
                                   (In thousands - Unaudited)
    Select Balance Sheet Data:
    Current Assets
      Cash and cash equivalents (C), (D)     $114,313
        Accounts receivable, net of
         allowance for doubtful accounts      208,314
        Inventories                            21,190
        Prepaid expenses and other current
          assets                               21,873
    Total current assets                     $365,690

    Current Liabilities
      Accounts payable                         68,129
      Other accrued liabilities                78,041
      Accrued interest                         15,321
      Current portion of long-term debt and
       capital lease obligations                4,826
    Total current liabilities                $166,317

    Long-term debt, less current portion (E) $425,709
    Capital lease obligations, less
     current portion                            9,652
    Deferred Revenue                              182
    Non-current accrued expenses                39,341

(A) The Well Servicing category includes the financial results
of the Company's remaining contract drilling assets which are
located in Argentina, Appalachia and the Powder River Basin of
Wyoming.

(B) Interest expense includes amortization of deferred debt
issue costs, discount and premium of approximately $102,000 for
the month ended August 31, 2005.

(C) Cash and cash equivalents at October 18, 2005 totaled
approximately $113,338,000.  On October 5, 2005, the Company,
through borrowings under its new credit facility and cash on
hand, repaid $150 million principal amount of 6 3/8% senior
notes due 2013, plus accrued interest.

(D) Capital expenditures were approximately $14,051,000 for the
month ended August 31, 2005.

(E) There were no outstanding borrowings under the Company's
revolving credit facility at October 18, 2005.

The information herein represents the results for only one month
and the information herein is not necessarily indicative of the
results that may be reported for the quarter ended September 30,
2005. The information herein is select financial data and does
not represent a complete set of financial statements, which
would include additional financial data and notes to financial
statements. Until the restatement of the Company's prior year
financial statements is completed, the unaudited information
herein may differ from its restated financial statements. It is
possible that the process of restating the prior year financial
statements could require additional changes to the Company's
financial statements for 2005 that individually or in the
aggregate could be material to the Company's financial position,
results of operations or liquidity.

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


LONERA EL ROSARIO: Court Authorized Reorganization Starts
---------------------------------------------------------
Lonera El Rosario S.A. will begin reorganization following the
approval of its petition by a Villa Mercedes 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. Jose Maria Arabena will oversee the reorganization
proceedings as the court-appointed trustee. He will verify
creditors' claims until Nov. 3, 2005. The validated claims will
be presented in court as individual reports on Dec. 15, 2005.

Mr. Arabena 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. 28, 2006.

An Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the Company's
creditors for approval, is scheduled on Sep. 4, 2006.

CONTACT: Lonera El Rosario S.A.
         Juan B. Justo 5082 BA Marcelo T. de Alvear
         Ciudad de Cordoba (Cordoba)

         Mr. Jose Maria Arabena, Trustee
         9 de Julio 863
         Villa Mercedes (San Luis)


MEGA MARKET: Liquidates Assets to Pay Debts
-------------------------------------------
Buenos Aires-based Mega Market Computer S.R.L. 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 Daniel Pellejero Herrero. The
trustee will verify creditors' proofs of claim until Dec. 16,
2005. The validated claims will be presented in court as
individual reports on Feb. 28, 2006.

Mr. Herrero will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, on April 11, 2006.

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

CONTACT: Mr. Miguel Daniel Pellejero Herrero, Trustee
         Hipolito Yrigoyen 1349
         Buenos Aires


NETWAY S.A.: Judge Approves Bankruptcy
--------------------------------------
Netway S.A. was declared bankrupt after Court No. 12 of Buenos
Aires' civil and commercial tribunal endorsed the petition of
Ingram Micro Argentina S.A. for the Company's liquidation.
Argentine daily La Nacion reports that the creditor has claims
totaling $11,250 against Netway S.A.

The court assigned Ms. Lia Stella Alvarez to supervise the
liquidation process as trustee. Ms. Alvarez will validate
creditors' proofs of claim until February next year.

The city's Clerk No. 23 assists the court in resolving this
case.

CONTACT: Netway S.A.
         Lavalle 1430
         Buenos Aires

         Ms. Lia Stella Alvarez, Trustee
         Cerrito 146
         Buenos Aires


ORGANIZACION PASQUINELLI: Court Mandates Bankruptcy
---------------------------------------------------
Organizacion Pasquinelli S.R.L. enters bankruptcy protection
after a Buenos Aires 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. Osvaldo Jose
Raimundo as trustee. Mr. Raimundo will be verifying creditors'
proofs of claim until the end of the verification phase on Nov.
21, 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 individual reports will be submitted
on Feb. 6, 2006 followed by the general report, which is due on
March 20, 2006.

CONTACT: Organizacion Pasquinelli S.R.L.
         Cullen 5209
         Buenos Aires

         Mr. Osvaldo Jose Raimundo, Trustee
         Rodriguez Pena 797
         Buenos Aires


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

The case is pending before a Buenos Aires' court.

CONTACT: Periodismo Universitario S.A.
         Avda. Cordoba 3016 P.B.
         Buenos Aires


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

Trustee Lia Stella Alvarez will verify claims from the Company's
creditors until Dec. 28, 2005. After verification period, the
trustee will submit the individual and general reports in court.
Dates for submission of these reports are yet to be disclosed.

The city's Clerk No. 23 assists the court on the case.

CONTACT: Romed S.A.
         Avenida de Mayo 1285
         Buenos Aires

         Ms. Lia Stella Alvarez, Trustee
         Cerrito 146
         Buenos Aires


SIDECO AMERICANA: Fitch Maintains 'B(arg)' Rating on $56M Bonds
---------------------------------------------------------------
Fitch Argentina Calificadora de Reisgo S.A. maintained the
'B(arg)' rating given to US$56 million worth of corporate bonds
issued by Sideco Americana S.A. The rating, based on the
Company's finances as of June 30, 2005, affects these issues:

- US$13.5 million worth of bonds described as "Obligaciones
Negociables" and maturing on September 30 2014; and

- US$42.5 million worth of undated bonds described as
"Obligaciones Negociables."

Fitch explains that the `B(arg)' rating indicates significant
credit risk although a limited margin of safety remains.
Financial commitments at this point are still being met.
However, capacity for continued payment depends on a sustained,
favorable business and economic environment.

CONTACT: Sideco Americana S.A.
         Carlos Maria Della Paolera 299 P 27 1001)
         Buenos Aires
         Tel: (011) 4319-3800
         Fax:(011) 4319-3880


TAPAMAR S.A.: Reorganization Devolves to Bankruptcy
---------------------------------------------------
The reorganization of Tapamar S.A. has turned into a bankruptcy.
Argentine news source Infobae relates that a Mar del Plata court
ruled that the Company is "Quiebra Decretada". The report adds
that the court assigned Ms. Maria Cristina Panizo as trustee,
who will verify creditors' proofs of claim until Oct. 28, 2005.

The court also ordered the trustee to prepare individual reports
after the verification process is completed, and have them ready
by Dec. 14, 2005. A general report on the bankruptcy process is
expected on Feb. 27, 2006.

CONTACT: Tapamar S.A.
         La Rioja 2450
         Mar del Plata

         Ms. Maria Cristina Panizo, Trustee
         25 de Mayo 2980
         Mar del Plata



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

ANNUITY & LIFE: To Approve Novation to Subsidiaries of Wilton Re
----------------------------------------------------------------
The shareholders of Annuity & Life Re (Holdings) Ltd. will meet
in an annual meeting to discuss whether to approve the novation
to subsidiaries of Bermuda-based life reinsurance company Wilton
Re Holdings, Ltd.

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

Place: Fairmont Hamilton Princess Hotel
       76 Pitts Bay Road
       Pembroke, HM 08, Bermuda

Items Of Business

1) To approve the novation to, or coinsurance by, subsidiaries
of Wilton Re Holdings, Ltd., a Bermuda-based life reinsurance
company, of our operating subsidiaries' annuity and life
reinsurance agreements, effective as of June 30, 2005, pursuant
to that certain Master Agreement, dated August 10, 2005, by and
among Prudential Select Life Insurance Company of America,
Wilton Reinsurance Bermuda Limited, Annuity and Life Reassurance
America, Inc. and Annuity and Life Reassurance, Ltd.

2) To elect two directors to hold office as specified in the
proxy statement.

3) To ratify the selection of Marcum & Kliegman LLP as our
independent registered public accounting firm for the current
fiscal year and to authorize our board of directors, acting by
our Audit Committee, to set its remuneration.

4) To act upon any other matters properly coming before the
meeting or any adjournment thereof.

Record Date

The close of business on September 30, 2005 has been fixed as
the record date for the meeting. All shareholders of record at
that time are entitled to notice of and are entitled to vote in
person or by proxy at the meeting and any adjournment or
postponement thereof.

The Annual Meeting

- Time and Place. The annual general meeting of shareholders for
2005 will take place at the Fairmont Hamilton Princess Hotel, 76
Pitts Bay Road, Pembroke, HM 08, Bermuda.

- Record Date. The close of business was fixed on September 30,
2005 as the record date for the annual meeting. All shareholders
of record at that time are entitled to notice of and are
entitled to vote at the annual meeting and any adjournment or
postponement thereof.

- Voting and Revocation of Proxies. Shares may be voted at the
annual meeting in person or by proxy. After providing a proxy,
it may be revoked at any time before it is voted at the annual
meeting by filing with our Secretary an instrument revoking it
or a duly executed proxy bearing a later date. Another way of
revoking proxy is by attending the annual meeting and giving
notice of revocation.



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

AES CORP.: Lenders Extend Waiver of Default
-------------------------------------------
The lenders under the Amended and Restated Credit Agreement of
AES Corp. have extended until November 29, 2005 the waiver of
any default or event of default under the credit agreement which
may arise by virtue of the Company's failure to deliver to the
lenders the Company's June 30, 2005 Form 10-Q financial
statements.

Because the Company did not file its June 30, 2005 Form 10-Q by
the SEC's filing deadline, the Company was not in compliance
with its indentures governing the Company's senior and senior
subordinate notes, but that non-compliance will not result in an
automatic event of default or the acceleration of the notes.
However, either the trustee under any of the indentures or the
holders of at least 25% of the outstanding principal amount of
any such series of notes would have the right to accelerate the
maturity of that series of notes if the Company failed to file
and deliver its June 30, 2005 Form 10-Q and other periodic
reports within 60 days after written notice of such default,
unless holders of a majority of each series of the notes waive
compliance with the filing and delivery requirement.

Under the indentures and the Amended and Restated Credit
Agreement, the Company must file periodic reports with the SEC
and furnish copies to the trustees and the noteholders under its
indentures and each lender under the credit facility.  All of
the indentures, provide that an event of default occurs
thereunder when an event of default occurs under any other
indebtedness of AES in excess of $50 million and either (a) such
default arises from the failure to pay the principal at final
maturity or (b) as a result of such default, the maturity of
such debt has been accelerated and such acceleration has not
been annulled within 60 days.  The Amended and Restated Credit
Agreement contains a cross-default provision that provides that
the Company's default on indebtedness in amounts in excess of
$50 million would constitute an event of default under the
Amended and Restated Credit Agreement.

CONTACT: AES Corporation
         Media Contact
         Robin Pence
         Phone: 703-682-6552
                  or
         Investor Contact
         Scott Cunningham
         Phone: 703-682-6336


AMBEV: Sales Volumes Improve Slightly for 3Q05
----------------------------------------------
Companhia de Bebidas das Americas -- AmBev (NYSE: ABV ABVc)
(Bovespa: AMBV4 AMBV3) announces the sales volumes for 3Q05.
Volumes per business unit were as disclosed in the table below,
in thousands of hectoliters. Market share information for the
whole quarter is still not available, but will be provided in
the earnings release scheduled for November 3.


Sales volumes                 3Q05                 YTD 2005
(in 000 hl)             Volume   % Change      Volume   % Change

Brazil
  Beer                  14,485       3.4%      43,279      10.0%
  Soft Drinks            4,696       6.2%      13,951       6.1%

Hispanic Latin America
  Beer                   4,267      10.7%      13,443      10.9%
  Soft Drinks            2,692       8.1%       8,089      10.9%

North America            3,109       1.2%       8,246      -3.3%

Total
  Beer                   21,860      4.4%      64,968       8.3%
  Soft Drinks             7,388      6.8%      22,040       7.8%

CONTACT: COMPANHIA DE BEBIDAS DAS AMERICAS -- AMBEV
         Pedro Aidar
         Tel: +011-55-11-2122-1415
         E-mail: acpaidar@ambev.com.br

         Vanessa Goes
         Tel: +011-55-11-2122-1414
         E-mail: acvsg@ambev.com.br


KLABIN: S&P Affirms Foreign, Local Currency Ratings
---------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-'
foreign currency and 'BB' local currency corporate credit
ratings on Klabin S.A. The outlook is stable.

"The foreign currency rating on Klabin S.A. mirrors the
sovereign foreign currency rating assigned to the Federative
Republic of Brazil," said Standard & Poor's credit analyst
Marcelo Costa. "The local currency rating reflects the company's
exposure to the volatilities of the Brazilian economy (as
packaging products bear a close correlation to GDP), as well as
a still-fragmented market for corrugated boxes that does not
allow for pricing policies that are consistent with the
company's leading market share." These risks are partially
offset by Klabin's very competitive cost position, some
diversification into exports (accounting for 28% of sales), and
its comfortable and improving liquidity and capital structure.

Klabin currently presents a significant level of cash holdings
and sound financial ratios. Nevertheless, Standard & Poor's
Ratings Services expects that this excess cash, kept at current
levels, is only temporary, as the company plans to carry out a
sizable investment program to almost double the installed
capacity for carton boards (to 710,000 tons from 385,000 tons
per year). The expansion plan will require investments of US$500
million distributed essentially over 2006 and 2007. Most of this
additional capacity will target the external market, which will
increase the participation of exports in total revenues to 40%
from the current average of 30%, and will represent a stronger
cushion to the volatilities of the domestic market. As a result,
Klabin's cash flow protection ratios in the long run (through
the cycle) will likely show financial ratios more converged to
the rating category. The decision on the expansion project might
be put off until December 2005 and will depend on the
arrangement of proper long-term financing and therefore should
not introduce an increase of refinancing risks.

The stable outlook on the foreign currency rating mirrors that
of the Federative Republic of Brazil. The stable outlook on the
local currency rating reflects Standard & Poor's expectation
that Klabin will continue to present strong operating margins
and cash flow protection measures despite uncertainties about
the level of local consumption and a relatively more aggressive
capital expenditure when the company undertakes its expansion
plan. The ratings could come under downward pressure if the
company decides to implement its capital program without proper
long-term funding or if it fails to maintain its conservative
financial guidelines, which would translate into larger exposure
of net short-term debt (net short-term debt to total debt of
consistently more than 30%), ratios of net debt to EBITDA higher
than 1.5x, and EBITDA to interest lower than 4x. On the other
hand, the outlook of the local currency rating could be changed
to positive if market fundamentals for Klabin's sales
domestically and abroad continue to be strong, the current
conservative financial measures are maintained throughout the
implementation of the expansion project, and after further
testing of Klabin's capacity to deal successfully with the
volatilities of the Brazilian market.

Primary Credit Analyst: Marcelo Costa, Sao Paulo (55) 11-5501-
8955; marcelo_costa@standardandpoors.com

Secondary Credit Analyst: Milena Zaniboni, Sao Paulo (55) 11-
5501-8945; milena_zaniboni@standardandpoors.com


VARIG: BNDES to Extend Credit Line to Investors
-----------------------------------------------
Brazil's government-controlled National Development Bank (BNDES)
offered to help debt-ridden airline Varig raise cash by
providing a special credit line to buyers of Varig subsidiaries
VarigLog and VEM. VarigLog is the airline's cargo division while
VEM is Varig's engineering and maintenance division.

BNDES plans to lend investors willing to buy the units at least
US$41 million and as much as two-thirds of the value of the
units, said Sergio Varella, adviser to the bank's president.

Varig is trying to sell the units to raise cash to make a US$70-
million payment to leasing companies and avert the seizure of
its aircraft.

Since almost two-thirds of Varig's debt, which stands at about
$3.3 billion, is owed to the government, the BNDES sought to
defuse potential concerns that the airline was being taken over
by the government.

"The BNDES isn't going to become (Varig's) partner, it's simply
financing its investors," Varella said, adding, "We're not
talking about turning Varig into a state-owned company."



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

APEX (TRIMARAN): Placed into Voluntary Liquidation
--------------------------------------------------
               APEX (TRIMARAN) CDO I, LTD.
               (In Voluntary Liquidation)
           The Companies Law (2004 Revision)
                      Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 6th
October 2005:

THAT the Company be placed into voluntary liquidation forthwith.

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

Creditors of the above-named company are to prove their debts or
claims on or before 17th November 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the said 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:  MARTIN COUCH and JOHANN LE ROUX
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


ARDENT SECURITIES: Hires Johann LeRoux, Jon Roney as Liquidators
----------------------------------------------------------------
                ARDENT SECURITIES LIMITED
               (In Voluntary Liquidation)
          The Companies Law (2004 Revision)
                         Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 30th
September 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Johann LeRoux and Jon Roney be appointed, jointly and
severally, as liquidators of the Company.

Creditors of the above-named company are to prove their debts or
claims on or before 17th November 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the said 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:  JOHANN LE ROUX and JON RONEY
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


AUGUSTA FUNDING: Creditors Have Until Nov. 17 to Prove Claims
-------------------------------------------------------------
              AUGUSTA FUNDING LIMITED III
              (In Voluntary Liquidation)
            The Companies Law (2004 Revision)
                      Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 28th
September 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Murray McGregor and Jon Roney be appointed, jointly and
severally, as liquidators of the Company.

Creditors of the above-named company are to prove their debts or
claims on or before 17th November 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the said 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:  MURRAY MCGREGOR and JON RONEY
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


BCH CAPITAL: Proofs of Claims Due By Nov. 21
--------------------------------------------
              IN THE MATTER OF BCH Capital Limited
                   (In Voluntary Liquidation)

                             And

               IN THE MATTER OF THE COMPANIES LAW
                        THE COMPANIES LAW

NOTICE IS HEREBY GIVEN that the creditors of BCH Capital Limited
which is being wound up voluntarily are required on or before
November 21, 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 Mr. Pablo Rodriguez
Muller, the voluntary 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
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.


BCH EUROCAPITAL Creditors to Prove Debt Claims Before Nov. 21
-------------------------------------------------------------
                   In The Matter Of
               BCH EUROCAPITAL LIMITED
                    (THE "COMPANY")
              (In Voluntary Liquidation)
        And In The Matter of the Companies Law
                  The Companies Law

NOTICE IS HEREBY GIVEN that the creditors of the above named
company which is being wound up voluntarily are required on or
before the 21st November 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 attorneys at law for 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.

Pablo Rodriguez Muller
Liquidator


BLUE PERFUME: Final Meeting to be Held Nov. 18
----------------------------------------------
                       Blue Perfume 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 18, 2005 at
3:30 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 18, 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


BRESCO FINANCE: Final General Meeting Set for Nov. 17
-----------------------------------------------------
             BRESCO FINANCE LIMITED
           (In Voluntary Liquidation)
        The Companies Law (2004 Revision)
                  Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named company
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
17th November 2005 for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

CONTACT:  JOHANN LE ROUX
          Joint Voluntary Liquidator
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


BRUNSWICK PARTNERS: Debt Claims Filing Set for Nov. 1
-----------------------------------------------------
                 Brunswick Partners Four Limited
                    (In Voluntary Winding Up)
                The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN that the creditors of Brunswick Partners
Four Limited which is being wound up voluntarily are required on
or before November 1, 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 Mr. Edward
Allanby, the attorneys-at-law for 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 said debts or claims at such time and place as shall
be specified in such notice. In default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

CONTACT: Mr. Edward Allanby, Voluntary Liquidator
         c/o Maples and Calder, Attorneys-at-law
         P.O. Box 309GT, Ugland House
         South Church Street, George Town
         Grand Cayman, Cayman Islands


CAPTIVA FINANCE: Winding Up Presentation to Members Date Set
------------------------------------------------------------
                       Captiva Finance 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
Captiva Finance LTD. will be held at the offices of Deutsche
Bank (Cayman) Limited, Elizabethan Square, George Town, Grand
Cayman on November 17, 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


CASTLEBAR LEASING: Appoints Liquidator for Voluntary Wind Up
------------------------------------------------------------
                   Castlebar Leasing Limited
                   In Voluntary Liquidation
               The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Castlebar Leasing Limited at an extraordinary general meeting
held on October 3, 2005:

"THAT the company be voluntarily wound up under the Companies
Law (2004 Revision) and that Griffin Management Limited be
appointed as liquidator, and that the liquidator be authorized,
if it think fit, to distribute specific assets to members."

Creditors of Castlebar Leasing Limited, which is being wound up
voluntarily, are required on or before November 17, 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 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 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: Griffin Management Limited, Voluntary Liquidator
         Janeen Aljadir
         Caledonian Bank & Trust Limited
         Caledonian House, 69 Dr. Roy's Drive
         P.O. Box 1043 GT, Grand Cayman
         Cayman Islands
         Telephone: (345) 949-4943
         Facsimile: (345) 814-4859


CATALINA CAPITAL: To Hold Final General Meeting at Maples
---------------------------------------------------------
                 Catalina Capital (Cayman) Limited
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)
                            Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Catalina Capital (Cayman)
Limited will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
November 17, 2005 for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

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


CIBELES RV: Creditors to Prove Debt Claims Before Nov. 17
---------------------------------------------------------
                          Cibeles RV Fund
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the shareholders of the Company on September 30, 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 November 17, 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. Stuart Sybersma, Trustee
         Joint Voluntary Liquidator
         Nicole Wilson, Deloitte
         P.O. Box 1787 GT, Grand Cayman
         Cayman Islands
         Telephone: (345) 949 7500
         Facsimile: (345) 949 8258


COVINGTON FINANCE: Enters Liquidation
-------------------------------------
                     Covington Finance Ltd.
                    In Voluntary Liquidation
                The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Covington Finance Ltd. at an extraordinary general meeting
held on October 3, 2005:

"THAT the company be voluntarily wound up under the Companies
Law (2004 Revision) and that Griffin Management Limited be
appointed as liquidator, and that the liquidator be authorized,
if it think fit, to distribute specific assets to members."

Creditors of Covington Finance Ltd., which is being wound up
voluntarily, are required on or before 17th 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 liquidators of the Company, and if so required
by notice in writing from the liquidators, 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: Griffin Management Limited, Voluntary Liquidator
         Janeen Aljadir
         Caledonian Bank & Trust Limited
         Caledonian House, 69 Dr. Roy's Drive
         P.O. Box 1043 GT, Grand Cayman
         Cayman Islands
         Telephone: (345) 949 -4943
         Facsimile: (345) 814-4859


CREF (CAYMAN): Final General Meeting to be Held Nov. 17
-------------------------------------------------------
                       CREF (Cayman) 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 CREF (Cayman) Ltd. will be
held at the offices of Maples Finance Limited, Queensgate House,
George Town, Grand Cayman, Cayman Islands, on November 17, 2005
for the purpose of presenting to the members an account of the
winding up of the company and giving any explanation thereof.
Dated this October 6, 2005.

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


DBB INVESTMENTS: Extraordinary Final Meeting Set for Nov. 17
------------------------------------------------------------
                    DBB Investments Limited
                   (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 DBB
Investments Limited will be held at the offices of Deutsche
Bank (Cayman) Limited, Elizabethan Square, George Town, Grand
Cayman, on November 17, 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



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

EMCALI/TERMOEMCALI: Fitch Withdraws Rating on Defaulted Debts
-------------------------------------------------------------
Fitch Ratings has withdrawn the 'D' rating on the defaulted
debts of Empresas Municipales de Cali (Emcali) and on the
10.125% senior secured notes due 2014 (the 'existing senior
secured notes') of TermoEmcali Funding Corp. Fitch has also
assigned an issuer default rating (IDR) of 'CCC' to Emcali; the
Outlook is Stable. Upon satisfaction of the conditions for the
effectiveness of the proposed exchange offer, Fitch expects to
assign a 'CCC' rating to TermoEmcali Funding Corp.'s senior
secured notes due 2019 (the 'restructured senior secured
notes').

The rating actions on Emcali are grounded primarily on Emcali's
successful restructuring of its financial obligations. Under the
restructuring agreement approved by Emcali's creditors in 2004,
the outstanding debts were reordered in four tranches. Tranche A
amounts to approximately US$231 million, representing 60% of the
debt owed to creditors excluding the Government of Colombia, and
is to be repaid in Colombian pesos over 10 and 1/2 years.
Tranche B, consisting of 40% of the debt owed to creditors,
excluding the Government of Colombia, has already been fully
repaid. Tranche C amounts to approximately US$11 million,
constituting obligations with Emcali's labor unions, and will be
repaid in Colombian pesos over five years beginning in 2006.
Tranche D amounts to approximately US$106 million, consisting of
debts owed to the Government of Colombia, and will be paid in
Colombian pesos over a period of at least 20 years.

As the debts rank pari passu and enjoy no collateral, Fitch
views them as unsecured debts of Emcali. However, Tranche D is
paid, in effect, sequentially after Tranches A, B, and C are
fully repaid, as a grace period with respect to principal
extends from 2003 through the full repayment of the other
tranches. In addition, as part of the restructuring of
TermoEmcali I S.C.A. E.S.P. (Termo Emcali) and to replace the
purchase power agreement (PPA) between Emcali and TermoEmcali,
the Tranche E obligation is to be issued to and will benefit
TermoEmcali. Payments to be made to TermoEmcali on the Tranche E
obligation will match the principal and interest payments due on
the restructured senior secured notes. In its cash flow
forecast, Emcali expects that payments under Tranche D will be
made beginning in 2014, concurrently with Tranche E payments.
However, under the Emcali restructuring agreement, the term of
Tranche D may be extended up to 10 years if the tranche is not
fully repaid in the initial 20-year term.

The 'CCC' issuer rating also considers that despite the full
repayment of Tranche B, leverage remains high in both absolute
terms and relative to its ability to generate cash flow. The
relationship of debt to EBITDA has improved in the last two
years but remains at a high level of approximately 7.2 times
(x). Likewise, debt service margins are projected to run at or
near the breakeven level of approximately 1.2x in 2006 and 1.0x
in 2007. In the near to medium term, Emcali will face
significant challenges, including operating cost reductions,
power and water losses resulting from faulty infrastructure, and
low collections. Conversely, Emcali enjoys a favorable monopoly
position in Colombia's third largest metropolitan area,
providing power, water, wastewater, and telephony services.

Upon satisfaction of the conditions to the effectiveness of the
exchange offer and upon counsel's review of the supporting
documentation, Fitch expects to assign a 'CCC' rating to
TermoEmcali's restructured senior secured notes for up to
US$139.6 million. All of TermoEmcali's noteholders have agreed
to tender the existing senior secured notes in exchange for the
restructured senior notes. The PPA, which provided the source of
repayment for TermoEmcali's existing obligations, will be
terminated, and a new tranche of notes (Tranche E) will be
issued by Emcali to TermoEmcali. The repayment of the
restructured senior secured notes will depend, essentially, on
Emcali's satisfaction of its obligations under Tranche E. The
rating also anticipates that payment to the senior creditors of
TermoEmcali will occur by releasing the funds that have been
accumulating in an offshore account since the end of 2004.
Taking into account scheduled interest and principal payments
not made in 2004, noteholders are expected to be paid US$34
million this year. According to the terms of the restructuring,
the present value of payments of the Tranche E notes at an 8.3%
discount rate is limited to US$164.6 million, plus US$8.7
million that was already deposited into the escrow account.

In conjunction with the exchange offer and restructuring of
TermoEmcali, outstanding amounts payable by TermoEmcali to
Emcali will be capitalized as additional equity of Emcali in
TermoEmcali. Consequently, Emcali's participation in the equity
of TermoEmcali will rise from 43% currently to 88.37% upon
consummation of the exchange offer. The TermoEmcali project
consists of a 231.9 MW gas-fired power plant located 10
kilometers outside the City of Cali.

CONTACTS:  Fitch Ratings
           Gersan Zurita, 212-908-0318 (New York)
           Lucas Aristizabal, 312-368-3260 (Chicago)
           Glaucia Calp, +571-347-4572 (Bogota)
           Chris Kimble, 212-908-0226 (New York, Media
                                        Relations)



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

CAESS/DEUSM/EEO: S&P Reviews, Assigns BB+ Rating
------------------------------------------------
Rationale

The 'BB+' rating on Compania de Alumbrado Electrico de San
Salvador S.A. de C.V. (CAESS), Distribuidora Electrica de
Usulutan S.A. de C.V. (DEUSM), and Empresa Electrica de Oriente
S.A. de C.V. (EEO) reflects the following risks:

    - The rating recognizes that the tariff formula remains
      untested in a stress environment; and

    - Given the undeveloped capital markets in El Salvador, the
      companies have limited financial flexibility compared with
      distribution companies operating in countries with more
      developed financial markets.

These weaknesses are mitigated by the following strengths:

    - A favorable tariff structure and customer base profile;

    - Majority owner AES Corp. has strong management experience
      in successfully operating other distribution companies in
      Latin America;

    - There is a quasi-monopoly environment in which the
      companies provide electric distribution; and

    - The financial profile is expected to remain stable over
      the debt's term, given the amortization schedule and
      fairly stable cash flow

All three entities are El Salvador-based electric distribution
companies majority owned and controlled by AES Corp.
(B+/Positive/--). AES owns and operates electricity plants and
distribution systems throughout the world. Operating businesses
are diversified across 27 countries segregated geographically by
the company into five areas: North America, South America, the
Caribbean, Europe (plus Africa), and Asia. AES, through its
subsidiaries, holds a majority interest in CAESS (75.11%) and
EEO (89.11%). CAESS, in turn, owns 98.32% of the shares in
DEUSEM. These companies distribute electricity to 70% of El
Salvador's population, including the country's capital city of
San Salvador.

CAESS, EEO, and DEUSEM served about 733,466 customers as of the
third quarter of 2005. The three privatized electricity
distribution companies in El Salvador are expanding their
services to rural areas, improving system reliability, and
reducing losses.

Regulatory risk for the companies is moderate. The last
significant regulatory change was in May 2003, when local
regulator Superintendencia General de Electricidad y
Telecomunicaciones (SIGET) modified the tariff formula,
restricting the companies to revising tariffs semiannually
instead of monthly, which did not significantly affect the
companies. The next scheduled regulatory review of tariffs is
not due until 2008. However, the tariff formula remains untested
in a stress scenario, such as high fluctuations in costs for the
generators or heightened macroeconomic risk.

CAESS and EEO have partially mitigated the risk of fluctuations
in spot market prices by entering into contracts for purchasing
energy at discounted prices. As of September 2005, CAESS, EEO,
and DEUSEM contracted 32%, 52%, and 34% of their total energy
requirements, respectively, and purchased 68%, 48% and 66% on
the spot market.

In most circumstances, Standard & Poor's will not assign a
rating to the debt of a subsidiary that is higher than the
rating on the parent. However, exceptions are made on the basis
of the cumulative value provided by enhancements, such as
structural protections, covenants, a pledge of stock, and an
independent director--assuming the stand-alone credit quality of
the entity supports such elevation. Standard & Poor's views
these provisions as supportive in that they reduce the risk of a
subsidiary being filed into bankruptcy in the event of a parent
bankruptcy, but it does not view them as 100% preventative of
such a scenario. The enhancements in place provide Standard &
Poor's with sufficient comfort to allow for the current three-
notch separation.

CAESS and EEO reported revenues of US$214 million for the 12
months ended June 2005. Funds from operations interest coverage
was 4.2x for the second quarter of 2005, which compares
favorably with 4.3x for the same period in 2004. CAESS's and
EEO's operating margins are expected to remain flat over the
next two years at about 12.9%, however, demonstrating that the
companies are well run and that significant improvements might
not be cost-effective. The operating margins are good compared
with those of other Latin American distribution companies.

Because of El Salvador's adoption of the U.S. dollar as its
currency in 2001, the entities currently have a matched position
between U.S. dollar-denominated debt, and local revenues also
collected in U.S. dollars. Although devaluation risk in the
short term is therefore minimized, Standard & Poor's assumes
dollarization could be reversed in the case of a severe
sovereign stress scenario, though this is not expected.

Liquidity

During the second quarter of 2005, CAESS's and EEO's
nonrestricted cash positions were $14.0 million. In accordance
with a loan agreement with the International Finance Corp.
(IFC), the companies also keep a restricted reserve account of
$12.2 million. The companies also have several lines of credit
with various banks, under which they can borrow up to $13
million. The companies must maintain a debt-to-capitalization
ratio of less than 60% and a minimum debt-service coverage ratio
of 1.15x. As of June 2005, these ratios were 52.9% and 2.07x,
complying comfortably with the covenants. The IFC loans
amortization began in 2002, while the non-IFC loans starts to
pay interest in 2005 and fully amortize in 2014, coincident with
the amortization of the IFC A loan and three years after the IFC
B loan. The three companies secure the notes, and the collateral
includes a negative pledge on assets at the operating companies
and a first-priority pledge on all of the stock of the operating
companies.

Outlook

The stable outlook reflects expectations that the regulators
will treat the tariff adjustments fairly. CAESS and EEO are
expected to remain in a central position in the country's
distribution sector. The rating could be pressured downward if
the financial profile of the companies deteriorates
considerably. Standard & Poor's expects the company's debt-to-
capitalization ratio and debt-service coverage ratio of less
than 60% and more than 1.15x, respectively.

Primary Credit Analyst: Fabiola Ortiz, Mexico City (52) 55-5081-
4449; fabiola_ortiz@standardandpoors.com

Secondary Credit Analyst: Federico Mora, Mexico City (52) 55-
5081-4436; federico_mora@standardandpoors.com



=========
H A I T I
=========

* HAITI: IMF Approves $14.7M Loan in Additional EPCA
----------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
Wednesday approved SDR 10.23 million (about US$14.7 million) in
Emergency Post-Conflict Assistance to Haiti, adding to the SDR
10.24 million (about $US14.7 million) in IMF Emergency Post-
Conflict Assistance provided to Haiti in January 2005 (see Press
Release No. 05/4).

Emergency Post-Conflict Assistance (EPCA) is designed to help
IMF member countries with urgent balance of payments financing
needs in the wake of armed conflicts.1 EPCA financing, which can
play an important role in catalyzing donor support, is designed
to be fast-disbursing but is coupled with IMF policy advice,
covering the full range of macroeconomic policies and supporting
structural measures, as well as technical assistance.

Following the Executive Board's discussion of Haiti, Mr. Agustín
Carstens, Deputy Managing Director and Acting Chair, stated:

"The Haitian authorities have made progress toward restoring
macroeconomic stability and implementing structural reforms
under the program supported by the IMF's Emergency Post-Conflict
Assistance (EPCA), approved in January 2005. They implemented
the 2004/05 budget without net recourse to central bank
financing, and tightened monetary policy in the face of the
difficult macroeconomic and security situation as well as delays
in donor disbursements. Important structural measures
implemented include the completion of a census of employment in
key ministries and public sector entities, progress toward
completing a survey of domestic arrears, and stricter control
over discretionary ministerial accounts.

"The government's program for 2005/06 adequately maintains the
focus on preserving macroeconomic stability, enhancing
governance and transparency, and increasing spending on
infrastructure and social services. At the same time, continued
international donor support will be critical for supporting the
improvement in security necessary for safe and fair elections
and economic recovery.

"The key objectives of the 2005/06 program are to strengthen the
fiscal position, while avoiding central bank financing, to
strengthen Haiti's external position, and to advance key
structural reforms. In particular, revenue performance and
expenditure management will be strengthened, and monetary policy
will be tightened, to stem pressures on domestic prices and help
ensure that the program's net international reserves target is
met without undue pressure in the foreign exchange market. In
support of these objectives, the authorities will take further
measures to achieve a lasting improvement in the management and
transparency of the public sector. These include: a more
comprehensive census of public employees, based on a full
headcount, once the security situation allows and resources
become available; implementing a program to settle domestic
arrears; continuing to publish the budget execution and the list
of beneficiaries of government programs in support of the
private sector; and moving ahead with the audit of public sector
enterprises. The authorities are also committed to implementing
a monitoring mechanism of fuel purchases and to ensure that new
contracts on electricity production are based on open and
competitive bids.

"Looking ahead, additional assistance from the international
community will be required to support the authorities' 2005/06
program, the ongoing electoral process, and Haiti's longer-term
development needs. In addition to providing a framework for
donor support, it is anticipated that continued success in
policy implementation under the EPCA-supported program will
provide a basis for a possible PRGF-supported program and HIPC
debt relief," Mr. Carstens said.

CONTACT: International Monetary Fund - IMF
         External Relations Department
         Public Affairs
         Phone: 202-623-7300
         Fax: 202-623-6278

         Media Relations
         Phone: 202-623-7100
         Fax: 202-623-6772



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

AEROMEXICO/MEXICANA: Sale Scheduled This Year
---------------------------------------------
The government downplayed insinuations that the privatization of
its main airlines could be called off on lack of investor
interest.  Andres Conesa, chairman of state-owned airline
holding company Cintra, said the government will go ahead with
the sale of its stake in AeroMexico and Mexicana this year,
splitting up a decade long near-monopoly on domestic air travel.
Winning bidders would be announced in late November or early
December, he added.

Earlier this month, Spanish airline Iberia Lineas Aereas de
Espana SA opted out of the sale process, saying the conditions
were "not optimal."

Iberia's decision to pull out, as well as Cintra's decision give
a pilot's union 5% of the two airlines in return for increased
productivity, scared away some investors.

"If the lack of interest continues, it wouldn't be far-fetched
for the sale to be suspended," Reforma columnist Dario Celis
wrote in the Tuesday of the paper.

But Mr. Conesa insisted that even with the recent withdrawals,
the level of interest was still strong enough to push ahead.

"Those that are still in the process have shown they have the
economic capacity and management skills to run the business,"
Mr. Conesa told Reuters in an interview. "They are first-class
businessmen."

In total, five groups are interested in Mexicana, and four of
them are also preparing possible bids for Aeromexico. The only
foreign company still interested is Spanish tour group Globalia,
which operates Air Europa and has joined forces with Mexico's
privately-owned hospital operator Grupo Angeles.

Under the rules of the privatization, investors can bid for both
carriers but can only be given one. Foreign firms are only
allowed a maximum stake of 25%.

Bidders have to take a majority stake of between 51-75% or, if
they want more than that, it must be for 100% control. They must
present their formal bids by November 21. The government's bank
deposit agency IPAB, which holds the biggest stake in Cintra,
will set a minimum reference price before deciding whether to
accept the bids.


CORPORACION GEO: 3Q05 Results Show Solid Financial Structure
------------------------------------------------------------
Corporacion Geo, S.A. de C.V. (OTC Bulletin Board: CVGFY) (BMV:
GEOB; CORPGEO MX, ADR Level One CUSIP: 21986V204; Latibex:
XGEO), the leading homebuilder in Mexico and Latin America,
reported today results for the third quarter of 2005. In
addition to estimated growth rates reported in each line of the
income statement, margin expansion, a solid financial structure
combined with a quarterly positive free cash flow generation and
a reduction in the net debt level of the Company are the key
points to notice.

Luis Orvananos, founding President and Chairman of Corporacion
Geo, commented, "With the results obtained in the third quarter
of 2005, Geo is well on its way to achieving the expected goals
by year end. An important factor contributing to our great
results is our commitment toward client satisfaction, and proof
of our dedication are the National Housing Awards received for
the fifth consecutive year. We feel very proud and gratified at
having received these awards, and we will continue working to
satisfy our clients' needs and our investors' interests."

For the 17th consecutive quarter, the 3Q2005 operating results
observed solid increases in all P&L lines and a more solid
Balance Sheet. Units sold grew 11.9%, totaling 9,624 homes sold
during the quarter, while Revenues grew 24.4% year-over-year,
reaching $2,656.7 million pesos. In addition, Gross Profit
increased by 25.7% with a Gross Margin of 27.2% compared to
26.9% in 3Q2004. Operating Profit presented an increase of 27.0%
with an Operating Margin of 17.4% versus 17.0% in 3Q2004.

Moreover, EBITDA showed an increase of 30.9% against 3Q2004 with
a margin of 24.1% for this period compared to 22.9% in 3Q2004.
When comparing year- over-year amount, Net Profit grew by 31.9%
totaling $267.4 million, versus $202.7 million in 3Q2004, with a
Net Margin of 10.1% in 3Q2005.

Talking about Financial Structure, quarterly Free Cash Flow
generation in 3Q2005 totaled $206.0 million pesos, an increase
of 10.0% compared to $187.3 million in the same quarter last
year. Accumulated Free Cash Flow generation presented a decrease
of $389.6 million pesos over last year, having passed from $-
138.5 million in 2004 to $-528.1 million in September of this
year.

Also, as a result of the Company's product diversification
strategy, Geo is increasing its participation in the Middle and
Residential segment, which requires a higher investment level,
principally in the work in process line, being the main reason
why the level of Inventories of the third quarter presented an
increase of $694.2 million compared to September 2004.

As a result of the implementation of strategies to improve the
Company's management of Working Capital, the Accounts Receivable
to Sales ratio reached a level of 41.98% versus 41.92% of the
third quarter of 2004.

In the same manner, total Financial Liabilities presented an
increase of 0.5% equivalent to $15.6 million pesos compared to
3Q04. The level of Cash and Cash Equivalents showed an increase
of 6.1% when compared to the third quarter of 2004, from
$1,328.3 million to $1,408.7 million pesos.

Net Debt presented a decrease of 4.2% standing at $1,470.0
million pesos versus $1,534.7 million pesos in 3Q2004, and
quarter over quarter presented an important decrease of 12.5%,
moving from $1,679.2 million pesos in 2Q05 to $1,470.0 million
this quarter, while the Net Debt to Capitalization ratio
observed a decrease over 3Q2004 moving from 28.8% to 24.0% in
3Q2005.

The debt risk profile significantly improved during the quarter,
especially considering the fact that U.S dollar debt exposure is
less than 6.4% of total financial liabilities, that the
composition of the debt is 81.0% short term and 19.0% long term,
and that Geo was able to reach a leverage level without deferred
taxes of 0.72 versus 0.87 in 3Q2004.

Important to mention is the notable increase in the Return on
Equity indicator, which moved from 21.2% to 26.6% in 3Q2005.

The Company's land bank of homes to be developed and collected
reached a total of 237,003 units as a consequence of the
combination of Geo-owned land, options agreements, the
outsourcing scheme and the joint venture with Prudential Real
Estate Investors.

With an estimated 15% annual growth rate in units, Geo controls
enough land bank for 4.5 years of production with a low
financial cost and limited ownership risk considering its owned
land, the outsourcing agreements and the Joint Venture with
PREI.

Finally, we inform the market that a detailed, public and
complementary version of this earnings release is available for
of all the investment community on our Web Site.

CONTACT: Corporacion Geo, S.A. de C.V.
         Jorge Perez Rivero, Investor Relations Officer
         Tel: +011-52-55-5480-5071
         E-mail: jperez@casasgeo.com

         Kenia Vargas or Eduardo Muniz, Investor Relations
         Tel: +011-52-55-5480-5078
         E-mail: geo_ir@casasgeo.com
         Fax: +011-52-55-5554-6064
         URL: http://www.casasgeo.com
         URL: http://www.g-homes.com.mx


GRUPO IUSACELL: Reports 39% EBITDA Increase in 3Q05
---------------------------------------------------
Grupo Iusacell, S.A. de C.V. (BMV: CEL) presented its financial
results for the third quarter of 2005, which show an increase of
27% in net revenues for the quarter, and a 25% increase for the
first nine months of 2005.

In the third quarter of 2005, operating income before
depreciation and amortization increased 39% compared to third
quarter of 2004, resulting in a 59% increase for the first nine
months of 2005 as compared to the same period in 2004.

                        Revenues

Revenues in the quarter grew 27% to Ps. $1,545 million, compared
to Ps. $1,219 million in the same period of 2004. For the first
nine months of 2005, revenues increased 25% to Ps. $4,313
million compared to Ps. $3,457 million recorded in the same
period last year. The increase is primarily due to growth in
revenues from service revenue generated mainly by an increase in
the subscriber base, as well as higher revenues from value added
services. Grupo Iusacell closed the third quarter of 2005 with
1.72 million subscribers.

                  Costs and Expenses

During the quarter, total costs increased 24% to Ps. $889
million, compared with Ps. $718 million recorded in the third
quarter of 2004. Operating expenses increased by 28% to Ps. $467
million, in comparison with Ps. $365 million in the third
quarter the prior year. When comparing cumulative figures for
the first nine months of 2005 with the same period the prior
year, the company showed an 11% increase in total costs to Ps.
$2,297 million from Ps. $2,076 million, as well as a 39%
increase in operating expenses to Ps. $1,257 million from Ps.
$904 million.

The increase in total costs is primarily due to the fees for PCS
concessions awarded to us in 2005, interconnection expenses,
value added services costs, and technical expenses.

The increase in operating expenses during the quarter mainly
reflects increases in advertising expenses related to the launch
of new products, such as: Movil Office (Mobile Office) and BAM
(broadband mobile), as well as an increase in administrative
expenses owing to the creation of regional sales and customer
care structures in line with company strategy to provide the
best service to our clients.

Operating income before depreciation and amortization Iusacell
recorded a 39% increase in operating income before depreciation
and amortization for the quarter, to Ps. $189 million compared
to Ps. $136 million in the same period the preceding year. For
the first nine months of 2005, Iusacell recorded a 59% increase,
to Ps. $759 million compared to Ps. $476 million in the same
period the prior year. This is due to the increase in revenues.

                       Net Income

Iusacell recorded a 48% increase in net loss, from Ps. $294
million for the third quarter of 2004 ti Ps. $435 million for
the third quarter of 2005. This increase is due mainly to a
decrease in foreign exchange and monetary position gains.
However, for the first nine months of the year, the company had
a 49% reduction in net loss, with Ps. $835 million in the first
nine months of 2005 as compared to Ps. $1,648 million in the
same period in 2004.

                          CAPEX

In the third quarter of 2005, the Company invested approximately
US$17 million, primarily for expansion of coverage and capacity
of Iusacell's 3-G network and EV-DO (Evolution Data Only)
services.

                       Recent Events

                 ADRs Termination Program

On September 19, 2005, the Company announced that The Bank of
New York (BONY), as instructed by the Company, terminated the
American Depositary Receipts (ADRs) program of the company and,
as a result, the New York Stock Exchange (NYSE) suspended
trading of its ADRs as of September 20. 2005.

As previously explained, holders of ADRs have 60 days from
September 20, 2005, to exchange their ADRs for shares traded on
the Mexican Stock Exchange (Bolsa Mexicana de Valores -- BMV).
After this 60-day period, BONY will be authorized to sell the
shares corresponding to the ADRs that have not been exchanged
and to make the funds received available to holders.

                    Debt Restructuring

The Company continues negotiations with several creditors,
seeking to reach an overall restructuring agreement as soon as
possible.

                      About Iusacell

Grupo Iusacell, S.A. de C.V. (Iusacell, BMV: CEL) is a wireless
cellular and PCS service provider in Mexico with a national
footprint. Independent of the negotiations towards the
restructuring of its debt, Iusacell reinforces its commitment
with customers, employees and suppliers and guarantees the
highest quality standards in its daily operations offering more
and better voice communication and data services through state-
of-the-art technology, such as its new 3G network, throughout
all of the regions in which it operate.

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


LUZ Y FUERZA: Theft, Fraud Lead to $794M Annual Loss
----------------------------------------------------
State power company Luz y Fuerza del Centro (LFC) registers an
annual loss of about MXN8.5 billion (US$794mn) from electricity
theft, fraud, administrative issues and technical problems such
as fallen lines, reports Business News Americas. LFC director
Luis de Pablo revealed the Company has detected 1 million
illegal connections in the central region of Mexico.

Mr. de Pablo said LFC has been implementing measures to fight
illegal connections but its efforts may suffer a setback this
year as its budget to combat power theft has been reduced by a
third compared to 2004.

In addition, it is difficult to regularize connections in areas
where inhabitants have no legal ownership of land and it is
difficult to punish power theft under Mexican law due to slow
bureaucratic procedures, Mr. de Pablo said.



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

SIDOR: Workers, CVG Get Into Debate Over Share Price
----------------------------------------------------
State holding company CVG and workers at Sidor are currently
debating over the price at which the 2.86 million shares in the
steelmaker should be sold to eligible workers. According to
Business News Americas, CVG wants the shares sold at a price
based on current market conditions. However, the union wants the
value set at 1998 levels.

"With the work participation program (PPL), shares were bought
at VEB43,414 in 1998 [US$15.2 at current exchange rates], but
now CVG argues the same shares should be priced at VEB131,600"
Business News Americas quoted a Sidor labor leader as saying.

The price change could stall the sale, which aims to transfer
the final 10.39% of an agreement that gives Sidor workers 20% of
company shares, the official said.

However, workers have set up a commission to revise legal and
economic details to keep the shares at their initial price and
"once that issue is resolved, we expect the sale to be launched
by end-November," he said.




                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and
Sheryl Joy P. Olano, Editors.

Copyright 2005.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is $575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.


* * * End of Transmission * * *