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        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

           Tuesday, October 25, 2005, Vol. 6, Issue 211

                            Headlines

A R G E N T I N A

AOL LATIN AMERICA: Releases Details of Unit's Sale to Datco
AOL LATIN AMERICA: Files August Consolidated Operating Result
CARTA NORTE: Enters Bankruptcy on Court Orders
CENTRO MEDICO: Initiates Bankruptcy Proceedings
CIDEC COMPANIA: Closes Reorganization

CIPESUR S.A.: Court Orders Liquidation
DAR A LUZ: Obtains Court Approval for Reorganization
FRIGORIFICO LA IMPERIAL: Reorganization Proceeds To Bankruptcy
IVOTI S.A.: Concludes Reorganization
METROGAS: Extends Period of Solicitation of Consents

PROAMAR S.A.: Court Designates Trustee for Liquidation
SIDERFER S.R.L.: Court Authorizes Plan, Concludes Reorganization


B E R M U D A

CARRIER DEVICES: Appoints Robin J Mayor as Liquidator
PRCC (BERMUDA): To Wind Up Voluntarily
REFCO INC: Relates Group's Balance Sheet as of May 31
THE SEVEN CONTINENTS: Enters Voluntary Liquidation


B R A Z I L

BANCO INDUSVAL: Ratings Reflect Higher Competition in Segment
BANCO SCHAHIN: Ratings Reflect Competitive Pressures on Margins
BRASKEM: Thermoplastic Resins Sales Volume Up 16%
BRASKEM: Direct Line to be Available in Internal Audit Dept.
CAMARGO CORREA: Ratings Reflect Fierce Competitive Environment

CEMIG: Authorizes Direct Contracting with Banco Itau
CSN: Deutsche Bank Upgrades Recommendation to Buy
GLOBOPAR: Ratings Reflect Limited Financial Flexibility
ROYAL DUTCH: Unit Acquires Interests in 5 Blocks Offshore
VARIG: TAP Mulls $100M Initial Capital Injection


C A Y M A N   I S L A N D S

JF ASIAN: Creditors to Send Debt Particulars Before Nov. 21
MAINSAIL INVESTMENT: To Relate Wind-Up Process Nov. 18
MARV I: Creditors to Prove Debt Claims Nov. 17
MARV II: Creditors Have Until Nov. 17 to Prove Debt Claims
MCCONNELL ENTERPRISES: To Detail Wind-up Account Nov. 5

MEGAL FINANCE: Sets Nov. 11 as Deadline for Proving Debt Claims
MFS MERIDIAN ASIAN: Creditors to Submit Proofs of Claim Nov. 17
MFS MERIDIAN EMERGING: To Report Wind-up Process Nov. 28
MFS MERIDIAN EUROPEAN: Shareholder Volunteers to Wind Up Firm
MFS MERIDIAN (GLOBAL BALANCED): Shareholder Winds-up Firm

MFS MERIDIAN (GLOBAL EQUITY): Taps Liquidators
MFS MERIDIAN (GLOBAL GROWTH): Shareholder Decides to Liquidate
MFS MERIDIAN INFLATION: Shareholder Winds-up Firm
MFS MERIDIAN LIMITED: Shareholder Decides to Wind-up Company
MFS MERIDIAN MONEY: Creditors to Prove Debt Claims Nov. 17


C O L O M B I A

BAVARIA: SABMiller to Hold Public Share Offer Dec. 5


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Paris Club Reschedules $137M Debt


G U A T E M A L A

REFCO INC: Guatemala Looks Into Bank's Possible Ties With Firm


M E X I C O

ASARCO: Wants Until March 7 to File Plan of Reorganization
BALLY TOTAL: Enters Consent on Credit Agreement with JPMorgan
CENTRAL PARKING: Buying $75.3M of Common Shares in Dutch Auction
DESC: Registers 20.2% EBITDA Increase in 3Q05

     -  -  -  -  -  -  -  -

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

AOL LATIN AMERICA: Releases Details of Unit's Sale to Datco
-----------------------------------------------------------
America Online Latin America, Inc. ("AOLA"), through its
subsidiaries, entered on October 18, 2005 into an agreement (the
"Agreement") to sell all the outstanding equity of its
subsidiary in Argentina ("AOL Argentina") to Datco S.A. and
Comnet S.A. (collectively, "Buyers") and to assign certain
intercompany debt owed by AOL Argentina to AOLA and one of its
subsidiaries. AOLA will receive $377,000 for the assignment of
the debt and the sale of the equity of AOL Argentina. The Buyers
will pay this amount in seven installments over a one-year
period.

AOLA also entered into an Online Services Agreement ("OSA") and
License Agreement ("License Agreement") with America Online,
Inc. ("America Online") governing the territory of Argentina.
The OSA and the License Agreement will only become effective
upon the closing of the sale transaction as a result of which
AOLA will pay $75,000 to America Online. At the closing, AOLA
will assign these agreements to AOL Argentina. Accordingly, the
net consideration to be received by AOLA will be $302,000.

The consummation of the transaction is subject to a number of
contingencies including the approval of the United States
Bankruptcy Court for the District of Delaware. If AOLA fails to
obtain approval of the bankruptcy court by December 15, 2005,
the Agreement will terminate. In the event that the conditions
to the closing of the sale transaction are fulfilled and such
closing does not take place due to the parties' willful failure
to close or gross negligence, the breaching party will be
obligated to pay the other party $100,000.

CONTACT: AOL Latin America
         6600 N. Andrews Ave.
         Suite 400 Ft. Lauderdale
         FL 33309
         Phone:(954) 233-1803


AOL LATIN AMERICA: Files August Consolidated Operating Result
-------------------------------------------------------------
America Online Latin America, Inc. (AOLA) and its subsidiaries
AOL Puerto Rico Management Services, Inc., America Online
Caribbean Basin, Inc. and AOL Latin America Management LLC filed
their consolidated monthly operating report for August 2005,
with the United States Bankruptcy Court for the District of
Delaware on October 17, 2005.

AOLA and the above-listed debtor-in-possession subsidiaries have
not yet filed their consolidated monthly operating report for
September 2005 with the United States Bankruptcy Court for the
District of Delaware, but expect to file such monthly operating
report by November 4, 2005.

The companies filed voluntary petitions (Bankruptcy Petitions)
for relief under Chapter 11 of the United States Bankruptcy Code
in the United States Bankruptcy Court for the District of
Delaware on June 24, 2005.

CONTACT: AOL Latin America
         6600 N. Andrews Ave.
         Suite 400 Ft. Lauderdale
         FL 33309
         Phone:(954) 233-1803


CARTA NORTE: Enters Bankruptcy on Court Orders
----------------------------------------------
Carta Norte S.R.L. enters bankruptcy protection after Formosa'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. Ricardo Fermin Mino
as trustee. Mr. Mino will be verifying creditors' proofs of
claim until the end of the verification phase on Oct. 26, 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 Dec. 9, 2005 followed by the general report, which is due on
Feb. 21, 2006.

CONTACT: Carta Norte S.R.L.
         Fontana 102
         Formosa

         Mr. Ricardo Fermin Mino, Trustee
         Padre Patino 245
         Formosa


CENTRO MEDICO: Initiates Bankruptcy Proceedings
-----------------------------------------------
Buenos Aires' civil and commercial court declared Centro Medico
del Sur S.A. "Quiebra," reports Infobae.

Ms. Maria Cristina Agrelo, who has been appointed as trustee,
will verify creditors' claims until Oct. 27, 2005 and then
prepare the individual reports based on the results of the
verification process.

The individual reports will then be submitted to court on Dec.
19, 2005, followed by the general report on March 8, 2006.

CONTACT: Centro Medico del Sur S.A.
         Pena 2679
         Buenos Aires

         Ms. Maria Cristina Agrelo, Trustee
         Viamonte 1365
         Buenos Aires


CIDEC COMPANIA: Closes Reorganization
-------------------------------------
The reorganization of Cidec Compania Industrial del Cuero S.A.
has been concluded. Data revealed by Infobae on its website
indicates the process was concluded after a Buenos Aires court
approved the debt agreement signed between the Company and its
creditors.


CIPESUR S.A.: Court Orders Liquidation
--------------------------------------
Cipesur S.A. prepares to wind-up its operations following the
bankruptcy pronouncement issued by a Buenos Aires court. The
declaration effectively prohibits the company from administering
its assets, control of which will be transferred to a court-
appointed trustee.

Infobae reports that the court appointed Ms. Elida Alicia
Victorero as trustee. Ms. Victorero will be reviewing creditors'
proofs of claim until Dec. 6, 2005. The verified claims will
serve as basis for the individual reports to be presented for
court approval on Feb. 20, 2006. The trustee will also submit a
general report of the case on April 3, 2006.

CONTACT: Ms. Elida Alicia Victorero, Trustee
         Migueletes 1806
         Buenos Aires


DAR A LUZ: Obtains Court Approval for Reorganization
----------------------------------------------------
Dar A Luz S.R.L. will begin reorganization following the
approval of its petition by the Buenos Aires' civil and
commercial tribunal. The opening of the reorganization will
allow the Company to negotiate a settlement with its creditors
in order to avoid a straight liquidation.

Mr. Donato A. Sarcuno will oversee the reorganization
proceedings as the court-appointed trustee. He will verify
creditors' claims until Nov. 28, 2005. The validated claims will
be presented in court as individual reports on Feb. 9, 2006.

Mr. Sarcuno is also required by the court to submit a general
report essentially auditing the Company's accounting and
business records as well as summarizing important events
pertaining to the reorganization. The report will be presented
in court on March 23, 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. 6, 2006.

CONTACT: Dar A Luz S.R.L.
         Formosa 353
         Buenos Aires

         Mr. Donato A. Sarcuno, Trustee
         Bernardo de Irigoyen 330
         Buenos Aires


FRIGORIFICO LA IMPERIAL: Reorganization Proceeds To Bankruptcy
--------------------------------------------------------------
The reorganization of Frigorifico La Imperial S.A.C.I.A. y F.
has progressed into bankruptcy. Argentine news source Infobae
relates that a Buenos Aires court ruled that the Company is
"Quiebra Decretada".

The report adds that the court assigned Mr. Hugo Daniel Pantaleo
as trustee, who will verify creditors' proofs of claim until
Dec. 6, 2005.

The court also ordered the trustee to prepare individual reports
after the verification process is completed, and have them ready
by Feb. 17, 2006. A general report on the bankruptcy process is
expected on March 31, 2006.

CONTACT: Mr. Hugo Daniel Pantaleo, Trustee
         Avda. Corrientes 1450
         Buenos Aires


IVOTI S.A.: Concludes Reorganization
------------------------------------
The reorganization of Buenos Aires-based Ivoti S.A. has ended.
Data revealed by Infobae on its Web site indicated that the
process was concluded after the city's court homologated the
debt agreement signed between the Company and its creditors.


METROGAS: Extends Period of Solicitation of Consents
----------------------------------------------------
MetroGAS S.A. (the "Company") announced on October 20, 2005 that
it is further extending its solicitation (the "APE
Solicitation") from holders of its 9-7/8% Series A Notes due
2003 (the "Series A Notes"), its 7.375% Series B Notes due 2002
(the "Series B Notes") and its Floating Rate Series C Notes due
2004 (the "Series C Notes" and, together with the Series A Notes
and the Series B Notes, the "Existing Notes") and its other
unsecured financial indebtedness (the "Existing Bank Debt" and,
together with the Existing Notes, the "Existing Debt"), subject
to certain eligibility requirements, of powers of attorney
authorizing the execution on behalf of the holders of its
Existing Notes of, and support agreements committing holders of
its Existing Bank Debt, to execute an acuerdo preventivo
extrajudicial (the "APE") until 5:00 p.m., New York City time,
on November 14, 2005, unless further extended by the Company.

APE Solicitation

As of 5:00 p.m., New York City time, on October 19, 2005, powers
of attorney and support agreements had been received with
respect to approximately U.S.$75,651,000 principal amount of
Existing Debt.

The APE Solicitation will remain in all respects subject to all
terms and conditions described in the Company's Solicitation
Statement dated November 7, 2003.

The Settlement Agent for the APE Solicitation is JPMorgan Chase
Bank and its telephone and fax numbers are (212) 623-5136 and
(212) 623-6216, respectively.

Any holder wishing to receive a copy of the Solicitation
Statement and/or ancillary documents should contact J.P. Morgan
Securities Inc. at 1-877-217-2484 in the United States or
JPMorgan Chase Bank Buenos Aires at 54-11-4348-3475/4325-8046 in
Argentina.

CONTACT: MetroGAS S.A.
         Pablo Boselli
         Financial Manager
         E-mail: pboselli@metrogas.com.ar
         Phone: (5411) 4309-1511

         Lucia Domville
         Financial Information Advisor
         E-mail: ldomville@nyc.rr.com
         Phone: (917) 375- 1984

         URL: www.metrogas.com


PROAMAR S.A.: Court Designates Trustee for Liquidation
------------------------------------------------------
Buenos Aires accountant Leandro Villari was assigned trustee for
the liquidation of local company Proamar S.A., relates Infobae.

Mr. Villari will verify creditors' claims until Dec. 5, 2005,
the source adds. After that, he will prepare the individual
reports, which are to be submitted in court on Feb. 6, 2006. The
submission of the general report should follow on March 30,
2006.

CONTACT: Mr. Leandro Villari, Trustee
         Talcahuano 316
         Buenos Aires


SIDERFER S.R.L.: Court Authorizes Plan, Concludes Reorganization
----------------------------------------------------------------
Buenos Aires-based Siderfer S.R.L. concluded its reorganization
process, according to data released by Infobae on its Web site.
The conclusion came after the city's court accepted the debt
plan signed between the Company and its creditors.



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

CARRIER DEVICES: Appoints Robin J Mayor as Liquidator
-----------------------------------------------------
             IN THE MATTER OF THE COMPANIES ACT 1981

                               And

              IN THE MATTER OF Carrier Devices Ltd.

The Members of Carrier Devices Ltd., acting by written consent
without a meeting on September 13, 2005, passed the following
resolutions:

1) THAT the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and

2) THAT Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The liquidator informs that:

- Creditors of Carrier Devices Ltd., which is being voluntarily
wound up, are required, on or before October 5, 2005, to send
their full Christian and Surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to Robin J
Mayor, the Liquidator of the Company, and if so required by
notice in writing from the said Liquidator, and personally or by
their solicitors, to come in and prove their 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.

- A final general meeting of the Member(s) Carrier Devices Ltd.
will be held at the offices of Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda on October 26,
2005 at 9:30 a.m., or as soon as possible thereafter, for the
purposes of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Robin J Mayor, Liquidator
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street, Hamilton, HM DX
         Bermuda


PRCC (BERMUDA): To Wind Up Voluntarily
--------------------------------------
               IN THE MATTER OF THE COMPANIES ACT 1981

                                 And

               IN THE MATTER OF PRCC (Bermuda) I, Ltd.

The Members of PRCC (Bermuda) I, Ltd., acting by written consent
without a meeting on September 15, 2005, passed the following
resolutions:

1) THAT the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and

2) THAT Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator informs that:

- The Creditors of PRCC (Bermuda) I, Ltd., which is being
voluntarily wound up, are required, on or before October 5,
2005, to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their solicitors (if any) to Robin J
Mayor, the Liquidator of the Company, and if so required by
notice in writing from the Liquidator, and personally or by
their solicitors, to come in and prove their 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.

- A final general meeting of the Member(s) of Creditors of PRCC
(Bermuda) I, Ltd. will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on October 27, 2005 at 9:30 a.m., or as soon as possible
thereafter, for the purposes of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Robin J Mayor, Liquidator
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street, Hamilton, HM DX
         Bermuda


REFCO INC: Relates Group's Balance Sheet as of May 31
-----------------------------------------------------

              Refco Group Ltd., LLC, and Subsidiaries
              Consolidated Balance Sheets (Unaudited)
                        As of May 31, 2005

Cash and cash equivalents                           $405,029,000

Cash and securities segregated
under federal and other regulations:
   Cash and cash equivalents                       1,053,218,000
   Securities purchased under agreements to resell    67,013,000
Securities purchased under agreements to resell   46,551,374,000
Deposits with clearing organizations               2,519,147,000
Receivables from securities borrowed               2,631,989,000
Receivables from broker-dealers and
   clearing organizations                         10,770,348,000
Receivables from customers, net of reserves        1,807,446,000
Securities owned, at market or fair value          6,774,039,000
Memberships in exchanges                              36,159,000
Goodwill                                             744,110,000
Identifiable intangible assets                       595,931,000
Other assets                                         363,888,000
                                                 ---------------
Total assets                                     $74,319,691,000
                                                 ===============
Liabilities
   Short-term borrowings, including current
      portion of long-term borrowings               $144,913,000
   Securities sold under agreements to repurchase 43,333,241,000
   Payable from securities loaned                  2,458,147,000
   Payable to broker-dealers
      and clearing organizations                   8,444,520,000
   Payable to customers                            7,622,809,000
   Securities sold, not yet purchased             10,590,379,000
   Accounts payable, accrued expenses
      and other liabilities                          278,149,000
Long-term borrowings                               1,236,000,000
                                                 ---------------
Total liabilities                                 74,108,158,000
                                                 ---------------
Commitments and contingent liabilities
Membership interests issued by
   subsidiary and minority interest                   23,606,000
Member's equity                                      187,927,000
                                                 ---------------
Total liabilities and member's equity            $74,319,691,000
                                                 ===============

In its Chapter 11 petition, Refco Inc. and its affiliates
reported to the Bankruptcy Court that as of February 28, 2005,
their financial condition was:

      Total Assets: $48,765,349,000

      Total Debts:  $48,599,748,000

In a filing with the Securities and Exchange Commission, Refco
Group Ltd., LLC, and its subsidiaries disclosed that their
consolidated balance sheet as of May 31, 2005, reflects:

      Total Assets: $74,319,691,000

      Total Debts:  $74,108,158,000

As of Aug. 31, 2005, Mr. Klejna reports, the Debtors'
consolidated financial position was:

      Total Assets: $16.5 billion

      Total Debts:  $16.8 billion

Headquartered in New York, New York, Refco Inc. (NYSE: RFX) --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case Nos. 05-60006
through 05-60029).  J. Gregory Milmoe, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represents the Debtors in their
restructuring efforts.  As of Feb. 28, 2005, Refco Inc. and its
debtor-affiliates listed $48,765,349,000 in total assets and
$48,599,748,000 in total liabilities.  As of May 31, 2005, Refco
Group Ltd., LLC, and its subsidiaries listed $74,319,691,000 in
total assets and $74,108,158,000 in total debts.  As of Aug. 31,
2005, the Debtors' consolidated financial position listed $16.5
billion in total assets and $16.8 billion in total debts.
(Troubled Company Reporter, Oct. 22, 2005, Vol. 9, No. 251)


THE SEVEN CONTINENTS: Enters Voluntary Liquidation
--------------------------------------------------
              IN THE MATTER OF THE COMPANIES ACT 1981

                               And

IN THE MATTER OF The Seven Continents Insurance Company, Limited

The Members of The Seven Continents Insurance Company, Limited
held a Special General Meeting on September 9, 2005 and passed
the following Resolutions:

1. THAT the Company be wound up voluntarily;

2. THAT Mr. Douglas S. Andrews with his office at 1 Kemper
Drive, Long Grove, Illinois (USA) be and is hereby appointed the
Liquidator of the Company with full power and authority to
conduct the winding-up of the Company in accordance with the
Companies Act 1981 and the Companies (Winding-Up) Rules 1982;

3. THAT the Members decide upon the Liquidators' remuneration;
and

4. THAT the foregoing resolutions are effective the 9th day of
September 2005.

The Liquidator informs that:

- The Creditors of The Seven Continents Insurance Company,
Limited, which is being voluntarily wound up, are required, on
or before the 28th day of October, 2005 to send their full
Christian and surnames, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to Douglas S. Andrews,
the Liquidator of the Company, and if so required by notice in
writing from the said Liquidator, and personally or by their
solicitors, to come in and prove their debts or claims at such
time 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.

- A Final General Meeting of the Members of The Seven Continents
Insurance Company, Limited will be held at KPMG, Financial
Advisory Services Limited, Crown House, 4 Par-la- Ville Road,
Hamilton, Bermuda on November 11, 2005 at 10:00 a.m. for the
following purposes of:

1. receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2. by Resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3. by Resolution dissolving the Company.

CONTACT: Mr. Douglas S. Andrews, Liquidator
         1 Kemper Drive, Long Grove, Illinois 60049, U.S.A



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

BANCO INDUSVAL: Ratings Reflect Higher Competition in Segment
------------------------------------------------------------
Rationale

The ratings assigned to Banco Indusval S.A. (Indusval) reflect
the intrinsic risks of a small bank operating in Brazil,
particularly regarding funding stability and diversification;
and in the medium- to long-term, the higher competition in the
middle-market segment, which could put pressure on its
profitability given the reduction in spreads. These credit risk
factors are partially offset by Indusval's strategy as a niche
bank in the middle-market segment, relying on the agility of its
decision process and good knowledge of its business; its good
track record regarding credit quality, which is supported by the
bank's expertise in the use of receivables as collateral; and
the bank's strong liquidity.

One of the main challenges for Indusval is the search and
maintenance of a steady and diversified funding base to support
its growth. Nevertheless, the sale of its consumer finance
operation in September 2004 reinforced the bank's liquidity
(liquid assets corresponded to 48% of the bank's total deposit
base in June 2005) and improved capitalization (asset-weighted
risk ratio of 34% in the same period), even though time deposits
decreased almost 20% in fourth-quarter 2004.

After the sale of its consumer finance operations, Indusval
focused strictly on loans backed by receivables. The bank's
strategy is to concentrate on these operations and increase loan
volume. While some deterioration of the Brazilian economy could
increase its credit risk given the profile of the portfolio
(small and midsize companies), Indusval's ability to reduce its
credit portfolio (as the duration of its portfolio is short) and
the strong guarantees on the new credits lead Standard & Poor's
Ratings Services to believe that the bank will grow its
portfolio and still maintain credit quality.

Indusval has a good track record regarding its asset quality.
Its credit operations (mainly receivables-backed loans) show a
ratio of problematic loans, measured by loans registered between
categories E and H to total loans, that reached 2.6% in June
2005 and 2.2% in December 2004, and net write-offs-to-average
credit portfolio ratio stable at strong levels (annualized ratio
of 0.4% in June 2005). Indusval's strict credit processes and
its large expertise in checking and monitoring receivables-by
controlling the receivables' performance, their liquidity and
cross checking information with other banks-support these asset
quality indicators.

Indusval has maintained adequate profitability to its business
profile with average net income (adjusted to nonrecurrent
results)-to-total assets of 2.4% in the past three years.
Profitability is supported by interest results derived from its
credit operations and gains from its liquid portfolio, as well
as its lean operational structure. With the sale of the consumer
finance operation last year, Indusval was able to reduce its
operating expenses and achieve comparable efficiency ratio
levels to those of its peers (the ratio reduced to 55% in June
2005 from 89% in 2004).

Among the major key success factors of the bank are its agility
in making decisions and its deep knowledge of the middle-market
segment. With two branches, around 300 clients, and Brazilian
reais (BrR) 678 million ($288 million) of total assets as of
June 2005, the bank is a small Brazilian bank that operates as a
niche bank, focusing on middle-market companies with operations
backed by receivables.

Outlook

The stable outlook on both local currency and foreign currency
ratings incorporates our expectation that the bank will be able
to sustain its funding base and maintain a good liquidity ratio
(liquid assets-to-total deposits ratio should reduce, but we
expect it to be maintained at the 20% level). Indusval is also
expected to maintain its asset quality indicators (nonperforming
loans) below 3%, and its good profitability.

The stable outlook could be changed to negative or ratings could
be lowered if there is a significant deterioration in Indusval's
asset-quality ratios (vis-…-vis its current levels), or if its
liquidity and funding is pressured.

On the other hand, the outlook could be changed to positive or
ratings could be raised if the bank is successful in increasing
its market position in its niche segment, while growing its
funding base to support the expansion of its credit portfolio
with no detriment to its asset quality indicators. We would also
expect profitability ratios to improve as a result of a large
scale and replacement of part of its liquid assets by credit
operations, but with liquidity levels maintained at 25%-30%.

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

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


BANCO SCHAHIN: Ratings Reflect Competitive Pressures on Margins
---------------------------------------------------------------
CREDIT RATING:  B/Stable/B

Outstanding Rating(s)
  Counterparty Credit:  B/Stable/B
Senior unsecured Foreign currency:  B

Rationale

The ratings on Banco Schahin S.A. (Schahin) reflect the
intrinsic risks of a small bank facing the challenge of growing
its business while maintaining adequate funding in the
increasingly competitive banking market; the weak credit quality
of its remaining wholesale portfolio (mainly credits to small
and midsize companies) that, despite improvement, is still worse
than that of its major peers; and like all the banks that
operate in the same market, the margins pressure related to
retail lending. These risk factors are offset by the bank's
coherent strategy to generate more retail business while
gradually reducing the weight of loans to small and midsize
companies; the improvement in credit quality and profitability
through the increase of its retail operations; and the
conservative approach of its Treasury activity.

With total assets of Brazilian reais (BrR) 1.034 million ($440
million at an exchange rate of BrR2.35 to $1.0) as of June 2005,
Schahin is a small bank positioned as the 41st-largest private
financial institution in Brazil. The bank is part of a
conglomerate with operations in several areas, including oil-
related services, engineering, and utilities. Standard & Poor's
Ratings Services does not assign ratings to any industrial or
service company part of Schahin's conglomerate, and the ratings
assigned to the bank do not incorporate potential support from
shareholders.

The bank changed its strategy three years ago to increase its
competitiveness in the Brazilian market and reduce its
concentration risk. Its major objective has been to move away
from wholesale banking with middle-market companies, and focus
on loans to individuals. Schahin has built extensive
relationships with representatives and correspondent banking
units (mainly through partnership with documentation agents,
driving schools, and car repairs), to position itself more as a
niche bank focused on consumer finance and payroll discount
lending, mainly to public employees. In addition, the
partnership with HSBC Bank Brasil allowed for the growth in loan
portfolio of payroll discount loans to pensioners and INSS
beneficiaries. Different from other agreements in the market,
this is a profit-sharing agreement in which revenues and costs
are split between both institutions, and HSBC provides funding
and books the loans. The agreement estimates the generation of a
minimum of BrR3 billion in loans in five years.

The bank's key success factors include the agreements and
relationship established with several representatives and
correspondent banking units, as well as constant investments in
IT, meaningful for its size. Despite having only two branches,
the bank made agreements with documentation agents to finance
the clientele debt (fines, taxes, etc.), auto financing, and
payroll discount lending. Its market position allowed the bank
to be one of the largest financial agents in the collection of
fines and taxes in the State of Sao Paulo. Its IT and internal
system bases are important factors in an increasingly
competitive environment.

Schahin has been successfully implementing its strategy to move
away from wholesale banking with middle-market companies and
focus on loans to individuals. Retail lending increased its
weight over total lending to 56% in June 2005 from 38% in
December 2004, improving its risk profile and profitability. In
the future, we expect individual loans to replace lending to
midsize banks.

As a consequence of the change in credit mix, problem loans
reduced last semester due to lower delinquency ratios related to
individuals (mainly the payroll discount lending to pensioners
that have insurance). Although the ratio of nonperforming loans
(NPLs; from 'E' to 'H' per Standard & Poor's criteria) to total
loans stood at 7.6% at June 2005 (in line with the 2004 ratio),
the ratio adjusted to the credit portfolio ceded to other banks
(of around BrR500 million in the half) reduced to 4.6% in June
2005 from 6.3% in December 2004. Nevertheless, the delinquency
ratio is still affected by the remaining middle-market
portfolio, with worse ratios than those of its peers. We expect
Schahin's credit risk profile to improve in the medium term due
to the increase of the payroll discount lending to retired
people and pensioners, which has significantly lower risk and
offers one of the best growth opportunities in the market.

The increased focus on consumer lending and consequent lower
need to create provision has also affected the bank's recurrent
results. As of June 2005, annualized ROA adjusted to
nonrecurrent events reached 2.8% (adjusted to reflect the pro
rata result from ceded loans, the results not already booked
from the HSBC agreement, nonrecurrent results, and the ceded
portfolio on the asset size). In the medium to long term, the
strong competition and pressures in terms of margins challenge
the bank to grow its scale.

Liquidity at Schahin is manageable. Despite its efforts to
diversify its funding sources, Schahin's challenge is to
maintain the stability and diversification of its funding. Like
other small and midsize Brazilian banks, Schahin's deposit base
was reduced after the Banco Santos intervention by the Central
Bank, which led institutional investors to withdraw deposits
from small and midsize banks. Nevertheless, the bank's decision
to focus on lower-risk lending (mainly payroll discount lending)
and the development of relationships with other banks that are
interested in acquiring ceded loans have helped on the
maintenance of adequate liquidity (liquid assets-to-deposits
reached 20% in June 2005) and capitalization (BIS ratio of
14.6%). Schahin maintains a conservative approach on its
Treasury activities, the latest being responsible for matching
the bank's books, defining pricing to be used by the commercial
area, and managing the bank's liquidity.

Outlook

The stable outlook on both local and foreign currency ratings
assigned to Schahin incorporates our expectation that the bank
will be able to maintain stability in its consumer finance and
payroll discount lending to support its growth strategy while
maintaining its profitability and asset quality indicators. The
stable outlook also incorporates the maintenance of a BIS ratio
above 13%.

The outlook may be changed to positive or ratings may be raised
if the bank (consolidated figures) shows sustainable growth and
stronger returns, a significant improvement in asset quality
indicators (with NPL ratio below 2%), higher liquidity, and
better capital ratios. On the other hand, the outlook could be
changed to negative or ratings could be lowered if there is a
significant deterioration in Schahin's asset quality ratios
(vis-…-vis its current levels), or if the bank is unable to
sustain its operations, thus reducing its profitability.

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

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


BRASKEM: Thermoplastic Resins Sales Volume Up 16%
-------------------------------------------------
Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK), leader in
the thermoplastic resins segment in Latin America and one of the
three largest Brazilian privately-owned industrial companies, is
issuing a preview of its results of operations for the third
quarter of 2005 (which will be released in their entirety on
November 9, 2005), in accordance with its commitment to the
financial market.

Braskem maintained high capacity utilization rates and
production volumes during the third quarter of 2005, consistent
with capacity utilization rates and production volumes during
the second quarter of 2005, in order to ensure the best
operating levels and the productivity of its plants. The results
from "Braskem +," its program for operational excellence and
improved competitiveness, show progress in advance of the
timetable originally established and disclosed.

Thermoplastic resins sales volume during the third quarter of
2005 increased by approximately 16% compared to the second
quarter of 2005 and approximately 11% compared to the third
quarter of 2004. The domestic market sales were primarily
responsible for this recovery, increasing by 21% when compared
to the second quarter of 2005. The increased sales volume
positively impacted EBITDA during the third quarter of 2005 by
R$20 million, compared to the second quarter of 2005.

The third quarter of 2005 witnessed a decline in international
prices for thermoplastic resins, when converted into reais.
Following the Company's commercial policy of keeping its
domestic prices aligned with international prices, Braskem
adjusted its service margins during the third quarter of 2005 to
reflect current market scenario, with a 9% decrease in its
average prices, in reais, when compared to the second quarter of
2005. This temporary adjustment led to an R$80 million reduction
in EBITDA during the third quarter of 2005.

The 18% increase in average naphtha prices as well as the
increase in other raw materials reduced EBITDA in the third
quarter of 2005 by R$ 100 million. The 6% appreciation of the
real against the dollar in the same period also negatively
impacted EBITDA in the amount of R$ 50 million. Summing up all
these effects along with the increase in volumes and the
adjustment in prices, EBITDA during the third quarter of 2005
was negatively impacted by approximately R$ 220 million.

Braskem remains confident with respect to its medium- and long-
term prospects. Domestic prices and volumes began to recover by
the end of the third quarter of 2005, and the process of gradual
reduction in interest rates in Brazil is expected to result in
even higher domestic demand for thermoplastic resins, which we
believe will lead to higher operating margins in the near
future.

Braskem will commence the construction of the Petroqu¡mica
Paul¡nia Project in 2005, expected to produce 300,000 tons of
polypropylene annually. Braskem is continuing to study the
feasibility of proposed projects to produce polypropylene in
Venezuela and polyethylene in an integrated petrochemical
complex at the border of Brazil and Bolivia. These proposed
projects seek to increase our production capacity with access to
competitive sources of raw materials.

As recently disclosed, Petroquisa designated assets that it may
contribute to Braskem in case it chooses to exercise an option
to increase its ownership interest in Braskem's voting share
capital from 10% to 30%. The list of assets includes
Petroquisa's ownership interests in Copesul, Petroqu¡mica
Triunfo and Petroqu¡mica Paul¡nia.

The Company has also recently announced an important global
partnership with SAP to implement a new integrated internal
management system, with an estimated investment of R$ 130
million and estimated net present value of R$ 260 million.

Braskem will publish its detailed earnings release regarding its
results of operations for the third quarter of 2005 on November
9, 2005 and will conduct conference calls with domestic and
international analysts on November 11, 2005. As in the past, the
chief executive officer and other executive officers of Braskem
will participate in the conference calls.
Braskem, a world-class Brazilian petrochemical company, is the
leader in the thermoplastic resins segment in   Latin America
and is among the three largest Brazilian-owned private
industrial companies. The company   operates 13 manufacturing
plants located throughout Brazil, and has an annual production
capacity of 5.8   million tons of thermoplastic resins and other
petrochemical products.

CONTACT: Braskem
         Paul Altit
         CFO and Investor Relations Executive Officer

         Jose Marcos Treiger
         Head of Investor Relations
         Phone: 55 11 3443 9529
         E-mail: jm.treiger@braskem.com.br

         Luiz Henrique Valverde
         IR Manager
         Phone: 55 11 3443 9744
         E-mail: luiz.valverde@braskem.com.br

         Luciana Ferreira
         IR Manager
         Phone: 5511 3443 9178
         E-mail: luciana.ferreira@braskem.com.br

         URL: www.braskem.com.br


BRASKEM: Direct Line to be Available in Internal Audit Dept.
------------------------------------------------------------
Braskem announced that an immediate line of communication, known
as the Direct Line, will be available soon to the Company's
Internal Audit Department.

DIRECT LINE

INTRODUCTION

A direct line of communication will be made available soon to
the Braskem Internal Audit Department, known as the Direct Line,
to improve the company's internal controls and meet the legal
requirements set forth under the Sarbanes Oxley (SOX) Act.
Information collected through this line of communication will be
reviewed, monitored and then forwarded to the Chief Executive
Officer, the Ethics Committee and the Fiscal Council of Braskem.

1. PURPOSE

The purpose of the Direct Line is to maintain the anonymity of
any employee of the company who would like to report any
misconduct committed by any person, whether they are employees,
suppliers or clients of Braskem, but would like to remain
anonymous.

2. BRIEF DESCRIPTION OF HOW IT WORKS

Any employee can report any misconduct committed by employees,
third parties, suppliers or clients by using this channel of
communication (electronic mail, telephone and letter), known as
the Direct Line. This communication channel was devised and
structured to ensure the anonymity of the person making the
report. Reports of misconduct will be retrieved directly by the
Internal Audit Department, which in turn will be responsible for
maintaining confidentiality, safeguarding the documents received
as well as disclosing the contents of the reports to the Chief
Executive Officer, the Ethics Committee and the Fiscal Council
of Braskem. The Ethics Committee is responsible for assessing
all reports lodged. Any reports concerning audit and internal
controls must also be forwarded to the Fiscal Council.

3. MEANS OF COMMUNICATION

An employee thatobserves or suspects any breach of the Law or of
Braskem's policies by an employee, third parties, suppliers or
clients can report the breach anonymously through the following
means of communication:

- Electronic Mail - a channel of communication will be made
available through the Intranet and Internet to record reported
violations, where they occurred and a description of the same.

- Telephone - A toll free telephone number will be provided
(0800), through which the person reporting a violation will be
guided through the reporting process, answering mandatory
questions to identify the person that has committed the
violation, where the violation occurred and then providing a
description of the violation.

Two telephone lines will be available 24 hours a day, seven days
a week. Service will be provided by an answering machine that
can record for up to 10 hours.

- Letter - At internal Braskem locations, envelopes will be made
available that have been pre-addressed to the Internal Audit
Department. Two types of envelopes will be offered, those for
internal delivery and those that can be sent directly through
the postal system with postage paid by Braskem. Both envelopes
must be sealed to assure anonymity.

4. FORWARDING REPORTS OF MISCONDUCT

After any report of misconduct has been received, the Audit
Department will assess it and forward it with suggested
solutions to the appropriate bodies of Braskem.

After the report has been evaluated, it will be summarized and
the document itself will be immediately filed for safekeeping.
All reports will be catalogued according to numeric order, and
stored electronically in a safe place with restricted access.

All reports must be made available to the Chief Executive
Officer, the Ethics Committee and the Fiscal Council. The Ethics
Committee is responsible for investigating all reports; and the
Fiscal Council is responsible for investigating reports that
involve fraud in the production or publication of information
and in the accounting records or the misappropriation of
Braskem's assets.

CONTACT: Braskem
         Paul Altit
         CFO and Investor Relations Executive Officer

         Jose Marcos Treiger
         Head of Investor Relations
         Phone: 55 11 3443 9529
         E-mail: jm.treiger@braskem.com.br

         Luiz Henrique Valverde
         IR Manager
         Phone: 55 11 3443 9744
         E-mail: luiz.valverde@braskem.com.br

         Luciana Ferreira
         IR Manager
         Phone: 5511 3443 9178
         E-mail: luciana.ferreira@braskem.com.br

         URL: www.braskem.com.br


CAMARGO CORREA: Ratings Reflect Fierce Competitive Environment
--------------------------------------------------------------
ISSUER CREDIT RATING
Camargo Correa Cimentos S.A.
  Corporate Credit Rating
    Local currency:  BB/Stable/--
  Corporate Credit Rating
    Foreign currency:  BB-/Stable/--

AFFIRMED RATINGS
Camargo Correa Cimentos S.A.
  Sr unsecd debt Foreign currency: BB-

Rationale

The ratings on Camargo Correa Cimentos (CCC) reflect the
following risks: exposure to the swings in cement demand in
Brazil, which has been sluggish in the past few years and is
only now gradually recovering; a fierce competitive environment,
reducing cement prices in the Southeast of the country; the
relative small size in a competitive industry where larger
national and international players also participate; and
potential risks deriving from its expansion strategy, which is
primarily acquisition driven. These risks are partially offset
by the following strengths: the favorable location of CCC's
plants in Southeast Brazil (close to the largest consumption
centers in the country); competitive cost position in cement
production and distribution; moderate financial policy; and
implicit parental support from Camargo Correa Group.

CCC is the third-largest Brazilian cement company in terms of
installed capacity and fourth largest in terms of production,
with a total installed capacity of six million tons/year,
producing cement under the Cauˆ brand name in Brazil. The
company has broad portfolio products, such as grey cement, white
cement, concrete, silica, and mortar. Even though CCC has 70% of
the total Brazilian white cement market, gray cement represents
90% of its total revenues. The company produces its products in
five plants located in the states of Sao Paulo, Minas Gerais,
and Mato Grosso do Sul. In first-half 2005, the Camargo Corrˆa
Group acquired control of the holding company that controls Loma
Negra C.I.A.S.A. (Loma Negra), whose operations are expected to
eventually be combined with those of CCC. After this has been
done, CCC will also become a leading cement producer in
Argentina. The further consolidation of Loma Negra, the largest
cement producer in Argentina, producing 3.1 million tons, will
strength CCC's business position in the cement industry,
increasing its geographic diversification and its total
production to about 5.7 million tons per year. Nowadays, the
cement market in Argentina is strong, presenting increasing
demand and steady prices. On the other hand, the acquisition
will add some volatility to CCC's business portfolio due to
economic vulnerabilities in the country.

CCC has reported a moderate financial policy, given the fact
that it is aligned to those of the group, and we expect that CCC
will receive any necessary financial support to help it maintain
financial leverage limited to CCSA's targets (net debt to EBITDA
of less than 3x), as has already happened in the past. Parental
financial support for CCC has already been demonstrated in
August 2004 through a capital increase provided by the group. In
addition, a further capital injection is expected as a result of
Loma Negra's acquisition, as soon as the antitrust body approves
the acquisition. After the consolidation of Loma Negra into CCC,
we expect credit metrics to gradually but consistently improve
within the next several quarters, not only due to the
strengthening cash flow in Brazil but also to possible debt
reductions in Argentina. We also believe that additional capital
investments that could potentially cause leverage limits to be
surpassed will be funded by the rest of CCSA, either in the form
of intercompany loans or capital infusions.

The demand for cement in Brazil remains weak, combined with the
fact that a fierce competitive environment in the past couple of
months has affected cement prices in general, but particularly
in southeast Brazil, directly affecting CCC's and other players'
profitability since last year. Some cost pressures, especially
energy and raw materials, also contributed to the 30.4%
annualized margin in June 2005, compared to 36.5% by fiscal
year-end 2004. Standard & Poor's believes that infrastructure
and housing investments in the country will gradually recover in
the next couple of years, helping CCC to recover and sustain
EBITDA margins at about 40% in the future. On the other hand,
despite the negative impact on operating margins, cash flow
remains relatively adequate. Funds from operations (FFO) and
free operating cash flow (FOCF) over the past three years
averaged $71 million and $39 million, respectively ($20 million
and $17 million in June 2005).

Liquidity

CCC has been reporting low debt vis-…-vis cash generation and
strong financial flexibility through its liquidity position and
its access to the national and international capital markets.
Parental support is also an integral part of the analysis, and
we believe that CCC will count on financial support to finance
acquisitions or to provide support under any difficult
conditions.

In June 2005, CCC's total debt reached about $340 million; a
small portion of 3% of the total is concentrated in the short
term. The remaining debts are spread out over the next several
years, including the semi-annual amortization of its BrR360-
million debentures. Its $150 million MTNs, recently issued to
refinance its US$150 million notes, will mature over the next 10
years. In addition to its comfortable schedule amortization, CCC
counts on a projected low maintenance capital expenditure with a
relatively adequate FOCF, adding comfort to the company's
liquidity position.

Financial ratios by year-end 2005 will continue to be affected
by lower profitability and cost pressures when compared with
2004's results, which is also due to a moderate increase in
additional debt (subordinated debenture issuance in the
Brazilian capital markets of BrR360 million), as a consequence
of Loma Negra's acquisition. While debt is added to CCC's
balance sheet, Loma Negra will also bring approximately $140
million in EBITDA generation to the consolidated results (after
antitrust approval). The acquisition also reduced liquidity as
cash reserves ($62 million in June 2005) were consumed; we
expect the company's liquidity position to gradually build up
again, as free cash flow will also be increased.

Outlook

The stable outlook on CCC's local currency rating reflects our
expectation that the company's financial profile will remain
conservative despite programmed capital expenditures and
potential acquisitions in the future. At present, the company
counts on enough liquidity and low levels of indebtedness to
fund these expenditures. Parental support is also an integral
part of the analysis, and we believe that CCC will not only
remain one of the most important operations for the Camargo
Correa Group, but that it will also count on financial support
to finance acquisitions or to provide support under any
difficult conditions. Therefore, a negative action on the
ratings and outlook may come from an increase in leverage and
deterioration of credit measures under a scenario of relaxed
financial policy targets for the company or the whole group. A
positive action on the ratings would depend on structural and
permanent improvements in Camargo Corrˆa Group's financial and
business profiles, surpassing scale, market, and synergy gains
deriving from its current growth strategy already under
implementation (which includes the improvement in the business
fundamentals not only for its cement operation but also for its
textile and footwear divisions). The stable outlook on the
foreign currency rating reflects that of the sovereign foreign
currency rating on the Federative Republic of Brazil.

Primary Credit Analyst: Juliana Gallo, Sao Paulo
(55) 11-5501-8948; juliana_gallo@standardandpoors.com

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


CEMIG: Authorizes Direct Contracting with Banco Itau
----------------------------------------------------
The Board of Directors of Companhia Energetica de Minas Gerais -
CEMIG decided on October 21, 2005:

1. The Board authorized direct contracting with Banco Itau BBA
of the financial, technical, environmental, legal, accounting
and actuarial advisory services to assist in the process of
valuation of the assets of Light Servicos de Eletricidade S.A.
and the thermal electricity generation plant Norte Fluminense
S.A.

2. The Board approved the revision of Project 990/03 - the Rural
Electrification program - authorizing the making of the
following contracts, with Eletrobras:

a) a financing contract, to serve consumers, under the Luz Para
Todos ("Light For Everyone") National Program for the
Universalization of Access to and Use of Electricity, and

b) a contract for passthrough on a sinking fund basis of funds
from the Energy Development Account (CDE); and ordering that
quarterly assessments be made of the Program, to monitor the
achievements in relation to the assumptions made.

CONTACT: Companhia Energetica De Minas Gerais - CEMIG
         Investor Relations:
         Phone: 31 3299-3930
                31 3299-4015
         URL: www.cemig.com.br
         E-Mail: ri@cemig.com.br
         Fax: 31 3299-3934
              31 3299-3933


CSN: Deutsche Bank Upgrades Recommendation to Buy
-------------------------------------------------
Deutsche Bank upgraded its recommendation on Brazilian
steelmaker CSN (NYSE: SID) to buy and raised its target price to
US$25.00 from the October 20 price of US$18.69, reports Business
News Americas.

In a research report, Deutsche Bank analyst Jorge Beristain said
CSN's share price is "attractively valued" and potentially could
return 40% of investment in US dollars in the wake of recent
selling.

"We note that CSN should continue to offer attractive dividend
returns in coming years. We project 12.3% dividend yield in
2006, raising total potential return to +40%," according to the
research report.


GLOBOPAR: Ratings Reflect Limited Financial Flexibility
-------------------------------------------------------
ISSUER CREDIT RATINGS                 To            From
Globopar S.A.
  Corporate Credit Rating       B+/Stable/--   CCC-/Watch Pos/--
TV Globo Ltda.
  Corporate Credit Rating       B+/Stable/--   CCC-/Watch Pos/--

Rationale

The ratings on Brazilian media companies Globopar S.A. and TV
Globo Ltda. (jointly referred to as Globo) reflect the highly
leveraged consolidated financial profile of Globo; the limited
financial flexibility imposed by its bondholders after debt
restructuring; and the risks associated with the company's
exposure to the volatile economic environment in Brazil, which
is exacerbated by the impact of the advertising market spending
cyclicality on the company's fixed cost structure. These
negative factors are partly mitigated by Globo's strong content
production and well-structured programming schedule, and its
leading position in the Brazilian media industry, which is
boosted by its above-average TV audience share and ratings.
Globo's total debt outstanding amounts to approximately $1.4
billion.

Although Globo retains a highly leveraged financial profile
after its debt restructuring, the renegotiation provided the
company with a better debt maturity profile, adequate short-term
liquidity, and capacity to repay its debt. The recovery of the
local advertising market, coupled with the successful debt
renegotiation process, has provided Globo with a much better
position to deal with its future operational and financial
demands and allows the company to focus on its core operations,
which include TV broadcast and the production of content for TV,
pay TV, and other growing media segments such as the Internet.

Globo's business position is negatively affected by its
significant dependence on the highly volatile Brazilian
advertising market, which is driven by the levels of economic
activity and consumer purchasing power and spending cycles. The
exposure to market risks has hindered Globo's ability to deliver
stable operating margins in the past, in part because of the
company's fixed cost structure stemming from its high quality
programming strategy, which limits its ability to cope with
advertising market downturns. Although a large portion of TV
Globo's programming is produced in-house, programming cost is a
concern. While most of its independent content is U.S. dollar
denominated, the company's extensive in-house content production
carries a significant fixed-cost structure (e.g. strategic
casting long-term contracts) that cannot be reduced abruptly at
the same pace that market downturns hit the company's revenues.
Globo has, however, delivered cost savings and initiatives that
resulted in an improved cost structure in the past years. For
instance, TV Globo has improved its production planning and
compensation regime, with greater use of program-by-program
based casting contracts.

The company's business position is strengthened by TV Globo's
high quality programming, horizontal scheduling (the same
programming broadcasted at the same time on weekdays), and
effective execution in prime-time periods. TV Globo's
diversified programming grants the company a leading TV audience
share in excess of 55% in the country (not considering pay-TV
channels). In addition, TV Globo maintains a strong competitive
position, with a power ratio historically above 1x (revenue
share/audience share ratio), which reflects TV Globo's strong
brand position and capacity to attract advertisers relative to
its peers. The company's strong position also serves as a
mitigating factor during market downturns. Nevertheless, Globo
faces the long-term challenges of maintaining its business
strengths and large audiences under a shifting environment, with
young viewers increasingly influenced by pay-TV, the Internet
and video-games.

Globo's cash flow measures have significantly improved in the
past two years, reflecting the recovery of the Brazilian
advertising market and the successful debt renegotiation
completed in July 2005. Standard & Poor's Ratings Services
expects Globo to report funds from operations-FFO to total debt
in the 20%-30% range in the next few quarters, with future
improvements mostly dependent on the pace of early debt
repayment and the maintenance of a positive advertising
environment.

The debt restructuring provided Globo with lower debt levels and
an improved debt amortization schedule. The renegotiation
resulted in a total debt reduction of $568 million (including
debt repayment and debt forgiveness). The new amortization
schedule dramatically reduces Globo's refinancing risk, with
most of its debt maturing in 2011 and 2012. Standard & Poor's
expects Globo to report a net debt-to-EBITDA ratio of about 2.5x
at the end of 2005, with the potential of further improvements
should the company continue to report sound operating results.

TV Globo and Globopar form Brazil's largest media group. TV
Globo is the largest television network in Brazil, with its
signal transmitted through 119 owned and full-time network-
affiliated stations jointly covering more than 99% of an
estimated 47 million households in Brazil. TV Globo also owns
and operates the group's sound recording and Internet
businesses. In addition, Globo owns other investments in media-
related businesses, including pay-TV content (Globosat) and
interests in distribution (Net Servi‡os, Sky Brasil), publishing
(Editora Globo), and printing (Globo Cochrane).

Liquidity

Globo's liquidity position is adequate. The company has
approximately $350 million in cash balances (including DSRAs)
that cover all its debt maturities up to 2010. Globo also enjoys
enough liquidity provided by cash flows and minimum cash
balances ($75 million) to cope with its working capital
requirements.

Based on current market conditions, we expect Globo to be able
to generate discretionary cash flows of about $150 million-$200
million per year, after meeting capital expenditures (of about
$60 million-$70 million per year), which could be used for early
debt repayments. The company is not expected to pay dividends in
the next few years, apart from some $80 million to be paid
through 2009, which was part of the debt renegotiation agreement
with bondholders.

Outlook

The stable outlook reflects our expectations that the currently
positive advertising environment will continue to support
Globo's operating performance and free cash flow generation and
allow the company to reduce its debt levels.

An outlook revision to positive would depend on the company's
demonstrating conservative operating and financial policies and
its capacity to assimilate potential advertising market
downturns, to which a longer track record of operations post-
debt renegotiation would be required. A fast pace of debt
reduction driven by strong free cash flow generation in the next
few years could also trigger a review.

Conversely, any persisting negative scenario stemming from
market conditions or Globo's inability to maintain its capacity
to generate free cash flows in the future could lead to a
negative review of the ratings.

Primary Credit Analyst: Jean-Pierre Cote Gil, Sao Paulo
(55)-11-5501-8949; jp_gil@standardandpoors.com

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


ROYAL DUTCH: Unit Acquires Interests in 5 Blocks Offshore
---------------------------------------------------------
The exploration acreage was acquired through the company's
successful participation in Brazil's seventh bid round. The
blocks are located in shallow water areas of the Espirito Santo
Basin. Shell will operate block ESM 438, with a 100% share, and
partner with Brazil's national oil company Petrobras who will
operate blocks ESM 411, 436 and 437. Shell was also successful
in acquiring alone one deepwater area in Santos, block SM 518.

"We are pleased with the results of the bidding round, which
builds on our existing portfolio, giving us an additional
platform for growth.  It reiterates our long-term commitment to
Brazil and strengthens our relationship with Petrobras," said
John Haney, Shell EP Vice-President.  "We understand that there
will be many challenges ahead, but we are committed to work with
the local stakeholders to expand the business in Brazil".

Mr. Haney also complimented the National Petroleum Agency for
running a transparent and successful process once again,
emphasizing the importance of the decision made by the Brazilian
Government to maintain the one-year cycle for the promotion of
bid rounds.


VARIG: TAP Mulls $100M Initial Capital Injection
------------------------------------------------
TAP Air Portugal is considering injecting an initial US$100
million into Brazilian flagship carrier Varig, Dow Jones
Newswires reports, citing Varig President Omar Carneiro da
Cunha.

Varig could offer its engineering and maintenance division,
called VEM, as collateral to TAP's capital injection, Mr. da
Cunha said.

Varig has struggled under the weight of a BRL7.7 billion
(US$3.42 billion) debt load. The Company has said BRL4.5 billion
of the total is owed to the government as tax and social
security arrears.



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

JF ASIAN: Creditors to Send Debt Particulars Before Nov. 21
-----------------------------------------------------------
                 JF ASIAN REALTY INC.
              (In Voluntary Winding Up)
          The Company's 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 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 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: DAVID HOLDSWORTH
         For and on behalf of 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


MAINSAIL INVESTMENT: To Relate Wind-Up Process Nov. 18
------------------------------------------------------
             MAINSAIL INVESTMENT LTD.
           (In Voluntary Liquidation)
      The Companies Law (2001 Second Revision)

Pursuant to section 145 of the Companies Law (2001 Second
Revision), the final meeting of the shareholders of this company
will be held at the office MBT Trustees (Cayman) Ltd, 3rd Floor,
Piccadilly Center, Elgin Avenue George Town, Grand Cayman,
Cayman Islands, on 18th November, 2005 at 12:00 noon.

Business:

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

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

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

CONTACT:  PAOLO GIACOMELLI
          Voluntary Liquidator
          For enquiries: Paolo Giacomelli
          MBT Trustees Ltd.
          P.O. Box 30622 SMB, Grand Cayman
          Telephone: 945-8859
          Facsimile: 949-9793/4


MARV I: Creditors to Prove Debt Claims Nov. 17
----------------------------------------------
                      MARV I 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 6th
October 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Helen Allen 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:  HELEN ALLEN and JON RONEY
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands.


MARV II: Creditors Have Until Nov. 17 to Prove Debt Claims
----------------------------------------------------------
                     MARV II 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 6th
October 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Helen Allen 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:  HELEN ALLEN and JON RONEY
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands.


MCCONNELL ENTERPRISES: To Detail Wind-up Account Nov. 5
-------------------------------------------------------
                 MCCONNELL ENTERPRISES LTD.
                (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to section 145 of the Companies
Law, that the final General Meeting of the Shareholders of
McConnell Enterprises Ltd. (the "Company") will be held at the
offices of Voizard, Voizard, Steenackers, Vallee, 1080, rue
Valiquette, Saint-Adele, Quebec, J8B 2M3, Canada on 10th
November 2005 at 1 p.m., for the purpose of:

Business

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

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

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

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


MEGAL FINANCE: Sets Nov. 11 as Deadline for Proving Debt Claims
---------------------------------------------------------------
               MEGAL FINANCE COMPANY LIMITED
                   ("The Company")
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of the above-named company at an extra-ordinary general meeting
held on 26th July 2005:

"That the company be voluntarily wound up and dissolved in
accordance with the laws of the Cayman Islands and that Mr.
Bernd Hohmann and Mr. Bruno Danvin be and are hereby appointed
as Joint Liquidators of the Company for the purpose of winding
up the Company."

Creditors of the Company are to prove their debts or claims on
or before Friday, 11th November 2005 and establish any title
they may have under the Companies Law (2004 Revision) or be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

CONTACT:  MR. BERND HOHMANN and MR. BRUNO DANVIN
          Joint Voluntary Liquidators
          For enquiries: Nick Robinson
          P O Box 265GT, George Town, Grand Cayman
          Cayman Islands
          Telephone: 345 914 4216
          Facsimile: 345 814 8216


MFS MERIDIAN ASIAN: Creditors to Submit Proofs of Claim Nov. 17
---------------------------------------------------------------
            MFS MERIDIAN ASIAN DYNASTY FUND
              (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of the above-named company at an extraordinary
general meeting of the shareholders held on 28th September 2005:

"That the company be voluntarily wound up and that Linburgh
Martin and John Sutlic, of P.O. Box 1034GT, Grand Cayman, be and
are hereby appointed Joint Liquidators, to act jointly and
severally, for the purposes of such winding up."

Creditors of this company are to prove their debts or claims on
or before the 17th day of 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:  LINBURGH MARTIN
          Joint Voluntary Liquidator
          For enquiries: Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


MFS MERIDIAN EMERGING: To Report Wind-up Process Nov. 28
--------------------------------------------------------
            MFS MERIDIAN EMERGING MARKETS DEBT FUND
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of this company will
be held at the offices of Close Brothers (Cayman) Limited, 4th
Floor Harbour Place, George Town, Grand Cayman, on the 28th day
of November, 2005, at 10:00 a.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on 28th November 2005.

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

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

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


MFS MERIDIAN EUROPEAN: Shareholder Volunteers to Wind Up Firm
-------------------------------------------------------------
             MFS MERIDIAN EUROPEAN EQUITY FUND
                (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of the above-named company at an extraordinary
general meeting of the shareholders held on 28th September 2005:

"That the company be voluntarily wound up and that Linburgh
Martin and John Sutlic, of P.O. Box 1034GT, Grand Cayman, be and
are hereby appointed Joint Liquidators, to act jointly and
severally, for the purposes of such winding up."

Creditors of this company are to prove their debts or claims on
or before the 17th day of 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:  LINBURGH MARTIN
          Joint Voluntary Liquidator
          For enquiries: Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


MFS MERIDIAN (GLOBAL BALANCED): Shareholder Winds-up Firm
---------------------------------------------------------
           MFS MERIDIAN GLOBAL BALANCED FUND
              (In Voluntary Liquidation)
          The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of the above-named company at an extraordinary
general meeting of the shareholders held on 28th September 2005:

"That the company be voluntarily wound up and that Linburgh
Martin and John Sutlic, of P.O. Box 1034GT, Grand Cayman, be and
are hereby appointed Joint Liquidators, to act jointly and
severally, for the purposes of such winding up."

Creditors of this company are to prove their debts or claims on
or before the 17th day of 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:  LINBURGH MARTIN
          Joint Voluntary Liquidator
          For enquiries: Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


MFS MERIDIAN (GLOBAL EQUITY): Taps Liquidators
----------------------------------------------
            MFS MERIDIAN GLOBAL EQUITY FUND
             (In Voluntary Liquidation)
         The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of the above-named company at an extraordinary
general meeting of the shareholders held on 28th September 2005:

"That the company be voluntarily wound up and that Linburgh
Martin and John Sutlic, of P.O. Box 1034GT, Grand Cayman, be and
are hereby appointed Joint Liquidators, to act jointly and
severally, for the purposes of such winding up."

Creditors of this company are to prove their debts or claims on
or before the 17th day of 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:  LINBURGH MARTIN
          Joint Voluntary Liquidator
          For enquiries: Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


MFS MERIDIAN (GLOBAL GROWTH): Shareholder Decides to Liquidate
--------------------------------------------------------------
              MFS MERIDIAN GLOBAL GROWTH FUND
                 (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of the above-named company at an extraordinary
general meeting of the shareholders held on 28th September 2005:

"That the company be voluntarily wound up and that Linburgh
Martin and John Sutlic, of P.O. Box 1034GT, Grand Cayman, be and
are hereby appointed Joint Liquidators, to act jointly and
severally, for the purposes of such winding up."

Creditors of this company are to prove their debts or claims on
or before the 17th day of 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:  LINBURGH MARTIN
          Joint Voluntary Liquidator
          For enquiries: Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1 034GT, Grand Cayman
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


MFS MERIDIAN INFLATION: Shareholder Winds-up Firm
-------------------------------------------------
            MFS MERIDIAN INFLATION-ADJUSTED BOND FUND
                  (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of the above-named company at an extraordinary
general meeting of the shareholders held on 28th September 2005:

"That the company be voluntarily wound up and that Linburgh
Martin and John Sutlic, of P.O. Box 1034GT, Grand Cayman, be and
are hereby appointed Joint Liquidators, to act jointly and
severally, for the purposes of such winding up."

Creditors of this company are to prove their debts or claims on
or before the 17th day of 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:  LINBURGH MARTIN
          Joint Voluntary Liquidator
          For enquiries: Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


MFS MERIDIAN LIMITED: Shareholder Decides to Wind-up Company
------------------------------------------------------------
            MFS MERIDIAN LIMITED MATURITY FUND
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of the above-named company at an extraordinary
general meeting of the shareholders held on 28th September 2005:

"That the company be voluntarily wound up and that Linburgh
Martin and John Sutlic, of P.O. Box 1034GT, Grand Cayman, be and
are hereby appointed Joint Liquidators, to act jointly and
severally, for the purposes of such winding up."

Creditors of this company are to prove their debts or claims on
or before the 17th day of 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:  LINBURGH MARTIN
          Joint Voluntary Liquidator
          For enquiries: Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


MFS MERIDIAN MONEY: Creditors to Prove Debt Claims Nov. 17
----------------------------------------------------------
               MFS MERIDIAN MONEY MARKET FUND
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of the above-named company at an extraordinary
general meeting of the shareholders held on 28th September 2005:

"That the company be voluntarily wound up and that Linburgh
Martin and John Sutlic, of P.O. Box 1034GT, Grand Cayman, be and
are hereby appointed Joint Liquidators, to act jointly and
severally, for the purposes of such winding up."

Creditors of this company are to prove their debts or claims on
or before the 17th day of 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:  LINBURGH MARTIN
          Joint Voluntary Liquidator
          For enquiries: Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499



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

BAVARIA: SABMiller to Hold Public Share Offer Dec. 5
----------------------------------------------------
Anglo-South African beer giant SABMiller will hold a public
offer for shares of Colombia's biggest brewer, Bavaria on
December 5, Reuters reports, citing Colombia's Stock Market
Superintendency. London-based SABMiller will offer minority
holders US$19.48 per share as part of its takeover plan for
Bavaria. In July, SABMiller announced a US$7.8 billion stock-
and-cash deal, including debt and interests in subsidiaries, to
take over Bavaria.



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

* DOMINICAN REPUBLIC: Paris Club Reschedules $137M Debt
-------------------------------------------------------
The Paris Club concluded on October 21, 2005 an agreement with
the Government of the Dominican Republic. This agreement
consolidates around US$137 million of maturities falling due in
2005. This rescheduling is expected to reduce debt service due
to Paris Club from US$357 million to US$222 million. Paris Club
creditors welcomed the completion of the 1st and 2nd review
under the IMF Stand-by arrangement approved on January 31, 2005;
they also welcomed the success of the private debt restructuring
completed by the authorities of the Dominican Republic, in
conformity with the principle of comparability of treatment.
This consolidation is expected to make an important positive
contribution to the Dominican Republic's economic outlook and to
strengthen its external position.

Paris Club creditors welcomed the measures of adjustment in the
economic and financial programme undertaken by the Government of
the Dominican Republic and stressed the importance they attach
to the continued and full implementation of this programme. The
rescheduling is conducted under the so-called "Classic terms":
claims are to be repaid progressively over 12 years, including 5
years of grace. ODA loans will be rescheduled at a rate not
higher than the interest rate of the original loans. Other loans
will be rescheduled at a market interest rate (known as
"appropriate market rate") defined on the basis of risk-free
rates for the currency considered. On a voluntary and bilateral
basis, each creditor may also undertake debt for nature, debt
for aid, debt for equity swaps or other debt swaps.

Paris Club creditors will review the external financing needs of
the Dominican Republic in December 2005 in connection with
satisfying the conditions for the 3rd review under the IMF
Stand-by Arrangement with a view to providing additional relief
in 2006, if needed, to support the programme.

Background notes

1. The Paris Club was formed in 1956. It is an informal group of
creditor governments from major industrialized countries. It
meets on a monthly basis in Paris with debtor countries in order
to agree with them on restructuring their debts.

2. The members of the Paris Club, which participated in the
reorganization of the Dominican Republic's debt, were
representatives of the governments of France, Germany, Japan,
Spain and the United States of America. Observers at the meeting
were representatives of the governments of Belgium, Canada,
Denmark, Italy, Norway, Switzerland, as well as the IMF, the
International Bank for Reconstruction and Development, the Inter
American Development Bank, the European Commission and the
Secretariat of the UNCTAD. The delegation of the Dominican
Republic was headed by Mr. Juan TEMISTOCLES MONTAS, Technical
Secretary of the Presidency and Mr. Vicente BENGOA, Secretary of
Finance. The meeting was chaired by Mr. Ramon FERNANDEZ, Deputy
Assistant Secretary at the Treasury and Economic Policy
Department of the French Ministry of Economy, Finance and
Industry, Vice President of the Paris Club.

Technical notes

1. A Stand-by Arrangement was approved by the International
Monetary Fund on January 31, 2005.

2. The stock of debt owed to Paris Club creditors as at 1
September 2005 was estimated to be US$2,047 million, out of
which US$733 million of pre-cut off date debt, and US$1,314
million of post-cut off date debt. The cut off date, June 30,
1984 for the Dominican Republic, is used by Paris Club creditors
for the sole internal purposes of the Paris Club agreement for
official bilateral creditors. When a debtor country first meets
with Paris Club creditors, the "cut off date" is defined and is
not changed in subsequent Paris Club treatments and credits
granted after this cut off date are not subject to rescheduling.
Thus, the cut off date helps restore access to credit for these
debtor countries.



=================
G U A T E M A L A
=================

REFCO INC: Guatemala Looks Into Bank's Possible Ties With Firm
--------------------------------------------------------------
Guatemala has kicked off an investigation into Bancafe Grupo
Financiero del Pais' possible link with bankrupt U.S.-based
commodities broker Refco, reports Refco.

The investigation came after Colombia's biggest state-owned
bank, Bancafe, denied it is a creditor of Refco as stated in the
latter's bankruptcy court documents.

The Colombian bank was listed as Refco's fifth-largest creditor,
with a claim of $176 million. There could be confusion with the
bank's name, as there is a bank in Guatemala also called
Bancafe.

On Friday, Willy Zapata, Guatemala's bank superintendent, said
Bancafe Grupo Financiero del Pais had no direct investments with
Refco, but that he had begun an investigation into the bank's
offshore operation.

"We are verifying the situation of Bancafe International Bank,
the offshore operation of Grupo Financiero del Pais, to
establish the amount and degree of exposure it might have,"
Zapata said.



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

ASARCO: Wants Until March 7 to File Plan of Reorganization
----------------------------------------------------------
Pursuant to Section 1121(b) of the Bankruptcy Code, only a
debtor may file and solicit acceptances of a Chapter 11 plan of
reorganization until 120 days after the Petition Date.  Once a
debtor has filed a Plan within that exclusive period, no other
party-in-interest may propose a plan unless the debtor has
failed to obtain acceptances from all classes in its plan within
180 days after the Petition Date.

Pursuant to Section 1121(d), on a timely request of a party-in-
interest, and after notice and hearing, the Court may increase
the 120-day and the 180-day exclusivity period.

By this motion, ASARCO LLC and its debtor-affiliates seek one
exclusive plan filing and solicitation deadline for all Debtors.

The Debtors ask the Court to fix and extend their joint
exclusive plan proposal period until March 7, 2006, and their
joint exclusive plan solicitation period until May 6, 2006.

Jack L. Kinzie, Esq., at Baker Botts, L.L.P., in Dallas, Texas,
tells Judge Schmidt that setting the expiration of the
exclusivity periods on the same dates for all the Debtors will
assist in the efficient management of their bankruptcy cases.

The Debtors contend that an extension will permit them to file
their plan of reorganization, seek approval of their disclosure
statement, and seek confirmation of that plan in an orderly
manner and with the least expense.  In addition, the extension
will also allow the Debtors to continue their efforts to settle
various cases and controversies with their constituencies, which
will increase the potential for early payout of allowed claims.

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. 8; Bankruptcy Creditors' Service, Inc., 215/945-7000).


BALLY TOTAL: Enters Consent on Credit Agreement with JPMorgan
-------------------------------------------------------------
Bally Total Fitness Holding Corporation ("Bally" or the
"Company") entered into a consent (the "Consent") on October 17,
2005, effective on the same date, relating to its existing term
loan and revolving credit agreement with JPMorgan Chase Bank as
Agent and the several banks and other financial institutions as
parties thereto (the "Credit Agreement"). The Consent permits
the Company to enter into Rights Plan Transactions (as defined
in the Consent).

Consent dated as of October 17, 2005, under the Credit
Agreement, dated as of November 18, 1997, as amended and
restated as of October 14, 2004, as amended as of March 31,
2005, August 9, 2005 and August 30, 2005 among Bally Total
Fitness Holding Corporation, a Delaware corporation, the lenders
parties thereto, JPMorgan Chase Bank, N.A., as agent for the
lenders, Deutsche Bank Securities, Inc., as syndication agent,
and LaSalle Bank National Association, as documentation agent.

CONTACT: Bally Total Fitness Holding Corporation
         Matt Messinger
         Phone: 773-864-6850
         URL: www.ballyfitness.com
                   or
         MWW Group
         Carreen Winters
         Phone: 201-507-9500


CENTRAL PARKING: Buying $75.3M of Common Shares in Dutch Auction
----------------------------------------------------------------
Central Parking Corporation (NYSE:CPC) has released the final
results of its modified "Dutch Auction" tender offer, which
expired at 12:00 midnight, New York City time, on October 14,
2005. In the tender offer, the Company offered to purchase up to
4.4 million shares of its common stock at a price that was not
greater than $16.00 nor less than $14.00 per share.

The Company has accepted for purchase 4,859,674 shares at a
purchase price of $15.50 per share, for a total cost of
approximately $75.3 million. Based on the final count by
SunTrust Bank, the depositary for the tender offer, 4,859,674
shares of common stock were properly tendered and not withdrawn
at prices at or below $15.50 per share. Of the 4,859,674 shares
to be purchased, 459,674 shares will be purchased in accordance
with the Company's right, under the terms of the tender offer,
to acquire a limited number of additional shares without
extending the offer.

The 4,859,674 shares of common stock purchased represent
approximately 13.2% of Central Parking's 36,782,780 shares of
common stock issued and outstanding as of October 18, 2005. As a
result of the completion of the tender offer, immediately
following payment for the tendered shares of common stock, the
Company expects that approximately 31,923,106 shares of common
stock will be issued and outstanding. As previously announced,
Central Parking will fund the payment for the shares of common
stock validly tendered and accepted under the tender offer from
borrowings of approximately $75.3 million provided through the
revolving loan under its credit facility.

SunTrust Bank will promptly issue payment for the shares validly
tendered and accepted under the tender offer and will return all
other shares tendered and not accepted for purchase.

The dealer manager for the tender offer is Banc of America
Securities LLC, and the information agent is D.F. King & Co.,
Inc. The depositary is SunTrust Bank. For questions and
information, please call the information agent toll free at
(800) 431-9642. This press release does not constitute an offer
to sell or the solicitation of an offer to buy any security and
shall not constitute an offer, solicitation or sale of any
securities in any jurisdiction in which such offering,
solicitation or sale would be unlawful.

Central Parking Corporation, headquartered in Nashville,
Tennessee, is a leading global provider of parking and
transportation management services. As of June 30, 2005, the
Company operated more than 3,400 parking facilities containing
more than 1.5 million spaces at locations in 37 states, the
District of Columbia, Canada, Puerto Rico, the United Kingdom,
the Republic of Ireland, Mexico, Chile, Peru, Colombia,
Venezuela, Germany, Switzerland, Poland, Spain, Greece and
Italy.

CONTACT: Central Parking Corporation
         Emanuel Eads
         Tel: 615-297-4255
         E-mail: eeads@parking.com


DESC: Registers 20.2% EBITDA Increase in 3Q05
---------------------------------------------
DESC, S.A. de C.V. (BMV: DESC) announced Friday its results for
the third quarter of 2005 (Except as noted below, all figures
were prepared according to generally-accepted accounting
principles in Mexico (Mexican GAAP). Unless otherwise noted, the
results in this report are compared to adjusted 3Q04 accumulated
figures, which are pro forma since they exclude constant
velocity joint business to make them more comparable with the
3Q05 Management believes that investors can better evaluate and
analyze DESC's historical and business trends on a comparative
basis if they consider results of operations without these
divested businesses. In addition, 3Q04 results are stated at the
peso-dollar exchange rate at September 30, 2005, as well as in
U.S. dollars.

                       SALES and EXPORTS

3Q05 sales increased 8.0% in comparison to 3Q04 reaching US $544
million. These increases are attributable to better prices
obtained in DESC Chemical and DESC Automotive, as well as better
volumes in DESC Automotive and DESC Food.

Total exports during 3Q05 reached US $251 million, which
represents an increase of 11.3% with respect to 3Q04. This was
due to volume increases of exports at DESC Chemical, DESC
Automotive and DESC Food.

                        OPERATING INCOME

Operating income in 3Q05 registered an increase of 52.9% to US
$29 million when compared to 3Q04, partially offsetting the
increases in the prices of raw materials such as steel, natural
gas, butadiene and styrene.

                           EBITDA

EBITDA for 3Q05 was US $52 million, which represents an increase
of 20.2% with respect to 3Q04. This reflects the improvement in
the results obtained mainly from DESC Chemical and DESC
Automotive. Despite the sharp increases in raw material prices,
the results have remained stable since the start of 2004 to
3Q05.

                   NET INCOME YEAR-TO-DATE

Net income for the nine months ended September 30, 2005 reached
US $23 million, a significant improvement over the net loss of
US $18 million reported during the same period of last year.

                            DEBT

During 3Q05, DESC registered a decrease in total debt of US $19
million when compared to 2Q05, from US $664 million to US $645
million, or 2.9% lower. On the other hand, there was an increase
in the net debt due to lower cash level, mainly as a result of
the investment made in the particle board business (Paneles
Ponderosa).

At September 30, 2005, the total debt mix was 55% dollar-
denominated, 24% peso-denominated and 21% in UDIS. The debt
profile at the close of 3Q05 was 92% long-term and 8% short-
term.

The average cost of debt as of the close of third quarter was
6.58% for the dollar-denominated debt and 10.05% for the peso-
denominated debt, compared with 5.14% and 9.27%, respectively,
in 3Q04.

DESC established a local bond program (Certificados Bursatiles
or "CeBures"), through the Mexican Stock Exchange, with which it
refinanced Udi-denominated Medium Term Notes ("MTN") issued in
1999 and 2000.

In July 2005, DESC successfully concluded the exchange of 80.88%
of the total MTNs issued in 1999 for approximately US $88
million. As a result, DESC extended the average length of its
debt from 2.5 to 4 years.

In addition, and as part of the local bond program mentioned
above, DESC is currently looking to refinance the MTNs issued in
2000 in order to exchange up to approximately US $22 million.
Lastly, it is worth noting that DESC has initiated a process to
refinance its bank debt with a syndicated loan in order to
finish normalizing its debt maturity profile, which it expects
to conclude before the end of 2005.

The leverage ratio experienced a positive trend, going from
3.79x in 3Q04 to 3.04x in 3Q05, due mainly to the decrease in
debt and the improvement in EBITDA. The interest coverage ratio
also experienced improvements, increasing from 3.06x in 3Q04 to
3.79x in 3Q05.

                     REVERSE STOCK SPLIT

The Board of Directors held a session on Thursday, October 20,
2005 in which it decided to call a shareholders' meeting to
propose a reverse stock split at a ratio of 5 to 1.

                     RESULTS BY BUSINESS

                       DESC CHEMICAL

3Q05 sales reached US $232 million, which represents an increase
of 6.5% with respect to 3Q04 due to higher sales prices in
practically all of the businesses, and to a lesser degree, the
appreciation of the U.S. dollar versus the Euro.

The price of oil and its derivatives reached their highest
historical levels due to Hurricanes Katrina and Rita, which
caused the costs of principal raw materials to increase (heating
oil increased 48%, butadiene increased 40%, and natural gas
increased 46% compared to 3Q04) as well as logistical
challenges. In addition, the domestic supply of raw materials
was affected by Hurricane Stan.

Despite this, DESC's policies on inventory levels and hedging
have enabled both the securing of raw material supply levels to
meet its production needs, as well as the maintenance of
competitive prices.

Therefore, operating income and EBITDA registered increases of
38.8% and 24.2%, respectively, when compared to 3Q04. The
capacity utilization level at the majority of the plants is
close to 90%.

                     DESC AUTOMOTIVE

During 3Q05 DESC Automotive continued to show improvement in its
results due to an increase in demand and in the prices of its
products, as well as new projects and strict cost controls. As a
consequence, sales increased 20.9% from US $153 million to US
$183 million with respect to 3Q04.

Operating income reached US $6 million, which shows a
substantial improvement compared to the loss reported in 3Q04,
bringing the operating margin from -2.5% in 3Q04 to 3.1% in
3Q05. Additionally, it is important to note the increase in
EBITDA, which improved 95.2% with respect to 3Q04.

The above was a result of an increase in sales and better
prices, as well as a slight decrease in the price of scrap,
which allowed DESC to compensate for the decrease in production
from General Motors, DaimlerChrysler and Ford due to the loss in
market share in the face of strong competition from Asian
automakers.

The Paint and Stamping business signed a deal with General
Motors in the pick-up box painting line, which will bring its
capacity utilization up to close to 100% during 4Q05.
Furthermore, DESC expects a decrease in its utilized capacity
during 2006 given that it is subject to the requirements of
General Motors.

Notably, DESC's results have recouped the levels achieved in
3Q04, despite the divestment of the Constant Velocity Joint
business.

During this quarter, capacity utilization in the transmission
and gear businesses reached 85% and 100%, respectively.

                       DESC FOOD

During 3Q05 sales from the food business increased 4.9% with
respect to the 3Q04, while operating income and EBITDA decreased
17.2% and 13.5%, respectively, compared to the same period of
the previous year, due mainly to the drop in the price of pork.

                    BRANDED PRODUCTS

During 3Q05, sales increased 6.0% with respect to 3Q04, due to
greater volumes in the Company's branded portfolio, such as:
"Del Fuerte" brand tomato paste, reaching a historical level of
sales in the months of July and August; "Embasa" brand ketchup
showing a strong performance versus the previous year; "Nair"
brand tuna increased its market share to 11.3% from 10.4%;
"Blas¢n" brand coffee, introducing its new line, "Caf‚ Premium",
which has had very good acceptance in the domestic and export
markets; and "Zuko" brand powered drink.

There was a 6.0% drop in sales in ASF due to the shift in sales
mix to higher-margin products. Operating income posted a
significant increase of 24.6% when compared to 3Q04, mainly from
high productivity levels at the plants, combined with the end of
the agriculture cycle in July, as well as the expense control
program.

                        PORK BUSINESS

Sales in the pork business registered an increase of 3.6% with
respect to 3Q04, mainly due to a better product mix with
increased required export sales. Operating income registered an
important decrease of 46.9% with respect to 3Q04, mainly due to
the decrease in the price of pork compared to the previous year
as well as the increase in the costs of raw materials such as
grain and soy.

                       DESC REAL ESTATE

3Q05 sales were US$23 million, which represents a decrease of
26.9% when compared to 3Q04. This was mainly due to sales from
the Arcos Bosques and Punta Mita developments, whereas 3Q05
sales stemmed mainly from Punta Mita, which contributed 95% of
revenue.

On a accumulated basis, the Punta Mita project is 22% above the
sales of last year thanks to the excellent acceptance of the
project by the market, positioning itself as one of the leading
resorts in the world.

During the quarter, operating income reached US $2 million and
EBITDA reached US $2 million, registering a decrease of 68.4%
and 57.8%, respectively, when compared to 3Q04 due to a decrease
in sales.

To see financial statements: http://bankrupt.com/misc/Desc.pdf

CONTACT:  Marisol Vazquez-Mellado / Jorge Padilla
          Tel.: (5255) 5261 8044
          E-mail: ir@desc.com.mx





                            ***********


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