TCRLA_Public/051103.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Thursday, November 3, 2005, Vol. 6, Issue 218

                            Headlines


A R G E N T I N A

AVE S.R.L.: Files for Bankruptcy
BABILONIA S.A.: Judge Approves Bankruptcy
COMPLET AGROP: Court Appoints Trustee to Oversee Reorganization
DIRECT TO HOME: Court Approves Involuntary Bankruptcy Motion
ENRI HOGAR: Individual Claims Reports Due Dec. 21

HECTOR VICENTE: Court Designates Trustee for Liquidation
IND-PA S.R.L.: Court Grants Reorganization Plea
NEBA S.A.: Court Deems Bankruptcy Necessary
SERVITUC S.A.: Gets Court Approval to Reorganize


B E R M U D A

REFCO INC: Joint Provisional Liquidators Named for Local Units
REFCO INC: Court Disallows Break-Up Fee for Potential Bidders


B R A Z I L

BANCO ITAU: Details Board Decisions on Buy-back Plan
GERDAU: BNDES Extends $399M Credit Line
GLOBO COMUNICACAO: Cash Flow Enables $300M Bond Prepayment
VARIG: Controller Accepts TAP Air Portugal's Proposal


C A Y M A N   I S L A N D S

BSCH FINANCE: Creditors to Submit Claims for Verification
BT NEWCO: David Dyer Selected as Liquidator
BT TASMAN: Headed for Voluntary Liquidation
DESCARTES OFFSHORE: CFS Liquidators Ltd. to Oversee Wind Up
EPSOM DOWNS: Shareholder Voluntarily Winds Up Company

FIFTH AVENUE: Set to Liquidate
IFCO SPV: Wind Up Process Initiated
PSETTA FUND: Liquidators Selected for Voluntary Wind Up
RMB CDO: Resolves to Liquidate
SATELLITE FS: Creditors to Submit Claims Against Company

SEASHELL HOLDINGS: Voluntarily Enters Liquidation
SHELLHOUSE HOLDINGS: David M.L. Roberts Appointed as Liquidator
SPECIAL INVESTMENTS: Launches Voluntary Liquidation
TBK HOLDING: Liquidator Selected for Wind Up


C H I L E

AES GENER: Posts 35% Decline in First 9-Mo. Net Profits
PLACER DOME: Re-files 2005 Third Quarter Financial Statements
SR TELECOM: Senior Vice President of Operations Quits


C O L O M B I A

TELETULUA TELECOM: Telecom Stake Sale to Yield COP88.4 Bln
VALOREM: Restructuring Yields Lower Net Loss Through September
* COLOMBIA: WB Approves $86.4M for Social Safety Net


E L   S A L V A D O R

INTERNACIONAL DE SEGUROS: Acquisition Prompts Outlook Upgrade


J A M A I C A

DYOLL INSURANCE: Liquidators Begin Making First Interim Payout


M E X I C O

AXTEL: S&P Upgrades Rating to 'B+'; Revises Outlook to Positive
GRUPO MEXICO: Judge Presses for Quick Solution to Asarco Row
HYLSAMEX: 3Q05 Net Profits Plummet on Weaker Steel Prices
UNITED RENTALS: Forcasts Improved Results After Filing Delays


T R I N I D A D   &   T O B A G O

BWIA: Nelson Tom Yew Assumes CEO Role, New Board Named


U R U G U A Y

NBC: Fitch to Monitor Sale Impact Pending Finalization


     - - - - - - - - - -


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

AVE S.R.L.: Files for Bankruptcy
--------------------------------
Court No. 5 of Buenos Aires' civil and commercial tribunal is
reviewing the merits of AVE S.R.L. petition to liquidate. La
Nacion recalls that the Company filed the petition following
cessation of debt payments on July 11, 2005. Reorganization will
allow AVE S.R.L. to avoid bankruptcy by negotiating a settlement
with its creditors.  

Clerk No. 10 is assisting the court on the Company's case.

CONTACT: AVE S.R.L.
         A. Alcorta 1929
         Buenos Aires


BABILONIA S.A.: Judge Approves Bankruptcy
-----------------------------------------
Babilonia S.A. was declared bankrupt after Court No. 9 of Buenos
Aires' civil and commercial tribunal endorsed the petition of
Mr. Marcelo Merajver for the Company's liquidation. Argentine
daily La Nacion reports that Mr. Merajver has claims totaling
$4,988.81 against the Company.

The court assigned Mr. Gustavo Pagliere to supervise the
liquidation process as trustee. Mr. Pagliere will validate
creditors' proofs of claims until Feb. 3, 2006.

The city's Clerk No. 18 assists the court in resolving this
case.

CONTACT: Babilonia S.A.
         Tejedor 247
         Buenos Aires

         Mr. Gustavo Pagliere, Trustee
         Tucuman 1424
         Buenos Aires


COMPLET AGROP: Court Appoints Trustee to Oversee Reorganization
---------------------------------------------------------------
Complet Agrop S.R.L. Servicios Agropecuarios, a company
operating in La Plata, is ready to start its reorganization
after the city's civil and commercial court appointed Ms. Maria
del Carmen Perez Alonso to supervise the proceedings as trustee.

An Infobae report states that Ms. Alonso will verify creditors
claims until Dec. 7, 2005. Afterwards, she will present these
claims as individual reports for final review by the court on
Feb. 17, 2006. Ms. Alonso will also provide the court with a
general report pertaining to the Company's reorganization on
April 17, 2006. The court has scheduled the informative assembly
on Aug. 25, 2006.

CONTACT: Complet Agrop S.R.L. Servicios Agropecuarios
         Calle 10 Nro. 623
         La Plata

         Ms. Maria del Carmen Perez Alonso, Trustee
         Calle 2 Nro. 1575
         La Plata


DIRECT TO HOME: Court Approves Involuntary Bankruptcy Motion
------------------------------------------------------------
Court No. 21 of Buenos Aires' civil and commercial tribunal
declared Direct To Home S.A. bankrupt, says La Nacion. The
ruling comes in favor of the petition filed by the Company's
creditor, Banco Frances, for nonpayment of $40,652.47 in debt.

Trustee Francisco Vazquez will examine and authenticate
creditors' claims until Dec. 1, 2005. This is done to determine
the nature and amount of the Company's debts. Creditors must
have their claims authenticated by the trustee by the said date
in order to qualify for the payments that will be made after the
Company's assets are liquidated.

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

CONTACT: Direct To Home S.A.
         Florida 833
         Buenos Aires

         Mr. Francisco Vazquez, Trustee
         Av. Rodriguez Pena 110
         Buenos Aires


ENRI HOGAR: Individual Claims Reports Due Dec. 21
-------------------------------------------------
The individual reports on the Enri Hogar S.R.L. insolvency case
will be presented in court on Dec. 21, 2005, Infobae reports.
These reports are based on the creditors' claims validated by
Mr. Juan Marcelo Rivas, the court-appointed trustee, on Oct. 7,
2005.

The submission of general report will follow on Dec. 21, 2005.
This report summarizes events relevant to the reorganization and
provides an audit of the Company's accounting and business
records.

San Fernando del Valle de Catamarca's civil and commercial court
issued a resolution opening the reorganization of Enri Hogar
S.R.L. This pronouncement authorizes the Company to begin
drafting a settlement proposal with its creditors in order to
avoid liquidation.

The Company will present the completed settlement proposal to
its creditors during the informative assembly scheduled on Sep.
1, 2006.

CONTACT: Mr. Juan Marcelo Rivas, Trustee
         Sarmiento 388
         San Fernando del Valle de Catamarca (Catamarca)


HECTOR VICENTE: Court Designates Trustee for Liquidation
--------------------------------------------------------
Buenos Aires accountant Sergio Leonardo Novick was assigned
trustee for the liquidation of local company Hector Vicente Fina
S.A., relates Infobae.

Mr. Novick will verify creditors' claims until Dec. 26, 2005,
the source adds. After that, he will prepare the individual
reports.
The trustee will also present in court a general report on the
company's bankruptcy. Dates for the submission of the reports
are yet to be disclosed.

CONTACT: Mr. Sergio Leonardo Novick, Trustee
         Libertad 359
         Buenos Aires


IND-PA S.R.L.: Court Grants Reorganization Plea
-----------------------------------------------
Ind-Pa S.R.L. successfully petitioned for reorganization after
San Miguel de Tucuman's civil and commercial court issued a
resolution opening the Company's insolvency proceedings. Under
insolvency protection, the Company will continue to manage its
assets subject to certain conditions imposed by Argentine law
and the oversight of a court-appointed trustee.

Infobae relates that Ms. Noemi del Valle Budeguer will serve as
trustee during the course of the reorganization. The trustee
will be accepting creditors' proofs of claim for verification
until Dec. 7, 2005.

After verifications, the trustee will prepare the individual
reports and submit it in court on Feb. 20, 2006. She will also
present a general report for court review on April 3, 2006.

CONTACT: Ms. Noemi del Valle Budeguer, Trustee
         San Martin 938
         San Miguel de Tucuman (Tucuman)


NEBA S.A.: Court Deems Bankruptcy Necessary
-------------------------------------------
Neba S.A., which was undergoing reorganization, entered
bankruptcy on orders from San Fernando del Valle de Catamarca's
civil and commercial court. Infobae relates that the court
appointed Mr. Carlos Valentin Boggio to be the receiver on the
case. Mr. Boggio will conduct the credit verification process
"por via incidental."

A general report on the case will be submitted on Dec. 16, 2005.

CONTACT: Neba S.A.
         Ruta 38 Km. 1304 El Pantanillo
         San Fernando del Valle de Catamarca (Catamarca)


SERVITUC S.A.: Gets Court Approval to Reorganize
------------------------------------------------
Servituc S.A. will begin reorganization following the approval
of its petition by San Miguel de Tucuman's civil and commercial
court. The opening of the reorganization will allow the Company
to negotiate a settlement with its creditors in order to avoid a
straight liquidation.

A court-appointed trustee will verify creditors' claims until
Dec. 2, 2005. The validated claims will be presented in court as
individual reports on Feb. 15, 2006.

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

CONTACT: Servituc S.A.
         Williams Cross NA 3023
         Barrio El Colmenar
         Las Talitas, Depto. Tafi Viejo (Tucuman)



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

REFCO INC: Joint Provisional Liquidators Named for Local Units
--------------------------------------------------------------
Michael W. Morrison, of KPMG Bermuda, and Richard Heis of KPMG
LLP UK, have been appointed joint provisional liquidators for
two unregulated Bermuda units owned by troubled commodities
broker Refco Inc. The appointments, according the Royal Gazette,
follow related applications being filed in October with the
Bermuda Supreme Court.

The applications for Refco Capital Markets, Ltd. and Refco
Global Finance Ltd. were made in tandem with Refco filing
Chapter 11 bankruptcy protection proceedings in the US for 24 of
its unregulated units, says the Gazette.

Law firms Conyers Dill & Pearman and Williams Barristers &
Attorneys are acting in the Bermuda applications.

Refco Capital, which is Refco's main Bermuda subsidiary and
provides prime-brokerage services to hedge funds, was
temporarily shut down on October 13 because of a lack of
liquidity.

Refco Capital is alleged to have been involved in a US$335-
million loan to a company owned by Refco former chief executive
Phillip R. Bennett, through an intermediary company.


REFCO INC: Court Disallows Break-Up Fee for Potential Bidders
-------------------------------------------------------------          
Because FGS Refco Acquisition Co., LLC, the company organized by
J.C. Flowers & Co. LLC to acquire Refco's Futures Trading
Business, dropped out of the bidding, it won't be entitled to a
break-up fee.  

Refco Inc., and its debtor-affiliates and FGS Refco earlier
agreed that a break-up fee would be payable if the Debtors
entered into an alternative transaction.  FGS Refco withdrew its
commitment to purchase Refco's assets because it was
"disappointed" with the results of the Bankruptcy Court's
October 24 hearing.  

At that hearing, the U.S. Bankruptcy Court for the Southern
District of New York significantly altered material provisions
that J.C. Flowers negotiated with the Debtors -- including
capping the break-up fee at $5,000,000.  The Debtors had agreed
to pay more than $20,000,000 as break-up fee.

With J.C. Flowers out of the picture, the Honorable Robert D.
Drain of the Southern District of New York Bankruptcy Court now
rules that there will be no break-up fee for Potential Bidders.
Specifically, Judge Drain states, a Bid may not request any
break-up fee, termination fee, expense reimbursement or similar
type of payment.

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
===========

BANCO ITAU: Details Board Decisions on Buy-back Plan
----------------------------------------------------
The Board of Directors of BANCO ITAU HOLDING FINANCEIRA S.A.
decided in a meeting held Monday to attribute to Board of
Executive Officers discretion to decide when to effect the buy-
back operations.

MEETING OF THE BOARD OF DIRECTORS OF OCTOBER 31 2005

The Board of Directors of BANCO ITAU HOLDING FINANCEIRA S.A., on
October 31 2005, at 5:00 p.m., met at the company's head office,
with the legal quorum present, and under the chairmanship of Dr.
Olavo Egydio Setubal, with the purpose of deciding on the
purchase of shares issued by the Company itself, with no
reduction in capital stock, in accordance with the provisions of
paragraphs 1 and 2 of article 30 of Law 6,404/76 and CVM
(Brazilian Securities and Exchange Commission) Instructions 10,
268 and 390.

Opening the agenda, the Chairman informed that:

a) at its meeting on May 2 2005, this Board authorized the Board
of Executive Officers to buy back the Company's own shares,
during the period from May 2 2005 to April 28 2006, up to a
limit of 679,000 in common shares and 3,451,000 in preferred
shares;

b) following the decision of the Extraordinary General Meeting
held on August 22 2005, the shares representing the capital
stock underwent a 900% split, the new shares being available for
trading as from October 3 2005;

c) in the light of the stock split, the limits for buybacks of
own shares, established at the meeting on May 2 2005, were
readjusted to 6,790,000 in common shares and 34,510,000 in
preferred shares;

d) pursuant to these new limits, to date, the company has bought
back 1,057,552 own common shares and 22,696,000 own preferred
shares, which, in addition to the outstanding balance as at May
2 2005, and considering the cancellation and stock split of
August 22 2005 and resale transactions to the Market via private
placements in accordance with the "Stock Option Plan", total
1,047,342 common shares and 17,924,800 preferred shares issued
by the Company and held as treasury stock;

e) of this total held as treasury stock, 1,865,000 preferred
shares remain in the custody of the Brazilian Clearing and
Depository Corporation, as the underlying stock for the issue of
securities under the Argentine Certificates of Deposit Program
(CEDEAR's).

Subsequently, the Board of Directors, considering it to be
opportune to buy back shares issued by the company itself and
given the existence of available reserves, unanimously decided:
(i) as of this date, to anticipate the termination of the period
for buying back of own shares, as established by the meeting of
May 2 2005; (ii) to renew the limits for these buy-backs, as
from this date, hereby authorizing the company to buy up to
38,251,000 own book entry shares, with no par value, being up to
5,468,000 common and up to 32,783,000 preferred shares, for
holding as treasury stock, cancellation or resale to the Market.

Having clarified that the acquisition of such shares, herewith
authorized, represents less than 10% of the 66,206,840 common
shares and 523,524,590 preferred shares freely circulating in
the market, it was decided, in addition:

a) to attribute to the Board of Executive Officers discretion to
decide when to effect the buy-back operations within the limits
herewith approved;

b) that these acquisitions will be effected via the Stock
Exchanges up to October 31 2006, using resources in the Revenues
Reserve ("Reserve - Goodwill on Issued Shares");

c) that these acquisitions be intermediated by ITAU CORRETORA DE
VALORES S.A., with head office at Av. Hugo Beolchi, 900 - 15th
floor in the city of Sao Paulo.

CONTACT: Banco Itau Holding Financeira S.A.
         Investor Relations
         Mr. Geraldo Soares
         Investor Relations Superintendency
         Praca Alfredo Egydio de Souza Aranha 100
         Torre Conceicao - 11   04344-902
         Sao Paulo
         Phone: +5511 5019-1549
         Fax: +5511 5019-1133


GERDAU: BNDES Extends $399M Credit Line
---------------------------------------
Steel company Gerdau (GGB) has secured a credit line of up to
BRL900 million (US$399 million) from the Brazilian National
Development Bank (BNDES), reports Dow Jones Newswires. The
credit line will help finance up to 60% of Gerdau's BRL1.5
billion expansion plan, under which the Company will increase
crude steel output to 21.4 million metric tons per year by 2008,
up from 16.4 million tons currently. Flat steel production would
also rise to 15.5 million tons per year from 12.9 million tons.

Under the plan, Gerdau Acominas will receive BRL200 million in
investments; distribution unit Gerdau Comercial de Acos, BRL30
million; Gerdau Acos Especias, BRL90 million; and Gerdau Acos
Longos, BRL580 million.

In the first half of 2005, Gerdau invested US$360 million in
expansion projects.

CONTACT: Gerdau S.A.
         Press Office
         Phone: 55(51) 3323-2170
         E-mail: imprensa@gerdau.com.br
         URL: www.gerdau.com.br


GLOBO COMUNICACAO: Cash Flow Enables $300M Bond Prepayment
----------------------------------------------------------
Globo e Participacoes S.A. (Globo) announced Tuesday that it
will voluntarily prepay more than US$300 million of its
outstanding bonds on November 20, 2005. The funds used for this
voluntary prepayment will be obtained from operating cash flow,
as well as approximately BRL39 million from asset sales earlier
this year, the proceeds of which had been deposited in a
Brazilian collateral account in accordance with the terms of the
trust deed and related documents underlying such bonds.

The Debt Service Reserve Account (DSRA) that is in place for
these bonds will not be drawn down and will remain at its
maximum amount of approximately US$110 million.

The prepayment will be made across certain of Globo's
outstanding bonds as follows:

Series A1: Principal amount of approximately US$11.8 million;
Series A2: Principal amount of approximately BRL9.2 million;
Series B: Principal amount of approximately US$154.8 million;
Series C: Principal amount of approximately US$146.0 million;
Holders in each of the above bond series will receive a pro-rata
prepayment in accordance with Section 6(i) of the consolidated
trust deed that governs these bonds.

Roberto Irineu Marinho, President of the Globo Organizations,
said: "This prepayment is an important step toward our objective
of deleveraging the company. Therefore, we will end this year
with more than US$600 million of debt reduction. This
achievement was possible due to the resources generated over the
years of negotiation and due to the company's performance in the
favorable economic environment which has had a positive impact
on advertising market and on the foreign exchange rate."

Globo Comunicacao e Participacoes S.A. (Globo) is the name of
the company resulting from the merger of TV Globo Ltda with and
into Globo Comunicacoes e Participacoes S. A. - Globopar.

CONTACT: Globo Comunicacao e Participacoes S.A.
         Investor Contact
         Stefan Alexander or Marta Meirelles
         Phone: 55 21 2540 4444
         E-mail: IR@Globopar.com.br

         Media Contact
         Jo Ristow
         Companhia de Noticias
         Phone: 55 11 3643 2713
         E-mail: jo@cdn.com.br


VARIG: Controller Accepts TAP Air Portugal's Proposal
-----------------------------------------------------
Fundacao Rubem Berta, the main shareholder of Brazilian flagship
airline Varig, has accepted a proposal by TAP Air Portugal to
buy assets in the beleaguered company. Varig will now send the
proposal to the Brazilian National Development Bank (BNDES) for
approval.

Under the proposal, TAP will buy Varig's cargo and maintenance
units with financing from BNDES. In a statement, Varig said the
sale will allow it to raise an initial US$62 million that will
be used to pay off leasing companies and avert seizure of
aircraft.

Moreover, the proposal calls for TAP to lend Varig an
unspecified amount of money and get the airline's receivables as
collateral for the loan. TAP also offered to take part in a plan
seeking to raise US$500 million that will be invested in Varig.

Varig filed for bankruptcy in July under the weight of a debt
load of approximately BRL7.7 billion (US$3.4 billion). A New
York bankruptcy court has given it until Nov. 9 to conclude
negotiations, and thus avoiding the repossession of 20 to 40
planes.



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

BSCH FINANCE: Creditors to Submit Claims for Verification
---------------------------------------------------------
              IN THE MATTER OF BSCH Finance Limited
                   (In Voluntary Liquidation)

                              And

                IN THE MATTER OF THE COMPANIES LAW
                       THE COMPANIES LAW

NOTICE IS HEREBY GIVEN that the creditors of BSCH Finance
Limited which is being wound up voluntarily are required on or
before December 1, 2005 to send in their names and addresses and
the particulars of their debts or claims and the names and
addresses of their attorneys at law (if any) to the undersigned,
the attorneys at law for the liquidator of the Company, and if
so required by notice in writing from the liquidator either by
their attorneys at law or personally to come in and prove the
said debts or claims at such time and place as shall be
specified in such notice or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

CONTACT: Mr. Pablo Rodriguez Muller, Voluntary Liquidator
         Joannah Bodden of Maples and Calder
         P.O. Box 309GT, Grand Cayman
         Cayman Islands


BT NEWCO: David Dyer Selected as Liquidator
-------------------------------------------
                        BT Newco Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of BT Newco Limited at an extraordinary
general meeting held on October 28, 2005:

"THAT the company be placed into voluntary liquidation
forthwith;" and

"THAT David Dyer be appointed liquidator for the purposes
thereof."

Creditors of BT Newco Limited are to prove their debts or claims
on or before December 15, 2005, and to establish any title they
may have under the Companies Law (2004 Revision), or to be
excluded from the benefit of any distribution made before such
debts are proved or from objecting to the distribution.

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


BT TASMAN: Headed for Voluntary Liquidation
-------------------------------------------
               BT Tasman (Cayman) No. 5 Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of BT Tasman (Cayman) No. 5 Limited at
an extraordinary general meeting held on October 21, 2005:

"THAT the company be placed into voluntary liquidation
forthwith;" and

"THAT David Dyer be appointed liquidator for the purposes
thereof."

Creditors of BT Tasman (Cayman) No. 5 Limited are to prove their
debts or claims on or before December 15, 2005, and to establish
any title they may have under the Companies Law (2004 Revision),
or to be excluded from the benefit of any distribution made
before such debts are proved or from objecting to the
distribution.

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


DESCARTES OFFSHORE: CFS Liquidators Ltd. to Oversee Wind Up
-----------------------------------------------------------
                   Descartes Offshore, Ltd.
                  (In Voluntary Liquidation)
               The Companies Law (2003 Revision)

TAKE NOTICE that the following special resolutions were passed
by the shareholders of Descartes Offshore, Ltd. at an
extraordinary meeting held on October 11, 2005.

"THAT the company be placed into voluntary liquidation
forthwith;" and

"THAT CFS Liquidators Ltd., of Windward 1, Regatta Office
Park, West Bay Road, P.O. Box 31106 SMB, Grand Cayman, Cayman
Islands, be appointed liquidator(s), jointly and severally, for
the purposes thereof."

Creditors of the Company are to prove their debts or claims on
or before November 22, 2005, and to establish any title they may
have under the Companies Law (2003 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT: CFS Liquidators Ltd., Liquidator
         Victor Murray
         c/o Windward 1, Regatta Office Park
         West Bay Road, P.O. Box 31106 SMB
         Grand Cayman, Cayman Islands
         Telephone: (345) 949 - 3977
         Facsimile: (345) 949 - 3877


EPSOM DOWNS: Shareholder Voluntarily Winds Up Company
-----------------------------------------------------
              Epsom Downs Property Holdings Limited
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

The following written resolutions were passed by the sole
shareholder of Epsom Downs Property Holdings Limited at an
extraordinary general meeting on October 12, 2005:

As a special resolution:

"THAT the Company be wound up voluntarily."

As an ordinary resolution:

"THAT Derrick Harper, of P.O. Box 2428 GT, Grand Cayman, be and
is hereby appointed liquidator for the purpose of such winding
up."

Creditors of the Company are to prove their debts or claims on
or before November 30, 2005, and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT: Mr. Derrick Harper, Voluntary Liquidator
         c/o Alexandria Bancorp Limited
         P.O. Box 2428 GT, Grand Cayman
         Telephone: (345) 945-1111
         Facsimile: (345) 945-1122


FIFTH AVENUE: Set to Liquidate
------------------------------
                    Fifth Avenue CBO, Limited
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of Fifth Avenue CBO, Limited at an
extraordinary general meeting held on October 19, 2005:

1. "THAT the company be placed into voluntary liquidation
forthwith;" and

2. "THAT David Dyer be appointed liquidator for the purposes
thereof."

Creditors of the Company are to prove their debts or claims on
or before November 30, 2005, and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

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


IFCO SPV: Wind Up Process Initiated
-----------------------------------
                     IFCO SPV Holdings Company
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of IFCO SPV Holdings Company at an
extraordinary general meeting held on October 19, 2005:

1. "THAT the company be placed into voluntary liquidation
forthwith;" and

2. "THAT David Dyer be appointed liquidator, for the purposes
thereof."

Creditors of the Company are to prove their debts or claims on
or before November 30, 2005, and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

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


PSETTA FUND: Liquidators Selected for Voluntary Wind Up
-------------------------------------------------------
                       Psetta Fund, Ltd.
                  (In Voluntary Liquidation)
               The Companies Law (2003 Revision)

TAKE NOTICE that the following special resolutions were passed
by the shareholders of Psetta Fund, Ltd. at an extraordinary
meeting held on October 11, 2005:

"THAT the Company be placed into voluntary liquidation
forthwith;" and

"THAT CFS Liquidators Ltd., of Windward 1, Regatta Office Park,
West Bay Road, P.O. Box 31106 SMB, Grand Cayman, Cayman Islands,
be appointed liquidator(s), jointly and severally, for the
purposes thereof."

Creditors of the Company are to prove their debts or claims on
or before November 22, 2005, and to establish any title they may
have under the Companies Law (2003 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT: CFS Liquidators Ltd., Liquidator
         Victor Murray
         c/o Windward 1, Regatta Office Park
         West Bay Road, P.O. Box 31106 SMB
         Grand Cayman, Cayman Islands     
         Telephone: (345) 949 - 3977
         Facsimile: (345) 949 - 3877


RMB CDO: Resolves to Liquidate
------------------------------
                        RMB CDO II, Limited
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of RMB CDO II, Limited at an
extraordinary general meeting held on October 19, 2005:

"THAT the company be placed into voluntary liquidation
forthwith;" and

"THAT David Dyer be appointed liquidator for the purposes
thereof."

Creditors of the Company are to prove their debts or claims on
or before November 30, 2005, and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

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


SATELLITE FS: Creditors to Submit Claims Against Company
--------------------------------------------------------
               Satellite FS Hedged Equity Fund, Ltd.
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of Satellite FS Hedged Equity Fund, Ltd. pursuant to
section 132(b) of the Cayman Islands Companies Law (2004
Revision):

"That the Company be wound up voluntarily and David Sargison be
appointed as voluntary liquidator of the Company."

Creditors of this Company are to prove their debts or claims on
or before November 30, 2005 and establish any title they may
have under the Companies Law (2004 Revision) or be excluded from
the benefit of any distribution made before the debts are proved
or from objecting to the distribution.

CONTACT: Mr. David Sargison, Voluntary Liquidator
         Robert Duggan
         PO Box 30362 SMB, Grand Cayman
         Cayman Islands
         Telephone: 345 814 4612
         Facsimile: 345 814 8612


SEASHELL HOLDINGS: Voluntarily Enters Liquidation
-------------------------------------------------
                   Seashell Holdings Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Take Notice that the following special resolution was passed by
the shareholders of Seashell Holdings Limited on September 25,
2005:

"RESOLVED that the company be voluntarily wound up and that
David M.L. Roberts and Mark S. Kay, of Ground Floor, Harbour
Centre, P.O. Box 1569GT, Grand Cayman, Cayman Islands, be and
they are hereby appointed Joint Voluntary Liquidators of the
company for the purpose of such winding up with power to act
singly."

Creditors of the Company are to prove their debts or claims, and
to establish any title they may have under the Companies Law
(2004 Revision) on or before December 1, 2005 or be excluded
from the benefit of any distribution made or from objecting to
the distribution.

CONTACT: Mr. David M.L. Roberts, Joint Voluntary Liquidator
         Cayman Management Ltd.
         Ground Floor Harbour Centre
         P.O. Box 1569GT, Grand Cayman
         Telephone: (345) 949 4018
         Facsimile: (345) 949 7891


SHELLHOUSE HOLDINGS: David M.L. Roberts Appointed as Liquidator
---------------------------------------------------------------
                     Shellhouse Holdings Ltd.
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Take Notice that the following special resolution was passed by
the shareholders of Shellhouse Holdings Ltd. on September 25,
2005:

"RESOLVED that the Company be voluntarily wound up and that
David M.L. Roberts and Mark S. Kay, of Ground Floor, Harbour
Centre, P.O. Box 1569GT, Grand Cayman, Cayman Islands, be and
they are hereby appointed Joint Voluntary Liquidators of the
company for the purpose of such winding up with power to act
singly."

Creditors of Shellhouse Holdings Ltd. are to prove their debts
or claims, and to establish any title they may have under the
Companies Law (2004 Revision) on or before December 1, 2005 or
be excluded from the benefit of any distribution made or from
objecting to the distribution.

CONTACT: Mr. David M.L. Roberts, Joint Voluntary Liquidator
         Cayman Management Ltd.
         Ground Floor, Harbour Centre
         P.O. Box 1569GT, Grand Cayman
         Telephone: (345) 949 4018
         Facsimile: (345) 949 7891


SPECIAL INVESTMENTS: Launches Voluntary Liquidation
---------------------------------------------------
     Special Investments Opportunities Funds G.P. Co. Limited
                    (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of Special Investments Opportunities
Funds G.P. Co. Limited at an extraordinary general meeting held
on October 19, 2005:

"THAT the Company be placed into voluntary liquidation
forthwith;" and

"THAT David Dyer be appointed liquidator for the purposes
thereof."

Creditors of Special Investments Opportunities Funds G.P. Co.
Limited are to prove their debts or claims on or before November
30, 2005, and to establish any title they may have under the
Companies Law (2004 Revision), or to be excluded from the
benefit of any distribution made before such debts are proved or
from objecting to the distribution.

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


TBK HOLDING: Liquidator Selected for Wind Up
--------------------------------------------
                        TBK Holding Inc.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of TBK Holding Inc. at an extraordinary
general meeting held on October 19, 2005:

"THAT the company be placed into voluntary liquidation
forthwith;" and

"THAT David Dyer be appointed liquidator for the purposes
thereof."

Creditors of TBK Holding Inc. are to prove their debts or claims
on or before November 30, 2005, and to establish any title they
may have under the Companies Law (2004 Revision), or to be
excluded from the benefit of any distribution made before such
debts are proved or from objecting to the distribution.

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



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

AES GENER: Posts 35% Decline in First 9-Mo. Net Profits
-------------------------------------------------------
AES Gener, Chile's second-largest electricity generation
company, saw a 35% drop in consolidated net profits in the first
nine months of the year to CLP26 billion (US$47.8 million)
compared with the same nine-month period a year ago, reports
Business News Americas.

The Company said the decline was brought about by the
extraordinary operating revenues received in 2004 associated
with CLP9.31 billion in capacity reconciliation payments, a
CLP6.55-billion settlement with unregulated customer Minera
Escondida and lower costs at its Electrica Santiago subsidiary.

Revenues during this year's first nine-month period were up 13%
to CLP350 billion due to higher energy prices and sales to
regulated clients following the June 2005 node price increase.

However, operating profit fell 15% to CLP79.5 billion due to the
2004 extraordinary operating revenues and import restrictions on
Argentine natural gas exports, which were partially offset by
higher node prices for regulated clients.

EBITDA during this year's first nine-month period was CLP112
billion, down from CLP129 billion in the nine-month lapse in
2004.

As of September 30, Gener's 2005 equity stood at CLP851 billion,
down from CLP875 billion at end-September 2004.


PLACER DOME: Re-files 2005 Third Quarter Financial Statements
-------------------------------------------------------------
Placer Dome Inc. has re-filed 2005 third quarter financial
statements with SEDAR as a result of a non-material error in the
consolidated statements of earnings. Exploration expenditures
for the first nine months of 2004, a historical comparative
period, were disclosed as $2 million in the initial filing. This
figure has been corrected to $52 million. All other information
is unchanged.

Placer Dome is a global gold mining company employing 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 within North America: 1-800-565-5815
         URL: 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
         URL: www.placerdome.com


SR TELECOM: Senior Vice President of Operations Quits
-----------------------------------------------------
SR Telecom Inc. (TSX: SRX, Nasdaq: SRXA) announced the departure
of Benoit Pinsonnault, the Company's Senior Vice President,
Operations. Mr. Pinsonnault has elected to exercise the change-
of-control clause in his employment contract to pursue other
interests. While his departure is effective immediately, Mr.
Pinsonnault has agreed to remain with the Company as a
consultant until March 31, 2006 to ensure continuity.

"Benoit has played a significant role in guiding SR Telecom
through an extremely challenging period," said William Aziz,
Interim President and Chief Executive Officer of SR Telecom.
"His dedication and leadership have helped enhance the
efficiency and quality of SR Telecom's R&D and production
processes. We are pleased that Benoit will be continuing with us
over the next several months to ensure a smooth transition. I
would like to thank him for his contributions and wish him
success in his future endeavours."

SR TELECOM designs, builds and deploys Broadband Fixed Wireless
Access solutions. SR Telecom products are used by large
telephone and Internet service providers to supply broadband
data and carrier-class voice services to end-users in both urban
and remote areas around the globe.



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

TELETULUA TELECOM: Telecom Stake Sale to Yield COP88.4 Bln
----------------------------------------------------------
The sale of liquidated operator Teletulua Telecom will bring in
COP88.4 billion to state-run operator Colombia
Telecomunicaciones (Telecom) and COP72.3 billion to the
municipality of Villa de Cespedes, reports Business News
Americas. It is not known when proceeds of the sale of Telecom's
55% stake in Teletulua will be delivered.

But Villa de Cespedes, which is selling its 45% stake in
Teletulua, will receive the first COP25 billion payment in mid-
November, once the municipality has complied with certain
judicial requirements imposed by a Cundinamarca court, said
mayor Juan Guillermo Vallejo.

The municipality will then receive a COP12-billion payment in
January or February, and thereafter will receive the remaining
funds in bi-monthly payments through mid-2007.

Teletulua's assets were valued at COP160 billion.


VALOREM: Restructuring Yields Lower Net Loss Through September
--------------------------------------------------------------
Financial holding company Valorem ended the first nine months of
the year with a net loss of COP5.82 billion (US$2.5 million),
lower than the net loss of COP33.61 billion in the same period a
year ago. The Company, formerly known as Valores Bavaria,
attributed the improvement to corporate restructuring, return on
investments and a drop in operative expenses.

Operating revenue during the first nine months of the year was
COP3.32 billion, down from COP8.0 billion in the same period
last year. Operating expenses dropped 55% to COP10.32 billion
between January and September over the same period last year.

Valorem groups several major firms, including Caracol T.V., the
country's largest media network. It also has stakes in the local
industrial sector and in foreign companies, such as Canal
America in Peru.

The Company recently sold its 50% stake in troubled airline
Avianca to Brazil's Synergy Group.


* COLOMBIA: WB Approves $86.4M for Social Safety Net
----------------------------------------------------
The World Bank's Board of Directors approved Tuesday an $86.4
million loan to Colombia to support a poverty reduction program.
The Social Safety Net Project will strengthen the country's
capacity to reduce poverty and inequality and promote human
capital investments among the poor by consolidating and
expanding the successful Familias en Accion conditional cash
transfer program, as well as by improving the monitoring and
evaluation of the country's safety net portfolio.

"A strong social safety net is a key element of the country's
Vision Colombia 2019 strategy to achieve poverty reduction and
make sure that all Colombians share the benefits of growth,"
said Isabel Guerrero, World Bank Country Director for Colombia
and Mexico.   "This project will complement ongoing efforts in
the health and education sectors by providing cash transfers to
400,000 extremely poor families conditioned on their children's
regular school attendance and health clinic visits."

Even though Colombia has been emerging from the severe economic
crisis, many social challenges remain. Many children remain
vulnerable to malnutrition and illness, and a high proportion of
families still do not have access to good quality basic health
care services. In addition, Colombia continues to lag behind
other competitor countries in access and quality of education
and training, undermining its prospects for greater long-term
competitiveness and growth.

The Social Safety Net Project will support the following
activities:

- Consolidate and expand the Familias en Accion program from
  340,000 to 400,000 families by including extreme poor families
  in marginalized urban areas as well as high priority zones
  affected by violence. The project will disburse cash transfers
  (grants) to poor families linked to compliance with key human
  development conditionalities, such as school attendance and
  health check-ups.

- Improve the monitoring and evaluation system of the Ministry
  of Social Protection in order to better track and critically
  review the country's social safety net portfolio. This
  component will, in turn, increase the transparency and
  efficiency of the social safety net and its various
  implementing agencies.

"The project will directly contribute to Colombia's efforts
toward the achievement of the Millennium Development Goals,
especially in terms of reducing poverty, inequality, hunger and
malnutrition," said Andrea Vermehren, World Bank task manager
for the project.  "Additionally, it will have significant
effects on achieving universal primary education, reducing child
mortality, and improving maternal health."

The $86.4 million, fixed-spread loan carries a total repayment
period of 5 years, including an 8.5-year grace period.

CONTACT:  Gabriela Aguilar
          Tel: (5255) 5480-4200
          E-mail: Gaguilar2@worldbank.org

          Alejandra Viveros
          Tel: (202) 473-4306
          E-mail: Aviveros@worldbank.org



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

INTERNACIONAL DE SEGUROS: Acquisition Prompts Outlook Upgrade
-------------------------------------------------------------
Fitch Ratings revised its long-term outlook for El Salvadorian
insurance company Internacional de Seguros to positive from
stable. The move, according to Business News Americas, follows
an announcement by Panama-based Grupo Banistmo S.A. that it has
reached an agreement to purchase between 51% and 60% of shares
of Internacional's parent, Inversiones Financieras Bancosal S.A.

Fitch believes the acquisition will benefit Internacional in
terms of having the financial support and backing of Central
America's largest banking group.

Banistmo said last month that it would offer US$2.10 per
Bancosal share through an initial public offering. The deal,
which requires approval from regulators in Panama and El
Salvador, is expected to close this year.

Bancosal is an El Salvadorian-based holding company whose
principal asset is Banco Salvadoreno, the country's third
largest bank.



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

DYOLL INSURANCE: Liquidators Begin Making First Interim Payout
--------------------------------------------------------------
The joint liquidators of Dyoll Insurance Company Limited have
begun making the first interim payout to creditors and claimants
of the failed insurance company. RadioJamaica.com reports that
creditors and claimants will be paid 17% of amounts due.

Earlier this month, the liquidators - Kenneth Krys of RSM Cayman
and John Lee of PricewaterhouseCoopers - stressed that
additional interim payments will be made until the liquidation
process is completed.

Payouts will be made in the first instance to persons who have
complied with notices in the press and direct mail requesting
proof of debt.

CONTACT: JOINT LIQUIDATORS
         John W. Lee
         Kenneth M. Krys
         Address for service: RSM Cayman Islands
                              P.O. Box 1370GT
                              GRAND CAYMAN


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

AXTEL: S&P Upgrades Rating to 'B+'; Revises Outlook to Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services raised Tuesday its local and
foreign currency corporate credit ratings on Monterrey, Mexico-
based Axtel S.A. de C.V. to 'B+' from 'B'. The outlook was
revised to positive from stable. The rating on Axtel's US$250
million senior notes due 2013 was also raised to 'B+' from 'B'.

"The ratings on Axtel reflect the continued growth of its
operations without challenging its financial profile in terms of
debt and debt service coverage; its broad telecommunications
products portfolio; a flexible and advanced network with several
access technologies; a convenient capital structure due to its
vendor-debt renegotiation in early 2003; improving financial
performance; and experienced equity partners," said Standard &
Poor's credit analyst Manuel Guerena. Tempering factors include
the strong competition from Mexico's telecommunications
incumbent and from the mobile telephony; a TDMA wireless local
loop-based model for local telephony, for which longer-term
viability has yet to be proven; and a perceived growth appetite
that could result in additional debt-funded investments, a risk
that persists, albeit in a decreased proportion, given that
Axtel's recent growth has not translated into debt-related
ratios weakness or higher indebtedness.

The pace and funding of Axtel's expansion plans remain the main
triggers for any rating action. A sustained positive free
operating cash flow could trigger a positive action, while a
relative weakness in its main debt-related ratios could result
in the outlook returning to stable or changing to negative.

Primary Credit Analyst: Manuel Guerena, Mexico City (52) 55-
5081-4411; manuel_guerena@standardandpoors.com

Secondary Credit Analyst: Raul Marquez, Mexico City (52) 55-
5081-4437; raul_marquez@standardandpoors.com


GRUPO MEXICO: Judge Presses for Quick Solution to Asarco Row
------------------------------------------------------------
A bankruptcy judge in Texas is calling on Asarco Inc., its
creditors, and unionized workers to settle a four-month-old
strike, Dow Jones Newswires reports, citing a Grupo Mexico
official. Grupo Mexico is the ultimate parent of Tucson,
Arizona-based Asarco, the integrated copper mining, smelting and
refining facility, which filed Chapter 11 reorganization at a
court in Corpus Christi.

Close to 1,500 Asarco workers went on strike in July over
company plans to cut health and pension benefits. Workers have
agreed to go back to work under their original contract
conditions but are demanding guarantees that the contract will
be respected by new owners if Asarco is sold.

Grupo Mexico bought Asarco in 1999, acquiring a 54% stake in
Southern Peru Copper Corp., which it bumped up to 75% with the
merger of its Mexican mines.

For investors, the separation of Asarco, with its higher
production costs and onerous asbestos and environmental
liabilities, is seen as positive.

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


HYLSAMEX: 3Q05 Net Profits Plummet on Weaker Steel Prices
---------------------------------------------------------
Steelmaker Hylsamex saw a 60% plunge in net profits in the third
quarter of the year as international steel prices decline while
energy and scrap prices go up. Business News Americas reveals
during the third quarter of the year, the Company's net profit
amounted to MXN1.48 billion, compared to MXN3.59 billion from
same-quarter in 2004.

EBITDA for this year's third quarter stood at US$114 million
with a margin of 20%, a 51% decrease year-on-year, while sales
volume reached 772,100t in 3Q05, down by 52,600t or 6.8%, in
3Q04.

Hylsamex attributed the decline to decreased production at mill
1 at the Aceros Planos plant. Already, the Company has approved
a US$60-million investment to double mill 1's capacity to 1Mt/y.

At the end of the third quarter, the Company's net debt amounted
to US$507 million, a US$39-million reduction since the beginning
of 2005, Hylsamex said.

CONTACT:  Investor Relations
          Lic. Othon G. Diaz del Guante Villarreal
          Phone: 01 81 8865 1240
          E-mail: odiaz@hylsamex.com.mx

          Offices
          Avenida Munich 101
          San Nicolas de los Garza N.L., 66452
          Mexico



UNITED RENTALS: Forcasts Improved Results After Filing Delays
-------------------------------------------------------------
United Rentals, Inc. (NYSE: URI) announced Tuesday that it
expects diluted earnings per share of $0.76 for the third
quarter of 2005. The company raised its full year 2005 outlook
for diluted earnings per share to $1.68 to $1.75 from the
previous range of $1.60 to $1.70. The company also expects to
generate approximately $100 million of free cash flow after
total capital expenditures of $800 million to $850 million.

Preliminary Third Quarter 2005 Financial Highlights

For the third quarter 2005 compared with last year's third
quarter:

  -- Total revenues increased 15.9% to $984 million.
  -- Same-store rental revenues increased 13.0%.
  -- Contractor supplies sales increased 46.2% to $89 million.
  -- Dollar utilization was 72.7%, an increase of 5.3 percentage
     points.
  -- Rental rates for the general rentals segment increased
     5.0%.

Third Quarter and First Nine Months 2005 Selected
Business/Preliminary Financial Data

As previously announced, the company has delayed reporting final
results for 2004 and will delay finalizing results for 2005
interim periods until after it reports 2004 results.
Accordingly, the company will delay filing its third quarter
2005 Form 10-Q beyond the due date and the five-day extension
period. The earnings, financial highlights, other selected
financial data and 2005 outlook provided in this press release
are preliminary and subject to change based on completion of the
2004 audit or the outcome of the previously announced SEC
inquiry and the related internal review. This data should not be
viewed as a substitute for full financial statements.

Total revenues for the third quarter of 2005 were $984 million,
an increase of 15.9% compared with $850 million for the same
period last year. The size of the rental fleet, as measured by
the original equipment cost, was $3.96 billion and the age of
the rental fleet was 39 months at September 30, 2005, compared
with $3.70 billion and 40 months at year-end 2004.

Total revenues for the first nine months of 2005 were $2.61
billion, an increase of 15.1% compared with $2.27 billion for
the first nine months of 2004. Cash flow from operations was
$427 million during the first nine months of 2005 compared with
$531 million during the 2004 period. Cash flow from operations
during the first nine months of 2005 was lower than during the
first nine months of 2004 primarily due to the impact of cash
used for working capital in 2005.

Purchases of rental equipment were $677 million in the first
nine months of 2005 compared with $465 million in the first nine
months of 2004. Free cash flow during the first nine months of
2005 was negative $76 million compared with free cash flow of
$216 million during the first nine months of 2004. The decline
in free cash flow was primarily due to the $212 million increase
in rental fleet investment and the impact of cash used for
working capital in 2005.

The total cash balance was $151 million at September 30, 2005,
an increase of $2 million from September 30, 2004. During August
2005, the company agreed to maintain a cash balance of $75
million in an investment account for a traffic control
subsidiary to conduct traffic control business with the state of
Florida. This cash is included in the total cash balance at
September 30, 2005.

General Rentals Segment

Third quarter 2005 revenues for general rentals were $901
million, an increase of 16.8% compared with $772 million for the
third quarter of 2004. Rental rates for the third quarter
increased 5.0% and same-store rental revenues increased 12.9%
from the third quarter of 2004.

Revenues for the first nine months of 2005 for general rentals
were $2.41 billion, an increase of 16.0% compared with $2.08
billion for the first nine months of 2004. Rental rates for the
first nine months increased 6.3% and same-store rental revenues
increased 11.8% from the first nine months of 2004.

General rentals segment revenues represented 92% of total
revenues for the first nine months of 2005.

Traffic Control Segment

Third quarter 2005 revenues for traffic control were $83
million, an increase of 6.2% compared with $78 million for the
third quarter of 2004. Same-store rental revenues for the third
quarter increased 13.9% from the third quarter of 2004.

Revenues for the first nine months of 2005 for traffic control
were $200 million, an increase of 5.3% compared with $190
million for the first nine months of 2004. Same-store rental
revenues for the first nine months increased 9.4% from the first
nine months of 2004.

CEO Comments and Outlook

Wayland Hicks, chief executive officer, said, "Our strong
performance this quarter reflects continuing success in
improving rental rates, expanding our rental fleet, increasing
time utilization and driving contractor supplies revenue growth.
Dollar utilization of 72.7% in the third quarter was the highest
we have ever achieved.

"To capitalize on future growth opportunities, we're opening new
branches in attractive markets. We expect to open 35 new
branches in 2005, of which 30 are already operating. These new
branches increase our presence in existing markets and expand
our product offerings and footprint into new markets.

"In addition, we are growing our sales of contractor supplies at
a rapid pace. These sales were up 46% compared with last year's
third quarter, and we now have completed our plan to open nine
regional distribution centers throughout the United States and
Canada to support future growth.

"These significant investments should allow us to capitalize on
the continuing improvement in private non-residential
construction spending.

"For the full year 2005, as a result of our favorable operating
performance, we are raising our outlook for total revenues to
$3.5 billion and for diluted earnings per share to a range of
$1.68 to $1.75, while achieving free cash flow of approximately
$100 million."

Hicks also said, "We are making progress toward finalizing our
financial results for 2004. We have been working diligently on
concluding the restatements for the self-insurance reserves and
the income tax provisions and are continuing to provide
information to the special committee of the board reviewing
matters relating to the SEC inquiry.

"We have also begun the work to restate our results for sale-
leaseback transactions in 2000, 2001 and 2002, with aggregate
reported gross profit of $34.2 million. Based on a preliminary
assessment by the special committee, the accounting for most of
those transactions was incorrect and appears to have been
improper. When we receive the special committee's final
conclusions on this matter, we will take appropriate action with
respect to anyone responsible for improper conduct."

Update on Special Committee Review

The special committee of independent directors of the company's
board of directors is continuing to review matters relating to
the previously disclosed SEC inquiry. As stated before, this
inquiry appears to relate to a broad range of the company's
accounting practices and is not confined to a specific period.

As previously reported, the matters being reviewed by the
special committee include several short-term equipment sale-
leaseback transactions that occurred in 2000, 2001 and 2002. The
company reported gross profit from these transactions of $12.5
million, $20.2 million and $1.5 million in 2000, 2001 and 2002,
respectively.

The special committee review of these transactions, as well as
its broader review relating to the SEC inquiry, is ongoing and
no final conclusions have been reached. However, based on
information available to date, the committee believes that the
accounting for most of these sale-leaseback transactions was
incorrect and appears to have been improper. The company expects
to restate its results for applicable periods in relation to
these transactions, and will take appropriate action with
respect to anyone identified by the special committee as
responsible for improper conduct.

Update on Restatements for Prior Periods

Self-Insurance Reserve Restatement Expected

The company previously announced that it expects to restate its
financial statements for the years 2000 through 2003 and the
first nine months of 2004 to correct the expense associated with
the self-insurance reserve. This expense was too high in 2004
and 2003 and too low in 2002 and prior years. The company has
concluded that the reserve level at year-end 2004 is
appropriate.

              Income Tax Restatement Expected

The company also previously announced that it expects to restate
its financial statements for years prior to 2004 to correct the
provision for income taxes. The company's analysis of the impact
of the restatement on aggregate income tax expense for periods
prior to 2004 and for particular periods is not yet complete.
The company believes this restatement will not impact results of
operations for 2004.

                    About United Rentals

United Rentals, Inc. is the largest equipment rental company in
the world, with an integrated network of more than 740 rental
locations in 48 states, 10 Canadian provinces and Mexico. The
company's 13,500 employees serve construction and industrial
customers, utilities, municipalities, homeowners and others. The
company offers for rent over 600 different types of equipment
with a total original cost of $3.96 billion. United Rentals is a
member of the Standard & Poor's MidCap 400 Index and the Russell
2000 Index(R) and is headquartered in Greenwich, Connecticut.

CONTACT: United Rentals, Inc.
         Chuck Wessendorf
         Tel: 203-618-7318
         E-mail: cwessendorf@ur.com
         URL: www.unitedrentals.com



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

BWIA: Nelson Tom Yew Assumes CEO Role, New Board Named
------------------------------------------------------
The board of BWIA West Indies has appointed Nelson Tom Yew as
the cash-strapped regional airline's new chief executive
officer. Yew, who until his appointment as CEO was the airline's
general manager, will replace Conrad Aleong immediately. He will
be responsible for the management and operations during the
period of restructuring and transformation.

A new chairman of the board along with a new board of directors
was also named. They are Arthur Lok Jack (chairman), Dr.
Terrence Farrell, Gervase Warner, Robert Riley and William Lucie
Smith.

The appointments came after Trinidad's government agreed to
inject US$250 million into BWIA in exchange for broad changes in
management.

"The mandate of the Board is to ensure that BWIA is an
efficient, safe, reliable, and customer-oriented airline," the
Company said in a statement.

"The Board begins its task with the knowledge that additional
funds alone will not achieve the desired results. The airline
can only succeed if it develops a culture of 'putting people
first' and achieves increased productivity by improving the
efficiency of its operations," the statement added.

Trinidad's government has bailed out BWIA repeatedly since the
drop in travelers that followed the Sept. 11 attacks in the
United States.

CONTACT: BRITISH WEST INDIES AIRWAYS (BWIA)
         Phone: + 868 627 2942
         E-mail: mail@bwee.com
         Home Page: http://www.bwee.com



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

NBC: Fitch to Monitor Sale Impact Pending Finalization
------------------------------------------------------
It was recently announced that a consortium led by Advent
International Fund (Advent) had reached an agreement with the
Uruguayan government to purchase control of Nuevo Banco
Comercial (NBC), which is pending regulatory approval.

The consortium is composed of Advent (56%), Morgan Stanley
Strategic Investments (24%), DEG - a German development company-
(10%), and the Netherlands Development Finance Company - FMO -
(10%). Under the agreement, the consortium committed to purchase
100% of NBC's voting shares (59% of total shares) for US$98.5
million, close to book value. The consortium will also have the
option to purchase the remaining equity, which is in the form of
preferred shares, for US$69.8 million from the government during
the next five years. In addition, the government has a put
option to sell its entire interest during the same period. Grupo
Servicios and Transacciones (GST) will be responsible for
management of the bank. GST is an Argentine group whose members
boast a long history in the local market and currently owns a
corporate bank (Banco de Servicios y Transacciones) in
Argentina.

Advent is an investment fund that manages assets of over US$10
billion and operates through offices in 13 countries in Europe,
North America, Latin America, and Asia. Among its current
investments in Latin America are a postal company, OCA, and a
pharmaceutical company, FadaPharma.

Fitch will evaluate the impact on NBC's ratings once the sale
has been finalized and the new shareholders define their
strategy and the potential impact on the bank's risk profile
becomes clearer. The bank's current ratings are as follows:
long-term foreign currency (rated 'B+' by Fitch), long-term
national rating (rated 'AA-' by Fitch), and support (rated '4'
by Fitch). These ratings are based on the solid position of the
bank's franchise in the local market, good capital levels, and
good liquidity but also take into account the lack of a strong
commercial strategy that would enable the bank to further
consolidate its market position going forward, as well as the
weak operating conditions in Uruguay.

NBC was created with the assets of three entities that were
liquidated following the Uruguayan banking crisis in 2002. The
bank, which reported total assets of US$926 million at the end
of June 2005, ranks as the second largest private bank in terms
of deposits with a 15% market share. The bank offers universal
banking services and has a strong national presence with 48
branches and also has a subsidiary in Brazil, Banco Comercial
Uruguai.

CONTACT: Ana Gavuzzo +5411 5235-8100, Buenos Aires
         M. Fernanda Lopez +5411 5235-8100, Buenos Aires
         Peter Shaw +1 212-908-0553, New York
         Linda Hammel +1 212-908-0303, New York

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



                            ***********


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

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