TCRLA_Public/051027.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, October 27, 2005, Vol. 6, Issue 213

                            Headlines


A R G E N T I N A

AGUAS ARGENTINAS: Suez Assures Seamless Exit
ALBERTO RAPOSO: Court Appoints Trustee for Reorganization
ALPHA SALUD: Liquidation Required After Court Ruling
ANORA S.R.L.: Liquidates Assets to Pay Debts
ASOCIACION MUTUAL: Court Order Makes Bankruptcy Official

CRESUD: Convertible Notes Holder Exercises Conversion Right
D VIGI S.A.: Court Grants Reorganization Plea
GEMSA S.R.L.: Court Orders Liquidation
GEO TOP: Seeks Court Authoriztion to Reorganize
HECTOR VICENTE: Court Favors Involuntary Bankruptcy Motion

ISPANIA MOTORS: Liquidating Assets to Repay Debts
JUNIN 1721: Initiates Bankruptcy Proceedings
P.T.O. S.A.: Gets Court Approval for Reorganization
SALVADOR DI MATTEO: Court Designates Trustee for Liquidation
SID IMPORT: Court Declares Company Bankrupt

TARI S.R.L.: Debt Payments Halted, Moves to Reorganize
VACCARO Y CIA: Judge Approves Bankruptcy


B E R M U D A

REFCO INC: Consolidated List of 100 Largest Unsec. Creditors
ROSEMONT RE: To Be Sold to a Consortium of Private Investors


B R A Z I L


EMBRATEL: 3Q05 Profit Falls Below Analysts' Expectations
SADIA: BNDES Approves BRL974 Mln Financing for Company
VARIG: TAP Proposes $500M Investment to Aid Restructuring


C A Y M A N   I S L A N D S

MINCS I: Reviewing Liquidation Process to Members on Nov. 17
NSS ASSET: Liquidation Process to be Presented to Shareholders
OKB LIMITED: To Hold Final General Meeting Nov. 17
PIGUET BANK: Liquidation Approval Sought in Final Meeting
PRIME CAPITAL: Final General Meeting Scheduled for Nov. 17

QF ASSET: Shareholders to Hold Final Meeting Nov. 18
RANGER ARBITRAGE: To Start Wind Up Process
RANGER HEDGED: Shareholders Resolve to Wind Up Company
RANGER PARTNERS LLC: To Begin Voluntary Wind Up
RANGER PARTNERS LTD: Taps Le Roux, Roney as Liquidators

REAB I: To Wind Up Voluntarily
ROBECO CBO: Final General Meeting Set for Nov. 17
S & S INSURANCE: Wind Up Petition Hearing Set for Nov. 10
S.F. AKASAKA: Enters Voluntary Liquidation
S.F. SENGOKU: Appoints Nobuhiro Sakano as Liquidator


M E X I C O

ASARCO: Seeks Environmental Clean-Up Budget Amendment OK
EPL INTERMEDIATE: Refinance Solicitation Gets Enough Consents
EL POLLO: Receives Requisite Consents for Consent Solicitation
GRUPO MEXICO: La Caridad Workers Lodge Indefinite Strike
HYLSAMEX: Shareholders Authorize Share Cancellation

METALFORMING TECHNOLOGIES: Seeks to Extend Exclusive Period


P A N A M A

BANISTMO: Contemplates 60% of El Salvadorian Banking Group


P A R A G U A Y

COPACO: Union Steps Up Measures to Prevent Privatization

P E R U

SIDERPERU: Seeking Debt Repayment Program Amendment


P U E R T O   R I C O

DORAL FINANCIAL: Declares Dividend on Common Stock


V E N E Z U E L A

EDC: Rate Negotiations With Government Continue
SIDOR: Chavez Issues Takeover Warning


     - - - - - - - - - -

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

AGUAS ARGENTINAS: Suez Assures Seamless Exit
--------------------------------------------
French firm Suez reaffirmed plans to withdraw from Buenos Aires
water and sewerage concession Aguas Argentinas. But, according
to a Business News Americas report, Suez President Gerard
Mestrallet assured that the firm would treat both consumers and
employees well.

Suez officially announced its decision to leave Aguas
Argentinas on September 9 after the breakdown of lengthy
contract negotiations with the government.

Argentina is hoping that investment funds Fintech Advisory and
Latin American Assets Management would buy around 70% of Aguas.

This could leave another shareholder, Aguas de Barcelona
(Agbar), to run the concession, which has accumulated debts of
over US$600 million with international financing organizations,
including the Inter-American Development Bank (IDB) and World
Bank.


ALBERTO RAPOSO: Court Appoints Trustee for Reorganization
---------------------------------------------------------
Alberto Raposo e Hijo S.H., a company operating in Junin, is
ready to start its reorganization after the city's court
appointed Mr. Andres Luis Martorelli to supervise the
proceedings as trustee.

An Infobae report states that Mr. Martorelli will verify
creditors claims until Dec. 7, 2005. Afterwards, he will
present these claims as individual reports for final review by
the court on Feb. 20, 2006. Mr. Martorelli will also provide
the court with a general report pertaining to the Company's
reorganization on April 3, 2006. The court has scheduled the
informative assembly on Oct. 4, 2006.

CONTACT: Alberto Raposo e Hijo S.H.
         Lamadrid 118
         Los Toldos

         Mr. Andres Luis Martorelli, Trustee
         Rivadavia 42
         Junin


ALPHA SALUD: Liquidation Required After Court Ruling
----------------------------------------------------
Investigaciones Vasculares S.A. successfully sought for the
bankruptcy of Alpha Salud Sociedad Medica Argentina S.A. after
Court No. 11 of Buenos Aires' civil and commercial tribunal
declared the Company "Quiebra", La Nacion reports.

Alpha Salud Sociedad Medica Argentina S.A. will now start the
wind up process with Mr. Daniel Contador as trustee. Creditors
must submit proofs of claim to the trustee by Dec. 21, 2005 for
authentication. Failure to comply with this requirement will
mean a disqualification from the payments that will be made
after the Company's assets are liquidated.

The creditor sought for the Company's liquidation after the
latter failed to pay debts amounting to $20,000.

The city's Clerk No. 22 assists the court on the case that will
close with the sale of all of its assets.

CONTACT: Alpha Salud Sociedad Medica Argentina S.A.
         Moreno 347
         Buenos Aires

         Mr. Daniel Contador, Trustee
         Tucuman 1657
         Buenos Aires


ANORA S.R.L.: Liquidates Assets to Pay Debts
--------------------------------------------
Buenos Aires-based Anora S.R.L. will begin liquidating its
assets following the pronouncement of the city's civil and
commercial court that the Company is bankrupt, reports Infobae.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Ms. Susana Beatriz Fernandez. The
trustee will verify creditors' proofs of claim until Dec. 7,
2005. The validated claims will be presented in court as
individual reports on Feb. 17, 2006.

Ms. Fernandez will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, on March 31, 2006.

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

CONTACT: Ms. Susana Beatriz Fernandez, Trustee
         Florida 520
         Buenos Aires


ASOCIACION MUTUAL: Court Order Makes Bankruptcy Official
--------------------------------------------------------
Asociacion Mutual para el Personal de la Industria Metalurgica
y Afines enters bankruptcy protection after a Buenos Aires
court ordered the Company's liquidation. The order effectively
transfers control of the Company's assets to a court-appointed
trustee who will supervise the liquidation proceedings.

Infobae reports that the court selected Ms. Maria Lilia Orazi
as trustee. Ms. Orazi will be verifying creditors' proofs of
claim until the end of the verification phase on Dec. 12, 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 deadlines for the reports are yet to
be disclosed.

CONTACT: Ms. Maria Lilia Orazi, Trustee
         Tucuman 1484
         Buenos Aires

  
CRESUD: Convertible Notes Holder Exercises Conversion Right
-----------------------------------------------------------
CRESUD S.A.C.I.F. y A reported to the Bolds de Comercio de
Buenos Aires and the Comision Nacional de Valores on October
21, 2005 that a holder of Company's Convertible Notes exercised
it conversion right. Hence, the financial indebtedness of the
Company shall be reduced in US$2,982,384 and an increase of
5,873,146 ordinary shares face value pesos 1 each was made.

The conversion was performed according to terms and conditions
established in the prospectus of issuance at the conversion
rate of 1.96928 shares, face value pesos 1 per Convertible Note
of face value US$1.

As a result of that conversion the amount of shares of the
Company goes from 163,224,951 to 169,098,097. On the other
hand, the amount of registered Convertible Notes is
US$37,009,848.

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


D VIGI S.A.: Court Grants Reorganization Plea
---------------------------------------------
D Vigi S.A. successfully petitioned for reorganization after a
Buenos Aires court issued a resolution opening the Company's
insolvency proceedings.

Under insolvency protection, the Company will continue to
manage its assets subject to certain conditions imposed by
Argentine law and the oversight of a court-appointed trustee.

Infobae relates that Mr. Juan Manuel Vila Perbeils will serve
as trustee during the course of the reorganization. The trustee
will be accepting creditors' proofs of claim for verification
until Nov. 23, 2005.

After verifications, the trustee will prepare the individual
reports and submit it in court on Feb. 6, 2006. He will also
present a general report for court review on March 20, 2006.

The Company will endorse the settlement proposal, drafted from
the submitted claims, for approval by the creditors during the
informative assembly scheduled on Sep. 8, 2006.

CONTACT: Mr. Juan Manuel Vila Perbeils, Trustee
         Vidal 1670
         Buenos Aires


GEMSA S.R.L.: Court Orders Liquidation
--------------------------------------
Gemsa S.R.L. 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. Felisa Mabel
Tumislaci as trustee. Ms. Tumislaci will be reviewing
creditors' proofs of claim until Dec. 29, 2005. The verified
claims will serve as basis for the individual reports to be
presented for court approval on March 13, 2006. The trustee
will also submit a general report of the case on April 24,
2006.

CONTACT: Ms. Felisa Mabel Tumislaci, Trustee
         Avda Callao 449
         Buenos Aires


GEO TOP: Seeks Court Authoriztion to Reorganize
-----------------------------------------------
Geo Top S.R.L., a company operating in Buenos Aires, has
requested for reorganization after failing to pay its
liabilities, Infobae reports.

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

CONTACT: Geo Top S.R.L.
         Maipu 621
         Buenos Aires


HECTOR VICENTE: Court Favors Involuntary Bankruptcy Motion
----------------------------------------------------------
Court No. 6 of Buenos Aires' civil and commercial tribunal
declared H,ctor Vicente Fina S.A. bankrupt, says La Nacion. The
ruling comes in approval of the petition filed by the Company's
creditor, Mr. Zenon Choque Ibarra, for nonpayment of $2,851.02
in debt.

Trustee Sergio Novick will examine and authenticate creditors'
claims until Dec. 26, 2005. This is done to determine the
nature and amount of the Company's debts. Creditors must have
their claims authenticated by the trustee by the said date in
order to qualify for the payments that will be made after the
Company's assets are liquidated.

Clerk No. 12 assists the court on the case, which will conclude
with the liquidation of the Company's assets.

CONTACT: Hector Vicente Fina S.A.
         Ciudad de La Paz 1043
         Buenos Aires

         Mr. Sergio Novick, Trustee
         Libertad 359
         Buenos Aires


ISPANIA MOTORS: Liquidating Assets to Repay Debts
-------------------------------------------------
Ispania Motors S.R.L. will begin liquidating its assets
following the pronouncement of a Buenos Aires court that the
Company is bankrupt, Infobae reports.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Mr. Luis Maria Escobar. The trustee
will verify creditors' proofs of claim until Dec. 29, 2005. The
validated claims will be presented in court as individual
reports on March 13, 2006.

Mr. Escobar will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, April 24, 2006.

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

CONTACT: Mr. Luis Maria Escobar, Trustee
         Viamonte 1646
         Buenos Aires


JUNIN 1721: Initiates Bankruptcy Proceedings
--------------------------------------------
Buenos Aires' civil and commercial court declared Junin 1721
S.R.L. "Quiebra," reports Infobae. A court-appointed trustee
will verify creditors' claims until Feb. 7, 2006 and then
prepare the individual reports based on the results of the
verification process.

The individual reports will then be submitted to court on March
8, 2006, followed by the general report on April 6, 2006.



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

Ms. Susana Ruth Zapata will oversee the reorganization
proceedings as the court-appointed trustee. He will verify
creditors' claims until Nov. 30, 2005. The validated claims
will be presented in court as individual reports on Feb. 15,
2006.

Ms. Zapata is also required by the court to submit a general
report essentially auditing the Company's accounting and
business records as well as summarizing important events
pertaining to the reorganization. The report will be presented
in court on March 29, 2006.

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. 29, 2006.

CONTACT: Ms. Susana Ruth Zapata, Trustee
         Tucuman 1567
         Buenos Aires
  

SALVADOR DI MATTEO: Court Designates Trustee for Liquidation
------------------------------------------------------------
Buenos Aires accountant Manuel Arnaldo was assigned trustee for
the liquidation of local company Salvador Di Matteo S.A.,
relates Infobae.

Mr. Arnaldo will verify creditors' claims until Feb. 22, 2006,
the source adds. After that, he will prepare the individual
reports. The trustee will also prepare general report on the
Company's bankruptcy. Dates for the submission of the reports
are yet to be disclosed.

CONTACT: Salvador Di Matteo S.A.
         Avda Tte. Coronel Donato Alvarez 284
         Buenos Aires

         Mr. Manuel Arnaldo, Trustee
         Parana 224
         Buenos Aires


SID IMPORT: Court Declares Company Bankrupt
-------------------------------------------
Court No. 5 of Buenos Aires' civil and commercial tribunal
declared local company Sid Import S.R.L. "Quiebra", relates La
Nacion.

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

Clerk No. 10 assists the court on the case.

CONTACT: Sid Import S.R.L.
         Corrientes 2589
         Buenos Aires

         Mr. Jose Eduardo Preve, Trustee
         Avenida Pte. Roque Saenz Pena 651
         Buenos Aires


TARI S.R.L.: Debt Payments Halted, Moves to Reorganize
------------------------------------------------------
Court No. 26 of Buenos Aires' civil and commercial tribunal is
studying the request for reorganization submitted by local
company TARI S.R.L., says La Nacion.

The report adds that that the Company filed a "Concurso
Preventivo" petition following cessation of debt payments on
May 13, 2004.

The city's Clerk No. 52 assists the court on this case.

CONTACT: TARI S.R.L.
         Posadas 1528
         Buenos Aires


VACCARO Y CIA: Judge Approves Bankruptcy
----------------------------------------
Vaccaro y Cia. S.A. was declared bankrupt after Court No. 1 of
Buenos Aires' civil and commercial tribunal endorsed the
petition of Cooperativa Realizar Ltda. for the Company's
liquidation. Argentine daily La Nacion reports that the
creditor has claims totaling $4,000 against Vaccaro y Cia. S.A.

The court assigned Ms. Magdalena de la Quintana to supervise
the liquidation process as trustee. Ms. de la Quintana will
validate creditors' proofs of claims until Dec. 14, 2005.

The city's Clerk No. 1 assists the court in resolving this
case.

CONTACT: Vaccaro y Cia. S.A.
         Soler 4470
         Buenos Aires

         Ms. Magdalena de la Quintana, Trustee
         Cerrito 1136
         Buenos Aires



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

REFCO INC: Consolidated List of 100 Largest Unsec. Creditors
------------------------------------------------------------
Refco Inc. and its debtor-affiliates delivered to the U.S.
Bankruptcy Court for the Southern District of New York their
consolidated list of 100 largest unsecured creditors.

J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP in New York tells the Court that this list supercedes
the consolidated list of unsecured creditors holding the 50
largest
unsecured claims attached to the chapter 11 petition of Refco
Inc.

The Consolidated List of Debtors' 100 Largest Unsecured
Creditors:

   Entity                        Nature of Claim    Claim   
   Amount
   ------                        --------------    ------------
VR Global Partners, LP                              
$620,000,000
Avrora Business Park
77 Sadovnicheskayanab Building 1
Moscow, Russia 115035
Attn: Richard Deitz

Wells Fargo                      Bond Debt          
$390,000,000
Corporate Trust Services
Mac N9303-120
Sixth & Marquette
Minneapolis, MN 55497
Tel: (612) 316-47727
Attn: Julie J. Becker

Rogers Raw Materials Fund                           
$287,558,736
c/o Beeland Management
141 West Jackson Boulevard
Suite 1340
Chicago, IL 60604
Tel: (312) 264-4375

Bawag International Finance                         
$234,038,383
BAWAG P.S.K.
Fleishmarkt
A-1010 Vienna, Austria

Bancafe International Bank Ltd.                     
$203,996,127
AV Reforma 9-30 Zona 9
Guatemala, Guatemala

Premier Trust Custody                               
$194,163,075
Abraham De Veerstraat 7-A,
Curacao, Netherlands
Antilles

Inter Financial Services Ltd.                       
$138,000,000
Graigmuir Chambers
Roadtown, Tortola
British Virgin Islands

Markwood Investments                                
$135,037,546
Via Lovanio,
#19 00198
Rome, Italy

VR Argentina Recovery Fund                          
$130,000,000
Avrora Business Park
77 Sadovnicheskayanab Building 1
Moscow, Russia 115035
Attn: Richard Deitz

Leuthold Funds Inc.                                 
$120,379,039
Leuthold Industrial Metals, LP
100 North 6th Street
Suite 412A
Minneapolis, MN, 55403
Tel: (612) 332-9141
Fax: (612) 332-0797
Attn: David Cragg

Betio Asset Investments, Ltd.                       
$116,357,256
The Law Building
P.O. Box 687
The Valley, Anguilla,
British Virgin Islands

Capital Management Select                           
$109,549,283
Fund Ltd.
Lynford Manor, Lynford Cay
Nassau, Bahamas

Chaco City Investments, Ltd.                        
$100,709,321
The Law Building
P.O. Box 687
The Valley, Anguilla
British Virgin Islands

Cosmorex Ltd.                                        
$96,229,324
CP 8057
28080 Madrid, Spain
Tel: +34-607-745-555
Fax: +34-667-706-622

Rabaul Holdings Ltd.                                 
$92,830,682
The Law Building
P.O. Box 687
The Valley, Anguilla
British Virgin Islands

Tecka Asset Holdings Ltd.                            
$78,193,026
The Law Building
P.O. Box 687
The Valley, Anguilla
British Virgin Islands

Tuvalu Holding Company, Ltd.                         
$77,579,816
The Law Building
P.O. Box 687
The Valley, Anguilla
British Virgin Islands

Catamarca Asset, Series I, Ltd.                      
$77,571,504
The Law Building
P.O. Box 687
The Valley, Anguilla
British Virgin Islands

Rogers International                                 
$75,241,712
Raw Materials
c/o Beeland Management
141 West Jackson Boulevard
Suite 1340
Chicago, IL 60604
Tel: (312) 264-4375

Cargill                          Related to          
$67,000,000
P.O. Box 9300                    Purchase
Minneapolis, MN 55440-9300       Agreement, not
Tel: (952) 742-7575              yet due and
Fax: (952) 742-7393              payable

Creative Finance Limited                             
$65,111,071
Marcy Building, Purcell Estate
P.O. Box 2416
Road Town, British Virgin Islands
Tel: + 3491-527-9620

RB Securities Limited                                
$62,859,707
54 Brivibas Street
LV-1011
Riga, Latvia
Tel: + 371 702-52-84
Fax: + 371 702-52-26

Banesco Banco Universal C.A.                         
$51,039,302
Panama Branch
AV Samuel Lewis
Torre HSBC Bank, 1st Floor
Panama City, Panama

Banesco International                                
$50,831,139
(Panama) S.A.
AV. Samuel Lewis
Torre HSBC Bank, 1st Floor
Panama City, Panama

Rietumu Banka                                        
$50,125,384
JSC Rietumu Banka
Reg. No. 40003074497
VAT No. LV40003074497
54 Brivibas Street
Riga, LV-1011 LATVIA
Tel: +371-7025555
Fax: +371-7025588

Stilton International                                
$46,820,416
Holdings, Trident Chambers
Wickhams Cay
P.O. Box 146,
Road Town, Tortolla
British Virgin Islands
Attn: Julian McPike
Tel: +242-363-1182

RR Investment Company Ltd.                           
$41,815,113
c/o London & Amsterdam
Trust Company
PO Box 10459 APO, 3rd Floor
Century Yard
Cricket Square, Elgin Avenue
Georgetown, Grand Cayman
Cayman Island
Tel: +345-914-7471

Federal Portfolio                                    
$36,068,185
AV Venezuela, El Rosal Torre
Cremerca Piso 2, Ofic B2
Caracas, DTTO. Federal
1060 Venezuela

Global Management Worldwide                          
$34,294,491
Trident Corp.
Service Floor 1
Kings Court Bay Street
P.O. Box 3944
Nassau, Bahamas

Josefina Franco Siller                               
$32,440,119
Carretera Mexico-Toluca No. 4000
Col. Cuajimalpa
D.R. 0500 Mexico

SBP-Custody I                                        
$30,741,288
PO Box 0267075
Northwest 87 Ave 13 Off 133-C
Miami, FL 33172

Rovida Holding                                       
$30,741,288
c/o London & Amsterdam
Trust Company
P.O. Box 10459 APO, 3rd Floor
Century Yard, Cricket Square
Elgin Avenue
Georgetown, Grand Cayman
Cayman Island

Caja De Seguros, S.A.                                
$30,950,115
Fitzroy #957
Capital Federal
Argentina 1414

Filare Limited                                       
$28,777,327
Shirley Street
P.O. Box N 3933
Nassau, Bahamas
Attn: Linda Williams

Pioneer Futures, Inc.                                
$25,932,001
One North End Avenue, Suite 1251
New York, NY 10282

Daichi Commodities Co., Ltd.                         
$24,727,015
10-10 Shinsen, Cho
Shibuya-Ku Tokyo, 150-0045
Attn: Mr. Airmura

GS Grinham Portfolio, LLC                            
$24,631,959
c/o GS Hedge Fund Strategies
701 Mt Lucas, CN 850
Princeton, NJ 08542-0850
Tel: (609) 497-5500

Monte Brook Corporate                                
$24,122,000
Associates, Ltd.
The Law Building
P.O. Box 687
The Valley, Anguilla
British Virgin Islands

Winchester Preservation                              
$23,349,765
c/o Joseph D. Freney
Christiana Bank & Trust Co.
3801 Kennett Pike, Suite 200
Greenville, DE 19807

Patton Holdings                                      
$22,000,000
Avrora Business Park
77 Sadovnicheskayanab Building 1
Moscow, Russia 115035

Cargill Financial Services Corp.                     
$21,679,435
12700 Whitewater Drive
Minnetonka, MN 55343-9439
Attn: Shawn McMerty

Miura Financial Services                             
$21,521,491
AV. Francisco De Miranda
TORRE LA
PRIMERA PISO 3
CARACAS, VENEZUALA

AQR Absolute Return                                  
$19,700,296
c/o Caledonian Bank & Trust Ltd.
P.O. Box 1043 GT
Caledonian House, Grand Cayman
Cayman Islands

Arbat Equity Arbitrage Fund                          
$18,830,655
Trident Corporate Services
1st Floor Kings Court
Bay Street
P.O. Box N3944
Nassau Bahamas, Nassau

Geshoa Fund                                          
$17,328,511
Corporate Center
West Bay Road
P.O. Box 31106 SMB
Grand Cayman

North Hills Management, LLC                          
$17,187,504
10 Gracie Square, Suite 126S
New York, NY 10028
Attn: Mark Bloom

Renaissance Securities                               
$16,304,009
(Cyprus) Ltd.
2-4 Arch Makarios 111 Avenue
Capital Center, 9th Floor
1505 Nicosia Cyprus

VR Capital Group Ltd.                                
$16,215,628
Avrora Business Park
77 Sadovnicheskayanab Building 1
Moscow, Russia 115035

Abadi & Co. Securities                               
$15,135,445
375 Park Avenue, Suite 3301
New York, NY 10152
Tel: (212) 319-4135

Reserve Invest(Cypress) Limited                      
$14,186,714
Maximos Plaza
3301 Block 3
3035 Limassol, Cyprus

Peak Partners Offshore                               
$13,865,562
Master Fund Limited
P.O. Box 2199 GT
Grand Pavilion Commercial Center
802 West Bay Road
Grand Cayman, Cayman Islands

Robeco Multi Market SPC-SEG PO                       
$13,806,080
P.O. Box 1093 GT
Grand Cayman, Cayman Islands
Tel: (345) 945-7099
Fax: (345) 945-7100
Attn: Guy Major

BANCO AGRI                                           
$13,701,226
BANCO AGRICOLA, S.A, 1RA
CAKKE PTE. Y 67 AV. NORTE
FINAL BLVD CONSTITUCION #100
SAN SALVADOR, ES

GTC Bank, INC.                                       
$12,971,439
CALLE 55 ESTE
TORRE WORLD TRADE CENTER
PISO 7
PANAMA, GUATEMALA
Tel: (507) 265-7371
Fax: (507) 265-7396

Tokyo Forex Financial Inc.                           
$11,689,345
Shinjyuku Oak Tower
35th Floor, 6-8-1
Nishishinjyuku, Shinjyuku-Ku
Tokyo 163-6035 Japan

Birmingham Merchant S.A.                             
$11,601,749
AV. ARGENTINA 4793
PISO 3
CALLAO PERU

Latina De Seguros                                    
$11,536,182
Lima Peru

Banco Reformador S.A.                                
$11,235,394
7 Avenida
7-24 Zona 9
Guatemala, Guatemala

NKB Investments Ltd.                                 
$11,157,779
199 Arch. Makarios Avenue
Neocleouse House
Limassol

BAC International                                    
$10,831,854
Calle 43 QnQuillo De Lauar
Panama, Panama

Sphinx Managed Futures                               
$10,368,186
P.O. Box 2199
Genesis Building, 4th Floor
Grand Cayman, Cayman Islands

Premier Bank International N.V.                       
$9,724,941
Abraham De Veerstraat 7-A
Willemstad Curacao,
Netherlands, Antilles

Geshoa Structured Finance Ltd.                        
$9,510,064
Corporate Centere
West Bax Road
P.O. Box 31106 SMB
Grand Cayman, Cayman Islands

Davos International Bank, Ltd.                        
$9,389,332
Woods Centere
Friars Hill Road, Suite 18A
St John's, Antigua & Barbuda

Russian Investors Securities Ltd.                     
$9,076,430
Commonwealth Trust Ltd
P.O. Box 3321
Road Town
Tortola, Virgin Islands

Rogers International                                  
$8,441,532
Raw Materials Fund LP
c/o Beeland Management
141 West Jackson Blvd, Suite 1340
Chicago, IL 60604
Tel: (312) 264-4400
Attn: Allen Goodman

AQR Global Asset Allocation                           
$8,833,968
c/o Caledonian Bank & Trust Ltd.
P.O. Box 1043 GT
Caledonian House, Grand Cayman
Cayman Islands

IDS Managed Futures, LP                               
$7,989,433
c/o CIS Investments Inc
233 South Wacker Dr., Suite 2300
Chicago, IL 60606
Tel: (312) 460-4933
Attn: Ruth Gogerty

TotalBank Curacao N.V                                 
$7,576,454
Calle Guaicaipuro Entre
AV Principal
De Las Mercedes
Torre Alizanza Piso 9
El Rosal
Caracas, Venezuela

Uno Valores Ltd.                                      
$7,497,412
Av. Fc. De Milanda
Torre Cavendes, Piso 16, 16A
Caracas Venezuela

KPC Corporation                                       
$7,445,822
c/o Priore Asset Management
1-1-11 Nihombashi-Ningyo
Chuo-Ku, Tokyo 103 Japan
Fax: 011-813-3639-9406
Attn: Masahiko Ishida

Quantum Partners LDC/Discovery                        
$7,386,849
c/o Soros Fund Mgmt
888 7th Avenue
New York, NY 10106

Banesco Banco Internacional                           
$7,219,704
De Puerto Rico
Avenida Ponce De Leon
No. 165 Oficina 302
Hato Rey, Puerto Rico

Denali Master Fund, LP                                
$7,119,112
c/o Admiral Administration
2 Anchorage Centre, 2nd FL
Grand Cayman, Cayman Islands
Tel: (340) 778-7744
Attn: Scott Ramsey

Peak Partners LP                                      
$6,694,485
47 Hulfish Street, Suite 510
Princeton, NJ 08542

Arcadia Hill Inc.                                     
$6,374,548
c/o Dorella Investment Inc.
1942 NE 148th Street, Suite 28153
Miami, FL 33181-1137

Prism Limited                                         
$6,137,174
c/o Racine Trading Co.
1100 Highridge
Lombard, IL 60148
Attn: Mike Racine

Trans-Europa Translations                             
$6,058,691
ASL House
12-14 DVID Place
St. Helier Jersey, JE24TD
Channel Island, JE

ICIS Trading Inc (Unvolores)                          
$5,968,943
AV Tamanaco Con Calle Moedano
EDIF Atlantic PISO 8 Off-8-A
Caracas, Venezuela

Garden Ring Fund Ltd.                                 
$5,943,182
Trident Corporate Services
1st Floor, P.O. Box N3944
Kings Court, Bay Street
Nassau, Bahamas
Tel: (095) 514-0810
Attn: Mike Boudan

SAAD Investments Company Limited                      
$5,716,657
Ugland House, South Church Street
Georgetown, Grand Cayman
Attn: Mike Wetherall

Yutaka Shoji Co. Ltd.                                 
$5,641,752
Refco (S) Ptd. Ltd.
8, Shenton Way
#11-02, Temasek Tower
Singapore 068811
Tel: (813) 366-75222
Fax: (813) 366-78239

Colt Global Futures Fund                              
$5,524,101
25 Eden Quay Co
Dublin, Ireland
Attn: Bruce Flippin

Premium Capital Appreciation Fund                     
$5,500,901
P.O. Box 6050
Curacao, Netherlands Antilles
Tel: (571) 312-1177
Fax: (571) 348-4961

New Castle Business Holding Inc.                      
$5,309,260
Torre Banco Continental, Piso 20
Calle 50 Ciudad De Panama

The Everest Fund, LP                                  
$5,308,830
1100 North 4th St, Suite 143
Fairfield, IA 52556
Tel: (641) 472-5500
Fax: (641) 472-7320
Attn: Janet Mullen

Quercus FX Fund Class B                               
$5,251,008
Anderson Square Building
3rd Floor, Shedden Road
Georgetown, Grand Cayman

Invesdex Capital Ltd.                                 
$5,117,125
P.O. Box HM 1186
Hamilton HM11 Bermuda

Lyxor/Estlander & Ronnlund Fund                       
$5,029,269
Tour Sociate Generale
17 Cours Valny
Paris, La Defence Cedex
92987, France
Fax: 33-1-42-13-01-25
Attn: Raphael Faure

BCO Hipotecario Inv. Turistica                        
$4,902,384
(Fideicomiso Federal Forex)
Torre Cremerca Piso 2
Ofic, B2 El Rosal Caracas 1060
Caracas Venezuela
Attn: Aleg Benarroch

Transcom Bank (Barbados) Ltd.                         
$4,730,827
7A Avenida 7-24, Zona 9
Edificio Banco Reformador 5TO Nivel
Guatemala

Wayland Investment Fund II, LLC                       
$4,568,101
c/o Wayzata Inv Partn LLC
701 East Lake Street, Suite 300
Wayzata, MN 55391
Tel: (952) 345-0716
Attn: Susan Peterson

Multi Credit Bank Inc.                                
$4,505,181
Via Espana #127
Edificio Prospeidad
Panama City, Panama

Alpen Fund Ltd.                                       
$4,482,732
VRG 855
PMB 295
208 East 51st Street
New York, NY 10022-6500

Sphinx Special Solutions                              
$4,312,945
[Address Not Provided]

Miroo Ltd.                                            
$4,212,818
Palm Chambers #3
P.O. Box 3152 Road Town
British Virgin Islands

TAU 28 Fund Ltd. Roll Up                              
$4,215,406
c/o Merit
Wickhams Cay
P.O. Box 662
Road Town, Tortola
British Virgin Islands
Attn: Fritz Kirdadi

Platinum Capital Fund BV                              
$4,207,113
Pareraweg 45 PO Box 4914
Curacao, Netherlands Antilles

Garden Ring Fund Limited                              
$4,045,473
Trident Corp. Services, 1st Floor
P.O. Box N3944
Kings Court, Bay Street
Nassau, BF

Headquartered in New York, New York, Refco Inc. --
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 No. 05-
60006). J. Gregory Milmoe, Esq., and Sally McDonald Henry,
Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent
the Debtors in their restructuring efforts.  Refco reported
$16.5 billion in assets and $16.8 billion to the Bankruptcy
Court on the first day of its chapter 11 cases. (Troubled
Company Reporter, Oct. 26, 2005, Vol. 9, No. 254)


ROSEMONT RE: To Be Sold to a Consortium of Private Investors
------------------------------------------------------------
London-based holding company Goshawk Insurance Holdings plc and
its Bermuda unit Rosemont Re have agreed in principal to terms
with Don Kramer (formerly Vice Chairman of ACE Ltd.) on behalf
of a consortium of private equity investors ("the Investors"),
who are intending to incorporate a new Bermuda reinsurer with
capital of not less than US$750 million.

Under terms of the deal, Investors would pay Rosemont Re a
fixed up-front payment of approximately US$2.5 million for its
existing infrastructure and 8% commission payments based on the
renewing Rosemont Re business as it is bound by the new
reinsurer in 2006.

There is no certainty as to the amount potentially due under
these commission payments, but the Directors anticipate
approximately US$4-7 million may become due. There is provision
for certain existing Rosemont Re staff to remain available to
provide run-off services to Rosemont Re.

A transaction will be subject to a number of conditions,
including:
  - Signing definitive legal documentation;
  - Approval of the transaction by GoshawK shareholders; and
  - incorporation, capitalisation, licencing and rating of the
    new reinsurer by the Investors.

Should the conditions attaching to a transaction not be met,
Rosemont Re is unlikely to receive value for its franchise.
Rosemont Re remains exposed to the potential impact of further
hurricane activity.

Following completion, Russell Brooke and Jon Beck will resign
as directors of GoshawK and Rosemont Re.

As a consequence of recent events, Rosemont Re is now in run
off. As stated previously, there can be no certainty as to
either the value or timing of payments to the Company's
shareholders in run off.

CONTRACT:  GoshawK Insurance Holdings plc   
           Paul Spencer, Chairman 020 7499 2355  
           Russell Brooke, Chief Executive +1 441 295 5485  
           Jonathan Beck, Finance Director



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

EMBRATEL: 3Q05 Profit Falls Below Analysts' Expectations
--------------------------------------------------------
Brazil's leading long-distance telephone firm Embratel
Participacoes' third quarter profit fell below analysts'
forecast, Reuters reports. Six analysts had reported an average
expectation of Embratel's net earnings for the third quarter at
BRL99 million.

The Mexican telecoms giant Telefonos de Mexico's Brazilian unit
only managed net earnings of BRL54.3 million ($24 million),
although it reversed a net loss of BRL67 million in the same
period in 2004 and marking its third consecutive quarterly
profit.

On the operational level, however, Embratel exceeded the
average of the analysts' forecasts of BRL452 million EBITDA for
the third quarter.

Earnings before interest, taxes, depreciation and amortization,
cash flow measure EBITDA, rose to BRL470.8 million from BRL241
million last year.

Before the Company reported earnings, its shares closed down
more than 5% on the Sao Paulo and New York Stock Exchanges at
BRL5.39 and $11.86, respectively.

Meanwhile, Embratel had completed its acquisition of Telmex do
Brasil, a data transfer company formerly known as AT&T Latin
America. It had also acquired a 37.1% voting stake in cable
television provider Net Servicos de Comunicacao.

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


SADIA: BNDES Approves BRL974 Mln Financing for Company
------------------------------------------------------
Executive Management of the Brazilian National Bank for
Economic and Social Development [Banco Nacional de
Desenvolvimento Economico e Social - BNDES] approved a
financing for the Sadia group of a total value of BRL974
million, which plans to create 4,124 direct jobs, thereby
raising the number of employees of the conglomerate to about
48,400 and allowing for the creation of thousands of indirect
jobs during the civil works to be executed in various regions
of the country.

The investment made for those projects will total BRL1.4
billion. Sadia will inject BRL442 million with its own
resources. Approximately 72% of the project's fixed costs refer
to the acquisition of machines and equipment manufactured in
Brazil by accredited companies of the BNDES Finame line.

Lines of Credit - the operation structured under the Financing
for Endeavors Program [Finem] is divided into three distinctive
financing lines - two for production investments and the third
line for the social and environmental project of the Sadia
Sustainability Institute.

The first two financing lines aim to expand and modernize the
production units of the group in eight states, and restructure
the administrative head offices in Sao Paulo. The yearly
production potential of processed food will thereby be
increased as well as the slaughtering capacity of poultry, pigs
and bovines, and the yearly feed production.

Moreover, the loan granted to the Sadia Sustainability
Institute will be used for the installation of biodigesters on
the proprieties of the 3.2 thousand pig breeders integrated in
the company's production system. The advantages of this
environmental project are numerous as biodigesters eliminate
the soil and water source contamination due to pig feces; they
also generate energy for the proprieties, thereby valorizing
them; they produce biofertilizers that can be used for farming
purposes; and they enable the generation and marketing of
carbon credits thanks to the reduction by 75% of gas emissions
in the atmosphere.

Analysis - The technical team of the bank who initiated the
analysis process in 2004 realized that the family of the
Minister of Development, Industry and Foreign Trade and the
President of the BNDES' Board of Directors, Luiz Fernando
Furlan, were part of the control block of Sadia, a fact that
prevented BNDES from granting the financing to the group
because of the provisions of articled 34, paragraph 5, of Law
4,595/64. When the Furlan family withdrew from the control
block and a new shareholders' agreement was signed and
forwarded to the Securities Commission [CVM] in May 2005, the
analysis process was resumed and the proposal approved.

Furthermore, due to Law 4,595/64, an anticipated maturity date
was included in the contract, which provides for the immediate
liquidation of the entire debt, should any shareholder
participating in the control block of Sadia become part of the
Board of Directors or of the High Management of BNDES.


VARIG: TAP Proposes $500M Investment to Aid Restructuring
---------------------------------------------------------
TAP Air Portugal has presented to a New York bankruptcy court a
proposal to invest up to US$500 million to restructure
Brazilian flagship carrier Varig, reports Dow Jones Newswires.
The Portuguese state-owned airline aims to participate in a
recovery plan launched recently by Brazil's National
Development Bank (BNDES).

Under the plan, BNDES will provide a special credit line to
buyers of Varig subsidiaries VarigLog and VEM. VarigLog is the
airline's cargo division while VEM is Varig's engineering and
maintenance division. Varig is trying to sell these units to
raise cash to make a US$70-million payment to leasing companies
and avert the seizure of its aircraft.

Varig, under bankruptcy protection in Brazil from creditors
owed about US$3.3 billion, is fighting to retain 20 aircraft
that leasing companies have threatened to sequester after the
airline failed to make payments of about US$62 million.

Of Varig's fleet of 76 aircraft, 15 are grounded for lack of
maintenance. The court has given Varig until Nov 11 to present
plans to meet its short-term debts with leasing companies.



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

MINCS I: Reviewing Liquidation Process to Members on Nov. 17
-------------------------------------------------------------
                           Mincs I, Ltd.
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)
                            Section 145

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

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


NSS ASSET: Liquidation Process to be Presented to Shareholders
--------------------------------------------------------------
                  NSS Asset Funding Corporation
                   (In Voluntary Liquidation)
                 The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
Final Meeting of the Shareholders of the Company will be held
at the registered office of the Company on November 18, 2005 at
10.30 a.m.

Business:

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

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

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

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



OKB LIMITED: To Hold Final General Meeting Nov. 17
--------------------------------------------------
                           OKB Limited
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)
                           Section 145

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

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


PIGUET BANK: Liquidation Approval Sought in Final Meeting
---------------------------------------------------------
                   Piguet Bank and Trust LTD.
                   (In Voluntary Liquidation)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of the Company will
be held at the registered office of the Company on November 17,
2005 at 3:00 p.m.

Business:

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

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

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

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

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

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

         Caroline Cookson
         Telephone: 345-945-4331
         Facsimile: 345-949-7164


PRIME CAPITAL: Final General Meeting Scheduled for Nov. 17
----------------------------------------------------------
                    Prime Capital Holding, Ltd.
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)
                            Section 145

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

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


QF ASSET: Shareholders to Hold Final Meeting Nov. 18
----------------------------------------------------
                 QF Asset Funding Corporation
                  (In Voluntary Liquidation)
                The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
Final Meeting of the Shareholders of the Company will be held
at the registered office of the Company on November 18, 2005 at
11:30 a.m.

Business:

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

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

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

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


RANGER ARBITRAGE: To Start Wind Up Process
------------------------------------------
                  Ranger Arbitrage (Offshore) Ltd.
                    (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)
                             Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Ranger Arbitrage (Offshore) Ltd. at an
extraordinary general meeting of the shareholder(s) held on
October 3, 2005:

THAT the Company be placed into voluntary liquidation
forthwith.

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

Creditors of Ranger Arbitrage (Offshore) Ltd. are to prove
their debts or claims on or before November 17, 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: Messrs. Johann Le Roux and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited
         P.O. Box 1093GT
         Grand Cayman, Cayman Islands


RANGER HEDGED: Shareholders Resolve to Wind Up Company
------------------------------------------------------
               Ranger Hedged Equity (Offshore) Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                          Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Ranger Hedged Equity (Offshore) Ltd. at
an extraordinary general meeting of the shareholder(s) held on
October 3, 2005:

THAT the Company be placed into voluntary liquidation
forthwith.

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

Creditors of Ranger Hedged Equity (Offshore) Ltd. are to prove
their debts or claims on or before November 17, 2005, and to
send full particulars of their debts or claims to the joint
liquidators of the Company. In default thereof, they will be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

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


RANGER PARTNERS LLC: To Begin Voluntary Wind Up
-----------------------------------------------
                Ranger Partners (Offshore), LLC
                  (In Voluntary Liquidation)
               The Companies Law (2004 revision)
                         Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Ranger Partners (Offshore), LLC at an
extraordinary general meeting of the shareholder(s) held on
October 3, 2005:

THAT the Company be placed into voluntary liquidation
forthwith.

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

Creditors of Ranger Partners (Offshore), LLC are to prove their
debts or claims on or before November 17, 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: Messrs. Johann Le Roux and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited
         P.O. Box 1093GT
         Grand Cayman, Cayman Islands


RANGER PARTNERS LTD: Taps Le Roux, Roney as Liquidators
-------------------------------------------------------
                Ranger Partners (Offshore), Ltd.
                  (In Voluntary Liquidation)
               The Companies Law (2004 revision)
                          Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Ranger Partners (Offshore), Ltd .at an
extraordinary general meeting of the shareholder(s) held on
October 3, 2005:

THAT the Company be placed into voluntary liquidation
forthwith.

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

Creditors of Ranger Partners (Offshore), Ltd. are to prove
their debts or claims on or before November 17, 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: Messrs. Johann Le Roux and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited
         P.O. Box 1093GT
         Grand Cayman, Cayman Islands


REAB I: To Wind Up Voluntarily
------------------------------
                         Reab 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 Reab I Limited at an extraordinary
general meeting of the shareholder(s) held on October 5, 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 Reab I Limited are to prove their debts or claims
on or before November 17, 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: Ms. Helen Allen and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited
         P.O. Box 1093GT
         Grand Cayman, Cayman Islands


ROBECO CBO: Final General Meeting Set for Nov. 17
-------------------------------------------------
                       Robeco CBO I Limited
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)
                            Section 145

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

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


S & S INSURANCE: Wind Up Petition Hearing Set for Nov. 10
---------------------------------------------------------
             IN THE GRAND COURT OF THE CAYMAN ISLANDS
                      CAUSE NO. 444 OF 2005
         IN THE MATTER OF THE COMPANIES LAW (2004 REVISION)

                               And

         IN THE MATTER OF THE INSURANCE LAW (2004 REVISION)

                               And

           IN THE MATTER OF S & S Insurance Partners, Ltd.
                        WINDING-UP PETITION

A Petition to wind up S & S Insurance Partners, Ltd. whose
registered office is at Marsh Management Services Cayman
Limited, PO Box 1051GT, First Caribbean House, George Town,
Grand Cayman, as a compulsory winding up, in the public
interest, presented by the Cayman Islands Monetary Authority on
September 27, 2005, will be heard in the Grand Court of the
Cayman Islands, the Law Courts, George Town, Grand Cayman,
Cayman Islands on November 10, 2005 at 10:00 a.m. in the
forenoon or as soon thereafter as the
Petition can be heard.

Any shareholder, director or creditor of the Company intending
to appear on the hearing of the Petition, whether to support or
oppose it, must give notice of intention to do so to the
Authority.

The Authority's address for service is PO Box 10052 APO, 80E
Shedden Road, George Town, Grand Cayman.

CONTACT: Messrs. David A.K. Walker and Lawrence Edwards
         Joint Official Liquidators
         PricewaterhouseCoopers
         PO Box 258 GT, Strathvale House
         90 Church Street, George Town, Grand Cayman
         Telephone: (345) 949-7000
         Facsimile: (345) 949-7352


S.F. AKASAKA: Enters Voluntary Liquidation
------------------------------------------
             S.F. Akasaka Development Holdings, Inc.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                           Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of S.F. Akasaka Development Holdings, Inc.
at an extraordinary general meeting of the shareholder(s) held
on October 5, 2005:

THAT the Company be placed into voluntary liquidation
forthwith.

THAT Nobuhiro Sakano be appointed as liquidator of the Company.

Creditors of S.F. Akasaka Development Holdings, Inc. are to
prove their debts or claims on or before November 17, 2005, and
to send full particulars of their debts or claims to the joint
liquidators of the Company. In default thereof, they will be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

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


S.F. SENGOKU: Appoints Nobuhiro Sakano as Liquidator
----------------------------------------------------
            S.F. Sengoku Development Holdings, Inc.
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                         Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of S.F. Sengoku Development Holdings, Inc.
at an extraordinary general meeting of the shareholder(s) held
on October 5, 2005:

THAT the Company be placed into voluntary liquidation
forthwith.

THAT Nobuhiro Sakano be appointed as liquidator of the Company.

Creditors of S.F. Sengoku Development Holdings, Inc. are to
prove their debts or claims on or before November 17, 2005, and
to send full particulars of their debts or claims to the joint
liquidators of the Company. In default thereof, they will be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

CONTACT: Mr. Nobuhiro Sakano, Joint Voluntary Liquidator
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands



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

ASARCO: Seeks Environmental Clean-Up Budget Amendment OK
--------------------------------------------------------
As previously reported, Southern Peru Holdings Corporation
contemplated on selling its stock holdings and majority
interest in Southern Peru Copper Corp. to ASARCO LLC's parent,
Americas Mining Corporation.  ASARCO has environmental
liabilities to the United States Government pursuant to certain
consent decrees, administrative orders, or environmental
statutes.

The U.S. Government later filed a complaint against ASARCO and
Southern Peru Holdings in the United States District Court for
the District of Arizona, wherein the Government sought a
judgment declaring that the proposed terms of the Sale violated
various provisions of the Federal Debt Collection Procedures
Act of 1990 and the Federal Priorities Act.  The Complaint also
sought preliminary and injunctive relief enjoining the sale and
transfer.

On Feb. 2, 2003, the Arizona Court approved a consent decree
entered into among ASARCO and Southern Peru Holdings, on the
one hand, and the Government, on the other hand.  Pursuant to
the settlement, ASARCO agreed to set up a $100 million
environmental trust for pollution cleanup, in return for
permission to sell SPCC.

The consent decree establishes an annual budgeting process that
discusses the allocation of funds from the trust at various
sites.  The parties agreed that once a budget has been
established, amendments will be allowed.

Pursuant to an order entered on Aug. 24, 2005, Judge Schmidt
authorized ASARCO to consent to an amendment to the 2005 budget
with regard to remediation and testing work at a site in
Ruston, Washington.

James R. Prince, Esq., at Baker Botts, L.L.P., in Dallas,
Texas, relates that the existing 2005 annual budget
contemplates expenditures of both trust funds and ASARCO's
general corporate funds for work being done at the Ruston Site,
as well as at:

   -- the Circle Smelting site in Beckemeyer;
   -- the California Gulch site;
   -- the East Helena site in Soils;
   -- the Mike Horse/Upper Blackfoot Mining Complex site; and
   -- the Everett site.

Mr. Prince informs Judge Schmidt that ASARCO's work at the
Sites came to a halt on the Petition Date.  Because the
liabilities relating to the Sites are dischargeable prepetition
obligations, ASARCO cannot continue spending its general
corporate funds on its work at the Sites.

However, ASARCO does not believe that the funds in the
environmental trust are property of its estate.  Therefore,
those funds are available to continue its work at the Sites,
provided that the parties consent to an amendment of the 2005
budget.

ASARCO seeks Judge Schmidt's permission to consent to a second
amendment of the 2005 Annual Budget.

Mr. Prince asserts that the amendment of the 2005 annual budget
is necessary for the operation of ASARCO's business and is in
the best interest of the estate.  "Unless the Debtor is
authorized to consent to the second amendment of the 2005
annual budget, the United States believes that the public
health and safety could be jeopardized," Mr. Prince says.

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).


EPL INTERMEDIATE: Refinance Solicitation Gets Enough Consents
-------------------------------------------------------------
EPL Intermediate, Inc. (the "Company") announced that as of
5:00 p.m. New York City time on October 25, 2005 (the "Consent
Time"), it had received valid tenders and consents from holders
of approximately $70 million in aggregate principal amount of
the Company's 12 1/2% Senior Discount Notes due 2010 (the
"Notes"), representing approximately 100% of the outstanding
Notes, in connection with its previously announced cash tender
offer and consent solicitation for the Notes, which satisfies
the "Requisite Consents," as defined in the Company's Offer to
Purchase and Consent Solicitation Statement dated October 12,
2005 (the "Offer to Purchase") and the accompanying Letter of
Transmittal and Consent (together, the "Offer Documents").

With the receipt of the Requisite Consents, the Company will
execute a supplemental indenture governing the Notes to
eliminate substantially all of the restrictive covenants and
events of default in the indenture. The amendments to the
supplemental indenture will not become operative until all
validly tendered Notes are accepted for purchase by the
Company. Consummation of the Company's tender offer remains
conditioned on, among other things, that all of the conditions
to the Acquisition (as defined in the Offer to Purchase and
Consent Solicitation Statement dated October 12, 2005), other
than the successful completion of the Tender Offer and the
Consent Solicitation, shall have been satisfied, or waived by
our acquirer, and we shall have received applicable financing
proceeds to pay the consideration for the Notes purchased in
the tender offer. There can be no assurance that any of such
conditions will be met.

As previously announced, the total consideration to be paid for
each validly tendered Note (which shall include an amount paid
in respect of the consent), subject to the terms and conditions
of the tender offer and consent solicitation, will be paid in
cash at a price equal to 112.50% of the accreted value of the
Notes as of the thirtieth day following the settlement date
plus a premium of $2.50 per $1,000 principal amount at maturity
of Notes. With a settlement date of November 10, 2005, the
total consideration shall be $759.83 per $1,000 principal
amount of Notes at maturity. Holders who validly tender their
Notes by the Consent Time will be eligible to receive the total
consideration.

Holders who tender their Notes must consent to the proposed
amendments. Tendered Notes may not be withdrawn and consents
may not be revoked after the Consent Time.

The Company has retained Merrill Lynch & Co. to act as sole
Dealer Manager for the tender offer and as the Solicitation
Agent for the consent solicitation and can be contacted at
(212) 449-4914 (collect) or (888) ML4-TNDR (toll free). Global
Bondholder Services Corporation is the Information Agent and
can be contacted at (212) 430-3774 (collect) or (866) 387-1500
(toll free). Copies of the Offer Documents and other related
documents may be obtained from the Information Agent.

The tender offer and consent solicitation are being made solely
on the terms and conditions set forth in the Offer Documents.
Under no circumstances shall this press release constitute an
offer to buy or the solicitation of an offer to sell the Notes
or any other securities of the Company. This press release also
is not a solicitation of consents to the proposed amendments to
the indenture. None of the Company, the Dealer Manager or the
Information Agent makes any recommendation as to whether
holders of the Notes should tender their Notes or consent to
the proposed amendments to the indenture and no one has been
authorized by any of them to make such recommendations. Holders
must make their own decisions as to whether to consent to the
proposed amendments to the indenture and to tender the Notes.

About EPL Intermediate, Inc.

EPL Intermediate is the parent company of El Pollo Loco, Inc.
El Pollo Loco, pronounced "L Po-yo Lo-co" and Spanish for "The
Crazy Chicken," is the nation's leading quick-service
restaurant chain specializing in flame-grilled chicken and
Mexican-inspired entrees. Founded in Guasave, Mexico in 1975,
El Pollo Loco's long-term success stems from the unique
preparation of its award-winning "pollo" - fresh chicken
marinated in a special recipe of herbs, spices and citrus
juices passed down from the founding family. The marinated
chicken is then flame-grilled, hand cut and served hot off the
grill with warm tortillas, a wide assortment of side dishes and
salsas prepared fresh every day. Rounding out the menu are
fresh flavorful entrees inspired by the kitchens of Mexico,
including grilled burritos, the original Pollo Bowl(R), Pollo
Salads, Tacos al Carbon and Quesadillas. For more information,
visit www.elpolloloco.com.

CONTACT: EPL Intermediate, Inc.
         Joseph Stein, Chief Financial Officer
         Tel: 949-399-2155
         E-mail: jstein@elpolloloco.com


EL POLLO: Receives Requisite Consents for Consent Solicitation
--------------------------------------------------------------
El Pollo Loco, Inc. (the "Company") announced that as of 5:00
p.m. New York City time on October 25, 2005 (the "Consent
Time"), it had received valid tenders and consents from holders
of approximately $107,750,000 in aggregate principal amount of
the Company's 9 1/4% Senior Secured Notes due 2009 (the
"Notes"), representing approximately 97.95% of the outstanding
Notes, in connection with its previously announced cash tender
offer and consent solicitation for the Notes, which satisfies
the "Requisite Consents," as defined in the Company's Offer to
Purchase and Consent Solicitation Statement dated October 12,
2005 (the "Offer to Purchase") and the accompanying Letter of
Transmittal and Consent (together, the "Offer Documents").

With the receipt of the Requisite Consents, the Company will
execute a supplemental indenture governing the Notes to
eliminate substantially all of the restrictive covenants and
events of default in the indenture. The amendments to the
supplemental indenture will not become operative until all
validly tendered Notes are accepted for purchase by the
Company. Consummation of the Company's tender offer remains
conditioned on, among other things, that all of the conditions
to the Acquisition (as defined in the Offer to Purchase and
Consent Solicitation Statement dated October 12, 2005), other
than the successful completion of the Tender Offer and the
Consent Solicitation, shall have been satisfied, or waived by
our acquirer, and we shall have received applicable financing
proceeds to pay the consideration for the Notes purchased in
the tender offer. There can be no assurance that any of such
conditions will be met.

Notes may be tendered pursuant to the tender offer until 9:00
a.m., New York City time, on Wednesday, November 9, 2005 (the
"Expiration Time"), or such later date and time to which the
Expiration Time is extended, unless the tender offer is earlier
terminated by the Company. The total consideration to be paid
for each validly tendered Note (which shall include an amount
paid in respect of the consent), subject to the terms and
conditions of the tender offer and consent solicitation, will
be paid in cash and calculated based in part on the 3.0% U.S.
Treasury Note due December 31, 2006 (the "Reference Treasury
Note"). The total consideration for each Note will be equal to
the sum of the present value of scheduled payments on such Note
based on a fixed spread pricing formula utilizing a yield equal
to the Reference Treasury Note, plus 50 basis points. The
detailed methodology for calculating the total consideration
for Notes is outlined in the Offer to Purchase and Consent
Solicitation Statement dated October 12, 2005 relating to the
tender offer and the consent solicitation. Holders who validly
tender their Notes by the Consent Time will be eligible to
receive the total consideration. Holders who validly tender
their Notes after the Consent Time, but on or prior to the
Expiration Time, will be eligible to receive the total
consideration less $50 per $1,000 principal amount (the
"Consent Amount").

Any Notes not tendered and purchased pursuant to the tender
offer will remain outstanding and the holders thereof will be
bound by the amendments contained in the supplemental indenture
eliminating substantially all of the restrictive covenants in
the indenture even though they have not consented to the
amendments. Holders who tender their Notes must consent to the
proposed amendments. Tendered Notes may not be withdrawn and
consents may not be revoked after the Consent Time.

The Company has retained Merrill Lynch & Co. to act as sole
Dealer Manager for the tender offer and as the Solicitation
Agent for the consent solicitation and can be contacted at 212-
449-4914 (collect) or 888-ML4-TNDR (toll free). Global
Bondholder Services Corporation is the Information Agent and
can be contacted at 212-430-3774 (collect) or 866-387-1500
(toll free). Copies of the Offer Documents and other related
documents may be obtained from the Information Agent.

The tender offer and consent solicitation are being made solely
on the terms and conditions set forth in the Offer Documents.
Under no circumstances shall this press release constitute an
offer to buy or the solicitation of an offer to sell the Notes
or any other securities of the Company. This press release also
is not a solicitation of consents to the proposed amendments to
the indenture. None of the Company, the Dealer Manager or the
Information Agent makes any recommendation as to whether
holders of the Notes should tender their Notes or consent to
the proposed amendments to the indenture and no one has been
authorized by any of them to make such recommendations. Holders
must make their own decisions as to whether to consent to the
proposed amendments to the indenture and to tender the Notes.

                      About El Pollo Loco

El Pollo Loco, pronounced "L Po-yo Lo-co" and Spanish for "The
Crazy Chicken," is the nation's leading quick-service
restaurant chain specializing in flame-grilled chicken and
Mexican-inspired entrees. Founded in Guasave, Mexico in 1975,
El Pollo Loco's long-term success stems from the unique
preparation of its award-winning "pollo" -- fresh chicken
marinated in a special recipe of herbs, spices and citrus
juices passed down from the founding family. The marinated
chicken is then flame-grilled, hand cut and served hot off the
grill with warm tortillas, a wide assortment of side dishes and
salsas prepared fresh every day. Rounding out the menu are
fresh flavorful entrees inspired by the kitchens of Mexico,
including grilled burritos, the original Pollo Bowl(R), Pollo
Salads, Tacos al Carbon and Quesadillas. For more information,
visit www.elpolloloco.com.

CONTACT: El Pollo Loco, Inc.
         Joseph Stein  
         Tel: 949-399-2155
         E-mail: jstein@elpolloloco.com


GRUPO MEXICO: La Caridad Workers Lodge Indefinite Strike
--------------------------------------------------------
Workers at copper giant Grupo Mexico's La Caridad mine in
northern Sonora state began an indefinite strike Tuesday,
reports Dow Jones Newswires. A statement issued by the Mexican
Mining and Metallurgical Workers Union revealed that the
workers are protesting against Grupo Mexico's alleged refusal
to share profits from 2003 results.

The union accused Grupo Mexico of manipulating losses from
operations and investments in years prior to 2003 to make the
final financial results that year appear to be net losses.

The union claimed the Company obtained more than US$2.7 billion
in net revenues.

"In 2002, with lower levels of production and of prices,
workers received profit sharing, and it is unfair and incorrect
not to recognize the effort and value of greater productivity
by its workers," said the union in the statement.

Grupo Mexico refuted this statement, saying it reported net
losses that year.

Grupo Mexico is the world's third-largest copper producer, with
operations in Mexico, Peru and the U.S.

CONTACT:  GRUPO MEXICO S.A. DE C.V.
          Avenida Baja California 200,
          Colonia Roma Sur
          06760 Mexico, D.F., Mexico
          Phone: +52-55-5264-7775
          Fax: +52-55-5264-7769
          Web site: http://www.gmexico.com


HYLSAMEX: Shareholders Authorize Share Cancellation
---------------------------------------------------
An extraordinary general shareholders' meeting of steelmaker
Hylsamex held October 10 saw the approval of the cancellation
of shares in the national shares registry. The Company, which
Argentine-Italian group Techint acquired earlier this year, now
awaits authorization from the national banking commission to
officially cancel shares. Once it secures the authorization, a
trust will be created so that shareholders who did not
participate in the public auction [of Hylsamex] can sell them
at the same price at which they were offered during the
auction.

CONTACT: HYLSAMEX
         Investor Relations
         Lic. Othon G. Diaz del Guante Villarreal
         Av. Guerrero Nte. 151
         San Nicolas de los Garza, N.L.
         66452 Monterrey, Mexico
         Phone: (52) 81 8865 1224, (52) 81 8865 1240
         E-mail: odiaz@hylsamex.com.mx

         Corporate Public Relations
         Dr. Rafael Rubio
         Av. Guerrero Nte. 151
         San Nicolas de los Garza, N.L.
         66452 Monterrey, Mexico
         Phone: (52) 81 8865 1340
         Fax: (52) 81 8865 1304
         E-mail: rindustriales@hylsamex.com.mx


METALFORMING TECHNOLOGIES: Seeks to Extend Exclusive Period
-----------------------------------------------------------
Metalforming Technologies, Inc., and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware to
extend until Feb. 11, 2006, the time within which they can have
the exclusive right to file a chapter 11 plan.  The Debtors
also want their exclusive right to solicit plan acceptances
extended through Apr. 12, 2006.

The Debtors cite four reasons in support of their request:

   (1) the chapter 11 case is large and complex;

   (2) the Debtors have not been dilatory in these cases;

   (3) the Committee and Lenders have been, and will continue
       to be, involved in all aspects of these chapter 11
       cases; and

   (4) the Debtors are paying their ongoing expenses as they
       become due.

Headquartered in Chicago, Illinois, Metalforming Technologies,
Inc., and its debtor-affiliates manufacture seating components,
stamped and welded powertrain components, closure systems,
airbag housings and charge air tubing assemblies for
automobiles and light trucks.  The Company and eight of its
affiliates, filed for chapter 11 protection on June 16, 2005
(Bankr. D. Del. Case Nos. 05-11697 through 05-11705).  Joel A.
Waite, Esq., Robert S. Brady, Esq., and Sean Matthew Beach,
Esq., at Young Conaway Stargatt & Taylor, represent the Debtors
in their restructuring efforts.  As of May 1, 2005, the Debtors
reported $108 million in total assets and $111 million in total
debts. (Troubled Company Reporter, Oct. 25, 2005, Vol. 9, No.
253)



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

BANISTMO: Contemplates 60% of El Salvadorian Banking Group
----------------------------------------------------------
Panama-based financial group Grupo Banistmo will pay up to
US$146 million to take a majority stake in El Salvadorian
banking group Inversiones Financieras Bancosal, reports
Business News Americas.

In a statement, Banistmo said it will acquire 51-60% of
Bancosal through a public tender offer. The Panamanian group
will pay US$2.10 in cash for each Bancosal share. Information
from the El Salvador stock exchange values Bancosal and its
115,504,000 shares at nearly US$243 million.

The deal, which requires approval from regulators in Panama and
El Salvador, is expected to close this year and will be
accretive to Banistmo's earnings, according to the group's
executive VP of banking operations and Banistmo Panama CEO Juan
Carlos Fabrega Roux.

Bancosal registers US$1.77 billion in assets. Its holdings
include Banco Salvadoreno with 62 branches and insurance
company Internacional de Seguros.



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

COPACO: Union Steps Up Measures to Prevent Privatization
--------------------------------------------------------
The government's plan to resume the privatization process of
state-run operator Copaco is likely to hit another roadblock.
According to Business News Americas, the union representing
Copaco workers are threatening to lodge protests should the
government announce the privatization.

"We will go again to the streets and on this occasion strikes
will be much larger than at other times, we will not allow the
International Monetary Fund (IMF) to take control of the few
properties the country has," said Copaco union's secretary,
Ricardo Morlas.

Even though there is no privatization law in the country, some
government sectors are responding to the IMF's pressures to
privatize state-run companies, added Morlas.

The government aims to privatize Copaco to improve the
performance of four companies. Within this process, the
government expects to start four audits on state-owned
companies: Copaco; cement maker Industria Nacional de Cemento;
water company Essap; and oil firm Petropar.



=======
P E R U
=======

SIDERPERU: Seeking Debt Repayment Program Amendment
---------------------------------------------------
An analyst at Lima-based ratings agency Apoyo & Asociados (A&A)
believes steelmaker Siderperu is seeking a new refinancing
agreement with creditors, under which it will pay off overdue
debt of US$7.9 million on an installment basis.

"It is almost impossible for the company to pay in one go. It's
likely they are already calling a new creditors' meeting to
reprogram the debt," Karina Grillo was quoted by Business News
Americas as saying.

Siderperu, which has struggled to meet payments for its first
bond issues, secured creditors approval on a global refinancing
agreement (AGR) in April 2002 to reprogram the payments from
2003-2012. Since then, creditors have agreed to three addendums
to reprogram the commitments made in the AGR. A payment of
US$7.9 million was due on September 30.

But according to a Business News Americas report, Siderperu has
told the Lima Stock Exchange that it had "renounced" the
September 30 deadline to pay the US$7.9-million debt.

Grillo said that despite the current favorable conditions for
the steel industry, the Company's significant recent
investments in furnaces had meant there was insufficient
available cash to pay the expired debt.



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

DORAL FINANCIAL: Declares Dividend on Common Stock
--------------------------------------------------
Doral Financial Corporation (NYSE: DRL) reported Tuesday that
it no longer expects to file by November 10, its amended annual
report on Form 10-K for the year ended December 31, 2004. The
delay is principally attributable to new information regarding
the Company's mortgage loan sales to local financial
institutions. Latham & Watkins LLP, outside counsel to the
independent directors and the Audit Committee of the Board of
Directors, is investigating this information, and the Company
is assessing what effect, if any, this information may have on
the Company's financial statements. This information may impact
the accounting treatment of some or all of these transactions
as "sales" under Statement of Financial Accounting Standards
(SFAS) 140. In the event that the Company determines that a
transaction does not qualify as a "sale" for accounting
purposes, the Company would record the transaction as a loan
payable secured by mortgage loans and reverse the gain
previously recognized with respect to such transaction.

The Company expects that it will continue to meet its
regulatory capital requirements following the impact, if any,
of this information on its financial statements.

The Company continues to work diligently to complete the
previously announced restatement, but cannot reasonably
estimate at this time when the investigation and assessment of
this new information will be concluded.

As previously announced, the Company's preferred shares are
subject to delisting from The Nasdaq Stock Market as a result
of the Company's inability to file, by November 1, 2005, its
quarterly reports for the first two quarters of 2005. If The
Nasdaq Stock Market proceeds with this delisting, the Company
intends to seek a re-listing or alternative listing of its
preferred shares as soon as practicable after the completion of
the restatement and the publication of its delayed reports.
The Company also reported that, at a regularly scheduled
meeting held on October 25, 2005, the Board of Directors voted
to declare a dividend of $0.08 per share on the Company's
common stock payable on December 2, 2005 to holders of record
as of the close of business on November 15, 2005. This dividend
represents a reduction of approximately 56% from the previous
quarterly dividend. The Board felt that the reduction in the
quarterly dividend on the common stock was a prudent capital
management decision. At the same meeting, the Board also
declared the regular quarterly dividend on the Company's 4.75%
perpetual cumulative convertible preferred stock, in the amount
of $2.96875 per share, payable on December 15, 2005 to holders
of record as of the close of business on December 1, 2005.

In addition, the Company reported that the U.S. Securities and
Exchange Commission (the "SEC") has issued a formal order of
investigation in connection with the previously announced
informal inquiry into the Company's restatement of its
consolidated financial statements. Opening a formal
investigation enables the SEC to issue subpoenas for witnesses
and documents, including third parties outside the Company. As
part of the formal investigation, the Company has received a
subpoena from the SEC seeking the production of documents
principally regarding the restatement and related financial
reporting matters and the terms of certain transactions with
local financial institutions. The subpoena is similar to
informal SEC document requests previously received by the
Company, to which it has been responding. The Company is
continuing to cooperate with the SEC in connection with this
investigation.

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

CONTACT: Doral Financial Corporation
         Richard F. Bonini
                   or
         Lucienne Gigante, 212-329-3733



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

EDC: Rate Negotiations With Government Continue
-----------------------------------------------
Talks between CA Electricidad de Caracas (EDC), a subsidiary of
AES Corp., and Venezuela's government concerning rates issue
continue. EDC is pressing the government to increase power
service rates to facilitate badly needed transmission and
distribution (T&D) investments. But recent statements issued by
energy and oil minister Rafael Ramirez indicate that the
government is determined to maintain rates at current levels.

"We will keep on working with the government in the search for
a solution to the problem of the electricity rates," EDC's
president Julian Nebreda said Monday.

EDC has seen its finances dwindle because of the rates freeze,
which was imposed February 2003. The Company's second-quarter
revenue fell 5.9% to VEB320.4 billion from VEB340.5 billion in
the same period a year earlier.

CONTACT: C.A. La Electricidad de Caracas
         Avenida Vollmer
         Caracas, Venezuela

         Scarlett Alvarez
         Directora: Relaciones con Inversionistas
         Tel: 0212 502-2950
         E-mail: edcinversionistas@aes.com


SIDOR: Chavez Issues Takeover Warning
-------------------------------------
Venezuelan President Hugo Chavez warned his government will
take over steel company Sidor if the latter fails to change its
sales model. Mr. Chavez gave Sidor a week to change its sales
terms, under which it must sell more raw materials to the local
market.

"The local market first, that is the deal with Sidor ... and if
not, they can give the shares back and I'll buy Sidor," Mr.
Chavez said, adding that he hoped to reach an agreement with
the steel producer instead of buying it.

Sidor was privatized in 1998 and will fall under the newly
created steel conglomerate Ternium, which includes Mexican
steelmaker Hylsamex and Argentina's Siderar. The Venezuelan
state still controls 40% of Sidor and is in the process of
handing over a percentage to the Company's workers.




                            ***********


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

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

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

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

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

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


* * * End of Transmission * * *