TCRLA_Public/051111.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, November 11, 2005, Vol. 6, Issue 224

                            Headlines


A R G E N T I N A

AVICOLA ROQUE: Court Converts Reorganization to Bankruptcy
BANCO DE GALICIA: Reverses Loss, Posts MXN21.6M 3Q05 Net Income
COPOLYMERS S.R.L.: Court Orders Bankruptcy Proceeding
DAYMONT S.A.: Court Declares Company Bankrupt
EMPRESA SANTA MARIA: Reorganization Fails, Liquidation Required

EMPREYSER S.R.L.: Court Mandages Bankruptcy Process
GRUPO GALICIA: Banco de Galicia Profits Boost Results
INDUSTRIA DE SERVICIOS: Judge Approves Bankruptcy
LAMPAK S.R.L.: Liquidates Assets to Pay Debts
MIAMI HOUSE: Winds Up Reorganization

NIVELGREEN S.A.: Enters Bankruptcy on Court Orders
PRODUCCIONES INTERNACIONALES: Liquidates Assets to Pay Debts
SATEGNA COSTA: Court Approves Concurso Motion
SEBASTIAN MARONESE: Begins Liquidation
SIDECO AMERICANA: Buying Back 2009 Bonds at 60% Face Discount

TELECOM ARGENTINA: Debt Deal Yields Positive Earnings in 3Q05
TRANSENER: Weak Business, Financial Profiles Prompt Ratings


B E R M U D A

ALEA GROUP: Updates Storm Loss Estimates, Earnings Expectations
COTWOOD LIMITED: Enters Voluntary Liquidation
DOUBLE HELIX: Voluntary Wind Up Begins
ELAN INTERNATIONAL: Robin J Mayor Selected as Liquidator
ELAN PHARMA: Appoints Robin J Mayor as Liquidator

FOSTER WHEELER: Restructuring Improves 3Q05 Net Earnings
KWELM: Creditors to Receive Payment of $770M in Dec. 2005
PACIFIC CROSSING: To Propose Reorganization to Creditors
PXRE GROUP: Issues Estimate of Hurricane Wilma Impact
SCS BERMUDA: Liquidation Meetings to be Held Dec. 5

SEA CONTAINERS: Swings into Red by $34.4M in 3Q05
THE VENETIAN: Liquidator Appointed for Wind Up


B R A Z I L

AES TIETE: 3Q05 Profit up 188% Vs. 3Q04
BRASKEM: Year-to-Date Net Income Reaches $681M
ELETROPAULO METROPOLITANA: 3Q05 Net Loss 50 Times Last Year's
NET SERVICOS: Reports $175.1M Net Revenue in 3Q05
SADIA: Registers 57.8% Growth in Net Income

TELEMAR: Extends Cash Tender Offer to Nov. 23
VARIG: Portugal Strongly Supports TAP's Purchase of Units


C A Y M A N   I S L A N D S

AMSTERDAM DREDGING: Final Meeting to Take Place at Deutsche Bank
AMSTERDAM FINANCE: To Explain Wind Up Process Dec. 1
CAM CATAMARAN: Final Meeting Scheduled for Nov. 24
CORSAIR (CAYMAN ISLANDS): Wind Up Process to be Explained
ENSCO ENTERPRISES: Liquidation Details Set for Dec. 1 Meeting

FHS MULTI-STRATEGY: To Authorize Liquidators to Retain Records
MANCHESTER OVERSEAS: Members to Hear Wind Up Accounting
PMA HOLDINGS: Shareholders to Hold Final Meeting on Dec. 30
RCB SECURIZATION: To Present Account on Wind Up Dec. 1
SAIL VALUE: Liquidation Review Scheduled for Dec. 2

STINGRAY DREDGING: Final Meeting Scheduled for Dec. 1
TAURUSTHREE CDS: Extraordinary Final Meeting Set For Dec. 1
TURTLE FINANCE: To Hold Extraordinary Final Meeting Dec. 1


C H I L E

COEUR D'ALENE: Lower Production Costs Improve 3Q05 Net Income
EDELNOR: S&P Raises Ratings to 'B+'; Outlook Stable


D O M I N I C A N   R E P U B L I C

BANINTER: Miami Jury Finds Renta Guilty of Racketeering


E C U A D O R

ANDINATEL/PACIFICTEL: FS Fires Board, Seeks New Leaders


M E X I C O

EMPRESAS ICA: Postpones Reverse Stock Split


P A R A G U A Y

* PARAGUAY: IDB Approves $30M Loan For Public Financial Reform


P U E R T O   R I C O

FIRST BANCORP: Milberg Weiss Files Class Action Suit


V E N E Z U E L A

EDC: Cost-Cutting Programs Improve Profit in 3Q05


     - - - - - - - - - -


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

AVICOLA ROQUE: Court Converts Reorganization to Bankruptcy
----------------------------------------------------------
Avicola Roque Perez S.A.C.I.F.I.A., which was undergoing
reorganization, entered bankruptcy on orders from La Plata's
civil and commercial court. Infobae relates that the court
appointed accounting firm Estudio Liliana Ripio, Alba Beato y
Gabriela Trola, to be the receiver on the case. The trustee will
conduct the credit verification process "por via incidental."

A general report on the case will be submitted on May 5, 2006.

CONTACT: Avicola Roque Perez S.A.C.I.F.I.A.
         Sarmiento s/n Roque Perez

         Estudio Liliana Ripio, Alba Beato y Gabriela Trola
         Trustee
         Calle 11 Nro. 716
         La Plata


BANCO DE GALICIA: Reverses Loss, Posts MXN21.6M 3Q05 Net Income
---------------------------------------------------------------
Banco de Galicia y Buenos Aires S.A. (the "Bank", Buenos Aires
Stock Exchange: GALI) announced Wednesday its financial results
for the third quarter of FY 2005, ended September 30, 2005.

- The Bank showed a MXN21.6 million net income for the third
quarter of FY 2005. Net income for the nine months of FY 2005
was MXN177.4 million.

- Adjusted net income (1) for the third quarter amounted to
MXN58.9 million, excluding the MXN3.3 million loss from the
adjustment to the valuation of public-sector assets and the
MXN34.0 million loss from the amortization of losses from amparo
claims.

- The Bank has continued increasing its operating income, as a
result of a constant expansion in its activity level, in the
context of an improvement in asset quality.

- The Bank's total exposure to the private sector reached
MXN6,485 million, with an annualized increase of 34.6% in the
third quarter.

- The Bank's deposits in Argentina reached MXN7,686 million,
with a 32.3% annualized increase in the third quarter. The
Bank's estimated market share of total private-sector deposits
as of September 30, 2005, reached 7.95%, up 1.34 percentage
points from the same date of the prior year.

NET INCOME FOR THE QUARTER ENDED SEPTEMBER 30, 2005

Net income for the third quarter of FY 2005 was MXN21.6 million,
compared with MXN46.9 million loss in the third quarter of FY
2004.

The quarter's adjusted net income amounted to MXN58.9 million,
excluding the MXN3.3 million loss from the adjustment to the
valuation of public-sector assets and the MXN34.0 million loss
from the amortization of losses from amparo claims, compared
with a MXN4.2 million adjusted net income for the same quarter
of last year.

The increase in the quarter's adjusted net income over the same
quarter of the prior year was mainly the consequence of: i) a
higher adjusted net operating income (1) (which increased
MXN64.1 million), ii) a higher net other income (which increased
MXN27.7 million), and iii) lower provisions for loan losses
(which decreased MXN5.2 million). These higher earnings were
partially offset by the MXN50.2 million increase in
administrative expenses.

The quarter's adjusted net operating income totaled MXN235.4
million, 37.4% higher than the MXN171.3 million recorded in the
same quarter of the prior year. This increase was due both to an
increase in the adjusted net financial income (up MXN41.1
million) and to greater net income from services (up MXN23.0
million).

The quarter's net financial income was MXN101.6 million, MXN58.6
million higher than in the third quarter of the prior year.
Excluding the MXN3.3 million loss from the valuation of public-
sector assets, the Bank's adjusted net financial income for the
third quarter of FY 2005 amounted to MXN104.9 million. For the
same quarter of the prior year, the adjusted net financial
income amounted to MXN63.8 million. Therefore, the Bank's
adjusted net financial income for the quarter was 64.4% higher
than in the same quarter of the prior year.

During the quarter, Bogar bonds granted as collateral for the
financial assistance from the Argentine Central Bank and
released as a result of the monthly payment of the amortization
installments of such liability, in accordance with its repayment
schedule, were allocated as collateral for the advance for the
purchase of the Hedge Bond. The adjustment to the valuation of
public-sector assets established by Communique "A" 3911 and
complementary ones generated a $3.3 million loss during the
quarter.

The quarter's net financial income includes a MXN14.9 million
profit from quotation differences (composed of a MXN13.5 million
gain from FX brokerage and a MXN1.4 million gain from the
revaluation of the Bank's foreign-currency net position). The
result from quotation differences in the same quarter of the
prior year was MXN16.6 million (composed of a MXN3.1 million
gain from the revaluation of the foreign-currency net position
and a MXN13.5 million gain from FX brokerage). The lower profit
from the revaluation of the foreign-currency net position was
mainly the consequence of the reduction of the Bank's foreign-
currency net asset position between September 30, 2004 and
September 30, 2005.

The remaining adjusted net financial income, which totaled
MXN90.0 million, which was MXN42.8 million higher than in the
same quarter of the prior year, was mainly the consequence of
the profits associated with the peso-denominated and the CER-
adjusted matched portfolios and with the funding of CERadjusted
and dollar-denominated assets with peso-denominated liabilities.
These profits were partially offset by the loss from the dollar-
denominated matched portfolio.

The increase in the adjusted net financial income, excluding
quotation differences, was due to both a higher spread and a
greater intermediation volume.

The average yield on interest-earning assets increased 269 basis
points ("b.p."), up from 7.05% in the third quarter of FY 2004
to 9.74% for the quarter. Both yields exclude the results from
the adjustment to the valuation of public-sector assets. The
higher average yield on interest-earning assets for the quarter
was mainly due to the increases in: (i) the CER index (mainly
associated to the returns on Bogar, Secured Loans and CER-
adjusted loans to the private sector) which increased from an
annualized 5.93% in the third quarter of 2004 to an annualized
9.99% for the quarter; and (ii) the Libo rate, associated to the
return on the Boden 2012 received and to be received as
compensation for the asymmetric pesification.

The average rate of interest-bearing liabilities experienced a
230 b.p. increase. Alike the average yield on interest-earning
assets, this increase mainly reflects the increases in the CER
index (associated with the liabilities from the Argentine
Central Bank and CER-adjusted deposits), the Libo rate
(associated with the dollar-denominated debt) and the average
rate on peso-denominated time deposits.

Provisions for loan losses for the quarter amounted to MXN14.5
million, MXN5.2 million lower than in the same quarter of the
prior year.

Net income from services amounted to MXN130.5 million, up 21.4%
from the MXN107.5 million recorded in the third quarter of FY
2004. All of the income from services items showed growth,
mainly as a consequence of a significant increase in the volume
of transactions. Also contributing were the increases in the
price of certain services during the fourth quarter of FY 2004
and the third quarter of FY 2005. It should be noted that,
during the prior quarter, fees for MXN5.3 million were recorded,
under "Other," in connection with the Bank's participation in
the restructuring of Argentina's foreign debt.

Administrative expenses for the quarter totaled MXN194.2
million, up 34.9% from the same quarter of the prior year.
Personnel expenses increased 37.2% due, among other reasons, to
wage increases in May 2005, resulting from negotiations between
banker associations and the bank employees' union. The remaining
administrative expenses increased 32.6%, mainly as a consequence
of higher advertising and publicity expenses, which explain
nearly half of that increase. All other expenses grew 18.2%.
Income from equity investments amounted to MXN2.5 million,
similar than in the third quarter of FY 2004.

Net other income amounted to MXN12.5 million, compared to a
MXN15.2 million loss for the third quarter of FY 2004. The
quarter's profit and the increase from the same quarter of the
prior year were mainly due to the net reversal of provisions.
This improvement was partially offset by the loss from the
amortization of amparo claims.

The income tax charge was MXN11.9 million, MXN4.1 million lower
than in the third quarter of FY 2004. This charge corresponds to
the regional credit card companies.

LEVEL OF ACTIVITY

Total gross loans amounted to MXN10,454 million, as of September
30, 2005, of which MXN5,154 million corresponded to loans to the
financial and non-financial public sectors and the remaining
MXN5,300 million represented loans to the private sector.

Total loans to the private sector increased 25.3% between
September 30, 2004 and September 30, 2005. It should be noted
that, in the same period, total loans to the private sector of
the Bank's Argentine operation increased 49.0%, while the
regional credit-card companies' total loans increased 44.5%.

The Bank's estimated private-sector loan market share in the
Argentine financial market (excluding the regional credit-card
companies) increased from 6.41% to 7.21% between September 30,
2004 and September 30, 2005.

The Bank's total exposure to the private sector reached MXN6,485
million, with a 22.8% increase from September 30, 2004 and a
34.6% annualized increase during the quarter.

Private-sector loan growth during the year was concentrated in
individuals and middle-market companies.

By economic sector, the Bank increased its exposure to the
manufacturing industry (77.8%), to the retail & wholesale trade
sector (48.6%) and to consumers (33.4%).

The Bank's net exposure to the Argentine public sector decreased
2.1% between September 30, 2005 and September 30, 2004.

The main variations in public sector assets were: (i) a MXN642
million decrease in the Boden 2012 balance, mainly due to the
use of US$196 million of face value of Boden 2012 in the
exchange offer made by Galicia Uruguay which was completed
during the second quarter of FY 2005, and (ii) a MXN516 million
increase in the balance of government securities held for
trading, mainly reflecting the increase in the Bank's holdings
of Lebac and Nobac. As of September 30, 2005, such holdings
amounted to MXN749 million.

The Bank's liabilities with the Argentine Central Bank increased
5.6%, from MXN8,398 million as of September 30, 2004, to
MXN8,872 million as of September 30, 2005. This growth was due
to a MXN507 million increase in the balance of the advance to
purchase the Hedge Bond, mainly attributable to the CER
adjustment during the year, and to the reaching of a final
agreement on the amount of the compensation for the asymmetric
pesification during the first quarter of FY 2005. This increase
was partially offset by the MXN33 million decrease in the
balance of the financial assistance from the Argentine Central
Bank. This decrease was the consequence of the monthly
amortization of such liability in accordance with the original
repayment schedule and of the payments made to advance funds to
be applied to its amortization, within the auctions that the
Central Bank has allowed to such effect. These decreases were
partially offset by the adjustment of principal by the CER.

Equity investments amounted to MXN90.0 million, 6.2% higher from
MXN85.0 million as of the third quarter of FY 2004.

The item "Bank Premises and Equipment, Miscellaneous and
Intangible Assets" includes MXN365 million of net deferred
losses associated to amparo claims.

The Bank's consolidated deposits amounted to MXN8,042 million,
of which MXN430 million were deposits in Galicia Uruguay.

As of September 30, 2005, the Bank's deposits raised in
Argentina reached MXN7,686 million, representing a 46.3% and a
7.2% increase from September 30, 2004, and June 30, 2005,
respectively.

As of September 30, 2005, the Bank's estimated market share of
deposits in the Argentine financial system, considering deposits
raised in Argentina only, was 5.89%, compared with 5.67% at the
end of the prior quarter, and 4.68% a year before.

Considering only private-sector deposits, the Bank's estimated
deposit market share reached 7.95% as of September 30, 2005,
increasing 1.34 and 0.34 percentage points from September 30,
2004, and June 30, 2005, respectively.

Regarding other financial liabilities, the negotiable
obligations balance continued to decrease during the quarter,
due to the payment of the first amortization installment of the
debt instruments issued in the debt restructuring of the former
New York Branch. It is also worth mentioning that, during the
previous quarter, Grupo Galicia forgave the subordinated
negotiable obligations issued by Galicia Uruguay, for US$43
million, and Galicia Uruguay exchanged liabilities restructured
as negotiable obligations for cash and Boden 2012.

The MXN520 million increase in the balance of "Other," between
September 30, 2004 and September 30, 2005, includes an increase
of MXN328 million corresponding to reverse repo transactions
with the Argentine Central Bank and spot transactions pending
settlement.

As of September 30, 2005, the Bank had 1,065,205 deposit
accounts, reflecting an increase of approximately 92,000
accounts from a year before. Likewise, the number of credit
cards reached
2,536,961 at the end of the quarter, 21.8% higher than the
2,082,181 credit cards managed a year before.

ASSET QUALITY

The Bank's non-accrual loan portfolio decreased by MXN332
million, or 33.8%, between September 30, 2004 and September 30,
2005. The non-accrual loan portfolio represented 6.23% of total
loans as of September 30, 2005, compared to 11.14% as of
September 30, 2004. Considering only the private-sector loan
portfolio, the non-accrual portfolio decreased to 12.28% of
total loans to the private sector as of September 30, 2005, from
23.24% a year before.

The allowance for loan losses represented 5.08% of total loans
and 10.02% of loans to the private sector, compared with 10.21%
and 21.31%, respectively, as of September 30, 2004. The coverage
of the nonaccrual loan portfolio with allowances for loan losses
reached 81.57% and the coverage with guarantees 60.98%. The
combined coverage of non-accrual loans with allowances and
guarantees was 142.55%.

The coverage with allowances for loan losses of the non-accrual
loan portfolio plus the portfolio in category "2.b" was 79.19%
as of September 30, 2005. Loans classified under category "2.b"
of the Argentine Central Bank's loan classification (which
comprises portfolios that not being non-performing are in the
process of being restructured) amounted to MXN19.5 million as of
the same date.

During the quarter, MXN17 million were charged off against the
allowance for loan losses and MXN1 million direct charges to the
income statement were made.

CAPITALIZATION AND LIQUIDITY

As of September 30, 2005, the Bank's consolidated computable
capital exceeded by MXN1,037 million the MXN803 million minimum
capital required. This excess was MXN1,102 million as of
September 30, 2004.

The variation in the capital requirement between September 30,
2005 and September 30, 2004 was mainly attributable to the
greater exposure to the private sector and to the increase of
the regulatory requirements on the exposure to the public
sector. It should be noted that, beginning on January 1, 2005,
and in accordance with the established schedule, the applicable
"Alfa 1" and "Alfa 2" coefficients increased. The former
increased from 0.05 to 0.15 and the latter from 0.20 to 0.40.
"Alfa 1" temporarily reduces the capital requirement to cover
banks' exposure to the public sector, while "Alfa 2" temporarily
reduces the capital requirement to cover interest-rate risk.

As of September 30, 2005, the Bank's unconsolidated liquid
assets (held by the Bank's Argentine operation) represented
56.76% of the Bank's transactional deposits and 25.63% of its
total deposits in Argentina.

RECENT DEVELOPMENTS

LatinFinance's 2005 Prize for Bank of the Year

On its November edition, LatinFinance awarded the Bank the 2005
prize for Bank of the Year in Argentina. This was due to the
Bank's growth in operations and the improvement in its market
position and earnings, after the successful restructuring of its
foreign debt during the previous fiscal year.

Crediting of Compensatory Boden 2012

On November 3, 2005, the Bank received U$S236.9 million of face
value of Boden 2012, corresponding to the remaining amount of
the Compensatory Bond.

Advance of Funds for the Repayment of Financial Assistance

During October 2005, the Bank advanced MXN450 million to be
applied to the partial repayment of financial assistance granted
by the Argentine Central Bank.

Program for the Issuance of Negotiable Obligations

On September 15, 2005, the Bank's Board of Directors resolved
that the US dollar was the currency to determine the amount of
the Global Program for the issuance and re-issuance of ordinary
negotiable obligations, approved by the Ordinary Shareholders
Meeting held on April 28, 2005 for a maximum face amount of
MXN1,000 million outstanding at any time during the life of the
Program, which resulted in a Program rounded amount of U$S342.5
million. Likewise, the Bank's Board of Directors established the
remaining terms and conditions for the issuance and re-issuance
of ordinary negotiable obligations. On November 4, 2005, through
Resolution No. 15,228, the Board of Directors of the National
Securities Commission ("CNV") authorized the creation of the
Program.

Agreement to Structure Infrastructure Trusts

Nacion Fideicomisos, the Bank and the National Government signed
an agreement to structure trusts which purpose will be to
finance infrastructure works for the provision of public
services (such as electricity, gas, water and sewage) and other
services of public interest, as road works, including certain
private-sector initiatives recently announced. The National
Treasury, international credit agencies, national and
international banks, pension fund managers and institutional
investors will provide the trusts' funds.

Creditos Inmobiliarios Galicia I Financial Trust

On August 26, the public placement of the "Creditos
Inmobiliarios Galicia I Financial Trust" securities was
completed. The Bank transferred to the trust a portfolio of
mortgage loans for an aggregate amount of MXN91.0 million, and
the trust issued debt securities for a face value of MXN72.8
million and certificates of participation for a face value of
MXN18.2 million. Deutsche Bank S.A. acted as financial trustee.
The debt securities were fully subscribed, with an interest rate
equivalent to CER plus an annual 0.9% or an interest rate
equivalent to the Adjusted Survey Rate plus an annual 2%, the
highest, with an 8% floor and 18% cap, and maturity estimated in
2013. The certificates of participation will receive the
remaining profit generated by the trust and were kept by the
Bank. Standard&Poor's rated the debt securities "raAAA".

Creditos Inmobiliarios Galicia II Financial Trust

During October 2005, and under the "Centenial Global
Securitization Program", the "Creditos Inmobiarios Galicia II
Financial Trust" public placement was completed, with Deutsche
Bank S.A. acting as financial trustee. The Bank transferred to
the trust a portfolio of mortgage loans for an aggregate amount
of MXN150.0 million, and the trust issued debt securities for a
face value of MXN109.0 million and certificates of participation
for a face value of MXN41.0 million. The debt securities were
fully subscribed, with an interest rate equivalent to CER plus
an annual 0.8% or to the Adjusted Survey Rate plus an annual 2%,
the highest, with a 8% floor and a 18% cap, and maturity
estimated in 2011. The certificates of participation will
receive the remaining profit generated by the trust and were
kept by the Bank.

Standard&Poor's rated the debt securities "raAAA".

FINANCIAL SYSTEM AND REGULATORY CHANGES

Mutual Fund Minimum Cash Requirements

Through its General Resolution No. 481/05, issued on August 15,
2005, the CNV established that the liquidity margin of at least
45% of mutual funds' shareholders' equity, that had to be
observed by those mutual funds with assets under management not
valued at market exceeding 50% of the total, could no longer be
deposited in demand accounts with financial institutions, but
had to be deposited in current accounts opened at the Argentine
Central Bank.

Valuation of Government Securities and Corporate Securities
Without Quotation Argentine Central Bank's Communique "A" 4414,
issued on September 8, 2005, modified, among others, and
effective for information for and after August 2005, the
valuation criteria for government and corporate securities
without quotation. The comprised securities (Argentine Central
Bank bills and notes, subordinated or non-subordinated
negotiable obligations and financial trusts debt securities)
must be valued, at the end of each period, at their cost
increased on an exponential basis by their internal rate of
return.

CONTACT: Banco de Galicia y Buenos Aires S.A.
         Phone: (54-11) 6329-6430
         Fax: (54-11) 6329-6494
         URL: www.e-galicia.com


COPOLYMERS S.R.L.: Court Orders Bankruptcy Proceeding
-----------------------------------------------------
A Buenos Aires court declared Copolymers S.R.L. bankrupt after
the Company defaulted on its debt payments. The bankruptcy order
effectively places the Company's affairs as well as its assets
under the control of court-appointed trustee, Daniel Ernesto
Altman.

As the trustee, Mr. Altman is tasked with verifying the
authenticity of claims presented by the Company's creditors. The
verification phase is ongoing until Nov. 23, 2005.

Following claims verification, the trustee will submit the
individual reports based on the forwarded claims for final
approval by the court on Feb. 6, 2006. A general report will
also be submitted on March 20, 2006.

CONTACT: Copolymers S.R.L.
         Estomba 2373
         Buenos Aires

         Mr. Daniel Ernesto Altman, Trustee
         Parana 774
         Buenos Aires


DAYMONT S.A.: Court Declares Company Bankrupt
---------------------------------------------
Court No. 18 of Buenos Aires' civil and commercial tribunal
declared local company Daymont S.A. "Quiebra", relates La
Nacion. The court approved the bankruptcy petition filed by Mr.
Orlando Renee Petrolli.

The Company will undergo the bankruptcy process with Mr. Carlos
Alberto Battaglia as trustee. Creditors are required to present
proofs of claim to Mr. Battaglia for verification before Feb. 5,
2006. Creditors who fail to submit the required documents by the
said date will not qualify for any post-liquidation
distributions.

Clerk No. 36 assists the court on the case.

CONTACT: Daymont S.A.
         Tacuari 163
         Buenos Aires

         Mr. Carlos Alberto Battaglia, Trustee
         Emilio Ravignani 2526
         Buenos Aires


EMPRESA SANTA MARIA: Reorganization Fails, Liquidation Required
---------------------------------------------------------------
The reorganization of Empresa Santa Maria S.R.L. has progressed
into bankruptcy. Argentine news source Infobae relates that
Santa Fe's civil and commercial court ruled that the Company is
"Quiebra Decretada".

The report adds that the court assigned Mr. Hugo Hector Cardenas
as trustee, who will verify creditors' proofs of claim until
Dec. 20, 2005.

The court also ordered the trustee to prepare individual reports
after the verification process is completed, and have them ready
by March 2, 2006. A general report on the bankruptcy process is
expected on April 17, 2006.

CONTACT: Empresa Santa Maria S.R.L.
         Avda. Juan Domingo Peron 1699
         Villa Gobernador Galvez (Santa Fe)

         Mr. Hugo Hector Cardenas, Trustee
         Cerrito 1331
         Santa Fe


EMPREYSER S.R.L.: Court Mandages Bankruptcy Process
---------------------------------------------------
Buenos Aires' civil and commercial court ordered the liquidation
of Empreyser S.R.L. after the Company defaulted on its
obligations, Infobae reveals. The liquidation pronouncement will
effectively place the Company's affairs as well as its assets
under the control of Mr. Luis Horacio Stamati, the court-
appointed trustee.

Mr. Stamati will verify creditors' proofs of claim until Feb.
10, 2006. The verified claims will serve as basis for the
individual reports to be submitted in court on March 24, 2006.
The submission of the general report follows on May 10, 2006.

CONTACT: Mr. Luis Horacio Stamati, Trustee
         Avda. Rivadavia 3320
         Buenos Aires


GRUPO GALICIA: Banco de Galicia Profits Boost Results
-----------------------------------------------------
Grupo Financiero Galicia S.A. ("Grupo Galicia", "GFG") (Buenos
Aires Stock Exchange: GGAL /NASDAQ: GGAL) announced Wednesday
its consolidated financial results for the third quarter of
fiscal year 2005, ended September 30, 2005.

NET INCOME FOR THE QUARTER ENDED SEPTEMBER 30, 2005

- Net income for the third quarter ended September 30, 2005 was
MXN26.5 million, or MXN0.021 per share, equivalent to MXN0.21
per ADS. This result was mainly generated by interest in Banco
de Galicia y Buenos Aires S.A. (the Bank).

-  The Bank's net income for the quarter was MXN21.6 million
compared with a MXN46.9 million loss for the third quarter of FY
2004. This improvement was mainly the result of the increase in
operating income and lower provisions for loan losses, partially
offset by an increase in administrative expenses.

- The Bank's adjusted net income, excluding the losses from the
adjustment to the valuation of public-sector assets and the
amortization of the losses from amparo claims, was MXN58.9
million for the quarter, compared to MXN4.2 million for the same
quarter of the previous year.

- Grupo Galicia's net income for the third quarter represents an
annualized return of 0.54% on average assets and of 6.70% on
average shareholders' equity.

NET INCOME BY BUSINESS

- The "Income from stake in Sudamericana Holding" line includes
such company's results and its goodwill amortization for the
quarter ended June 30, 2005.

- The "Income from stake in Galicia Warrants" line includes such
company's results and its goodwill amortization and impairment
adjustment, for the third quarter.

- The "Other income GFG" line includes the financial income from
Grupo Galicia's holdings of subordinated bonds issued by the
Bank and the administrative expenses.

CONTACT: Grupo Financiero Galicia S.A.
         Mr. Pablo Firvida
         VP Investor Relations
         Telefax: (5411) 4343-7528
         E-mail: pfirvida@gfgsa.com
                 investorelations@gfgsa.com
         Web site: http://www.gfgsa.com


INDUSTRIA DE SERVICIOS: Judge Approves Bankruptcy
-------------------------------------------------
Industria de Servicios S.A. was declared bankrupt after Court
No. 12 of Buenos Aires' civil and commercial tribunal endorsed
the petition of Mr. Carlos Alberto Calderon for the Company's
liquidation, Argentine daily La Nacion reports.

The court assigned Mr. Jorge Podhorzer to supervise the
liquidation process as trustee. Mr. Podhorzer will validate
creditors' proofs of claim until Feb. 15, 2006.

The city's Clerk No. 23 assists the court in resolving this
case.

CONTACT: Industria de Servicios S.A.
         Azcuenaga 519
         Buenos Aires

         Mr. Jorge Podhorzer, Trustee
         Pasaje del Carmen 716
         Buenos Aires


LAMPAK S.R.L.: Liquidates Assets to Pay Debts
---------------------------------------------
Buenos Aires-based Lampak S.R.L. will begin liquidating its
assets following the pronouncement of the city's civil and
commercial court that the Company is bankrupt, reports Infobae.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Mr. Jose Guillermo Treger. The
trustee will verify creditors' proofs of claim until Dec. 22,
2005. The validated claims will be presented in court as
individual reports on March 6, 2006.

Mr. Treger will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, on April 17, 2006.

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

CONTACT: Mr. Jose Guillermo Treger, Trustee
         Paraguay 1649
         Buenos Aires


MIAMI HOUSE: Winds Up Reorganization
-------------------------------------
The reorganization of Miami House S.R.L. 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.


NIVELGREEN S.A.: Enters Bankruptcy on Court Orders
--------------------------------------------------
Nivelgreen S.A. enters bankruptcy protection after Buenos Aires'
civil and commercial 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 Mr. Tito Jorge
Gargaglione as trustee. Mr. Gargaglione will be verifying
creditors' proofs of claim until the end of the verification
phase on Feb. 8, 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 individual reports will be submitted
on March 22, 2006 followed by the general report, which is due
on May 4, 2006.

CONTACT: Nivelgreen S.A.
         Parana 552
         Buenos Aires

         Mr. Tito Jorge Gargaglione, Trustee
         Medrano 833
         Buenos Aires


PRODUCCIONES INTERNACIONALES: Liquidates Assets to Pay Debts
------------------------------------------------------------
Producciones Internacionales America S.R.L. will begin
liquidating its assets following the pronouncement of a Buenos
Aires court that the Company is bankrupt, Infobae reports.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Mr. Jose Luis Abuchdid. The trustee
will verify creditors' proofs of claim until Feb. 2, 2006. The
validated claims will be presented in court as individual
reports on March 16, 2006.

Mr. Abuchdid will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, on April 27, 2006.

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

CONTACT: Producciones Internacionales America S.R.L.
         Avda. Cordoba 836
         Buenos Aires

         Mr. Jose Luis Abuchdid, Trustee
         Tacuari 119
         Buenos Aires


SATEGNA COSTA: Court Approves Concurso Motion
---------------------------------------------
Court No. 20 of Buenos Aires' civil and commercial tribunal
approved a petition for reorganization filed by Sategna Costa
Afuera S.A., according to a report from Argentine daily La
Nacion.

Trustee Laura Marletta will verify claims from the Company's
creditors until Feb. 21, 2006. After verification period, the
trustee will submit the individual and general reports in court.
Dates for submission of these reports are yet to be disclosed.

The city's Clerk No. 40 assists the court on the case.

CONTACT: Sategna Costa Afuera S.A.
         Reconquista 559
         Buenos Aires

         Ms. Laura Marletta, Trustee
         San Jose de Calasanz 530
         Buenos Aires


SEBASTIAN MARONESE: Begins Liquidation
--------------------------------------
Sebastian Maronese e Hijos S.A. of Buenos Aires will begin
liquidating its assets after the city's court declared the
Company bankrupt. Infobae reveals that the bankruptcy process
will commence under the supervision of court-appointed trustee,
Mr. Abel Alexis Latendorf.

The trustee will review claims forwarded by the Company's
creditors until Feb. 14, 2006. After claims verification, Mr.
Latendorf will submit the individual reports for court approval
on March 28, 2006. The general report will follow on May 12,
2006.

CONTACT: Mr. Abel Alexis Latendorf, Trustee
         Piedras 153
         Buenos Aires


SIDECO AMERICANA: Buying Back 2009 Bonds at 60% Face Discount
-------------------------------------------------------------
Infrastructure holding company Sideco Americana plans to buy
back its 2009 secured bonds worth US$17.1 million, reports Dow
Jones Newswires. The Company informed the local stock exchange
of its intention to buy back the debt at 40% of the bonds' face
value. Sideco said it will also make US$530 million in interest
payments. The payment date is Dec. 9, 2005.

Sideco issued the 2009 secured bonds in December 2003 as part of
its US$125-million debt restructuring. The Company restructured
debts under an out-of-court restructuring process known as an
APE. In this proceeding, two-thirds agreements from creditors
allows a company to submit its offer for legal approval, which
then makes the restructuring terms binding on all creditors.

Sideco secured about 91% agreement from its creditors in
December 2003 and received court approval for its deal in July
2004. It offered its bondholders a cash payment worth 35% of the
original amount, the 2009 secured bonds and 10-year unsecured
notes.

CONTACT: Sideco Americana S.A.
         Carlos Maria Della Paolera 299 P 27 1001)
         Buenos Aires
         Tel: (011) 4319-3800
         Fax:(011) 4319-3880


TELECOM ARGENTINA: Debt Deal Yields Positive Earnings in 3Q05
-------------------------------------------------------------
Telecom Argentina (NYSE: TEO) (BASE: TECO2), one of Argentina's
largest telecommunications groups, announced Wednesday
consolidated net income of ARS1,623 million for the nine-month
period ended September 30, 2005 ("9M05") mainly due to the
positive effect of ARS1,424 million as a consequence of the
closing of the debt restructuring process of Telecom Argentina.
Comparatively, consolidated net loss for the nine-month period
ended September 30, 2004 ("9M04") was ARS491 million.
Consolidated net income for the third quarter of fiscal year
2005 ("3Q05") was ARS1,165 million million, Comparatively,
consolidated net loss for the third quarter of fiscal year 2004
("3Q04") was ARS261 million.

Earnings/loss per share and ADR for 9M05 amounted to ARS1.65 and
ARS8.25, respectively. In comparison, (loss) per share and ADR
for 9M04 were ARS(0.50) and ARS(2.49), respectively. Earnings
per share and ADR for 3Q05 amounted to ARS1.18 and ARS5.92,
respectively. In comparison, (loss) per share and ADR for 3Q04
were ARS(0.26) and ARS(1.32), respectively.

Operating profit before depreciation and amortization, operating
profit/(loss) and net income/(loss) for 9M05 represented 37%, 9%
and 40% of net sales, respectively; compared with 46%, 6% and
(15%), respectively, for 9M04. Operating profit before
depreciation and amortization, operating profit/(loss) and net
income/(loss) for 3Q05 represented 35%, 8% and 79% of net sales,
respectively; compared with 44%, 7% and (23%), respectively, for
3Q04.

The expansion in the number of subscribers in the cellular
telephony business has resulted in higher revenues but also
increased costs, this latter mainly generated by higher agent
commissions and subsidies in the sale of handsets. As a
consequence, the Operating Profit before Depreciation and
Amortization for 9M05 has remained at a similar level as in 9M04
reaching ARS1,481 million.

Company Activities

Evolution of Consolidated Net Revenues (9M05 vs. 9M04
comparison)

Consolidated net revenues for 9M05 totaled ARS4,057 million, an
increase of ARS846 million, or 26%, compared with ARS3,211
million for 9M04, mainly as a consequence of the increase in
revenues generated by the cellular and Internet businesses.

Fixed Telephony

In fixed telephony operations, local measured service revenues
increased by ARS10 million to ARS387 million during 9M05.
Domestic long distance ("DLD") revenues increased by ARS12
million reaching ARS334 million. Revenues in both services
increased as a consequence of the higher traffic due to
incremental demand and higher number of Lines in Service. DLD
traffic increased by 9% as a consequence of the implementation
of new discount plans while local traffic increased by 1% mainly
due to the increase of lines in service.

Monthly charges increased by ARS30 million, or 6%, to ARS501
million for 9M05, mainly due to the increase in customer lines
that had reached 3,582,000, equivalent to an increase of 4%. It
must be noted that the number of lines in service has recovered
in 3Q05 to the same level it had as of December 2001, when the
economic crisis began.

Revenues generated by interconnection services increased by
ARS31 million, or 21%, to ARS181 million, mainly due to the
increase in cellular traffic transported and terminated on the
fixed line network of Telecom.

Regarding international telephony activities, during 9M05
revenues reached ARS167 million increasing by ARS9 million or
6%, mainly due to higher incoming and outgoing traffic partially
offset by a decrease in rates.

Internet and Data Transmission

Revenues generated by the data transmission and Internet
business totaled ARS342 million, representing an increase of
ARS34 million, or 11%, mainly due to the increase in revenues
generated by the Internet business as a consequence of the
increase in the number of ADSL clients. Since 4Q04, the Company
has been experiencing a migration process of dial-up clients to
ADSL services. This process has intensified and has resulted in
lower dial-up traffic.

As of September 30, 2005 total lines in service with ADSL
connections amounted to 188,000, an increase of 75,000, or 66%.
The number of Arnet's ADSL subscribers reached approximately
129,000, increasing by 84% while Internet dial-up customers
reached approximately 137,000, decreasing 12%. Internet dial-up
minutes represented 27% of total traffic measured in minutes
transported over the fixed-line network.

Cellular Telephony

The cellular market in Argentina has grown rapidly during the
last months helped by the evolution of the GSM technology and
the introduction of new value added services and handsets that
has resulted in a substantial increase in the total number of
subscribers and penetration.

In this environment, total cellular subscribers of Telecom
Personal in Argentina reached approximately 5,308,000 as of
September 30, 2005, representing an increase of approximately
1,933,000 customers, or 57%. This increase in the client base
was fueled by an impressive growth in the number of GSM
subscribers, which currently represent 51% of the total customer
base.

The customer base in Argentina as of September 30, 2005 amounted
to approximately 3,579,000 prepaid subscribers, representing 67%
of the total customer base, and approximately 1,729,000 postpaid
subscribers, representing the remaining 33% (including clients
of "Cuentas Claras" a hybrid prepaid/postpaid product). These
percentages were 76% and 24%, respectively, as of September 30,
2004. The substantial improvement of the composition of the
customer base is a consequence of the strategy of Telecom
Personal in Argentina to focus in the acquisition of high-end
clients and to increase the participation in the postpaid
services, among them the "Cuentas Claras" product, taking into
account the current demand of the cellular market.

Revenues of Telecom Personal in Argentina, after inter-company
revenue elimination, reached ARS1,763 million increasing by
ARS679 million, or 63%, mainly due to the higher number of
subscribers, to the increase in total traffic, to incremental
use of value added services and to the increase in sales of
handsets.

The average monthly revenue per customer in Argentina increased
to ARS36 or 3% when compared with 9M04 notwithstanding the
significant increase in the number of clients. Additionally,
total cellular traffic increased by 53% when compared with 9M04.

Nucleo, Telecom Personal's subsidiary that provides cellular
services in Paraguay, generated ARS155 million in revenues
during 9M05 that represent an increase of ARS34 million, or 28%.
The revenues of Nucleo are consolidated into the mobile
telephony business together with the revenues of Telecom
Personal.

As of September 30, 2005, Nuleo had approximately 591,000
customers an increase of 133,000, or 29%. Nucleo's postpaid
subscribers increased by 20% reaching 112,000 clients,
representing 19% of the customer base. Prepaid customers
increased by 31% reaching 479,000, equivalent to 81% of the
customer base.

Directories

Publicom sales increased by ARS9 million or 113% reaching ARS17
million due to higher sales of advertising space and the
acquisition of new customers.

Evolution of Operating Costs

The cost of services provided, administrative expenses and
selling expenses for 9M05 increased by ARS707 million, or 24%,
to ARS3,710 million. The evolution of costs is mainly related to
the increase in sales and competition in the mobile telephony
business in Argentina. As an example of this, subscriber
acquisition cost (including handset subsidies, agent commissions
and advertising) increased by ARS240 million or 152% reaching
ARS398 million.

Salaries and social security contributions increased by ARS70
million, or 16%, to ARS504 million primarily due to the increase
in salaries. As of September 30, 2005, the headcount totaled
14,369 compared to 14,263 as of September 30, 2004. The increase
in headcount is also related to the expansion of the cellular
business.

Taxes reached $280 million, an increase of $64 million when
compared with 9M04 due to the impact of taxes that are
calculated on the basis of revenues and higher fees paid to the
regulator, the latter, in the cellular telephony activity.

The allowance for doubtful accounts increased to ARS18 million,
equivalent to 0.4% of revenues. The increase of ARS17 million is
mainly due to a lower level of recovery of past due receivables
in the fixed telephony business and a slight increase of
uncollectables in the postpaid cellular telephony after the
significant expansion of the customer base.

Sales commissions increased by ARS132 million, or 107%, to
ARS255 million for 9M05, mainly as a consequence of the
commissions paid for new customers and higher sales of prepaid
cards, mainly in the cellular business.

Costs related to advertising increased by ARS33 million or 52%
to ARS97 million, as Telecom Personal and Arnet continued with
their promotions and media advertising campaigns.

The cost of cellular handsets increased by ARS241 million
reaching ARS391 million mainly due to the increase in handset
sales as the number of subscribers in the market has increased
substantially.

TLRD (termination charges in third parties cellular networks)
and roaming cost increased by ARS143 million reaching ARS272
million, due to the increase in traffic among cellular
operators.

Depreciation of fixed and intangible assets decreased by ARS140
million, or 11%, to ARS1,134 million during 9M05 as a
consequence of the end of the amortization period of certain
assets in the fixed telephony business.

Net Financial Results

The gain resulting from net financial results reached ARS91
million for 9M05 as compared to a loss of ARS622 million in
9M04. The difference can be largely attributed to the ARS711
million gain registered as net currency exchange differences.
The gain was a consequence of the effect of the appreciation of
the Argentine Peso against the Euro and the Dollar on the net
financial debt of the Company.

Other Expenses

Other expenses (net) increased by ARS39 million, or 57%, to
ARS108 million for the 9M05 mainly as a consequence of higher
provisions for lawsuits and other contingencies partially
compensated by lower severance charges.

Cash flow and Net Financial Debt (Nominal Value)-Debt
Restructuring Results

On August 31, 2005, Telecom Argentina successfully completed its
debt restructuring process by issuing the new Notes and paying
the cash consideration in exchange for the Outstanding Debt, in
accordance with the terms of the Acuerdo Preventivo
Extrajudicial entered into by Telecom Argentina and its
financial creditors (the "APE"), resulting in the extinguishment
of all Outstanding Debt pursuant to the APE. The Company also
made prepayments on the new Notes issued pursuant to the APE,
further strengthening it post restructuring debt profile.

As a consequence of the successful Closing of the Debt
Restructuring of Telecom Argentina, the Company has registered
in 3Q05 a profit of ARS1,424 million pesos mainly due to
forgiveness of principal of ARS167 million, forgiveness of
interest (contractual and penalty) of P$984 million and effect
of the net present value of ARS352 million. This gain was
partially compensated by charges related to exchange
differences, accelerated amortization of expenses for the debt
issuance and other expenses that amounted to ARS79 million.

The nominal value of Net Debt (Loans minus Cash and Banks plus
Investments) decreased by ARS2,582 million, or 36%, to ARS4,545
million for 9M05 compared with 9M04 (ARS7,127 million), mainly
as a consequence of the reduction of the debt due to the
successful restructuring of Telecom Argentina and the positive
cash flow generation of the Group.

Capital Expenditures

Of the total amount of ARS340 million invested in fixed assets
during 9M05, ARS149 million, or 44%, corresponds to fixed-line
telephony, data transmission and Internet, and ARS191 million or
56% to the cellular business.

Additionally, during 9M05 the Company has invested ARS68 million
in materials (of which ARS43 correspond to cellular telephony)
that in a short period will be classified as investments in
fixed assets.

Telecom is the parent company of a leading telecommunications
group in Argentina, where it offers directly or through its
controlled subsidiaries local and long distance fixed-line
telephony, cellular, data transmission, and Internet services,
among other services. Additionally, through a controlled
subsidiary the Telecom Group offers cellular services in
Paraguay. The Company commenced operations on November 8, 1990,
upon the Argentine Government's transfer of the
telecommunications system in the northern region.

Nortel Inversora S.A. ("Nortel"), which acquired the majority of
the Company from the Argentine government, holds 54.74% of
Telecom's common stock. Nortel is a holding company where the
common stock (approximately 68% of capital stock) is owned by
Sofora Telecomunicaciones S.A. Additionally, the capital stock
of Nortel is comprised of preferred shares that are held by
minority shareholders. On June 30, 2005, Telecom had 984,380,978
shares outstanding.

CONTACT: Telecom Argentina
         Financial Planning & Investor Relations Department
         Pedro Insussarry
         Phone: 54-11-4968-3743
         E-mail: pinsussa@ta.telecom.com.ar

         Moira Colombo
         Phone: 54-11-4968-3628
         E-mail: mcolombo@ta.telecom.com.ar

         Gaston Urbina
         Phone: 54-11-4968-6236
         E-mail: gurbina@ta.telecom.com.ar

         Voice Mail: 54-11-4968-3627
         Fax: 54-11-4313-5842

         URL: www.telecom.com.ar


TRANSENER: Weak Business, Financial Profiles Prompt Ratings
-----------------------------------------------------------
Rationale

The ratings on Argentina's largest electricity transmitter,
Compania de Transporte de Energia Electrica en Alta Tension
TRANSENER S.A. (Transener) reflect the company's weak business
and financial profiles, which derive from the high political and
regulatory risk in Argentina, the company's weak financial
ratios, and very limited financial flexibility. In contrast, the
ratings also incorporate Transener's strong competitive position
and efficient operations.

Transener's financial performance was severely damaged by the
pesification and freezing of its tariffs in January 2002. The
completion of its debt-restructuring process on June 30, 2005,
reduced total debt by about 50% to about US$285 million and
smoothed its debt maturity profile, providing some relief to the
company's cash flow.

Weak cash flow (without considering any tariff increase) when
compared with the company's new debt levels (total debt to
EBITDA of 5.8x for the 12 months ended Sept. 30, 2005) and high
foreign-exchange risk deriving from its mostly peso-denominated
revenues and U.S. dollar-denominated debt, however, still
represent significant challenges for Transener. These challenges
will be especially acute if tariff adjustments are delayed or
there are significant exchange rate or inflation movements.

Transener also continues to face high regulatory uncertainty
related to the still-pending renegotiation of its concession
contract. In February 2005, the company and its subsidiary
Transba S.A. signed a preliminary agreement with UNIREN, the
entity created by the government to renegotiate the concessions
for public service companies. This agreement incorporates tariff
increases of 31% and 25%, respectively, a tariff-adjustment
mechanism, mandatory investments, and service-quality targets
for a transition period until February 2006, when the concession
contract should be fully renegotiated. This preliminary
agreement has yet to be promulgated by the Argentine government.
If effectively implemented, the proposed tariff increases should
boost Transener's cash flow in the short term. The company's
long-term credit quality, however, will depend on the final
terms and conditions of the renegotiated concession contracts.

Transener has a 95-year concession contract to operate and
maintain most of the high-tension transmission lines in
Argentina, and to operate and maintain for 15 years the 1,300-
kilometer high-tension (500 kilovolt) transmission line, built
by the company between the Comahue region and Buenos Aires.
Transener is controlled by Citelec S.A. (65% ownership), which
is in turn controlled equally by Dolphin Fund Management and
Petrobras Energia S.A. (B/Positive/--).

Liquidity

Transener's financial flexibility and liquidity remain
constrained by its weak financial profile and restrictions
imposed in the terms and conditions of the new debt. These
restrictions include mandatory prepayment clauses in case the
company generates excess cash. The company had about US$15
million in cash and short-term financial debt as of September
2005, representing about 70% of its short-term debt. Transener
will, however, have to maintain a minimum cash position of US$8
million.

Outlook

The stable outlook reflects Standard & Poor's expectations that
Transener will be able to meet its financial obligations during
2005 and 2006, assuming that exchange rates and inflation will
remain relatively stable. Current ratings do not incorporate a
potential tariff adjustment resulting from the preliminary
agreement between Transener and UNIREN, owing to uncertainties
regarding the time frame of the approval. Ratings would benefit
from definitions in the tariff and greater certainty about the
new terms and conditions under which the concession contract
will be finally renegotiated. However, ratings could be lowered
if Transener's financial performance is weaker than projected or
there is no significant progress regarding tariffs and the
concession contracts by mid 2006.

Primary Credit Analyst: Sergio Fuentes, Buenos Aires (54) 114-
891-2131; sergio_fuentes@standardandpoors.com

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



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

ALEA GROUP: Updates Storm Loss Estimates, Earnings Expectations
---------------------------------------------------------------
Alea Group Holdings (Bermuda) Ltd., the specialty insurer and
reinsurer, commented on the status of strategic alternatives for
the Group and updated its estimate of losses from recent storms
and its earnings expectations.

Alea is continuing to pursue strategic alternatives to its
current business structure including the sale of the Group or
specific businesses within the Group. Due diligence and
discussions with potentially interested parties are continuing.
There can be no assurance that this process will result in any
transaction or a transaction at or above the current market
price. The Group is also developing contingency plans for the
run-off of businesses that are not sold.

During October, Alea began repositioning its businesses and
expense base to reflect its current business environment in
light of the recently announced actions by its rating agencies.
A cost-reduction program was implemented in its Wilton-based
reinsurance operation, which has withdrawn from U.S. casualty
reinsurance business in line with previously announced strategy.
This is part of an ongoing program to realign costs to
operations.

Following a review of more substantive information that has now
become available from cedants and revised industry loss
estimates, Alea has revised its pre-tax loss estimate for
Katrina to the range of $55 million to $70 million, net of
reinsurance and including reinstatement premiums. Alea
previously provided a preliminary estimate of pre-tax losses
from Hurricane Katrina in the range of $20 million to $30
million, net of reinsurance and including reinstatement
premiums. This was based on modelled data using industry
estimates available at the time. Current industry loss estimates
for Katrina are in the range of $40 billion to $60 billion.
However, the complexity of the damages caused by Katrina and
related issues continue to have an effect on the industry's and
Alea's ability to arrive at an accurate assessment of the
overall impact of Katrina.

While the Group is awaiting updated information from cedants for
Hurricane Rita, its forecast, based on an industry loss estimate
for Rita of $4 billion to $7 billion, is a pre-tax loss of $5
million to $10 million, net of reinsurance and including
reinstatement premiums. It is too early to provide an estimate
of loss ranges for Hurricane Wilma.

Also during the quarter, the Group estimates pre-tax losses for
European floods to be in the range of $10 million to $12million,
net of reinsurance and including reinstatement premiums.

Alea now expects to record a net loss for the full year 2005 due
to the combined effects of the catastrophe losses referred to
above, the previously announced first-half reserve development
and the impact of changes in Alea's financial strength rating on
the level of renewals and new business opportunities.

CONTACT:  Media: Keith Anderson
          +1 860 258 6550

          Analysts & Investors: Peter Brown
          +44 20 7621 3383

          Financial Dynamics: Robert Bailhache
          +44 20 7269 7200
          http: www.aleagroup.com


COTWOOD LIMITED: Enters Voluntary Liquidation
---------------------------------------------
              IN THE MATTER OF THE COMPANIES ACT 1981

                               And

                 IN THE MATTER OF Cotwood Limited

The Members of Cotwood Limited, acting by written consent
without a meeting on November 4, 2005, passed the following
resolutions:

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

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

The Liquidator informs that:

- Creditors of Cotwood Limited, which is being voluntarily wound
up, are required, on or before November 23, 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 solicitors (if any) to Robin J Mayor, at
Messrs. Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, HM DX, Bermuda, the Liquidator of the Company, and if
so required by notice in writing from the Liquidator, and
personally or by their solicitors, 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 Cotwood Limited will
be held at the offices of Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda on December
14, 2005 at 9:30 a.m., or as soon as possible thereafter, for
the purposes of:

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

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

3) by resolution dissolving the Company.

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


DOUBLE HELIX: Voluntary Wind Up Begins
--------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                             And

        IN THE MATTER OF Double Helix Guaranteed Limited

The Members of Double Helix Guaranteed Limited, acting by
written consent without a meeting November 7, 2005 passed the
following resolutions:

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

2) THAT Beverly Mathias be and is hereby appointed Liquidator
for the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator informs that:

- The Creditors of Double Helix Guaranteed Limited, which is
being voluntarily wound up, are required, on or before November
23, 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
Beverly Mathias, at c/o Argonaut Limited, Argonaut House, 5 Park
Road, Hamilton HM O9, Bermuda, the Liquidator of the Company,
and if so required by notice in writing from the 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 Argonaut Limited,
Argonaut House, 5 Park Road, Hamilton HM O9, Bermuda, on
December 14, 2005 at 9:30 a.m., or as soon as possible
thereafter, for the purposes of:

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

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

3) by resolution dissolving the Company.

CONTACT: Ms. Beverly Mathias, Liquidator
         c/o Argonaut Limited, Argonaut House
         5 Park Road, Hamilton HM O9, Bermuda


ELAN INTERNATIONAL: Robin J Mayor Selected as Liquidator
--------------------------------------------------------
           IN THE MATTER OF THE COMPANIES ACT 1981

                             And

     IN THE MATTER OF Elan International Management Limited

The Members of Elan International Management Limited, acting by
written consent without a meeting on November 3, 2005, passed
the following resolutions:

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

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

The Liquidator informs that:

- Creditors of Elan International Management Limited, which is
being voluntarily wound up, are required, on or before November
23, 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 solicitors (if any)
to Robin J Mayor, at Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, HM DX, Bermuda, the Liquidator
of the Company, and if so required by notice in writing from the
said Liquidator, and personally or by their solicitors, 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
December 14, 2005 at 9:30 a.m., or as soon as possible
thereafter, for the purposes of:

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

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

3) by resolution dissolving the Company.

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


ELAN PHARMA: Appoints Robin J Mayor as Liquidator
-------------------------------------------------
             IN THE MATTER OF THE COMPANIES ACT 1981

                               And

              IN THE MATTER OF Elan Pharma Limited

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

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

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

The Liquidator informs that:

- Creditors of Elan Pharma Limited, which is being voluntarily
wound up, are required, on or before November 23, 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 solicitors (if any) to Robin J
Mayor at Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, Hamilton, HM DX, Bermuda, the Liquidator of the Company,
and if so required by notice in writing from the said
Liquidator, and personally or by their solicitors, 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
December 14, 2005 at 9:30 a.m., or as soon as possible
thereafter, for the purposes of:

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

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

3) by resolution dissolving the Company.

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


FOSTER WHEELER: Restructuring Improves 3Q05 Net Earnings
--------------------------------------------------------
Foster Wheeler Ltd. (Nasdaq: FWLT) reported Wednesday net
earnings of $23.5 million for the third quarter of 2005,
excluding a $40.2 million pretax and primarily non-cash
accounting charge relating to the successful equity-for-debt
exchange concluded in August 2005. Including this charge, the
Company reported a net loss of $16.7 million, or a basic loss
per share of $0.35. For the first nine months of 2005, net
earnings were $53.9 million, excluding $41.5 million of
exchange-related charges (the $40.2 million third-quarter
accounting charge and $1.3 million of charges included in the
Company's second-quarter results). Including the $41.5 million
of exchange-related charges, net earnings for the first nine
months of 2005 were $12.4 million, or basic earnings per share
of $0.27.

Consolidated third-quarter 2005 EBITDA (earnings before income
taxes, interest expense, depreciation and amortization),
excluding the $40.2 million accounting charge, was $60.4
million, and including the charge, was $20.2 million. EBITDA for
the first nine months of 2005, excluding the $41.5 million of
charges, was $155.2 million, and including the charges, was
$113.7 million.

"This has been another excellent quarter," said Ray Milchovich,
chairman, president and chief executive officer. "All of our
business units are consistently delivering strong operating
performances, our markets remain strong and we have delivered
another very good bookings quarter. Our backlog has increased by
almost 70 percent since the third quarter of 2004, taking it to
its highest level in nine quarters.

"In addition, taking into account the two successful equity-for-
debt exchanges in 2005, both previously announced, we have
further reduced debt by approximately $220 million, of which $65
million from the first exchange has been included in our third-
quarter results and $155 million from the second exchange will
be included in our fourth-quarter results. Debt is now at its
lowest level since 1989. Additionally, we have reduced future
annual interest expense by approximately $24 million."

For the third quarter of 2004, the net loss was $215.5 million,
with basic loss per share of $103.23, inclusive of a $174.9
million pre-tax and primarily non-cash accounting charge in
conjunction with the Company's successful 2004 equity-for-debt
exchange. The net loss for the first nine months of 2004,
inclusive of the 2004 equity-for-debt exchange, was $189.9
million, with basic loss per share of $92.01. The consolidated
EBITDA for the third quarter of 2004, inclusive of the 2004
equity-for-debt exchange, was a loss of $171.8 million and a
loss of $45.6 million for the first nine months of 2004. The
2004 equity-for-debt exchange reduced debt by $437 million and
eliminated $31.1 million of deferred accrued interest.

Worldwide cash and domestic liquidity

Total cash and short-term investments at the end of the third
quarter of 2005 were $342.1 million, of which $302.1 million was
held by non-U.S. subsidiaries. This compares with $390.2 million
total cash and short-term investments at year-end 2004, and
$371.9 million at the end of the third quarter of 2004. The
Company's rolling 12-month liquidity forecast continues to
indicate that it will not need to utilize its $75 million
revolving credit line.

Bookings, revenues and backlog

The Company achieved another strong bookings quarter. Measured
by future revenues, new orders booked during the third quarter
of 2005 were $942.2 million, up by over 235 percent from $280.6
million during the third quarter of 2004. Similarly, for the
first nine months of 2005, new orders booked increased by over
75 percent to $2.84 billion, compared with $1.62 billion for the
same period last year.

The Company's operating revenues for the third quarter of 2005
were $532.4 million, down from $720.6 million in the third
quarter of 2004. For the first nine months of 2005, operating
revenues were $1.58 billion, compared with $2.02 billion for the
first nine months of 2004. The lower revenues were primarily due
to a reduction in reimbursable flow-through costs, on which the
Company earns no mark-up, in the Global Engineering and
Construction Group, and the completion in 2004 of several large
lump-sum turnkey contracts in the Global Power Group, that were
not replaced in 2005.

The Company's backlog at September 30, 2005, measured by future
revenues, was $3.1 billion, its highest level in nine quarters,
up from $2.7 billion at the end of the second quarter of 2005
and up by approximately 70 percent from $1.8 billion at the end
of the year-ago quarter. Backlog at September 30, 2005,
expressed in terms of Foster Wheeler scope, i.e. excluding
reimbursable flow-through costs, was $1.8 billion, up from $1.4
billion at the end of the second quarter of 2005 and up almost
65 percent from $1.1 billion at the end of the year-ago quarter.

Calculation of EBITDA

Management uses several financial metrics to measure the
performance of the Company's business segments. EBITDA is a
supplemental, non-generally accepted accounting principle (GAAP)
financial measure. The Company presents EBITDA because it
believes it is an important supplemental measure of operating
performance. A reconciliation of EBITDA, a non-GAAP financial
measure, to net earnings, a GAAP measure, is attached with the
Company's financial data.

The Company believes that the line item on its consolidated
statement of operations entitled "net earnings" is the most
directly comparable GAAP measure to EBITDA. Since EBITDA is not
a measure of performance calculated in accordance with GAAP, it
should not be considered in isolation of, or as a substitute
for, net earnings as an indicator of operating performance.

EBITDA, as the Company calculates it, may not be comparable to
similarly titled measures employed by other companies. In
addition, this measure does not necessarily represent funds
available for discretionary use, and is not necessarily a
measure of the Company's ability to fund its cash needs. As
EBITDA excludes certain financial information compared with net
earnings, the most directly comparable GAAP financial measure,
users of this financial information should consider the type of
events and transactions which are excluded.

The Company's non-GAAP performance measure, EBITDA, has certain
material limitations as follows:

-- It does not include interest expense. Because the Company has
borrowed substantial amounts of money to finance some of its
operations, interest is a necessary and ongoing part of its
costs and has assisted it in generating revenue. Therefore, any
measure that excludes interest expense has material limitations;

-- It does not include taxes. Because the payment of taxes is a
necessary and ongoing part of the Company's operations, any
measure that excludes taxes has material limitations;

-- It does not include depreciation. Because the Company must
utilize substantial property, plant and equipment in order to
generate revenues in its operations, depreciation is a necessary
and ongoing part of its costs. Therefore any measure that
excludes depreciation has material limitations.

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


KWELM: Creditors to Receive Payment of $770M in Dec. 2005
---------------------------------------------------------
Average payout to creditors increases to 88.7 per cent

Creditors of the five insolvent London market insurance
companies collectively known as KWELM will receive payment of a
further $770 million in December 2005. The average payment to
creditors is increased from 64 percent in May of this year to
88.7 percent. That compares with the average return of around 40
percent expected when the original scheme of arrangement was
launched late in 1993. Creditors of the largest of the
companies, Walbrook Insurance, representing approximately 45
percent of the total liabilities of $3 billion, will be paid in
full.

The increased distribution follows the successful implementation
of an Amending Scheme of Arrangement, which introduced an
earlier closure process including a claims bar date and was
approved by creditors of the companies and the courts in 2004.

Joint Scheme Administrators Chris Hughes and Ian Bond commented,
"The run off commenced in 1992 against a background of great
uncertainty, particularly in respect of pollution and asbestos
claims, limited expectations of the ultimate pay out and a
timescale which extended beyond 2015. We are very pleased that
progress and payouts have been more rapid and higher than
expected.

"Our run off services company - KWELM Management Services
Limited (KMS) - has conducted a text book bar date process. The
staff have maintained excellent working relationships with
creditors, operated proactively, managed realistic expectations,
and agreed submitted claims to the value of $240m. The KMS
capability has contributed significantly to the outcome."

The KWELM companies are subsidiaries of the failed London United
Investments plc. They comprise Kingscroft Insurance, Walbrook
Insurance, El Paso Insurance, Lime Street Insurance and Mutual
Reinsurance. They specialized in US casualty, professional
indemnity and other liability insurance business. Over 90
percent of the KWELM assts and liabilities are in US dollars and
most of the policyholders are based in the United States.

The administrators expect to make a further small distribution
of between one and three percent within the next three years as
the run off team collects residual reinsurance and concludes the
run off.

The major proportion of insurance cover provided by the KWELM
companies was written between 1972 and 1990.

The companies and their creditors entered into a court approved
Scheme of Arrangement in 1993, the objective of which was to pay
out to valid creditors the maximum sum in the minimum timescale.
An Amending Scheme of Arrangement approved by creditors and the
courts in 2004 introduced an earlier closure process including a
bar date for claims of September 29, 2004, methodologies for
ascertaining and quantifying contingent claims, and the prospect
of achieving closure of the run off in a reduced timescale and
at lower cost.

CONTACT: KWELM
         Chris Hughes
         Phone: 44 (0) 20 7029 5421
         E-mail: chughes@krollworldwide.com

         Chris Reynolds
         Phone: 44 (0) 20 7645 4990
         E-mail: chris.reynolds@kwelm.com

         Caroline Cecil, Caroline Cecil Associates
         Phone: 44 (0) 20 7610 4110
         E-mail: ccecil@carolinececil.co.uk

         URL: www.kwelm.com


PACIFIC CROSSING: To Propose Reorganization to Creditors
--------------------------------------------------------
IN THE MATTER OF Pacific Crossing, Ltd. - In Provisional
Liquidation

                            And

     IN THE MATTER OF THE COMPANIES ACT 1981, SECTION 99

           NOTICE OF MEETINGS OF SCHEME CREDITORS

TAKE NOTICE that by Order dated November 3, 2005 (the "Order"),
the Supreme Court of Bermuda has directed that meetings (the
"Scheme Meetings") of certain creditors (the "Scheme Creditors"
as defined in the scheme of arrangement hereinafter referred to)
of Pacific Crossing, Ltd. - in Provisional Liquidation ("the
Company") be held to consider, and if thought fit, approve a
scheme of arrangement proposed to be entered into between the
Company and its Scheme Creditors pursuant to section 99 of the
Companies Act 1981 ("the Scheme"). Unless otherwise provided
capitalized terms herein shall bear the same meanings assigned
to them by the Scheme.

The Scheme Meetings will be held on December 5, 2005 at the
offices of Deloitte & Touche, Corner House, Church and
Parliament Streets, Hamilton HM12, Bermuda commencing at 9:30
a.m. (Bermuda time).

The following classes of Scheme Creditors will be required
entitled to vote on the Scheme: Prepetition Lenders' Secured
Claims, General Unsecured Creditors and Convenience Class
Creditors.

The Scheme Meetings will be held in this order and at the
indicated times (all times are Bermuda time):

Prepetition Lenders' Secured Creditors

9:45 a.m.

General Unsecured Creditors

10:00 a.m. (or at such later time as the prior meeting has
concluded)

Convenience Creditors

10:15 a.m. (or at such later time as the prior meeting has
concluded)

The Chairman of the Scheme Meetings will address all classes of
Scheme Creditors generally on the Scheme and issues relevant to
voting at the Scheme Meetings, namely at 9:30 a.m. on the day of
the Scheme Meetings.

Scheme Creditors may attend and vote at the relevant Scheme
Meeting either in person or by proxy. A Scheme Creditor which is
a corporation and wishes to attend and vote must nominate an
individual to attend the relevant Scheme Meeting as its
authorized representative. To be able to vote at a Scheme
Meeting, the relevant representative will have to produce a form
of general proxy evidencing that they are authorized to act as
the corporation's authorized representative.

If a Scheme Creditor wishes to provide a proxy for voting at any
one or more of the Scheme Meetings, the procedure set out at
paragraph 7.11 of the Explanatory Statement should be followed.

Each Scheme Creditor or his proxy will be required to register
his attendance at the relevant Scheme Meeting prior to its
commencement. Registration will commence at 9:00 a.m.

The Scheme is proposed between the Company and its Scheme
Creditors. A copy of the Scheme document and a copy of the
Explanatory Statement can be obtained from Richard Drennan,
Deloitte & Touche, Corner House, Parliament Street, Hamilton,
Bermuda; Tel 292 1500 or email rdrennan@deloitte.bm.

By the Order, the Supreme Court of Bermuda has appointed the
Provisional Liquidator or his nominee to act as Chairman of the
Scheme Meeting and has directed the Chairman to report the
results thereof to the Court.

The Scheme will be subject to the sanction of the Supreme Court
of Bermuda and Scheme Creditors should take note that a hearing
of the application for sanction of the Scheme has been fixed for
December 9, 2005 or so soon thereafter as counsel may be heard
by the Court. Should the date or time change, the Provisional
Liquidator will inform each of the Scheme Meetings of the new
date and time.

CONTACT: Mr. Richard Drennan
         Deloitte & Touche, Corner House
         Parliament Street, Hamilton, Bermuda
         Phone: 292 1500
         E-mail: rdrennan@deloitte.bm


PXRE GROUP: Issues Estimate of Hurricane Wilma Impact
-----------------------------------------------------
PXRE Group Ltd. (NYSE: PXT) announced Wednesday that its
preliminary estimate of the net impact from Hurricane Wilma is
between $75 million and $90 million, net of reinsurance,
reinstatement premiums and tax.  The Company's loss estimate
assumes that the insured industry losses caused by Hurricane
Wilma in Mexico and the United States will be approximately
$14.5 billion.

The Company cautioned that it had only received a limited number
of claims since the event and that this preliminary estimate is
primarily based on extensive modeling, a detailed review of
affected contracts and discussions with its clients. It is
difficult to accurately estimate losses in the immediate
aftermath of any major catastrophe and the ultimate impact of
losses from Hurricane Wilma on the Company's results of
operations might therefore differ substantially from the
Company's current estimate.


SCS BERMUDA: Liquidation Meetings to be Held Dec. 5
---------------------------------------------------
IN THE MATTER OF SCS (Bermuda), Ltd. - In Provisional
Liquidation

                              And

    AND IN THE MATTER OF THE COMPANIES ACT 1981, SECTION 99

               NOTICE OF MEETINGS OF SCHEME CREDITORS

TAKE NOTICE that by Order dated November 3, 2005 (the "Order"),
the Supreme Court of Bermuda has directed that meetings (the
"Scheme Meetings") of certain creditors (the "Scheme Creditors"
as defined in the scheme of arrangement hereinafter referred to)
of SCS (Bermuda), Ltd. - in Provisional Liquidation ("the
Company") be held to consider, and if thought fit, approve a
scheme of arrangement proposed to be entered into between the
Company and its Scheme Creditors pursuant to section 99 of the
Companies Act 1981 (the Scheme). Unless otherwise provided
capitalized terms herein shall bear the same meanings assigned
to them by the Scheme.

The Scheme Meetings will be held on December 5, 2005 at the
offices of Deloitte & Touche, Corner House, Church and
Parliament Streets, Hamilton HM12, Bermuda.

The following classes of Scheme Creditors will be entitled to
vote on the Scheme: Prepetition Lenders' Secured Claims, General
Unsecured Creditors, and Convenience Class Creditor. The Scheme
Meetings will be held in this order and at the times indicated
(all times are Bermuda time):

Prepetition Lenders' Secured Creditors

9:45 a.m.

General Unsecured Creditors

10:00 a.m. (or at such later time as the prior meeting has
concluded)

Convenience Creditors

10:15 a.m. (or at such later time as the prior meeting has
concluded)

The Chairman of the Scheme Meetings will address all classes of
Scheme Creditors generally on the Scheme and issues relevant to
voting at the Scheme Meetings, namely at 9:30 a.m. on the day of
the Scheme Meetings.

Scheme Creditors may attend and vote at the relevant Scheme
Meeting either in person or by proxy. A Scheme Creditor, which
is a corporation and wishes to attend and vote must nominate an
individual to attend the relevant Scheme Meeting as its
authorized representative. To be able to vote at the relevant
Scheme Meeting, the representative will have to produce a form
of general proxy evidencing that they are authorized to act as
the corporation's authorized representative.

If a Scheme Creditor wishes to provide a proxy for voting at any
one or more of the Scheme Meetings, the procedure set out at
paragraph 7.11 of the Explanatory Statement should be followed.

Each Scheme Creditor or his proxy will be required to register
his attendance at the Scheme Meeting prior to its commencement.
Registration will commence at 9:00 a.m.

The Scheme is proposed between the Company and its Scheme
Creditors. A copy of the Scheme document and a copy of the
Explanatory Statement to the Scheme are available from Richard
Drennan at Deloitte & Touche, Corner House, Parliament Street,
Hamilton, Bermuda, telephone 292 1500 or email:
rdrennan@deloitte.bm.

By the Order, the Supreme Court of Bermuda has appointed the
Provisional Liquidator or his nominee to act as Chairman of the
Scheme Meeting and has directed the Chairman to report the
results thereof to the Court.

The Scheme will be subject to the sanction of the Supreme Court
of Bermuda and Scheme Creditors should take note that a hearing
of the application for sanction of the Scheme has been fixed for
December 9, 2005. Should that date or time change, the
Provisional Liquidator will inform each of the Scheme Meetings
of the new date and time.

CONTACT: Mr. Richard Drennan
         Deloitte & Touche, Corner House
         Parliament Street, Hamilton, Bermuda
         Phone: 292 1500
         E-mail: rdrennan@deloitte.bm


SEA CONTAINERS: Swings into Red by $34.4M in 3Q05
-------------------------------------------------
Sea Containers Ltd. (NYSE: SCRA , NYSE: SCRB), marine container
lessor and rail and ferries operator, announced Wednesday its
results for the third quarter and nine months ended September
30, 2005.

For the quarter, the net loss was $34.4 million ($1.25 per
common share diluted) on revenue of $456 million, compared with
net earnings of $18.4 million ($0.77 per common share diluted)
on revenue of $492 million in the third quarter of 2004. Non-
recurring charges in the third quarter of 2005, almost entirely
related to the restructuring of the ferries business announced
on November 3, 2005, accounted for $19.5 million of this loss.

For the nine months, the net loss was $58.5 million ($2.16 per
common share diluted) on revenue of $1.3 billion, compared with
net earnings of $8.9 million ($0.35 per common share diluted) on
revenue of $1.3 billion in the year earlier period. Non-
recurring charges account for $38.5 million of the loss in 2005.
The nine month period benefited from a $41.1 million gain in
March 2005 on the sale of shares in Orient-Express Hotels.

The London Underground bombings and attempted bombings in July
2005 were responsible for a decline in passenger carryings and
earnings from rail operations in the quarter, causing GNER to
incur a loss of $7.6 million compared with a profit before non-
recurring charges of $14.0 million in the prior year period.
Passenger volumes and revenue have recovered following the
summer holidays but have yet to return to levels anticipated
before the bombings.

Earnings from the company's GE SeaCo investment declined to $6.0
million in the quarter from $8.6 million in the prior year
period due to the acceleration of depreciation of containers in
the first lease. This change impacted Sea Containers' share of
earnings by $1.0 million and higher interest rates on GE SeaCo's
floating rate debt caused a decline of $2.9 million on Sea
Containers' share. At September 30, 2005 GE SeaCo had acquired
$126 million of new containers in the year and utilization of
its owned fleet was 98%.

The company's other container businesses reported operating
income of $5.0 million in the period compared with $4.5 million
in the prior year third quarter.

Excluding vessel write-downs, ferry operations had operating
income of $9.7 million in the quarter, compared with $17.1
million in the year earlier period. Silja incurred a $7.3
million fuel cost increase compared with the prior year period.
However, excluding fuel Silja's operating income increased $6.1
million due to higher revenues. Operating income from other
ferry businesses declined by $6.1 million compared with the
prior year period, due to higher fuel costs, increased pension
costs and provision for past tax costs and lease termination.

Mr. James B. Sherwood, President, said "2005 has regrettably
been a 'Perfect Storm' for the company. All three of our main
business segments have encountered unanticipated difficulties.
The company is engaged in a dispute with our partners in GE
SeaCo, GE Capital. The issues have led to arbitration and a
decision is expected in January.

The ferries business has been hit with a huge increase in fuel
costs, losses from the m.v. Finnjet operation (which has now
been withdrawn and is on profitable charter in connection with
the Louisiana hurricane relief), a further deterioration of
yield on Hoverspeed's Dover-Calais route, and other reasons
outlined in the November 3rd restructuring announcement. The
company's response to these events is to entertain offers to
sell Silja and SeaStreak, reduce its involvement in car-carrying
fast ferries, and sell or charter out to third parties Silja's
non-core vessels. A restructuring charge totalling $157 million
will be taken this year in respect of write-downs of certain
vessels, redundancy and other exit costs. This includes an
impairment charge of $19.2 million recognized in the third
quarter."

"It is difficult to predict how long it will take to dispose of
the businesses and assets as planned, but we hope to have made
substantial progress within six months," he said.

"We announced on November 8th the offering for sale through
underwriters of our remaining 9.9 million shares in Orient-
Express Hotels. The share price has been around $30 in recent
days. Proceeds will be used to reduce debt and increase working
capital. The book value of the shares being sold is
approximately $18.50 per share so a large profit is expected to
arise on sale."

"While it is impossible to predict the sales prices for the
various ferry assets being sold, it is anticipated that they
will exceed underlying debt. This will allow the company to
reduce consolidated debt."

Mr. Sherwood concluded by saying "The board is taking meaningful
steps to rectify the company's poor operating performance. We
will be sorry to see businesses and long serving employees
depart in the process, but we feel we have no other choice and
ask for the understanding of all interested parties."

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

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

CONTACT: Sea Containers Ltd.
         Media and General enquiries contact:
         Lisa Barnard , Director of Communications
         Tel: +44-20-7805-5850
         E-mail: lisa.barnard@seacontainers.com
         URL: http://www.seacontainers.com

         Investor Relations: The Galvin Partnership
         Enquiries Contact:
         William W. Galvin III
         Tel: +1-(203)-618-9800
         E-mail: wwg@galvinpartners.com


THE VENETIAN: Liquidator Appointed for Wind Up
----------------------------------------------
             IN THE MATTER OF THE COMPANIES ACT 1981

                                 And

       IN THE MATTER OF The Venetian Investment Company Ltd.

At a Special General Meeting of the Members of The Venetian
Investment Company Ltd., duly convened and held at the Offices
of the Company, Hamilton, Bermuda, on November 8, 2005 the
following Resolutions were passed:

a) that the Company be wound up voluntarily pursuant to the
provisions of The Companies Act, 1981; and

b) that Nicholas Hoskins be appointed Liquidator for the
purposes of such winding-up, such appointment to be effective
forthwith.

The Liquidator informs that:

- Creditors of The Venetian Investment Company Ltd., which is
being voluntarily wound up, are required, on or before the 9th
December 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 attorneys (if any)
to the Liquidator of the Company at Wakefield Quin, Chancery
Hall, 52 Reid Street, Hamilton, Bermuda and if so required by
notice in writing from the said Liquidator, and personally or by
their attorneys, 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.

- Final General Meeting of the Members of The Venetian
Investment Company Ltd. will be held at the offices of Wakefield
Quin, Chancery Hall, 52 Reid Street, Hamilton, Bermuda on
December 14, 2005 at 10:00 a.m., or as soon as possible
thereafter, for the purposes of: having an account laid before
them showing the manner in which the winding-up has been
conducted and how the property of the Company has been disposed
of and of hearing any explanation that may be given by the
Liquidator; determining by Resolution the manner in which the
books, accounts and documents of the Company and of the
Liquidator thereof, shall be disposed of; and by Resolution
dissolving the Company.

CONTACT: Mr. Nicholas Hoskins, Liquidator
         Chancery Hall, 52 Reid Street
         Hamilton, Bermuda



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

AES TIETE: 3Q05 Profit up 188% Vs. 3Q04
---------------------------------------
Electric power utility AES Tiete S.A. saw its net profit rise
188% in the third quarter of the year to BRL200.8 million from
BRL69.7 million in the same period last year, reports Dow Jones
Newswires.

AES Tiete said the sharp rise in profits is due to the sale of
several energy though higher-value long-term contracts and less
operating costs.

The Company reported a 46% increase in net revenue during the
third quarter of 2005 to BRL361 million due to an increase in
the amount of energy sold through bilateral long-term contracts
as well as a series of rate increases during the period.

Generating costs rose 12% to BRL71.2 million, but this was
partly offset by tax reimbursements of BRL43.8 million and
BRL6.8 million from energy distributors.

AES Tiete's earnings before interest, taxes, depreciation and
amortization (EBITDA) totaled BRL306.7 million in the third
quarter, up 46% from the same period in 2004. EBITDA margin, a
measure of its profitability, rose to 84.7% from 80.9% a year
ago.

Deflation of 1.5% in the inflation indicator to which the
Company's main debts are linked helped hold down financial
expenses, AES Tiete said.

AES Tiete is controlled by the Brasiliana holding company, which
is a joint venture between U.S.-based AES Corp. and Brazil's
National Development Bank (BNDES).


BRASKEM: Year-to-Date Net Income Reaches $681M
----------------------------------------------
BRASKEM S.A. (NYSE: BAK; BOVESPA: BRKM5; LATIBEX: XBRK), leader
in the thermoplastic resins segment in Latin America and one of
the largest Brazilian privately-owned industrial companies,
announced Wednesday its results for the third quarter (3Q05) and
nine months (9M05) of 2005.

HIGHLIGHTS

-- In the first nine months of 2005, the production of
thermoplastic resins (PE, PP and PVC) grew by 10% compared to
the same period in 2004, maintaining high capacity utilization
rates. This performance confirms the Company's operational
excellence.

-- Braskem has been accelerating the capture of productivity
gains from "Braskem +", its operational excellence and business
competitiveness program, which should allow it to move forward
the conclusion date of the program, originally scheduled for the
end of 2007. Since the start of this program through September
2005, the Company has captured BRL235 million in productivity
gains, on an annual and recurring basis. This figure already
exceeds the targets set for the end of 2005 by BRL65 million.

-- In 3Q05, total sales volumes of thermoplastic resins grew by
18% compared to the second quarter of 2005. This increase was
concentrated in the domestic market, in which demand has
increased since the beginning of September 2005. Total sales
volumes increased by 10% during 3Q05, led by polypropylene sales
volumes, which increased by 14% during this period.  During the
9M05, thermoplastic resin sales increased by 8% compared to
9M04.

-- Exports achieved a record performance during the 9M05,
reaching US$739 million, a 21% increase compared to the US$612
million recorded during the same period in 2004. This increase
demonstrates Braskem's strategic flexibility in the domestic and
exports markets.

-- When expressed in U.S. dollars, Braskem's net revenue
increased by 27% during the 9M05, totaling US$3.5 billion.  When
expressed in reais, Braskem's net revenue increased by 6% during
the same period, reaching BRL8.8 billion.

-- Although naphtha prices were 29% higher when expressed in
U.S. dollars during the 9M05, Braskem's EBITDA reached US$639
million in 9M05, a 1% increase compared to the same period in
2004. In reais, EBITDA reached BRL1.6 billion, a 15% decrease
compared to the BRL1.9 billion recorded during the same period
in 2004, proving the impact of the exchange rate trajectory on
our results.

-- When denominated in U.S. dollars and during the 9M05,
Braskem's net debt decreased by 4% during the 9M05, from US$1.5
billion as of December 31, 2005 to US$1.4 billion as of
September 30, 2005. Braskem's level of financial leverage,
measured by the Net Debt/ EBITDA ratio, decreased by 10% from
1.52 as of December 31, 2004 to 1.37 as of September 30, 2005.

-- Braskem's net income reached BRL48 million during the third
quarter of 2005, compared to the BRL496 million in net income
recorded in the same period in 2004. During the nine-month
period ended September 30, 2005, net income was BRL681 million,
representing an increase of BRL477 million when compared to the
BRL204 million recorded during the same period in 2004.

CONTACT: Braskem S.A.
         Jose Marcos Treiger
         Phone: 55-11-3443-9529
         E-mail: jm.treiger@braskem.com.br

         Luiz Henrique Valverde
         Phone: 55-11-3443-9744
         E-mail: luiz.valverde@braskem.com.br

         Luciana Ferreira,
         Phone: 55-11-3443-9178
         E-mail: luciana.ferreira@braskem.com.br

         URL: http://www.braskem.com.br/ir



ELETROPAULO METROPOLITANA: 3Q05 Net Loss 50 Times Last Year's
-------------------------------------------------------------
Electric power utility Eletropaulo Metropolitana de Eletricidade
SA ended the third quarter of the year with a net loss of
BRL324.1 million, higher than the BRL6.4 million net loss in the
same year-ago period. Eletropaulo, a unit of U.S. power firm AES
Corp., attributed the sharp rise to provisions related to bad
debt with the city of Sao Paulo.

The Company recorded operating expenses of BRL2.079 billion in
the third quarter of the year, some 20.5% higher than those
registered in the same period of 2004 after it decided to write
off credits worth BRL346.4 million with the Sao Paulo municipal
government.

Net revenues during the third quarter declined 3.6% to BRL1.98
billion, which according to a company release, was due in large
part to a deferral of social security payments.

As a result, earning before interest, tax, depreciation and
amortization showed a loss of BRL27.5 million last quarter
compared with a profit of BRL392.3 million in the same period of
2004.

Eletropaulo is still recovering after a long cash crunch that
nearly led it to a debt default in 2003.

CONTACT: Eletropaulo Metropolitana Eletricidade de Sao Paulo
         Investor Relations Manager
         Ms. Clarice Silva Assis
         E-mail: clarice.assis@aes.com
         Phone:(55 11) 2195-2229
         Fax:(55 11) 2195-2503


NET SERVICOS: Reports $175.1M Net Revenue in 3Q05
-------------------------------------------------
Net Servicos de Comunicacao S.A. (Nasdaq: NETC; Bovespa: NETC4
and NETC3; and Latibex: XNET), the largest Pay-TV multi-service
operator in Latin America, and an important provider of bi-
directional broadband Internet access (Virtua), announced
Wednesday its 3Q05 financial results. The following financial
and operating information, except where otherwise stated, is
presented in U.S. GAAP on a consolidated basis.

-- Net Revenue totaled US$175.1 million in 3Q05, a 46.1% growth
in comparison to US$119.9 million recorded in 3Q04.

-- Consolidated EBITDA ended the quarter at US$45.3 million, a
43.4% increase in comparison to US$ 31.6 million in 3Q04. EBITDA
margin recorded a slight drop from 26.3% to 25.8%, but still
within a level that can sustain more aggressive sales, which can
generate faster growth than what the Company has showed during
the last quarters.

-- The company's Net Debt ended the quarter at US$ 204.2
million, a 14.4% drop in comparison to the net debt recorded by
the end of 3Q04. The net debt to last 12 months EBITDA ratio was
1.19x.

-- Client ARPU was US$48.38, up by 39.9% the US$34.59 in 3Q04.
The increase in aggregated ARPU is a result of: i) higher
penetration of broadband subscribers in the pay TV base and ii)
pay TV monthly fee readjustments.

-- The Company recorded Net income of US$27.4 million in 3Q05,
versus a net loss of US$7.2 million in 3Q04. The net income in
the quarter is mainly due to the prepayment of the Company's
restructured debt, as it had been accounted in accordance with
SFAS 15. Accordingly, the Company recognized the gains from the
restructuring in the amount of US$23.6 million.

CONTACT: Net Servicos de Comunicacao S.A.
         Marcio Minoru
         Phone: 55-11-2111-2811
         E-mail: minoru@netservicos.com.br
                       or
         Sandro Pina
         Phone: 55-11-2111-2721
         E-mail: sandro.pina@netservicos.com.br

         URL: http://www.ir.netservicos.com.br


SADIA: Registers 57.8% Growth in Net Income
-------------------------------------------
SADIA S.A. (BOVESPA: SDIA4; NYSE: SDA; LATIBEX: XSDI), the
Brazilian leader in the processed food, poultry and pork
industries, announced on November 7, 205 the results for the
third quarter of 2005 (3Q05). The Company's operating and
financial information, approved by the Audit Committee on
October 26, 2005, are shown in Brazilian Reais, unless stated
otherwise, and are based on consolidated figures, as required by
Brazilian corporate law. All comparisons made in this release
are based on the same period in 2004 (3Q04), except where stated
otherwise.

CEO Gilberto Tomazoni stated:

"Sadia ended the third quarter of 2005 with very positive
results that signalize optimistic perspectives for the year's
performance, a reflection of the efforts obtained by the
Company's 44 thousand employees engaged in the pursue of a
greater profitability. The commitment of the commercial team
together with the realignment of the focus in clients and
destinations, better product mix and better logistics efficiency
allowed an increase of 13.3% in both volumes and in revenues.

This quarter, the Company registered a 53.4% growth in operating
profit and a 57.8% growth in net income as compared to the third
quarter of 2004. The focus in improving the operating cash
generation (EBITDA) propitiated a 13.8% margin, and allowed
Sadia to exceed, in the third quarter of 2005, the 13% goal for
the year. Important progresses in the operational area
contributed towards the Company reaching net profits of BRL178
million and a net margin of 9.3%, exceeding the net margin of
7.0% for the third quarter 2004. The Company obtained a net
profit of BRL423 million for the first three quarters of the
year, an amount 35.9% superior to the amount achieved in the
same period last year, corresponding to 96% of the BRL438.7
million net profit registered in the whole year of 2004. In
order to meet the increasing international demand and the new
markets developed locally, Sadia kept on accelerating its
investments in the optimization of its plants - in the first
nine months of the year R$480 million were invested - and
increased the investment projects to BRL600 million in 2005. Net
debt at 27.9% of net worth fell from 32.7% from the previous
quarter despite the increase in investments. Many initiatives
are also being undertaken in order to strengthen, even more
Sadia's rigorous quality control, as there is a concern in the
sector with ongoing news over sanitary problems. Even though the
company does not have operating units in the state of Mato
Grosso do Sul, and, therefore, is not directly affected by the
embargo in exports, Sadia is adopting a group of internal and
external initiatives, aiming to maximize operational control and
minimize risks, in order to, in the event of a crisis, these
initiatives can be quickly put in practice, with great
efficacy."

GROSS OPERATING REVENUES

In the third quarter of the year, Sadia registered gross
operating revenues of BRL2.1 billion, an amount 13.3% greater
than the one obtained in the same period last year, and 4.8%
greater than last quarter results. This amount is equivalent to
sales volumes of 479.8 thousand tons, which represent a 13.3%
increase over volumes sold in the 3Q04 and 6.7% over 2Q05. For
the 9M05 results the Company has already achieved R$6.1 billion
in revenues, which represents a 14.8% growth as compared to the
9M04.

Sales in the domestic market represented 43.0% of the total
volume sold and 48.7% of the quarter's gross operating revenues.
Sales in the export market represented 57.0% of volumes sold and
51.3% of revenues for the period.

The business expansion is the result of a group of factors that
include:

- gains in productivity and production optimization;

- growth in external markets sales, led in part, by the
expansion in production which was allowed by the investments in
capacity expansion;

- the ability to increase international prices, that partially
compensated the losses incurred with the foreign currency
devaluation;

- better product mix; and

- realignment of the focus of clients and destinations.

In the international market, demand continues to be strong which
has allowed Sadia to increase its prices. Several of the
Company's export products are being sold at higher prices than
those last year, keeping competitiveness in relation to its
international peers. In contrast to domestic stability, external
market showed a strong demand, which allowed record high
shipments of 100 thousand tons in September.

DOMESTIC MARKET

For the 9M05, domestic sales had a 13.9% increase, which added
up to BRL3.0 billion, an amount that corresponds to a 11.3%
increase in sales volumes, which reached 596.4 thousand tons.

Sadia ended the quarter with BRL1.0 billion in revenues, which
represents a 10.8% increase as compared to the same period last
year and a 6.4% rise over 2Q05. Sadia's superior performance is
a reflex of the commercial team efforts, gains in productivity
obtained in the industrial area and logistics optimization. For
the next quarter, the perspectives are that part of recovery in
purchasing power will be directed towards food consumption.

The highlight was the poultry segment, which registered a 28.7%
increase in sales volumes, which led to a 17.4% increase in
gross revenues. This growth results from the acquisition of So
Frango in January 2005 and the larger participation of whole
chicken in the mix of products sold. As whole chicken has lower
prices per ton compared to poultry cuts, prices in this segment
fell 8.8% comparing 3Q05 over 3Q04.

In the processed products segment, Sadia has been broadening its
product mix, in order to better meet the demand for
differentiated products and to insure its market leadership in
more elaborated products. This strategy has allowed the Company
to increase volumes in 8.5% and thus, its gross revenues in 8.3%
for the 3Q05 as compared to the same period last year. Despite
difficulties in passing on prices in the domestic market, the
0.2% reduction in the average price for processed products
results mainly from the increase in sales volumes of products in
bulk.

These products have a lower price per unit, but are also
produced at a lower cost, allowing thus, gains in margins.

In the pork segment the highlight was the 27.8% price increase
due mainly to a contraction in the domestic market supply, as
most of the products were directed towards the export. Sales
volumes and revenues fell 22.9% and 1.6%, respectively.

EXTERNAL MARKET

The export market has been showing strong demand and
possibilities of developing new businesses. This favorable
scenario has allowed a 15.8% growth in operational revenues as
compared to 3Q04, adding to BRL1.1 billion. Sadia achieved a
historical sales volume record, with shipments of 273.4 thousand
tons (the previous historical sales volume record of 256.9
thousand tons was achieved in the 2Q05), an amount 16.7% greater
than the same period last year. In the 9M05, revenues amounted
to BRL3.1 billion (with a 15.7% growth as compared to 9M04),
with a volume of 757.7 thousand tons (+21.9%).

Sadia's quarterly results were a function of increases in
international prices, optimization in logistics and better
product mix. Altogether, these factors practically compensated
the 21.2% devaluation of the dollar for the 3Q05/3Q04 period.
In gross revenues, the highlight of the period was the pork
segment. It registered a 64.4% increase, totaling BRL174.5
million, as compared to 3Q04. These revenues are a reflex of
greater volumes shipped to Russia. In the period there were
sales of 32.4 thousand tons, which represented a 67.1% increase
as compared to the same period 2004. Despite the devaluation of
dollar, prices in Brazilian real decreased only 1.5% for the
period.

Sadia also registered a significant expansion in sales of
processed products, due to the closing of new contracts with
large international companies. Revenues amounted to BRL106.8
million, a 17.7% increase, with shipments reaching 23.1 thousand
tons, a 27.9% increase as compared to 3Q04. Despite the 12.2%
increase in US dollar-term prices, it was not sufficient to
compensate the 21.2% US dollar devaluation in the period.

In the quarter, the poultry segment had a 6.6% increase in
revenues adding to BRL779.7 million, representing volumes of
217.9 thousand tons and a 10.7% growth as compared to 3Q04. The
achievement of the sales team in the mission of passing on
prices in hard currency in almost 16.8% partially compensated
the devaluation of the dollar for the period.

Sadia is a benchmark in the administration of its animal stock.
Nevertheless, the Company continues to improve its animal
quality control systems, especially at this moment, when news of
sanitary problems are gaining space and worrying several sectors
of our economy. The Company is working on this issue with the
utmost priority, at the highest level of its corporate
governance structure and adopting several preventive measures.

The Company is participating in meetings with companies in the
sector, and federal and state organisms, in order to establish
the Sanitary Regionalization program for poultry, similar to the
one that already in place for cattle. The Regionalization will
probably be implemented by December 15, of this year, as per
public commitment by the Minister of Agriculture, Mr. Roberto
Rodrigues.

The Regionalization, which follows all OIE (World Organization
for Animal Health) standards, will assure to international
markets that Brazil maintains sanitary barriers between states,
specific regulation on animal transportation, traceability,
blood tests, capable laboratories and other controlling
mechanisms that attest the production quality from the different
regions of the country. The measure allows that an eventual
problem detected in a certain state - most of them as large as
many European and Asian countries - will not affect producers
from other regions.

Sadia is in the direction of fully implementing the capacitation
it needs to attend the rules of the Regionalization.

Even without having breeders in the state of Mato Grosso do Sul,
the Company is actively participating in work groups with
companies from the sector and governmental organizations, as it
is aware of the delicate moment the industry is experiencing.
It is worth mentioning that Sadias's exports continue to be
directed towards several markets, which confirm the trust in the
quality of Company's products, and also represents a risk-
mitigating factor for the Company.

OPERATING RESULTS

Sadia's net revenues have added up to R$1.9 billion in the 3Q05,
an amount 17.9% and 6.0% greater as compared to the 3Q04 and
2Q05. This performance is explained mainly by the greater sales
volume and by the average price stability, even with the dollar
devaluation during 2005. In the 9M05, revenues reached BRL5.4
billion, an amount 16.8% greater than those achieved in the same
period last year.

This performance results from, among other factors, optimization
in deductions which has allowed net revenues to have a greater
increase than gross revenues.

The better balance between grains supply and demand in the
market in the 3Q05, as well as the dollar devaluation in the
period, reduced the pressure on corn and soybean prices. In the
3Q05, corn and soybean prices were, respectively, 9.2% and 1.1%
lower than the average in the 2Q05.

Gross revenues for the 3Q05 achieved BRL526.3 million, 10.2%
higher than 2Q05. The 27.6% gross margin surpassed the figures
achieved in the other quarters of 2005, due to efforts in cost
management and greater revenues. This strategy has been allowing
Sadia to register a growing trajectory in its gross margin, from
25.6% (1Q05), 26.5% (2Q05) to 27.6% (3Q05).

The operating expenses over net revenues ratio showed expressive
gains as it decreased from 19.5% (3Q04) and 18.7% (2Q05), to
17.0% for 3Q05, despite the 13.3% increase in volumes sold as
compared to 3Q04 and 6.7% over 2Q05. Even with this recent
achievement, the Company keeps seeking new opportunities that
will improve its operating efficiency.

The sales expenses over net revenues ratio showed a significant
reduction: it decreased to 15.6% in the 3Q05, against 18.3%
achieved in the 3Q04 and 17.5% in the 2Q05. This performance
reflects the aggressive plan in expense reduction put in
practice during this year, several measures were implemented,
such as the renegotiation of contracts and better logistics
efficiency.

General and administrative expenses remained practically stable,
equivalent to 0.9% of net revenues.

Depreciation and amortization added to BRL52.2 million for the
3Q05, an amount 6.4% greater than the one achieved for 3Q04.

The BRL201.7 million earnings before financial expenses and
equity pick up (EBIT), were 53.4% greater as compared to 3Q04
and 44.2% greater as compared to 2Q05.

The BRL262.9 million EBITDA was 38.2% greater than the one
achieved in the 3Q04 and 35.9% greater than the one from 2Q05.
The EBITDA margin also increased, reflecting the Company's
efforts in seeking higher levels of profitability.

FINANCIAL RESULTS

The net financial results in the quarter amounted to BRL84.2
million, close to the BRL75.0 million achieved for the 3Q04, but
inferior to the BRL175.3 million from the 2Q05. The financial
results continue to be influenced by the Company's operational
hedges, which are in conformity with Sadia's financial policy.
At the end of the 3Q05, Sadia's net financial debt was BRL595.3
million, an amount 7.5% lesser than the one registered at the
end of the 2Q05, despite the increase in investments. The net
financial debt over shareholders equity ratio decreased from
32.7% in the 2Q05 to 27.9% in the 3Q05, basically due to an
increase in net cash generated.

EQUITY PICK UP

The BRL53.0 million negative result in equity pick up in the
3Q05, was due to the recognition of losses in the exchange rate
variation on the Company's offshore subsidiaries participation.

NET INCOME

Net income amounted to BRL177.8 million in the 3Q05, a 57.8%
increase as compared to the 3Q04 and 23% greater as compared to
the 2Q05. The accumulated for the 9M05 reached BRL423.0 million,
35.9% greater than that posted for the same period last year,
and equivalent to 96% of the entire net profit obtained in 2004.
This result is aligned with the Company's strategy of increasing
revenues through cost control and focus on optimization of
revenues.

INVESTMENTS

During the 9M05, the Company's investments added to BRL480
million, against BRL171.6 million in the same period last year.
Up until now, 25.8% of these investments were directed towards
processed products, 58.1% towards poultry, 3.6% towards hogs and
12.5% towards mainly to information technology. For 2005, the
investments, originally estimated in BRL500 million, were
expanded to approximately BRL600 million, to basically meet the
growing local and foreign demand.

During the years of 2006 and 2009, due to the new expansion plan
announced in September, BRL1.5 billion are expected to be
invested in the state of Mato Grosso, of which BRL800 million
are being invested by Sadia in operating units and BRL700
million by the integrated outgrowers in animal production,
according to the Investment Plan announced in September 2005
which will raise our capacity by 50% for hogs and poultry.

CAPITAL MARKETS

From September 2004 to September 2005, Sadia's preferred shares
had a positive performance of 25.5%, a percentage inferior than
the 35.9% increase of the Ibovespa during the same period.

This development was kept even after Sadia's 47.3% positive
performance in the 3Q05 against a 26.1% positive performance
from Ibovespa.

The daily average financial traded volume increased from BRL6.4
million in the 3Q04 to BRL10.7 million in the 3Q05. These
volumes confirm Sadia as the leading traded stock in the food
sector, with 59.5% participation.

For the period of September to December 2005 Sadia's preferred
shares (Sdia4), will compose the theoretical portfolio of the
Ibovespa index, with 1.004% participation. The Ibovespa
portfolio lists 57 stocks and is composed by the stocks that in
the last 12 months have fulfilled several specific criteria
determined by the Bovespa, such as negotiability index,
financial volume and presence in traded days.

Sadia's preferred shares kept its balance distribution among the
several investor categories of Bovespa. Among the main
highlights, it is worth mentioning the rise in foreign investor
participation, which helped to increase the stock liquidity.

NEW YORK STOCK EXCHANGE

During last quarter, Sadia's level II ADRs had a 53.4% positive
performance. The daily average financial traded volume increased
to US$574.3 thousand in the 3Q05 from US$255.4 thousand in the
3Q04.

HIGHLIGHTS

For the quality of its products and for the Excellency in
management, Sadia received in the last quarter, several
important acknowledgments, which cause great pride for the 44
thousand professionals who are part of the Sadia family:

TAG ALONG

Aiming to continue to improve its corporate governance practices
and to allow a better alignment of the common and preferred
shareholders' interests, Sadia's board of directors will submit
to the appreciation of the Extraordinary Shareholders' Meeting
and the Special Preferred Shareholders' Meeting to be held on
December 15, 2005 a proposal to reform its bylaws including the
right to be included in a public offering resulting from the
disposal of the Company's control (tag along), and thus entitle
its holders to receive a price equal to eighty percent (80%) of
the amount paid per common share which is an integral part of
the control block However, the proposal will also include that
the right to a dividend, per preferred share, to be 10% higher
than that of each common share to be extinguished. The preferred
shareholders who have not agreed with such exclusion and have
acquired Sadia shares until the closing of the stock exchange on
October 27, 2005, may manifest their right to withdraw from the
Company during the legal period. In this manner, the preferred
stock of the Company that is acquired after the date of the
announcement of the intention to change the Company's bylaws
will not have such right of withdrawal.

STANDARD & POOR´S RAISES RATING SADIA

Sadia announced that Standard & Poors, one of the most important
credit rating agencies in the world, raised Sadia's rating from
"BB-" to "BB" for the Company's credit and foreign debt rating.
With this decision, future senior issues in foreign currency
from the Company will be classified as "BB", one notch above the
sovereign debt of the Republic of Brasil, which remains at
"BB-".

IBOVESPA

For the period of September to December of 2005 Sadia's
preferred shares (Sdia4), will compose the theoretical portfolio
of the Ibovespa index, with 1.004% participation.

Sadia's participation in the distinct group of stocks that
compose the Ibovespa index attest the Company's strategic plan,
focused in transparency and value creation for its shareholders.

CONTACT: Sadia S.A.
         Luiz Murat Jr.
         Director of Finance and Investor Relations
         Phone: 55 11 2113-3465
         Fax: 55 11 2113- 1785
         E-mail: grm@sadia.com.br

         URL: www.sadia.com.br

         Investor Relations
         Christiane Assis
         Phone: 55 11 2113-3552
         E-mail: Christiane.assis@sadia.com.br

         Silvia H. M. Pinheiro
         Phone: 55 11 2113-3197
         E-mail: silvia.pinheiro@sadia.com.br

         Carlos Eduardo T. Araujo
         Phone: 55 11 2113-3161
         E-mail: carlos.araujo@sadia.com.br

         Ligia Montagnani
         IR Consultant
         Phone: 55 11 3897-6405
         E-mail: Ligia.montagnani@firb.com


TELEMAR: Extends Cash Tender Offer to Nov. 23
---------------------------------------------
Tele Norte Leste Participacoes S.A. ("TNL") announced Wednesday
that it has extended the period of its cash tender offer (the
"Offer"), previously announced on October 11, 2005, for up to
US$150,000,000 of its US$300,000,000 8.00% notes due December
18, 2013 (the "Notes") (CUSIP Nos.: 879246AB2, 879246AA4 and
P90369AA0; ISIN Nos. US879246AB24, US879246AA41 and
USP90369AA07; Common Code Nos. 020292709 and 018258609), to
expire at 5:00 p.m., New York City time, on Wednesday, November
23, 2005 (the "New Expiration Date"). The Offer was previously
scheduled to expire at 5:00 p.m., New York City time, November
9, 2005.

Approximately US$200,000,000 in aggregate principal amount
outstanding of the Notes had been tendered to date.

The price determination date for the Offer will be the second
business day immediately preceding the New Expiration Date,
which is expected to be 2:00 p.m., New York City time, Monday,
November 21, 2005. Settlement of the Offer is expected to occur
on the fifth business day after the New Expiration Date, which
is expected to be Thursday, December 1, 2005. All references to
"Expiration Date" in the Offer to Purchase dated October 11,
2005 relating to the Offer (the "Offer to Purchase") and the
related Letter of Transmittal shall be deemed to be references
to the New Expiration Date.

The other terms and conditions of the Offer remain unchanged.
TNL may further extend the period of the Offer in TNL's sole
discretion. Any Notes previously tendered, and all Notes
tendered hereafter, may not be withdrawn.

TNL has retained Citigroup Corporate and Investment Banking to
act as Dealer Manager for the Offer and Global Bondholder
Services Corporation to act as the depositary and information
agent for the Offer.

Requests for documents may be directed to Global Bondholder
Services Corporation by telephone at +1 (866) 470-4200 (in the
United States) or +1 (212) 430-3774 or in writing at Global
Bondholder Services Corporation 65 Broadway -- Suite 704, New
York, New York 10006, Attn. Corporate Actions. These documents
contain important information, and holders should read them
carefully before making any investment decision. Questions
regarding the Offer may be directed to Citigroup Corporate and
Investment Banking at +1 (800) 558-3745 (in the United States)
or +1 (212) 723-6108 (outside the United States, call collect)
or in writing at Citigroup Corporate and Investment Banking,
Liability Management Group, 390 Greenwich Street, 4th Floor, New
York, New York 10013.

This announcement is not an offer to purchase, nor a
solicitation of an offer to purchase, nor a solicitation of
tender with respect to, any Notes. The Offer is being made
solely upon the terms, and subject to the conditions, set forth
in the Offer to Purchase and the related Letter of Transmittal.

CONTACT: Global Bondholder Services Corporation
         (866) 470-4200


VARIG: Portugal Strongly Supports TAP's Purchase of Units
---------------------------------------------------------
The Portuguese government supports TAP Air Portugal's proposal
to take over Brazilian airline Varig's cargo and maintenance
subsidiaries for US$62 million, reports Reuters. In a statement
late Tuesday, Portugal's public works ministry said it hoped TAP
would "maintain all efforts for the successful conclusion of
subsequent steps" in its dealings with Varig.

The statement said TAP's purchase of VarigLog and Varig
Manutencao would reinforce TAP's position in the Star Alliance
of airlines, which includes Lufthansa AG and United Airlines.

Earlier this week, TAP President Fernando Pinto said he was
negotiating with investors to inject US$500 million into Varig.
With a capital injection of that amount, TAP could take a stake
of 20% in the carrier.



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

AMSTERDAM DREDGING: Final Meeting to Take Place at Deutsche Bank
----------------------------------------------------------------
                      Amsterdam Dredging Company
                      (In Voluntary Liquidation)
                   The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of
Amsterdam Dredging Company will be held at the offices of
Deutsche Bank (Cayman) Limited, Elizabethan Square, George Town,
Grand Cayman, on December 1, 2005, for the purpose of presenting
to the members an account of the winding up of the Company and
giving any explanation thereof.

CONTACT: Mr. David Dyer, Voluntary Liquidator
         P.O. Box 1984GT, Grand Cayman
         Telephone: (345) 949 8244
         Facsimile: (345) 949 5223


AMSTERDAM FINANCE: To Explain Wind Up Process Dec. 1
----------------------------------------------------
                      Amsterdam Finance Company
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of
Amsterdam Finance Company will be held at the offices of
Deutsche Bank (Cayman) Limited, Elizabethan Square, George Town,
Grand Cayman, on December 1, 2005, for the purpose of presenting
to the members an account of the winding up of the Company and
giving any explanation thereof.

CONTACT: Mr. David Dyer, Voluntary Liquidator
         P.O. Box 1984GT, Grand Cayman
         Telephone: (345) 949 8244
         Facsimile: (345) 949 5223


CAM CATAMARAN: Final Meeting Scheduled for Nov. 24
--------------------------------------------------
                         Cam Catamaran Fund, LDC
                       (In Voluntary Liquidation)
                    The Companies Law (2003 Revision)

Pursuant to section 145 of the Companies Law (2003 Revision),
the final general meeting of the sole shareholder of Cam
Catamaran Fund, LDC will be held at the registered office of the
Company on November 24, 2005.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on November 24, 2005.

2. To authorize the liquidators to retain the records of the
Company for a period of five years from the dissolution of the
Company after which they may be destroyed.

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

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


CORSAIR (CAYMAN ISLANDS): Wind Up Process to be Explained
---------------------------------------------------------
                   Corsair (Cayman Islands) Limited
                      (In Voluntary Liquidation)
                    The Companies Law (As Amended)

Pursuant to section 145 of the Companies Law (as amended), the
Final Meeting of the Shareholders of Corsair (Cayman Islands)
Limited will be held at the registered office of the Company on
December 2, 2005 at 2:30 p.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on December 2, 2005.

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

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

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


ENSCO ENTERPRISES: Liquidation Details Set for Dec. 1 Meeting
-------------------------------------------------------------
                    Ensco Enterprises Limited II
                     (In voluntary winding up)
                  The Companies Law (2004 Revision)
                            Section 145

NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of Ensco Enterprises Limited
II will be held at the offices of ENSCO Offshore International
Company in Dallas, Texas, on December 1, 2005, for the purpose
of presenting to the members (shareholders) an account of the
winding up of the Company and giving any explanation thereof.

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


FHS MULTI-STRATEGY: To Authorize Liquidators to Retain Records
--------------------------------------------------------------
            FHS Multi-Strategy Arbitrage Offshore, Ltd.
                    (In Voluntary Liquidation)
                The Companies Law (2003 Revision)

Pursuant to section 145 of the Companies Law (2003 Revision),
the final general meeting of the sole shareholder of this
company will be held at the registered office of FHS Multi-
Strategy on November 24, 2005.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on November 24, 2005.

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

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

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


MANCHESTER OVERSEAS: Members to Hear Wind Up Accounting
-------------------------------------------------------
                   Manchester Overseas Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the final meeting of shareholders of
the Company will be held at the offices of Swiss Financial
Services (Bahamas) Ltd. One Montague Place, P.O. Box EE-17758,
Nassau, Bahamas on December 2, 2005, at 11:00 a.m., to consider
the following matters:

1. The Liquidator's account showing the manner in which the
winding up of the company has been conducted and the property of
the Company disposed of;

2. The hearing of any explanation that may be given by the
Liquidator in respect of the winding up of the Company; and

3. The manner in which the books, accounts and documentation of
the Company and of the Liquidator should be maintained and
subsequently disposed.

By Order of the Liquidator

NOTE: Any Member unable to attend may appoint a proxy by
completing, signing and returning the Form of Proxy before the
start of the Meeting. A proxy need not be a Member or creditor
of the Company.

CONTACT: Swiss Financial Services (Bahamas) Ltd.
         Voluntary Liquidator
         One Montague Place, 4th Floor
         East Bay Street, P.O. Box EE-17758
         Nassau, Bahamas


PMA HOLDINGS: Shareholders to Hold Final Meeting on Dec. 30
-----------------------------------------------------------
                    PMA Holdings, Cayman Ltd.
                    (In Voluntary Liquidation)
                      The Companies Law (R)
                            (Cap. 22)

NOTICE IS HEREBY GIVEN, pursuant to section 144 of the Companies
Law (Revised) that the final meeting of the shareholders of PMA
Holdings, Cayman Ltd. will be held at the offices of Marsh
Management Services Cayman Ltd., 3rd Floor, FirstCaribbean
House, 10 Main Street, George Town, Grand Cayman, on December
30, 2005, at 10:00 a.m., for the purposes of having an account
laid before them and to receive the report of the liquidators,
showing how 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 liquidators AND for the purpose of
considering and (if thought fit) passing a resolution pursuant
to section 157 (1) (b) of the Companies Law (Revised) that all
the books, accounts, papers and documents of the Company and of
the liquidators be retained by the liquidators for a period of
two years from the dissolution of the Company, after which they
shall be destroyed. Any member entitled to attend and vote is
entitled to appoint a proxy to attend and vote instead of him,
and such proxy need not be a member.

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


RCB SECURIZATION: To Present Account on Wind Up Dec. 1
------------------------------------------------------
                   RCB Securization Corporation
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of RCB
Securization Corporation will be held at the offices of Deutsche
Bank (Cayman) Limited, Elizabethan Square, George Town, Grand
Cayman, on December 1, 2005, for the purpose of presenting to
the members an account of the winding up of the Company and
giving any explanation thereof.

CONTACT: Mr. David Dyer, Voluntary Liquidator
         P.O. Box 1984GT, Grand Cayman
         Telephone: (345) 949 8244
         Facsimile: (345) 949 5223


SAIL VALUE: Liquidation Review Scheduled for Dec. 2
---------------------------------------------------
                    Sail Value Asia Master Fund
                    (In Voluntary Liquidation)
                   The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
Final Meeting of the Shareholders of Sail Value Asia Master Fund
will be held at the registered office of the Company on December
2, 2005 at 3:30 p.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on December 2, 2005.

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

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

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


STINGRAY DREDGING: Final Meeting Scheduled for Dec. 1
-----------------------------------------------------
                      Stingray Dredging Company
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of
Stingray Dredging Company will be held at the offices of
Deutsche Bank (Cayman) Limited, Elizabethan Square, George Town,
Grand Cayman, on December 1, 2005, for the purpose of presenting
to the members an account of the winding up of the Company and
giving any explanation thereof.

CONTACT: Mr. David Dyer, Voluntary Liquidator
         P.O. Box 1984GT, Grand Cayman
         Telephone: (345) 949 8244
         Facsimile: (345) 949 5223


TAURUSTHREE CDS: Extraordinary Final Meeting Set For Dec. 1
-----------------------------------------------------------
                          Taurusthree CDS
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of
Taurusthree CDS will be held at the offices of Deutsche Bank
(Cayman) Limited, Elizabethan Square, George Town, Grand Cayman,
on December 1, 2005 for the purpose of presenting to the members
an account of the winding up of the Company and giving any
explanation thereof.

CONTACT: Mr. David Dyer, Voluntary Liquidator
         P.O. Box 1984GT, Grand Cayman
         Telephone: (345) 949 8244
         Facsimile: (345) 949 5223


TURTLE FINANCE: To Hold Extraordinary Final Meeting Dec. 1
----------------------------------------------------------
                        Turtle Finance Company
                      (In Voluntary Liquidation)
                   The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of
Turtle Finance Company will be held at the offices of Deutsche
Bank (Cayman) Limited, Elizabethan Square, George Town, Grand
Cayman, on December 1, 2005, for the purpose of presenting to
the members an account of the winding up of the Company and
giving any explanation thereof.

CONTACT: Mr. David Dyer, Voluntary Liquidator
         P.O. Box 1984GT, Grand Cayman
         Telephone: (345) 949 8244
         Facsimile: (345) 949 5223



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

COEUR D'ALENE: Lower Production Costs Improve 3Q05 Net Income
-------------------------------------------------------------
Coeur d'Alene Mines Corporation (NYSE: CDE; TSX: CDM), the
world's largest primary silver producer and a growing gold
producer, reported Wednesday net income of $3.5 million, or
$0.01 per share, for the third quarter of 2005, compared to a
net loss of $18.1 million, or $0.08 per share, for the year-ago
period. Results for the year-ago period included $14.9 million
of non-recurring pre-tax expenses.

Revenue for the third quarter of 2005 was $44.1 million, an
increase of 41 percent as compared to $31.3 million in the year-
ago period.

For the first nine months of 2005, the Company reported a net
loss of $0.0 million, or $0.00 per share, compared to a net loss
of $25.1 million, or $0.12 per share, for the same period of
2004. Revenues were $120.8 million for the first nine months of
2005, an increase of 38 percent as compared to $87.4 million in
the year-ago period.

In commenting on the third-quarter performance relative to the
year-ago period, Dennis E. Wheeler, Chairman, President and
Chief Executive Officer, said "The Company reported sharply
improved financial results in large measure because consolidated
cash production costs per ounce declined by 18 percent while
shipments and price realizations for both silver and gold
increased. In addition, our recent Australian acquisitions began
to make a positive contribution during the quarter. Moreover, we
have seen encouraging results from our efforts to reduce
overhead costs, with third-quarter G&A expenses continuing to
decline and representing a 23 percent reduction from those of
the first quarter of this year. Also, with the commencement of
construction at the Kensington gold mine (in July 2005) and at
the San Bartolome silver mine (in late 2004) the Company's pre-
development expenses in the third quarter of 2005 declined to
zero as compared to $3.1 million in the year-ago period."

Wheeler added, "We are starting to see the value accreting to
Coeur stockholders from our strategy to significantly increase
our low-cost production ounces, reserves, cash flow and
resulting earnings."

Wheeler also noted that the company's third-quarter acquisition
of the silver production and reserves at the Broken Hill mine in
Australia has been nominated by the Mining Journal for "deal of
year." The annual award seeks to recognize the transaction that
has "most captured the imagination of the financial community."
The $36 million transaction boosted Coeur's annual silver
production by an average of 2.3 million ounces, or approximately
17 percent, and provided 15 million ounces of contained silver
reserves. Wheeler said, "With an estimated cash production cost
in the range of $2.75 per ounce, the deal represents another
step in Coeur's continuing transformation to a lower-cost asset
base."

The company currently expects full-year silver production to be
approximately 14 million ounces at a consolidated cash cost of
approximately $4.30 per ounce. The Company currently expects
full-year gold production to be approximately 130,000 ounces.

Third-Quarter Operating Highlights Relative to Year-Ago Quarter

-- Cerro Bayo (Chile) -- silver and gold production were up 23
percent and 16 percent, respectively, due to higher-grade ore.
Silver cash cost declined sharply to $0.37 per ounce due to an
increase in the gold by-product credit.  The increased by-
product credit reflected higher gold production and higher gold
prices. Mine revenues also benefited from the increased shipping
frequency associated with a new customer.

-- Martha (Argentina) -- Silver production was up almost 80
percent due to higher-grade ore.  As was the case with Cerro
Bayo, silver cash cost per ounce declined due to an increase in
the gold by-product credit and increased production.

-- Endeavor -- (Australia) Coeur's share of production from this
recently acquired asset was more than 220,000 ounces of silver
at a cash cost of $1.95 per ounce.

-- Broken Hill (Australia) -- Coeur's share of production from
this asset, which was acquired during the third quarter, was
approximately 83,000 ounces at a cash cost of $2.69 per ounce.

-- Rochester (Nevada) -- Silver and gold production were up 29
percent and 23 percent, respectively, due to improved solution
grades in flow from the leach pad.  Silver cash cost per ounce
declined largely as a result of the increased volume and the
increased benefit of the gold by-product credit.

-- Galena (Idaho) -- Silver production was down 41 percent due
to lower than expected ore grades and shorter strike lengths in
two mining areas.  Although such factors periodically affect
nearly all deep underground narrow-vein mines, the company is
engaged in an ongoing exploration program to identify more
productive mining areas at Galena.

Low production levels resulted in higher cash costs per ounce.

Third-Quarter Exploration Highlights

The company invested $2.9 million in exploration during the
quarter, with activity at all its properties, but most notably
at Cerro Bayo and Kensington. At Cerro Bayo exploration
discovered a new vein, termed Marcela Sur, situated nearly 1,000
meters west of the Lucero and Javiera veins being mined
presently. This new vein is covered by up to 70 meters of barren
sediment cover, which poses positive implications for additional
blind discoveries across the district. At Kensington (Alaska),
underground drilling designed to expand known reserves commenced
in earnest in the third quarter. A total of 10,700 feet of core
drilling from underground position focused on zones 41 and 35
where initial results have been positive. Follow-up drilling is
underway at both sites.

Coeur d'Alene Mines Corporation is the world's largest primary
silver producer and a growing gold producer. The Company has
mining interests in Alaska, Argentina, Australia, Bolivia,
Chile, Nevada, and Idaho.

CONTACT: Coeur d'Alene Mines Corporation
         Investor Contact
         Scott Lamb
         Vice President of Investor Relations
         Phone: 208-665-0777


EDELNOR: S&P Raises Ratings to 'B+'; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services has raised its corporate
credit and senior secured debt ratings on Chilean thermal power
generator Empresa Electrica del Norte Grande S.A. (Edelnor) to
'B+' from 'B', mainly reflecting the improvement of its debt-
service coverage ratios as a result of higher-than-expected cash
generation combined with a prepayment of 12.1% of its US$217.6
million outstanding debt certificates in May 2005. The outlook
is stable.

"The 'B+' ratings on Edelnor reflect its operation in a very
competitive market environment and its still weak financial
profile, which mainly derives from its volatile cash flow and
weak financial flexibility," said Standard & Poor's credit
analyst Sergio Fuentes.

These weaknesses are partly offset by Edelnor's diversified
generation base (mainly natural gas and coal), ownership of
transmission assets, and its 21% equity stake in the Gasoducto
Norandino pipeline, which somewhat mitigate the company's high
cash flow volatility.

The stable outlook reflects Standard & Poor's expectations that
Edelnor will continue generating a relatively good free cash
generation in the next two to three years that would allow it to
build a relatively large cash cushion before the debt
certificates start coming due in May 2008. The ratings would be
revised upward if Edelnor's debt service coverage ratios
significantly improve in the next two fiscal years and the
company recovers access to the financial markets. However, the
ratings could be lowered if the company's financial ratios
significantly deteriorate and financial flexibility remains
constrained.

Primary Credit Analyst: Sergio Fuentes, Buenos Aires (54) 114-
891-2131; sergio_fuentes@standardandpoors.com

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

Marta Castelli, Buenos Aires (54) 114-891-2128;
marta_castelli@standardandpoors.com



===================================
D O M I N I C A N   R E P U B L I C
===================================

BANINTER: Miami Jury Finds Renta Guilty of Racketeering
-------------------------------------------------------
A jury of seven in Miami on Monday found Luis Alvarez Renta
liable on three counts of racketeering and one of fraudulent
money transfer in a civil case stemming from the collapse of
Banco Intercontinental (Baninter). According to the Associated
Press, the jury awarded US$59 million to the Dominican
government commission liquidating Baninter. The award could be
tripled, the report suggests.

Alvarez Renta, a power financier from the Dominican Republic,
was accused of violating the Racketeer Influenced and Corrupt
Organizations Act (RICO) by participating in a conspiracy to
funnel bank money to his own bank accounts in the United States
through a loan scheme or use bank funds that were exchanged into
dollars and then wired to his accounts.

A Florida court heard the case because using U.S. financial
institutions to transfer illicit funds is illegal.

Alvarez Renta's conviction signals a victory to authorities
trying to recoup millions of dollars lost in the collapse of the
Caribbean country's third-largest bank.

Baninter folded in 2003 after losing some US$2.2 billion through
embezzlement, fraud and bad deals. The collapse eroded
confidence in the country's financial sector. Thousands rushed
to withdraw money from banks, pushing two other major banks to
the verge of collapse.



=============
E C U A D O R
=============

ANDINATEL/PACIFICTEL: FS Fires Board, Seeks New Leaders
-------------------------------------------------------
State holding company Fondo de Solidaridad (FS) dismissed all
the directors of both Andinatel and Pacifictel, two of the
country's main telcos, reports Business News Americas.

"The people who were proposed six or seven months ago were
rejected for different reasons - the lack of the appropriate
degree, a lack of probity, and so on," said Gustavo Encalada,
advisor to FS's general management.

Andinatel, which didn't have a board of directors, was in urgent
need of a change. That change, Mr. Encalada said, was naming a
board of directors.

FS named Guilllermo Molina Usbeck and Gales Chiriboga Hurtado as
Andinatel's new chairman and chief executive, respectively.

In the case of Pacifictel, FS is still in the process of
selecting a new chairman.

Now former chief executive Nelson Guim denies having been fired
and refuses to accept his dismissal until notified in writing.

Mr. Guim blames Pacifictel's instability on people who want to
prevent him from "putting a stop to bribery and illegal
commissions charged to service providers and contractors,"
alluding to certain politicians without mentioning names.

But Mr. Encalada argued, saying: "The case of Pacifictel became
somewhat critical because they have been having problems with
invoicing for three months. Of something like 700,000
subscribers they were only invoicing around 120,000. They
weren't charging their clients."

"I would say there was a lack of authority [on the part of
Pacifitel's management] to demand that workers do their jobs. It
was taking weeks to sign contracts for new lines. The service
was very deficient, very bad. Instead of working eight hours,
for example, [employees] would work five. There was also an
excess of workers because the previous government increased
their number without need. This has been going on for two or
three years," Mr. Encalada said.



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

EMPRESAS ICA: Postpones Reverse Stock Split
-------------------------------------------
NOTICE TO SHAREHOLDERS REGARDING THE REVERSE SPLIT OF SHARES

Shareholders of Empresas ICA, S.A. de C.V. (the "Company") are
notified that the planned one for six reverse split of its
shares listed on the Mexican Bolsa de Valores, which was to have
taken place on November 14, 2005, is being postponed until
further notice.

The 2,415,762,695 shares in circulation of Series 1/04 and 1/05
will be cancelled in exchange for new shares of Series 1/05 to
be issued. The postponement is being made in order to allow for
a simultaneous adjustment in the exchange ratio of the ADRs
listed on the New York Stock Exchange, in order to avoid any
price distortions. Shareholders will be advised of the new date
by means of another current report.

CONTACT: Empresas ICA Sociedad Controladora S.A. de C.V.
         Col. Escandon Del Migual Hidalgo
         Mexico City, 11800
         Mexico
         Phone: 525-272-9991
         URL: http://www.ica.com.mx



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

* PARAGUAY: IDB Approves $30M Loan For Public Financial Reform
--------------------------------------------------------------
The Inter-American Development Bank announced Wednesday the
approval of a $30 million loan to Paraguay for the
implementation of a new strategy to improve public-sector
financial activity to foster development of the country's
productive sector.

By strengthening and deepening the financial system and boosting
its efficiency, the Ministry of Finance will promote the
creation of medium and long-term savings and loan instruments
for use in providing private sector financing to the production
sector, mainly agriculture and agribusiness, and will establish
an effective supervision of savings and loan cooperatives.

This is the first programmatic operation approved by the IDB
through its New Lending Framework adopted in its Annual Meeting
in April 2005 to guide lending during the period 2005-2008 to
modernize policies and make them more flexible and effective.
The IDB New Lending Framework takes a progressive, adaptable
approach to the implementation and timing of complex series of
reforms, such as those to be applied to public financial
institutions in Paraguay.

The innovative features of this operation consist of including
two core areas in one operation to support the legal reforms
necessary to create a second-tier financial entity and
subsequently rationalize first-tier public financial activities.
The operation also includes a series of investments and
technical cooperation activities to facilitate an effective
implementation.

The multiple activities under the umbrella of one programmatic
operation will include: support to create a second-tier
financial entity, an operation to strengthen the National
Cooperatives Institute, a parallel operation to strengthen the
cooperative sector, a multisectoral loan program under
preparation, two technical cooperation grants to improve the
loan circuit in the new context, support to create a first-tier
financial entity, two performance driven loans to adapt first-
tier institutions to the new strategy and an operation to
increase coverage of rural finance.

This IDB operation will lay the foundations for sustainable
growth by heightening the efficiency and transparency of public-
sector financial activity and creating conditions conducive to
increased private sector participation and greater
competitiveness.

The loan will be for a 20-year term, with a five-year grace
period, at an adjustable interest rate, with no local
counterpart funds.

CONTACT: Inter-American Development Bank
         Website: http://www.iadb.org/



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

FIRST BANCORP: Milberg Weiss Files Class Action Suit
----------------------------------------------------
The law firm of Milberg Weiss Bershad & Schulman LLP has filed a
class action lawsuit on behalf of purchasers of the securities
of First BanCorp ("First BanCorp" or the "Company") (NYSE: FBP)
between March 31, 2003 and October 21, 2005 inclusive, (the
"Class Period"), seeking to pursue remedies under the Securities
Exchange Act of 1934 (the "Exchange Act"). A copy of the
complaint filed in this action is available from the Court, or
can be viewed on Milberg Weiss's website at www.milbergweiss.com

The action is pending in the United States District Court for
the District of Puerto Rico against defendants First BanCorp,
Angel Alvarez-Perez, and Annie Astor-Carbonell.

The Complaint alleges that Defendants orchestrated a massive
accounting fraud through which they artificially inflated the
price of First BanCorp stock. Defendants improperly accounted
for mortgages purchased from other Puerto Rican banks in an
effort to boost earnings and reduce necessary loan reserves
beginning in 2000. As a result of its initial informal inquiry
into the Company's accounting practices, the SEC is now
conducting a formal investigation into the Company's treatment
of certain loans it purchased from R&G Financial Corp. and other
Puerto Rican banks during the period of 2000 to 2005. According
to the Company's October 21, 2005 press release, it may need to
restate certain financial periods as far back as 2000 in order
to correct the overstatement of earnings and understatement of
reserves associated with the subject transactions. Furthermore,
in the midst of the SEC's investigation and the recent
disclosure of a possible restatement, the CEO and CFO both
resigned from the Company and are names as defendants in this
action. As a result of the above disclosures, First BanCorp's
stock has plummeted 56% from its Class Period high of $32.09 to
$14.03 after the truth was revealed on October 21, 2005.

If you bought the securities of First BanCorp between March 31,
2003 and October 21, 2005 and sustained damages, you may, no
later than January 2, 2006, request that the Court appoint you
as lead plaintiff. A lead plaintiff is a representative party
that acts on behalf of other class members in directing the
litigation. In order to be appointed lead plaintiff, the Court
must determine that the class member's claim is typical of the
claims of other class members, and that the class member will
adequately represent the class. Under certain circumstances, one
or more class members may together serve as "lead plaintiff."
Your ability to share in any recovery is not, however, affected
by the decision whether or not to serve as a lead plaintiff. You
may retain Milberg Weiss Bershad & Schulman LLP, or other
counsel of your choice, to serve as your counsel in this action.

CONTACTS: Steven G. Schulman
          One Pennsylvania Plaza, 49th fl.
          New York, NY, 10119-0165
          Phone number: (800) 320-5081
          Email: sfeerick@milbergweiss.com

                      Or

          Maya Saxena
          Joseph E. White III
          Ariel Acevedo
          5200 Town Center Circle, Suite 600
          Boca Raton, FL 33486
          Phone number: (561) 361-5000
          Email: msaxena@milbergweiss.com
                 jwhite@milbergweiss.com
                 aacevedo@milbergweiss.com
          Website: http://www.milbergweiss.com



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

EDC: Cost-Cutting Programs Improve Profit in 3Q05
-------------------------------------------------
CA Electricidad de Caracas (EDC) reported net profit of VEB81
billion (US$37.7 million) in the third quarter of the year,
higher than the VEB25 billion reported in the same period a year
ago. The Company, an affiliate of U.S. power company AES Corp.,
attributed this improvement to its cost-cutting programs.

Earnings before interest, taxes, depreciation and amortization
(EBITDA) in the third quarter of the year declined to VEB172
billion from VEB177 billion in the same period of 2004.

Operating revenue also fell, to VEB341 billion in the third
quarter of 2005 from VEB353 billion in the same period in 2004.

During the first nine months of the year, EDC's revenues from
the sale of energy, its core business, fell 5% to VEB986 billion
(US$459mn) from VEB1.04 trillion in the same period last year.

The Company blamed the decline on the "rates delay."

Electricity prices in Venezuela have been frozen since 2003 and
a much-expected increase will not happen this year either,
according to deputy energy and oil minister Nervis Villalobos.

EDC reported EBITDA of VEB476 billion ­vares for January-
September and an EBITDA margin of 48.3%, down 10% and 2.66
points respectively over the same period of 2004.

The company has installed thermal capacity of 2,350MW but is
working on adding about 200MW by late 2006, when its new La
Raisa project, currently being built in the Tuy river valley
near Caracas, is due for completion.

But EDC has said its inability to charge fair rates for its
service could affect decisions regarding new generation
developments and other investments, especially given Venezuela's
double-digit inflation.

EDC has 1 million customers in the Greater Caracas area.

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





                            ***********


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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