TCRLA_Public/051102.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

           Wednesday, November 2, 2005, Vol. 6, Issue 217

                            Headlines

A R G E N T I N A

5 DE DICIEMBRE: Court Declares Company Bankrupt
AGUAS ARGENTINAS: Suez to Decide on Manner of Pullout Shortly
ARGENTINA VENDING: Debt Payments Halted, Set to Liquidate
ARQUETA S.A.: Court Rules for Liquidation
BANCO EMPRESARIO: Bansud Presents Purchase Offer

CRIMPING ARGENTINA: Liquidates Assets to Pay Debts
DROGUERIA MAGNA: Moody's, Evaluadora Assign Rating to Bonds
EDEMSA: Fitch Retains 'D(arg)' Rating on $150M Worth of Bonds
EDENOR: EdF Drops $960M ICSID Claim Against Argentina
EGIDIO P. HEYD: Court Authorizes Plan, Concludes Reorganization

EUROMAYOR: $10M of Bonds Get Junk Rating From Moody's
IMPSA: Moody's Leaves Default Rating on Bonds Unchanged
MARKETING KEYS: Proceeds With Liquidation
MEYPACAR S.A.: Enters Bankruptcy on Court Orders
NIVEL GREEN: Court OKs Creditor's Bankruptcy Call

PETROBRAS ENERGIA: Govt. Intervention in Venezuela Cues Ratings
POAN S.A.: Begins Liquidation
REGISER S.A.: Court Orders Liquidation
SANATORIO MODELO: Verification Deadline Fixed
SIDERAR: Net Sales Up 32% in 3Q05


B E R M U D A

ALEA GROUP: May Put Units Up for Individual Sale
ANNUITY & LIFE: To Hold General Meeting on Dec. 1
BUNGY LIMITED: Appoints New Liquidator
EVC GROUP: Enters Voluntarily Wind Up
GLOBAL CROSSING: FCC Approves SBC-AT&T, Verizon-MCI Mergers

REFCO INC: Has Until February 14 to Decide on Unexpired Leases


B R A Z I L

COPEL: Power Market Grows 3.3%
NET SERVICOS: Notice on Injunction Not Yet Received
TELEMAR: Moody's Assigns Ba1 Foreign Currency Rating
UNIBANCO: Directors OK Dismissal of Some Board Members


C A Y M A N   I S L A N D S

BRUNSWICK PARTNERS: To Present Account on Liquidation Nov. 10
MFS MERIDIAN US HIGH: To Report on Liquidation to Members
MFS MERIDIAN US RESEARCH: To Hold Final Meeting Nov. 28
MFS MERIDIAN VALUE: To Authorize Liquidator to Retain Records
O, W&W PACRIM: To Hold Final General Meeting Nov. 28

POLON LIMITED: Final General Meeting Scheduled for Nov. 17
RANGER ARBITRAGE: Liquidation to be Explained Nov. 17
RANGER HEDGED: To Report on Wind Up
RANGER PARTNERS LLC: Final General Meeting to be Held Nov. 17
RANGER PARTNERS LTD: To Give Account on Wind Up Nov. 17

S.F. AKASAKA: Schedules Final General Meeting for Wind Up Report
S.F. SENGOKU: To Explain Liquidation Process to Members Nov. 17
SIRTET LTD.: Extraordinary Final Shareholder Meeting Set
TIDE FUNDING: To Lay Account on Wind Up in Final General Meeting


C H I L E

PLACER DOME: Barrick Offers $9.2B to Acquire Outstanding Shares
PLACER DOME: Board to Consider Barrick's Unsolicited Offer


C O L O M B I A

BAVARIA: EBITDA Up 8.4%, With 39.8% Margin in 3Q05
GRANAHORRAR: BBVA Unit Wins Auction for 98.8% Stake


J A M A I C A

KAISER ALUMINUM: Court OKs Deadline Extension to Remove Actions


M E X I C O

AHMSA: To Invest $250M to Modernize Existing Plants


V E N E Z U E L A

CANTV: Shuts Administrative, Commercial Offices for 48 Hours
SIDOR: Plans to Rework Govt. Iron Ore Supply Contracts

     -  -  -  -  -  -  -  -

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

5 DE DICIEMBRE: Court Declares Company Bankrupt
-----------------------------------------------
Court No. 13 of Buenos Aires' civil and commercial tribunal
declared local company 5 de Diciembre S.A. "Quiebra", relates La
Nacion. The court approved the bankruptcy petition filed by Mr.
Orlando Martin Romero, whom the Company has debts.

The Company will undergo the bankruptcy process with Mr. Daniel
Erdocia as trustee. Creditors are required to present proofs of
their claim to Mr. Erdocia for verification before Feb. 3 next
year. Creditors who fail to submit the required documents by the
said date will not qualify for any post-liquidation
distributions.

Clerk No. 26 assists the court on the case.

CONTACT: 5 de Diciembre S.A.
         Maipu 464
         Buenos Aires

         Mr. Daniel Erdocia, Trustee
         Paraguay 610
         Buenos Aires


AGUAS ARGENTINAS: Suez to Decide on Manner of Pullout Shortly
-------------------------------------------------------------
French service group Suez will decide within two weeks how to
withdraw from its Buenos Aires water concessionaire Aguas
Argentinas, reports Business News Americas.

Two investment funds, Fintech Advisory and Latin American Assets
Management, are currently in talks to buy a 70% stake in Aguas
Argentinas.

However, Argentine federal planning minister Julio de Vido said
there will be a process of disinvestment by Suez, "which may not
withdraw entirely."

Suez has 39.9% of Aguas Argentinas, while Spain's Aguas de
Barcelona (Agbar) controls 25%, which according to de Vido
"could disinvest to reach a holding of 7.5%."

Agbar would assume the operation of the water and sewerage
concession, de Vido confirmed, adding, the other two
shareholders in Aguas Argentinas - British company Anglian Water
(4.25%) and French firm Vivendi (7.55%) - would leave.

Meanwhile, Argentine bank Grupo Galicia, which has an 8.26%
stake in the water company, would stay, de Vido added.

This, according to reports, would pave a way for Fintech to take
up these holdings, giving it just under 70% of Aguas Argentinas.
The assumption is that Fintech is negotiating an agreement with
Aguas Argentinas shareholders in order to start talks with
creditors over the Company's US$650-million debts.


ARGENTINA VENDING: Debt Payments Halted, Set to Liquidate
---------------------------------------------------------
Argentina Vending S.A. filed for bankruptcy following the
cessation of debt payments on Oct. 28, 2005, Argentine daily La
Nacion reports.

The case is pending before Court No. 14 of Buenos Aires' civil
and commercial court. Clerk No. 27 is assisting the court on the
Company's case.

CONTACT: Argentina Vending S.A.
         San Martin 439
         Buenos Aires


ARQUETA S.A.: Court Rules for Liquidation
-----------------------------------------
A Buenos Aires court ordered the liquidation of Arqueta S.A.
after the Company defaulted on its obligations, Infobae reveals.
The liquidation pronouncement will effectively place the
Company's affairs as well as its assets under the control of Mr.
Atilio Mossi, the court-appointed trustee.

Mr. Mossi will verify creditors' proofs of claim until Dec. 23,
2005. The verified claims will serve as basis for the individual
reports to be submitted in court on March 7, 2006. The
submission of the general report follows on April 21, 2006.

CONTACT: Arqueta S.A.
         Beruti 2467
         Buenos Aires

         Mr. Atilio Mossi, Trustee
         Montevideo 527
         Buenos Aires


BANCO EMPRESARIO: Bansud Presents Purchase Offer
------------------------------------------------
Banco Macro Bansud has made an offer to buy cooperative bank
Banco Empresario del Tucuman (BET), which was placed under
temporary suspension by the central bank (BCRA) last week,
reports Business News Americas.

"We have made an offer to the central bank. Under the law, that
bid can be improved by any other financial institution within
seven days, but if no one does that we get to keep it and then
we would reopen BET within 48 hours," local daily El Cronista
quoted Macro Bansud's CEO Jorge Brito as saying.

BET's suspension came amid ongoing efforts to restructure the
bank. The suspension will facilitate a viable restructuring by
giving the bank time to find a solution that includes paying
back deposits and keeping jobs.

BET's management and shareholders recently failed to ink an
agreement to capitalize the bank and free it from its liquidity
problems. BET president Elio Giacosa was reported as saying the
bank needs at least ARS30 million (US$9.95mn) to stay in
business.

BET has six branches and 200 employees. At the end of May it had
ARS221 million in assets and some ARS90 million in loans.


CRIMPING ARGENTINA: Liquidates Assets to Pay Debts
--------------------------------------------------
Buenos Aires-based Crimping Argentina 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, Gisela Mara Corradini. The trustee
will verify creditors' proofs of claim until Nov. 15, 2005. The
validated claims will be presented in court as individual
reports.

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

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

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

CONTACT: Ms. Gisela Mara Corradini, Trustee
         Albania 4518
         Buenos Aires


DROGUERIA MAGNA: Moody's, Evaluadora Assign Rating to Bonds
-----------------------------------------------------------
Moody's Latin America Calificadora de Riesgo S.A. is maintaining
its 'C' rating on a total of US$5 million of corporate bonds
issued by Argentine Company Drogueria Magna S.A.

According to Argentina's securities regulator, the CNV, Moody's
assigns a `C' rating to bonds that possess a risk of nonpayment.

Meanwhile, Evaluadora Latinoamericana S.A. Calificadora de
Riesgo assigned a `C-' rating on the same issue, which the CNV
described as "Obligaciones Negociables Simples". The bonds,
classified under "Simple Issue," matured on April 17, 2003.

The rating agencies' actions were based on the Company's
financial status as of July 31, 2005.


EDEMSA: Fitch Retains 'D(arg)' Rating on $150M Worth of Bonds
-------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. is maintaining its
'D(arg)' rating on US$150 million worth of bonds issued by
Empresa Distribuidora de Electricidad de Mendoza S.A. (EDEMSA),
the CNV reports.

The rating action, based on EDEMSA's finances as of June 30,
2005, affected bonds described as "Programa de emision de
Obligaciones Negociables simples." The bonds matured on April
13, 2005.

Fitch said that the given rating is assigned to bonds that are
currently in default. EDEMSA has struggled amid frozen and
"pesofied" tariffs, rising levels of uncollectibles and illegal
power connections.

CONTACT: Empresa Distribuidora de Electricidad de Mendoza S.A.
         San Martin 322 (5500)
         Mendoza


EDENOR: EdF Drops $960M ICSID Claim Against Argentina
-----------------------------------------------------
Electricite de France, the former controller of Argentine power
distributor Edenor, has decided to withdraw its US$960-million
claim against Argentina in the International Center for the
Settlement of Investment Disputes (ICSID), reports Dow Jones
Newswires.

EdF's decision came as a relief to local investment fund Grupo
Dolphin, which bought a 65% stake in Edenor from EdF earlier
this year.

"We are extremely content because Electricite de France has
decided to withdraw the claim against Argentina presented before
the ICSID for $960 million," said Dolphin President Marcelo
Mindlin.

In September, Edenor signed a new long-term contract with the
government that calls for investments totaling ARS1.2 billion
($400 million) over the next five years.

Under the terms of the contract, Edenor will see a 15% rate hike
starting this month. Residential users are excluded from the
increases. ENRE, the national electricity regulator, will
determine a long-term plan for future rate hikes by May 31,
2006.

EdF is retaining a 25% stake in Edenor and lending technical
assistance for five years.

CONTACT:  EDENOR S.A.
          Azopardo Building
          Azopardo 1025 (1107) Capital Federal
          Phone: (54-11) 4346-5000
          Fax: (54-11) 4346-5300
          E-mail: to ofitel@edenor.com.ar
          Web Site: http://www.edenor.com.ar


EGIDIO P. HEYD: Court Authorizes Plan, Concludes Reorganization
---------------------------------------------------------------
Cordoba-based Egidio P. Heyd y Cia. S.R.L. concluded its
reorganization process, according to data released by Infobae on
its Web site. The conclusion came after the city's civil and
commercial court homologated the debt plan signed between the
Company and its creditors.

CONTACT: Egidio P. Heyd y Cia. S.R.L.
         Alvear 475
         Ciudad de Cordoba (Cordoba)


EUROMAYOR: $10M of Bonds Get Junk Rating From Moody's
-----------------------------------------------------
Moody's Latin America Calificadora de Riesgo S.A. reaffirmed its
`C' rating on US$10 million worth of corporate bonds issued by
Euromayor S.A. de Inversiones, the CNV reveals on its Web site.

The action affected bonds called "Primera Serie por 10
milliones de US$ dentro de un Programa Global" and matured on
April 28, 2003.

The rating action was based on Euromayo's financial situation as
of July 31.

Moody's assigns a `C' rating to financial obligations that have
a risk of nonpayment.


IMPSA: Moody's Leaves Default Rating on Bonds Unchanged
-------------------------------------------------------
Moody's Latin America Calificadora de Riesgo S.A. is maintaining
a 'D' rating on US$150 million worth of bonds issued by
Industrias Metalurgicas Pescarmona, says the CNV.

The affected bonds are described as "2(2) Serie emitida por
U$150 millones del Programa Global de U$S 250 millones " that
matured on May 30 2002.

The rating action was taken based on the Company's financial
status as of July 31.

CONTACT: Industrias Metalurgicas Pescarmona
         Rodriguez Pena 2451
         Godoy Cruz, Mendoza
         Argentina

         Telephone: 54 1 315 2400
         Fax: 54 1 315 2388


MARKETING KEYS: Proceeds With Liquidation
-----------------------------------------
Obra Social de los Empleados de Comercio successfully sought the
bankruptcy of Marketing Keys S.R.L. after Court No. 9 of Buenos
Aires' civil and commercial tribunal declared the Company
"Quiebra," reports La Nacion.

As such, Marketing Keys S.R.L. will now start the process with
Mr. Emilio Abraham as trustee. Creditors must submit proofs of
their claim to the trustee by Feb. 6 next year 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 $5,003.66.

The city's Clerk No. 18 assists the court on the case that will
close with the sale of all of its assets.

CONTACT: Marketing Keys S.R.L.
         Juramento 3183
         Buenos Aires

         Mr. Emilio Abraham, Trustee
         Talcahuano 768
         Buenos Aires


MEYPACAR S.A.: Enters Bankruptcy on Court Orders
------------------------------------------------
Meypacar S.A. 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 accounting firm Estudio
Ernesto Lerner & Asoc. as receiver. The receiver will be
verifying creditors' proofs of claim until the end of the
verification phase on Dec. 14, 2005.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the Company's accounting
and business records. The individual reports will be submitted
on Feb. 24, 2006 followed by the general report, which is due on
April 12, 2006.

CONTACT: Estudio Ernesto Lerner & Asoc., Trustee
         Avda. Leandro N. Alem 790
         Buenos Aires


NIVEL GREEN: Court OKs Creditor's Bankruptcy Call
-------------------------------------------------
Nivel Green S.A. entered bankruptcy after Court No. 9 of Buenos
Aires' civil and commercial tribunal approved a bankruptcy
motion filed by Bodegas Chandon S.A., reports La Nacion. The
Company's failure to pay $21,541.46 in debt prompted the
creditor to file the petition.

Working with the city's Clerk No. 18, the court assigned Mr.
Tito Gargaglione as trustee for the bankruptcy process. The
trustee's duties include the authentication of the Company's
debts and the preparation of the individual and general reports.
Creditors are required to present their proofs of claim to the
trustee before Feb. 8, 2005.

The Company's assets will be liquidated at the end of the
bankruptcy process to repay creditors. Payments will be based on
the results of the verification process.

CONTACT: Nivel Green S.A.
         Rodriguez Pena 943
         Buenos Aires

         Mr. Tito Gargaglione, Trustee
         Medrano 833
         Buenos Aires


PETROBRAS ENERGIA: Govt. Intervention in Venezuela Cues Ratings
---------------------------------------------------------------
ISSUER CREDIT RATING
  Corporate Credit Rating
  Foreign currency B/Watch Neg/--

AFFIRMED RATING
  Sr unsecd debt
  Foreign currency B/Watch Neg

Rationale

On Oct. 3, 2005, Standard & Poor's Ratings Services placed its
'B' ratings on Argentina-based Petrobras Energia S.A. (PESA) on
CreditWatch with negative implications following increasing
government intervention in Venezuela that might affect the
company's financial profile.

The new legal framework for hydrocarbon production in Venezuela
establishes that all private concessions will now have to be
operated by mixed-owned companies in which the Venezuelan
government, through its oil and gas company Petroleos de
Venezuela S.A. (PDVSA, FC: B+/Stable/--), will hold a
controlling ownership. The conditions under which this will
happen are still not defined, but PESA's Board of Directors
recently approved the execution of provisional agreements with
PDVSA to start operating under this new regime.

PESA's business exposure in Venezuela includes about 30% of
total consolidated oil and gas production and about 20%-25% of
total consolidated EBITDA. At this point, there are still
significant uncertainties about the final outcome and commercial
conditions for the new operation agreements for private oil and
gas companies in Venezuela.

As a result, and considering the importance of Venezuela for
PESA, the ratings will remain on CreditWatch until new
operational conditions are defined. The foreign currency rating
on PESA could be lowered by one notch if we conclude that the
current cash-generation coming from Venezuela will be severely
affected. Likewise, the ratings could be affirmed if the final
conditions do not have a significant negative effect on cash
generation.

The rating on PESA reflects its relatively aggressive financial
profile, significant need for capital expenditures (to develop
its reserve base and increase production levels), high exposure
to uncertain and rapidly changing economic and regulatory rules
mainly in Argentina and Venezuela, and the uncertainties
surrounding the utility business in which the company
participates. The rating also incorporates our perception of
increasing economic incentives for Brazilian-based Petrobras to
support its subsidiary.

PESA, an Argentine-based subsidiary of Petrobras, is the third-
largest oil and gas production company in the country and is
involved in several energy-related businesses in Argentina,
Ecuador, Venezuela, and Bolivia, among other countries. PESA has
$2 billion in total debt outstanding.

With sales of more than $2.4 billion in fiscal 2004 and
consolidated assets of approximately $5.6 billion (considering
proportional consolidation in companies under joint control, but
excluding the assets of EG3, Petrolera Santa Fe, and Petrobras
Argentina), PESA is one of the most important energy companies
in Argentina and the Southern Cone. As of December 2004, the
company had proved reserves of 732 million barrels of oil
equivalent (boe) and had reached an average production of
166,700 boe per day, which results in a reserve life of 12.2
years. Its reserve base is leveraged to oil (75%), and 36% is
located in Argentina, showing the increase in the company's
international diversification in recent years. A proved-
developed ratio of only 52% implies the need for additional
capital expenditures to bring these reserves into production.
PESA's reserve base decreased 3.5% in 2004 and 6.8% in 2003,
mainly as a consequence of lower capital expenditures than
before the crisis. An improving reserve replacement ratio (57%
in 2004 from 30% in 2003) is still weak and will depend mainly
on the evolution of realization prices in Argentina for both
crude oil and natural gas.

In our opinion, PESA's ability to fund capital expenditures is a
major credit factor. The company needs to develop its reserve
base and increase production to grow in the exploration and
production (E&P) business, thus improving its future repayment
capacity. Given PESA's debt relative to its generation ability,
we believe the company will need to refinance some of its
existing obligations to internally fund the required significant
investments. In this context, PESA's access to the capital
markets and its financial flexibility are key. We expect some
potential support from its parent in light of economic
incentives and the existence of cross-default clauses between
Petrobras' indebtedness and PESA's debt. Nevertheless, according
to our criteria, the mere existence of such clauses does not
merit equalization of the perception of parent credit quality to
the subsidiary.

Government intervention in Argentina (mainly through export
duties and pressures to keep domestic fuel prices low) and
certain outstanding hedging derivatives contracts prevented the
company from fully benefiting from the extraordinarily high
international prices. The current hedge portfolio matures in
December 2005. Although PESA might incur some hedging activity
in the future, we do not expect price coverage to be as
extensive as in the past. Nevertheless, despite the challenges
mentioned above, the current favorable price environment has
still resulted in attractive realization prices for PESA due to
geographical and product diversification, its adequate cost
structure, and operating synergies derived from the integration
of upstream and downstream activities.

Improving coverage measures are satisfactory for the rating
category but are still relatively weak compared with those of
its industry peers under the current price environment. Coverage
measures continue to depend on further increases in crude
production; therefore, capital expenditures will remain critical
for the company's cash generation. Funds from operations (FFO)
to total debt improved to 20% in fiscal 2004 from 17.1% in 2003.
Similarly, EBITDA interest coverage reached 4.7x in 2004 from
3.6x in 2003. The combined effect of an expected gradual debt
reduction and improvements in cash generation (mainly given the
cash flow incorporated by the merged assets and the expiration
of some derivatives contracts) should positively affect credit
measures in the short to medium term, even assuming a more
conservative price scenario for crude oil. During the first six
months of 2005, EBITDA interest coverage reached an adequate
6.2x, while six-month FFO-to-total debt reached 16.4%.

PESA's capital structure is relatively aggressive for the
Argentine economic and business environment. Total debt to
capitalization decreased to a still relatively high 44.6% as of
June 30, 2005 (without considering proportional consolidation),
compared with 50.1% as of year-end 2004, mainly as a result of
the positive impact in net worth of 2004 results and the
inclusion of the merged assets in the balance sheet.

Liquidity

PESA's liquidity is adequate for the rating category. As of June
30, 2005, total debt amounted to $2 billion, including
approximately $510 million in the short term (without including
proportional consolidation of subordinates under joint control),
while cash reserves amounted to $320 million. Market
identification of PESA with the Petrobras group would help PESA
in its refinancing needs, at least in the short term. In
addition, the elimination of some restrictive financial
covenants after the early repayment of the bonds with an
original final maturity in 2007 is a positive factor.

As mentioned above, however, PESA needs to make significant
capital expenditures to develop its reserves, which will draw on
its liquidity position. Therefore, in a scenario of
significantly lower crude oil prices, we do not expect PESA to
significantly reduce its investments without jeopardizing its
future production level and its ability to repay debt.

In the past, dividend policy was relatively moderate, and we do
not expect PESA to make significant dividend payments that would
jeopardize its debt-repayment capacity. Instead, we expect PESA
to direct cash generation to capital expenditures to increase
production capacity and to reduce financial debt, thereby
improving the capital structure.

Primary Credit Analyst: Luciano Gremone, Buenos Aires
(54) 11-4891-2143; luciano_gremone@standardandpoors.com

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


POAN S.A.: Begins Liquidation
-----------------------------
Poan S.A. of Mar del Plata will begin liquidating its assets
after the city's court declared the Company bankrupt. Infobae
reveals that the bankruptcy process will commence under the
supervision of court-appointed receiver, Lidia Marta Tusar.

The receiver will review claims forwarded by the Company's
creditors until Nov. 18, 2005.

CONTACT: Poan S.A.
         Pueyrredon 850
         Rawson (Chubut)

         Ms. Lidia Marta Tusar, trustee
         Rawson 2840
         Mar del Plata


REGISER S.A.: Court Orders Liquidation
--------------------------------------
Regiser 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 Mr. Ruben Eduardo Suez
as trustee. Mr. Suez will be reviewing creditors' proofs of
claim until Nov. 15, 2005. The verified claims will serve as
basis for the individual reports to be presented for court
approval. The trustee will also prepare a general report of the
case.

The dates for the presentation of the reports in court are yet
to be disclosed.

CONTACT: Mr. Ruben Eduardo Suez, Trustee
         General Cesar Diaz 2324
         Buenos Aires


SANATORIO MODELO: Verification Deadline Fixed
---------------------------------------------
The verification of creditors' claims for the Sanatorio Modelo
Quilmes S.A. insolvency case is set to end on Feb. 21, 2005,
states Argentine daily La Nacion. Accounting firm Estudio
Viscarret, Panelli y Asociados, the court-appointed trustee
tasked with examining the claims, will prepare individual
reports out of the validated claims. He will also present a
general report on the Company's reorganization.

On Nov. 3, 2006, the Company's creditors will vote on the
settlement proposal prepared by the company. La Nacion adds that
Court No. 19 handles the company's reorganization case. Clerk
No. 37 assists the court in the proceedings.

CONTACT: Sanatorio Modelo Quilmes S.A.
         Av. de Mayo 1260
         Buenos Aires

         Estudio Viscarret, Panelli y Asociados, Trustee
         Presidente J. D. Peron 1605
         Buenos Aires


SIDERAR: Net Sales Up 32% in 3Q05
---------------------------------
Siderar S.A.I.C. (Buenos Aires Stock Exchange: ERAR), announced
Monday its results for the nine months and third quarter ended
September 30, 2005.

Highlights: nine months ended September 30th, 2005

- Net sales of ARP3,335.8 million, up 32% from ARP2,522.5
million the same period last year

- Operating income of ARP1,145.3 million, up 19% from ARP964.0
million

- EBITDA of ARP1,329.3 million (40% of net sales), up 18% from
ARP1,124.6 million (45% of net sales)

- Net income of ARP932.3 million, up 9% from 856.8 million. Net
earnings per share of ARP2.6830 (ARP21.4642 per ADS)

- Investment in a 29.29% participation in Hylsamex, an
integrated steel manufacturer in Mexico with industrial
facilities in the cities of Monterrey and Puebla

During the period steel demand in the Argentine domestic market
remained stable at good levels. In the international scenario,
although world steel demand grew 7% in the period, prices
weakened as a result of the increase in world steel production
capacity. In particular in the US and Europe the deceleration of
steel consumption contributed to price corrections in the second
quarter of the year, compared to the high levels seen during the
second half of last year and first quarter this year. The supply
cuts implemented by leading steel producers in these markets
contributed to the stabilization of prices toward the end of the
third quarter and to generate favorable perspectives for the
rest of the year.

Outlook

In the domestic Argentine market, steel products demand
conditions remained stable; an increase in demand is expected in
the fourth quarter as a result of higher activity levels in the
construction and industrial sectors.

With respect to the international markets, prices stabilized
under a positive trend as a result of the above-mentioned
factors, and of the increase in raw material prices for the iron
ore and coal international markets that act as a containment
factor for steel prices, and favor the reduction of inefficient
production capacity.

In this scenario it is necessary, on one hand, to closely watch
the demand growth for steel products, and the steel industry's
ability to orderly generate the additional offer, without
considerably affecting the level of international prices. On the
other hand, it is necessary to generate higher efficiencies in
Siderar to partially offset the higher costs of raw materials
evidenced from the second quarter of this year.

Results for the Nine Months ended September 30th, 2005 vs. the
Nine Months ended September 30th, 2004

Siderar recorded a net income of ARP932.3 million in the period.
In the same period the previous year the net income was ARP856.8
million. The improvement was mainly due to a higher operating
result.

Earnings per share (EPS) and per ADS were a gain of ARP2.6830
and ARP21.4642 respectively based on a total of 347,468,771
shares outstanding as of September 30th, 2005. Each ADS
represents 8 class "A" shares.

Total shipments were 1,723 thousand tons, up 9% compared to
those of the previous year, as a result of higher production
levels, mainly due to the simultaneous operation of the two
blast furnaces.

Domestic market shipments totaled 1,153 thousand tons, down 2%
compared to those of the previous year. Export shipments totaled
570 thousand tons including 56 thousand tons of slabs, an
increase of 45% compared to the same period the previous year.

Net sales were ARP3,335.8 million compared to ARP2,522.5 million
in the same period the previous year. This significant
improvement is the result of higher prices and higher export
shipments.

Cost of sales was ARP1,982.5 million (59% of net sales) compared
to ARP1,412.2 million (56% of net sales) the previous year.
Besides the increase in shipments, prices were higher for raw
materials (such as iron ore, metallurgical coal and coke),
freights and domestic costs (supplies, energy, services and
labor).

Selling, general and administrative expenses in the period were
ARP208.0 million (6% of net sales), compared to ARP146.2 million
(6% of net sales) in the previous year. The increase is mainly
due to higher export related expenses, higher salaries, and
higher taxes on financial transactions due to the impact of the
dividend, income tax, and of the financial debt disbursement
related to the acquisition of Hylsamex.

Operating profit was ARP1,145.3 million (34% of net sales)
compared to ARP964.0 million (38% of netsales) the previous
year. EBITDA was ARP1,329.3 million and EBITDA margin was 40% in
the period, which compares to an EBITDA margin of 45% in the
previous year.

Financial and holding results were a gain of ARP161.7 million.
This result includes a loss of ARP9.2 million in net financial
results, a loss of ARP18.7 million in foreign exchange rate
differences as a result of the Argentine Peso appreciation, and
a gain of ARP189.6 million in net inventory and spare parts
holding results, reflecting a higher international price of raw
materials and some services. This result compares to a gain of
ARP143.9 million the previous year. The difference is mainly due
to a gain of ARP39.9 million in net inventory and spare parts
holding results, a gain of ARP18.2 million due to the lower net
indebtedness, and a loss of ARP40.2 million in foreign exchange
rate differences as a result of the Argentina Peso appreciation.
Other income and expenses represented a net loss of ARP45.3
million, compared to a net loss of ARP31.8 million the previous
year. The increase was mainly the result of higher contingency
provision charges, and a lower recovery of doubtful account
provisions.

The income tax of the period was ARP506.6 million, including an
income tax provision charge of ARP493.5 million, and a deferred
tax provision charge of ARP13.1 million. In the previous year
the income tax was ARP396.5 million, including an income tax
provision charge of ARP402.6 million and a deferred tax
provision recovery of ARP6.1 million. The tax increase is due to
higher results.

Amazonia and Ylopa equity holdings result for the period,
generated by their participation in Sidor, was a gain of
ARP177.3 million. The result in the same period last year was a
gain of ARP177.2 million.

Additionally, as a result of the depreciation of the Venezuelan
Bolivar, Siderar recorded a negative conversion difference of
ARP131.5 million. Siderar's investment in Amazonia and Ylopa as
of September 30, 2005 amounted to ARP494.5 million.

Siderar's investment in Hylsamex as of September 30, 2005
amounted to ARP1,275.8 million.

During the period the operating cash flow was ARP1,513.8 million
and the increase in financial debt was ARP 1,100.1 million. The
most relevant uses were ARP 1,273.1 million increases in
investments related to the acquisition of Hylsamex, ARP757.4
million increases in investments in fixed and intangible assets
including ARP497.6 million in goodwill in Hylsamex, ARP557.2
million income tax payments for fiscal year 2004, ARP299.9
million dividend payments, and ARP278.7 million increases in
inventories.

The ARP218.0 million invested in the period included the
expansion of the coke producing facilities with the start up of
the No. 2 battery and the construction of the new No. 5 battery,
the new transverse cutting line, the fifth heating furnace in
the hot rolling mill, the second exit of the continuous casting
mill, and the No. 1 boiler. Information technology investments
were ARP20.1 million.

On August 22, 2005 Siderar, together with its controlled company
Inversiones Basilea S.A. and its controlling shareholder I.I.I.,
completed the acquisition of Mexican steel manufacturer Hylsamex
for a total amount of US$2,095 million. Siderar and Basilea
contributed an amount of US$618 million.

Siderar obtained a financing facility for an amount of US$380
million, which was fully destined to this transaction.

As a result of the transaction, 70.00% of the equity of Hylsamex
is now owned by I.I.I., 25.26% by Siderar, 4.03% by Basilea, and
0.71% by minority shareholders. In accordance with the terms of
the tender offer and with the applicable Mexican legislation,
Hylsamex's shares will be delisted from the Bolsa Mexicana de
Valores.

Hylsamex is the Latin steel producer with the highest vertical
integration, with industrial facilities in the cities of
Monterrey and Puebla, Mexico. Its activities include from mining
to the production of high value added products. It has an annual
steel rolling capacity of 2.2 million tons of flat products, and
of 1.0 million tons of long products.

On May 19, 2005, Siderar and Acindar signed a letter of intent
with the purpose of regulating an evaluation and analysis
procedure that could conclude in Siderar's acquisition of
facilities and other assets for the production of steel tubes
and shapes for a total amount of USD55 million, subject to
possible adjustments. The facilities are located in Rosario,
Santa Fe Province, and in San Luis Province. The facilities that
Siderar would be incorporating to its industrial system have a
combined 140 thousand tons production capacity of structural
tubes for the construction, agricultural and metal mechanic
sectors. The realization of the transaction is subject to the
result of the negotiation of the terms and conditions of the
agreement, and its approval by the Comision Nacional de Defensa
de la Competencia (National Antitrust Commission).

Results for the Third Quarter ended September 30, 2005 vs. the
Third Quarter ended September 30, 2004 Siderar recorded a net
income of ARP173.8 million in the quarter. In the same period
the previous year the net income was ARP288.2 million. The
decrease was mainly due to a lower operating result.

Earnings per share (EPS) and per ADS were a gain of ARP0.5002
and ARP4.0015 respectively based on a total of 347,468,771
shares outstanding as of September 30th, 2005. Each ADS
represents 8 class "A" shares.

Total shipments were 520 thousand tons, up 7% compared to the
same period the previous year as a result of higher production
levels, mainly due to the simultaneous operation of the two
blast furnaces.

Domestic market shipments totaled 378 thousand tons, down 2%
compared to the same quarter last year.

Export shipments totaled 142 thousand tons, an increase of 40%
compared to the same period the previous year.

Net sales were ARP974.3 million compared to ARP881.5 million in
the same period the previous year.

This significant improvement is mainly the result of higher
export shipments.

Cost of sales in the quarter were ARP642.4 million (66% of net
sales) compared to ARP470.0 million (53% of net sales) in the
same period the previous year. Besides the increase in
shipments, in the period prices were higher for raw materials
(such as iron ore, metallurgical coal and coke), and for
freights, together with higher domestic costs such as supplies,
energy, services and labor.

Selling, general and administrative expenses in the quarter were
ARP74.6 million (8% of net sales), compared to ARP49.8 million
(6% of net sales) in the previous year. The increase was mainly
due to higher salaries and nonrecurring items such as a higher
tax on financial transactions related to the increase in
financial debt (ARP6.6 million), certain expenses related to the
investment in Hylsamex (ARP3.0 million) and other expenses
(ARP8.1 million).

Operating profit was ARP257.4 million (26% of net sales)
compared to ARP361.7 million (41% of net sales) the previous
year. EBITDA was ARP318.3 million and EBITDA margin was 33% in
the period, which compares to an EBITDA margin of 48% in the
previous year.

Financial and holding results were a loss of ARP23.3 million.
This result includes a loss of ARP18.5 million in net financial
expense, a loss of ARP6.9 million in net foreign exchange rate
differences as a result of the Argentine Peso appreciation, and
a gain of ARP2.2 million in net inventory and spare parts
holding results. This result compares to a loss of ARP3.1
million last year. The difference compared to the previous year
is mainly a gain of ARP5.3 million in net inventory and spare
parts holding results, a loss of ARP14.2 million due to a higher
indebtedness related to the acquisition of Hylsamex, and a loss
of ARP11.3 million in net foreign exchange rate differences as a
result of the Argentine Peso appreciation.

Other income and expenses represented a net loss of ARP13.9
million in the quarter, compared to a net loss of ARP 10.1
million in the same period the previous year, mainly due to
higher severance payments.

The income tax of the period was ARP98.0 million, including an
income tax provision charge of ARP106.4 million, and a deferred
tax provision recovery of ARP8.4 million. In the same period the
previous year the income tax was ARP127.9 million, including an
income tax provision charge of ARP124.3 million, and a deferred
tax provision charge of ARP3.6 million. The tax decrease is the
result of a lower net income.

Amazonia and Ylopa equity holdings result for the quarter,
generated by their participation in Sidor, was a gain of ARP51.7
million compared to a gain of ARP67.6 million in the same period
the previous year.

CONTACT: Siderar S.A.I.C.
         Roberto Philipps
         Responsable Relaciones con el Mercado
         Sebastian Marti (IR)
         Guillermo Etchepareborda (IR)
         Phone: 54 (11) 4018-2581 / 2389 / 2752

         URL: www.siderar.com



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

ALEA GROUP: May Put Units Up for Individual Sale
------------------------------------------------
Ailing Bermuda-based global insurer Alea Group is considering
selling its units individually, The Business Online reports.

Last month, Alea, which has a market value of US$380 million,
tried to put the whole group up for sale. But due to lack of
investor interest in the entire group, the insurer is now
considering a break-up while retaining its core, which will be
placed into "run-off".

Insurance companies in run-off stop taking new business but
still gather premiums from existing business.

Alea was forced to consider strategic options after a downgrade
on its ratings by credit rating agencies forced it to cancel
plans to raise US$210 million of extra capital.

The group was planning a US$210-million rights issue to shore up
its capital but the downgrade, sparked by the Company's poor
interim results and the disappointing operating trend, could
make capital increase difficult for the Company.


ANNUITY & LIFE: To Hold General Meeting on Dec. 1
-------------------------------------------------
The 2005 Annual General Meeting of the Shareholders (the "Annual
Meeting") of Annuity and Life Re (Holdings), Ltd. is scheduled
to be held on December 1, 2005, which is more than 30 calendar
days after the anniversary of the annual general meeting of
shareholders held during 2004. As a result, the deadline for
submissions of shareholder proposals relating to the Annual
Meeting has changed from the dates specified in last year's
proxy statement. Holders of outstanding common shares as of
September 30, 2005 will be entitled to vote at the Annual
Meeting.

To be considered for inclusion in the proxy materials for the
Annual Meeting pursuant to Rule 14a-8 under the Securities
Exchange Act of 1934, as amended, shareholder proposals must be
received a reasonable time before we begin to print and mail the
proxy materials. We have set the deadline for receipt of such
proposals as the close of business on November 2, 2005.

Shareholders intending to present a proposal for consideration
at the Annual Meeting outside the processes of Rule 14a-8 must
notify us on or before the close of business on November 2,
2005. Otherwise, the proposal will be considered untimely, and
the Company's proxies will have discretionary voting authority
on any vote with respect to such proposal, if presented at the
Annual Meeting, without including information regarding the
proposal in the proxy materials.

Proposals should be addressed to the attention of John W.
Lockwood, Secretary of Annuity and Life Re (Holdings), Ltd.,
Cumberland House, 1 Victoria Street, Hamilton, Bermuda, HM 11.

CONTACT: Annuity & Life Re (Holdings), Ltd.
         Cumberland House
         1 Victoria St.
         P.O. Box HM 98
         Hamilton, HM AX
         Bermuda
         Phone: 441-296-7667


BUNGY LIMITED: Appoints New Liquidator
--------------------------------------
              IN THE MATTER OF THE COMPANIES ACT 1981

                                And

                  IN THE MATTER OF Bungy Limited
                (In Member's Voluntary Liquidation)

The Sole Member of Bungy Limited, acting by written consent
without a meeting on October 7, 2005 passed the following
resolution:

1) Now therefore be it resolved to accept the resignation of
Arthur E. M. Jones as Liquidator to the Company and appoint
Robin Mayor as Liquidator with immediate effect.

The Liquidator informs that:

- A final general meeting of the Member of Bungy Limited will be
held at the offices of Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, Bermuda, on December 9, 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


EVC GROUP: Enters Voluntarily Wind Up
-------------------------------------
              IN THE MATTER OF THE COMPANIES ACT 1981

                                And

                  IN THE MATTER OF EVC Group Ltd.

The Member of EVC Group Ltd., acting by written consent without
a meeting on October 26, 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 EVC Group Ltd., which is being voluntarily wound
up, are required, on or before November 11, 2005 send their full
Christian and Surnames, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their lawyers (if any) to Robin J Mayor, the
Liquidator of Company, and if so required by notice in writing
from the said Liquidator, and personally or by their lawyers, to
come in and prove their debts or claims at such time and place
as shall be specified in such notice. In default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

- A final general meeting of the Member of EVC Group Ltd. will
be held at the offices of Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda on December 9,
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


GLOBAL CROSSING: FCC Approves SBC-AT&T, Verizon-MCI Mergers
-----------------------------------------------------------
Global Crossing (Nasdaq: GLBC) issued this statement regarding
the Federal Communications Commission's (FCC) approvals of the
SBC-AT&T and Verizon-MCI mergers:

"We are pleased the FCC acted swiftly to approve the SBC-ATT and
Verizon- MCI mergers and included important market safeguards as
a condition to their approval," said John Legere, Global
Crossing's CEO. "The FCC's decisions reflect the concerns
expressed by many telecommunication companies, including Global
Crossing, that these mergers might alter the competitive balance
in the special access and Internet backbone market. The fact
that the FCC was willing to freeze special access prices for 30
months and require continued Internet peering for three years
(among other important safeguards) gives Global Crossing
confidence in our ability to compete on a level playing field in
years ahead."

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

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

CONTACT: Global Crossing
         Press Contacts
         Becky Yeamans
         Phone: 1 973 937 0155
         E-mail: PR@globalcrossing.com

         Kendra Langlie
         Phone: 1 305 808 5912
         E-mail: LatAmPR@globalcrossing.com

         Mish Desmidt
         Europe
         Phone: 44 (0) 1256 732 866
         E-mail: EuropePR@globalcrossing.com

         Analysts/Investors Contact
         Laurinda Pang
         Phone: 1 800 836 0342
         E-mail: glbc@globalcrossing.com

         URL: http://www.globalcrossing.com


REFCO INC: Has Until February 14 to Decide on Unexpired Leases
--------------------------------------------------------------
February 14, 2006, is the current statutory deadline for Refco
Inc., and its debtor-affiliates to decide whether to assume,
assume and assign, or reject unexpired nonresidential real
property leases to which they are parties.

Section 365(d)(4) of the Bankruptcy Code, as amended on Oct. 17,
2005, provides that "an unexpired lease of nonresidential real
property under which the debtor is the lessee will be deemed
rejected, and the trustee will immediately surrender that
nonresidential real property to the lessor, if the trustee does
not assume or reject the unexpired lease by the earlier of:

   (i) the date that is 120 days after the date of the order for
       relief; or

  (ii) the date of the entry of an order confirming a plan."

The bankruptcy court may extend that period for up to 90 days on
motion of the trustee or lessor for cause.  If the court grants
an extension, the court may grant a subsequent extension only
upon prior written consent of the lessor in each instance.

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., 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 in
debts to the Bankruptcy Court on the first day of its chapter 11
cases. (Refco Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service, Inc., 215/945-7000)



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

COPEL: Power Market Grows 3.3%
------------------------------
COPEL's power consumption market grew 3.3% between January and
September 2005 in comparison to the same period of the previous
year.

The expiration of the agreements with Carbocloro and Volkswagen
("free" or unregulated consumers) in 2004 resulted in a 1.3%
power market drop.

Residential, commercial and rural consumption grew by 4.1%, 6.7%
and 6.2%, respectively.

The growth rates from the residential segment is due to the 2.8%
increase in the number of customers, as well as to the increase
in the average consumption level in the period (1.3% higher over
in the same period of 2004).

Commercial segment maintained the same growth pace of the
previous year.

This good performance was mainly due to the modernization of the
sector and to the increase in the number of connections, which
recorded the highest number in the last five years.

Rural segment growth is mainly due to the increase in exports of
agricultural, livestock and agro-industrial products, which
resulted in higher income for the producers, enabling them to
invest in electric machinery.

Industrial consumption, including only Copel's captive market,
dropped 8.4% in the accumulated of the year, due to the transfer
of "free" customers to Copel Geracao in April 2005. However,
total industrial consumption, including "free" customers
supplied by Copel Geracao, grew by 1.0%.

Copel Distribuicao's grid market (TUSD), comprising the captive
market and all "free" consumers within the company's concession
area, increased by 3.4% in the first nine months of 2005.

CONTACT: Copel
         Investor Relations Team
         E-mail: ri@copel.com
         Phone: (55-41) 3222-2027


NET SERVICOS: Notice on Injunction Not Yet Received
---------------------------------------------------
Net Servicos De Comunicacao S.A. informed on October 28 that Net
Rio has not received yet a notice relative to the injunction
granted in Rio de Janeiro regarding the charge of subscribers'
additional connection in that municipality, and that, as
receiving it, will promote the applicable measures to cancel
this injunction.

The Company clarified in a letter sent to the Sao Paolo Stock
Exchange that its subsidiaries are not public services
concessionaires, but private service providers of public
interest. As such, they only cannot perform what is expressly
prohibited in law or in discordance with the legal requirements
or limits, which did not occur in this case.

The Company clarified that the charge for the additional
connection is lawful, fair and reasonable, and its admissibility
must prevail in court. Anatel's Mass Communication
Superintendence endorsed this line in information provided to
the Social Communication Board.

An article published by Folha de Sao Paulo agency, on October
28, 2005, among other information, it says that:

- by resolution of the 8th Court of Corporate Justice of Rio de
Janeiro, Net Rio is prohibited to charge subscribers in the
State of Rio de Janeiro for cable TV additional connection
installed in their residences;

- it is about an injunction likely to be appealed by the
Company.

CONTACT: Net Servicos de Comunicacao S.A.
         Investor Relations
         Marcio Minoru
         Phone: 011-5511-2111-2811
                    or
         E-mail: minoru@netservicos.com.br
                    or
         Sandro Pina
         Phone: 011-5511-2111-2721
                    or
         E-mail: sandro.pina@netservicos.com.br
         URL: http://www.ir.netservicos.com.br


TELEMAR: Moody's Assigns Ba1 Foreign Currency Rating
----------------------------------------------------
Moody's Investors Service (Moody's) assigned a Ba1 foreign
currency rating to the US$150 million BRL-equivalent unsecured
unsubordinated EuroReal notes due 2011 proposed by Telemar
Overseas, a Cayman Islands-based subsidiary of Telemar Norte
Leste S.A. ("Telemar"). The notes will be unconditionally and
irrevocably guaranteed by Telemar. The EuroReal notes rating
outlook is positive. Simultaneously, Moody's assigned a Baa2
global local currency issuer rating, with stable outlook, to
Telemar.

In a related action, Moody's also affirmed the Baa3 global local
currency issuer rating and stable outlook of Tele Norte Leste
Participacoes S.A. ("TNL").

Although the notes will be swapped from the original foreign
currency into Brazilian Reais, the transfer risk will remain, as
payments on the proposed notes will be payable in US-Dollars.
Accordingly, the Ba1 foreign currency rating and positive
outlook of the EuroReal notes reflect both, Telemar's Baa2
global local currency issuer rating with stable outlook, and the
probability of a foreign currency default implied by Brazil's
current Ba3 foreign currency rating with positive outlook, and
the likelihood that, in the event of such a default, the
government would impose a general foreign currency payments
moratorium and the likelihood that these notes would be caught
up in such a moratorium. Please refer to Moody's January 2005
Special Comment entitled "Piercing the Country Ceiling: An
Update".

The Ba1 EuroReal notes rating and positive outlook assume that
the final transaction documents will not be materially different
from draft legal documentation reviewed by Moody's to date and
assume that these agreements are legally valid, binding and
enforceable.

Telemar's Baa2 global local currency issuer rating reflects the
company's: i) market-leading ILEC operations, ii) attractive
concession territory, iii) historically strong EBITDA margin and
free cash flow, iv) prudent financial management, iv) reduced
risk related to the expansion of the wireless business, and v)
good corporate governance. The rating also incorporates the
increasingly challenging environment for telecommunication
companies in Brazil, including fiercer competition from
international players and the new concession contracts to become
effective in 2006.

Telemar's local exchange business benefits from a dominant
market share of about 98% of installed wirelines in addition to
an 82% market share in in-region and inter-state long distance
calls in its concession territory, which comprises 16 states
(including the states of Rio de Janeiro and Minas Gerais,
respectively the second and third largest economies in Brazil
after the state of Sao Paulo) representing some 64% of the
country's territory with 99 million inhabitants and producing
some 41% of Brazil's GDP. Telemar's strong market presence has
provided a solid platform for the expansion into new businesses.
Moody's believes the company will continue to hold a privileged
presence in its concession area over the foreseeable future.

As Brazil's largest incumbent local exchange carrier ("ILEC"),
Telemar has historically generated robust cash flows. Despite
the reduced voice traffic due to the increased competition from
wireless, the company has managed to maintain EBITDA margin
fairly stable in the mid 40% range. Telemar's strong cash flows
have permitted the company to distribute high dividends while
heavily investing in the wireless business through its
subsidiary TNL PCS S.A. ("PCS"). With some 9 million
subscribers, since the second quarter of 2005 PCS has reported
positive EBITDA margins, accumulating an EBITDA margin of around
16% on a recurrent basis in the first nine months of the current
fiscal year.

Moody's believes that Telemar has prudent financial management,
as evidenced by the company's policy to maintain the bulk of its
foreign currency debt hedged. Although Telemar itself keeps a
minimum amount of cash on its balance-sheet due to the group's
centralized cash management, it benefits from the group's policy
of maintaining substantial cash reserve to provide adequate
financial flexibility. Also Moody's recognizes the adoption of
Sarbanes-Oxley corporate governance standards and Telemar's good
level of transparency as credit positives.

In line with the worldwide trend, the Brazilian
telecommunication industry has presented significant challenges
in terms of new technologies, increased competition and
consolidation. Moody's believes Telemar has proactively
responded to the industry's challenges by intensifying
investments in the expansion of the wireless, broadband and data
transmission operations, taking advantage of its solid regional
market presence. However, Moody's also believes that competition
with much larger international groups -- namely Telefonica,
Telecom Italia and, increasingly, Telmex / America Movil -- in a
consolidating industry, and the uncertainties related to the new
concession contracts to become effective in 2006, represent
significant threats to Telemar in order to maintain its
operating margins at the present level.

The stable outlook for Telemar's Baa2 global local currency
rating reflects Moody's expectations that Telemar will maintain
its prudent financial management policy and keep investments at
the necessary level to remain competitive in an increasingly
challenging environment. Furthermore, the stable outlook
considers that Telemar will no longer be required to make
massive capital injections in its wireless subsidiary.

WHAT COULD CHANGE THE RATING UP

Telemar's ratings or outlook could be under upward pressure if
the company is able to expand its operations beyond its
concession territory while maintaining EBITDA margin in the 40s
and keeping Gross Debt to EBITDA ratio below 1.5 times, combined
with the clearance of present uncertainties regarding the new
concession contracts with a stable regulatory framework that
preserves the company's satisfactory cash flows over the long
term.

WHAT COULD PRESSURE THE RATING DOWN

The rating or outlook could be under downward pressure in case
the market share of Telemar's wireline business is significantly
eroded, combined with the consistent decline of the EBITDA
margin below the high 30s and / or increased financial leverage
with Gross Debt to EBITDA above 2.0 times. Telemar's ratings
could also be negatively affected if the new concession contract
results substantially unfavorable to the company's business
model.

Ratings assigned are:

Telemar Norte Leste S.A.: Baa2 global local currency senior
unsecured issuer rating

Telemar Overseas: Ba1 foreign currency rating to US$150 million
EuroReal guaranteed notes due 2011

Rating affirmed:

Tele Norte Leste Participacoes S.A.: Baa3 global local currency
senior unsecured issuer rating

Based in the city of Rio de Janeiro, Brazil, Telemar is the
country's largest incumbent local exchange carrier by number of
subscribers (14.9 million at September 30, 2005). Covering 16
states representing some 64% of the country's territory, Telemar
reported net revenues of BRL 14.4 billion (about US$5.3 billion)
in the last twelve months ended June 30,2005.


UNIBANCO: Directors OK Dismissal of Some Board Members
------------------------------------------------------
The Board of Directors of Uniao De Bancos Brasileiros S.A. -
Unibanco approved on October 27, 2005 the dismissal of some of
the members from the Board of Officers.

SUMMARY MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF
UNIBANCO - UNIAO DE BANCOS BRASILEIROS S.A., HELD ON OCTOBER 27,
2005.

ADDRESS AND TIME:  Eusebio Matoso Avenue, n. 891, 22 floor, city
of Sao Paulo, State of Sao Paulo, 10h00

CHAIRMAN: Pedro Sampaio Malan

QUORUM: Totality of the elected members

RESOLUTION TAKEN UNANIMOUSLY BY THOSE PRESENT

1. Approved the dismissal of the following members from the
Board of Officers: EDUARDO FRANCISCO DE CASTRO, occurred on
September 23, 2005; CARLOS HENRIQUE AGUIAR RODRIGUES CATRAIO,
occurred on October 03, 2005; and RICARDO AMAND, occurred on
October 14, 2005.

2. Elected to the Board of Officers, with term of office until
the investment in office of the Officers to be elected by the
Board of Directors in a meeting to be held until April 30, 2006,
Mr. WILLIAM MCDOUGALL BETHLEM, Brazilian citizen, married,
businessman, domiciled in the city of Sao Paulo, State of Sao
Paulo, at Eusebio Matoso Avenue, 891 - 19 floor, bearer of the
Identity Card RG n 05388280-9-DETRAN-RJ, enrolled with the
Individuals Taxpayers Registry under n 700.717.807 -34.

3. In compliance with the rules enacted by the Governmental
bodies in charge of the inspection and regulation to which the
Company is subject to, this Board of Directors decided to
indicate WILLIAM MCDOUGALL BETHLEM as responsible for the
department mentioned bellow:

Exchange Operations - Rule (Resolucao) n. 1620/1989

Considering that there were no further matters to be discussed,
the chairman of the meeting decided to have it closed, with the
preparation of the present minute, which, after read, was signed
by all the present members.

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



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

BRUNSWICK PARTNERS: To Present Account on Liquidation Nov. 10
-------------------------------------------------------------
                   Brunswick Partners Four Limited
                      (In Voluntary Winding Up)
                  The Companies Law (2004 Revision)
                             Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Brunswick Partners Four
Limited will be held at the offices of Leman Management Limited,
Suite One, No.2 Reid Street, Hamilton HM 11, Bermuda, on
November 10, 2005, at 10 a.m. for the purpose of presenting to
the members an account of the winding up of the Company and
giving any explanation thereof.

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


MFS MERIDIAN US HIGH: To Report on Liquidation to Members
---------------------------------------------------------
                MFS Meridian U.S. High Yield 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 MFS Meridian U.S.
High Yield Fund will be held at the offices of Close Brothers
(Cayman) Limited, 4th Floor Harbour Place, George Town, Grand
Cayman, on November 28, 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 November 28, 2005.

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

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

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


MFS MERIDIAN US RESEARCH: To Hold Final Meeting Nov. 28
-------------------------------------------------------
                  MFS Meridian U.S. Research 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 MFS Meridian U.S.
Research Fund will be held at the offices of Close Brothers
(Cayman) Limited, 4th Floor Harbour Place, George Town, Grand
Cayman, on November 28, 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 November 28, 2005.

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

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

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


MFS MERIDIAN VALUE: To Authorize Liquidator to Retain Records
-------------------------------------------------------------
                    MFS Meridian Value 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 MFS Meridian Value
Fund will be held at the offices of Close Brothers (Cayman)
Limited, 4th Floor Harbour Place, George Town, Grand Cayman, on
November 28, 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 November 28, 2005.

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

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

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


O, W&W PACRIM: To Hold Final General Meeting Nov. 28
---------------------------------------------------
                O,W&W Pacrim Investments Limited
                  (In Voluntary Liquidation)
                      The Companies Law
                         Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the Shareholders of O,W&W
Pacrim Investments Limited holding the Ordinary Shares and
Ordinary A Shares, will be held on November 28, 2005, for the
purpose of enabling the members to review an account of the
winding up of the Company and to request any explanation
thereof.

CONTACT: Law Yui Lun and Wong Man Chung Francis
         Joint Voluntary Liquidators
         Joannah Bodden, Maples and Calder
         P.O. Box 309GT, Grand Cayman
         Cayman Islands


POLON LIMITED: Final General Meeting Scheduled for Nov. 17
----------------------------------------------------------
                         Polon 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 Polon 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.


RANGER ARBITRAGE: Liquidation to be Explained Nov. 17
-----------------------------------------------------
                   Ranger Arbitrage (Offshore) Ltd
                      (In Voluntary Liquidation)
                   The Companies Law (2004 Revision)
                              Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Ranger Arbitrage
(Offshore) 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: Messrs. Johann Le Roux and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited
         P.O. Box 1093GT
         Grand Cayman, Cayman Islands


RANGER HEDGED: To Report on Wind Up
-----------------------------------
                Ranger Hedged Equity (Offshore) Ltd
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)
                           Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Ranger Hedged Equity
(Offshore) 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: Messrs. Jon Roney and Johann Le Roux
         Joint Voluntary Liquidators
         Maples Finance Limited
         P.O. Box 1093GT
         Grand Cayman, Cayman Islands


RANGER PARTNERS LLC: Final General Meeting to be Held Nov. 17
-------------------------------------------------------------
                 Ranger Partners (Offshore), LLC
                   (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 Ranger Partners
(Offshore), LLC 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. Johann Le Roux and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited
         P.O. Box 1093GT
         Grand Cayman, Cayman Islands


RANGER PARTNERS LTD: To Give Account on Wind Up Nov. 17
-------------------------------------------------------
                  Ranger Partners (Offshore), Ltd
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)
                            Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Ranger Partners
(Offshore), 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: Messrs. Johann Leroux and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited
         P.O. Box 1093GT
         Grand Cayman, Cayman Islands


S.F. AKASAKA: Schedules Final General Meeting for Wind Up Report
----------------------------------------------------------------
             S.F. Akasaka Development Holdings, Inc.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                          Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of S.F. Akasaka Development
Holdings, Inc. 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. Nobunhiro Sakano, Joint Voluntary Liquidator
         Maples Finance Limited
         P.O. Box 1093GT
         Grand Cayman, Cayman Islands


S.F. SENGOKU: To Explain Liquidation Process to Members Nov. 17
---------------------------------------------------------------
              S.F. Sengoku Development Holdings, Inc.
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)
                           Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of S.F. Sengoku Development
Holdings, Inc. 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. Nobunhiro Sakano, Joint Voluntary Liquidator
         Maples Finance Limited
         P.O. Box 1093GT
         Grand Cayman, Cayman Islands


SIRTET LTD.: Extraordinary Final Shareholder Meeting Set
--------------------------------------------------------
                            Sirtet Ltd.
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to section 145 of the Companies
Law, that the extraordinary final meeting of the sole
shareholder of Sirtet Ltd. will be held on November 18, 2005.

The purpose of said extraordinary meeting of the sole
shareholder is to have laid before him the report of the
liquidator, showing the manner in which the winding-up of the
Company has been conducted, the property of the Company
distributed and the debts and obligations of the Company
discharged and giving any explanation thereof.

CONTACT: Commerce Corporate Services Limited
         Voluntary Liquidator
         PO Box 694, Grand Cayman
         Telephone: 949 8666
         Facsimile: 949 7904


TIDE FUNDING: To Lay Account on Wind Up in Final General Meeting
----------------------------------------------------------------
                       Tide Funding 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 Tide Funding 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. Johann Le Roux and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited
         P.O. Box 1093GT
         Grand Cayman, Cayman Islands



=========
C H I L E
=========

PLACER DOME: Barrick Offers $9.2B to Acquire Outstanding Shares
---------------------------------------------------------------
Barrick Gold Corporation said Monday it will make an offer to
acquire all the outstanding shares of Placer Dome Inc. to
further strengthen its competitive position within the gold
mining industry in a transaction valued at about $9.2 billion
(or $9.5 billion on a fully diluted basis). The cash and share
offer represents a premium of 24% over Placer Dome's NYSE
closing price on October 28, 2005, and 27% over the average
closing price of Placer Dome's shares over the last 10 days.

"I am very excited about the value that Barrick can deliver for
Placer Dome and Barrick shareholders by combining our assets,
people and projects," said Greg Wilkins, Barrick President and
Chief Executive Officer. "We will have a solid foundation of
operating assets and financial resources, and an unrivalled
pipeline of development projects and exploration properties to
expand our business internationally. And this pipeline of
projects will benefit from Barrick's proven track record in
developing new mines."

In the offer, Placer Dome's common shareholders will have the
right to elect to receive $20.50 in cash or 0.7518 of a Barrick
Common Share plus $0.05 in cash for each Placer Dome Common
Share, subject to pro ration based upon the maximum amount of
cash and Barrick Common Shares offered. The maximum amount of
cash to be paid by Barrick will be approximately $1.224 billion,
and the maximum number of Barrick Common Shares to be issued
will be approximately 303 million, taking into account the
conversion of Placer Dome's outstanding convertible debt
securities and outstanding share options. Assuming full pro
ration of these maximum amounts, this would result in $2.65 in
cash and 0.6562 of a Barrick Common Share for each Placer Dome
Common Share subject to the offer.

Barrick and Goldcorp Inc. have entered into an agreement under
which Goldcorp will acquire certain of Placer Dome's
subsidiaries and an interest in a development project for which
Goldcorp will pay Barrick approximately $1.35 billion in cash.

Many Barrick, Placer Dome and Goldcorp operating mines,
development projects and exploration properties are in close
proximity. The key operational synergies between Barrick and
Placer Dome are international in scope: Nevada, Chile, Australia
and Tanzania. For Goldcorp, the complementary assets are
primarily in Ontario. As a result, total synergies from
Barrick's acquisition of Placer Dome and the Barrick/Goldcorp
agreement are estimated to be $240 million per year. Barrick
currently expects to capture synergies of approximately $200
million a year, due to cost savings in operating and capital
efficiencies, general administrative expenses, exploration, tax
efficiencies, debt optimization and procurement practices.

This transaction is expected to be accretive to Barrick's Net
Asset Value, earnings and cash flow.

The pro forma combined Company, excluding assets to be acquired
by Goldcorp, will have:

- 149.8 million in proven and probable gold reserves and 63.3
million ounces in resources(1) based on 2004 year-end figures
and Placer Dome's publicly-announced adjustments in 2005;

- Proven and probable copper reserves of 6,542 million pounds as
at December 31, 2004;

- Estimated production of between 8.3 and 8.4 million ounces of
gold and about 370 million pounds of copper for 2005 from a
portfolio of quality operations in key gold-producing districts;

- Estimated total cash costs per ounce of gold in the range of
$245-250 for 2005;

- Proven cost-containment strategies to mitigate industry-wide
cost pressures;

- Opportunities to grow, with an unrivalled pipeline of nine
projects on four continents and extensive land positions for
exploration in 16 countries - reflecting a balanced geopolitical
risk profile;

- Cash position (assuming cash proceeds from the exercise of
stock options) of $2.4 billion as at September 30, 2005, and
EBITDA of approximately $1 billion for the twelve months ended
September 30, 2005;

- The ability to finance a combined project pipeline without
equity dilution; and

- A performance-driven management team with demonstrated
expertise in developing, financing and operating large scale
mines worldwide.

"There is a natural fit between key Placer Dome assets and our
own," said Mr. Wilkins. "We have an established track record of
integrating quality assets, aggressively developing projects and
tapping the skills of talented employees such as Placer Dome's.
We can combine all of these strengths and deliver value for all
concerned."

Upon Barrick's acquisition of 100% of Placer Dome, Goldcorp has
agreed to acquire Placer Dome's interests (2) in the Campbell,
Porcupine, and Musselwhite gold mines in Ontario and the La
Coipa silver mine in Chile, as well as Placer Dome's Canadian
exploration and reclamation properties. Goldcorp also has agreed
to acquire a 40% interest in the Pueblo Viejo development
project in the Dominican Republic. The total purchase price for
these interests will be approximately $1.35 billion payable in
cash on closing, subject to specified purchase price
adjustments.

Goldcorp's Chief Executive Officer, Ian Telfer, said: "We
believe that our partnership with Barrick adds a unique element
to Barrick's offer for Placer Dome. Together, we have been able
to create further value by bringing additional synergies to the
proposed transaction, and we at Goldcorp will have acquired
additional quality operating assets and gained the gold
industry's premier mine builder as a joint venture partner in a
significant development project."

Barrick's CEO Greg Wilkins added: "We believe that our offer
represents a compelling opportunity for Placer Dome's
shareholders. It is also an exciting opportunity for Placer Dome
employees, whose dedication and skills we value highly. We look
forward to working with them in realizing the potential growth
of the combined Company."

After the completion of the acquisition, Barrick will remain
headquartered in Toronto, Canada, and will consolidate an
exploration/technical services office in Vancouver, building on
Placer Dome's existing technical services group. Barrick will
adapt its regional business unit structure to its new geographic
profile by reconfiguring some units and increasing their total
number to five: North America, South America, Australia/Asia,
Africa, and Russia/Central Asia.

Full details of the offer will be included in the formal offer
and take-over bid circular to be mailed to Placer Dome
shareholders. Barrick was scheduled to formally request a list
of Placer Dome's shareholders Monday and expects to mail the
take-over bid documents to Placer Dome shareholders as soon as
possible following receipt of the shareholders list. The offer
will be open for acceptance for 35 days following the date of
the mailing. The offer will be subject to certain conditions of
completion, including receipt of all necessary regulatory
clearances, absence of material adverse changes and acceptance
of the offer by Placer Dome shareholders owning not less than
two-thirds of the Placer Dome common shares on a fully-diluted
basis. Once the two-thirds percentage acceptance level is met,
Barrick intends, but is not required, to take steps to acquire
all outstanding Placer Dome common shares.

Barrick's financial advisors are RBC Capital Markets and Merrill
Lynch; its legal advisors are Davies Ward Phillips & Vineberg
LLP in Canada and Cravath, Swaine & Moore LLP in the US.

(1) Includes Cerro Casale which Placer Dome has entered into an
agreement in principle to sell its interest to Arizona Star and
Bema Gold.

(2) In the event that Barrick and Goldcorp are unable to
complete any part of the proposed transaction as a result of any
legal or contractual impediment associated with a particular
asset, the parties have agreed to make certain adjustments to
the purchase price to reflect that fact.

                     About Barrick

Barrick has been bringing a new generation of mines into
production around the globe and has the lowest total cash costs
among major gold producers. Its Vision is to be the world's best
gold company by finding, developing and producing quality
reserves in a profitable and socially responsible manner.

Barrick's shares are traded on the Toronto, New York, London,
Euronext-Paris and Swiss stock exchanges.

CONTACT: INVESTOR
         James Mavor, Vice President, Investor Relations
         Tel: (416) 307-7463
         E-mail: jmavor@barrick.com

         INVESTOR
         Mary Ellen Thorburn, Director, Investor Relations
         Tel: (416) 307-7363
         E-mail: mthorburn@barrick.com

         MEDIA
         Vincent Borg, Vice President, Corporate Communications
         Tel: (416) 307-7477
         E-mail: vborg@barrick.com


PLACER DOME: Board to Consider Barrick's Unsolicited Offer
----------------------------------------------------------
Placer Dome Inc. has been informed that Barrick Gold Corporation
intends to make an unsolicited offer to purchase all of the
outstanding publicly traded shares of Placer Dome and that
Barrick has entered into arrangements with Goldcorp Inc. in
relation to the subsequent on-sale by Barrick of certain assets
owned by Placer Dome.

Placer Dome's Board of Directors will be meeting to consider
this unsolicited proposal, and will make a statement in due
course. Until the Company receives the offer and completes its
review, it will not comment on the offer or its content and will
not speculate as to any future course of action it might take.

Placer Dome is a global gold mining company employing more than
13,000 people at 16 mining operations in seven countries. The
Vancouver-based company's shares trade on the Toronto, New York,
Swiss and Australian stock exchanges and Euronext-Paris under
the symbol PDG.

CONTACT: Placer Dome Inc.
         Greg Martin, Investor Relations
         Tel: (604) 661-3795

         Meghan Brown, Investor Relations
         Tel: (604) 661-1577

         Gayle Stewart, Media Relations
         Tel: (604) 661-1911
         Toll Free North America: 1-800-565-5815
         URL: http://www.placerdome.com

         Head office
         Suite 1600, Bentall IV
         1055 Dunsmuir Street
         (PO Box 49330, Bentall Postal Station)
         Vancouver, B.C. Canada V7X 1P1
         Tel: (604) 682-7082



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

BAVARIA: EBITDA Up 8.4%, With 39.8% Margin in 3Q05
--------------------------------------------------
Grupo Empresarial Bavaria, GEB, the largest beverage company in
Colombia and the second-largest brewer in South America
announced a 13.0% increase in third quarter 2005 sales volume to
9.4 million hectoliters (hl), a 15.6% increase in net sales to
Ps.1.3 trillion, and an 8.4% increase in EBITDA to Ps. 532
billion. All comparisons are against Colombian GAAP numbers for
the third quarter of 2004.

The Company also announced a 9.8% increase in sales volume for
the first nine months of 2005 compared to the first nine months
of 2004, reaching 27.0 million hl sold. Net sales increased by
8.2% to Ps. 3.8 trillion, and EBITDA increased by 9.6% to Ps.
1.5 trillion during the first nine months of 2005, compared to
the same period of last year.

Ricardo Obregon, president of Bavaria S.A, noted: "Our strong
marketing initiatives during the third quarter of 2005 captured
the attention of our consumers, and increased demand for our
products across the board, resulting in unprecedented double-
digit volume growth. We are confident that this upward trend
will continue in the coming quarter, allowing us to grow in a
sustainable manner in the highly competitive markets in which we
operate."

Highlights

- Strong marketing-driven 3Q growth by Poker (+40.3%), Costenita
(+141.9%), and Aguila Light (+22.3%) brands in Colombia.

- Pilsener brand leads 8.3% beer sales volume increase in
Ecuador.

- VivaBackus brand launch boosts carbonated soft drink category
by 32.9% in Peru.

- Tutti Frutti fruit drinks continue accelerated growth with
14.9% increase in volumes sold during 3Q2005 in Panama.

- 15.5% reduction in GEB's financial debt, as compared to
December 2004

Sales Volume, Third Quarter 2005

GEB achieved record sales volume growth during 3Q2005 with
double-digit increases in its Peru and Colombia operations, of
14.1% and 13.6%, respectively. The Panama and Ecuador
operations' sales volume growth was in the high single digits at
9.7% and 9.1%, respectively.

Beer and Malt

Beer and malt beverages accounted for 83.2% of total sales
volume, and grew 12.3% in 3Q2005 as compared to 3Q2004, as a
result of the strong brand performance in all of our markets.

In Colombia, beer and malt beverages grew 13.2% driven mainly by
Poker (+40.3%) which was re-launched earlier this year as a
nation-wide brand; Costenita (+141.9%), our value brand; and
Aguila Light (+22.3%), a light version of Aguila, our leading
brand in Colombia. The beer segment's positive performance in
Colombia reflects the successful repositioning of several
brands, as well as the market's receptivity to new presentations
and packaging which have been introduced during the year.

In Peru, beer sales volumes grew 12.5% in 3Q2005 as compared to
3Q2004, due to improvements at the point-of-sale, including
enhanced product displays and an increase in the number of
coolers. Sales volumes of traditional brands such as Cristal,
Pilsen Callao and Arequipena started to recover after sluggish
performance earlier in the year, and Dorada's sales volumes
stabilized.

In Ecuador, beer and malt beverage sales volumes increased 8.3%
in 3Q2005 as compared to 3Q2004, driven by the leading brand-
Pilsener-which grew 10.5% in volume terms due to its presence in
mass consumption events, particularly during July's festivities
and to the increase of on-premise consumption during the World
Cup playoffs. Thus, Pilsener increased its participation in the
Company's Ecuadorian brand portfolio by one percentage point.
GEB's positive performance due to increased POS activity and
sponsorship of sporting events has kept market share stable and
prevented our competitor from capturing any additional portion
of the market.

GEB continued to increase its participation in the beer and malt
beverage segment in Panama with an increase in sales volumes of
8.7% in 3Q2005 as compared to 3Q2004. The increase in volumes
sold is explained by the national team's participation in the
World Cup's playoffs which granted our Balboa brand high impact
advertising opportunities. As a result, Balboa's volumes
increased by 18.0% in 3Q2005. Another reason for volume growth
in Panama were the various POS activities implemented in on and
off-premise channels, which contributed to Balboa's already
mentioned growth and to the 6.1% volume growth in our other
flagship brand, Atlas. Such activities included strategic
promotional alliances with companies that produce related
products, and sampling at the point-of-sale.

Other Beverages

The other beverages segment grew 16.9% in volume terms during
the quarter, and made up 16.8% of total volumes sold, providing
a significant contribution to the performance of the Company
during the quarter.

During 3Q2005, the carbonated soft drinks category in Peru grew
by 32.9% as a result of the broad acceptance of Viva Backus,
which was introduced during 3Q2005.

GEB further consolidated its leading position in the Panama CSD
market and maintained its accelerating growth rates in the
Colombia and Ecuador water markets. Volume growth of the other
beverages segment was significant in Panama (+9.6%), driven by
increases in clear carbonated beverages, in Colombia (+18.8%),
and in Ecuador (+24.1%), where the table water category
generated strong growth during 3Q2005. GEB's water sales in
Colombia increased in response to changes in the PET packaging
formats coupled with advertisement campaigns and promotional
activities in supermarkets and restaurants. Even though our
competitors launched new water products and presentations, no
market share was taken from us because the market grew as a
whole. The water segment in Ecuador presented a 24.1% increase
in volumes, a continuing effect of the promotional campaign that
took place from October 2004 to March 2005.

Led by the Tutti Frutti brand, the fruit drink category in
Panama continued its accelerated growth in 3Q2005 with a 19.4%
increase in volumes sold as compared to 3Q2004. In Colombia the
category increased 7.3% in volume terms, in line with the growth
of the fruit beverage market.

Sales Volume, Nine Months 2005

Sales volume during the first nine months of 2005 grew 9.8%,
more than double the 4.3% increase observed during the first
nine months of 2004. This positive performance reflects the
Group's increased marketing activity, which, together with
effective management in the manufacturing and logistics areas
and strong economic growth in its countries of operation, has
accelerated GEB's sales volume growth rates.

Financial Results, Third Quarter 2005

The following discussion is based on GEB's unaudited
consolidated financial statements as of September 30, 2005,
prepared in accordance with accounting principles generally
accepted in Colombia. Results for 3Q2005 were affected by the
appreciation of the Colombian peso against the US dollar. The
average exchange rate for 3Q2005 was Ps. 2,310.71 per US$, as
compared to Ps. 2,601.56 per US$ in 3Q2004, or an 11.2%
appreciation. The Colombian peso exchange rate against the
dollar as of September 30, 2005 appreciated 1.8% as compared to
the rate on June 30, 2005, and 4.2% as compared to December 31,
2004.

Net Sales

The 15.6% increase in net sales revenue during 3Q2005 was driven
by the company's Colombia and Peru operations, which offset the
slower growth rates in Ecuador and Panama.

Net sales in Colombia increased by 11.0%, mainly affected by the
increase in volume of Costenita, the value brand. Due to the
brand's discounted price, the increase in net sales was slightly
lower than the beer volume growth in Colombia.

Expressed in Colombian pesos, Peru's net sales increased by
36.0%. Not taking into account the revaluation of the Colombian
currency, net sales in Peru would have increased by 43.8%,
mainly explained by the inclusion of Industrias del Envase
Inmobiliaria Pariachi, and Agroindustrias

Backus as consolidated subsidiaries starting 3Q2005. Prior to
this quarter, these non-beverage subsidiaries had been included
in the investments-held-for-sale account. On a pro-forma basis,
including these operations in 3Q2004, net sales in Peru would
have increased by 18.6%.

Expressed in Colombian pesos, Ecuador's net sales decreased by
0.2% and Panama's net sales increased by 3.1%. Not taking into
account the revaluation effect, net sales in Ecuador and Panama
would have increased by 13.3% and 14.7%, respectively. Both
growth rates are greater than the observed increase in volumes
sales, demonstrating the success of revenue management
strategies in both operations. These strategies consist of
monitoring retail prices, aligning the company's objectives with
the distributors' compensation program, and implementing new
technology for an improved intelligence gathering system.

Cost of Goods Sold

Total COGS increased 29.3% compared to 3Q2004, mainly a result
of the 132.2% COGS increase in Peru. Not taking into account the
revaluation effect, cost of sales in Peru would have increased
by 131.0%, which reflects the consolidation of the Peruvian
subsidiaries Industrias del Envase, Inmobiliaria Pariachi y
Agroindustrias Backus. On a pro-forma basis, including the newly
consolidated operations in 3Q2004 results, Peru's cost of sales
would have risen 51.7% in 3Q2005, after a US$19.9 million
extraordinary charge which includes a US$ 2.9 million
reclassification of the Callao plant depreciation expense, a US$
4.0 million cost adjustment in Malterˇa Lima, and a US$6.4
million adjustment to reflect costs incurred and not accounted
for during the two previous quarters.

COGS in Colombia remained at an almost constant level,
increasing by 0.7%, as malt exports to Ecuador were halted after
the reopening of Ecuador's malting plant. In addition, retiree
payments and benefits, which were formerly accounted for as part
of COGS, were reclassified as an administrative cost. Excluding
the reclassification of retiree payments and benefits, COGS
would have increased by 8.3%.

Cost of sales in Ecuador increased by 18.0% in Colombian pesos,
and 27.3% not accounting for the Peso revaluation effect. This
was principally a result of: a) the increased participation of
the aluminum can beer presentation in Ecuador, which is imported
from Colombia, so that the greater demand for canned beer
increases costs by more than the percentage increase in net
sales, since the Colombian peso appreciated against the U.S.
dollar; b) the increase in maintenance expenses in response to
higher sales volume; and c) the booking of additional
maintenance expenses as a result of the pre-existing reserve
account having been fully charged out.

COGS in Panama presented a 3.4% decrease, but would have
increased by 7.4% excluding the revaluation effect of the
Colombian peso. This COGS increase in Panama resulted from the
greater participation of the non-returnable packaging formats in
the total sales mix of the business.

Gross Profit

Gross profit in 3Q2005 reached Ps. 848,170 million, a 9.0%
increase compared to 3Q2004, driven by strong growth in net
sales. The gross margin fell 3.9 percentage points from 67.3%
in 3Q2004 to 63.4% in 3Q2005, principally as a result of: a) the
extraordinary charges in the Peruvian operation, b) the impact
of the Colombian peso revaluation given that GEB supplies
certain inputs to other countries, such as cans to Ecuador and
malt to Panama; and c) the increased cost of sales in Peru due
to the consolidation of the above mentioned companies.

Selling, General, and Administrative Expenses

Operating expenses were Ps. 465,118 million, a 23.0% increase as
compared to the same period of 2004. Selling expenses rose
23.7%, principally affected by selling expenses in Colombia,
which represented 74.3% of total GEB selling expenses and
increased by 48.3%.

Colombia's selling expenses grew in response to: the launches of
Brava beer and strawberry flavored Tutti Frutti juice, as well
as to the introduction of the new Agua Brisa PET 600ml bottlle.

Freight and transportation expenses also increased as a result
of Costenita's growing market share, since the brand is produced
in only two plants but distributed nation-wide. Administrative
expense rose 20.4% due to the reclassification of retiree
payments and benefits in Colombia from COGS to administrative
expenses and the consolidation of Industrias del Envase,
Inmobiliaria Pariachi and Agroindustrias Backus in Peru. On a
pro-forma basis and excluding the revaluation effect,
administrative costs in Peru would have decreased by 10.4%.

Non-operating Results

Non-operating income in 3Q2005 was Ps. 91,811 million, a 63.3%
reduction as compared to 3Q2004, and is principally the result
of lower income from foreign exchange differences (-63.7%).
Other non-operating income included the recovery of a reserve
for the sale of Novasalud; this accounted for the 68.2%
reduction in this line item.

Non-operating expense in 3Q2005 totaled Ps. 398,463 million, a
27.3% reduction as compared to the 3Q2004 level. This decrease
was the result of reduced expenses from exchange differences (-
50.1%) and lower hedging costs (-56.9%) as a result of the
termination of forward contracts during 2Q2005 as well as a
lower peso appreciation as compared to 3Q2004.

Other Accounts

Monetary correction, which measures the effect of inflation on
non-monetary assets and liabilities, declined 11.8% in 3Q2005 to
Ps. 7,625 million, as compared to 3Q2004. Minority interest
decreased 48.1% to Ps. 46,755 million after GEB increased its
stake in Backus and Leona, and the provision for taxes decreased
15.0% to Ps. 72,358 million.

Net Result

The net result for 3Q2005 was a loss of Ps. 35,089 million
mainly due to the high non-operating expenses, yet it was an
improvement over the 3Q2004 net loss of Ps. 64,660 million.

Earnings Before Interest, Taxes, Depreciation and Amortization
(EBITDA)

EBITDA increased 8.4% to Ps. 531,742 million, while the EBITDA
margin was reduced 2.7 percentage points to 39.8%, principally
as a result of increased marketing expenditures during the
quarter, particularly in Colombia.

Operations in Colombia contributed 57.0% of total EBITDA, Peru,
27.0%, Ecuador, 11.3%, and Panama, 4.8%.

Financial Results, First Nine Months 2005

Balance Sheet

Total assets as of September 30, 2005 were Ps. 12.4 trillion,
7.1% less than at the end of December 2004, principally as a
result of a 58.9% decline in cash and cash equivalents after
debt amortization payments throughout the year. Investments held
for sale in the current assets' section of the balance sheet
declined following the consolidation of Industrias del Envase,
Inmobiliaria Pariachi, and Agroindustrias Backus. Investments in
non-current assets increased as a result of an additional
investment in Embotelladora Centroamericana S.A.
(ECSA).

Total liabilities as of September 30, 2005 declined by 10.8%
compared to year-end 2004, as a result of the 15.5% reduction in
the Company's financial debt during the first nine months of
2005.

Capital Expenditure (CAPEX)

Capital investments during 3Q2005 were US$45.6 million, compared
against a total investment of US$21.5 million in 3Q2004. Out of
this total, 46.3% was to acquire additional bottles and crates,
32.4% for machinery and equipment, 16.1% for refrigeration
equipment, and 5.2% for other assets. Of total capital
investments, 74.8% were made in Colombia, 20.0% in Peru, 3.6% in
Ecuador, and 1.7% in Panama.

Total CAPEX for the first nine months of 2005 was US$127.8
million.

Financial Ratios

Grupo Empresarial Bavaria (GEB) is the largest beverage company
in Colombia and the second largest brewer in South America. Its
Aguila, Cristal, Pilsener, and Atlas brands are industry leaders
in Colombia, Peru, Ecuador, and Panama, respectively. GEB also
markets soft drinks, fruit beverages, mineral water, and milk.
GEB's parent company is Bavaria S.A., listed on the Colombian
Stock Exchange.

CONTACT:  INVESTOR RELATIONS
          Carlos German Quintero
          +57 1 638 9355
          cgquintero@grupobavaria.com

          INTERNATIONAL
          Daniel Wilson
          +1 212 689 9560
          dbmwilson@zemi.com


GRANAHORRAR: BBVA Unit Wins Auction for 98.8% Stake
---------------------------------------------------
BBVA Colombia, a subsidiary of Spanish banking group Banco
Bilbao Vizcaya Argentaria, S.A. (NYSE: BBV), won the public
auction for a 98.8% stake in state-owned mortgage lender
Granahorrar.

An official from Colombia's deposit insurance fund Fogafin said
BBVA bid COP970 billion, more than double the minimum price of
COP429.76 billion set by the government for the privatization.

The deal is subject to regulatory approval from authorities in
both Colombia and Spain.

Granahorrar was intervened by the government during the
country's financial crisis in the late 1990s to save it from
bankruptcy.

Between January and September, Granahorrar has assets of
COP3.729 trillion and a credit portfolio of COP1.8 trillion. It
has 132 branches and employs 2,300 employees in the country.



=============
J A M A I C A
=============

KAISER ALUMINUM: Court OKs Deadline Extension to Remove Actions
---------------------------------------------------------------
Judge Fitzgerald extends Kaiser Aluminum Corporation and its
debtor-affiliates' Removal Deadline to the later of 30 days:

  -- after the effective date of the Plan of Reorganization; and

  -- after the entry of an order terminating the automatic stay
     with respect to a particular action sought to be removed.

The Debtors' right to remove insurance proceedings against
certain insurers pending in the San Francisco Superior Court, in
California, expired on September 12, 2004.

As previously reported in the Troubled Company Reporter on
September 28, 2005, the Debtors are parties to a wide-variety of
non-asbestos prepetition litigation.  Kaiser Aluminum & Chemical
Corporation is also a party to a significant number of
prepetition asbestos-related proceedings that are pending in
various courts throughout the country.

Due to several factors, including the number of Actions involved
and the complex nature of the Actions, the Debtors have not yet
determined which, if any, of the Actions should be removed and,
if appropriate, transferred to the District of Delaware.

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corporation -- http://www.kaiseraluminum.com/-- is a leading
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications.  The Company filed for chapter 11 protection on
February 12, 2002 (Bankr. Del. Case No. 02-10429), and has sold
off a number of its commodity businesses during course of its
cases.  Corinne Ball, Esq., at Jones Day, represents the Debtors
in their restructuring efforts.  On June 30, 2004, the Debtors
listed $1.619 billion in assets and $3.396 billion in debts.
(Kaiser Bankruptcy News, Issue No. 81; Bankruptcy Creditors'
Service, Inc., 215/945-7000)



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

AHMSA: To Invest $250M to Modernize Existing Plants
---------------------------------------------------
Steel manufacturer Altos Hornos de Mexico SA (Ahmsa) is planning
to boost liquid steel production capacity 600,000t/y to 4.6Mt/y
by increasing efficiency at its existing plants.

The plan will be in place in one year and requires a total
investment of US$250 million to modernize Colada Continua and
the Molino de Placa, the latter of which will have doubled
capacity of 1Mt/y.

In addition, Ahmsa will invest a total of US$20 million in a new
exploration project at its Santa Maria Zaniza iron property and
other projects with the aim of doubling proven reserves to
500Mt.

The Santa Maria Zaniza project will show results in the first
four months of 2006, Ahmsa said in a statement.

Ahmsa posted MXN890 million (US$81.6mn) in consolidated net
profit for the third quarter this year, down 30% from MXN1.27
billion in same-quarter 2004.

During the period, sales decreased 11% to MXN5.238 billion,
although shipments grew 10% to 729,000t from 660,000t. Ebitda
dropped 50% to MXN1.028 billion.

AHMSA is the only plate producer in Mexico, a product used for
the fabrication of heavy-duty machinery, pressured vessels,
piping and structures, among others.

CONTACT: AHMSA
         International Operations
         Prolongacion Juarez s/n
         Monclova, Coah., 25770
         Phone: + 52 (866) 649 34 00
         Fax: + 52 (866) 649 23 10
         E-mail: sales@ahmsa.com
         Web site: http://www.ahmsa.com.mx



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

CANTV: Shuts Administrative, Commercial Offices for 48 Hours
------------------------------------------------------------
Compania Anonima Nacional Telefonos de Venezuela (CANTV)
announced Monday, in compliance with instructions issued by the
Venezuelan tax authority, "SENIAT", that Cantv's administrative
and commercial offices will remain closed on November 1st and
2nd, 2005.

The instructions received from SENIAT are not unusual. Since
December 2003, SENIAT has issued similar instructions to a
number of other companies, including an affiliate of PDVSA, the
two other largest telecommunication operators in Venezuela, and
Venezuelan subsidiaries of numerous multinational companies.
These closures are related to the lack of strict compliance with
formal duties stipulated in the Value Added Tax Law.

Cantv has made necessary arrangements to sustain normal
operations and maintenance of its telecommunication networks to
provide continued quality service to its customers.

Cantv, a Venezuelan corporation, is the leading Venezuelan
telecommunications services provider with over 3 million fixed
access lines in service, over 4 million mobile subscribers and
almost 262 thousand broadband subscribers as of September 30,
205. The Company's principal strategic stockholder is a wholly
owned subsidiary of Verizon Communications Inc. with 28.5% of
the capital stock. Other major stockholders include the
Venezuelan Government with 6.6% of the capital stock (Class B
Shares), employees, retirees and employee trusts which own 6.8%
(Class C Shares) and the remaining 58.1% of the capital stock is
held by public and other stockholders.

CONTACT: Cantv
         Gregorio Tomassi, CFA
         Cantv Investor Relations
         Phone: 011-58-212-500-1831
         Fax: 011-58-212-500-1828
         E-mail: invest@cantv.com.ve

         The Global Consulting Group
         Phone: 646-284-9423
         E-mail: civillavicencio@hfgcg.com


SIDOR: Plans to Rework Govt. Iron Ore Supply Contracts
------------------------------------------------------------
Steelmaker Sidor has decided to revise its iron ore supply
contracts with the government, reports Business News Americas.

An unnamed official from state-run iron ore producer CVG-
Ferrominera Orinoco (FMO) said the decision came at a meeting,
which was attended by basic industry and mining minister Victor
Alvarez, officials with Sidor parent company Techint, Sidor
president Julian Eguren, FMO president Cesar Bertani and basic
industry and mining deputy minister Raiza Molina.

Minister Alvarez earlier said the government is upset because
FMO is selling iron ore to Sidor at 44% of international market
prices while the steelmaker is not meeting the needs of local
industry. The deal has caused Venezuela to lose US$250 million,
according to government news agency ABN.

The ministry aims to "completely restore the mineral's price in
the market," Alvarez said during a conference in Caracas.

Alvarez also revealed Sidor is willing to comply with
Venezuela's decree 3,895 that guarantees raw materials and semi-
finished products for the domestic processing sector including
aluminum, iron steel and forestry companies.

Earlier this month, Venezuelan President Hugo Chavez threatened
to renationalize Sidor if it did not negotiate sales agreements
with local companies in the sector and agree to sell steel in
Venezuela rather than export it.

"Sidor can't play this American trick on us of taking our steel
away and then selling us the pipes," Chavez said at the time.



                            ***********


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 * * *