TCRLA_Public/051107.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

           Monday, November 7, 2005, Vol. 6, Issue 220

                            Headlines

A R G E N T I N A

ACINDAR: Local S&P Retains `raD' Rating on $100M Bonds
ADQ DE ARGENTINA: Set to Reorganize
BANCO HIPOTECARIO: Delays Investor Deadline on $200M Bond Issue
CIESA: S&P Affirms `raD' Rating on $220M Bonds
CONSTRUCTORA IBEROAMERICANA: Court Rules for Liquidation

EL MANZANAR: Debt Payments Halted, Moves to Reorganize
JEAN FASHION: Liquidates Assets to Pay Debts
KEY ENERGY: Amends Credit Facility to Increase Expenditures
LEANVAL S.A.: Court Grants Reorganization Plea
LYBRA INTERNATIONAL: Court Declares Company Bankrupt

NATURE ALEVE: Judge Approves Bankruptcy
NORBERTO G. FRESIA: Petitions for Reorganization
PAPAZZI S.R.L.: Court Favors Creditor's Bankruptcy Motion
PIONEER NATURAL: 3Q05 Net Income Up 53% on Higher Revenues
ROMED S.A.: Gets Court Approval for Reorganization

TELECOM ARGENTINA: Appoints The Bank of New York as Trustee
TGS: Net Income Rise to ARS52.1 Mln in 3Q05
TRANSENER: Debt Restructuring Paves the Way for Profitability
VACCARO Y CIA.: Enters Bankruptcy on Court Orders
VADELUX ROSARIO: Reorganization Proceeds to Bankruptcy



B E R M U D A

ANNUITY & LIFE: To Ratify Selection of Marcum & Kliegman LLP
FOSTER WHEELER: Enters Amendments to Indenture
ROSEMONT RE: BMA to Restrict Class 4 Insurance License
SEA CONTAINERS: To Restructure Ferries Division


B R A Z I L

AOL LATIN AMERICA: Seeks Court Approval to End Deals With Itau
BANCO DO NORDESTE: Ratings Reflect Brazil's Ownership, Support
BANCO MERCANTIL: S&P Assigns 'B' to $50M Sr. Unsec. Notes
LIGHT SERVICOS: Aneel Authorizes 10.81% Rate Hike
SADIA: Terms of Material Fact May Manifest Right to Withdraw


C A Y M A N   I S L A N D S

AMSTERDAM DREDGING: Selects David Dyer as Liquidator
AMSTERDAM FINANCE: Liquidator Appointed for Wind Up
CASTOR FINANCE: Appoints David Dyer as Liquidator
C.F.L. ASSET: Enters Voluntary Wind Up
EDELWEISS BAIL: To Wind Up Voluntarily

ENSCO ENTERPRISES: Creditors to Submit Claims to Liquidator
FHS MULTI-STRATEGY: Resolves to Liquidate
JAPAN OFFICE: Creditors' Claims to be Submitted to Liquidator
L-JAC TWO: Voluntary Liquidation Begins
MAGINET CORPORATION: Mr. Jin Soo Jung Chosen as Liquidator

MANCHESTER OVERSEAS: Voluntary Liquidator Named
RCB SECURIZATION: Names David Dyer as Liquidator
STINGRAY DREDGING: Creditors' Claims Due for Submission Nov. 30
TAURUSTHREE CDS: Resolves to Enter Liquidation Voluntarily
THE COMMUNITY: Creditors to Prove Claims Against Company Dec. 1


C H I L E

EMPRESAS IANSA: Ratings Reflect Impending Operational Challenges
ENAMI: Lone Offer for Quebrada Stake Falls Expectations


J A M A I C A

DYOLL INSURANCE: Supreme Court Halts Payouts


M E X I C O

KANSAS CITY: Units Buy Locomotives from El-Mo-Mex for $32.625M
TV AZTECA: Adrian Steckel to Head Azteca America


P A R A G U A Y

VISION S.A.: S&P Affirms `B-' Rating; Outlook Stable


P U E R T O   R I C O

FIRST BANCORP: Shareholder Class Action Filed Against Firm


V E N E Z U E L A

CANTV: Argues Seniat's Allegations Concerning Shutdown Order

     -  -  -  -  -  -  -  -

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

ACINDAR: Local S&P Retains `raD' Rating on $100M Bonds
------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
maintained its `raD' rating on US$100 million worth of bonds
issued by Acindar Industria Argentina de Aceros, securities
regulator, Comision Nacional Valores (CNV), revealed in its Web
site.

The bonds, described as "Obligaciones Negociables simples, no
convertibles en acciones, autorizadas por AGOyE de fecha
5.8.96," matured on Feb. 16, 2004.

S&P gives an `raD' rating to financial obligations that are
currently in default. The ratings agency said that the same
rating may be issued if interest or principal payments are not
made on the due even if the applicable grace period has not
expired.

The ratings given were based on Acindar's finances as of June
30, 2005.

CONTACT: Acindar Industria Argentina de Aceros S.A.
         2739 Estanislao Zeballos Beccar
         Buenos Aires
         Argentina B1643AGY
         Phone: +54 11 4719 8500
         Fax: +54 11 4719 8501
         Web site: http://www.acindar.ar.com


ADQ DE ARGENTINA: Set to Reorganize
-----------------------------------
Court No. 14 of Buenos Aires' civil and commercial tribunal is
reviewing the merits of ADQ de Argentina S.A. petition to
reorganize.

According to Argentine daily La Nacion, the Company filed the
petition following cessation of debt payments since Feb. 17,
2005. Reorganization will allow ADQ de Argentina S.A. to avoid
bankruptcy by negotiating a settlement with its creditors.

Clerk No. 28 is assisting the court on the Company's case.

CONTACT: ADQ de Argentina S.A.
         Esmeralda 1063
         Buenos Aires


BANCO HIPOTECARIO: Delays Investor Deadline on $200M Bond Issue
---------------------------------------------------------------
Banco Hipotecario has postponed the deadline for investors to
sign up for a US$200-million bond issue from November 3 to
November 9, reports Business News Americas.

The Series 4 fixed rate bonds, which mature in 2010, form part
of the bank's US$1.2-billion senior unsecured global MTN
program. Deutsche Bank (NYSE: DB) and Citigroup Global Markets
will handle the issue.

Ratings agencies Fitch and Standard & Poor's recently assigned a
negative outlook and creditwatch with negative implications
respectively to Hipotecario's bond program due to recent
disagreements between the bank's two largest shareholders - the
government and local business group IRSA.


CIESA: S&P Affirms `raD' Rating on $220M Bonds
----------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
maintained its `raD' rating on US$220 million worth of bonds
issued by Compania de Inversiones de Energia S.A. (CIESA).

The bonds, according to the CNV, are described as "Obligaciones
Negociables autorizadas por AGE de fecha 13.12.96." The bonds
matured on April 22, 2002.

The ratings given were based on the Company's finances as of
June 30, 2005.


CONSTRUCTORA IBEROAMERICANA: Court Rules for Liquidation
--------------------------------------------------------
A Buenos Aires court ordered the liquidation of Constructora
Iberoamericana S.A. after the Company defaulted on its
obligations, Infobae reveals. The liquidation pronouncement will
effectively place the Company's affairs as well as its assets
under the control of Mr. Rodolfo Daniel Venegas, the court-
appointed trustee.

Mr. Venegas will verify creditors' proofs of claim until March
20, 2006. The verified claims will serve as basis for the
individual reports to be submitted in court on May 4, 2006. The
submission of the general report follows on June 16, 2006.

CONTACT: Mr. Rodolfo Daniel Venegas, Trustee
         Avda. Corrientes 880
         Buenos Aires


EL MANZANAR: Debt Payments Halted, Moves to Reorganize
------------------------------------------------------
Court No. 15 of Buenos Aires civil and commercial tribunal is
studying the request for reorganization submitted by local
company El Manzanar de Macedo S.A., says La Nacion.

The report adds that that the Company filed a "Concurso
Preventivo" petition following cessation of debt payments on
August.

The city's Clerk No. 29 assists the court on this case.

CONTACT: El Manzanar de Macedo S.A.
         Sarmiento 1469
         Buenos Aires


JEAN FASHION: Liquidates Assets to Pay Debts
--------------------------------------------
Buenos Aires-based Jean Fashion S.A. will begin liquidating its
assets following the pronouncement of the city's court that the
Company is bankrupt, reports Infobae.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Mr. Julio Cesar Moralejo. The
trustee will verify creditors' proofs of claim until March 10,
2006. The validated claims will be presented in court as
individual reports on April 25, 2006.

Mr. Moralejo will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, on June 8, 2006.

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

CONTACT: Mr. Julio Cesar Moralejo, Trustee
         Junin 55
         Buenos Aires


KEY ENERGY: Amends Credit Facility to Increase Expenditures
-----------------------------------------------------------
Key Energy Services, Inc. (OTC Pink Sheets: KEGS) announced
Thursday that its $547.25 million senior credit facility has
been amended to increase the amount of capital expenditures
allowed under the facility during 2005 and 2006.  The Company
also announced that it will hold an investor conference call on
November 14, 2005.

                  AMENDMENT OVERVIEW

The Company has entered into an amendment to its $547.25 million
senior credit facility, which increases the amount of capital
expenditures permitted under the senior credit facility during
2005 and 2006.  Under the terms of the amendment, the Company
may make annual capital expenditures of $175 million for 2005
and $200 million for 2006.  Additionally, under certain
conditions, up to $25 million of the capital expenditure limit,
if not spent in the permitted fiscal year, may be carried over
for expenditure in the next succeeding fiscal year.  Previously,
the Company was limited in both years to annual capital
expenditures of $150 million.  The increase will provide
flexibility to support additional investments in the Company's
well service, pressure pumping, rental tool, trucking and
wireline services as well as to provide flexibility for
potential international projects in 2006.  The Company
anticipates that cash flows from operations will be sufficient
to support its capital expenditure program.

Key Energy Services, Inc. is the world's largest rig-based well
service company.  The Company provides oilfield services
including well servicing, contract drilling, pressure pumping,
fishing and rental tools and other oilfield services.  The
Company has operations in essentially all major onshore oil and
gas producing regions of the continental United States and
internationally in Argentina.

Contact:  Key Energy Services, Inc.
          John Daniel
          Tel: (713) 651-4300


LEANVAL S.A.: Court Grants Reorganization Plea
----------------------------------------------
Leanval S.A. successfully petitioned for reorganization after
Rio Grande's civil and commercial court issued a resolution
opening the Company's insolvency proceedings.

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

Infobae relates that Mr. Heraclio Juan Lanza will serve as
trustee during the course of the reorganization. The trustee
will be accepting creditors' proofs of claim for verification
until Dec. 12, 2005.

After verifications, the trustee will prepare the individual
reports and submit it in court on March 9, 2006. He will also
present a general report for court review on April 21, 2006.

CONTACT: Leanval S.A.
         Federico Echelaine 557
         Rio Grande (Tierra del Fuego)

         Mr. Heraclio Juan Lanza, Trustee
         O Higgins 156
         Rio Grande (Tierra del Fuego)


LYBRA INTERNATIONAL: Court Declares Company Bankrupt
----------------------------------------------------
Court No. 23 of Buenos Aires' civil and commercial tribunal
declared local company Lybra International Holding Group S.A.
"Quiebra", relates La Nacion. The court approved the bankruptcy
petition filed by Ms. Viviana Hantzschell, whom the Company has
debts amounting to $1,201.81.

The Company will undergo the bankruptcy process with Ms. Ester
Ferraro as trustee. Creditors are required to present proof of
their claims to Ms. Ferraro for verification before March 1,
2006. Creditors who fail to submit the required documents by the
said date will not qualify for any post-liquidation
distributions.

Clerk No. 46 assists the court on the case.

CONTACT: Lybra International Holding Group S.A.
         Avenida del Libertador General San Martin 602
         Buenos Aires

         Ms. Ester Ferraro, Trustee
         Esmeralda 960
         Buenos Aires


NATURE ALEVE: Judge Approves Bankruptcy
---------------------------------------
Nature Aleve S.A. was declared bankrupt after Court No. 17 of
Buenos Aires' civil and commercial tribunal endorsed the
petition of Ms. Viviana Gamallo for the Company's liquidation.
Argentine daily La Nacion reports that Ms. Gamallo has claims
totaling $29,114.68 against Nature Aleve S.A.

The court assigned Mr. Nestor Del Potro to supervise the
liquidation process as trustee. Mr. Potro will validate
creditors' proofs of claims until Dec. 16, 2005.

The city's Clerk No. 33 assists the court in resolving this
case.

CONTACT: Nature Aleve S.A.
         Adolfo Alsina 1572
         Buenos Aires

         Mr. Nestor Del Potro, Trustee
         Avenida Corrientes 1291
         Buenos Aires


NORBERTO G. FRESIA: Petitions for Reorganization
------------------------------------------------
Norberto G. Fresia S.A., a company operating in Buenos Aires,
has requested for reorganization after failing to pay its
liabilities.

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

The case is pending before Court No. 25 of the city's civil and
commercial tribunal. Clerk No. 50 assists on this case.

CONTACT: Norberto G. Fresia S.A.
         Belgrano 355
         Buenos Aires


PAPAZZI S.R.L.: Court Favors Creditor's Bankruptcy Motion
---------------------------------------------------------
Court No. 9 of Buenos Aires' civil and commercial tribunal
declared Papazzi S.R.L. bankrupt, says La Nacion. The ruling
comes in approval of the petition filed by the Company's
creditor for nonpayment of debt.

Trustee Tito Gargaglione will examine and authenticate
creditors' claims. 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. The date for the end of the verification
phase is yet to be disclosed.

Clerk No. 17 assists the court on the case, which will conclude
with the liquidation of the Company's assets.

CONTACT: Papazzi S.R.L.
         Marcos Sastre 2801
         Buenos Aires

         Mr. Tito Gargaglione, Trustee
         Medrano 833
         Buenos Aires


PIONEER NATURAL: 3Q05 Net Income Up 53% on Higher Revenues
----------------------------------------------------------
Pioneer Natural Resources Company (NYSE:PXD) announced Thursday
financial and operating results for the quarter ended September
30, 2005.

Pioneer reported net income for the quarter of $124 million, or
$.88 per diluted share, an increase of 53% over net income for
the same period last year of $81 million, or $.67 per diluted
share. Income from continuing operations was $105 million, or
$.74 per diluted share, compared to income from continuing
operations of $77 million, or $.64 per diluted share, for the
same period in 2004.

Pioneer's net income for the quarter included discontinued
operations of $30 million ($19 million after-tax) related to the
divestiture of its interest in non-core assets on the Gulf of
Mexico shelf. Net income also included a $33 million pre-tax
charge ($21 million after-tax) related to the incremental
abandonment obligation for the East Cameron 322 field which was
lost during Hurricane Rita. Insurance is expected to cover this
cost as well as the value of the platform and lost revenues.
Insurance recoveries will be recognized as income in future
quarters as the amount of the recoveries becomes known.

Cash flow from operations for the third quarter was $318
million, an increase of 33% compared to $239 million for the
same period in 2004. The increase in operating cash flow is
attributable to higher prices for oil, gas and natural gas
liquids partially offset by cost increases.

Scott D. Sheffield, Chairman and CEO, stated, "We had a strong
quarter and have made significant progress in executing the
strategic initiatives we announced in September. We completed
most of the first phase of our share repurchase program,
repurchased $217 million of bonds and increased our semiannual
dividend by 20%. In October, we opened data rooms covering the
assets we have targeted for divestiture in the deepwater Gulf of
Mexico and Tierra del Fuego in southern Argentina. Our increased
2005 drilling programs are on track, and we've made significant
progress towards sanctioning a project to commercialize our gas
reserves offshore South Africa."

During 2005, Pioneer has repurchased 19.8 million shares for
$941 million, including $641 million of the $650 million share
repurchase program announced on September 1 for execution during
2005. A $300 million repurchase program concluded earlier in the
year.

Third quarter oil and gas sales averaged 169,255 barrels oil
equivalent per day (BOEPD), excluding 1,831 BOEPD associated
with fields sold during the quarter that are reflected in
discontinued operations. Third quarter oil sales averaged 41,938
barrels per day (BPD) and natural gas liquids sales averaged
20,595 BPD. Gas sales in the third quarter averaged 640 million
cubic feet per day (MMcfpd). Third quarter prices for oil and
natural gas liquids were $40.66 and $34.53 per barrel,
respectively. The worldwide price for gas was $5.70 per thousand
cubic feet (Mcf) and includes $.37 per Mcf associated with the
VPP transactions. North American gas prices averaged $7.10 per
Mcf, including $.48 per Mcf associated with the VPP
transactions.

Third quarter production costs averaged $7.61 per barrel of oil
equivalent (BOE). The increase in third quarter lease operating
costs is attributable to increases in commodity prices resulting
in higher production taxes, decreases in deepwater Gulf of
Mexico production which has lower per BOE operating costs and
price increases in services and supplies related to field
operations. Exploration and abandonment costs were $64 million
for the quarter and included $11 million of dry hole and
abandonments associated primarily with unsuccessful wells in
Argentina and Tunisia, $33 million of incremental abandonment
charges associated with the aforementioned East Cameron 322
field which was lost during Hurricane Rita, $17 million of
geologic and geophysical expenses including seismic costs and $3
million of delay rentals and unproved acreage abandonments.
General and administrative costs for the quarter were $33
million.

For the same quarter last year, adjusted to exclude discontinued
operations from asset sales, Pioneer reported oil and gas sales
of 170,298 BOEPD, including oil sales of 44,004 BPD, natural gas
liquids sales of 20,933 BPD and gas sales of 632 MMcfpd. Prices
for third quarter 2004 were $33.29 per barrel for oil, $26.89
per barrel for natural gas liquids and $4.11 per Mcf for gas.
North American gas prices averaged $5.08 per Mcf.

Operations Update

During the third quarter, Pioneer continued the aggressive pace
of development set earlier in the year. Currently, the Company
has 18 onshore rigs running in the U.S., five in Argentina, five
in Canada and one in Tunisia.

As discussed above, Pioneer's East Cameron 322 platform was
destroyed by Hurricane Rita. Pioneer plans to abandon the East
Cameron 322 field because the pre-hurricane production of
approximately 600 BOEPD and future production profile do not
justify the cost of replacing the platform. Devils Tower
production is in the process of being restarted, and production
is expected to return to pre-hurricane levels of approximately
5,000 net BOEPD shortly after start up. The subsea wells at the
Triton and Goldfinger satellite fields have been tied back to
the Devils Tower platform and are ready to flow. Further
increases in production from these subsea wells and Devils Tower
well recompletions will occur over the next few months as
additional repairs are completed on Chevron's Empire Terminal.
Pioneer's remaining operations in the Gulf of Mexico experienced
limited disruptions from Hurricanes Katrina and Rita. Deepwater
facilities at Falcon, Canyon Express and Devils Tower had little
to no damage. By October 1, 2005, Falcon and Canyon Express were
fully operational and producing at pre-hurricane levels.

In the Raton Basin, production is increasing as a result of a
pipeline expansion that was completed in October. Pioneer
drilled 36 Raton wells during October, 234 wells year-to-date,
and expects production growth from the field of 5% to 7% during
2005.

In Canada, Pioneer has drilled 90 wells of a 180 well program in
the Horseshoe Canyon coal bed methane play and expects to
complete the balance of the program by the end of the year. An
additional 180 well program is planned for 2006.

In South Africa, Pioneer and PetroSA have signed a Memorandum of
Understanding finalizing the terms for jointly developing South
Coast gas fields to provide feedstock for PetroSA's onshore gas-
to-liquids plant at Mossel Bay. Pioneer holds a 45% interest in
the gas development project and expects to initiate production
from the project during the first half of 2007.

In October, the Company announced a discovery on its Clipper
prospect in the deepwater Gulf of Mexico. This discovery will be
included in Pioneer's deepwater Gulf of Mexico divestment
program. Data rooms related to this divestment and the Tierra
del Fuego properties in Argentina have been opened. Randall &
Dewey is advising Pioneer on the Gulf of Mexico sale, and Scotia
Waterous/Toronto Dominion is supporting the Argentine sale. The
bids related to both divestiture packages are due in December.

Financial Outlook

The following statements are estimates based on current
expectations. These forward-looking statements are subject to a
number of risks and uncertainties which may cause the Company's
actual results to differ materially from the following
statements. The last paragraph of this release addresses certain
of the risks and uncertainties to which the Company is subject.

Fourth quarter 2005 production is expected to average 160,000 to
175,000 BOEPD. Fourth quarter production costs (including
production and ad valorem taxes) are expected to average $7.25
to $7.75 per BOE based on current NYMEX strip prices for oil and
gas. Depreciation, depletion and amortization expense is
expected to average $8.75 to $9.25 per BOE.

Total exploration and abandonment expense is expected to be $30
million to $70 million and includes plans to drill wells in
Alaska, the Gulf of Mexico shelf, Argentina, Nigeria and Tunisia
as well as the acquisition of additional 3-D seismic. General
and administrative expense is expected to be $31 million to $33
million. Interest expense is expected to be $31 million to $34
million, and accretion of discount on asset retirement
obligations is expected to be $2 million to $3 million.

The Company's fourth quarter effective income tax rate is
expected to range from 34% to 37% based on current capital
spending plans. Cash income taxes are expected to range from $10
million to $20 million, principally related to Argentine,
Canadian and Tunisian income taxes and nominal alternative
minimum tax in the U.S. The Company continues to benefit from
the carryforward of net operating losses and other positive tax
attributes in the U.S.

The Company's financial results and oil and gas hedges are
outlined on the attached schedules.

Pioneer is a large independent oil and gas exploration and
production company, headquartered in Dallas, with operations in
the United States, Argentina, Canada and Africa.

To see financial statements:
http://bankrupt.com/misc/Pioneer_Natural.txt

CONTACT: PIONEER NATURAL RESOURCES COMPANY
         Dallas Investors: Frank Hopkins or Chris Paulsen
         Tel: 972-444-9001

         Media and Public Affairs: Susan Spratlen
         Tel: 972-444-9001
         URL: http://www.pioneernrc.com


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

Ms. Lia Stella Maris Alvarez will oversee the reorganization
proceedings as the court-appointed trustee. He will verify
creditors' claims until Dec. 28, 2005. The validated claims will
be presented in court as individual reports on March 10, 2006.

Ms. Alvarez is also required by the court to submit a general
report essentially auditing the Company's accounting and
business records as well as summarizing important events
pertaining to the reorganization. The report will be presented
in court on April 25, 2006.

An Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the Company's
creditors for approval, is scheduled on Oct. 4, 2006.

CONTACT: Ms. Lia Stella Maris Alvarez, Trustee
         Cerrito 146
         Buenos Aires


TELECOM ARGENTINA: Appoints The Bank of New York as Trustee
-----------------------------------------------------------
The Bank of New York, a global leader in securities servicing,
was appointed by Telecom Argentina as trustee, registrar and
paying and transfer agent for its landmark $1.5 billion debt
restructuring. The transaction was Argentina's largest corporate
debt restructuring to date, according to published reports.

The restructure involved the exchange of $2.8 billion in
outstanding debt for newly issued exchange notes and cash. As
the settlement agent in the transaction, The Bank of New York
received and processed electronic and manual instructions from
investors holding bonds in Euroclear, Clearstream, the DTC, and
from creditors holding debt in physical form. Consents and
distribution instructions were sought from over 1,100 creditors.

Karen Peetz, executive vice president and Head of the Bank's
Corporate Trust Division, said, "Our role in this milestone
transaction, along with our involvement in other recent high-
profile sovereign restructurings for the Dominican Republic, the
Federative Republic of Brazil, the Republic of Colombia, and the
Republic of Argentina, emphasizes our commitment to Latin
America. By collaborating with Telecom Argentina and its
advisors, we were able to bring about a successful and
professionally executed debt restructuring where we leveraged
our innovative technology platform and expertise to meet their
specific needs."

Telecom Argentina is one of Argentina's largest
telecommunications operators. It provides local and long
distance telephone, mobile communications (though its subsidiary
Telecom Personal), data and internet access services in
Argentina. Telecom Argentina common stock is listed on the
Buenos Aires Stock Exchange under the ticker "TECO2," and
Telecom Argentina ADSs are listed on the New York Stock Exchange
under the ticker "TEO."

The Bank of New York is a leading provider of corporate trust
and agency services. The Bank and its subsidiaries and
affiliates administer a portfolio of more than 90,000 trustee
and agency appointments, representing $3 trillion in outstanding
securities for more than 30,000 clients around the world. The
Bank is a recognized leader for trust services in several debt
products, including corporate and municipal debt, mortgage-
backed and asset-backed securities, derivative securities
services and international debt offerings.

The Bank of New York has been conducting business in Latin
America for over 100 years. The Company has representative
offices in Argentina, Mexico and Brazil, and offers a full range
of securities servicing, global payments, asset management and
trade finance products. The Bank is committed to Latin America
and to growing its business as the capital markets develop in
the region.

The Bank of New York Company, Inc. (NYSE: BK) is a global leader
in providing a comprehensive array of services that enable
institutions and individuals to move and manage their financial
assets in more than 100 markets worldwide. The Company has a
long tradition of collaborating with clients to deliver
innovative solutions through its core competencies: securities
servicing, treasury management, investment management, and
individual & regional banking services. The Company's extensive
global client base includes a broad range of leading financial
institutions, corporations, government entities, endowments and
foundations. Its principal subsidiary, The Bank of New York,
founded in 1784, is the oldest bank in the United States and has
consistently played a prominent role in the evolution of
financial markets worldwide.

This announcement is not an offer to sell or a solicitation of
an offer to buy any securities. The offering is made only by
means of the prospectus.

CONTACT:  The Bank of New York
          Kevin Heine
          Tel: 212-635-1569
          URL: http://www.bankofny.com


TGS: Net Income Rise to ARS52.1 Mln in 3Q05
-------------------------------------------
The effect of the Argentine Peso revaluation on the Company's
dollar-denominated debt, together with the impact of a non-cash
gain attributable to deferred income tax, mostly explain the net
income of ARS209.1 million, or ARS0.263 per share (ARS1.316 per
ADS) for the nine-month period ended September 30, 2005,
reported today by Transportadora de Gas del Sur S.A. (TGS or the
Company) (NYSE: TGS, MERVAL:TGSU2). The net income for the nine-
month period ended September 30, 2005 compares to a net income
of ARS69.2 million, or ARS0.087 per share (ARS0.435 per ADS) for
the same period of 2004.

Net income for the third quarter of 2005 was ARS52.1 million or
ARS0.066 per share (ARS0.328 per ADS), which compares to ARS21.4
million or ARS0.027 per share (ARS0.135 per ADS) obtained during
the same quarter of last year. The positive variation is mainly
due to lower interest expenses in 2005 quarter.

Third Quarter 2005 vs. Third Quarter 2004

Total net revenue for the third quarter of 2005 increased to
ARS270.4 million from the ARS261.5 million reported in the same
quarter of 2004.

Gas transportation revenue for the third quarter 2005 was
ARS116.1 million, a 4.5% increase over the third quarter 2004.
The increase was basically the result of new firm transportation
contracts for a capacity of 2.9 million cubic meters per day
(102.4 thousand cubic feet per day) related to the San Martˇn
pipeline expansion, which became operational in July and August
2005. This expansion was mostly financed by the Gas Trust that
had been created by the Argentine Government. TGS invested
approximately US$33 million in the expansion and collects a
portion of the revenues generated by these new firm
transportation contracts.

Revenues for gas transportation services are derived principally
from firm contracts, under which pipeline capacity is reserved
and paid for regardless of actual usage by the shipper. TGS also
provides interruptible transportation services subject to
available pipeline capacity. This segment is subject to
regulation by Ente Nacional Regulador del Gas (ENARGAS). Gas
transportation service represents approximately 43% and 42% of
the Company's total revenue for the third quarter of 2005 and
2004, respectively.

The Economic Emergency Law passed by the Argentine Congress on
January 6, 2002, ended the convertibility monetary regime in
Argentina that lead to the ensuing "pesification" of regulated
tariffs at an exchange rate of USD 1= ARS1, as well as
prohibited the application of variations in local and
international indexes, or any other type of adjustment thereon.
Since that time, the tariff renegotiation process has been
delayed with no significant progress so far.

Natural gas liquids (NGL) production and commercialization
revenues for the third quarter 2005 were ARS137.9 million, a
1.5% increase with respect to the third quarter 2004.  Higher
revenue was mainly due to a rise in international reference
prices.

NGL production and commercialization accounted for approximately
51% and 52% of total revenue for the third quarter of 2005 and
2004, respectively. NGL production and commercialization
consists of natural gas processing activities, conducted at the
Cerri Complex, located near the city of Bahia Blanca and
connected to each of TGS's main pipelines, where ethane,
propane, butane and natural gasoline are recovered. This segment
also includes the commercialization of NGL for the Company's own
account and on behalf of certain clients.

Other services revenues for the third quarter 2005 were ARS16.4
million, compared to the ARS14.6 million earned in the same
period of 2004. This increase is mainly due to higher midstream
and telecommunication services sales reported in the third
quarter of 2005, which increased by ARS1.5 million and ARS1.0
million, respectively.

The other services segment mainly includes midstream and
telecommunication activities and its share in the Company's
total revenue was approximately 6% for the third quarter of 2005
and 2004. Midstream activities consist of gas treatment,
separation, and removal of impurities from the natural gas
stream and gas compression, rendered at wellhead, typically to
gas producers. In addition, TGS provides services related to
pipeline and compression plant construction and related
operation and maintenance services. Telecommunication services
are rendered through Telcosur S.A., a company controlled by TGS.
Telcosur S.A. provides services as an independent carrier of
carriers to leading telecommunication operators and corporate
customers located in its service area.

Costs of sales and administrative and selling expenses were
ARS157.7 million, an 11.4% increase when compared to the third
quarter of 2004.  This increase is basically attributable to:
(i) a ARS7.0 million rise in NGL production costs, largely due
to the higher prices for natural gas in the 2005 quarter, and
(ii) a ARS4.2 million increase in the pipeline maintenance cost.

For the third quarter 2005, the Company reported a net financial
expense amounting to ARS60.9 million compared to ARS86.3 million
in the same 2004 quarter.  The positive variation of ARS25.4
million in the third quarter was principally due to a lower
interest expense generated primarily by: (i) a ARS10.4 million
accrual for interest penalties on defaulted debt (which was
fully restructured in December 2004) in the third quarter of
2004 and (ii) lower indebtedness in 2005, the impact of which
was an interest expense reduction of ARS9.2 million.

Other expenses, net decreased from ARS9.3 million in the third
quarter of 2004 to ARS1.6 million in the same period of 2005.
This variation is principally due to the accrual registered in
the 2004 quarter for ARS6.5 million, regarding a resolution from
the Argentine Supreme Court, in a litigation filed by Gas del
Estado S.E. (a company in liquidation) against TGS, related to
transferred assets upon the privatization of that company.

For the third quarter 2005, TGS reported a ARS0.3 million
positive charge in income tax expenses, which represented a
ARS2.7 million positive variation compared to the same period of
2004, due principally to a higher reversal of the tax loss
carry-forward allowance of ARS11.4 million in the 2005 period,
but partially offset by higher income tax accrual of ARS8.6
million in the same period.

Nine-Month Period ended September 30, 2005 vs. Nine-Month Period
ended September 30, 2004

TGS posted in the nine-month period ended September 30, 2005
total net revenue of ARS736.3 million in comparison to the
ARS741.2 million earned in the same period of 2004.

Gas transportation revenue for the nine-month period ended
September 30, 2005 was ARS339.1, a 4.2% increase compared to
ARS325.5 million earned in the same period of 2004. This
increase primarily reflects additional firm transportation
services amounting to ARS11.2 million, including ARS4.1 million
generated by the San Martin pipeline expansion mentioned above.

The NGL production and commercialization segment decreased to
ARS350.9 million in the nine-month period ended September 30,
2005 from ARS375.3 million for the same period of the previous
year, representing a 6.5% reduction, as a consequence of the 15%
fall in volumes sold (mainly caused by insufficient natural gas
offer from producers in the first half of 2005), partially
mitigated by increases in international reference prices.

In the nine-month period ended September 30, 2005, other
services revenues amounted to ARS46.3 million, a 14.6% increase
compared to the same period of 2004. This increase is mainly due
to the effect of additional services being provided, including:
(i) a ARS3.8 million increase in midstream and (ii) a ARS3.5
million increase in the telecommunication services.

Costs of sales and administrative and selling expenses for the
nine-month period ended September 30, 2005 rose by ARS30.1
million, from ARS399.2 million in the same period of 2004 to
ARS429.3 million in the 2005 period. This variation is mostly
attributable to: (i) a ARS12.1 million increase in NGL
production costs, due basically to rises in the price of natural
gas, (ii) a ARS6.4 million rise in labor costs and (iii) a Ps
3.3 million increase in taxes on exports, basically due to the
rate increase from 5% to 20%, effective May 2004.

Net financial expense decreased significantly from ARS246.5
million, reported for the nine-month period ended September 30,
2004, to ARS92.5 million reported for the 2005 period.  The
positive variation of ARS154.0 million was principally due to:
(i) an appreciation of the Argentine Peso in the 2005 period,
resulting in exchange rate income of ARS52.5 million, (ii) a
devaluation of the local currency against the US dollar in the
2004 period, which generated an exchange rate loss of ARS37.6
million and (iii) a ARS28.3 million accrual for interest
penalties on defaulted debt (which was fully restructured in
December 2004) in the nine-month period of 2004.

Other expenses, net decreased by ARS7.1 million in the nine-
month period ended September 30, 2005, when compared to the same
period of 2004. This variation is mainly attributable to the
accrual registered in the 2004 period for ARS6.5 million, from a
resolution by the Argentine Supreme Court, as mentioned above.

For the nine-month period ended September 30, 2005, the Company
reported a ARS4.3 million income tax expense, which represents a
ARS10.6 million decrease compared to the same period of 2004,
due principally to a higher reversal of the tax loss carry-
forward allowance of ARS46.1 million in the 2005 period, but
partially offset by a higher income tax accrual of ARS35.9
million in the same period.

Liquidity and Capital Resources

Cash flow from operating activities for the nine-month period
ended September 30, 2005 amounted to ARS377.4 million. These
funds were applied as follows: (i) ARS133.7 million to
investment activities, (ii) ARS137.3 million to financing
activities and (iii) the remainder to increasing TGS's cash
position. Currently, TGS relies on cash generated from
operations as its primary source of financing for future
activities. For detailed information on the Company's cash flow
refer to Exhibit IV.

TGS, with a current firm contracted capacity of approximately
71.4 MMm3/d or 2.5 Bcf/d, is Argentina's leading transporter of
natural gas. The Company is also Argentina's leading processor
of natural gas and one of the largest marketers of natural gas
liquids. TGS is quoted on both the New York and Buenos Aires
stock exchanges under the ticker symbols TGS and TGSU2,
respectively.  TGS's controlling shareholder is Compania de
Inversiones de Energia S.A. (CIESA), which holds approximately
55.3% of the Company's common stock. CIESA is currently owned
50% by Petrobras Energia S.A. and one of its subsidiary, 40% by
a trust and 10% by a subsidiary of Enron Corp.

CONTACT: Transportadora de Gas del Sur S.A.
         Don Bosco 3672, 5th Floor
         1206 Capital Federal
         Buenos Aires,
         Phone: (212) 688-5144
         Fax: (212) 688-5213
         E-mail: eduardo_pawluszek@tgs.com.ar
         Web Site: http://www.tgs.com.ar/


TRANSENER: Debt Restructuring Paves the Way for Profitability
-------------------------------------------------------------
High-voltage power transporter Transener posted a net profit of
ARS630.4 million (US$274.3 million) for the first nine months of
the year, reversing a net loss of ARS85 million in the same
year-ago period, reports Dow Jones Newswires.

The Company, which is controlled by Citelec, attributed the
turnaround to the restructuring of ARS465 million in debt
earlier this year.

In a statement to the local stock exchange, Transener said the
income allowed for the partial absorption of negative results
generated by the devaluation of the Argentine peso after Jan. 6,
2002.

In September, two Argentine commercial courts blocked two
payments totaling US$1.76 million to Transener. The blocked
payments, which represent an entire month of funds Transener
would have received from Argentine power grid operator Cammesa,
are the result of two separate lawsuits against the Company.

Cammesa coordinates payments in the wholesale power market. One
of the blocked payments was for $1.05 million and the other was
for $712,041.

Prior to its debt restructuring, Transener was vulnerable to
lawsuits from disgruntled creditors.

CONTACT:  TRANSENER S.A.
          Paseo Colon 728 6th Floor
          (1063) Buenos Aires
          Republica Argentina
          Tel: (54-11) 4342-6925
          Fax: (54-11) 4342-7147
          Email: info-trans@transx.com.ar
          Web site: http://www.transener.com.ar


VACCARO Y CIA.: Enters Bankruptcy on Court Orders
-------------------------------------------------
Vaccaro y Cia. S.R.L. enters bankruptcy protection after a
Buenos Aires court ordered the Company's liquidation. The order
effectively transfers control of the Company's assets to a
court-appointed trustee who will supervise the liquidation
proceedings.

Infobae reports that the court selected Ms. Magdalena de la
Quintana as trustee. Ms. de la Quintana will be verifying
creditors' proofs of claim until the end of the verification
phase on Dec. 14, 2005.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the Company's accounting
and business records. Deadlines for the reports are yet to be
disclosed.

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


VADELUX ROSARIO: Reorganization Proceeds to Bankruptcy
------------------------------------------------------
The reorganization of Vadelux Rosario S.A. has progressed into
bankruptcy. Argentine news source Infobae relates that Rosario's
civil and commercial court ruled that the Company is "Quiebra
Decretada".

The general report on the Company's case is expected on Dec. 26,
2005.

CONTACT: Vadelux Rosario S.A.
         Santa Fe 1211
         Rosario (Santa Fe)



=============
B E R M U D A
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ANNUITY & LIFE: To Ratify Selection of Marcum & Kliegman LLP
------------------------------------------------------------
Annuity & Life Re (Hodings) Ltd. will decide the ratification of
the selection of Marcum & Kliegman LLP as the Company's
independent registered public accounting firm for the current
fiscal year during an annual meeting on December 1, 2005.

TIME: 9:00 a.m. local time on December 1, 2005

PLACE: Annuity and Life Re (Holdings), Ltd.
       Cumberland House
       1 Victoria Street
       Hamilton, HM 11, Bermuda

ITEMS OF BUSINESS:

1) To approve the novation to, or coinsurance by, subsidiaries
of Wilton Re Holdings, Ltd., a Bermuda-based life reinsurance
company, of the Company's operating subsidiaries' annuity and
life reinsurance agreements, effective as of June 30, 2005,
pursuant to that certain Master Agreement, dated August 10,
2005, by and among Prudential Select Life Insurance Company of
America, Wilton Reinsurance Bermuda Limited, Annuity and Life
Reassurance America, Inc. and Annuity and Life Reassurance, Ltd.

2) To elect two directors to hold office as specified in the
proxy statement.

3) To ratify the selection of Marcum & Kliegman LLP as the
independent registered public accounting firm for the current
fiscal year and to authorize the Audit Committee to set its
remuneration.

4) To act upon any other matters properly coming before the
meeting or any adjournment thereof.

RECORD DATE: The close of business on September 30, 2005 has
been fixed as the record date for the meeting. All shareholders
of record at that time are entitled to notice of and are
entitled to vote in person or by proxy at the meeting and any
adjournment or postponement thereof.

ANNUAL REPORT: The annual report on Form 10-K, including
consolidated financial statements for the year ended December
31, 2004 (without exhibits and as filed with the Securities and
Exchange Commission on March 31, 2005), on which no action will
be requested at the meeting, is enclosed.

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


FOSTER WHEELER: Enters Amendments to Indenture
----------------------------------------------
Foster Wheeler has entered into amendments to the Indenture
governing the Senior Secured Notes due September 2011, Series A
("Senior Notes") issued by Foster Wheeler LLC and guaranteed by
Foster Wheeler Ltd. and certain subsidiary guarantors.

Such amendments are contained in the First Supplemental
Indenture, dated as of October 28, 2005.

Section 4.03 of the indenture (deleted)

Existence. This provision required Foster Wheeler LLC to
preserve its existence and the existence of each "restricted
subsidiary," as such term is defined in the indenture, in
accordance with their respective organizational documents and to
keep in full force and effect the material rights, licenses and
franchises of Foster Wheeler LLC and each restricted subsidiary.

Section 4.05 of the indenture (deleted)

Limitation on Debt and Disqualified or Preferred Stock. Subject
to certain exceptions, this provision restricted Foster Wheeler
LLC and each restricted subsidiary from incurring indebtedness
or issuing "disqualified stock," as such term is defined in the
indenture, unless, after giving effect to such incurrence or
issuance, the fixed charge coverage ratio was not less than 2.25
to 1.0 and the senior debt to consolidated cash flow ratio did
not exceed 3.50 to 1.0, each as defined in the indenture.

Section 4.06 of the indenture (deleted)

Limitation on Restricted Payments. Subject to certain
exceptions, this provision restricted Foster Wheeler LLC and
each restricted subsidiary from (i) declaring or paying any
dividend on its equity interests held by persons other than
Foster Wheeler LLC or any restricted subsidiary, (ii)
purchasing, redeeming or otherwise acquiring any equity
interests of Foster Wheeler LLC or any restricted subsidiary
held by persons other than Foster Wheeler LLC or any restricted
subsidiary, (iii) repaying, redeeming, repurchasing or making
any payment on any "subordinated debt," as such term is defined
in the indenture, except payments of interest and principal at
maturity or (iv)  making any investments other than "permitted
investments," as such term is defined in the indenture.

Section 4.07 of the indenture (deleted)

Limitation on Liens. This provision restricted Foster Wheeler
LLC and each restricted subsidiary from incurring any liens of
any nature on any of their properties or assets other than
certain permitted liens unless the notes were secured equally
and ratably by such properties and assets (other than the
"collateral," as defined in the indenture) for so long as such
obligations are so secured.

Section 4.08 of the Indenture (deleted)

Limitation on Dividend and Other Payment Restrictions Affecting
Restricted  Subsidiaries. Subject to certain exceptions, this
provision restricted Foster Wheeler LLC and each restricted
subsidiary from creating any consensual restriction on the
ability of any restricted subsidiary to (i) pay dividends or
make any other distributions on its equity interests owned by
Foster Wheeler LLC or any other restricted subsidiary, (ii) make
loans or advances to Foster Wheeler LLC or any other restricted
subsidiary or (iii) transfer any of its properties or assets to
Foster Wheeler LLC or any other restricted subsidiary.

Section 4.10 of the Indenture (deleted)

Repurchase of Notes Upon a Change of Control. Generally, this
provision required Foster Wheeler LLC to make an offer to
purchase all outstanding notes at a purchase price equal to 101%
of the principal amount plus accrued and unpaid interest not
later than 30 days following a "change of control," as such term
is defined in the indenture.

Section 4.11 of the Indenture (deleted)

Limitation on Asset Sales. This provision generally restricted
Foster Wheeler LLC and each restricted subsidiary from making
any sale, lease, transfer, conveyance or other disposition of
any assets outside of the ordinary course of business, including
by means of a merger, consolidation or similar transaction
(including the sale or issuance of any equity interests in any
restricted subsidiary), unless (i) such sale was at fair market
value, (ii) at least 75% of the consideration for such sale
consisted of cash or cash equivalents, and (iii) the proceeds
from such sale were used for specified purposes set forth in the
indenture.

Section 4.12 of the Indenture  (deleted)

Limitation on Transactions with Affiliates. This provision,
subject to certain  exceptions, prevented the Company and any
restricted subsidiary from (i) entering into any transaction or
arrangement, including the purchase, sale, lease or exchange of
property or assets, or the rendering of any service with (i) any
holder, or any affiliate of any holder, of 10% or more of the
voting stock of Foster Wheeler Ltd. or (ii) any affiliate of
either Foster Wheeler LLC or any restricted subsidiary, except
upon fair and reasonable terms that were no less favorable to
Foster Wheeler LLC or the restricted subsidiary than could be
reasonably obtained in a comparable arm's length transaction
with a person that was not an affiliate of Foster Wheeler LLC or
any of its subsidiaries.

Section 4.14 of the Indenture  (deleted)

Designation of Restricted and Unrestricted Subsidiaries. This
provision set forth the circumstances under which (i) Foster
Wheeler LLC could designate a subsidiary to be an "unrestricted
subsidiary," as such term is defined in the indenture, (ii) a
subsidiary previously designated an unrestricted subsidiary
would be deemed to become a restricted subsidiary and
(iii) the consequences of an unrestricted subsidiary becoming a
restricted subsidiary.

Section 4.15 of the Indenture  (deleted)

Financial Reports. This provision required Foster Wheeler LLC to
provide to the trustee and the holders of the notes all
quarterly and annual financial information that would be
required to be contained in Foster Wheeler LLC's Forms 10-Q and
10-K if it were required to file such forms under the Exchange
Act, including "Management's Discussion and Analysis of
Financial Condition and Results of Operations," and with respect
to annual information only, a report thereon by Foster Wheeler
LLC's certified independent accountants (which information was
satisfied by delivering such information with respect to Foster
Wheeler Ltd.). Such provision also required the delivery of all
current reports that would be required to be with the Securities
and Exchange Commission on Form 8-K to the and the holders of
notes. Finally, such provision also required that Wheeler LLC
deliver to the trustee a certificate setting forth a balance and
a statement of operations and comprehensive loss of Foster LLC
and each restricted subsidiary separate from the subsidiaries
for the same periods covered by the Forms 10-Q and 10-K
otherwise required to be delivered.

Section 4.16 of the Indenture  (deleted)

Reports to Trustee. This provision required Foster Wheeler LLC
to deliver to the trustee (i) within 90 days after the end of
each fiscal year a certificate stating that Foster Wheeler LLC
had fulfilled in all material respects its obligations under the
indenture or, if there had been a default, specifying the
details of the default and the actions taken or proposed to
remedy such default and (ii) as soon as possible, but in any
event, within 30 days after responsible officers of Foster
Wheeler LLC became aware of the occurrence of a default, an
officers' certificate setting forth the details of the default,
and the action which Foster Wheeler LLC proposed to take with
respect thereto.

Section 5.01 of the Indenture  (deleted)

Consolidation, Merger or Sale of Assets by the Company; No Lease
of All or Substantially All Assets. Generally, this provision
restricted Foster Wheeler LLC from merging with, or conveying,
transferring or leasing its properties or assets to, other
entities.

Section 5.02 of the Indenture  (deleted)

Merger by Subsidiary Guarantors. This provision restricted each
"subsidiary guarantor," as such term is defined in the
indenture, from merging with or into any other person, subject
to certain specified exceptions.

Section 6.01(3) of the Indenture (deleted)

This provision included within the term "Event of Default," the
failure of Foster Wheeler LLC to make an offer to purchase and
thereafter accept any notes tendered when and as required by
Sections 4.10 or 4.11 or upon Foster Wheeler LLC's failure to
comply with the provisions of Section 5.01.

Such sections generally restricted changes of control, asset
sales and sale leaseback transactions and/or required Foster
Wheeler LLC to offer to repurchase the notes upon specified
conditions. Each is described in more detail above.

Section 6.01(5) of the Indenture (deleted)

This provision included within the term "Event of Default," (i)
an event of default with respect to any indebtedness of Foster
Wheeler LLC or any restricted subsidiary having an outstanding
principal amount of $15,000,000 or more in the aggregate that
results in such indebtedness being due and payable prior to
scheduled maturity or (ii) the failure by Foster Wheeler LLC or
any restricted subsidiary to make a principal payment when due
with respect to any indebtedness having an outstanding principal
amount of $15,000,000 or more in the aggregate, with such
defaulted payment not made, waived or extended within the
applicable grace period.

Section 6.01(6) of the Indenture (deleted)

Generally, this provision included within the term "Event of
Default," the rendering of one or more judgments or orders of
any court for the payment of money by Foster Wheeler LLC or any
"significant restricted subsidiary," as such term is defined in
the indenture, if such judgments were not paid or discharged,
settled or fully bonded and there was a period of 60 consecutive
days following the entry of such judgment or order that caused
the aggregate amount for all such judgments and orders
outstanding to exceed by $15,000,000 amounts which Foster
Wheeler LLC's insurance carriers had agreed to pay under
applicable policies.

Section 6.01(7) of the Indenture (amended)

This provision included within the term "Event of Default," the
commencement of an involuntary case or other proceeding against
Foster Wheeler LLC, Foster Wheeler Ltd., any significant
restricted subsidiary or any group of significant restricted
subsidiaries that taken together would constitute a significant
restricted subsidiary, with respect to it or its debts under
bankruptcy, insolvency or other similar laws seeking appointment
of a trustee, receiver, liquidator, custodian or other similar
official of it or a substantial part of its property. This
provision also included within such term the entry of an order
of relief against any such entity under the U.S. federal
bankruptcy laws. As amended, this provision applies solely to
Foster Wheeler LLC and Foster Wheeler Ltd.

Section 6.01(8) of the Indenture (amended)

This provision included with the term "Event of Default," (i)
the commencement of a voluntary case under any applicable
bankruptcy, insolvency or other similar law against, or the
consent to an order for relief in an involuntary case under any
such law by, Foster Wheeler LLC, Foster Wheeler Ltd., any
significant restricted subsidiary or any group of significant
restricted subsidiaries that together would constitute a
significant restricted subsidiary, (ii) the consent by Foster
Wheeler LLC, Foster Wheeler Ltd., any significant restricted
subsidiary or any group of significant restricted subsidiaries
which taken together would constitute a significant restricted
subsidiary to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official of  such entity or group of such entities,
or for all or substantially all of such entity's or group's
property and assets and (iii) any general assignment for the
benefit of creditors by Foster Wheeler LLC, Foster Wheeler Ltd.,
any significant restricted subsidiary or any group of
significant restricted subsidiaries which taken together would
constitute a significant restricted subsidiary. As amended, this
provision applies solely to Foster Wheeler LLC and Foster
Wheeler Ltd.

Section 10.02(b) of the Indenture (deleted)

This provision required Foster Wheeler LLC to deliver each year
to the trustee an opinion of counsel regarding the perfection of
liens on the collateral securing the notes.

CONTACT: Foster Wheeler Ltd.
         Media
         Maureen Bingert
         Phone: 908-730-4444
         E-mail: maureen_bingert@fwc.com
                      or
         Investor Relations
         John Doyle
         Phone: 908-730-4270
         E-mail: john_doyle@fwc.com
                      or
         Other Inquiries
         Phone: 908-730-4000
         E-mail:  fw@fwc.com

         URL: www.fwc.com


ROSEMONT RE: BMA to Restrict Class 4 Insurance License
------------------------------------------------------
London-based Goshawk Insurance Holdings plc said that the
Bermuda Monetary Authority (BMA) has notified the holding
company that it intends to restrict the Class 4 insurance
license held by its reinsurance subsidiary, Rosemont Reinsurance
Ltd., which is now in runoff.

"The impact of this restriction will be that any future
distributions by Rosemont Re to its parent company will require
the BMA's approval before such distributions could be made,"
Goshawk said in a statement. Such action could delay the timing
of any return to shareholders, Goshawk added.

Goshawk said it has been fully dependent on the remittance of
funds from Bermuda-based Rosemont Re for its ongoing financial
requirements since the group's London operations were closed
about two years ago. The approvals now required by the group's
banks and the Bermuda authorities would restrict Goshawk's
ongoing working capital position, the group said.

Rosemont Re, the Bermuda-based property and marine arm of
Goshawk, went into runoff after Goshawk failed to sell the
reinsurer or obtain new capital for it. Rosemont Re is expecting
losses of as much as US$60 million from Hurricane Katrina and
US$30 million from Hurricane Rita.

CONTACT:  Goshawk Insurance Holdings plc
          Jonathan Beck, Finance Director
          Tel: 001 441 295 5485

          College Hill Associates
          Tony Friend
          Richard Pearson/Roddy Watt
          Tel: 020 7457 2020


SEA CONTAINERS: To Restructure Ferries Division
-----------------------------------------------
Sea Containers Ltd. (NYSE: SCRA and SCRB,
www.seacontainers.com), the transport group engaged in marine
container leasing, manufacturing, depot and logistics
operations, railways operator, ferry operator and leisure
industry investor, issued a statement Thursday about a major
restructuring of its ferries division and other matters.

Background

The company's ferries business is composed of three units. The
largest is Silja Oy Ab, the Finnish based leading Baltic
operator of cruise ferries, ro-pax ships, fast ferries and
cruise ships. The second is the company's car-carrying fast
ferries business with 9 ships operating in European waters other
than in the Baltic. The smallest unit is SeaStreak, the New York
based commuter ferry service operating between New Jersey ports
and Manhattan.

In 2005 the profits of Silja have declined significantly, due to
a combination of higher fuel costs which could not be recovered
except on services to Estonia, the unsuccessful m.v. Finnjet
operation between Germany, Estonia and Russia, reduced profits
from duty free sales and overcapacity in the Swedish market
introduced by competitors. However, Silja still remains the
leading operator in its region with an excellent brand name and
reputation for quality, with its core business remaining
profitable.

The company's car-carrying fast ferries incurred losses in 2005,
due in large measure to high fuel prices. The ships burn light
fuel which has doubled in price over the 2004-2005 period and it
has been impossible to recover the extra cost through fuel
surcharges. Other factors have impacted earnings. The ferry
routes between France and England across the English Channel
have suffered from declining passenger and car volumes, excess
capacity and reduced profits from low tax merchandise sales. The
company's subsidiary, Hoverspeed, operates between Dover and
Calais in the English Channel.

SeaStreak, operators of services employing 7 foot-passenger only
fast ferries on three routes between New Jersey and Manhattan
has also incurred a loss in 2005 due largely to high fuel costs.
Passenger fares are being steadily increased to recover the
extra cost but the market will only absorb such increases to a
certain level before switching to cars, buses and trains.

In light of the situation described above, the board of Sea
Containers met on November 2, 2005 and has decided to take
measures that should eliminate or greatly reduce the operating
losses being incurred.

In the case of Silja Oy Ab, the company has decided to entertain
offers to buy the business. Societe Generale has been appointed
to conduct a controlled auction of Silja. In order to restore
Silja's health, a number of steps are being taken to improve
operating results. These are:

1. The cruise ship m.v. Walrus will be sold preferably or if
sale cannot be achieved on satisfactory terms, it will be
chartered out. The ship has recently ended a long-term charter
and is having off-hire rectifications at charterers' expense in
Singapore.

2. The Swedish flag cruise ship, m.v. Silja Opera will be sold
preferably or if sale cannot be achieved on satisfactory terms,
the ship will be chartered out for operation outside the Baltic
without high cost Scandinavian manning. The ship will operate in
the Baltic until February, 2006, relieving the ships Silja
Serenade and Silja Symphony which will be undergoing three year
surveys and docking at that time. Silja regrets the loss of the
Silja Opera, which has established a good market following, but
trade unions have been slow to allow manning conditions which
would enable the vessel to continue to operate in the Baltic.

3. The m.v. Finnjet has left the Baltic and is currently on
charter to Louisiana State University Health Science Center
through FEMA, based in Baton Rouge, Louisiana. This vessel will
not return to the Baltic. The vessel will be offered for sale,
or failing sale on satisfactory terms, it will be chartered out.
If chartered out, the ship's diesel engines may be increased in
power to allow 24 knots service speed which prospective long
term charterers have requested.  The ship's hull was built for a
30 knot speed using a combination of diesel engines and gas
turbines but gas turbine operation is prohibitively expensive in
light of today's high costs for light fuels.

4. The ro-ro ship m.v. Starwind has been sold for $5.4 million
in the fourth quarter, close to her book value.

5. Silja's three SuperSeaCat fast ferries will be reduced to two
for operation between Helsinki, Finland and Tallinn, Estonia.
Financial performance will be improved through better manning
arrangements and other operational measures. The third
SuperSeaCat will be returned to Sea Containers for deployment in
the Mediterranean in 2006.

6. Silja's flagship service employing state of the art vessels
Silja Serenade and Silja Symphony, each with 2,852 beds, will be
given a $12 million upgrade to freshen the product and increase
their profitability. This upgrade will be financed with asset
sales or through mortgages on these assets.

7. Silja's largest vessel, m.v. Europa, will continue to operate
on the Turku-Stockholm and Turku-Kappelskar routes together with
m.v. Festival, which operates between Stockholm and Turku. Silja
currently also operates two roll-on, roll-off ships on the
Turku-Stockholm route and these vessels are capacity
constrained.

8. Silja will be reducing its staff and offices in Finland,
Sweden and Germany, including up to 150 shoreside jobs at a cost
of up to $10 million, achieving annual savings of approx. $18
million.

Additionally, an action plan for improved internal cost
efficiencies is being implemented to achieve further annual
savings of $10 million by the end of 2007.

9. A restructuring charge of $70 million in connection with the
plans outlined above will be recognized in the fourth quarter of
2005.  It is expected that underlying debt or more will be
achieved on asset sales. The cash component of the restructuring
charge will be $10 million or less.

In summary, Silja is being reduced to its core business of 8
vessels operating on three routes. Silja's EBITDA for 2004 was
$70 million and for 2005 after absorbing $22 million of extra
fuel costs it expects to achieve EBITDA of $39 million
(excluding restructuring costs). EBITDA is expected to improve
in 2006 and 2007, assuming fuel remains at today's costs and
excluding restructuring charges. It is not possible to predict
the sale price for Silja.

Car-carrying fast ferries

The company owns or part-owns 9 such ships.  One SuperSeaCat is
on long-term profitable charter. Two of the vessels are operated
in the Adriatic in a 50/50 partnership with the Mediterranean
Shipping Company group. It is planned to put a fourth vessel
owned by Sea Containers into the partnership from 2006. The
company also operates fast ferry services in the Cyclades
Islands in Greece in 50/50 partnership with the Eugenides Group.
It is planned to introduce a second vessel into this trade in
2006.

Sea Containers is no longer able to support Hoverspeed's losses
on the English Channel so it will not operate the Dover-Calais
route in 2006 or thereafter. Hoverspeed has commenced
consultation with staff as required by labor law, which will
result in a significant number of redundancies. A restructuring
charge of $15 million will be established to cover the closure
of Hoverspeed's Dover-Calais services.

Two of the company's car-carrying fast ferries are older than
the other ships and were built to a different construction code
than applies to newer vessels. These two vessels are currently
laid up awaiting charter or sale.  Some countries (but not major
ones like the U.K., France and Italy) will not permit vessels
built to the older code to operate to their ports, thus reducing
the company's range of deployment possibilities. The company has
determined, therefore, to reduce the carrying value of the two
vessels built to the earlier code by $19 million in total and to
sell the ships in due course. Two sister ships built to the
latest construction code are employed in joint ventures in the
Mediterranean where they will remain, however, the board has
determined to write them down by $15 million to estimated
current market value.

Despite the re-deployment or sale of car carrying fast ferries
it is unlikely that this business will cover its full costs in
2006 unless either fuel prices decline or fuel surcharges can be
collected to cover the high fuel costs. However, this deployment
is expected to improve significantly the operating results from
the car carrying fast ferry fleet in 2006. The company will no
longer operate any of these ships itself but instead will
charter them out to joint ventures or other operators.

SeaStreak

The company has decided to entertain offers to buy this
business. In the meantime an action plan is being implemented to
increase prices to recover the extra fuel costs, to close the
South Amboy to Manhattan service and take a related charge of $2
million and to have the owners charter-out or lay up the two
older vessels engaged in this service. SeaStreak time charters
the vessels from local owners as required by the Jones Act.

SeaStreak is forecast to have an EBITDA loss before non-
recurring items of $2.7 million in 2005, including an adverse
variance of $1.8 million in fuel costs and an EBITDA loss of
$1.3 million on the South Amboy route.  It is believed that the
steps to be taken as outlined above will restore SeaStreak to
profitability in 2006.

Other matters

The company's board has decided to suspend the payment of common
share dividends with immediate effect.  This will save $2.7
million in cash on an annualized basis.

The board has also identified specific containers which will be
sold, obsolete spare parts and manufacturing machinery no longer
required and will take a charge of $30 million.

At any moment in time the company carries an inventory of older
containers, which must be repaired at high cost to provide
continued revenue generating service. In periods of low demand
for older units, the containers incur high overhead and storage
costs, which are a direct charge to profits. The company
believes it should sell off such units even if a loss is
incurred in order to reduce the overhead and storage costs. The
return by doing this can be extremely high.

Consequent upon the closure of car-carrying fast ferry
operations in the U.K., the company no longer has need for its
related IT systems.  Also, GE SeaCo is developing its own highly
improved computer systems for implementation in the second half
of 2006.  Thus an associated restructuring charge of $6 million
will be taken.

Due to the downsizing of the company's activities it will be
necessary to reduce central costs at the company's headquarters
in London. Management of Sea Containers' container activities
other than GE SeaCo will likely be moved to Singapore where they
can be conducted at much lower cost than London.  A first step
in this cost reduction plan involves downsizing the publishing,
plantations, property and administration division's London
costs, which will be completed by the end of 2005.

The company has entered into a binding contract for the sale of
its remaining interests in the port of Newhaven, England for $20
million, realizing a profit of $10 million, which will be
recorded in the fourth quarter.

Mr. Sherwood said that restructuring charges for possible losses
on sale of Silja ships, redundancy costs of Silja and those in
connection with the closure of Hoverspeed, the write-down of
values of the four car-carrying fast ferries, the provision
against losses on sale of certain older containers, spare parts
and manufacturing machinery, and IT would total $157 million pre
tax, of which up to $26 million would be expended in cash.  $19
million of this restructuring charge will be recorded in the
third quarter and the balance in the fourth quarter.  "As a
result of the losses incurred in ferry operations in 2005 when
combined with these cash and non-cash charges the company will
report a very large loss in 2005.  However, these measures
should set the stage for a return to profitability."  Mr.
Sherwood also indicated that since asset sales are expected to
recover underlying debt the balance sheet should be strengthened
in the process.

Mr. Sherwood also indicated that the company still intends to
exit its investment in Orient-Express Hotels Ltd. "Proceeds from
sale of these 9.9 million shares will likewise strengthen the
company's balance sheet and a substantial profit will be
reported, which will in large measure offset the $157 million
restructuring charge."

The company will release its third quarter results on Wednesday,
November 9, 2005 and will hold a conference call with investors
on Thursday, November 10, 2005 at 10.00 a.m. (EST). Anyone
wishing to join the call should dial 212-346-6390 at that time.

Management believes that EBITDA (net earnings adjusted for net
finance costs, tax, depreciation, amortization and the
investment in equity investees other than GE SeaCo) is a useful
measure of operating performance, to help determine the ability
to incur capital expenditure or service indebtedness, because it
is not affected by non-operating factors such as leverage and
the historic cost of assets.  However, EBITDA does not represent
cash flow from operations as defined by U.S. generally accepted
accounting principles, is not necessarily indicative of cash
available to fund all cash flow needs and should not be
considered as an alternative to earnings from operations under
U.S. generally accepted accounting principles for purposes of
evaluating results of operations.

CONTACT: Sea Containers Ltd.
         Lisa Barnard
         Director of Communications
         Phone: 44 020 7805 5850
         E-mail: lisa.barnard@seacontainers.com



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

AOL LATIN AMERICA: Seeks Court Approval to End Deals With Itau
--------------------------------------------------------------
America Online Latin America Inc. (AOLAQ) is seeking
authorization from a bankruptcy court to terminate marketing
agreements with Banco Itau SA, Brazil's second-largest bank,
reports Dow Jones Newswires.

Documents filed Tuesday with the U.S. Bankruptcy Court in
Wilmington, Del. reveal Itau will pay AOL Latin America a total
of US$3.7 million in return for releasing the bank from its
marketing agreements with AOL Latin America's Brazilian
operating unit.

Itau will pay AOL Latin America's Brazilian unit about $2.1
million and the parent company another US$1.6 million.

In return, AOL Latin America will release Itau from any
potential claims arising from the marketing deals.

Bankruptcy Judge Mary F. Walrath scheduled a hearing on the
issue for Nov. 21. Objections are due Nov. 14.

Headquartered in Fort Lauderdale, Florida, America Online Latin
America, Inc. -- http://www.aola.com/-- offers AOL-branded
Internet service in Argentina, Brazil, Mexico, and Puerto Rico,
as well as localized content and online shopping over its
proprietary network. AOL Latin America filed for Chapter 11
protection June 24, listing assets of US$28.5 million and debts
of US$181.8 million.


BANCO DO NORDESTE: Ratings Reflect Brazil's Ownership, Support
--------------------------------------------------------------
CREDIT RATING
  Local currency:  BB/Stable/B
  Foreign currency:  BB-/Stable/B

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

Rationale

The ratings on BNB reflect ownership and support by the
Federative Republic of Brazil (LC: BB/Stable/B; FC: BB-
/Stable/B); the public policy role of the bank; and the
favorable liquidity inflow and liability structure. The ratings
are closely linked to Brazil's sovereign risk.

The government holds 96% of BNB's voting shares and is involved
in management of its operations. Strong sovereign support is
evidenced by the government's funding and capitalization
policies, despite the absence of a timely government guarantee.
BNB plays a key public-policy role as the main provider of
medium- and long-term funding to companies in the northeastern
region of Brazil. The bank is the sole provider of long-term
financing to the industrial and agricultural sectors in many
northeastern states, and accounts for (on average) 72% of
lending in the region.

BNB benefits from a steady liquidity inflow and favorable
liability structure. Domestic funding includes constitutionally
mandated monthly transfers to BNB from federal tax revenue and
public-sector deposits (including those from the national
workers insurance fund and on-lendings from Banco Nacional de
Desenvolvimento Econ“mico e Social [BNDES]).

BNB relies on public financing and is governed by public policy.
Absent sovereign support, however, weak asset quality and
capitalization would undermine BNB's solvency. Nonperforming
loans (NPLs; as measured by categories "E" through "H" per
Central Bank's regulations) have been high (10% of total loans
in June 2005 and December 2004; 20% in December 2003). Loan-loss
provisions have been relatively modest at less than 100%, though
complying well with regulatory standards.

Outlook

The stable outlook on the long-term rating on BNB matches that
on Brazil. All things being equal, ratings on BNB should move in
tandem with those on the sovereign. Borrowing from multilateral
organizations is government-guaranteed, and sovereign approval
is required for medium- and long-term foreign funding. Given
BNB's key public-policy function in the northeastern region,
continued government support is expected to offset periodic
pressure on its asset quality.

Primary Credit Analyst: Daniel Araujo, Sao Paulo
(55) 11-5501-8939; daniel_araujo@standardandpoors.com

Secondary Credit Analyst: Lisa M Schineller, New York
(1) 212-438-7352; lisa_schineller@standardandpoors.com


BANCO MERCANTIL: S&P Assigns 'B' to $50M Sr. Unsec. Notes
---------------------------------------------------------
Standard & Poor's Ratings Services said Thursday that it
assigned its 'B' foreign-currency long-term senior unsecured
debt rating to Banco Mercantil do Brasil S.A.'s (MB) $50 million
senior unsecured notes to be issued on Nov. 3, 2005, and
maturing in three years. The coupon of the transaction is 8.5%.

The counterparty credit ratings on MB (B/Stable/B) reflect the
challenges faced by a midsize bank operating in the segment of
small and midsize companies and individuals in the competitive
banking industry in Brazil; its low profitability when compared
to the industry, which is negatively affected by the bank's
large and costly operational structure and small scale; and its
capitalization, which can be a limiting factor in the long term,
though it is adequate in the short term. "These risk factors are
partially offset by MB's long track record operating in the
market and knowledge of its core/niche market, mainly the state
of Minas Gerais, which translate into good market share and
brand-name recognition on a regional basis; its diversified
operation; and good liquidity management," said Standard &
Poor's credit analyst Tamara Berenholc.

The stable outlook reflects our expectations that the bank will
maintain its conservative operation (which explains in part its
profitability level) and preserve its liquidity. Asset quality
indicators are also expected to be maintained at average
industry levels, supported by the bank's reinforcement on credit
policy and procedures. Deterioration of asset quality indicators
and the reduction of its profitability would prompt a change to
a negative outlook or a downgrade. On the other hand, the
ratings could trend upward if the bank is successful in
presenting sustainable and recurring profitability of more than
1.5%, improving asset quality indicators following credit
growth, and a stronger capital base to support its operation and
expansion.

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

Secondary Credit Analyst: Beatriz Degani, Sao Paulo
(55) 11-5501-8933; beatriz_degani@standardandpoors.com


LIGHT SERVICOS: Aneel Authorizes 10.81% Rate Hike
-------------------------------------------------
Electricity distributor Light Servicos de Eletricidade SA has
secured regulatory approval to increase rates an average 10.81%
beginning November 7, reports Business News Americas.

Power regulator Aneel granted the increase, which includes a
7.28% increase for residential consumers and rates increases
ranging from 20.94% to 28.23% for commercial and industrial
clients.

Light, which serves 3.4 million clients in Brazil's second-
biggest city of Rio, has big debts and has lost revenue due to
power theft in Rio's slums and low-income neighborhoods. The
Company loses 17% of its energy from power theft and its revenue
losses total about BRL500 million annually.

In June, Electricite de France (EDF), which owns 94.8% of Light,
announced a plan to bring in new investors into the unit as part
of the restructuring of Light's BRL1.77 billion (US$782 million)
in debt.

Electric power utility Companhia Energetica de Minas Gerais SA
(Cemig) is considering making a bid for Light, Minas Gerais
governor Aecio Neves revealed late Wednesday.

But according to the official, Cemig is concerned about the
level of power theft in Rio's slums. He noted some 25% of
Light's power was stolen, compared with 8% for Cemig.

Cemig has contracted Banco Itau to evaluate the deal. Neves said
the risk evaluation should be finished in two weeks.

Cemig is reportedly looking for a partner to bid together for
Light.

CONTACT:  LIGHT SERVICOS DE ELETRICIDADE S.A.
          Avenida Marechal Floriano, 168
          20080-002 Rio de Janeiro, Brazil
          Phone: +55-21-2211-2794
          Fax:   +55-21-2211-2993
          Home Page: http://www.lightrio.com.br
          Contact:
          Bo Gosta Kallstrand, Chairman
          Michel Gaillard, President and CEO
          Joel Nicolas, Executive Director, Operation
          Paulo Roberto Ribeiro Pinto, Executive Director,
                                 Investor Relations and CFO


SADIA: Terms of Material Fact May Manifest Right to Withdraw
------------------------------------------------------------
Sadia S.A. announced to its shareholders and the market on
October 27, 2005 that the terms of the Material Fact submitted
to the Brazilian Securities and Exchange Commission (CVM) and
the Sao Paulo Stock Exchange (Bovespa) in contemplation of the
decision that the right to a dividend, per preferred share, 10%
higher than that of each common share be extinguished at the
Special Preferred Shareholder's Meeting to be held on December
15, 2005, the shareholders that have acquired stock by the
closing of the stock exchange on October 27, 2005, may manifest
their right to withdraw from the Company during the legal
period. In this manner, the preferred stock of the Company that
is acquired after this date will not have such right of
withdrawal.

CONTACT: Sadia S.A.
         Rua Fortunato Ferraz, 365 - 2 andar
         Sao Paulo, SP - Brasil
         05093-901
         Phone: 55 11 2113-3552

         URL: www.sadia.com.br



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

AMSTERDAM DREDGING: Selects David Dyer as Liquidator
----------------------------------------------------
                      Amsterdam Dredging Company
                      (In Voluntary Liquidation)
                   The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of Amsterdam Dredging Company at an
extraordinary general meeting held on October 21, 2005:

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

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

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

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


AMSTERDAM FINANCE: Liquidator Appointed for Wind Up
---------------------------------------------------
                     Amsterdam Finance Company
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of Amsterdam Finance Company at an
extraordinary general meeting held on October 21, 2005:

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

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

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

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


CASTOR FINANCE: Appoints David Dyer as Liquidator
-------------------------------------------------
                        Castor Finance Ltd.
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of Castor Finance Ltd. at an
extraordinary general meeting held on October 21, 2005:

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

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

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

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


C.F.L. ASSET: Enters Voluntary Wind Up
--------------------------------------
                 C.F.L. Asset Funding Corporation
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Take notice that the following special resolution was passed by
the shareholders of C.F.L. Asset Funding Corporation on October
21, 2005:

"THAT the Company be wound up voluntarily and that Piccadilly
Cayman Limited, of PO Box 30688 SMB, Grand Cayman, be and is
hereby appointed as liquidator for the purposes of winding up
the Company and that Piccadilly Cayman Limited shall have the
power to bind the company for the purposes of such winding up."

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

CONTACT: Piccadilly Cayman Limited, Liquidator
         Ellen J. Christian
         3rd Floor Royal Bank House, Shedden Road
         George Town, Grand Cayman
         Telephone: 345 945 9208
         Fax: 345 945 9210


EDELWEISS BAIL: To Wind Up Voluntarily
--------------------------------------
                           Edelweiss Bail
                       In Voluntary Winding Up
                   The Companies Law (2004 Revision)
                            Section 135

Take notice that the following special resolution was passed by
the Sole Shareholder on October 18, 2005:

That the Company be voluntarily wound up and that Piccadilly
Cayman Limited be appointed as the liquidator for the purposes
of such winding up.

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

CONTACT: Piccadilly Cayman Limited, Liquidator
         Ellen Christian
         P.O. Box 10632 APO
         3rd Floor Royal Bank House
         Shedden Road, George Town
         Grand Cayman, Cayman Islands
         Telephone: (345) 945 9208
         Facsimile: (345) 945 9210


ENSCO ENTERPRISES: Creditors to Submit Claims to Liquidator
-----------------------------------------------------------
                   Ensco Enterprises Limited II
                    (In voluntary winding up)
                The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN that the creditors of Ensco Enterprises
Limited II which is being wound up voluntarily are required on
or before November 30, 2005, to send in their names and
addresses and the particulars of their debts or claims and the
names and addresses of their attorneys-at-law (if any) to the
liquidator of the Company and if so required by notice in
writing from the liquidator to come in and prove the said debts
or claims at such time and place as shall be specified in such
notice or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

CONTACT: Mr. Herman E. Malone, Jr., Voluntary Liquidator
         P.O. Box 309 GT, Grand Cayman
         Cayman Islands


FHS MULTI-STRATEGY: Resolves to Liquidate
-----------------------------------------
           FHS Multi-Strategy Arbitrage Offshore, Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2003 Revision)

TAKE NOTICE that the following special resolutions were passed
by the shareholders of FHS Multi-Strategy Arbitrage Offshore,
Ltd. at an extraordinary meeting held on October 18, 2005.

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

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

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

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


JAPAN OFFICE: Creditors' Claims to be Submitted to Liquidator
-------------------------------------------------------------
                    Japan Office Capital 1 Ltd.
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Take notice that the following special resolution was passed by
the shareholders of Japan Office Capital 1 Ltd. on October 21,
2005:

"THAT the Company be wound up voluntarily and that Piccadilly
Cayman Limited, of PO Box 30688 SMB, Grand Cayman, be and is
hereby appointed as liquidator for the purposes of winding up
the Company and that Piccadilly Cayman Limited shall have the
power to bind the company for the purposes of such winding up."

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

CONTACT: Piccadilly Cayman Limited, Voluntary Liquidator
         Ellen J. Christian
         3rd Floor Royal Bank House, Shedden Road
         George Town, Grand Cayman
         Telephone: 345 945 9208
         Fax: 345 945 9210


L-JAC TWO: Voluntary Liquidation Begins
---------------------------------------
                     L-JAC Two Funding Limited
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of L-JAC Two Funding Limited at an
extraordinary general meeting held on October 21, 2005:

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

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

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

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


MAGINET CORPORATION: Mr. Jin Soo Jung Chosen as Liquidator
----------------------------------------------------------
                         Maginet Corporation
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

The following written resolution was passed by the shareholders
of Maginet Corporation on October 21, 2005:

"THAT the Company be wound up voluntarily and that Mr. Jin Soo
Jung, of 130 Tan Jong Rhu Road, #14-16 Pebble Bay, Singapore, be
appointed liquidator for the purposes of that winding up."

Creditors of the Company are to prove their debts or claims by
on or before November 21, 2005 and to establish any title they
may have under the Companies Law (2004 Revision), or to be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to any distribution.

CONTACT: Mr. Jung, Jin Soo, Voluntary Liquidator
         Campbells
         c/o P.O. Box 2804 GT
         Grand Cayman, Cayman Islands
         Telephone: (345) 949-2648
         Facsimile: (345) 949-8613


MANCHESTER OVERSEAS: Voluntary Liquidator Named
-----------------------------------------------
                    Manchester Overseas Limited
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

The following resolutions were passed by the Shareholders of the
abovementioned Company by way of resolutions in writing signed
by the Shareholders of the Company on October 13, 2005:

1. "That the Company be wound up voluntarily";

2. "That Swiss Financial Services (Bahamas) Ltd., One Montague
Place, P.O. Box EE-17758, Nassau, Bahamas, be and is hereby
appointed as Liquidator of the Company."

Creditors of the Company are required on or before November 30,
2005 to send in their names and addresses and the particulars of
their debts or claims and the names and addresses of their
attorneys-at-law (if any) to the attorneys-at-law for the
Liquidator of the Company as set out below, and if so required
by notice in writing from the said Liquidator either by their
attorneys-at-law or personally to come in and prove the debts or
claims at such time and place as shall be specified in such
notice. In default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

CONTACT: Swiss Financial Services (Bahamas) Ltd.
         Voluntary Liquidator
         Quin & Hampson, Attorneys-at-law
         c/o P.O. Box 1348GT, Grand Cayman
         Cayman Islands, B.W.I.
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647


RCB SECURIZATION: Names David Dyer as Liquidator
------------------------------------------------
                   RCB Securization Corporation
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of RCB Securization Corporation at an
extraordinary general meeting held on October 21, 2005:

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

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

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

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


STINGRAY DREDGING: Creditors' Claims Due for Submission Nov. 30
---------------------------------------------------------------
                      Stingray Dredging Company
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of Stingray Dredging Company at an
extraordinary general meeting held on October 21, 2005:

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

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

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

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


TAURUSTHREE CDS: Resolves to Enter Liquidation Voluntarily
----------------------------------------------------------
                          Taurusthree CDS
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of Taurusthree CDS at an extraordinary
general meeting held on October 21, 2005:

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

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

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

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


THE COMMUNITY: Creditors to Prove Claims Against Company Dec. 1
---------------------------------------------------------------
              The Community Parking Systems Limited
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)
                            Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of The Community Parking Systems Limited at
an extraordinary general meeting of the shareholder(s) held on
October 13, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Murray McGregor and Jon Roney be appointed, jointly and
severally, as liquidators of the Company.

Creditors of The Community Parking Systems Limited are to prove
their debts or claims on or before December 1, 2005, and to send
full particulars of their debts or claims to the joint
liquidators of the Company. In default thereof, they will be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

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



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

EMPRESAS IANSA: Ratings Reflect Impending Operational Challenges
----------------------------------------------------------------
Rationale

The ratings on the Chilean sugar producer, Empresas Iansa S.A.
(IANSA) reflect the challenges the company will face to adjust
raw material costs and improve profitability to compensate for
the upcoming decline in price protection levels in the sugar
market in Chile starting in 2008. These factors and the relative
client sales concentration are mitigated by the company's good
competitive position as the only sugar producer in the protected
Chilean market, and the sound ties with Chilean farmers.

IANSA operates in a protected sugar market. In December 2003, in
light of the declining prices in the international sugar market
and the increased competition from substitutes and imports, the
Chilean government replaced the previous sugar band protection
system (based on 10-year moving average prices) with a new one
of fixed prices with gradual declines beginning in 2008 (of 2%
per year up to 2011, and of 6% per year between 2012 and 2014).
These percentages are significant when compared with IANSA's
current EBITDA margin of 9.6%. In 2014, the President will
evaluate the future of the price support mechanisms, taking into
account the international environment, the local industry, the
consumers, and the country's commercial commitments.

Although the current system gives some predictability to the
company's cash generation in the short term, it also imposes the
need for IANSA to improve margins to compensate for the
declining protection. In turn, margin evolution depends on the
increase in the productivity of sugar beet crops and the ability
of the company to translate such increases into lower raw
material prices paid to sugar beet growers. IANSA does not own
the plantations, but purchases sugar beets from about 3,500
independent growers. During the past five years, the
implementation of a special agricultural program (that included
a further use of irrigation systems and fertilizers and better
plague controls), a stricter selection process to purchase only
from the more productive farmers, and the relative profitability
of sugar beets against other crops, has resulted in both
significant productivity gains for the growers and lower sugar
beet prices paid by IANSA. In Standard & Poor's Ratings
Services' opinion, the productivity of the sugar beet fields is
likely to keep on increasing, but the possibility of the company
continuing to fully transfer such increases into lower raw
material prices remains a concern.

IANSA's financial profile has recovered from the significant
deterioration suffered during 2002 and 2003-when profitability
was affected by the entry of sugar substitutes not covered under
the sugar protection system existing at that time, lower
international sugar prices that negatively affected the band
prices, and the extraordinary write-off of uncollectible credits
with growers. The recovery was the result of improved sugar
protection levels after the law amendments in December 2003,
lower raw material prices thanks to the increased productivity
of sugar beet fields, and the reduction in IANSA's structural
debt with the proceeds from noncore asset sales. As a result,
IANSA's EBITDA margin improved to 9.6% in the 12 months ended
June 2005 (from 4.1% in 2003). At the same time, EBITDA interest
coverage (including the financial cost from the financing to
sugar beet growers) and funds from operations (FFO) to debt
improved to 2.6x and 11.9%, respectively, in the 12 months ended
June 2005 (from 1.3x and 4.1%, respectively, during fiscal
2003).

We expect IANSA to have a structural debt level of $100 million
(that corresponds to 144A rated notes for $100 million issued in
July 2005 and with bullet maturity in 2012) and to finance
seasonal working capital requirements-which peak in September-
with short-term bank lines. As of September 2005, total
consolidated financial debt amounted to $150.4 million, compared
to $162.5 million as of September 2005.

With annual sales of $415 million, IANSA is one of the largest
agribusiness companies in Chile and the only sugar producer in
the country that provides about 77% of the sugar consumed in the
domestic market. Sugar is the group's core business, accounting
for 81% of total revenues (including related business lines).
IANSA also provides sugar supplies and technical assistance to
farmers, and participates in other businesses such as
concentrated fruit juice, tomato paste, frozen food, and animal
balanced food.

Ebro Puleva and ED&F Man indirectly control IANSA (since
November 2004). By the end of September 2005, ED&F Man announced
its intention to exert its option to buy Ebro Puleva S.A.'s
indirect participation in the company (at about $12 million) and
to comply with regulatory requirements. ED&F Man also launched a
tender offer for 51% of the company's stocks. This situation
would not trigger change of control clauses under the $100
million rated bonds conditions. In addition, we do not
anticipate changes in IANSA's credit quality unless the change
in its indirect controlling shareholders results in a
significant modification to the business or financial strategy.
At this point, we do not expect such changes to take place. UK-
based ED&F Man specializes in sourcing, delivering, and
distributing commodities such as sugar, molasses, cocoa, coffee,
and alcohol.

Liquidity

IANSA's liquidity position and financial flexibility improved as
a result of the refinancing of most of its financial debt in the
long term with the issue of the $100 million notes. While the
issuance of these notes significantly lowers refinancing risk in
the short term, IANSA's financial performance and the ability to
refinance the bonds at maturity will depend on its success in
adapting to the falling price environment as described above,
and the use made of cash accumulated in the period.

IANSA's cash generation should allow the company to face a
moderate investment program and projected dividends and to
generate some cash surpluses. We assume that IANSA will not
distribute extraordinary dividends besides the $40 million
approved in 2003 (which disbursement is still pending), and that
it will maintain its 50% dividend payout (over the 30% minimum
required by law). In addition, the current rating does not
incorporate potential investments in new business lines or any
related increase in leverage.

The company is relatively protected from foreign-exchange risk.
While all the company's debt is U.S. dollar-denominated, almost
all revenues are U.S.-dollar linked (although collected in
Chilean pesos), providing for some natural hedge.

Outlook


The stable outlook assumes that the company's good competitive
position, attractiveness of the crop to farmers, and improved
farmer productivity should allow IANSA to maintain or slightly
improve profitability levels to at least partly offset the
declining prices in the sugar price protection system in Chile,
should international prices continue at levels below the band
price floor. It also assumes that the company will maintain both
a modest investment program-less than $10 million per year and
in lines related to the company's core business-and the current
dividend policy (with a 50% payout ratio). Current ratings could
improve if the company achieves greater-than-expected margin
levels (with a consistent increase in EBITDA margins at about
12%) and maintains a moderate financial policy. In contrast, a
more-aggressive-than-expected investment and dividend policy
could result in a rating revision.

Primary Credit Analyst: Ivana Recalde, Buenos Aires
(54) 114-891-2127; ivana_recalde@standardandpoors.com

Secondary Credit Analyst: Federico Rey-Marino, Buenos Aires
(54) 114-891-2130; federico_rey-marino@standardandpoors.com


ENAMI: Lone Offer for Quebrada Stake Falls Expectations
-------------------------------------------------------
State minerals company Enami turned down Grupo Hurtado Vicuna's
offer for its 10% stake in Quebrada Blanca copper mine in Region
I, reports Business News Americas.

The lone offer for the stake failed to Meet Enami's economic
expectations, a company press official said, adding that "for
now" Enami does not have plans to launch a new round of bidding.

Enami was trying to sell its stake in Quebrada Blanca as part of
a package of measures to repay debt.

CONTACT:  ENAMI (Empresa Nacional de Mineria)
          MacIver 459,
          Santiago, Chile
          Phone: 637 52 78
                 637 50 00
          Fax:   637 54 52
          Email: webmaster@enami.cl
          Home Page: www.enami.cl/
          Contact:
          Jorge Rodriguez Grossi, President



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

DYOLL INSURANCE: Supreme Court Halts Payouts
--------------------------------------------
The liquidators of Dyoll Insurance Company Limited have been
advised by the Supreme Court to immediately halt payout to
creditors, according to a RadioJamaica.com report. The
instruction was issued Wednesday, two days after pay out
started.

The Court told the liquidators - Kenneth Krys of RSM Cayman and
John Lee of PricewaterhouseCoopers - to immediately cease
distributing cheques to creditors because of an issue involving
the Financial Services Commission on how distribution should be
made under the Insurance Act.

According to Wilfred Baghaloo, spokesman for Dyoll's Liquidator,
no further payment will be made to creditors until the matter is
heard in Court.

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



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

KANSAS CITY: Units Buy Locomotives from El-Mo-Mex for $32.625M
--------------------------------------------------------------
Kansas City Southern (KCS) (NYSE:KSU) announced Thursday that
its wholly owned subsidiary, The Kansas City Southern Railway
Company (KCSR) and a Mexican affiliate have purchased 75 SD70MAC
locomotives from El-Mo-Mex, Inc. for $32.625 million plus the
assumption of approximately $95.9 million in debt and accrued
interest. KCSR intends to sell all of the locomotives to an
unaffiliated third party and enter into a long-term, leveraged
lease of the locomotives.

"This transaction is another step toward making KCS' U.S. and
Mexican operations more efficient, reducing costs and taking
advantage of economies of scale," said KCS chairman, president
and chief executive officer Michael R. Haverty.

Headquartered in Kansas City, Mo., KCS is a transportation
holding company that has railroad investments in the U.S.,
Mexico and Panama. Its primary U.S. holdings include KCSR and
Texas Mexican Railway Company, serving the central and south
central U.S. Its international holdings include TFM, S.A. de
C.V., serving northeastern and central Mexico and the port
cities of Lazaro Cardenas, Tampico and Veracruz, and a 50%
interest in The Panama Canal Railway Company, providing ocean-
to-ocean freight and passenger service along the Panama Canal.
KCS' North American rail holdings and strategic alliances are
primary components of a NAFTA Railway system, linking the
commercial and industrial centers of the U.S., Canada and
Mexico.


TV AZTECA: Adrian Steckel to Head Azteca America
------------------------------------------------
TV Azteca, S.A. de C.V. (BMV: TVAZTCA; Latibex: XTZA), one of
the two largest producers of Spanish language television
programming in the world, announced Thursday that Adrian Steckel
was named President and Chief Executive Officer of Azteca
America, the company's wholly-owned broadcasting network focused
on the U.S. Hispanic market.

"Adrian has the know-how and the determination to help build the
full potential of Azteca America. He has the proven capabilities
to plan and execute successful business strategies, and he knows
the U.S. television market and how to reach it effectively,"
commented Ricardo B. Salinas, Chairman of the Board and Founder
of TV Azteca.

Mr. Steckel worked five years at TV Azteca where he was involved
in programming production and managing the musical division of
the company. He was also Chief Financial Officer for three
years. He then moved on to become Chief Executive Officer of
Unefon, a company that he built from scratch, garnering 1.4
million subscribers, and more than US$100 million in EBITDA
annually.

Luis J. Echarte continues in his position as Chairman of the
Board of Azteca America, outlining strategic aspects of the
business and helping Mr. Steckel with the relationship with
affiliates, and increasing the network coverage.

"Luis and I welcome this strengthening of forces as it will
surely promote our ongoing growth, given that Azteca America has
enormous potential for revenue and profitability generation,"
said Mr. Salinas.

"We placed two of our best executives into this important
project, and we are confident of capturing the opportunities
offered by the U.S. Hispanic market, and that we will soon have
superior results," concluded Mr. Salinas.

TV Azteca is one of the two largest producers of Spanish
language television programming in the world, operating two
national television networks in Mexico, Azteca 13 and Azteca 7,
through more than 300 owned and operated stations across the
country. TV Azteca affiliates include Azteca America Network, a
new broadcast television network focused on the rapidly growing
US Hispanic market, and Todito.com, an Internet portal for North
American Spanish speakers.

CONTACT: TV Azteca, S.A. De C.V.
         Investor Relations:
         Bruno Rangel
         Phone: 011 52 (55) 1720 0041
         E-mail: jrangelk@tvazteca.com.mx
                 rvillarreal@gruposalinas.com.mx

         Rolando Villarreal
         Phone: 011 52 (55) 1720 9167

         Press Relations
         Tristan Canales
         Phone: 011 52 (55) 1720 1441
         E-mail: tcanales@gruposalinas.com.mx
         Daniel McCosh
         Phone: 011 52 (55) 1720 0059



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

VISION S.A.: S&P Affirms `B-' Rating; Outlook Stable
----------------------------------------------------
Standard & Poor' s Ratings Services said Thursday that it
affirmed its 'B-' long-term counterparty credit rating on
Vision S.A. de Finanzas E.C.A. (Vision). The outlook is stable.

Vision is a financial company dedicated to providing loans and
services in the microfinance industry and the traditional
consumer segment in the middle- and lower-income sectors in
Paraguay. The ratings on Vision balance the risks inherent to
operating in risky market segments in the volatile Paraguayan
financial system with the company's positive features, which
include cautious asset liability management policies,
management's experience in developing businesses in environments
of high financial stress, and good revenue diversification, with
a relatively high participation of fee income in total revenues
for a company of its size and profile.

"During the past year, the company has continued improving its
competitive position, with leading market shares in terms of
assets, loans, and deposits among the Paraguayan financial
companies," said Standard & Poor's credit analyst Carina Lopez.
Nevertheless, to sustain further steady loan growth in the mid-
to-long term, Vision still needs to receive new capital
contributions and thus, to generate loan-loss coverage in
accordance with the risks it faces.

At present, the company is involved in the final implementation
and testing stage of a reengineering process, which consisted of
the redefinition of processes, the upgrade of overall systems,
and the development of effective information management tools.
The overall system is expected to become fully operational by
midyear 2006. This project aims to increase efficiency levels
and enhance the availability of information for timely business
decisions and preventive measures.

The stable outlook reflects our expectation that, despite
Paraguay's still-high operating and sovereign risks, the
successful implementation of changes aimed at increasing
efficiency and improving management tools will enable Vision to
continue improving its present competitive position without a
significant deterioration of its credit portfolio.

Primary Credit Analyst: Carina Lopez, Buenos Aires
(54) 11-4891-2118

Secondary Credit Analyst: Pablo Gamble, Buenos Aires
(54) 11-4891-3010; pablo_gamble@standardandpoors.com



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

FIRST BANCORP: Shareholder Class Action Filed Against Firm
----------------------------------------------------------
The law firm of Schiffrin & Barroway, LLP issued the following
statement Thursday:

Notice is hereby given that a class action lawsuit was filed in
the United States District Court for the Southern District of
New York on behalf of all securities purchasers of First BanCorp
(NYSE: FBP) ("First BanCorp" or the "Company") from October 20,
2003 through October 21, 2005, inclusive (the "Class Period").

If you wish to discuss this action or have any questions
concerning this notice or your rights or interests with respect
to these matters, please contact Schiffrin & Barroway, LLP
(Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll-free
at 1-888-299-7706 or 1-610-667-7706, or via e-mail at
info@sbclasslaw.com.

The complaint charges First BanCorp, Angel Alvarez-Perez
("Alvarez-Perez") and Annie Astor-Carbonell ("Astor-Carbonell")
with violations of the Securities Exchange Act of 1934. First
BanCorp operates as the holding company for FirstBank Puerto
Rico, which provides various financial services in Puerto Rico,
the U.S. Virgin Islands, and British Virgin Islands. The
complaint alleges that defendants' Class Period representations
regarding First BanCorp's financial statements, business, and
prospects were materially false and misleading when made.
Specifically, the defendants failed to disclose: (1) that First
BanCorp improperly classified, for accounting purposes, mortgage
transactions with other financial institutions (most notably
Doral Financial Corp. and R&G Financial Corp.) as purchases
rather than loans by the Company and its subsidiaries secured by
the mortgages; (2) that the improper methodology used by the
Company on these loans caused the Company to materially inflate
its financial results; (3) that as a consequence of this, the
Company's financial statements were presented in violation of
Generally Accepted Accounting Principles ("GAAP"); (4) that the
Company lacked the necessary personnel and controls to issue
accurate financial reports and projections; and (5) that as a
result of the above, the value of the Company's net income and
financial results were materially overstated at all relevant
times.

During the Class Period, defendants embarked on a five-year
scheme to inflate the financial results of First BanCorp by
manipulating its accounting on mortgage transactions with other
financial institutions (most notably Doral Financial Corp. and
R&G Financial Corp.). The scheme began to unravel for defendants
in 2005. On August 11, 2005, First BanCorp announced that it was
delaying the filing of its Form 10-Q for the quarter ended June
30, 2005. According to First BanCorp, it indicated that on
August 1, 2005, the Audit Committee (the "Committee") of First
BanCorp determined that the Committee should review the
background and accounting for certain purchases of mortgage
loans made by the Company between 2000 and 2005.

In reaction to this announcement, the price of First BanCorp
stock fell dramatically, from $22.73 per share on August 10,
2005 to $21.00 per share on August 11, 2005, a one-day drop of
$1.73 per share, or 7.61 percent, on unusually heavy trading
volume.

Following the above disclosure, First BanCorp, on August 25,
2005, after the market closed, announced that the SEC was
conducting an informal inquiry into the Company's accounting.
According to the Company, the inquiry pertained to, among other
things, the accounting for mortgage loans purchased by the
Company from two other financial institutions (Doral Financial
Corp. and R&G Financial Corp.) during the calendar years 2000
through 2004. In reaction to this announcement, the price of
First BanCorp stock fell dramatically, from $20.02 per share on
August 25, 2005 to $18.23 per share on August 26, 2005, a one-
day drop of $1.79 per share, or 8.94 percent, on unusually heavy
trading volume.

About one month later, on September 30, 2005, First BanCorp,
after the market closed, announced a series of management
changes. According to the Company, defendant Alvarez-Perez had
stepped down as President and Chief Executive Officer and
announced that he would retire effective December 31, 2005, as
Chairman of the Board of Directors. In addition, defendant
Astor- Carbonell had resigned from her position as Chief
Financial Officer and as a member of the Board of Directors, and
informed the Company that she would retire on October 31, 2005.
In reaction to this announcement, the price of First BanCorp
stock fell dramatically, from $16.92 per share on September 30,
2005 to $15.56 per share on October 3, 2005, a drop of $1.36 per
share, or 8.04 percent, on unusually heavy trading volume.

Then, on October 21, 2005, after the close of the market, First
BanCorp announced that the SEC had issued a formal order of
investigation in its investigation into the Company. According
to First BanCorp, the investigation, which stemmed out of an
informal inquiry announced by the Company in late August 2005,
appeared to relate to, among other things, transactions in which
First Bank acquired a substantial number of mortgage loans from
other Puerto Rican financial institutions (Doral Financial Corp.
and R&G Financial Corp.). In reaction to this announcement, the
price of First BanCorp stock fell dramatically, from $15.25 per
share on October 21, 2005 to $14.03 per share on October 24,
2005, a one-day drop of $1.22 per share, or 8 percent, on
unusually heavy trading volume.

Plaintiff seeks to recover damages on behalf of class members
and is represented by the law firm of Schiffrin & Barroway,
which prosecutes class actions in both state and federal courts
throughout the country. Schiffrin & Barroway is a driving force
behind corporate governance reform, and has recovered billions
of dollars on behalf of institutional and individual investors
from the United States and around the world. For more
information about Schiffrin & Barroway, or to sign up to
participate in this action online, please visit
http://www.sbclasslaw.com.

If you are a member of the class described above, you may, not
later than January 2, 2006 move the Court to serve as lead
plaintiff of the class, if you so choose. A lead plaintiff is a
representative party that acts on behalf of other class members
in directing the litigation. In order to be appointed lead
plaintiff, the Court must determine that the class member's
claim is typical of the claims of other class members, and that
the class member will adequately represent the class. Under
certain circumstances, one or more class members may together
serve as "lead plaintiff." Your ability to share in any recovery
is not, however, affected by the decision whether or not to
serve as a lead plaintiff. You may retain Schiffrin & Barroway,
or other counsel of your choice, to serve as your counsel in
this action.

CONTACT:  Schiffrin & Barroway, LLP
          Darren J. Check, Esq.
          Richard A. Maniskas, Esq.
          280 King of Prussia Road
          Radnor, PA 19087
          Tel: 1-888-299-7706 (toll-free) or 1-610-667-7706
          E-mail: info@sbclasslaw.com



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

CANTV: Argues Seniat's Allegations Concerning Shutdown Order
------------------------------------------------------------
CA Nacional Telefonos de Venezuela (CANTV) on Thursday disputed
tax authority Seniat's allegations that company workers had
disregarded a shutdown order.

"CANTV believes that the personnel on duty yesterday were
necessary to protect and guarantee the operation of its network
and the service to its customers," CANTV said in a statement.

Last Monday, Seniat ordered a 48-hour closure on CANTV's
administrative and sales offices starting Tuesday on alleged
bookkeeping irregularities. Seniat, though, allowed CANTV to
keep some essential staff to continue work to maintain service
during the shutdown.

On Wednesday, Seniat officials found out that an excessive
amount of company workers had returned to work in violation of
the order. As a result, Seniat fined CANTV $23,255 and extended
the shutdown for an additional 24-hour period.

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




                            ***********


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

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

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

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

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

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


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