TCRLA_Public/051104.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Friday, November 4, 2005, Vol. 6, Issue 219

                            Headlines


A R G E N T I N A

ACCESO NORTE: Court Grants Reorganization Motion
AUTOMACION APLICADA: Creditor Moves Court for Bankruptcy Ruling
BANCO HIPOTECARIO: Presents New Purchase Proposal for BNL Unit
BIBILONIA S.A.: Court Orders Liquidation
BLC S.A.: Reorganization Finalized

CASA ARIAS: Initiates Bankruptcy Proceedings
CICCONE CALCOGRAFICA: Reorganization Concluded
CLAXSON INTERACTIVE: Fitch Maintains `B(arg)-' Rating on Bonds
DRASENTE ARGENTINA: Court Declares Company Bankrupt
FRUTBEL S.R.L.: Creditor Gets Bankruptcy Ruling in Court

GLIKANA S.A.: Court Designates Trustee for Liquidation
HIDROELECTRICA PIEDRA: Fitch Ups Bond Ratings to B(arg)
IMAGEN SATELITAL: Fitch Says Default Ratings Unchanged
LA EMBOTELLADORA: Reorganization Finalized
OESTE EMBOTELLADORA: Reorganization Complete

TRANQUERAS ARGENTINAS: Court Rules in Creditor's Favors
TYONA S.A.: Debt Payments Halted, Moves to Reorganize
VINTAGE PETROLEUM: 3Q05 Results Reveal 164% Net Income Increase
XIN LIAN: Judge Approves Bankruptcy


B E R M U D A

REFCO INC: Court Denies CEO Access to Personal IPO Proceeds


B O L I V I A

* BOLIVIA: IMF Executive Board Completes Sixth Review


C A Y M A N   I S L A N D S

AFRICAN GEOPHYSICAL: Shareholder Resolves to Wind Up
AVON LIMITED: Names Royhaven Secretaries Limited as Liquidator
BATTERY PARK: To be Placed into Voluntary Liquidation
CAM CATAMARAN (INC): Proof of Claims to be Submitted Nov. 22
CAM CATAMARAN (LDC): Shareholders Decide to Liquidate

CORSAIR LIMITED: Taps Cullinane, Boggess as Liquidators
EEGO FUND: Shareholders Place Firm into Voluntary Liquidation
MEDICAL ALLIANCE: Creditors to Prove Debt Claims Before Nov. 30
PGS FOCUS: To Commence Wind Up Process
PMA HOLDINGS: Shareholders Resolve to Liquidate

RWC LIMITED: Royhaven Secretaries Limited Selected as Liquidator
SAIL VALUE: Creditors to Submit Claims to Liquidator
SKYWARD LTD.: Resolves to Liquidate
WINDSONG PROPERTIES: Voluntary Wind Up Begins


C H I L E

AES GENER: Completes $130M Refinancing Program


C O L O M B I A

PAZ DEL RIO: Considers Diversifying Flat Products


J A M A I C A

C&W JAMAICA: Takes Legal Action To Disprove Allegations
NCB JAMAICA: Sovereign Ratings Constrains Own Ratings


M E X I C O

ASARCO: Completes $75M DIP Financing Arrangement
AXTEL: Reports Improved Financial Results in 3Q05
BALLY TOTAL: Investment Funds Demand Right to Inspect Records
CABLEMAS: S&P Assigns 'BB-' Local, Foreign Currency Rating
SANLUIS CORPORACION: Sales, EBITDA Up Modestly in 3Q05


P E R U

PAN AMERICAN SILVER: Reports Record Production in 3Q05
SIDERPERU: Slips Into Red With $1.6M Net Loss for 3Q05


P U E R T O   R I C O

DORAL FINANCIAL: Reports Financial Results, Reassures Creditors


V E N E Z U E L A

CANTV: Seniat Orders Additional 24-Hr Closure
PDVSA: Releases Pequiven Ownership


     - - - - - - - - - -


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

ACCESO NORTE: Court Grants Reorganization Motion
------------------------------------------------
Acceso Norte S.A., a company operating in Mendoza, begins
reorganization proceedings after the city's civil and commercial
court granted its petition for "concurso preventivo". During the
reorganization, the Company will be able to negotiate a
settlement proposal for its creditors so as to avoid a straight
liquidation.

According to Argentine news source Infobae, the reorganization
will be conducted under the direction of Tohme Mabel M. and
Benitez Silvia N., the court-appointed trustees.

Creditors with claims against Acceso Norte must present proofs
of the Company's indebtedness to the trustees before Dec. 29,
2005. These claims will constitute the individual reports. The
court also requires the trustee to present an audit of the
Company's accounting and business records through a general
report. Deadlines for the reports are yet to be disclosed.

CONTACT: Acceso Norte S.A.
         Avda. Acceso Norte Km. 6 y Manuel A. Saenz
         Distrito El Plumerillo
         Las Heras (Mendoza)

         Tohme Mabel M. and Benitez Silvia N., Trustees
         9 de Julio 1018
         Mendoza


AUTOMACION APLICADA: Creditor Moves Court for Bankruptcy Ruling
---------------------------------------------------------------
Court No. 2 of Buenos Aires' civil and commercial tribunal
declared Automacion Aplicada S.A. bankrupt, says La Nacion. The
ruling comes in approval of the petition filed by the Company's
creditor, Mr. Cesar Paiz, for nonpayment of $89,129.70 in debt.

Trustee Eduardo Pronsky will examine and authenticate creditors'
claims until Feb. 1, 2006. This is done to determine the nature
and amount of the Company's debts. Creditors must have their
claims authenticated by the trustee by the said date in order to
qualify for the payments that will be made after the Company's
assets are liquidated.

Clerk No. 3 assists the court on the case, which will conclude
with the liquidation of the Company's assets.

CONTACT: Automacion Aplicada S.A.
         Peru 1042
         Buenos Aires

         Mr. Eduardo Pronsky, Trustee
         Parana 480
         Buenos Aires


BANCO HIPOTECARIO: Presents New Purchase Proposal for BNL Unit
--------------------------------------------------------------
Mortgage bank Banco Hipotecario SA has presented a new bid to
buy the Argentine operations of Italy's Banca Nazionale de
Lavoro SA (BNL).

"We put in a proposal, and it will depend on the decision of
Banca Nazionale," said Hipotecario vice president, Eduardo
Elzstain.

In February, Hipotecario reached an exclusive agreement to
purchase 100% of BNL Inversiones Argentinas SA holding for
US$207 million. BNL will also receive Hipotecario shares
representing a book value of US$25 million, which is equivalent
to some 3.7% of Hipotecario's share capital.

But the deal collapsed amid a barrage of criticism and
regulatory hurdles imposed by the Economy Ministry, which
controls a 48.9% state stake in Hipotecario via state-owned
Banco de la Nacion.

Nevertheless, Mr. Elzstain said he is confident that the Economy
Ministry would not block this time the bank's negotiations with
BNL.

"I don't think there is a problem. I believe that when something
has to happen, it happens," Mr. Elsztain said. "We think it is
the best play for the bank. The sale is going to take place
now."

Swiss investment bank UBS is managing the sale, which could
reportedly fetch up to US$170 million for the Italian parent.


BIBILONIA S.A.: Court Orders Liquidation
----------------------------------------
Bibilonia S.A. prepares to wind-up its operations following the
bankruptcy pronouncement issued by a Buenos Aires civil and
commercial tribunal. 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. Gustavo Alejandro
Pagliere as trustee. Mr. Pagliere will be reviewing creditors'
proofs of claim until Feb. 3, 2006. The verified claims will
serve as basis for the individual reports to be presented for
court approval on March 17, 2006. The trustee will also submit a
general report of the case on April 28, 2006.

CONTACT: Bibilonia S.A.
         Tejedor 247
         Buenos Aires

         Mr. Gustavo Alejandro Pagliere, Trustee
         Tucuman 1424
         Buenos Aires


BLC S.A.: Reorganization Finalized
----------------------------------
The reorganization of BLC S.A. has been concluded. Data revealed
by Infobae on its Web site indicated that the process was
concluded after the Rosario's civil and commercial court
homologated the debt agreement signed between the Company and
its creditors.


CASA ARIAS: Initiates Bankruptcy Proceedings
--------------------------------------------
A Buenos Aires court declared Casa Arias S.A. "Quiebra," reports
Infobae. Mr. Jorge Alberto Testa, who has been appointed as
trustee, will verify creditors' claims until March 7, 2006 and
then prepare the individual reports based on the results of the
verification process.

The trustee will also submit individual reports based on the
verified claims, followed by the general report. The dates for
the submission of the reports are yet to be determined.

CONTACT: Casa Arias S.A.
         Catamarca 177 Capital Federal

         Mr. Jorge Alberto Testa, Trustee
         Maipu 459
         Buenos Aires


CICCONE CALCOGRAFICA: Reorganization Concluded
----------------------------------------------
The settlement plan proposed by Ciccone Calcografica S.A. for
its creditors acquired the number of votes necessary for
confirmation. As such, the plan has been endorsed by a Buenos
Aires court and will now be implemented by the Company.


CLAXSON INTERACTIVE: Fitch Maintains `B(arg)-' Rating on Bonds
--------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. maintained the
'B(arg)-' rating assigned to US$44.4 million worth of
"Obligaciones negociables" bonds issued by Claxson Interactive
Group Inc. The action, according to Argentina's securities
regulator, the CNV, was based on the Company's financial status
as of June 30, 2005. The bonds were classified under "Simple
Issue" with undisclosed maturity date.

Fitch said that a `B(arg)' rating indicates significant credit
risk although a limited margin of safety remains. Capacity for
payment at this juncture is dependent on a sustained, favorable
business climate.

Claxson (XSONF.OB) is a multimedia company providing branded
entertainment content targeted to Spanish and Portuguese
speakers around the world. Claxson has a portfolio of popular
entertainment brands that are distributed over multiple
platforms through its assets in pay television, radio and the
Internet. Headquartered in Buenos Aires, Argentina, and Miami,
Florida, Claxson has a presence in the United States and all key
Ibero-American countries, including without limitation,
Argentina, Mexico, Chile, Brazil, Spain and Portugal. Claxson's
principal shareholders are the Cisneros Group of Companies and
funds affiliated with Hicks, Muse, Tate & Furst Inc.

CONTACT: Claxson Interactive Group Inc.
         Juan Iramain
         Phone: 011-5411-4339-3701
                      or
         Jose Antonio Ituarte
         Phone: 011-5411-4339-3700


DRASENTE ARGENTINA: Court Declares Company Bankrupt
---------------------------------------------------
Court No. 2 of Buenos Aires' civil and commercial tribunal
declared local company Drasente Argentina S.A. "Quiebra",
relates La Nacion. The court approved the bankruptcy petition
filed by Mr. Alberto Judnovsky, to whom the Company owes some
$11,255.19.

The Company will undergo the bankruptcy process with Mr. Aldo
Cambiaso as trustee. Creditors are required to present proof of
their claims to Mr. Cambiaso for verification before Dec. 30,
2005. Creditors who fail to submit the required documents by the
said date will not qualify for any post-liquidation
distributions.

Clerk No. 3 assists the court on the case.

CONTACT: Drasente Argentina S.A.
         Viamonte 657
         Buenos Aires

         Mr. Aldo Cambiaso, Trustee
         Cerrito 1070
         Buenos Aires


FRUTBEL S.R.L.: Creditor Gets Bankruptcy Ruling in Court
--------------------------------------------------------
Court No. 3 of Buenos Aires' civil and commercial tribunal
declared local company Frutbel S.R.L. "Quiebra", relates La
Nacion. The court approved the bankruptcy petition filed by Mono
Azul S.A., whom the Company has debts amounting to $43,496.19.

The Company will undergo the bankruptcy process with Mr. Carlos
Berger as trustee. Creditors are required to present proofs of
their claim to Mr. Berger for verification before Feb. 10, 2005.
Creditors who fail to submit the required documents by the said
date will not qualify for any post-liquidation distributions.

Clerk No. 5 assists the court on the case.

CONTACT: Frutbel S.R.L.
         Jose Varela 4130
         Buenos Aires

         Mr. Carlos Berger, Trustee
         Santiago del Estero 122
         Buenos Aires


GLIKANA S.A.: Court Designates Trustee for Liquidation
------------------------------------------------------
Buenos Aires accountant Marcelo Fabian Francisco was assigned
trustee for the liquidation of local company Glikana S.A.,
relates Infobae.

Mr. Francisco will verify creditors' claims until Dec. 7, 2005,
the source adds. After that, he will prepare the individual
reports, which are to be submitted in court on Feb. 13, 2006.
The submission of the general report should follow on March 14,
2006.

CONTACT: Glikana S.A.
         Avda. Saenz 1227/9
         Buenos Aires

         Mr. Marcelo Fabian Francisco, Trustee
         Uruguay 328
         Buenos Aires


HIDROELECTRICA PIEDRA: Fitch Ups Bond Ratings to B(arg)
-------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. has upgraded the
ratings on the following corporate bonds issued by
Hidroelectrica Piedra del Aguila S.A. from D(arg) to B(arg):

- US$97.3 million worth of undated bonds described as "Clase I
dentro del Programa de U$S 300 millones;"

- US$97.3 million worth of undated bonds described as "Clase II
dentro del Programa de U$S 300 millones;" and

- US$62.5 million worth of undated bonds described as "Clase III
dentro del Programa de U$S 300 millones."

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

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


IMAGEN SATELITAL: Fitch Says Default Ratings Unchanged
-------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. maintained its
D(arg) rating on US$80 million worth of "obligaciones
negociables (ONs)" issued by Imagen Satelital S.A.

Local securities regulator, the CNV, informs that the rating
action is based on the Company's financial status as of June 30,
2005.

CONTACT: Imagen Satelital S.A.
         Av. del Libertador 602
         Buenos Aires
         Phone: (011) 4814-1190/1196


LA EMBOTELLADORA: Reorganization Finalized
------------------------------------------
The reorganization of Mendoza-based La Embotelladora del Norte
S.A. has ended. Data revealed by Infobae on its Web site
indicated that the process was concluded after the city's court
homologated the debt agreement signed between the Company and
its creditors.


OESTE EMBOTELLADORA: Reorganization Complete
--------------------------------------------
Mendoza-based company Oeste Embotelladora S.A. concluded its
reorganization process, according to data released by Infobae on
its Web site. The conclusion came after the city's court
homologated the debt plan signed between the Company and its
creditors.


TRANQUERAS ARGENTINAS: Court Rules in Creditor's Favors
-------------------------------------------------------
Tranqueras Argentinas S.A. entered bankruptcy after Court No. 3
of Buenos Aires' civil and commercial tribunal approved a
bankruptcy motion filed by Cooperativa Financoop Limitada,
reports La Nacion. The Company's failure to pay $64,061.60 in
debt prompted the creditor to file the petition.

Working with the city's Clerk No. 6, the court assigned Ms.
Mariana Nadales 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. 2, 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: Tranqueras Argentinas S.A.
         Alfredo Bufano 2048
         Buenos Aires

         Ms. Mariana Nadales, Trustee
         Hipolito Yrigoyen 1349
         Buenos Aires


TYONA S.A.: Debt Payments Halted, Moves to Reorganize
-----------------------------------------------------
Court No. 23 of Buenos Aires' civil and commercial tribunal is
studying the request for reorganization submitted by local
company Tyona S.A., says La Nacion.

The report adds that that the Company filed a "Concurso
Preventivo" petition following cessation of debt payments on
Feb. 16, 2005.

The city's Clerk No. 46 assists the court on this case.

CONTACT: Tyona S.A.
         Peru 457
         Buenos Aires


VINTAGE PETROLEUM: 3Q05 Results Reveal 164% Net Income Increase
---------------------------------------------------------------
Vintage Petroleum, Inc. (NYSE:VPI) announced Wednesday net
income of $72.2 million, or $1.07 per diluted share, in the
third quarter of 2005, a 164 percent increase over income from
continuing operations of $27.4 million, or $0.42 per diluted
share, in the same quarter last year. This substantial increase
was driven by a five percent increase in production from
continuing operations and significantly higher oil and gas
prices. Net income for the third quarter of 2004 was $27.0
million, or $0.41 per diluted share, including a loss from
discontinued operations of $0.4 million, or $0.01 per diluted
share.

Cash flow, a non-GAAP measure, was $113.5 million for the third
quarter of 2005, up 31 percent from cash flow of $86.8 million
in the third quarter of 2004. See the attached table for
reconciliations of these non-GAAP financial measures to the
corresponding GAAP amounts of cash provided by operating
activities of $174.9 million for the third quarter of 2005 and
$114.0 million for the same quarter in 2004.

Production Up Five Percent

Total third quarter 2005 production from continuing operations
of 6.8 million barrels of oil equivalent (BOE) was five percent
above the 6.4 million BOE in the third quarter of 2004, despite
the negative impact on production from the Gulf Coast hurricanes
and a contract oil field worker strike in Argentina. This
increase was driven by a 20 percent increase in oil production
with Argentina, Yemen and the U.S. each contributing to this
growth. The oil increase was partially offset by a 25 percent
decline in gas production from continuing operations, primarily
as a result of production shut-in during the quarter due to the
hurricanes in the Gulf Coast, anticipated production declines in
certain U.S. fields and reduced market demand in Bolivia
compared to the prior-year quarter.

Argentina oil production, before the impact of changes in
inventories, in the third quarter of 2005 averaged 31,862 net
barrels of oil per day (BOPD), which represents an increase of
16 percent over the 27,480 net BOPD produced in the comparable
quarter of 2004. The increase over the prior year's quarter is
primarily a result of additional production resulting from the
company's drilling and workover programs and the company's
acquisition of properties in the San Jorge basin during
September 2004. Third quarter production for 2005 and 2004 was
negatively impacted by contract oil field worker strikes
reducing each quarter's production by 2,675 net BOPD and 1,760
net BOPD, respectively. The strike impacting the third quarter
of 2005 was quickly resolved with production currently above
pre-strike levels.

Oil production in Yemen has continued to increase as a result of
the company's ongoing development activities. Production in
Yemen for the third quarter of 2005 was 4,685 net BOPD versus
1,886 net BOPD during the third quarter of 2004, before the
impact of changes in inventories. The company expects fourth
quarter 2005 production to average approximately 5,450 net BOPD
(10,450 gross).

U.S. oil production was also higher during the third quarter of
2005, rising five percent over the prior year's third quarter to
average 17,824 net BOPD, driven by the December 2004 acquisition
of producing properties in the Gulf Coast area of Alabama and
2005 exploitation successes. Partially offsetting these
increases, the company estimates the third quarter of 2005 was
reduced by 610 net BOPD as a result of certain wells shut-in for
part of the quarter due to the impact of hurricanes Katrina and
Rita in the Gulf Coast area. The company estimates it still has
approximately 950 net BOPD shut-in as a result of damage from
hurricane Katrina.

Total net gas production from continuing operations was down 25
percent from the prior year's third quarter. Anticipated lower
sales volumes in the domestic market and into Brazil caused
Bolivia gas production to decrease 48 percent, or 1,188 MMcf
(12,920 Mcf per day). In addition, the company estimates that
U.S. gas production for the third quarter of 2005 was reduced by
740 MMcf (8,043 Mcf per day) as a result of the hurricanes in
the Gulf Coast. As a result of damage from the hurricanes the
company currently has approximately 16,000 net Mcf per day shut-
in, most of which is expected to be returned to production by
the middle of November 2005. Anticipated natural production
declines in certain U.S. fields further contributed to the gas
production decrease.

Commodity Prices and Revenues

Including the impact of derivative financial instruments
accounted for as hedges, the company's realized price for oil
from continuing operations increased 31 percent to an average of
$41.82 per barrel in the third quarter of 2005, compared with
last year's third quarter average price of $31.99 per barrel.
The company's realized price for gas, including the impact of
hedges, increased 44 percent to $5.49 per Mcf compared to $3.81
per Mcf in the third quarter of 2004. As a result of the
increases in production and oil and gas prices, oil and gas
revenues increased 45 percent to $268.1 million for the third
quarter of 2005 from $185.5 million in the same quarter of 2004.

Costs and Expenses

Production costs from continuing operations totaled $6.91 per
BOE in the third quarter of 2005, which is 30 percent higher
than the $5.30 per BOE for the previous year's quarter. Higher
labor costs in Argentina and increased lease power and fuel
costs in the U.S. contributed to this increase. In addition,
during the third quarter of 2005, the company incurred
approximately $0.9 million, or $0.13 per BOE, to repair mudslide
damage on its properties in Ventura County, California caused by
heavy rains earlier in the year.

Third quarter export taxes in Argentina increased from $12.8
million in 2004 to $19.2 million in 2005 primarily as a result
of the increased export tax rates announced in August 2004 and
higher oil prices.

Production, transportation and storage costs combined with
production, ad valorem and export taxes (total lease operating
expense) increased to $11.80 per BOE in the third quarter of
2005 from $8.76 per BOE in the year-earlier quarter, primarily
attributable to increased production taxes, Argentina export
taxes and the impact on per BOE costs due to the production
interruptions from the Argentina contract labor strike and the
Gulf Coast hurricanes.

Exploration costs of $12.4 million for the third quarter of 2005
related primarily to exploration drilling activities in Yemen.
Such costs are recoverable under the company's production
sharing contract in Yemen. This compares to exploration costs
for the third quarter of 2004 of $12.4 million, which were
comprised primarily of dry hole costs in the U.S. and Yemen.

Nine Months Results

Driven by a 14 percent increase in production and significantly
higher oil and gas prices, net income for the nine months ended
September 30, 2005, was $161.9 million, or $2.40 per diluted
share, compared to net income of $83.6 million, or $1.28 per
diluted share, for the nine months ended September 30, 2004.
Income from 2005 continuing operations of $151.1 million, or
$2.24 per diluted share, compares to $80.5 million, or $1.23 per
diluted share for the nine months ended September 30, 2004.

The company was required to account for certain oil price swap
agreements using mark-to-market accounting during January and
February 2005. As a result, the company recorded $41.0 million
of derivative losses during the first quarter of 2005. As of
September 30, 2005, $21.6 million of these losses had been
realized and $19.4 million remained unrealized. Net income for
the nine months ended September 30, 2005, was reduced by $11.8
million ($19.4 million pre-tax), or $0.18 per diluted share,
related to these unrealized losses. As these oil price swap
agreements are settled in future periods, the company will
report higher oil revenues in those future periods than would
have been reported had the unrealized losses not been recognized
in the first quarter of 2005. As of March 1, 2005, the company
resumed hedge accounting for all of its derivative financial
instruments.

Cash flow, a non-GAAP measure, was $323.6 million for the nine
months ended September 30, 2005, up 47 percent compared to
$219.7 million for the nine months ended September 30, 2004,
reflecting the increase in production and oil and gas prices
from the first nine months of 2004. See the attached table for
reconciliations of these non-GAAP financial measures to the
corresponding GAAP amounts of cash provided by operating
activities of $360.2 million for the nine months ended September
30, 2005, and $256.2 million for the nine months ended September
30, 2004.

2005 Targets Updated

Despite the negative impacts on production of a contract oil
field worker strike in Argentina and the hurricanes in the Gulf
Coast (estimated to be a reduction of approximately 0.7 million
BOE over the third and fourth quarters), the company is
maintaining its production target for 2005 at the previously
announced 27.3 million BOE. The 27.3 million BOE represents an
11 percent increase over the Company's 2004 production level
from continuing operations of 24.5 million BOE. The ability to
maintain the production estimate stems from positive results in
the U.S. development drilling and workover programs, production
performance of the wells in Yemen and continued success in the
development drilling programs in Argentina.

The company has increased its average NYMEX price assumptions
for 2005 to $56.50 per barrel of oil and $8.50 per MMBtu of gas
versus the previous assumptions of $55.00 per barrel and $7.00
per MMBtu. The company has adjusted its expected net realized
prices for gas production as a percent of NYMEX prices during
2005 to be 67 percent versus the previous target of 70 percent
due to the dramatic increase in NYMEX gas prices expected during
the fourth quarter and the level of the company's gas production
which is sold at prices that do not fluctuate with NYMEX.

After considering the impact of the changes in assumed NYMEX oil
and gas prices, realized price assumptions and the other
assumptions enumerated in the accompanying table, "Vintage
Petroleum, Inc. and Subsidiaries, Revised 2005 Targets," the
company is increasing its target for 2005 cash flow (as defined
in the attached table) by two percent to $445 million, which is
$10 million higher than the previous target of $435 million.
Similarly the revised target for 2005 EBITDAX has been raised by
four percent, or $24 million, to $610 million from the previous
target of $586 million.

Vintage Petroleum, Inc. is an independent energy company engaged
in the acquisition, exploitation, exploration, and development
of oil and gas properties and the marketing of natural gas and
crude oil. Company headquarters are in Tulsa, Oklahoma, and its
common shares are traded on the New York Stock Exchange under
the symbol VPI. For additional information, visit the company
website at www.vintagepetroleum.com.

Vintage Petroleum, Inc. And Subsidiaries Non-Gaap Financial
Measures

Cash flow, a non-GAAP measure, represents cash provided by
operating activities before the impact of discontinued
operations, changes in working capital items related to
operating activities, all exploration costs and further adjusted
for payments on derivative transactions no longer qualifying for
hedge accounting which are reflected as investing activities
under GAAP. This non-GAAP measure is presented because
management believes it is a useful adjunct to cash provided by
operating activities under accounting principles generally
accepted in the United States (GAAP). This non-GAAP cash flow
measure is widely accepted as a financial indicator of an oil
and gas company's ability to generate cash which is used to
internally fund exploration and development activities and to
service debt and is comparable to targets established by the
company. This non-GAAP measure is not a measure of financial
performance under GAAP and should not be considered as an
alternative to cash provided (used) by operating, investing, or
financing activities as an indicator of cash flows, or as a
measure of liquidity.

EBITDAX is also presented below because of its wide acceptance
by the investment community as a financial indicator of a
company's ability to internally fund exploration and development
activities and to service or incur debt. Management also views
the non-GAAP measure of EBITDAX as a useful tool for comparison
of the company's financial indicator with those of peer
companies and is comparable to targets established by the
company. EBITDAX should not be considered as an alternative to
net income or cash provided by operating activities, as defined
by GAAP.

CONTACT: Vintage Petroleum, Inc., Tulsa
         Robert E. Phaneuf
         Phone: 918-592-0101


XIN LIAN: Judge Approves Bankruptcy
-----------------------------------
Xin Lian Internacional S.A. was declared bankrupt after Court
No. 6 of Buenos Aires' civil and commercial tribunal endorsed
the petition of Cosena Seguros S.A. for the Company's
liquidation. Argentine daily La Nacion reports that Cosena
Seguros S.A. has claims totaling $1,966.80 against Xin Lian
Internacional S.A.

The court assigned Mr. Federico Estrada to supervise the
liquidation process as trustee. Mr. Estrada will validate
creditors' proofs of claim until Feb. 3, 2005.

The city's Clerk No. 11 assists the court in resolving this
case.

CONTACT: Xin Lian Internacional S.A.
         Pasteur 8
         Buenos Aires

         Mr. Federico Estrada, Buenos Aires
         Moldes 2453
         Buenos Aires



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

REFCO INC: Court Denies CEO Access to Personal IPO Proceeds
-----------------------------------------------------------
The United States District Court for the Southern District of
New York entered a Temporary Restraining Order to freeze assets
that suspended CEO Phillip R. Bennett obtained from his Refco
stock sales in the Company's August 2005 Initial Public
Offering.  The order is based on a motion filed by Scott+Scott
on behalf of investors in a securities class action suit pending
in the Court (Case No. 1:05-cv-08663-DC).

The TRO is in effect pending an Order to Show Cause hearing
scheduled for Dec. 1, 2005, at which time the Court will
determine whether or not a more permanent restraining order
should be issued maintaining the asset-freeze injunction
throughout the pendency of the litigation.

Scott+Scott's original complaint alleges that during the Class
Period, Refco and certain of its officers and directors,
including Mr. Bennett, as well as Refco's IPO underwriters and
independent auditor, violated provisions of the Securities Act
of 1933 and the Securities Exchange Act of 1934, by issuing a
false and misleading Prospectus to investors as well as making
false and misleading statements during the Class Period.

It is alleged that because of these securities law violations,
investors were deceived out of over a billion dollars while Mr.
Bennett personally made off with over $111 million.  Scott+Scott
seeks to secure Bennett's improperly obtained assets for the
benefit of investors who, because of the Refco bankruptcy, might
be unable to look to the insolvent Company for relief.

                    About Scott+Scott

Scott+Scott, LLC, is litigating major securities, antitrust and
employee retirement plan actions throughout the United States.
The firm represents pension funds, charities, foundations,
individuals and other entities worldwide.  Cases currently being
litigated and/or investigated by Scott+Scott, LLC include: DHB
Industries, Inc.; Boston Scientific Corp.; Abercrombie & Fitch
Co.; Cott Corp.; Packeteer Inc.; Mercury Computer Systems Inc.;
TNS Inc., and International Rectifier Corp., among others.

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. (Troubled Company Reporter, Nov. 3, 2005, Vol. 9, No.
261)



=============
B O L I V I A
=============

* BOLIVIA: IMF Executive Board Completes Sixth Review
-----------------------------------------------------
The Executive Board of the International Monetary Fund (IMF) has
completed the sixth review of Bolivia's performance under an SDR
171.5 million (about US$248.9 million). Stand-By Arrangement
that was originally approved for SDR 85.75 million (about
US$124.5 million) on April 2, 2003 (see Press Release No. 03/46)
and subsequently augmented and extended through March 31, 2006
(see Press Release No. 05/78).

The Board also granted the authorities' request to reduce the
size of the current arrangement by SDR 25.72 million (about
US$37.3 million) to SDR 145.78 million (about US$211.6 million).

The reduction in total access under the Stand-By Arrangement
reflects Bolivia's stronger than envisioned balance of payments
outcome under the IMF-supported economic program.

Completion of this review makes an amount equivalent to SDR
17.14 million (about US$24.9 million) available to Bolivia
immediately. The remaining SDR 17.14 million under the
arrangement could be made available for disbursement subject to
Board approval during the next and final review of Bolivia's
performance. However, the authorities have indicated that they
intend to treat the arrangement as precautionary henceforth.

In completing the sixth review, the Board also granted the
authorities' request for waivers of applicability of performance
criteria on the combined public sector deficit and domestic
financing outturns relative to their end-September quantitative
performance criteria, and for the non-observance of the end-June
2005 performance criterion on passage of a revised 2005 budget
law.1

Following the Board's discussion on Bolivia, Ms. Anne O.
Krueger, First Deputy Managing Director and Acting Chair, made
the following statement:

"Despite the difficult political developments, and aided by a
favorable external environment, macroeconomic stability in
Bolivia has been maintained and overall economic performance in
2005 has been positive. Economic activity has picked up despite
the negative impact of social tensions early in the year,
inflation remains in single digits, and the external current
account continues to show a surplus. Financial system deposits
have recovered and central bank reserves have strengthened.
Risks remain for the authorities' economic program, but the
recent strong performance has lessened economic vulnerabilities.

"The authorities are committed to maintaining the fiscal deficit
on its declining trend. This will be achieved by saving part of
the large increase in hydrocarbons revenue resulting from an
increase in the tax rate and strong gas export prices. The
recently-submitted 2006 budget aims at reducing the fiscal
deficit further, thereby consolidating the fiscal adjustment
effort pursued in recent years.

"Aided by a better-than-programmed fiscal position, the central
bank has been implementing a measured and appropriate monetary
policy during the difficult political transition.

International reserves are being rebuilt in the context of a
decline in policy interest rates and a welcome improvement in
the maturity structure and currency composition of the domestic
debt. The authorities' prudent financial management is allowing
them to adhere to the quantitative targets of the program.

"Looking ahead, the macroeconomic policy targets for 2005 and
2006 have been strengthened, and the structural policy component
of the program has been reprofiled in light of the interim
nature of the current government. On the structural front, the
authorities have submitted to Congress a draft budget framework
law aimed at strengthening the budget process at all levels of
government; and a draft law introducing a partial coverage
deposit insurance scheme. However, the hydrocarbons law enacted
by Congress last May risks undermining the development of the
sector, especially in light of tax rigidities and legal
uncertainties. The authorities believe that more time is needed
for a full assessment of the impact of that law given the
altered energy price outlook and the ongoing contacts with oil
companies on the implementing regulations.

"Continued macroeconomic stability and sustained growth and
poverty reduction over the medium term depend on prudent
management of hydrocarbons-based revenue together with a removal
of impediments to investment in the sector. It will also be
important to achieve a balance between revenue allocations and
spending responsibilities at all levels of government, to make
progress with the tax reform, to implement a more market-based
petroleum product pricing mechanism, to appropriately focus
poverty-reducing spending, and to reduce further vulnerabilities
in the financial sector," Ms. Krueger said.

CONTACT: IMF EXTERNAL RELATIONS DEPARTMENT
         Public Affairs
         Tel: +1 202 623 7300
         Fax: +1 202 623 6278

         IMF EXTERNAL RELATIONS DEPARTMENT
         Media Relations
         Tel: +1 202 623 7100
         Fax: +1 202 623 6772



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

AFRICAN GEOPHYSICAL: Shareholder Resolves to Wind Up
----------------------------------------------------
             AFRICAN GEOPHYSICAL INC
           (In Voluntary Liquidation)
       The Companies Law (2003 Revision)

The following special resolution was passed by the sole
shareholder of the above-named company at an Extraordinary
General Meeting held on 18th October 2005:

"That the company be voluntarily wound up and that Marcia H.
Kendrick, whose address is 10811 S. Westview Circle Dr., Suite
100, Bldg. C, Houston, TX 77043, USA, be appointed as liquidator
for the purpose of winding up the company."

Creditors of the Company are to prove their debts or claims on
or before the 30th November 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: MARCIA H. KENDRICK
         Voluntary Liquidator
         For enquiries: Marcia H. Kendrick
         Telephone: 713-881-8900
         Facsimile: 713-881-8901
         P O Box 707 GT, Grand Cayman
         Telephone: 945-4777
         Facsimile: 945-4799


AVON LIMITED: Names Royhaven Secretaries Limited as Liquidator
--------------------------------------------------------------
                      AVON LIMITED
              (In Voluntary Liquidation)
           The Companies Law (2003 Revision)

The following special resolution was passed by the shareholders
of the above-named company at an Extraordinary General Meeting
of the shareholders held on 18th October 2005:

"That the company be voluntarily wound up and that Royhaven
Secretaries Limited, of Coutts (Cayman) Limited, Coutts House,
1446 West Bay Road, PO Box 707 GT, Grand Cayman, be appointed as
liquidator for the purpose of winding up the company."

Creditors of the Company are to prove their debts or claims on
or before the 30th November 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: ROYHAVEN SECRETARIES LIMITED
         Voluntary Liquidator
         For enquiries: Colin Fitzgerald
         Telephone: 945-4777
         Facsimile: 945-4799
         P O Box 707GT, Grand Cayman
         Telephone: 945-4777
         Facsimile: 945-4799


BATTERY PARK: To be Placed into Voluntary Liquidation
-----------------------------------------------------
   BATTERY PARK HIGH YIELD OPPORTUNITY OFFSHORE FUND B, LTD.
               (In Voluntary Liquidation)
            The Companies Law (2003 Revision)

TAKE NOTICE that the following special resolutions were passed
by the shareholders of the abovementioned company at an
extraordinary meeting held on 14th October 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 22nd November 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.
          For enquiries: 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


CAM CATAMARAN (INC): Proof of Claims to be Submitted Nov. 22
------------------------------------------------------------
             CAM CATAMARAN FUND, INC.
           (In Voluntary Liquidation)
        The Companies Law (2003 Revision)

TAKE NOTICE that the following special resolutions were passed
by the shareholders of the abovementioned company at an
extraordinary meeting held on 11th October 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 22nd November 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.
          For enquiries: 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


CAM CATAMARAN (LDC): Shareholders Decide to Liquidate
-----------------------------------------------------
              CAM CATAMARAN FUND, LDC
            (In Voluntary Liquidation)
         The Companies Law (2003 Revision)

TAKE NOTICE that the following special resolutions were passed
by the shareholders of the abovementioned company at an
extraordinary meeting held on 11th October 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 22nd November 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.
          For enquiries: Victor Murray
          CFS Liquidators Ltd.
          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


CORSAIR LIMITED: Taps Cullinane, Boggess as Liquidators
-------------------------------------------------------
               CORSAIR (CAYMAN ISLANDS) LIMITED
                      (The "Company")
                 (In Voluntary Liquidation)
                 Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
Shareholders of the Company by written resolution dated 20th
October 2005:

"RESOLVED that the Company be voluntarily wound up and John
Cullinane and Derrie Boggess, c/o Walkers SPV Limited, P.O. Box
908, George Town, Grand Cayman, Cayman Islands, be appointed as
Joint Liquidators to act for the purposes of such winding up."

NOTICE IS HEREBY GIVEN that the creditors of the Company which
is being wound up voluntarily are required within 30 days of the
publication of this notice, to send in their names and addresses
and the particulars of their debts and claims and the names and
addresses of their attorneys-at-law (if any) to the undersigned.
In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Date of Publication: October 20, 2005

CONTACT: JOHN CULLINANE and DERRIE BOGGESS
         Joint Voluntary Liquidators
         For enquiries: John Cullinane
         c/o Walkers SPV Limited
         Walker House, P.O. Box 908
         George Town, Grand Cayman
         Telephone: (345) 914-6305


EEGO FUND: Shareholders Place Firm into Voluntary Liquidation
-------------------------------------------------------------
               EEGO FUND INTERNATIONAL
             (In Voluntary Liquidation)
           The Companies Law (2003 Revision)

TAKE NOTICE that the following special resolutions were passed
by the shareholders of the abovementioned company at an
extraordinary meeting held on 11th October 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 22nd November 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.
          For enquiries: 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


MEDICAL ALLIANCE: Creditors to Prove Debt Claims Before Nov. 30
---------------------------------------------------------------
         MEDICAL ALLIANCE INSURANCE NETWORK LIMITED
               (In Voluntary Liquidation)
                    ("The Company")
            The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of the Company at an extraordinary meeting held on
19th September 2005:

"RESOLVED THAT the Company be placed into voluntary liquidation
and that S.L.C. Whicker and K.D. Blake, of KPMG, Grand Cayman,
Cayman Islands, be and are hereby appointed Joint Voluntary
Liquidators of the Company to act jointly or severally for the
purposes of such liquidation."

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

CONTACT:  K.D. BLAKE
          Joint Voluntary Liquidator
          PO Box 493 GT, Grand Cayman
          Cayman Island
          Telephone: 345-914-4331
          Facsimile: 345-949-7164

          For enquiries: Caroline Cookson
          P.O. Box 493 GT, Grand Cayman
          Cayman Islands
          Telephone: 345-949-4800
          Facsimile: 345-949-7164


PGS FOCUS: To Commence Wind Up Process
--------------------------------------
                    PGS Focus - TR Kingsway Ltd.
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

The following special written resolution was passed by the sole
shareholder of PGS Focus - TR Kingsway Ltd. on October 12, 2005:

"RESOLVED THAT the Company be placed into voluntary liquidation
and that S.L.C. Whicker and K.D. Blake, of KPMG, Grand
Cayman, Cayman Islands, be and are hereby appointed Joint
Voluntary Liquidators of the Company to act jointly or severally
for the purposes of such liquidation."

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: K.D. Blake, Joint Voluntary Liquidator
         PO Box 493 GT, Grand Cayman
         Cayman Island
         Telephone: 345-949-4800
         Facsimile: 345-949-7164

         Caroline Cookson
         P.O. Box 493 GT, Grand Cayman
         Cayman Islands
         Telephone: 345-914-4331
         Facsimile: 345-949-7164


PMA HOLDINGS: Shareholders Resolve to Liquidate
-----------------------------------------------
                     PMA Holdings, Cayman Ltd.
                     (In Voluntary Liquidation)
                       The Companies Law (R)
                             (Cap. 22)

TAKE NOTICE THAT the following special resolution was passed at
the shareholders of PMA Holdings, Cayman Ltd. at an
extraordinary meeting held on October 18, 2005:

"RESOLVED THAT the Company will be voluntarily wound-up and that
Clare Douglas and Lily Chen of Marsh Management Services
Cayman Ltd. are hereby appointed liquidators of the Company for
the purpose of winding up the Company."

NOTICE IS HEREBY GIVEN that creditors of the Company are
required on or before November 30, 2005, to send full
particulars of their debts or claims to the liquidators of the
Company. In default thereof, they will be excluded from the
benefit of any distribution made before such debts are proved.

CONTACT: Clare Douglas and Lily Chen
         Joint Voluntary Liquidators
         Marsh Management Services Cayman Ltd.
         P.O. Box 1051 G.T., 3rd Floor
         FirstCaribbean House, 10 Main Street
         George Town, Grand Cayman


RWC LIMITED: Royhaven Secretaries Limited Selected as Liquidator
----------------------------------------------------------------
                           RWC Limited
                    (In Voluntary Liquidation)
                 The Companies Law (2003 Revision)

The following special resolution was passed by the shareholders
of RWC Limited at an Extraordinary General Meeting of the
shareholders held on October 18, 2005:

"That the Company be voluntarily wound up and that Royhaven
Secretaries Limited be appointed as liquidator for the purpose
of winding up the Company."

Creditors of the Company are to prove their debts or claims on
or before the November 30, 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: Ms. Judith Chatoo, Voluntary Liquidator
         P O Box 707 GT, Grand Cayman
         Telephone: 945 4777
         Facsimile: 945 4799


SAIL VALUE: Creditors to Submit Claims to Liquidator
----------------------------------------------------
                  Sail Value Asia Master Fund
                  (In Voluntary Liquidation)
                  Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
Shareholders of the Company by written resolution dated August
31, 2005:

"RESOLVED that the Company be voluntarily wound up and John
Cullinane and Derrie Boggess, c/o Walkers SPV Limited, P.O. Box
908, George Town, Grand Cayman, Cayman Islands, be appointed as
Joint Liquidators to act for the purposes of such winding up."

NOTICE IS HEREBY GIVEN that the creditors of the Company, which
is being wound up voluntarily, are required within 30 days of
the publication of this notice, to send in their names and
addresses and the particulars of their debts and claims and the
names and addresses of their attorneys-at-law (if any) to the
liquidator. In default thereof, they will be excluded from the
benefit of any distribution made before such debts are proved.

Date of Publication: October 19, 2005

CONTACT: John Cullinane and Derrie Boggess
         Joint Voluntary Liquidators
         c/o Walkers SPV Limited
         Walker House, P.O. Box 908
         George Town, Grand Cayman
         Telephone: (345) 914-6305


SKYWARD LTD.: Resolves to Liquidate
-----------------------------------
                           Skyward Ltd.
                    (In Voluntary Liquidation)
                 The Companies Law (2003 Revision)

The following special resolution was passed by the shareholders
of Skyward Ltd. at an Extraordinary General Meeting of the
shareholders held on October 18, 2005:

"That the Company be voluntarily wound up and that Royhaven
Secretaries Limited, of Coutts (Cayman) Limited, Coutts House,
1446 West Bay Road, PO Box 707 GT, Grand Cayman, be appointed as
liquidator for the purpose of winding up the Company."

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 (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: Royhaven Secretaries Limited, Voluntary Liquidator
         James Diamond
         P.O. Box 707GT, Grand Cayman
         Telephone: 945-4777
         Facsimile: 945-4799
         Telephone: 945-4777
         Facsimile: 945-4799

WINDSONG PROPERTIES: Voluntary Wind Up Begins
---------------------------------------------
                    Windsong Properties Limited
                    (In Voluntary Liquidation)
                 THE COMPANIES LAW (2004 Revision)

TAKE NOTICE THAT the following resolution was passed by the Sole
Shareholder of Windsong Properties Limited by written resolution
dated October 5, 2005.

"RESOLVED that the Company be voluntarily wound up and RTB
Secretaries Limited, of PO Box 10129 APO, 5th Floor Citrus
Grove, George Town, Grand Cayman, be appointed as Liquidator to
act for the purposes of such winding up."

NOTICE IS HEREBY GIVEN that the creditors of Windsong Properties
Limited, which is being wound up voluntarily, are required
within 30 days of the publication of this notice, to send in
their names and addresses and the particulars of their debts and
claims and the names and addresses of their attorneys-at-law (if
any) to the liquidator. In default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.

Date of Publication: October 5, 2005

CONTACT: RTB Secretaries Limited, Voluntary Liquidator
         C/O Rothschild Trust Cayman Limited
         PO Box 10129 APO, 5th Floor Citrus Grove
         George Town, Grand Cayman
         Telephone: (345) 946 7033
         Facsimile: (345) 946 7043



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

AES GENER: Completes $130M Refinancing Program
----------------------------------------------
AES Gener said it has concluded a US$130-million refinancing
program geared at improving the terms of a previous US$73
million syndicated loan and financing the upcoming maturity of a
Yankee bond in January 2006, reports Business News Americas.

The new loan has an interest rate of Libor plus 65 basis points
and is guaranteed by French investment bank BNP-Paribas and
European investment bank Calyon, among others. AES Gener said it
must amortize the loan between 2008 and 2012.

Headquartered in Santiago de Chile, AES Gener is Chile's second-
largest electricity generation company.



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

PAZ DEL RIO: Considers Diversifying Flat Products
-------------------------------------------------
Steelmaker Acerias Paz del Rio (APR) is seriously considering a
diversification of its flat products, a move that would require
big investments, Business News Americas reports. APR president
Gilberto Gomez Arango made this announcement without mentioning
the kind of investment the plan would require nor which products
it might produce.

The executive also revealed that APR is already in the advanced
stages of its industrial restructuring. He expects new equipment
to be operating by October next year.

Mr. Gomez said once these works are completed, APR would be
better positioned to open itself to a foreign or domestic
investor who would find solid opportunities in the company.

APR has a 14% market share in the domestic steel market and
accounts for 30% of domestic production. The Company is
headquartered in the town of Belencito in central Boyaca
department.

CONTACT: Acerias Paz Del Rio S.A.
         CARRERA 8A, N 13-31, PISOS 7-11
         4260 - Bogota
         Colombia
         Phone: +57 1 3411570
                +57 1 2823480



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

C&W JAMAICA: Takes Legal Action To Disprove Allegations
-------------------------------------------------------
Mobile operator Cable & Wireless Jamaica (C&WJ) is taking legal
steps against rival Digicel for accusing the former of directly
targeting Digicel clients with telemarketing campaigns, reports
Business News Americas. Digicel published an advertisement on
Sunday saying that "another mobile company" was making
unsolicited calls to its customers, selling GSM products and
services.

"This latest accusation is totally false, malicious and, in our
opinion, libelous. We don't mind a good fight, but let it be
fair and conducted with integrity," C&WJ chief executive Rodney
Davis said.

Mr. Davis explained that C&WJ had embarked on a telesales
campaign to attract new customers but that the telephone numbers
were selected using a predictive dialing system, which uses
methods based on publicly available number codes.

"There has been absolutely no breach of Office of Utilities
Regulation (OUR) regulations or interconnection agreements
between the companies," Mr. Davis said.


NCB JAMAICA: Sovereign Ratings Constrains Own Ratings
-----------------------------------------------------
Rationale

The ratings on National Commercial Bank Jamaica Ltd. (NCB) are
constrained by the sovereign ratings on Jamaica, as sovereign
bonds and loans to public entities represent most of NCB's
assets. The ratings are also constrained by NCB's larger-than-
peer loan concentration in its main clients and its operating in
a relatively small, highly indebted, and nondiversified economy.
The ratings are supported by the bank's relevant market presence
in the Jamaican banking system and consistent improvements in
its operating performance.

NCB maintains a large exposure to Jamaica's government,
represented by investments in government bonds. In addition, an
important portion of the loan portfolio is concentrated in
Jamaican public-sector companies in which the government is the
ultimate payer. Concentration in NCB's loan portfolio is higher
than that observed in other Central American and Caribbean banks
because the loan portfolio is relatively small, there is a
reduced number of clients, and loans are larger than those of
other institutions. Although NCB is increasing its consumer
loans to improve margins and to diversify its loan portfolio,
its main business is commercial lending and it will take time to
decrease concentrations and change the business mix.

NCB is one of the leading institutions in Jamaica, holding
around a 35% market share in terms of deposits. The bank
benefits from strong brand-name recognition, maintains an
important presence in retail banking, and holds a leading
position in the island's credit card business. The bank
benefited in the past year from a stable foreign exchange
market, lower rates than in prior years, and improved economic
conditions. In addition, it strengthened credit risk
underwriting by centralizing and focusing processes, updating
credit limits, and strengthening credit approval processes for
consumer loans.

While growth in the loan portfolio continues, loans still
represent a small 23% of total assets as of June 2005. The
nonperforming asset (NPA) ratio has improved to 3.4% at June
2005 from 4% in 2004 and 5% reported in 2003. On the same
positive trend, reserve coverage was maintained at an adequate
1.3x the balance of NPAs. As credit underwriting has
strengthened, Standard & Poor's Ratings Services expects asset
quality to remain at current levels, barring any major event in
Jamaica's economy.

Improvements in NCB's financial profile have been achieved in
loan growth, higher participation of consumer loans, and
improving asset quality. Nevertheless, the bank's cost-to-income
ratio is still at a weak 64%, and although it has shown a
positive trend in the past two years, it will pose a challenge
to maintain as the bank follows its expansion strategy. In our
view, the bank maintains a high regulatory capital ratio that
allows loan growth, but given expansion plans, adjusted capital
ratios could be under pressure in the future.

Outlook

The stable outlook mirrors the outlook on the sovereign credit
ratings on Jamaica, and reflects NCB's significant exposure to
that country, with most of the bank's assets represented by
government securities. NCB has improved its financial profile,
but it is challenged to further increase its loan portfolio,
maintaining adequate asset quality and reducing loan
concentration. The positive developments concerning
profitability are expected to continue; however, an improvement
in efficiency has to be implemented to maintain the trend. We
believe that NCB can maintain adequate profitability ratios as a
consequence of its important market share, and the increasing
focus on growing its consumer loan portfolio under prudent
underwriting standards.

Primary Credit Analyst: Leonardo Bravo, Mexico City (52)55-5081-
4406; leonardo_bravo@standardandpoors.com

Secondary Credit Analyst: Jaime Carreno, Mexico City (52) 55-
5081-4417; jaime_carreno@standardandpoors.com



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

ASARCO: Completes $75M DIP Financing Arrangement
------------------------------------------------
ASARCO LLC entered into a $75,000,000 debtor-in-possession
financing arrangement with The CIT Group/Business Credit, Inc.
on October 27, 2005. Borrowings under this arrangement are
limited, on an interim basis, to $20,000,000 until the
Bankruptcy Court overseeing ASARCO's Chapter 11 case considers
approving the entirety of the loan at a hearing scheduled for
November 28, 2005. The Company filed for Chapter 11 bankruptcy
on August 10, 2005.

"We are pleased with CIT's credit decision to provide working
capital financing to ASARCO," said the Company's Chief Financial
Officer, Genaro Guerrero. "ASARCO has been performing on its
post-bankruptcy obligations to suppliers and vendors and the
closing of the CIT credit facility will assist the Company in
continuing to meet its post-bankruptcy operating expenses going
forward. This is a good result for the Company, its creditors
and stakeholders," he said.

ASARCO is a Tucson-based integrated copper mining, smelting and
refining company.

CONTACT: ASARCO
         Joan Beckim
         (520) 798-7741


AXTEL: Reports Improved Financial Results in 3Q05
-------------------------------------------------
Axtel, S.A. de C.V., a leading telecommunications services
provider in Mexico, announced its unaudited third quarter and
last twelve-month results ended September 30, 2005.

Revenues

Revenues are derived from:

- Local calling services. The Company generates revenue by
enabling customers to originate and receive an unlimited number
of calls within a defined local service area.

Customers are charged with a flat monthly fee for basic service,
a per call fee for local calls (measured service) a per minute
usage fee for calls completed on a cellular line (calling party
pays, or CPP calls) and a monthly fee for value added services
and internet when requested by the customer.

- Long distance services. We generate revenues by providing long
distance services (domestic and international) for customers'
completed calls.

- Other services. Axtel generates revenues from other services,
which include activation fees for new customers as well as data,
interconnection and dedicated private line service charged on a
monthly basis.

Revenues from operations

Revenues from operations increased to MXN1,251.7 million in the
third quarter of year 2005 from MXN1,013.6 million for the same
period in 2004, an increase of MXN238.1 million or 23%. Axtel's
lines in service at the end of the third quarter of 2005
increased to 567,191 from 418,035 at the end of the same period
in 2004, an increase of 36%.

Revenues from operations increased to MXN4,649.5 million for the
twelve month period ended September 30, 2005 from MXN3,726.5
million for the same period in 2004, an increase of MXN923.0
million or 25%. This result was driven due to the launch of
operations of six new cities during the second half of 2004 and
infrastructure expansion in the current cities, resulting in a
higher customer base and traffic growth.

The Company derived its revenues from the following sources:

Local services: Local service revenues increased to MXN901.2
million for the three-month period ended September 30, 2005 from
MXN723.6 million for the same period ended 2004, an increase of
MXN177.6 million or 25%. For the twelve-month period ended
September 30, 2005, local services increased to MXN3,308.3
million from MXN2,685.5 million recorded in the same period of
2004, an increase of MXN622.7 million or 23%. Higher number of
lines in service reflected in the monthly rent and a higher
cellular consumption were the main drivers of these increases.

Long distance services. Long distance service revenues increased
to MXN117.1 million for the three-month period ended September
30, 2005 from Ps. 100.4 million in the same period in 2004, an
increase of MXN16.6 million or 17%, due to our increased
customer base. For the twelve-month period ended September 30,
2005, long distance services increased to Ps. 435.5 million from
MXN371.9 million registered in the same period in 2004, an
increase of MXN63.6 million or 17%.

Other services: Revenue from other services increased to
MXN233.5 million in the third quarter of 2005 from MXN189.6
million in same period in 2004, an increase of MXN43.9 million
or 23%.

Other services revenue increased to MXN905.7 million for the
twelve-month period ended September 30, 2005 from MXN669.1
million for the same period in year 2004, an increase of
MXN236.6 million or 35%.

Cost of Revenues and Operating Expenses

Cost of Revenues: For the three-month period ended September 30,
2005, the cost of revenues was MXN380.7 million, an increase of
MXN58.4 million compared with the same period of year 2004. For
the twelve-month period ended September 30, 2005, the cost of
revenues reached MXN1,468.6 million, an increase of MXN339.3
million in comparison with the same period in year 2004. Both
increases were mainly due to a higher consumption in cellular
and domestic long distance traffic.

Gross Profit: Gross profit is defined as revenues minus costs of
revenues. For the third quarter of 2005, the gross profit
accounted for MXN871.0 million, an increase of MXN179.8 million
or 26%, compared with the same period in year 2004. For the
twelve-month period ended September 30, 2005, our gross profit
increased to MXN3,180.8 million from MXN2,597.2 million recorded
in the same period of year 2004, an increase of MXN583.6 million
or 22%.

Operating expenses: For the third quarter of year 2005,
operating expenses grew MXN62.1 million totaling MXN 422.7
million. During the same period of year 2004 this amount was
MXN360.6 million. For the twelve-month period ended September
30, 2005, operating expenses increased MXN312.4 million coming
from MXN1,323.6 million in 2004 to MXN1,635.9 million in 2005.
These increases were attributable primarily to rents, sales
commissions and advertising expenses related to the current
operational levels of the Company.

Adjusted EBITDA: (1) The Adjusted EBITDA was MXN448.3 million
for the three-month period ended September 30, 2005 as compared
to MXN330.6 million for the same period in 2004, an increase of
36%. As a percentage of total revenues it was 36% for the three-
month period ended September 30, 2005. For the twelve-month
period ended September 30, 2005 it increased to MXN1,544.9
million from MXN1,273.6 million in the same period in year 2004,
an increase of MXN271.3 million, or 21.0%.

Depreciation and Amortization: As a result of the continuing
expansion of our asset base, depreciation and amortization
increased to MXN278.5 million for the three-month period ended
September 30, 2005 from MXN259.9 million for the same period in
year 2004, an increase of MXN18.6 million or 7%.

Depreciation and amortization for the twelve-month period ended
September 30, 2005 reached MXN1,072.3 million from MXN996.2
million in the same period in year 2004, an increase of MXN76.0
million or 8%.

Operating Income (loss): Operating income increased to
MXN169.8 million for the three-month period ended September 30,
2005 compared to an operating income of MXN70.7 million
registered in the same period in year 2004, an increase of
MXN99.1 million or 140%. For the twelve-month period ended
September 30, 2005 our operating income reached MXN472.7 million
when compared to the income registered in the same period of
year 2004 of MXN277.4 million, an increase of MXN195.3 million
or 70%.

Comprehensive financial result: The comprehensive financial loss
was MXN73.6 million for the three-month period ended September
30, 2005, compared to a comprehensive financial loss of MXN50.9
million for the same period in 2004. This result was
attributable to the reopening of our Senior Notes on the first
quarter of 2005 increasing our net interest expense. For the
twelve-month period ended September 30, this effect was
partially offset with the foreign exchange gain.

Capital Expenditures: Axtel invested MXN386.0 million in fixed
assets during the third quarter of year 2005 vs. MXN372.3
million during the same period of year 2004, a 4% increase. For
the twelve-month period ended September 30, 2005, Axtel invested
MXN1,749.8 million in fixed assets compared to MXN1,052.0
million of the same period of year 2004, an increase of MXN697.7
million, or 66%.

This investment was targeted towards the expansion of our
network infrastructure both in current and new cities, as well
as to the net lines added during this period.

AXTEL is one of the leading fixed-line telecommunications
providers in Mexico. It offers local services, national and
international long distance services, internet and value-added
services. It provides a basic telecom infrastructure in Mexico
through its intelligent network, offering a wide range of
services to all its markets. Headquartered in Monterrey, AXTEL
also has offices in Guadalajara, Leon, Mexico, Puebla, Toluca,
Queretaro, San Luis Potosi, Aguascalientes, Saltillo, Cd. Juarez
and Tijuana.

CONTACT: Axtel, S.A. de C.V.
         Jose Manuel Basave
         Corporate Communication
         E-mail: jmbasave@axtel.com.mx

         URL: www.axtel.com.mx


BALLY TOTAL: Investment Funds Demand Right to Inspect Records
-------------------------------------------------------------
Investment funds Liberation Investments, L.P. and Liberation
Investments Ltd. submitted a letter to Bally Total Fitness
Holding Corporation pursuant to Section 220 of the Delaware
General Corporation Law demanding the right to inspect the
Company's stockholder list and certain books and records of the
Company relating to, among other things, the:

     (i) adoption by the Company's Board of Directors on Oct.
         18, 2005 of a Stockholder Rights Plan;

    (ii) independence of certain directors and the circumstances
         of their appointment to the Board; and

   (iii) Company's retention of Russell Reynolds Associates to
         find independent directors and the relationship between
         RRA and existing directors of the Company.

Stockholders of a Delaware corporation, the state in which the
Company is incorporated, have a statutory right under Delaware
law to inspect and copy its books and records.  The Liberation
Funds and their affiliates beneficially own approximately 12% of
the Company's outstanding shares.  If the Company fails to make
the requested materials available to Liberation Funds for
inspection within five business days of the submission of the
Demand Letter, Liberation funds is entitled to apply to the
Delaware Court of Chancery for an order compelling the Company
to make them available.

The Liberation Funds submitted the Demand Letter to the Company
in order to investigate the adoption of a management protection
provision in the Poison Pill.  In addition, the Liberation Funds
seek to investigate whether all of the "independent" members of
the Board are in fact independent of the influence of the
Company's management and whether their connections with the
Company's management were properly disclosed before they were
appointed.  The Liberation Funds intend to examine all of the
documentary materials and other information made available to
them by the Company pursuant to the Demand Letter and, if
appropriate, use such materials in a legal action against the
Company.  In addition, the Liberation Funds are weighing the
possibility of running a proxy contest to, among other
possibilities, elect directors or change the Company's by-laws
to permit the stockholders to vote to remove Mr. Paul Toback as
Chief Executive Officer of the Company.

Liberation Investments, L.P., and Liberation Investments Ltd.
are private investment funds managed by Liberation Investment
Group LLC.  Emanuel R. Pearlman is the majority member and
general manager of Liberation Investment Group LLC, and as such
may be deemed to be the beneficial owner of the shares of the
Company owned by the Liberation Funds.

Bally Total Fitness is the largest and only nationwide
commercial operator of fitness centers, with approximately four
million members and 440 facilities located in 29 states, Mexico,
Canada, Korea, China and the Caribbean under the Bally Total
Fitness(R), Crunch Fitness(SM), Gorilla Sports(SM), Pinnacle
Fitness(R), Bally Sports Clubs(R) and Sports Clubs of Canada(R)
brands.  With an estimated 150 million annual visits to its
clubs, Bally offers a unique platform for distribution of a wide
range of products and services targeted to active, fitness-
conscious adult consumers.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2005,
Moody's Investors Service affirmed the Caa1 corporate family
(formerly senior implied) rating and debt ratings of Bally Total
Fitness Holding Corporation.  The affirmation reflects continued
high risk of default and Moody's estimate of recovery values of
the various classes of debt in a default scenario.  Moody's said
the ratings outlook remains negative.

Moody's affirmed these ratings:

   * $175 million senior secured term loan B facility
     due 2009, rated B3

   * $100 million senior secured revolving credit facility
     due 2008, rated B3

   * $235 million 10.5% senior unsecured notes (guaranteed)
     due 2011, rated Caa1

   * $300 million 9.875% senior subordinated notes due 2007,
     rated Ca

   * Corporate family rating, rated Caa1 (Troubled Company
     Reporter, Nov. 3, 2005, Vol. 9, No. 261)


CABLEMAS: S&P Assigns 'BB-' Local, Foreign Currency Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' local and
foreign currency corporate credit ratings to Mexico City-based
cable TV company Cablemas S.A. de C.V. (Cablemas) The outlook is
stable.

At the same time, Standard & Poor's assigned its 'BB-' rating to
Cablemas' proposed US$165 million senior notes issue maturing in
2015, which will not be registered under the Securities Act of
1933, as amended, and which may not be offered or sold in the
U.S. absent registration thereunder or pursuant to an exemption
therefrom. The notes will be guaranteed by substantially all of
Cablemas' subsidiaries. Proceeds from the proposed offering of
notes will be used to refinance all the existing indebtedness,
including leases, and to prefund capital expenditures.

"The ratings on Cablemas reflect a reasonable pro-forma
financial profile despite the notes' representing a substantial
increase in its indebtedness; its important cable-TV subscriber
base; the experience of its management team and the
institutionalization of the company; the high percentage of
upgraded network and the positive impact that its affiliated
company Productora y Comercializadora de Televisión S.A. de C.V.
(PCTV) has in the purchase of video signals and programming
material; and the small competition from other cable-TV
operators in the concessioned areas where Cablemas operates, as
well as Cablemas' leading role in the consolidating cable-TV
sector in Mexico, which is in its initial stages of providing IP
telephony," said Standard & Poor's credit analyst Manuel
Guerena.

Offsetting factors include the risk that the company increases
its indebtedness beyond the planned limits to acquire another
cable-TV operator; considerable competition in the pay-TV
industry; uncertainties regarding the evolution of the "triple-
play" (video, voice, and Internet access bundled offering)
strategies that Cablemas and other players are implementing; FX
risks (both in financing and in video signals purchasing); and
the technology evolution that requires operators to make
periodical investments to upgrade their networks.

Founded in 1988, Cablemas is the second-largest Multi-System
Operator (MSO) cable-TV operator in Mexico, measured by the
number of its subscribers: 546,402 video and 87,336 Internet
subscribers as of June 2005.

The stable outlook reflects Standard & Poor's expectation that
Cablemas' main debt-related ratios will improve throughout 2006
according to this rating level, given that in the first few
quarters some of them will look weak for it. In the meantime,
the company's debt refinancing and the discretion over its capex
budget will allow for this transition period. A delay in the
fulfillment of this expectation could prompt a negative action
on Cablemas' rating or outlook, as would an unexpected increase
in debt. By the same token, a positive action within this
consolidating industry would depend upon the company's financial
performance in relation to its indebtedness and on the way it
may finance eventual future acquisitions.

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


SANLUIS CORPORACION: Sales, EBITDA Up Modestly in 3Q05
------------------------------------------------------
SANLUIS Corporacion, S.A. de C.V. (BMV:SANLUIS), a Mexican
industrial group that manufactures autoparts (Suspension and
Brake components), reported Wednesday results for the three
months ended September 30, 2005.

- Sales were US$146.5 million in the third quarter of 2005, and
US$456.9 million for the first nine months of the year.

- EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization) in the last three months were US$11.4 million (8%
to sales), and US$44.2 million (10% to sales) for the first
three quarters of 2005.

- Compared to the third quarter of last year, sales increased 4%
while EBITDA decreased 10 %; comparing against the first nine
months of 2004, sales increased 7% and EBITDA was the same.

With the sales levels achieved in the first nine months of 2005,
the consolidated operating results of SANLUIS are slightly
higher than those obtained in the same period of last year.

Through additional productivity improvements and lower
operational costs the company is partially closing the gap
against the profitability levels that were obtained in the past.

For the first nine months of 2005, sales in the Suspension
Division (83% of total sales volume) were 15% above the previous
year levels, with almost all product lines having important
increases in dollar terms (Leaf Springs: +15%, Coil Springs:
+24%); whereas the Brake Division (17% of total sales volume)
posted a decrease of 19% in the same period, affected by low
sales volume in aging platforms that are in their final
production year, and the low start in the ramp-up programs for
their successor platforms.

The Operating margin (EBITDA/Sales) in the first three quarters
of the year is similar to the one achieved in the same period of
last year (10%), due to the larger sales and profitability
levels achieved in our NAFTA related Suspension business (64% of
consolidated sales) and our Brazilian Suspension operations (19%
of sales) that compensated the lower results of the Brake
Division (17% of sales) where the sales decline described above
could not be compensated in spite of the lower fixed
manufacturing costs achieved in such division; however, the
company expects to revert such drop through diversification of
its product mix and the ramp-up of new platforms during 2006.

The larger EBITDA recorded for the Suspension business in the
third quarter and in the first nine months of 2005 against last
year, is the result of the commanding market share achieved by
the company in the Light Truck segment in the United States, a
segment that represents 54% of the total North American
automotive market with positive levels of growth, and the
compensation of the high cost of steel through higher sales
levels, new contracts obtained at updated prices, lower fixed
manufacturing costs, improved productivity levels and a broader
diversification in the sourcing of raw materials, which
underline the company's efforts in its recovery process towards
the operating profitability levels that it consistently achieved
in the past.

Additionally, due to the revaluation of the Mexican Peso against
the US Dollar during the reported period, an Exchange Gain was
generated based on our net liability position in foreign
currency, this plus the Monetary Gains on the net liability
position of the company, produced a Net Profit for the first
nine months of 2005 of US$1.6 million, which favorably compares
to the Net loss of US$1.1 million reported a year earlier.

In terms of cash-flow generation, the company was able to
increase its available cash and marketable securities at the end
of the quarter by reducing its Capital Expenditures, a better
working capital management mainly based in an important raw
material inventory reduction and a rationalization on its
purchases of raw materials and components, improving supplier
financing days outstanding.

SANLUIS

SANLUIS produces suspensions and brake components for the global
automotive industry, with a focus in Original Equipment
Manufacturers (OEMs).

Suspension products include Leaf Springs (parabolic and multi-
leaf), Coil Springs, Torsion Bars, Bushings, and Stabilizer
Bars. The Brake Division produces Drums and Discs.

SANLUIS-Rassini has 89% share of the NAFTA market (U.S., Mexico
and Canada) for light truck suspensions. In the Brake division,
SANLUIS-Rassini has a 12% market share in the light truck and
automobile segment of the U.S. and Canada markets. Its solid and
diversified client base includes General Motors, Ford Motor
Company, Daimler-Chrysler, Nissan, Volkswagen and Toyota.

CONTACT: Sanluis Corporacion, S.A. de C.V.
         Antonio Olivo
         Phone: (525) 5 229-58-44
         Fax: (525) 5 202-66-04
         E-mail: aolivo@sanluiscorp.com.mx
         URL: www.sanluiscorp.com



=======
P E R U
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PAN AMERICAN SILVER: Reports Record Production in 3Q05
------------------------------------------------------

              THIRD QUARTER HIGHLIGHTS

    -  Silver production of 3.2 million ounces, a new quarterly
       record.
    -  Cash production costs in the third quarter decreased 8%
       over the first six months of 2005 to $4.15/oz.
    -  Consolidated revenue of $30.0 million, a new quarterly
       record.
    -  Cash flow from operations (before changes in non-cash
       working capital) of $7.0 million.
    -  Mine operating earnings of $4.9 million.
    -  Net earnings of $2.3 million or $0.03/share.
    -  Production at San Vicente resumed.
    -  Alamo Dorado construction on schedule and on budget.
    -  2005 Silver production on target for 12.5 million ounces.
       Production set to double by 2008.

                    FINANCIAL RESULTS

Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAA) recorded net
earnings of $2.3 million in the third quarter. Earnings in the
year-earlier period of $3.3 million included a one-time gain on
the sale of land of $3.6 million offset by a charge of $1.3
million for the early conversion of debentures.

Consolidated revenue for the third quarter of 2005 was $30.0
million, a 10% increase over 2004 due to higher metal prices and
increased silver production. Cash flow from operations before
changes in working capital held steady at $7.0 million versus
$7.1 million in 2004. Mine operating earnings in the quarter
decreased to $4.9 million from $5.9 million in the year-earlier
period, due primarily to increased depreciation and amortization
expenses.

Consolidated cash production costs declined 8% from the first
half of 2005. Higher energy and labour costs at all operations
were offset by increased productivity and the very strong
performance at Morococha. Costs are expected to hold at current
levels for the remainder of the year.

Consolidated silver production in the third quarter totaled
3,202,289 ounces, a 1% increase over the third quarter of 2004
and a new quarterly record. Zinc production in the quarter
decreased 4% over 2004 levels to 9,977 tonnes while lead
production dropped 15% to 4,113 tonnes due to lower grades at
Huaron and Quiruvilca offset by higher grades at Morococha.
Copper production decreased 5% to 1,042 tonnes due to lower
production from Huaron and Morococha partially offset by higher
production at Quiruvilca.

For the nine months ended September 30, 2005, consolidated
revenue was $81.0 million, a 28% increase over the first nine
months of 2004, due to increased silver production and higher
realized base metal prices. In the first nine months, the
Company's net loss totaled $0.5 million. In the year-earlier
period, net earnings were $4.2 million, including a one-time
gain of $3.6 million on the sale of land.

Consolidated silver production in the first three quarters of
2005 totaled 9,286,658 ounces, a 15% increase over the first
three quarters of 2004 due to the first full year of production
from Morococha. Zinc production in the first three quarters
increased 13% to 28,094 tonnes, while lead production decreased
11% to 11,492 tonnes and copper production rose 27% to 3,020
tonnes.

At September 30, 2005 working capital was $89.2 million,
including cash and short-term investments of $68.4 million.
Working capital is $7.4 million less than at June 30, 2005 due
primarily to expenditures on the construction of the Alamo
Dorado silver project in Mexico.

Geoff Burns, President and CEO of Pan American Silver stated:
"We set a new record for silver production this quarter, we
decreased our unit costs over the first two quarters of this
year and we were profitable. We've resumed production at San
Vicente ahead of schedule and the construction of Alamo Dorado
remains on time and on budget. The star performer this quarter,
though, has been Morococha, which just keeps getting better and
better."

          OPERATIONS AND DEVELOPMENT HIGHLIGHTS

                           PERU

The 87%-owned Morococha mine turned in a record quarter,
producing 705,981 ounces of silver at a cash cost of $1.99/oz.
Increased throughput and better metal recoveries more than
offset slightly lower grades than in the corresponding period of
2004. Exploration drilling continues in order to add to the 23
million new ounces of silver reserves and resources delineated
in the first half of the year. A ramp is being developed to
access a portion of the newly discovered reserves and as of
September 30 was approximately 30% complete. A series of mill
upgrades are underway and are scheduled for completion in
December, which will allow for an estimated 10% increase in
production in 2006.

The Quiruvilca mine produced 579,586 ounces of silver in the
third quarter, on par with second quarter production levels.
Cash costs declined to $3.55/oz thanks to the installation of a
new conveyor system on the 340 level of the mine to transport
ore and waste, which has helped lower unit costs.

The Huaron mine produced 940,400 ounces of silver in the third
quarter, an 11% decrease over the third quarter of 2004 but an
improvement over first and second-quarter levels. Cash costs
remain above those of 2004 as the mine continues to be hampered
by lower zinc grades and recovery rates in the ore currently
being mined. Several initiatives have been undertaken to improve
zinc recoveries and metallurgical testing continues.

In the third quarter the Silver Stockpile operation sold 158,578
ounces of silver, versus 231,115 ounces in the third quarter of
2004 due to decreased demand for the ore from the Doe Run
smelter in Peru. Production costs have increased as a reflection
of the royalty now being paid to the Peruvian company Volcan
under the operation's purchase agreement.

                          MEXICO

The La Colorada mine also turned in a record performance in the
third quarter, producing 817,744 ounces of silver, bringing its
total for the year to 2,249,760 ounces. Cash costs declined to
$5.48/oz from $7.05/oz in the corresponding period of 2004.
Mining and stockpiling of sulphide ore is underway and the
resumption of sulphide processing remains on track for April
2006. Processing the sulphides will add approximately 0.9
million ounces of silver annually to production at a cash cost
of $2.20/oz, substantially decreasing the mine's overall unit
costs.

Construction of the Alamo Dorado mine, which commenced in the
first quarter of 2005, is on schedule and on budget. Commercial
production of 5 million ounces of silver annually is expected to
begin in late 2006. More than 60% of the engineering design work
and 20% of construction has been completed. The truck
maintenance and warehouse facility are fully operational, the
lab and offices are being erected and prestripping of the open
pit has begun. During the quarter, the Company spent $10.5
million on equipment and construction, bringing the total spent
year-to-date to $16.1 million including feasibility work. An
additional $13 million is expected to be spent over the
remainder of 2005.

                      ARGENTINA

The Company is in the final stages of the feasibility study on
the 50% owned Manantial Espejo joint venture in Argentina, which
remains on target for completion at year-end. An environmental
impact study has been completed, which will be submitted to
Argentine authorities in November, along with proposals for the
development of local infrastructure. Upon mine development, the
project is expected to produce in excess of 4 million ounces of
silver and 60,000 ounces of gold annually (100% basis).

                       BOLIVIA

In October, Pan American resumed production at the San Vicente
mine under a toll milling agreement with a nearby mill. Pan
American also renegotiated its agreement with the Bolivian
mining company, EMUSA, to increase Pan American's interest in
San Vicente from 50% to 55%. The joint venture is now processing
approximately 300 tonnes of ore per day, which is expected to
add in excess of 100,000 ounces of silver to Pan American's
production total over the remainder of 2005. The Company plans
to continue mining and toll milling at a rate of 200-300 tonnes
per day until the refurbishment of the mill onsite at San
Vicente is completed in mid-2006. Upon completion, the operation
will ramp up to a nominal rate of 600 tonnes per day for annual
production to Pan American's account of 1.5 million ounces of
silver at a cash cost of less than $3/oz.

                    SILVER MARKETS

The silver price opened the third quarter at $7.10/oz and closed
at $7.53/oz, although it dipped as low as $6.74 before
rebounding to average $7.07/oz for the quarter, on par with its
$7.06/oz average price for the year to date. A study on the
Chinese silver market commissioned by the Silver Institute was
released by Gold Fields Mineral Services in the third quarter.
GFMS has identified China as the most important emerging market
for silver. It also reports that Chinese stockpiles of silver,
which were sold into the market through the late '90s, are now
believed to be much reduced or gone and are expected to have
little impact on the silver price going forward.

To see financial statements:
http://bankrupt.com/misc/Pan_American_Silver.htm

CONTACT: Pan American Silver Corp.
         Brenda Radies, Vice-President Corporate Relations
         Tel: (604) 806-3158
         URL: http://www.panamericansilver.com


SIDERPERU: Slips Into Red With $1.6M Net Loss for 3Q05
------------------------------------------------------
Steelmaker Siderperu ended the third quarter of 2005 with a net
loss of PEN5.38 million (US$1.6 million) compared with a PEN13.1
million net profit year-on-year, reports Business News Americas.
For the 3Q05, the Company reported a 4.9% increase in revenue to
PEN193 million. But total operating costs during the period grew
10% to PEN179 million.

Meanwhile, steel demand increased during the third quarter as
the country's GDP expanded thanks to growth in the construction,
mining, manufacturing and fishing industries, Siderperu said.

Last month, Lima-based risk agency Equilibrium downgraded its
rating on Siderperu's first corporate bond program to category D
from C on the Company's failure to meet commitments to pay on
September 30 three quarterly payments already postponed from
2003.

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

But Siderperu recently told the Lima Stock Exchange that it had
"renounced" the September 30 deadline to make the payment. The
Company is now believed to be seeking a new refinancing
agreement with creditors, under which it will pay off the
US$7.9-million overdue debt on an installment basis

Siderperu, which is based in Chimbote in central Peru's Ancash
department, is controlled by local holding Sider.



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

DORAL FINANCIAL: Reports Financial Results, Reassures Creditors
---------------------------------------------------------------
Doral Financial Corporation (NYSE: DRL) reported Wednesday
certain selected operational data for the third quarter and nine
months ended September 30, 2005. In doing so, the Company also
reiterated its intention to continue to meet its financial
obligations to bondholders and other creditors.

Third Quarter Highlights:

-- As of September 30, 2005, the Company had cash and cash
equivalents of $1.9 billion, of which $1.3 billion was
unencumbered, compared to $2.5 billion as of December 31, 2004,
of which $1.7 billion was unencumbered.

-- The Company's banking subsidiaries had aggregate deposits of
approximately $4.1 billion as of September 30, 2005, compared to
$3.6 billion as of December 31, 2004. The mortgage loan-
servicing portfolio increased to $15.4 billion as of September
30, 2005, compared to $14.3 billion as of December 31, 2004.

-- The Company's total loan production was $1.40 billion and
$4.25 billion for the third quarter and nine months ended
September 30, 2005, respectively, compared to $1.35 billion and
$4.03 billion for the same periods in 2004.

-- Of the Company's total loan production, internal originations
represented $1.27 billion and $3.87 billion for the third
quarter and nine months ended September 30, 2005 compared to
$1.23 billion and $3.63 billion for the same periods in 2004.

The Company's wholesale loan purchases without the related
mortgage servicing rights are now excluded from the loan
production reported above because the Company believes that
excluding such purchases provides a more meaningful measure of
the Company's mortgage production capacity. Wholesale loan
purchases without the related servicing rights amounted to
$437.67 million and $2.02 billion for the third quarter and nine
months ended September 30, 2005, compared to $632.13 million and
$1.75 billion for the same periods in 2004.

Restatement Process:

As previously announced on October 25, 2005, the Company does
not expect to meet its previous target of November 10, 2005, for
the filing of its amended annual report on Form 10-K for the
year ended December 31, 2004 and its quarterly reports for the
first two quarters of 2005. The delay is primarily attributable
to new information regarding the Company's mortgage loan sales
to local financial institutions that could impact the accounting
treatment of some or all of these transactions as "sales" under
Statement of Financial Accounting Standard (SFAS) 140. In the
event that the Company determines that a transaction does not
qualify as a "sale" for accounting purposes, the Company would
record the transaction as a loan payable and reverse the gain
previously recognized with respect to such transaction. Although
as of today the Company has not made any determination as to
whether any of its mortgage loan sales to local financial
institutions should have been recorded as loans payable, it has
re- calculated, for illustrative purposes, the applicable
capital adequacy ratios as of December 31, 2004 for itself and
its banking subsidiaries, on a pro-forma basis, assuming that
none of its mortgage loan sales to local financial institutions
are deemed to qualify as "sales" for accounting purposes. To the
extent that some or all of these transactions remain sales for
accounting purposes, these ratios would improve. As of December
31, 2004, the pro-forma capital ratios would be as follows:

The Company expects that it will continue to meet the applicable
capital adequacy requirements as of December 31, 2005,
regardless of whether some or all of the mortgage loans sales to
local financial institutions are recorded as loans payable.
The Company also reported that it had received notification from
The Nasdaq Stock Market that a Nasdaq Listing Qualifications
Panel (the "Panel") has determined to delist the Company's three
series of outstanding preferred stock from The Nasdaq National
Market, effective at the opening of business on Thursday,
November 3, 2005. Under Nasdaq rules, the Company may, within 15
days of the Panel's determination, request that the Nasdaq
Listing and Hearing Review Council review this decision. Any
such request from the Company will not stay the Panel's
determination to delist the preferred stock pending the
Council's review.

As previously announced, the Company intends to seek a re-
listing or alternative listing of its preferred shares as soon
as practicable after the completion of the restatement and the
publication of its delayed reports.

The financial information provided above is unaudited and
preliminary.

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

CONTACT: Doral Financial Corporation
         Lucienne Gigante
         Phone: 212-329-3733



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

CANTV: Seniat Orders Additional 24-Hr Closure
---------------------------------------------
Venezuela's tax authority Seniat ordered CA Nacional Telefonos
de Venezuela (CANTV) late Wednesday to shut its administration
and sales offices for an additional 24 hours. Seniat officials
originally ordered a 48-hour closure of the telecom's offices
Monday and pay an initial fine of US$342 as part of a wider
investigation of corporate tax violations. However, CANTV
administrative employees allegedly disregarded Seniat's initial
closure order by returning to their offices.

As a result, Seniat ordered CANTV keep its offices closed for an
additional 24 hours and pay a US$23,000-fine.

Tax Superintendent Jose Vielma Mora said Tuesday that his agency
had been looking at CANTV's books for more than four months
before deciding to order a shutdown.

CANTV's defiant attitude was particularly egregious, the Seniat
noted, considering that agency staff gave the CANTV every
consideration due to the important role it plays in the economy.

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


PDVSA: Releases Pequiven Ownership
----------------------------------
State oil firm Petroleos de Venezuela (PDVSA) has let go of the
state petrochemical company Pequiven, Business News Americas
reports. The national assembly authorized the modifications to
the 2002 petrochemicals law on Tuesday, ending the dependence of
Pequiven on PDVSA, said Pedro Jimenez, president of the
assembly's energy and mines commission that promoted the reform.

Pequiven then becomes a company that will execute the
petrochemicals policy in the country without relying on any
other company or being a subsidiary, Mr. Jimenez stated.

The Pequiven shares from PDVSA will go to the Instituto
Venezolano de Petroquimica (IVP).

Founded in 1956 as Venezuela's first state-owned petrochemicals
entity, IVP has served little function since Pequiven's creation
in 1977. Now it will oversee the company's operations for the
government.

According to Mr.Jimenez, a provision that would have allowed the
sale of up to 49% of the shares in Pequiven was eliminated,
ruling out any chance of the government to sell a stake in the
company while this law is in effect.

"It was expressly prohibited that the shares in Pequiven be
transferred in any fashion, they can't be privatized," he said.






                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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Copyright 2005.  All rights reserved.  ISSN 1529-2746.

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