TCRLA_Public/051108.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

           Tuesday, November 8, 2005, Vol. 6, Issue 221

                            Headlines


A R G E N T I N A

A.B.E. CONSTRUCCIONES: Debt Payments Halted, Set to Reorganize
BANCO BISEL: Upcoming Auction Draws Interest from 3 Local Banks
BANCO EMPRESARIO: Awaits Central Bank's Sale Notification
C.H.C. S.A.C.I.F.: Bankruptcy Initiated by Court Order
DORY S.R.L.: Court Authorizes Plan, Concludes Reorganization

MATERIALES SAN LUIS: Gets Court Approval to Reorganize
M.O.D.O. SOCIEDAD: Reorganization Winds Up
REPSOL YPF: Reports 24% Net Income for Jan-Sep 2005
TELEFONICA ARGENTINA: New Deal With Government Nearly Final
TRANSPORTE AUTOMOTOR: Concludes Reorganization


B E R M U D A

ATLANTIC MANAGEMENT: Members Resolve to Wind Up Company
FOSTER WHEELER: Equity-for-Debt Exchange Offer Successful
PXRE GROUP: Fitch Cuts Long-Term Rating to 'BB+' from `BBB-'
TERRA NOVA: Appoints Robin J Mayor as Liquidator
TULSA INVESTMENT: Placed in Voluntary Liquidation

UBP MULTI STRATEGY: Debt Details Due Nov. 18


B R A Z I L

CSN: 3Q05 Net Profit Falls 26% to BRL517 Mln
PARANAPANEMA: Posts BRL5.2 Bln Net Loss for 3Q05
TELEMAR: S&P Assigns 'BB' Local, Foreign Currency Rating


C A Y M A N   I S L A N D S

BLUE HORSE: Selects James P. Carroll as Liquidator
CAMOMILLE GLOBAL: Enters Voluntary Liquidation
CELLULAR EQUITY: Appoints Liquidator for Wind Up
COROMANDEL INTERNATIONAL: Shareholders Resolve to Wind Up Firm
IWO EQUITY: Shareholders Elect to Liquidate

MARUNOUCHI ESTATE: Mark Wanless, Tun Win to Supervise Wind Up
NISHIJIMA ESTATE: Creditors' to Submit Claims Before Nov. 17
OLEA G2: Heading for Liquidation
SCV CAPITAL: Guy Major, Jon Roney Appointed as Liquidators
TENNOZ HOLDINGS: Joint Voluntary Liquidators to Validate Claims

TURTLE FINANCE: To Wind Up Voluntarily, Appoints Liquidators
WIRELESS EQUITY: Liquidator for Wind Up Appointed
WIRELESS HOLDINGS: Liquidator Chosen for Wind Up
WIRELESS INVESTMENTS: Voluntary Liquidation Initiated


C O L O M B I A

EMCALI: Government Completes Administrative Intervention


M E X I C O

CABLEMAS: Moody's Assigns B1 to Proposed $165M Sr. Unsec. Notes
EL POLLO: Extends Expiration Time for Tender Offer
EPL INTERMEDIATE: Extends Expiration Time for Tender Offer
LFC: GE Contract Signing Postponed


P A R A G U A Y

ACEPAR: Restructures $26M Government Debt


P E R U

* PERU: Fitch Revises Outlook on Sovereign Ratings to Positive


P U E R T O   R I C O

R&G FINANCIAL: Cuts Quarterly Cash Dividend for 3Q05


T R I N I D A D   &   T O B A G O

CARIB BREWERY: Outlines Plans for Production Issues


V E N E Z U E L A

CANTV: Reopens Offices Following 3-Day Closure
EDC: Ordered to Pay $1,627 Fine, 48-Hr. Closure


     - - - - - - - - - -


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

A.B.E. CONSTRUCCIONES: Debt Payments Halted, Set to Reorganize
--------------------------------------------------------------
Court No. 22 of Buenos Aires' civil and commercial tribunal is
reviewing the merits of A.B.E. Construcciones' petition to
reorganize. La Nacion recalls that the Company filed the
petition following cessation of debt payments. Reorganization
will allow A.B.E. Construcciones to avoid bankruptcy by
negotiating a settlement with its creditors.

Clerk No. 44 is assisting the court on the Company's case.

CONTACT: A.B.E. Construcciones
         Moreno 1836
         Buenos Aires


BANCO BISEL: Upcoming Auction Draws Interest from 3 Local Banks
---------------------------------------------------------------
Argentina's second attempt to auction local bank Banco Bisel is
reportedly attracting the interest of three local banks: Banco
Patagonia, Nuevo Banco de Santa Fe and Banco de Santiago del
Estero.

Business News Americas says federal bank Banco Nacion is yet to
publish bidding rules for Bisel's sale.

Bisel is one of three banks taken over by the Argentine
government in early 2002 when French banking conglomerate
Credit Agricole SA left Argentina in the middle of the
country's financial crisis.

Nacion's first attempt to sell Bisel in 2003 failed to attract
any bidders.

CONTACT:  Banco Bisel S.A.
          Mitre 602 Rosario
          2000 Santa Fe
          Argentina
          Phone: 0341-4200300
          Web Site: http://www.bancobisel.com.ar


BANCO EMPRESARIO: Awaits Central Bank's Sale Notification
---------------------------------------------------------
Banco Macro Bansud has reportedly acquired cooperative bank
Banco Empresario del Tucuman (BET) for ARS60 million (US$20.1
million).

But according to Business News Americas, BET officials refuse
to confirm the report pending official notification from the
central bank, which suspended BET for 30 days last month due to
problems related to its ongoing restructuring process.

"The central bank has not yet informed us of anything
officially," said BET president Elio Giacosa.

He did say BET would need as much as ARS60 million to be able
to reopen its doors.

BET has six branches and 200 employees. At the end of May it
hadARS221 million in assets and some ARS90 million in loans.


C.H.C. S.A.C.I.F.: Bankruptcy Initiated by Court Order
------------------------------------------------------
C.H.C. S.A.C.I.F. 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. Cecilia Beatriz
Montelvetti as trustee. Ms. Montelvetti will be verifying
creditors' proofs of claim until the end of the verification
phase on Feb. 2, 2006.

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

CONTACT: Ms. Cecilia Beatriz Montelvetti, Trustee
         General Urquiza 2134
         Buenos Aires


DORY S.R.L.: Court Authorizes Plan, Concludes Reorganization
------------------------------------------------------------
Rosario-based company Dory S.R.L. concluded its reorganization
process, according to data released by Infobae on its Web site.
The conclusion came after the city's court homologated the debt
plan signed between the Company and its creditors.


MATERIALES SAN LUIS: Gets Court Approval to Reorganize
------------------------------------------------------
Materiales San Luis S.R.L. will begin reorganization following
the approval of its petition by a San Luis 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. Elida Alicia Victorero de Ros will oversee the
reorganization proceedings as the court-appointed trustee. He
will verify creditors' claims until Dec. 12, 2005. The
validated claims will be presented in court as individual
reports on Feb. 22, 2006.

Ms. de Ros 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 5, 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 March 2, 2007.

CONTACT: Materiales San Luis S.R.L.
         Avda Ejercito de los Andes 821
         Ciudad de San Luis (San Luis)

         Ms. Elida Alicia Victorero de Ros, Trustee
         San Juan 878
         Ciudad de San Luis (San Luis)


M.O.D.O. SOCIEDAD: Reorganization Winds Up
------------------------------------------
The reorganization of M.O.D.O. Sociedad Anonima de Transporte
Automotor has been concluded. Data revealed by Infobae on its
Web site indicated that the process was concluded after a
Buenos Aires court homologated the debt agreement signed
between the Company and its creditors.


REPSOL YPF: Reports 24% Net Income for Jan-Sep 2005
---------------------------------------------------
Advanced Income Statement, January - September 2005

- Income from operations rises 30.7% shored up by considerable
improvement in all business areas

- Cash flow rises 46.8%, to EUR4,811 million

- Refining margins jump 66.6%

- Debt cutback by 9.3% year-on-year

Repsol YPF net income in first three-quarters of 2005 was up
23.9% year-on-year to EUR2,584 million. Income from operations
rose 30.7% to EUR4,500 million, and cash flow reached EUR4,811
million, jumping 46.8% year-on-year, proving the company's
large capacity for cash generation.

Income from operations was significantly higher in all Repsol
YPF business areas, particularly in refining & marketing, which
rose 75.7%.  Performance from exploration & production also
improved 12.8%, chemicals 38%, and gas & power income rose
31.2%.

These January to September 2005 results were achieved in a
scenario of high crude oil prices and a 3% appreciation of the
euro against the dollar.  The company's refining margin
indicator reached $8.28 per barrel, 66.6% above the 2004
equivalent.  In chemicals, international margins on our product
mix were wider than the year before, while gas and power
benefited from good performance in Latin America and the growth
of gas distribution in Spain.

Sharp reduction in debt

Repsol YPF net debt at the end of September 2005 stood at
EUR5,343 million, EUR548 million lower than in September 2004.
The majority of this reduction came from the strong cash flow
generated in the period, which was sufficient to finance
investments and a large increase in working capital, while
offsetting the effect of dollar revaluation.  The net debt to
capitalisation ratio fell to 21.3%, posting a near 4 percentage
point drop with respect to September 2004.

Investments from January to September 2005 were EUR2,169
million, and went mostly to exploration & production (EUR931
million) and refining & marketing (EUR705 million).

Business areas

Exploration & Production:  income from operations up 12.8%

At EUR2,251 million, cumulative income from exploration &
production operations in the first nine months of 2005 was
12.8% higher than the EUR1,996 million posted in the same
period a year earlier.  This growth was mainly driven by the
increase in crude oil reference prices and gas realisation
prices in Trinidad & Tobago and Argentina.

The Repsol YPF liquids realisation price averaged $36.27
(EUR28.74) per barrel versus $29.88 (EUR24.41) per barrel in
the first three quarters 2004.  The average price of gas was
$1.47 per thousand standard cubic feet (tscf), 21.4% up on the
$1.20 per tscf registered in 2004, shored up by higher average
gas prices in Trinidad & Tobago and Argentina, and a larger
sales volume in Trinidad & Tobago.

The company's average oil and gas production for the nine
months fell slightly year-on-year, to 1,156,300 boepd.  This
drop was mainly the result of strikes in Argentina, scheduled
shutdowns in Trinidad & Tobago, and the maturity of the
Argentine fields.

Gas showed a production increase of 3.5%, to 619,200 boepd
(3,473 Mscf/d), with enhanced production mostly from Bolivia,
Trinidad & Tobago, and Venezuela.

January-September investments in the exploration & production
business area were EUR931 million.  Investment in development
represented 76.2% of total investment, and was spent mainly in
Argentina (66.9%), Venezuela (7.3%), Trinidad & Tobago (8.7%),
Bolivia (4.3%), Ecuador (3.5%), and Libya (1.6%).

Refining & Marketing: income from operations rises 75.7%

Income from operations in the refining & marketing area, at
EUR2,093 million, was up 75.7% year-on-year. This performance
is mainly attributable to a 66.6% improvement in the company's
refining margin.  Marketing margins were slightly down against
the same period 2004, because the rise in international crude
prices was not passed through to retail prices.

Total oil product sales increased 5.2% year-on-year to 42.7
million tons.  Sales in Spain, at 24.9 million tons, were 2%
higher year-on-year, and in Argentina, Brazil, and Bolivia
(ABB) rose 2% to over 11.5 million tons.  In the rest of the
world, sales showed 28.4% growth, reaching 6.3 million tons,
boosted by the incorporation of new assets in Portugal.  Sales
to our own marketing network were higher in Spain, ABB, and the
rest of the world.

Turning to the LPG business, total sales reached 2,448 million
tons, showing a 1.9% rise. In Europe there was 1% sales growth
thanks to larger volumes in Portugal which compensated for a 3%
drop in Spain because of warmer weather.  In Latin America,
sales were 3.1% higher year-on-year shored up by strong growth
in Ecuador and good performance in Chile.

In the first nine months of 2005, investments in refining &
marketing amounted to EUR705 million against EUR599 million in
the same period a year earlier, and were mainly allotted to
current refining projects and the acquisition of LPG assets in
Portugal.

Chemicals: sales rise 6.6%

In Chemicals, cumulative income from operations up to September
2005 improved 38% year-on-year to EUR265 million, versus EUR192
million in the same period a year earlier.  Strong performance
here came from wider international margins on our product mix
and the income contribution from the recently acquired Sines
complex in Portugal.

Total petrochemical product sales reached 3,274 thousand tons,
6.6% more than the 2004 equivalent, boosted by the inclusion of
sales from Sines and 50% of the Propylene Transformer (TDP
initials in original language) in Tarragona.

Investments in the Chemical area totalled EUR118 million,
118.5% up on the same period 2004, and were mainly spent on
increasing capacity, particularly at the propylene
oxide/styrene plant in Tarragona, and in upgrading existing
units.

Gas & Power: income from operations rises 31%

Income from Gas & Power operations from January to September
2005 rose 31.2% to EUR290 million, versus the EUR221 million
recorded in 2004.  This increase basically reflects capital
gains realised on the sale of Enagas shares and earnings growth
posted by Gas Natural SDG.

Enhanced performance from Gas Natural SDG stemmed from
improvement in gas distribution in Spain and in Latin America,
where there was a change in the consolidation scope for Brazil
and organic operating growth in Mexico, Colombia, and Brazil.

January-September 2005 investment in gas & power was EUR337
million versus EUR664 million in the same period a year
earlier.

Annex

Highlights

In February last, Repsol YPF entered an agreement with the
Dutch company, Basell, to acquire 50% of the latter's stake in
Transformadora de Propileno A.I.E., including a polypropylene
plant at the Tarragona Petrochemical Complex, with a 160,000
tons/year capacity, in which Repsol already holds the other
50%.  This transaction boosts Repsol YPF's polypropylene
capacity by 15%, thus increasing its presence in the polyolefin
business in Europe, and represents a further step forward in
one of the company's core strategic lines for growth.

In Venezuela, Repsol YPF has been awarded a large block on the
Orinoco strip, called Junin 7, covering an area of
approximately 500 km2 with a high reserves potential and
production to be developed. The concession of this block is
even more significant if we note that Repsol YPF is the only
one of the world's major private oil companies to have been
awarded a block. The Orinoco strip holds the world's largest
reserves of heavy and extra-heavy oil and is considered one of
the greatest petroleum reservoirs on the planet.

Repsol YPF and PDVSA entered an agreement to set up two
production joint ventures in basins of high oil value in
Venezuela.  The first will operate in the Venezuelan oil mining
region of Barua-Motatan and other possible areas. In parallel,
a joint venture between these two oil companies will be created
to operate the Junín 7 block and/or other blocks in the Orinoco
oil strip.  This regional alliance also contemplates an
association between Repsol YPF and PDVSA, through which the
Spanish company will grant a portion of its crude oil
originating from the Argentine State concessions to Petróleos
de Venezuela. The percentage of the crude oil to be made
available to PDVSA will not surpass 10% of the production from
said concessions. This agreement will not affect the ownership
of the concessions, which belong to Repsol YPF.

Repsol YPF and Gas Natural SDG, in April entered an agreement
for Liquefied Natural Gas (LNG) businesses, including the
exploration, production, and liquefaction of natural gas
reserves.  This agreement will grant both companies access to
new markets under more favourable conditions. In the
exploration, production, and liquefaction (upstream) area, the
agreement contemplates joint association for the development of
new projects in which Repsol YPF, will be operator with a 60%
stake in assets, and Gas Natural SDG will hold the remaining
40%.

Repsol-Gas Natural LNG, S.L. was set up in August, for the
trading, wholesale marketing and transport of liquefied natural
gas (LNG).  This joint venture between Repsol YPF and Gas
Natural SDG is the third largest in the global market by volume
of LNG handled, immediately behind KOGAS and Tokyo Electric,
and will permit both owning companies to exploit the synergies
of their upstream and midstream businesses, formerly run
separately, enabling them to face with a strong spirit of
leadership the changes and challenges brought by increased
market globalisation in the international LNG market.

In June, Repsol YPF and Irving Oil Limited entered an agreement
to develop the first LNG regasification plant on the east coast
of Canada, forming a new company, Canaport LNG, which will
construct and operate the terminal to supply markets in the
surrounding area, as well as the northeast coast of the United
States.  The Canaport terminal will initially be capable of
delivering 10 Bcm per year of LNG to the market. Repsol YPF
will supply the natural gas to feed the terminal and hold a
contract for 100% of the plant's regasification capacity. This
plant is scheduled to go on stream and distribute natural gas
to the market from 2008 onwards, and Repsol YPF will market the
regasified LNG mostly in the USA.

Also in June, Repsol YPF signed a Memorandum of Understanding
with Hunt Oil to develop the Peru LNG project. This project
consists of a Hunt Oil and SK Corporation joint venture for
building and operating a liquefaction plant in Pampa Melchorita
(Peru).  The plant, expected to be operational in 2009, will
produce 4 million tons per year of LNG for sale on the west
coast of the United States and Central America.  The Peru LNG
project will be fed by natural gas from block 88 and block 56
of the Camisea field, in which Repsol YPF will also have a
stake. This MOU also contemplates Repsol YPF taking a stake in
Transportadora de Gas del Peru SA (TGP), the company that
delivers natural gas from the Camisea area via the trans-Andean
pipeline.

In addition, on 16 June, Moody's international rating agency
upgraded Repsol YPF issuer rating to Baa1 from Baa2, based on
the company's solid financial profile, management's stated
strategy to broaden the group's asset diversification,
sustained strong positions and cash generation from the group's
Spanish refining & marketing business, and gradual improvements
in Argentina's operating environment.

On 5 July 2005, as approved at the company's last Annual
General Shareholders Meeting held on 31 May 2005, Repsol YPF
paid a gross complementary dividend of EUR0.25 per share
against the 2004 financial year.

Also in July, Repsol YPF became one of the main oil and gas
producers in the Caribbean on exercising a call option for the
purchase from BP of three oil fields and one gas field in
Trinidad & Tobago, for a price of $229 million. The Trinidad &
Tobago State oil company, Petrotrin, is expected to purchase a
15% stake in the fields.  The transaction is subject to
approval by the Government of Trinidad & Tobago. The three oil
fields, Teak, Samaan and Poui, currently produce 20,500 barrels
of oil equivalent per day.  The 3P risk reserves for the fields
are estimated at 174 million barrels of oil equivalent.
Investment in the oil fields and the development of the gas
field will be around $500 million up to the year 2025.

Repsol YPF, in October last, made a new discovery of light
crude in the prolific Murzuk basin, in Libya. During production
testing, the well gave a natural flow of 2,060 barrels per day.
The find was made at a depth of 1,717 metres by well l1 of
exploration block NC186, 800 km south of Tripoli, in the Sahara
desert.  Repsol YPF is operator of this block, with a 32%
stake, in partnership with the Libyan National Oil Company and
three European companies: OMV (Austria), Total (France) and
Hydro (Norway).

CONTACT: Repsol YPF, S.A.
         Paseo de la Castellana 278
         Madrid, 28046
         Spain
         Phone: 34-1-348-8100
         Website: http://www.repsol.com


TELEFONICA ARGENTINA: New Deal With Government Nearly Final
-----------------------------------------------------------
Fixed line operator Telefonica de Argentina (NYSE: TAR), a unit
of Spain's Telefonica SA, is confident it will sign an
agreement with the government for a new concession contract
soon, reports Dow Jones Newswires. Until then, however, the
Company is maintaining a US$2.8-billion claim against Argentina
in the International Center for the Settlement of Investment
Disputes (ICSID), said company president Mario Vazquez.

Telefonica's ICSID claim centered on the 2002 rates freeze,
which is also at the heart of some 30 other suits from foreign-
owned utilities that Argentina faces in the arbitration
tribunal.

On July 19, the Argentine Planning Ministry said Telefonica had
agreed to drop its ICSID claim in 15 days, implying that it had
agreed to the government's long-running demand for public
service companies to drop their claims before submitting to
renegotiated contracts. That statement proved to be incorrect.

But Vazquez said progress now appears to be taking place in the
negotiations.

"We are optimistic," Vazquez said. "The country is normalizing
all of its (public service) contracts, and we are expecting a
new telecommunications law. So, we are optimistic."

Telefonica is one of two incumbent telephone companies in
Argentina, formed in 1990 after the privatization of state
telecommunications. Holding approximately 53% of the more than
8 million lines in service in Argentina, Telefonica currently
provides basic telecommunications services throughout the
country.

CONTACT: Telefonica de Argentina S.A.
         Avenida Ingeniero Huergo 723
         Buenos Aires, Argentina
         Phone: 5411 4332-2066
         Web site: http://www.telefonica.com.ar


TRANSPORTE AUTOMOTOR: Concludes Reorganization
----------------------------------------------
The reorganization of Buenos Aires-based Transporte Automotor
Plaza S.A.C. e I. has ended. Data revealed by Infobae on its
Web site indicated that the process was concluded after the
city's court homologated the debt agreement signed between the
Company and its creditors.



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

ATLANTIC MANAGEMENT: Members Resolve to Wind Up Company
-------------------------------------------------------
     IN THE MATTER OF: The Companies Act 1981

                     and

IN THE MATTER OF: ATLANTIC MANAGEMENT SERVICES LTD

The Members of Atlantic Management Services Ltd, acting by
written consent without a meeting on 31st October 2005, passed
the following resolutions:

  (1) THAT the Company be wound up voluntarily, pursuant to the
      provisions of the Companies Act 1981;

  (2) THAT Robin J Mayor be and is hereby appointed Liquidator
      for the purposes of such winding-up, such appointment to
      be effective forthwith.

The liquidator informs that:

- Creditors of the above named Company, which is being
voluntarily wound up, are required, on or before 18th November,
2005 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims,
and the names and addresses of their lawyers (if any) to Robin
J Mayor, the undersigned, at Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, HM DX, Bermuda, the
Liquidator of the said Company, and if so required by notice in
writing from the said Liquidator, and personally or by their
lawyers, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A final general meeting of the Members of the above named
Company will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
8th December, 2005 at 9.30am, or as soon as possible
thereafter, for the purposes of:

  (1) receiving an account laid before them showing the manner
      in which the winding-up of the Company has been conducted
      and its property disposed of and of hearing any
      explanation that may be given by the Liquidator; and

  (2) by resolution determining the manner in which the books,
      accounts and documents of the Company and of the
      Liquidator shall be disposed of; and

  (3) by resolution dissolving the Company.

CONTACT:  Robin J Mayor, Liquidator
          Clarendon House, Church Street
          Hamilton, Bermuda


FOSTER WHEELER: Equity-for-Debt Exchange Offer Successful
---------------------------------------------------------
Foster Wheeler Ltd. (Nasdaq: FWLT) announced Friday that it has
completed the first phase of its Senior Notes Exchange Offer
with the settlement of $133,488,250 of aggregate principal
amount of its Senior Secured Notes due September 2011, Series
A, in exchange for 5,363,424.397 of new common shares. The
tendered Senior Notes were exchanged in connection with Foster
Wheeler's ongoing Exchange Offer for up to $150 million of
aggregate principal amount of its Senior Notes. The tenders
accepted were solely from certain holders with whom Foster
Wheeler had entered into a lock-up agreement in connection with
the Exchange Offer. Including the new common shares issued as
part of the Senior Notes Exchange Offer, Foster Wheeler had
56,107,963 outstanding common shares, as of November 3, 2005.

Foster Wheeler also announced that as of November 2, 2005, a
sufficient principal amount of Senior Notes has been tendered
to reach the $150 million limit established in the Exchange
Offer. The second phase of the Exchange Offer is expected to
settle promptly after its expiration date on November 10, 2005.

"I am very pleased that this successful exchange offer will
fully meet our stated objectives," said Raymond J. Milchovich,
chairman, president and chief executive officer. "Most
importantly, this exchange will be accretive to expected 2006
earnings per share. It will also eliminate $150 million of
principal amount of debt, reducing the Company's gross debt to
its lowest level since 1989, and will eliminate approximately
$15 million of interest expense in 2006, all of which is
expected to flow to annual income."

The Exchange Offer is currently scheduled to remain open
through 5:00 p.m., New York City time, on November 10, 2005.
Securities tendered during the remaining offer period may not
be withdrawn and are subject to pro-ration as the aggregate
amount of notes tendered has already exceeded the $150 million
limit.

The terms and conditions of the Exchange Offer are as set forth
in the Offer to Exchange and related documentation previously
distributed to holders of Senior Notes. A copy of the Offer to
Exchange and other documents relating to the Exchange Offer and
Consent Solicitation may be obtained from Morrow & Co., Inc.,
the Information Agent for this Exchange Offer and Consent
Solicitation. Morrow's telephone number for bankers and brokers
is 800-654-2468 and for all other security holders is 800-607-
0088. Contact the Information Agent with any questions on the
Exchange Offer. Individuals holding their securities through
brokers are urged to contact their brokers to receive a copy of
the Offer to Exchange and other documents related to the
Exchange Offer.

The foregoing reference to the Exchange Offer and Consent
Solicitation and/or any other related transactions shall not
constitute an offer to buy or exchange securities or constitute
the solicitation of an offer to sell or exchange any securities
in Foster Wheeler Ltd. or any of its subsidiaries.

Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of design, engineering,
procurement, construction, manufacturing, project development
and management, research and plant operation services. Foster
Wheeler serves the refining, upstream oil and gas, LNG and gas-
to-liquids, petrochemicals, chemicals, power, pharmaceuticals,
biotechnology and healthcare industries. The corporation is
based in Hamilton, Bermuda, and its operational headquarters
are in Clinton, New Jersey, USA.

CONTACT: Foster Wheeler Ltd.
         Media
         Maureen Bingert
         Phone: 908-730-4444

         Investor
         John Doyle
         Phone: 908-730-4270

         Other Inquiries
         Phone: 908-730-4000

         URL: http://www.fwc.com


PXRE GROUP: Fitch Cuts Long-Term Rating to 'BB+' from `BBB-'
------------------------------------------------------------
Fitch Ratings has downgraded the long-term rating of PXRE Group
Ltd. (PXRE) to 'BB+' from 'BBB-'. Additionally, Fitch has
downgraded the rating on PXRE Capital Trust I's preferred
securities to 'BB' from 'BB+' and the insurer financial
strength rating on PXRE's lead operating subsidiaries, PXRE
Reinsurance Ltd. and PXRE Reinsurance Company, to 'BBB+' from
'A-'. All ratings have been removed from Rating Watch Negative.
The Rating Outlook is Negative.

Fitch's rating actions follow PXRE's announcement of third-
quarter 2005 earnings and updated estimates for hurricane
losses. Fitch's rating actions reflect its updated view of the
catastrophe risk inherent in PXRE's book of business and the
resultant capital and earnings volatility.

The company's year-to-date hurricane-related losses are
estimated at $350 million, not including Hurricane Wilma, which
equates to roughly half of PXRE's beginning of the year
shareholders' equity. This is higher than Fitch's expectations
for the rating category, even for a company with PXRE's
business profile, which includes an expectation of periodic
high severity losses. Additionally, the losses roughly equate
to 3 times (x) its annualized six-month 2005 net income. Fitch
further notes that PXRE's loss estimates are based on an
industry loss estimate of $35 billion-$40 billion, and with
some estimates of the industry loss as high as $60 billion, it
is very possible that PXRE's losses could develop adversely.

Based on this recent performance, combined with a generally
weak historic earnings pattern, Fitch does not believe PXRE's
current profile fits within Fitch's 'A-' rating category. While
PXRE has replenished lost capital, the downgrade is less
reflective of near-term capital levels and more reflective of
Fitch's lack of confidence in PXRE's future performance and
core underwriting abilities.

Fitch's Negative Rating Outlook reflects Fitch's ongoing
concerns about the concentration of risk in PXRE's book of
business. While PXRE has indicated its plans to somewhat revise
its risk profile going forward, Fitch is uncertain of the
timing, magnitude, and ultimate effect on exposure these
changes will have. Additionally, there remains the possibility
of further development in hurricane loss estimates as well as
new exposure from Hurricane Wilma.

Fitch's ratings on PXRE will also reflect its evolving views on
catastrophe risk and capital management and how its assessment
of these factors could affect its ratings on the company going
forward. Fitch views this as especially important given PXRE's
exposure to catastrophe-related losses and recent underwriting
performance.

Fitch had originally placed its ratings on PXRE on Rating Watch
Negative on Sept. 13, 2005, based on potential large loss
exposure to Hurricane Katrina. Fitch maintained the Rating
Watch Negative after PXRE's capital raising completion pending
further assessment of PXRE's risk profile and potential
catastrophe exposure and the release of PXRE's third quarter
2005 earnings.

Positively, Fitch notes that, in the past, major insurance
losses have spurred significant increases in insurance and/or
reinsurance prices. PXRE's ability to successfully raise
capital is an indication of the capital market's confidence in
both PXRE's organization, future reinsurance pricing.

The following ratings have been downgraded, removed from Rating
Watch Negative, and assigned a Negative Rating Outlook:

PXRE Group Ltd.

--Long-term rating to 'BB+' from 'BBB-'.

PXRE Capital Trust I

--Trust preferred securities $100 million 8.85% due Feb.1, 2027
to 'BB' from 'BB+'.

PXRE Reinsurance Company
PXRE Reinsurance Ltd.

--Insurer financial strength to 'BBB+' from 'A-'.

CONTACT: Gretchen K. Roetzer, +1-312-606-2327, Chicago
         Brian C. Schneider, CPA, CPCU +1-312-606-2321, Chicago

MEDIA RELATIONS: Kenneth Reed +1-212-908-0540, New York


TERRA NOVA: Appoints Robin J Mayor as Liquidator
------------------------------------------------
      IN THE MATTER OF: The Companies Act 1981

                        and

IN THE MATTER OF: TERRA NOVA UNDERWRITING AGENCY, LTD

The Members of Terra Nova Underwriting Agency, Ltd, acting by
written consent without a meeting on 31st October 2005, passed
the following resolutions:

  (1) THAT the Company be wound up voluntarily, pursuant to the
      provisions of the Companies Act 1981;

  (2) THAT Robin J Mayor be and is hereby appointed Liquidator
      for the purposes of such winding-up, such appointment to
      be effective forthwith.

The Liquidator informs that:

- Creditors of the above named Company, which is being
voluntarily wound up, are required, on or before 18th November
2005 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims,
and the names and addresses of their lawyers (if any) to Robin
J Mayor, the undersigned, at Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, HM DX, Bermuda, the
Liquidator of the said Company, and if so required by notice in
writing from the said Liquidator, and personally or by their
lawyers, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A final general meeting of the Members of the above named
Company will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
8th December, 2005 at 9.30am, or as soon as possible
thereafter, for the purposes of:

  (1) receiving an account laid before them showing the manner
      in which the winding-up of the Company has been conducted
      and its property disposed of and of hearing any
      explanation that may be given by the Liquidator; and

  (2) by resolution determining the manner in which the books,
      accounts and documents of the Company and of the
      Liquidator shall be disposed of; and

(3) by resolution dissolving the Company.

CONTACT:  Robin J Mayor, Liquidator
          Clarendon House, Church Street
          Hamilton, Bermuda


TULSA INVESTMENT: Placed in Voluntary Liquidation
-------------------------------------------------
   IN THE MATTER OF: The Companies Act 1981

                and

IN THE MATTER OF: TULSA INVESTMENT COMPANY LIMITED

The Members of Tulsa Investment Company Limited, acting by
written consent without a meeting on 3 November 2005, passed
the following resolutions:

  (1) THAT the Company be wound up voluntarily, pursuant to the
      provisions of the Companies Act 1981;

  (2) THAT Robin J Mayor be and is hereby appointed Liquidator
      for the purposes of such winding-up, such appointment to
      be effective forthwith.

The Liquidator informs that:

- Creditors of the above named Company, which is being
voluntarily wound up, are required, on or before 18 November
2005 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims,
and the names and addresses of their lawyers (if any) to Robin
J Mayor, the undersigned, at Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, HM DX, Bermuda, the
Liquidator of the said Company, and if so required by notice in
writing from the said Liquidator, and personally or by their
lawyers, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A final general meeting of the Members of the above named
Company will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on 8
December 2005 at 9.30am, or as soon as possible thereafter, for
the purposes of:

  (1) receiving an account laid before them showing the manner
      in which the winding-up of the Company has been conducted
      and its property disposed of and of hearing any
      explanation that may be given by the Liquidator; and

  (2) by resolution determining the manner in which the books,
      accounts and documents of the Company and of the
      Liquidator shall be disposed of; and

  (3) by resolution dissolving the Company.

CONTACT:  Robin J Mayor, Liquidator
          Clarendon House, Church Street
          Hamilton, Bermuda


UBP MULTI STRATEGY: Debt Details Due Nov. 18
--------------------------------------------
       IN THE MATTER OF: The Companies Act 1981

                        and

IN THE MATTER OF: UBP MULTI STRATEGY ALPHA II FUND LTD

The Members of UBP Multi Strategy Alpha Ii Fund Ltd, acting by
written consent without a meeting on 1st November 2005, passed
the following resolutions:

  (1) THAT the Company be wound up voluntarily, pursuant to the
      provisions of the Companies Act 1981;

  (2) THAT Robin J Mayor be and is hereby appointed Liquidator
      for the purposes of such winding-up, such appointment to
      be effective forthwith.

The Liquidator informs that:

- Creditors of the above named Company, which is being
voluntarily wound up, are required, on or before 18th November,
2005 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims,
and the names and addresses of their lawyers (if any) to Robin
J Mayor, the undersigned, at Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, HM DX, Bermuda, the
Liquidator of the said Company, and if so required by notice in
writing from the said Liquidator, and personally or by their
lawyers, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A final general meeting of the Members of the above named
Company will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
8th December, 2005 at 9.30am, or as soon as possible
thereafter, for the purposes of:

  (1) receiving an account laid before them showing the manner
      in which the winding-up of the Company has been conducted
      and its property disposed of and of hearing any
      explanation that may be given by the Liquidator; and

  (2) by resolution determining the manner in which the books,
      accounts and documents of the Company and of the
      Liquidator shall be disposed of; and

  (3) by resolution dissolving the Company.

CONTACT:  Robin J Mayor, Liquidator
          Clarendon House, Church Street
          Hamilton, Bermuda



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

CSN: 3Q05 Net Profit Falls 26% to BRL517 Mln
--------------------------------------------
Steelmaker Companhia Siderurgica Nacional (CSN) reported a net
profit of BRL517 million (US$232 million) in the third quarter
of the year, down from BRL694 million in the same quarter a
year ago. Bloomberg reports that the Company attributed the 26%
decline to weaker sales in the domestic market and the drop in
international prices.

Pedro Galdi, a steel analyst at the Brazil unit of ABN Amro
Bank NV, said CSN chief executive, Benjamin Steinbruch, faces
customers who have built large inventories of steel, causing
prices to fall 20% from the previous quarter.

"It was a very difficult situation," Mr. Galdi said. "Not only
did they have to lower prices because of high stocks around the
world, their costs of everything -- iron ore, fuel, supplies --
rose."

Net revenue fell 20% to BRL2.22 billion in the quarter because
of a drop in domestic sales and lower steel prices on overseas
markets and as the company raised exports to compensate for
slower Brazilian sales.

Export revenue was nearly unchanged at BRL750 million even
after the Company nearly doubled the amount of steel sold
abroad to 568,000 tons in the third quarter from 297,000 tones
in the third quarter of 2004.

Steel output fell 6.3% to 1.31 million tons from 1.41 million
in the same quarter a year earlier.

Overall, steel sales fell 2.7% prompted by a 33% drop in
domestic sales.

CONTACT: CSN
         Investor Relations: Marcos Leite Ferreira
         Tel: +55-11-3049- 7591
         E-mail: marcos.ferreira@csn.com.br
         URL: http://www.csn.com.br


PARANAPANEMA: Posts BRL5.2 Bln Net Loss for 3Q05
------------------------------------------------
Sao Paulo-based mining and metals holding company Paranapanema
posted a net loss of BRL5.2 million in the third quarter of
2005, reversing a net profit of BRL42.2 million in the same
year-ago period. The Company attributed its own negative result
to its tin unit Mamore's BRL6.8-billion net loss in 3Q05
against a BRL16.1 million net profit in 3Q04.

For the first nine months of the year, however, Paranapanema's
net profit totaled BRL1.3 billion compared with a net loss of
BRL28.9 million for the same period of 2004. During the period,
net revenue grew 10.5% to BRL2.02 billion.

Paranapanema has four main divisions: tin and industrial
company Mamore, fertilizer unit Cibrafertil, copper smelter
Caraiba Metais and copper tube and fixture maker Eluma.


TELEMAR: S&P Assigns 'BB' Local, Foreign Currency Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said Friday that it assigned
its 'BB' local and foreign currency ratings to Telemar Norte
Leste S.A. (Telemar NL). A 'BB' rating was also assigned to
Telemar NL's upcoming $150 million equivalent in Brazilian Real
five-year bonds.

Telemar NL is controlled by Tele Norte Leste Participacoes
(TNL; BB/Stable) and is the sole cash contributor of the so-
called Telemar Group, comprising all Telemar's telecom
operations (fixed-line, wireless, and data services). Proceeds
from the new issue are expected to be used in the refinancing
of existing debts of the group and other corporate purposes.

The analysis of Telemar NL reflects Standard & Poor's
consolidated view of the Telemar group, which includes the
holding company, Telemar Participacoes S.A., intermediary
holding company TNL (52% controlled by Telemar Participacoes),
and ultimate operating company Telemar NL (82% controlled by
TNL). Although Telemar NL benefits from first access to the
group's cash flows--as the direct operator of all the group's
telecom businesses--its controlling shareholders have the
ability to determine Telemar NL's dividend distributions.

"The ratings on Telemar NL reflect its exposure to the volatile
economic and operating environment of Brazil; the challenges of
a competitive and continuously changing environment for telecom
companies; and the regulatory uncertainties, particularly those
related to the new requirements and rulings to be determined on
the renewal of concession contracts, effective in January
2006," said Standard & Poor's credit analyst Jean-Pierre Cote
Gil. These risks are partially offset by Telemar NL's dominant
and diversified position in telecom services within its
concession area and its increasing ability to provide
integrated services, strong cash-flow generation and credit
metrics, and strong liquidity with wide access to domestic
capital and bank debt markets.

The assignment of a foreign currency rating on Telemar NL that
is above that of the Federative Republic of Brazil reflects
Standard & Poor's review of the transfer and convertibility
risk (T&C risk) affecting entities in Brazil and other
countries announced on Nov 3, 2005. The reassessment of T&C
risk affecting Telemar NL (and TNL) has considered its strong
business position, moderate consolidated levels of debt, and
strong ability to generate free cash flows on a consistent
manner, even under certain stress scenarios.

The stable outlook reflects our expectation that Telemar NL
should continue to benefit from its strong competitive
position, financial flexibility, and generation of free
operating cash flows, partly mitigating the volatility related
to Brazil's economic environment, the potential regulatory
risks, and the fierce competitive environment. A positive
review of the ratings or outlook would depend on Telemar NL's
ability to maintain its solid profitability levels accompanied
by a reduction of debt levels that improved its cash-flow
protection measures. This will be particularly challenging
under the current environment for telecom companies in Brazil,
which face decreasing traffic volumes, growing contribution
from more competitive and lower-margin businesses (such as
mobile services), and regulatory risks. A negative review of
the ratings or outlook could be triggered by a persistently
negative economic scenario stemming from country risk, which
would result in inflationary pressures and higher interest
rates, reduced purchasing power, and regulatory intervention.
In addition, the ratings could suffer a downward pressure if
Telemar failed to replicate its successful fixed-line business
strategy in other growing telecom services.

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at www.ratingsdirect.com. All ratings affected by this
rating action can be found on Standard & Poor's public Web site
at www.standardandpoors.com; under Credit Ratings in the left
navigation bar, select Find a Rating, then Credit Ratings
Search.

Primary Credit Analyst: Jean-Pierre Cote Gil, Sao Paulo (55)-
11-5501-8949; jp_gil@standardandpoors.com

Secondary Credit Analyst: Milena Zaniboni, Sao Paulo (55) 11-
5501-8945; milena_zaniboni@standardandpoors.com



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

BLUE HORSE: Selects James P. Carroll as Liquidator
--------------------------------------------------
                         Blue Horse Limited
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

TAKE NOTICE THAT the following special resolution was passed by
the shareholders of Blue Horse Limited by way of written
resolution on October 14, 2005:

"RESOLVED THAT the Company be wound up voluntarily and that Mr.
James P. Carroll be appointed liquidator for the Company for
the purposes of the winding up."

NOTICE IS HEREBY GIVEN that creditors of the Company are
required to provide details of and prove their debts or claims
to the liquidator of the Company by November 17, 2005 and, in
default thereof, will be excluded from the benefit of any
distribution made before such debts or claims are proved or
from objecting to any distribution.

CONTACT: MR. James P. Carroll, Voluntary Liquidator
         c/o Willis Management (Cayman) Ltd.
         PO Box 30600 Seven Mile Beach
         Grand Pavilion Commercial Centre
         Grand Cayman, Cayman Islands
         Phone: 345 949 3039
         Fax: 345 949 6621


CAMOMILLE GLOBAL: Enters Voluntary Liquidation
----------------------------------------------
                 Camomille Global Macro Master Fund
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)
                             Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Camomille Global Macro Master Fund at an
extraordinary general meeting of the shareholder(s) held on
October 18, 2005:

THAT the Company be placed into voluntary liquidation
forthwith.

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

Creditors of Camomille Global Macro Master Fund 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. Jon Roney and Johann Le Roux
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


CELLULAR EQUITY: Appoints Liquidator for Wind Up
------------------------------------------------
                      Cellular Equity Limited
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Cellular Equity Limited at an extraordinary general meeting
held on October 17, 2005:

"RESOLVED that the Company be placed into Voluntary Liquidation
and that Westport Services Ltd., of P.O. Box 1111, Grand
Cayman, Cayman Islands, be appointed Liquidator for the purpose
of such winding-up."

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

CONTACT: Westport Services Ltd., Voluntary Liquidator
         Ica Eden
         P.O. Box 1111, Grand Cayman
         Cayman Islands
         Telephone: 345 949 5122
         Facsimile: 345 949 7920


COROMANDEL INTERNATIONAL: Shareholders Resolve to Wind Up Firm
--------------------------------------------------------------
                   Coromandel International Limited
                      (In Voluntary Liquidation)
                   The Companies Law (2004 Revision)

TAKE NOTICE THAT the following special resolution was passed by
the shareholders of Coromandel International Limited by Special
Resolution dated on September 23, 2005:

THAT the Company be placed into voluntary liquidation.

THAT Kenneth Krys and Simone Tomkins, of RSM Cayman Islands, PO
Box 1370 GT, Commerce House, 2nd Floor, 7 Dr. Roy's Drive,
George Town, be appointed joint liquidators of the Company each
with the power to act jointly or singly for the purposes of
winding up the affairs of the Company.

Creditors of the Company are to prove their debts or claims on
or before November 17, 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit on any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT: Kenneth Krys and Simone Tomkins
         Joint Voluntary Liquidators
         c/o RSM Cayman Islands
         PO Box 1370GT, Grand Cayman
         Cayman Islands


IWO EQUITY: Shareholders Elect to Liquidate
-------------------------------------------
                         IWO Equity Limited
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of IWO Equity Limited at an extraordinary general meeting held
on October 17, 2005:

"RESOLVED that the Company be placed into Voluntary Liquidation
and that Westport Services Ltd., of P.O. Box 1111, Grand
Cayman, Cayman Islands, be appointed Liquidator for the purpose
of such winding-up."

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

CONTACT: Westport Services Ltd., Voluntary Liquidator
         Ica Eden
         P.O. Box 1111, Grand Cayman
         Cayman Islands
         Telephone: 345 949 5122
         Facsimile: 345 949 7920


MARUNOUCHI ESTATE: Mark Wanless, Tun Win to Supervise Wind Up
-------------------------------------------------------------
                  Marunouchi Estate Holdings Ltd.
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)
                            Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Marunouchi Estate Holdings Ltd. at an
extraordinary general meeting of the shareholder(s) held on
October 20, 2005:

THAT the Company be placed into voluntary liquidation
forthwith.

THAT Mark Wanless and Tun Win be appointed as liquidators of
the Company.

Creditors of Marunouchi Estate Holdings Ltd. 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 said company. In default thereof, they will be excluded
from the benefit of any distribution made before the debts are
proved.

CONTACT: Mark Wanless and Tun Win
         Joint Liquidators
         Maples Finance Jersey Limited, 2nd Floor
         Le Masurier House, La Rue Le Masurier
         St. Helier, Jersey JE2 4YE


NISHIJIMA ESTATE: Creditors' to Submit Claims Before Nov. 17
------------------------------------------------------------
                Nishijima Estate Holding Co., Ltd.
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)
                           Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Nishijima Estate Holding Co., Ltd. at an
extraordinary general meeting of the shareholder(s) held on
October 13, 2005:

THAT the Company be placed into voluntary liquidation
forthwith.

THAT Suzan Merren and Jon Roney be appointed, jointly and
severally, as liquidators of the Company.

Creditors of Nishijima Estate Holding Co., Ltd. are to prove
their debts or claims on or before November 17, 2005, and to
send full particulars of their debts or claims to the joint
liquidators of the Company. In default thereof, they will be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

CONTACT: Ms. Suzan Merren and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


OLEA G2: Heading for Liquidation
--------------------------------
                    Olea G2 Global Master Fund
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)
                            Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Olea G2 Global Master Fund at an
extraordinary general meeting of the shareholder(s) held on
October 6, 2005:

THAT the Company be placed into voluntary liquidation
forthwith.

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

Creditors of Olea G2 Global Master Fund 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. Johann Le Roux and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


SCV CAPITAL: Guy Major, Jon Roney Appointed as Liquidators
----------------------------------------------------------
                        SCV Capital Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                          Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of SCV Capital Ltd. at an extraordinary
general meeting of the shareholder(s) held on October 2005:

THAT the Company be placed into voluntary liquidation
forthwith.

THAT Guy Major and Jon Roney be appointed, jointly and
severally, as liquidators of the Company.

Creditors of SCV Capital Ltd. 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. Guy Major and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


TENNOZ HOLDINGS: Joint Voluntary Liquidators to Validate Claims
---------------------------------------------------------------
                         Tennoz Holdings
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)
                           Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Tennoz Holdings at an extraordinary
general meeting of the shareholder(s) held on October 14, 2005:

THAT the Company be placed into voluntary liquidation
forthwith.

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

Creditors of Tennoz Holdings 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 said
company. In default thereof, they will be excluded from the
benefit of any distribution made before the debts are proved or
from objecting to the distribution.

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


TURTLE FINANCE: To Wind Up Voluntarily, Appoints Liquidators
------------------------------------------------------------
                       Turtle Finance Company
                      (In Voluntary Liquidation)
                   The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of Turtle 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


WIRELESS EQUITY: Liquidator for Wind Up Appointed
-------------------------------------------------
                       Wireless Equity Limited
                      (In Voluntary Liquidation)
                   The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Wireless Equity Limited at an extraordinary general meeting
held on October 17, 2005:

"RESOLVED that the Company be placed into Voluntary Liquidation
and that Westport Services Ltd., of P.O. Box 1111, Grand
Cayman, Cayman Islands, be appointed Liquidator for the purpose
of such winding-up."

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

CONTACT: Westport Services Ltd., Voluntary Liquidator
         Ica Eden
         P.O. Box 1111, Grand Cayman
         Cayman Islands
         Telephone: 345 949 5122
         Facsimile: 345 949 7920


WIRELESS HOLDINGS: Liquidator Chosen for Wind Up
------------------------------------------------
                     Wireless Holdings Limited
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Wireless Holdings Limited at an extraordinary general
meeting held on October 17, 2005:

"RESOLVED that the Company be placed into Voluntary Liquidation
and that Westport Services Ltd., of P.O. Box 1111, Grand
Cayman, Cayman Islands, be appointed Liquidator for the purpose
of such winding-up."

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

CONTACT: Westport Services Ltd., Voluntary Liquidator
         Ica Eden
         P.O. Box 1111, Grand Cayman
         Cayman Islands
         Telephone: 345 949 5122
         Facsimile: 345 949 7920


WIRELESS INVESTMENTS: Voluntary Liquidation Initiated
-----------------------------------------------------
                   Wireless Investments Limited
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Wireless Investments Limited at an extraordinary general
meeting held on October 17, 2005:

"RESOLVED that the Company be placed into Voluntary Liquidation
and that Westport Services Ltd., of P.O. Box 1111, Grand
Cayman, Cayman Islands, be appointed Liquidator for the purpose
of such winding-up."

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

CONTACT: Westport Services Ltd., Voluntary Liquidator
         Ica Eden
         P.O. Box 1111, Grand Cayman
         Cayman Islands
         Telephone: 345 949 5122
         Facsimile: 345 949 7920



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

EMCALI: Government Completes Administrative Intervention
--------------------------------------------------------
The municipality of Cali is expected to reassume control of
Emcali anytime soon, as the national government has already
ended its administrative intervention of the telco, suggests
Business News Americas.

Eva Maria Tobon, director of the public services regulator,
explained that the government intervened in Emcali in order to
restructure the Company and generate savings of US$159 million.

Emcali provides public services, including waterworks,
telecommunications and electric power.



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

CABLEMAS: Moody's Assigns B1 to Proposed $165M Sr. Unsec. Notes
---------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Cablemas,
S.A. de C.V.'s proposed US$165 million of senior unsecured
notes. The outlook is stable. The proceeds of the transaction
will be used to refinance debt and for capital expenditures.
This is the first time Moody's has rated the debt of Cablemas.

Moody's assigned the following rating:

- US$165 million Senior Unsecured Notes due 2015 -- B1

The rating outlook is stable.

The rating reflects Cablemas' dependence on debt to finance
building out its network, the lack of free cash flow generated
from operations in the near term, and the pressure on operating
margins caused by relatively high churn. These risks are offset
by its position as Mexico's second largest cable TV operator,
with a 17% market share in a fragmented market of 120 cable TV
operators, and the advanced degree of its network upgrades to
support data service offerings.

Moody's rating also recognizes that Cablemas has been a
successful industry consolidator as it acquired and integrated
17 networks or 84,000 subscribers between 1999 and 2001 and
another 80,000 subscribers from one acquisition in 2003 with
the compounded annual growth rate for revenues and EBITDA in
the period 2002-2005 reaching 18% and 21% respectively for
organic growth and 20% and 25% respectively with the acquired
companies. Although recognizing that Cablemas' joint venture
agreement offers the opportunity for it to bundle three
services (video, voice, and telephony) in its product array,
Moody's remains concerned over the lack of a track record for
this partnership, as it is in its early stages and faces a
highly competitive telephone market in Mexico.

As of the YE 2004, pro forma leverage (measured by total debt-
to-EBITDA) is modest at about 1.8 times. However, free cash
flow remains low relative to the company's total debt burden
(negative at 0.7% of total debt at YE 2004) as a result of
large amounts of capital expenditures primarily for making
network bi-directional. Cablemas benefits from the fact that,
after the closing of the proposed transaction, no significant
debt matures until 2015.

The stable outlook incorporates the strength of Cablemas'
market position, its competence to continue a leader, the fact
that it is an early mover on launching new products and its
track record of measured acquisitions financed with internally
generated cash and equity. A positive outlook would be merited
should the company post meaningful free cash flow, exceeding 5%
of total debt, reduce churn, and maintain subscriber growth.

Economic volatility that could signal a future sales and/or
EBITDA fall impacting cash flow as well as new and/or
strengthened competition from Telmex which worsens margins and
credit metrics as per current levels could lead to negative
ratings momentum.

Cablemas, headquartered in Mexico City, is one of the largest
Cable TV service providers in Mexico.


EL POLLO: Extends Expiration Time for Tender Offer
--------------------------------------------------
El Pollo Loco Inc. (the "Company") announced Friday that, in
connection with its previously announced tender offer for any
and all of its outstanding $110,000,000 aggregate principal
amount of 9 1/4% Senior Secured Notes due 2009 (the "Notes"),
it is extending the tender offer expiration time to 8 a.m., New
York City time, on Nov. 16, 2005.

As previously announced, the Company entered into a stock
purchase agreement, dated as of Sept. 27, 2005, with Chicken
Acquisition Corp., a Delaware corporation ("CAC"), EPL Holdings
Inc., a Delaware corporation ("EPL Holdings"), EPL Intermediate
Inc., a Delaware corporation ("EPL Intermediate"), and American
Securities Capital Partners L.P., a Delaware limited
partnership ("ASCP"; and collectively with the Company, CAC,
EPL Holdings and EPL Intermediate, the "Parties"), pursuant to
which CAC has agreed, subject to customary closing conditions,
to purchase (the "Acquisition") all of the Company's issued and
outstanding common stock. As a result, as previously announced,
the consummation of the Company's tender offer remains
conditioned on, among other things, that all of the conditions
to the Acquisition shall have been satisfied, or waived by CAC.
The Parties have determined that the Acquisition will not be
consummated on or prior to Nov. 9, 2005, and as a result, the
Company has decided to, and hereby does, extend the Expiration
Time (as defined in the Offer to Purchase and Consent
Solicitation Statement dated Oct. 12, 2005 (the "Offer to
Purchase")) to 8 a.m., New York City time, on Nov. 16, 2005,
unless further extended. Accordingly, the Price Determination
Date (as defined in the Offer to Purchase) will be 2 p.m., New
York City time, on Nov. 14, 2005, unless further extended.

As of 5 p.m., New York City time, on Nov. 4, 2005, 97.95% of
the outstanding aggregate principal amount of the Notes have
been tendered. Holders who have already tendered their Notes
and delivered their consents may no longer withdraw their Notes
or revoke their consents.

Except as set forth above, all other provisions of the tender
offer and consent solicitation with respect to the Notes are as
set forth in the Offer to Purchase. The Company reserves the
right to further amend the tender offer and the consent
solicitation in its sole discretion.

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

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

                    About El Pollo Loco

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

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


EPL INTERMEDIATE: Extends Expiration Time for Tender Offer
----------------------------------------------------------
EPL Intermediate Inc. (the "Company") announced Friday that, in
connection with its previously announced tender offer for any
and all of its outstanding $70,000,000 aggregate principal
amount at maturity of 12 1/2% Senior Discount Notes due 2010
(the "Notes"), it is extending the tender offer expiration time
to 8 a.m., New York City time, on Nov. 16, 2005.

As previously announced, the Company entered into a stock
purchase agreement, dated as of Sept. 27, 2005, with Chicken
Acquisition Corp, a Delaware corporation ("CAC"), EPL Holdings
Inc., a Delaware corporation ("EPL Holdings"), El Pollo Loco
Inc., a Delaware corporation ("EPL"), and American Securities
Capital Partners L.P., a Delaware limited partnership ("ASCP";
and collectively with the Company, CAC, EPL Holdings and EPL,
the "Parties"), pursuant to which CAC has agreed, subject to
customary closing conditions, to purchase (the "Acquisition")
all of the Company's issued and outstanding common stock. As a
result, as previously announced, the consummation of the
Company's tender offer remains conditioned on, among other
things, that all of the conditions to the Acquisition shall
have been satisfied, or waived by CAC. The Parties have
determined that the Acquisition will not be consummated on or
prior to Nov. 9, 2005, and as a result, the Company has decided
to, and hereby does, extend the Expiration Time (as defined in
the Offer to Purchase and Consent Solicitation Statement dated
Oct. 12, 2005 (the "Offer to Purchase")) to 8 a.m., New York
City time, on Nov. 16, 2005, unless further extended. The total
consideration shall be calculated in accordance with the terms
set forth in the Offer to Purchase.

As of 5 p.m., New York City time, on Nov. 4, 2005, 100% of the
outstanding aggregate principal amount at maturity of the Notes
have been tendered. Holders who have already tendered their
Notes and delivered their consents may no longer withdraw their
Notes or revoke their consents.

Except as set forth above, all other provisions of the tender
offer and consent solicitation with respect to the Notes are as
set forth in the Offer to Purchase. The Company reserves the
right to further amend the tender offer and the consent
solicitation in its sole discretion.

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

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

               About EPL Intermediate Inc.

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

CONTACT:  EPL Intermediate Inc.
          Irvine Joseph Stein
          Tel: 949-399-2155
          E-mail: jstein@elpolloloco.com



LFC: GE Contract Signing Postponed
----------------------------------
State power company Luz y Fuerza del Centro (LFC) has
indefinitely postponed the signing of a contract with US firm
General Electric Co. (GE) to put up fourteen 32MW natural gas-
fired power generation projects in the Federal District (DF)
and Mexico state (Edomex), Business News Americas reports.

The contract signing was delayed due to complaints from
Germany's Siemens and Mexico's Turbinas Solar. The two bidders
have asked the public services ministry (SFP) to review the
tender process they considered unfair.

Siemens complained on the tender process rules while Turbinas
Solar said LFC favored GE even though its technology is not the
best for the project.

However, LFC assured that the tender was carried out strictly
according to the Mexican electric sector regulations. LFC
stated it will wait for the SFP's decision to proceed with the
signing of the contract.

The contract was awarded to GE on October 17, amid bids from
Rolls Royce, Turbinas Solar and United Technologies unit Pratt
& Whitney. Twenty-eight companies had bought bidding rules,
among them were seven manufacturers.

Rolls Royce and General Electric met the technical requirements
but GE offered the lowest price, LFC said.

GE expects the dispute to be resolved in the next few days and
is confident it will still end up signing the contract with
LFC, GE Mexico sales director Ramon Rodriguez said.

GE said the project will increase the reliability of
electricity service in the capital, reducing to a minimum
blackouts and voltage swings.

"To put off the construction of these plants could result in a
delay of several years in improving the service," GE said.

A spokeswoman for GE Mexico said the total value of the project
is $407 million.



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

ACEPAR: Restructures $26M Government Debt
-----------------------------------------
Paraguay steelmaker Acepar has restructured some US$26 million
in debt owed to the government during the 1997 privatization,
reports Business News Americas. As part of the agreement,
Acepar made an upfront payment of US$6.2 million to the Finance
Ministry. The Company will pay the balance in four installments
of more than US$5 million annually.

The deal consists of paying debt in 2009 and the state
receiving 100% of Acepar's stock as guarantee to be exercised
in case of default.

The agreement puts an end to all litigation between the state
and Acepar's controller, the Cerro Lorito consortium. It also
marks the end of all claims between Cerro Lorito and the
steelmaker's workers cooperative.



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

* PERU: Fitch Revises Outlook on Sovereign Ratings to Positive
--------------------------------------------------------------
Fitch Ratings, the international rating agency, revised Friday
the Rating Outlook on Peru's sovereign ratings to Positive from
Stable. This applies to the following ratings for Peru:

--Long-term foreign currency 'BB';
--Long-term local currency 'BB+'.

This reflects the country's favorable trends in the balance of
payments and public and external debt dynamics. Furthermore,
the recent Paris Club debt prepayment and other market based
operations have significantly reduced refinancing risks over
the medium-term.

'The marked improvement in Peru's external solvency indicators
is expected to continue near-term given the favorable external
environment for commodity prices,' said Theresa Paiz Fredel,
Director, Latin American Sovereign Ratings, Fitch.

Peru's net external debt declined to 106% of current external
receipts in 2004, almost halving in five years, and is expected
to fall to 79% by year-end 2005, though still significantly
higher than the 45% median for the 'BB' rating category.
Although non-traditional export growth has accelerated since
2002 and volumes of traditional exports are up as well,
particularly those of copper, gold and zinc, the overriding
driver of Peru's favorable export development has been a
positive terms of trade shock. As a proportion of total current
external receipts, exports of mineral products increased from
31% in 2001 to 43% last year, highlighting the narrowness of
Peru's export base.

Robust GDP and export growth support Peru's sovereign
creditworthiness and should provide a sufficient buffer to deal
with possible adverse shocks, whether election-related or
externally driven. A solid balance of payments performance has
been reflected in international reserve accumulation of US$1.2
billion since year-end 2004 and Peru's low external financing
needs of about 15% of reserves. Similarly, reserve
accumulation, combined with the reduction of debt service
achieved through the government's debt re-profiling operations,
will boost Peru's liquidity ratio to a projected 219% at the
beginning of 2006. While this compares favorably to a
forecasted median of 125% for 'BB' rated sovereigns, when
adjusting the liquidity ratio to include resident foreign
currency deposits in the denominator, the liquidity ratio falls
to around 89%, highlighting the risks associated with high,
albeit declining, dollarization.

The government has been focusing on reducing refinancing risk
through market-based operations that increase the average life
and duration of the debt portfolio, as well as reduce currency
and interest rate exposure. This year's debt re-profiling
operations included a prepayment to the Paris Club and a local
bond exchange. These operations will provide amortization
relief of about US$623 million this year and US$350 million
between 2006 and 2009. As a result, the public sector's
financing requirement will remain at a manageable 3% of GDP
over the medium-term if the current fiscal stance is
maintained. The re-profiling transactions undertaken this year
also improve the structure of Peru's public debt and help
reduce Peru's sensitivity to global interest rate hikes and
future increases in sovereign spreads to more normal levels.
Furthermore, the authorities do not intend to tap international
debt markets in 2006.

Factors that could trigger an upgrade of Peru's sovereign
ratings include evidence that export volume and investment
growth trends are sustainable, as well as an improvement in
fiscal trends, such as conversion of temporary tax measures
into more permanent revenue sources. A smooth transition to the
next government and maintenance of prudent macroeconomic
settings after the election would also be positive for
creditworthiness. On the other hand, a populist departure from
the current policy framework would be negative.

Contact: Theresa Paiz Fredel +1-212-908-0534 or Shelly Shetty
+1-212-908-0324, New York.



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

R&G FINANCIAL: Cuts Quarterly Cash Dividend for 3Q05
----------------------------------------------------
R&G Financial Corporation (NYSE: RGF) (the "Company") announced
Friday that its Board of Directors has declared the Company's
quarterly cash dividend for the quarter ended September 30,
2005 of $0.09375 per share ($0.375 on an annualized basis) on
the Company's common stock, payable on December 22, 2005 to
stockholders of record as of the close of business on December
16, 2005.  The December dividend payment is being reduced by
$0.03225 per share, or 25.6% from the prior dividend paid in
September.

The Company announced that in planning for the dividend
reduction, its Chairman and Chief Executive Officer, Victor J.
Galan, had determined that he would not accept any dividend
payment on his Class A shares of common stock. Mr. Galan owns
21.5 million shares of Class A common stock, which ordinarily
participate with the publicly traded Class B shares as to
dividend payments. Mr. Galan's holdings amount to 42.1% of the
Company's outstanding shares of common stock. Mr. Galan stated,
"the Board's decision to reduce the dividend was considered to
be a prudent management of the Company's capital which is being
undertaken as the Company works to complete the previously
announced process of restating its audited consolidated
financial statements for the years ended December 31, 2004,
2003 and 2002."  Mr. Galan added, "I am taking the personal
action to decline receipt of such dividend so that the holders
of our Class B common stock are less impacted by our dividend
reduction than would otherwise have been the case."

While the Company's restatement process is still ongoing, the
Company is providing an updated assessment on the aggregate
reduction to stockholders' equity that will likely be required
in connection with the restatement, as well as some limited
financial information for the nine months ended September 30,
2005 that is not impacted by the restatement process.  On July
27, 2005, the Company disclosed that it expected to reduce
stockholders' equity by an aggregate of between $116 million
and $134 million after taxes ($190 million to $220 million
before taxes, of which $160 million related to the adjustments
for retained residual interests).  The Company had disclosed
that as part of the restatement process, it was also reviewing
its accounting for deferral and recognition of mortgage
origination fees and expenses, revenue recognition related to
specific loan sales transactions (which now includes whether
such transactions constitute "true sales" or financings) and
the amortization process used in connection with mortgage
servicing rights. We are also reviewing valuation and
accounting issues associated with mortgage servicing rights.
While the restatement process is not yet complete, the Company
believes that the aggregate reductions required to its
stockholders' equity should be between $168 million and $183
million after taxes (between $275 million and $300 million
before taxes, of which approximately $190 million relates to
the adjustments for the Company' s residual retained
interests).  Assuming the upper end of the range of reduction
to stockholders' equity of $183 million (after taxes) as of
September 30, 2005, and based on current information, the
Company remains a "well-capitalized" bank-holding company
within the meaning of the federal bank regulations, and as of
such date, both its Puerto Rico bank subsidiary, R-G Premier
Bank of Puerto Rico, and its Florida thrift subsidiary, RG
Crown Bank, are "well capitalized".  The
Company is considering a broad range of alternatives to augment
its capital position.  The Company continues to work diligently
to complete the restatement process, although it is not able to
state with any certainty when the process will be completed.

From an operations standpoint, the Company continues to conduct
business in the normal course at both its Puerto Rico and
Florida operations, although it has increased the sale of its
investment and mortgage-backed securities when compared to
prior periods in order to limit its asset growth and support
its liquidity and capital position.  During the nine months
ended
September 30, 2005, the Company's consolidated deposits grew to
$5.5 billion, a $1.3 billion or 30% increase over the $4.2
billion of deposits at December 31, 2004, which takes into
consideration Crown Bank's acquisition of 18 branches from
SouthTrust Bank in early 2005.  The Company's servicing
portfolio amounted to $12.1 billion at September 30, 2005, a
$669.6 million or 6% increase over the $11.4 billion portfolio
at December 31, 2004.  Finally, the Company's loan production,
which includes both originations and purchases of loans,
increased by $1.1 billion or 32% from $3.4 billion for the nine
months ended September 30, 2004 to $4.5 billion for the nine
months ended September 30, 2005.  The loan production
information excludes loans purchased from Doral Financial
Corporation, which are being reviewed to determine whether they
are "true sales" or financings.  For purposes of our regulatory
capital analysis above, we assumed a "worst case" that all
sales of loans with variable interest rate features to other
Puerto Rico financial institutions previously considered to be
true sales are financings.  The increase in our balance sheet
which would result from all of such loan sales being considered
as financings rather than as true sales has been mitigated as a
result of the above-referenced sale of investment and mortgage-
backed securities. The financial information provided above is
unaudited and preliminary.

The Company, currently in its 33rd year of operation, is a
diversified financial holding company with operations in Puerto
Rico and the United States, providing banking, mortgage
banking, investments, consumer finance and insurance through
its wholly owned subsidiaries: R-G Premier Bank of Puerto Rico,
a Puerto Rico commercial bank; R-G Crown Bank, its Florida-
based federal savings bank; R&G Mortgage Corp., Puerto Rico's
second largest mortgage banker; Mortgage Store of Puerto Rico,
Inc., a subsidiary of R&G Mortgage; R-G Investments
Corporation, the Company's Puerto Rico broker-dealer; and R-G
Insurance Corporation, its Puerto Rico insurance agency. At
September 30, 2005, the Company operated 34 bank branches in
Puerto Rico, 33 bank branches in the Orlando, Tampa/St.
Petersburg, and Jacksonville, Florida and Augusta, Georgia
markets, and 63 mortgage offices in Puerto Rico, including 32
facilities located within R-G Premier's banking branches.



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

CARIB BREWERY: Outlines Plans for Production Issues
---------------------------------------------------
Carib Brewery has assured that the shortage of beer in the
local market would be rectified soon, The Trinidad Guardian
reports. The Company's sponsorship and events manager Colin
Murray explained that the shortage was brought about by
technical issues that the Company is well on the way to
resolving.

Murray clarified that it was not a labor dispute. "We just
commissioned a new line of machinery and we are putting things
in place," he said.

The shortage on locally produced beer has already lasted for
weeks and it has affected suppliers.

Heeranand Maharaj, president of the Supermarket Association of
T&T, had complained that they have not been getting full,
regular supplies of beer and that they lacked the amount that
is demanded because supplies have been reduced.

A bar owner stated that though he was not getting his normal
quota of beer, his current supply was sufficient.

Michelle Rampersad, manager of Club Monty's Sports Bar in San
Fernando, informed that her supply of beer had been variable
recently.

According to her, some weeks she received Carib only while she
was accustomed to selling mostly Stag and Guinness.

No definite date was given on when the brewery would return to
full production but Murray assured that the situation would be
fixed shortly.



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

CANTV: Reopens Offices Following 3-Day Closure
----------------------------------------------
CA Nacional Telefonos de Venezuela (CANTV) reopened its
administrative offices on Friday following a three-day closure
ordered by the government. The Seniat tax office shut CANTV for
two days on bookkeeping irregularities, and then extended the
closure for an additional day alleging that the Company had
allowed 250-300 administrative employees to work during the
closure.

CANTV must now pay two separate fines, VEB735,000 (US$342) for
the first violation and VEB50 million for the second.

CANTV is the leading telecommunications services provider in
the country 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


EDC: Ordered to Pay $1,627 Fine, 48-Hr. Closure
-----------------------------------------------
Tax agency Seniat ordered CA Electricidad de Caracas (EDC) to
pay a VEB3.5-million (US$1,627) fine and close its
administrative offices for 48 hours starting Friday. The Seniat
slapped the penalty on EDC for its alleged failure to submit
invoices for all its purchases.

As part of its "Evasion Cero" plan, Seniat is demanding that
every transaction in Venezuela, regardless of the amount, be
recorded with a receipt.

This is the first time EDC has been fined by Seniat, but no
claim for unpaid back taxes was presented to the Company, as is
usually the case when a fine is levied.

EDC, which serves about 1 million clients in the Greater
Caracas area, is owned by US power company AES (NYSE: AES).
Seniat head Jose Vielma is a close political ally of President
Hugo Chavez, who is notoriously anti-US.

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

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




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

Troubled Company Reporter - Latin America is a daily newsletter
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Copyright 2005.  All rights reserved.  ISSN 1529-2746.

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