TCRLA_Public/051117.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, November 17, 2005, Vol. 6, Issue 228

                            Headlines

A R G E N T I N A

BRIDERS S.R.L.: Court Declares Company Bankrupt
CEREALES AGROQUEN: Seeks Court Approval to Reorganize
DISTRIBUIDORA EFECE: Court Declares Company Bankrupt
EJA IMPORT: Judge Approves Bankruptcy
EUROPEL S.A.: Seeks Homologation of Reorganization

IMPSAT FIBER: Net Revenues Up 13.6% in 3Q05
PROMOCIONES ELMAR: Begins Liquidation
ROBERTO LORENZO: Court Deems Bankruptcy Necessary
SANATORIO MODELO: Verification Deadline Fixed
TELECOM ARGENTINA: Moody's Upgrades Ratings From Ca to B3

TELEFONICA DE ARGENTINA: Repurchases Corporate Bonds Class 3


B E R M U D A

PXRE GROUP: Additional Capital Cues Moody's to Affirm Ba2 Rating


B O L I V I A

AXS: Seeks Financial Partner to Ward Off Liquidation


B R A Z I L

AOL LATIN AMERICA: Appoints Lanzoni as Controller, Treasurer
BANCO RURAL: Moody's Downgrades Foreign Currency Rating
COPEL: Lesser Discounts Generate More Revenues in 3Q05
GERDAU: Acquires Shareholders Participation in Sidenor


C A Y M A N   I S L A N D S

ALPHASWISS BEHAVIORAL: Shareholders Want Liquidation
CXA93A LIMITED: Appoints Liquidator for Wind Up
DEPFA ASSET: Enters Voluntary Wind Up
HMVLG ARGENTINE: Deadline for Claims Submission Set
MGRE LTD.: To be Placed into Voluntary Liquidation

MULBERRY INVESTMENT: Liquidator Starts Claims Verification  
ORICO CONSUMER (SERIES III): Shareholders Resolve to Liquidate
ORICO CONSUMER (SERIES IV): Wind Up Process Begins
QUINDONE INVESTMENTS: Resolves to Liquidate
RCB SECURITIZATION: David Dyer Appointed as Liquidator

SCARLET (GENERAL PARTNER): Sole Shareholder Wants Liquidation
SONG CHEER: Mr. Soong, King-Yuan to Supervise Wind Up Process
WARNER-LAMBERT CORK: To Wind Up Voluntarily


E C U A D O R

ANDINATEL: Negotiation with Workers Planned  


J A M A I C A

DYOLL INSURANCE: Supreme Court Yet to Rule on Interim Payout


M E X I C O

BALLY TOTAL: Schedules Annual Stockholders' Meeting for Jan. 26
DESARROLLADORA HOMEX: Hopes To Offer Clients Furnished Homes
LUZ Y FUERZA: Seals Contract with GE


P A R A G U A Y

COPACO: Internet Unit to Lease New Int'l Web Traffic Route


V E N E Z U E L A

PDVSA: CITGO Ratings Reflect Satisfactory Business Risk Profile
PDVSA: CITGO Enters Into New Senior Secured Credit Agreement
PDVSA: CITGO Declares $380M Dividend
SIDOR: Suttis Calls Off Planned Strike Following Share Sale Deal

     -  -  -  -  -  -  -  -

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

BRIDERS S.R.L.: Court Declares Company Bankrupt
-----------------------------------------------
Court No. 11 of Buenos Aires' civil and commercial tribunal has
converted the Briders S.R.L. reorganization into bankruptcy,
relates La Nacion.

The Company will undergo the bankruptcy process with Mr. Ignacio
Kaczer as trustee. Creditors are required to present proofs of
claim to Mr. Kaczer for verification before Feb. 14, 2006.
Creditors who fail to submit the required documents by the said
date will not qualify for any post-liquidation distributions.

Clerk No. 22 assists the court on the case.

CONTACT: Briders S.R.L.
         Remedios de Escalada 4502
         Buenos Aires

         Mr. Ignacio Kaczer, Trustee
         Callao 441
         Buenos Aires


CEREALES AGROQUEN: Seeks Court Approval to Reorganize
-----------------------------------------------------
Cereales Agroquen S.A., a company operating in Buenos Aires, has
requested for reorganization after failing to pay its
liabilities, Infobae reports.

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

CONTACT: Cereales Agroquen S.A.
         Montaneses 2411
         Buenos Aires


DISTRIBUIDORA EFECE: Court Declares Company Bankrupt
----------------------------------------------------
Court No. 3 of Buenos Aires' civil and commercial tribunal
declared local company Distribuidora Efece S.R.L. "Quiebra",
relates La Nacion. The court approved the bankruptcy petition
filed by Ms. Ana Sacchi, whom the Company has debts amounting to
$13,189.46.

The Company will undergo the bankruptcy process with Mr. Ernesto
Resnizky as trustee. Creditors are required to present proofs of
claim to Mr. Resnizky for verification before Feb. 15, 2006.
Creditors who fail to submit the required documents by the said
date will not qualify for any post-liquidation distributions.

Clerk No. 6 assists the court on the case.

CONTACT: Distribuidora Efece S.R.L.
         Traful 3351
         Buenos Aires

         Mr. Ernesto Resnizky, Trustee
         Caracas 4330
         Buenos Aires


EJA IMPORT: Judge Approves Bankruptcy
-------------------------------------
EJA Import S.A. was declared bankrupt after Court No. 9 of
Buenos Aires' civil and commercial tribunal endorsed the
petition of Ms. Amelia Liprotti for the Company's liquidation,
Argentine daily La Nacion reports.

The court assigned Mr. Luis Plizzo to supervise the liquidation
process as trustee. Mr. Plizzo will validate creditors' proofs
of claim until March 24, 2006.

The city's Clerk No. 17 assists the court in resolving this
case.

CONTACT: EJA Import S.A.
         Sarmiento 2444
         Buenos Aires

         Mr. Luis Plizzo, Trustee
         Presidente Roque Saenz Pena 651
         Buenos Aires


EUROPEL S.A.: Seeks Homologation of Reorganization
--------------------------------------------------
Europel S.A. has requested the homologation of its
reorganization through the judicial endorsement of a settlement
plan, La Nacion reports.

The source relates that Court No. 24 of Buenos Aires' civil and
commercial tribunal granted the reorganization of Europel S.A.
after the Company failed to pay its creditors. Clerk No. 48
assists the court on this case.

CONTACT: Europel S.A.
         Parana 755
         Buenos Aires


IMPSAT FIBER: Net Revenues Up 13.6% in 3Q05
-------------------------------------------
IMPSAT Fiber Networks, Inc. (Impsat or the Company), a leading
provider of integrated broadband data, Internet and voice
telecommunications services in Latin America, announced its
results for the third quarter of 2005.

Third Quarter 2005 Highlights

- Net Revenues increased for the seventh consecutive quarter.
For the third quarter of 2005, net revenues totaled $65.4
million, an increase of $7.8 million or 13.6% compared to the
third quarter of 2004. Net revenues for the first nine months of
2005 increased 11.0% from the corresponding period in 2004.

- EBITDA totaled $14.8 million, or 22.6% of net revenues, for
the third quarter of 2005, the highest quarterly EBITDA since
the Company emerged from Chapter 11.

- Capital Expenditures for the third quarter of 2005 totaled
$8.4 million.

- Impsat Brazil's revenues increased by $4.1 million for the
third quarter of 2005 as compared to the third quarter of 2004,
an increase of 49.5%.

Third Quarter 2005 Results

Commenting on the results of the third quarter, Impsat CEO
Ricardo Verdaguer stated, "I am proud to announce Impsat's
seventh consecutive quarter of increased revenues and the
highest quarterly revenues since the last quarter of 2000. Our
strategy in Brazil is proving successful as we continue growing
revenues in that country. As expected, the increase in total
revenues has improved EBITDA as compared to the prior periods in
2004. The macroeconomic situation in the region continues to be
positive, supporting our results."

Revenues

Net revenues during the third quarter of 2005 totaled $65.4
million, an increase of $7.8 million, or 13.6%, compared to the
third quarter of 2004. All product lines increased revenues
period over period.

- Broadband and Satellite revenues increased $3.6 million, or
8.9%, period over period, driven by growth in DirectIP and
International Access services.

- Value Added Services revenues increased by 48.7% as compared
to the third quarter of 2004. Growth was led by hosting and
telehouse services in our data centers.

- Internet revenues increased 20.3% period-over-period. Brazil
and Ecuador were the subsidiaries with the highest percentage
growth.

- Telephony revenues grew by 20.1% compared to the third quarter
of 2004, led by increases in wholesale and calling card
services. In addition, the increase in our telephony revenues
was due in part to an increase of $0.6 million in
Sinterconnection fees received in Argentina from other carriers
for terminating calls as a result of the negotiation of the CER
rate (price index) applicable to such fees received for the
period from the third quarter of 2004 to the third quarter of
2005.

For the nine months ended September 30, 2005, Net Revenues
totaled $186.7 million, an increase of $18.5 million, or 11.0%,
as compared to the same period in 2004.

The Company' s growth in revenues over the prior quarters is a
combination of several factors including: (a) our increased
customer base, which expanded from 3,150 customers at September
30, 2004 to 4,214 on September 30, 2005; (b) cross selling to
existing and new customers; (c) bundling of existing and new
services; (d) stable or improved macroeconomic conditions
throughout the Latin American region; and (e) appreciation of
local currencies, mainly in Brazil.

Operating Expenses

Operating Expenses for the three months ended September 30, 2005
totaled $64.6 million, an increase of $6.7 million, or 11.6%,
compared to the third quarter of 2004. This increase is
principally related to a $4.5 million increase in direct costs
and higher depreciation and amortization charges of $2.4
million.

Direct Costs for the third quarter of 2005 totaled $32.8
million, an increase of $4.5 million (or 16.0%) compared to the
third quarter of 2004. The principal components of direct costs
were as follows:

- Contracted Services increased $1.2 million compared to the
third quarter of 2004. Contracted services include installation
and maintenance services. The increase is related to the
expansion of Impsat's proprietary network and customer base.

- Other Direct Costs principally include provisions for doubtful
accounts, licenses and other fees, sales commissions paid to
salaried work force and to third-party sales representatives,
and node expenses. Other Direct Costs for the third quarter of
2005 increased by $1.7 million compared to the third quarter of
2004. The increase is related primarily to higher node expenses,
an increase in energy costs, and the appreciation of local
currencies in Colombia and Brazil, as well as lower doubtful
accounts recoveries as compared to the third quarter of 2004.

- Leased Capacity Costs increased by $1.8 million during the
third quarter of 2005 as compared to the third quarter of 2004.
The increase is a consequence of higher terrestrial and
international capacity costs related to greater broadband and
Internet services. In addition, our interconnection and
telephony termination costs increased during the three months
ended September 30, 2005 compared to the same period in 2004 as
a result of the increase in our telephony services, offset in
part by a positive adjustment of $0.4 million in the amounts
paid to other telecommunications carriers in Argentina as a
result of our negotiation of the CER (price index) payable by us
for the period between the third quarter of 2004 to the third
quarter of 2005 in respect of telephone calls terminated on
those carriers' systems.

- Salaries and Wages for the third quarter and the first nine
months of 2005 totaled $12.1 million and $37.3 million
respectively. The appreciation of local currencies in Argentina,
Brazil, and Colombia against the U.S. dollar during 2005 as
compared to the same periods in 2004 negatively affected the
salaries and wages expense. The aggregate number of employees
decreased from 1,279 on September 30, 2004 to 1,241 on September
30, 2005.

Selling, General and Administrative expenses totaled $5.8
million for the third quarter of 2005, a decrease of 7.8%
compared to the third quarter of 2004 ($6.3 million). This
decrease is primarily related to savings in advisory fees,
office equipment rental, and computer hardware maintenance.

EBITDA

EBITDA for the three months ended September 30, 2005 totaled
$14.8 million, compared to $11.1 million in the third quarter of
2004. The $3.7 million, or 33%, increase in EBITDA is directly
related to higher revenues. EBITDA represented 23% of Net
Revenues during the third quarter of 2005.

For the first three quarters of 2005 EBITDA totaled $37.1
million, compared to $35.5 million during the same period of
2004.

Interest Expense and Indebtedness

Net interest expense for the three months ended September 30,
2005 totaled $7.1 million, compared to net interest expense of
$5.2 million for the third quarter of 2004. The increase in our
net interest expense is due in part to the increase in the rate
of interest on subsidiary indebtedness totaling $113.2 million
in outstanding principal amount as of September 30, 2005 and to
increased withholding taxes on such subsidiary indebtedness.

Total indebtedness at September 30, 2005 was $247.7 million, as
compared to $271.6 million as of September 30, 2004.

Effect of Foreign Exchange Losses and Gains

Impsat recorded a net gain on foreign exchange for the third
quarter of 2005 of $4.4 million, principally due to the impact
of an appreciation of the Brazilian Real on the book value of
monetary assets and liabilities in Brazil. This compares to a
net gain on foreign exchange of $7.2 million for the same period
of 2004.

Net Loss

For the three months ended September 30, 2005, the Company
recorded a net loss of $5.2 million, compared to a net income of
$0.7 million during the third quarter of 2004.

Liquidity and Capital Resources

Cash and cash equivalents at September 30, 2005 were $19.8
million. This compares to cash and cash equivalents of $41.8
million at June 30, 2005 and $57.1 million at the end of the
third quarter of 2004. Total indebtedness as of September 30,
2005 was $247.7 million as compared to $271.6 million on
September 30, 2004.

Of the total indebtedness at September 30, 2005, $18.3 million
represented short-term debt and the current portion of long-term
debt, while the other $229.4 million represented long-term debt.

Non-GAAP Financial Measures

The Company presents EBITDA as a supplemental measure of
performance because it believes that EBITDA provides a more
complete understanding of our operating performance before the
impact of investing and financing transactions. EBITDA and
EBITDA margins are among the more significant factors in
management' s evaluation of Company-wide performance. EBITDA can
be computed by adding depreciation and amortization to operating
income (loss), excluding gains on extinguishments of debt. The
reconciliation of EBITDA to Operating Income (Loss) is presented
in Appendix I Supplemental Financial Information in this Press
Release. EBITDA (earnings before interest, taxes, depreciation,
amortization, and non-recurring items) should not be considered
as an alternative to any measure of operating results as
promulgated under accounting principles generally accepted in
the United States such as operating income or net income, nor
should it be considered as an indicator of our overall financial
performance.

EBITDA does not fully consider the impact of investing or
financing transactions as it specifically excludes depreciation
and interest charges, which should also be considered in the
overall evaluation of results. Moreover, our method for
calculating EBITDA may differ from the method utilized by other
companies and therefore comparability may be limited.

IMPSAT Fiber Networks, Inc. is a leading provider of private
telecommunications network and Internet services in Latin
America. We offer integrated data, voice, data center and
Internet solutions, with an emphasis on broadband transmission,
including IP/ATM switching, DWDM, and non-zero dispersion fiber
optics. We provide telecommunications, data center and Internet
services through our networks, which consist of owned fiber
optic and wireless links, teleports, earth stations and leased
satellite links. We own and operate 15 metropolitan area
networks in some of the largest cities in Latin America,
including Buenos Aires, Bogot , Caracas, Quito, Guayaquil, Rio
de Janeiro and Sao Paulo. The Company has also deployed fourteen
facilities to provide hosting services. Impsat currently
provides services to more than 4,200 national and multinational
companies, financial institutions, governmental agencies,
carriers, ISPs and other service providers throughout the
region. We have operations in Argentina, Colombia, Brazil,
Venezuela, Ecuador, Chile, Peru and the United States and also
provide our services in other countries in Latin America.

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

CONTACT: Impsat Fiber Networks, Inc.
         Hector Alonso, Chief Financial Officer
         Facundo Castro, Investor Relations
         Phone: 54-11-5170-6000

         URL: www.impsat.com

                        Or

         Kevin Kirkeby
         The Global Consulting Group
         Phone: 646.284.9400


PROMOCIONES ELMAR: Begins Liquidation
-------------------------------------
Promociones Elmar S.A. of Bahia Blanca will begin liquidating
its assets after the city's civil and commercial court declared
the Company bankrupt. Infobae reveals that the bankruptcy
process will commence under the supervision of court-appointed
trustee, Mr. Francisco Dorronsoro.

The trustee will review claims forwarded by the Company's
creditors until Dec. 15, 2005. After claims verification, Mr.
Dorronsoro will submit the individual reports for court approval
on Feb. 28, 2006. The general report will follow on April 12,
2006.

CONTACT: Promociones Elmar S.A.
         Avda. Colon 793
         Bahia Blanca

         Mr. Francisco Dorronsoro, Trustee
         Roca 698
         Bahia Blanca


ROBERTO LORENZO: Court Deems Bankruptcy Necessary
-------------------------------------------------
Roberto Lorenzo Bottino S.A., which was undergoing
reorganization, entered bankruptcy on orders from a Buenos Aires
court. Infobae relates that the court appointed Mr. Luis Alberto
Cousseau to be the receiver on the case. Mr. Cousseau will
conduct the credit verification process "por via incidental."

CONTACT: Roberto Lorenzo Bottino S.A.
         Lucio V. Lopez 345
         Tres Arroyos

         Mr. Luis Alberto Cousseau, Trustee
         Colon 535
         Tres Arroyos


SANATORIO MODELO: Verification Deadline Fixed
---------------------------------------------
The verification of creditors' claims for the Sanatorio Modelo
Quilmes S.A. insolvency case is set to end on Feb. 21, 2006,
states Infobae. Dres. Viscarret, Panelli y Asociados, the court-
appointed trustee tasked with examining the claims, will submit
the validation results as individual reports. The trustee will
also present a general report in court. The dates for the
submission for the reports are yet to be disclosed.

On Nov. 3, 2006 next year, the Company's creditors will vote on
the settlement proposal prepared by the Company.

CONTACT: Sanatorio Modelo Quilmes S.A.
         Avda. de Mayo 1260
         Buenos Aires

         Dres. Viscarret, Panelli y Asociados, Trustee
         Tte. Gral. Peron 1605
         Buenos Aires


TELECOM ARGENTINA: Moody's Upgrades Ratings From Ca to B3
---------------------------------------------------------
Moody's Investors Service upgraded Telecom de Argentina ratings
from Ca to B3 following debt restructuring and the completion of
a bond exchange, ending the three-year default situation in
which the company has been mired.

As a direct result of the Argentine crisis and local currency
devaluation, Telecom Argentina defaulted on all of its mostly
dollar- denominated debt in mid-2002. Besides devaluation, the
Argentinean government enacted the Emergency Law, which
prohibited any indexation mechanism or adjustments to public
services tariffs. Until now, tariffs have remained frozen, and
negotiations between privatized companies (including telecoms)
and the government regarding tariff increases stayed at a
standstill.

In this context, Telecom initiated negotiations with creditors
in order to reach a debt- restructuring agreement. The
renegotiation led to the exchange offer that the company
submitted to creditors, which was accepted by close to 95% of
bondholders and then homolgated in court.

After the exchange, which included a haircut and cash payments
on unpaid principal and interest, the company's capital
structure changed completely. All debt- related ratios therefore
improved. Nominal debt on Telecom's balance sheet has been
strongly reduced.

The B3 rating reflects Moody's belief that, after the debt
restructuring, TECO's internal cash generation will be
sufficient to meet contractual payments as agreed, under the
terms and conditions of the new bonds.

In Moody's opinion, however, the Argentine government's future
treatment of tariffs and the regulatory framework remains
unclear. Regulatory uncertainty is also reflected on Telecom
Argentina's rating.


TELEFONICA DE ARGENTINA: Repurchases Corporate Bonds Class 3
------------------------------------------------------------
Telefonica de Argentina S.A., domiciled at Avenida Ingeniero
Huergo 723, ground floor, informed in a letter dated November
14, 2005 to the Bolsa de Comercio de Buenos Aires that on
November 11, 2005, the Company repurchased its corporate bonds:

- Class 3 Fixed Rate Series Coupon 8% due in February 2006, Par
Value $8,481,739.

On November 9, 2005, the Company canceled corporate bonds Class
3 Fixed Rate Series Coupon 8% due in February 2006, Par Value $
15,633,753. Therefore, the outstanding remaining amount of the
corporate bonds is Par Value $ 184,366,247.

On November 2, the Company repurchased corporate bonds Class 3
Fixed Rate Series Coupon 8% due in February 2006, Par Value $
15,633,753.

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



=============
B E R M U D A
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PXRE GROUP: Additional Capital Cues Moody's to Affirm Ba2 Rating
----------------------------------------------------------------
Moody's Investors Service confirmed the Baa1 insurance financial
strength rating of PXRE Reinsurance Company and the Ba2 ratings
of PXRE Capital Trust I.  These actions conclude a review for
possible downgrade that was initiated on Sept. 12, 2005,
following the company's announcement of its initial loss
estimates for Hurricane Katrina.  The outlook on the ratings is
stable.

According to Moody's, the confirmation reflects the company's
recent capital raising actions, including the issuance, in early
October, of $115 million in common equity and an additional $375
million in perpetual preferred securities, which are expected to
convert to common equity on Nov. 18, 2005.  Moody's notes that
the company's recapitalization, after expenses, of approximately
$474 million is expected to replenish the $433 million in
estimated net losses incurred from Hurricanes Katrina, Rita and
Wilma.

In addition to the recapitalization, management is also re-
evaluating its risk management practices in light of gross and
net losses from these three storms that were 86% and 57% of
shareholders' equity, respectively, as of June 30, 2005.  For
example, the company recently completed a $300 million 5-year
multi-peril catastrophe bond, which will provide additional
protection on a net basis to the company's shareholders' equity
for "tail events".  The company is also implementing additional
changes to its risk profile including review of pricing and
terms and conditions on both new business and renewing
contracts.

The stable outlook reflects PXRE's substantial capital raise and
expertise in the catastrophe reinsurance market, as well as
Moody's expectation that the company will benefit from
significant rate increases in its assumed reinsurance business
during 2006. Moody's also expects that:

  * the company's financial leverage will remain below 25%;

  * catastrophe losses over a 12 month period will not result in
    shareholders' equity declining over 15%; and

  * that the company will take appropriate capital management
    actions should estimated losses from the hurricanes be
    revised upward or losses from additional storms be incurred.

These ratings were confirmed with a stable outlook:

  * PXRE Capital Trust I -- capital securities at Ba2
  * PXRE Reinsurance Co. -- insurance financial strength at Baa1

PXRE Group Ltd. [NYSE: PXT] is a publicly traded reinsurance
holding company providing reinsurance products and services to a
worldwide marketplace.  For the quarter ended September 30,
2005, PXT reported net premiums written of $99 million and a net
loss of $317 million.  As of Sept. 30, 2005, shareholders'
equity was $440 million. (Troubled Company Reporter, Wednesday,
Nov. 16, 2005, Vol. 9, No. 272)



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

AXS: Seeks Financial Partner to Ward Off Liquidation
----------------------------------------------------
Telecoms operator AXS, which was placed under government
administration last month, must find a partner willing to invest
in the Company by January 2006 to avert liquidation.

Business News Americas reports that AXS is in a precarious
financial condition. AXS has not paid back an Inter-American
Development Bank (IDB) loan, as a result of which the IDB
requested that AXS' bank accounts be frozen.

In addition, AXS has accumulated a debt for unpaid rent to the
company that houses its fiber optic infrastructure, and has not
paid its interconnection fees to operator Cometeco.

Some analysts believe that the search for a financial partner
will prove to be tough for AXS.

"I don't think there's anyone looking to buy [AXS]," Pyramid
Research senior analyst Marc Einstein said. "I think most of the
bigger players are looking at TIM. That said, you could see
something smaller, someone with limited interest like one of the
local cooperatives, but I don't really [think so]," Einstein
added.

AXS provides services to approximately 60,000 clients.



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

AOL LATIN AMERICA: Appoints Lanzoni as Controller, Treasurer
------------------------------------------------------------
America Online Latin America, Inc. (AOLA) has appointed Mario
Martin Lanzoni as Controller and Treasurer. Lanzoni served as
AOLA's Director of Business Planning from October 2004 to
November 2005. From April 2002 until October 2004, Mr. Lanzoni
served as AOLA's Senior Manager of Finance and Planning. From
March 2000 until April 2002, Mr. Lanzoni was Finance Manager of
AOLA's subsidiary in Argentina.

Mr. Lanzoni is party to an Amended and Restated Key Employee
Retention Agreement with AOLA (the "Lanzoni Retention
Agreement"). Pursuant to this agreement, Mr. Lanzoni's current
annual salary of $109,000 will be increased to $112,815
effective January 1, 2006. In addition, if Mr. Lanzoni remains
employed by AOLA on each of the following dates, he will receive
the following amounts: $27,250 on January 1, 2006, $65,000 on
March 1, 2006 and $112,815 on December 1, 2006. Payment of these
amounts will be accelerated (1) upon the termination of the
employment of Mr. Lanzoni by AOLA or its successor, as
applicable, without Cause (as defined in the Lanzoni Retention
Agreement), (2) if Mr. Lanzoni terminates his employment with
the AOLA or its successor, as applicable, for Good Reason (as
defined in the Lanzoni Retention Agreement) or (3) upon the
death of Mr. Lanzoni. The Lanzoni Retention Agreement has been
submitted to the United States Bankruptcy Court for the District
of Delaware for approval.

CONTACT: AOL Latin America
         6600 N. Andrews Ave.
         Suite 400 Ft. Lauderdale
         FL 33309
         Phone:(954) 233-1803


BANCO RURAL: Moody's Downgrades Foreign Currency Rating
-------------------------------------------------------
Moody's Investors Service downgraded to B2, from B1, the long-
term foreign currency bond rating assigned to Banco Rural S.A.,
and placed a negative outlook on the rating.

In its August 5, 2005 press release announcing the downgrade of
Banco Rural's bank financial strength and deposit ratings,
Moody's mistakenly assigned a foreign currency bond rating of
B1, with a negative outlook, to Banco Rural's Euro medium-term
note program. The foreign currency bond rating is, therefore,
being downgraded to B2, in line with the bank's global local
currency rating of B2.

The following rating was downgraded:

- long-term foreign currency bond rating to B2, from B1,
negative outlook


COPEL: Lesser Discounts Generate More Revenues in 3Q05
------------------------------------------------------
Power company Copel (NYSE: ELP) posted a net profit of BRL112.4
million ($51.8 million) in the third quarter of 2005, down from
BRL125 million in the same year-ago quarter, reports Dow Jones
Newswires.

Net revenues in the third quarter of the year were up 19.4% at
BRL1.23 billion against the same period last year due to a
reduction in discounts to consumers that pay bills on time and
the sale of energy in the first energy auction.

Earnings before interest, tax, depreciation and amortization
(EBITDA) reached BRL315 million in the third quarter, up from
BRL253 million last year.

In the first nine months of the year, Copel registered a net
profit of BRL309 million (US$140 million), up 3.8% from BRL297
million in the same period a year earlier.

Gross operating revenue rose to BRL5.03 billion in the first
nine months of 2005, up 23% from BRL4.09 billion the same year-
ago period. Operating profits rose to BRL501 million from BRL499
million in the same comparison.

EBITDA in the first nine months of the year was BRL803 million.

Copel invested BRL304 million in the first nine months of 2005,
of which BRL173 million went to distribution operations, BRL95
million on transmission and BRL13 million on generation
projects.

Copel, which is controlled by the government of the southern
Brazilian state of Parana, had 3.24 million customers in
September 2005, up from 3.16 million in the same month one year
before

CONTACT: Copel
         Investor Relations Team
         E-mail: ri@copel.com
         Phone: (55-41) 3222-2027


GERDAU: Acquires Shareholders Participation in Sidenor
------------------------------------------------------
Gerdau has signed on a purchase agreement, together with two
Spanish companies, for the acquisition of all the capital stock
of Corporacion Sidenor, S.A., in Spain.    

Gerdau S.A., in compliance with Regulation CVM no 358 of January
3, 2002, announces to its shareholders and investors that its
subsidiary Gerdau Hungria Holdings Limited Liability Company
signed Tuesday, together with two Spanish companies, one of them
a company belonging to the Santander Group, and the other
composed of the main executives of the current administration of
the Sidenor Group, as the Purchasers, and Industrias Ferricas
del Norte Inversiones, S.L., as the Seller, through a purchase
agreement for the acquisition of all the capital stock of
Corporacion Sidenor, S.A., in Spain.

The participation in the capital stock of Corporacion Sidenor,
S.A. will be as follows: 40% will go to Gerdau Hungria Holdings
Limited Liability Company, 40% to the Santander Group company,
and 20% to the Sidenor executives holding company.

The amount agreed upon for the acquisition of the entire capital
stock of C443,820,000.00 in addition to a variable portion to be
determined in the future, and which is estimated at
C19,500,000.00, which will be paid by Gerdau Hungria Holdings
Limited Liability Company. Each participant will pay the amount
proportional to the investment made with funding of their own.
The acquisition agreement will be submitted to the appropriate
regulatory authorities.

Corporacion Sidenor, S.A. is a holding company that controls
Sidenor Industrial, S.L. (www.sidenor.com), which is the largest
manufacturer of specialty long steels as well as forged and
molded parts in Spain along with being one of the main
manufacturers of forged parts by stamping in that country.
Sidenor Industrial has three steel production units, located in
Basauri, Vitoria, and Reinosa.

In 2004, the company sold 688 thousand metric tons of finished
products. Sidenor Industrial also has a subsidiary, Forjanor,
S.L., for the production of foundry for stamping, with plants in
Madrid and Elgeta. Forjanor sold 25 thousand metric tons of
products in 2004. In Brazil, Corporacion Sidenor, S.A., through
is subsidiary Sidenor Internacional, S.L., has an investment of
58.44% in the capital stock of Acos Villares S.A.
(www.villares.com.br), a producer of specialty long steels and
cylinders for rolling mills and has industrial units in Mogi das
Cruzes, Pindamonhangaba, and Sorocaba, all in the state of Sao
Paulo, and sold 646 thousand metric tons of finished products in
2004.

The buyers of Corporacion Sidenor, S.A., through Sidenor
Internacional, S.L., will present a request to CVM to register
the public offering to acquire stock due to the change in
control, with no intention to go private, as per Regulation
361/02 of the CVM.

Gerdau, with 104 years of history and an installed capacity
greater than 16 million metric tons of crude steel per year, is
the largest producer of long steel products in the Americas and
the 13th largest steel making group in the world. It is present
in Brazil, Argentina, Canada, Chile, Colombia, the United
States, and Uruguay with its 29 steel making units. It focuses
on the steel sector and caters to the civil construction,
industrial, and agribusiness sectors. Its operations are for the
most part based on the concept of market mills in which the raw
materials are purchased locally and the products are also sold
in the same region they are produced.

This new stockholding represents a significant investment in the
industrial segment where Gerdau has consolidated experience.
This investment opens the path to enter the strategic European
Union market. Furthermore, this stake acquisition allows the
Company to open an important channel with the large
international carmakers as well as access to production,
administrative, and industrial management know-how of one of the
largest suppliers of this sector in the world, which is in
perfect harmony with the Company's long-term growth and
globalization plan.

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



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

ALPHASWISS BEHAVIORAL: Shareholders Want Liquidation
----------------------------------------------------
          Alphaswiss Behavioral Quant USA (US$) Limited
                   (In Voluntary Liquidation)
                 The Companies Law (As Revised)

TAKE NOTICE that the following special resolutions were passed
by the shareholders of Alphaswiss Behavioral Quant USA (US$)
Limited at an extraordinary meeting held on October 26, 2005.

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

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

Creditors of Alphaswiss Behavioral Quant USA (US$) Limited are
to prove their debts or claims on or before December 13, 2005,
and to establish any title they may have under the Companies Law
(2003 Revision), or to be excluded from the benefit of any
distribution made before the debts are proved or from objecting
to the distribution.

CONTACT: CFS Liquidators Ltd., Voluntary Liquidator
         M David Makin
         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


CXA93A LIMITED: Appoints Liquidator for Wind Up
-----------------------------------------------
                         CXA93A Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

TAKE NOTICE THAT the following special resolution was passed by
the shareholders of CXA93A Limited on October 26, 2005:

"IT IS RESOLVED that the Company be voluntarily wound-up and
that Trident Directors (Cayman) Ltd. of P.O. Box 847, Grand
Cayman,
Cayman Islands, be and is hereby appointed liquidator of the
Company for the purposes of winding-up the Company and shall
have power to bind the company for the purposes of such winding-
up."

Creditors of CXA93A Limited are required to prove their debts
and claims on or before December 16, 2005, and to establish any
title they may have under the Companies Law (2004 Revision), or
be excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

CONTACT: Trident Directors (Cayman) Ltd., Voluntary Liquidator
         Donald Spence
         P.O. Box 847, George Town, Grand Cayman
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881


DEPFA ASSET: Enters Voluntary Wind Up
-------------------------------------
                 Depfa Asset Management Cayman Ltd.
                    (In Voluntary Liquidation)
                    Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
Shareholders of Depfa Asset Management Cayman Ltd. by written
resolution dated October 28, 2005:

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

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

Date Published: October 28, 2005

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


HMVLG ARGENTINE: Deadline for Claims Submission Set
---------------------------------------------------
                    HMVLG Argentine Cable, Ltd.
                    (In Voluntary Winding Up)
                The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN that the creditors of HMVLG Argentine
Cable, Ltd., which is being wound up voluntarily are required on
or before December 13, 2005 to send in their names and addresses
and the particulars of their debts or claims and the names and
addresses of their attorneys-at-law (if any) to the undersigned,
the attorneys-at-law for the liquidator of the Company and if so
required by notice in writing from the said liquidator either by
their attorneys-at-law or personally to come in and prove the
debts or claims at such time and place as shall be specified in
such notice or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

CONTACT: Mr. David W. Knickel, Voluntary Liquidator
         c/o Stuarts Walker Hersant, Attorneys-at-law
         P.O. Box 2510GT, Cayman Financial Centre
         36A Dr. Roy's Drive, George Town
         Grand Cayman, Cayman Islands


MGRE LTD.: To be Placed into Voluntary Liquidation
--------------------------------------------------
                           MGRE LTD.
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

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

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

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

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

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


MULBERRY INVESTMENT: Liquidator Starts Claims Verification   
----------------------------------------------------------
                 Mulberry Investment Fund Limited
                    (In Voluntary Liquidation)
                    Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
Shareholders of the Company by written resolution dated October
19, 2005:

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

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

Date of Publication: October 27, 2005

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


ORICO CONSUMER (SERIES III): Shareholders Resolve to Liquidate
--------------------------------------------------------------
             Orico Consumer Loan Holdings Series III
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Take notice that the following special resolution was passed by
the shareholders of Orico Consumer Loan Holdings Series III on
October 28, 2005.

"THAT the Company be wound up voluntarily and that Piccadilly
Cayman Limited of c/o BNP Paribas Private Bank & Trust Cayman
Limited, PO Box 10632 APO, Grand Cayman, be and is hereby
appointed as liquidator for the purposes of winding up the
Company and that Piccadilly Cayman Limited shall have the power
to bind the Company for the purposes of such winding up."

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

CONTACT: Piccadilly Cayman Limited, Voluntary Liquidator
         Regina Forman
         3rd Floor Royal Bank House
         George Town, Grand Cayman
         Telephone: 345 945 9208
         Fax: 345 945 9210


ORICO CONSUMER (SERIES IV): Wind Up Process Begins
--------------------------------------------------
               Orico Consumer Loan Holdings Series IV
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

Take notice that the following special resolution was passed by
the shareholders of Orico Consumer Loan Holdings Series IV on
October 28, 2005.

"THAT the Company be wound up voluntarily and that Piccadilly
Cayman Limited of c/o BNP Paribas Private Bank & Trust Cayman
Limited, PO Box 10632 APO, Grand Cayman, be and is hereby
appointed as liquidator for the purposes of winding up the
Company and that Piccadilly Cayman Limited shall have the power
to bind the Company for the purposes of such winding up."

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

CONTACT: Piccadilly Cayman Limited, Voluntary Liquidator
         Regina Forman
         3rd Floor Royal Bank House
         George Town, Grand Cayman
         Telephone: 345 945 9208
         Fax: 345 945 9210


QUINDONE INVESTMENTS: Resolves to Liquidate
-------------------------------------------
                   Quindone Investments Ltd.
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

TAKE NOTICE THAT the following Special Resolutions of the
Company were adopted on October 25, 2005:

"RESOLVED THAT:

1. the Company be wound up voluntarily under the Companies Law
(2004 Revision), Section 132;

2. Brott Limited be appointed as Liquidator and shall be
entitled to remuneration in accordance with their published
scale of fees from time to time in force;

3. the Liquidator be authorized if they think fit to distribute
specific assets to members; and

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

CONTACT: Brott Limited, Voluntary Liquidator
         Michelle R. Bodden
         Bridge Street Services Limited
         Marquee Place, Suite 300, 430 West Bay Road
         P.O. Box 30691SMB, Grand Cayman
         Phone: 945-6682
         Fax: 945-6692


RCB SECURITIZATION: David Dyer Appointed as Liquidator
------------------------------------------------------
                  RCB Securitization Corporation
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

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

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

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

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

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


SCARLET (GENERAL PARTNER): Sole Shareholder Wants Liquidation
-------------------------------------------------------------
                 Scarlet (General Partner) Limited
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

NOTICE is hereby given that the sole shareholder of Scarlet
(General Partner) Limited passed the following resolution on
October 12, 2005:

"That, in accordance with Section 132 of the Companies Law (2004
Revision) and the Articles, the Company be placed into voluntary
liquidation and that James Keith Haslett be proposed as
voluntary liquidator for the purpose of winding up the Company."

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

CONTACT: Mr. James Keith Haslett, Voluntary Liquidator
         Nigel Sanders
         P.O. Box 265GT, Walker House
         Mary Street, Grand Cayman
         Telephone: (345) 914 420316
         Facsimile: (345) 949 7886


SONG CHEER: Mr. Soong, King-Yuan to Supervise Wind Up Process
-------------------------------------------------------------
                 Song Cheer International Limited
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

The following special resolution was passed by the shareholder
of Song Cheer International Limited by written resolutions dated
October 25, 2005.

"RESOLVED that the Company be voluntarily wound-up and that Mr.
Soong, Kung-Yuan (aka Raymond K.Y. Soong) be appointed as
liquidator for the purpose of such winding-up."

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

CONTACT: Mr. Soong, Kung-Yuan (aka Raymond K.Y. Soong)
         Voluntary Liquidator
         Corporate Filing Services Ltd.
         P.O. Box 613 GT, Grand Cayman
         Cayman Islands
         Telephone: 886 2 8798 2888
         Facsimile: 886 2 8798 2865


WARNER-LAMBERT CORK: To Wind Up Voluntarily
-------------------------------------------
                    Warner-Lambert Cork Limited
                    (In Voluntary Liquidation)
                     Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
Shareholders of the Company by written resolution dated
September 22, 2005:

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

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

Date of Publication: October 25, 2005

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



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

ANDINATEL: Negotiation with Workers Planned  
-------------------------------------------
State-owned telco Andinatel and its striking workers are
scheduled to meet this week to resolve an ongoing conflict,
reports Business News Americas.

Andinatel spokesperson Osvaldo Morocho relates that workers went
on strike demanding 15% of the Company's 2004 gross earnings, as
well as the removal of recently appointed chief executive and
board of directors.

"If this [15% demand] is accepted, it would become permanent for
the workers with contracts who are covered by the attorney
general's decree. That is almost 90% of the workers,
approximately 1,300 in all," Morocho said.

Morocho stressed that striking employees have not taken over
company facilities, as opposed to widespread reports.

An unnamed source inside Andinatel headquarters also denied the
reports of sit-ins.

"Our facilities have not been taken over. We're coming in to
work normally. [The striking workers] are simply outside,
protesting," the source said.

"The strike is still going on, but it only involves contracted
workers. Outsourced workers are continuing to work normally.
Even the people in collections and customer service are
working," said the source.



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

DYOLL INSURANCE: Supreme Court Yet to Rule on Interim Payout
------------------------------------------------------------
The Supreme Court did not issue on November 14 a ruling whether
the first interim pay out to creditors of the collapsed Dyoll
Insurance Company should continue.

RadioJamaica.com recalls that the Supreme Court advised Dyoll
liquidators - Kenneth Krys of RSM Cayman and John Lee of
PricewaterhouseCoopers - earlier this month to cease
distributing cheques because of an issue involving the Financial
Services Commission (FSC) on how distribution should be made
under the Insurance Act.

The Court heard the matter on Monday but did not issue a ruling,
as arguments were not completed.



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

BALLY TOTAL: Schedules Annual Stockholders' Meeting for Jan. 26
---------------------------------------------------------------
Bally Total Fitness Holding Corporation (NYSE:BFT) announced
Tuesday its annual meeting of stockholders will be held on
January 26, 2006. The record date for stockholders entitled to
vote at the annual meeting will be December 20, 2005. The
meeting will be held in the Chicago area. The details of the
exact location, time and agenda for the meeting will be included
in the Company's proxy materials.

               About Bally Total Fitness

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

CONTACT: Bally Total Fitness Holding Corporation, Chicago
         Janine Warell (Investors)
         Tel: 773-864-6897

         Matt Messinger (Media)
         Tel: 773-864-6850
         URL: http://www.ballyfitness.com


DESARROLLADORA HOMEX: Hopes To Offer Clients Furnished Homes
------------------------------------------------------------
Desarrolladora Homex, S.A. de C.V. (NYSE: HXM - News; BMV:
HOMEX) (Homex or the Company), announced that it has initiated
negotiations with the principal furniture suppliers and
manufacturers in Mexico to create an innovative program that
benefits the clients and improves their quality of life. The
program being discussed would offer Homex's clients the
opportunity to purchase a home that comes furnished.

The program is being developed jointly with Fondo de Fomento y
Garantia para el Consumo de los Trabajadores (FONACOT) and
Instituto Mexicano para el Equipamiento de la Vivienda (IMEVI),
two government agencies dedicated to improving the well-being of
workers in Mexico, and is designed to encourage greater
development of the domestic furniture industry. Homex is able to
offer its clients an integrated solution that enhances the
process of acquiring a Homex house by facilitating the purchase
of a set of furniture for the new home. The Company's clients
will have their experience of living in a "Homex Successful
Community" improved with the option to choose the best furniture
combo for their needs at the best price and with better payment
options.

Homex is currently negotiating agreements with several of the
most important furniture manufacturers and suppliers in Mexico,
such as Coppel (BMV: ALMACO), Famsa, Elektra (BMV: ELEKTRA) and
Delher, among others. The Company seeks to reach an agreement
with each of the furniture companies that gives its clients the
best furniture options in return for the added promotion and
volumes to the manufacturers' own businesses.

"The Company is constantly seeking innovative ways to benefit
its clients while also helping the different economic sectors in
Mexico; in this case, it's the furniture industry," commented
Jose Maria Vlasich, Homex Sales and Marketing Director. "Also,
these negotiations complement our project of creating Successful
Communities, which already takes into consideration the
construction of green areas, schools and day care facilities,
and now also is being extended to home interiors. All of these
measures demonstrate the continued commitment of Homex to the
well-being of its clients."

                       About Homex

Desarrolladora Homex, S.A. de C.V. is a leading, vertically-
integrated home development company focused on affordable entry-
level and middle-income housing in Mexico. It is one of the most
geographically diverse home builders in the country. Homex is
the fastest growing of the publicly listed home builders in
Mexico based on the increase in number of homes sold, revenues
and net income.

    Investor Contact
    investor.relations@homex.com.mx

    Carlos J. Moctezuma
    Head of Investor Relations
    +5266-7758-5838
    cmoctezuma@homex.com.mx
    URL: http://www.homex.com.mx


LUZ Y FUERZA: Seals Contract with GE
------------------------------------
State power company Luz y Fuerza del Centro (LFC) has inked a
contract with US firm General Electric (NYSE: GE) to build
fourteen 32MW natural gas-fired power generation projects in the
Federal District (DF) and Mexico state (Edomex).

Business News Americas reports that the parties signed the
contract on November 14 following authorization from Mexico's
public service ministry (SFP).

The signing of the contract was previously held up by complaints
submitted by other bidders in the tender - Germany's Siemens and
local firm Turbinas Solar.

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

But SFP dismissed the complaints, saying they did not provide
evidence of any irregularity in the tender process.

LFC and GE have 30 days to work out details related to the
construction schedule.



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

COPACO: Internet Unit to Lease New Int'l Web Traffic Route
----------------------------------------------------------
Paraway Net, the Internet unit of state-run operator Copaco,
will launch a new project, under which it will lease a new
international route for web traffic and double the bandwidth
received from international providers.

With approval from Copaco's board, the parent will invest US$2
million in the project, which will open a new traffic route that
links the Paraguayan city Falcon with the Argentine city
Clorinda.

The project includes the deployment of 30km of fiber optic cable
in Paraguay. In Argentina, the Company plans to link with local
operator Telecom de Argentina (NYSE: TEO).



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

PDVSA: CITGO Ratings Reflect Satisfactory Business Risk Profile
---------------------------------------------------------------
Rationale

The ratings on CITGO (BB/Stable/--) reflect a satisfactory
business risk profile and an aggressive financial risk profile,
limited by the ratings of the company's parent, Petroleos de
Venezuela S.A. (PDVSA)(B+/Stable/--). CITGO's credit strength as
a stand-alone entity is based on the scale and complexity of its
refining operations, which have net crude processing capacity of
970,000 barrels per day (bpd) through three wholly owned fuel
refineries, two asphalt refineries, and (in a nonoperating
position) a 41% interest in the Lyondell-CITGO Refining L.P.
joint venture. The company's throughput places it among the
largest refiners in the U.S. CITGO gains substantial competitive
advantage from its ability to process large volumes of heavy,
sour crude oils--which trade at sharp discounts to better-
quality crude oil--into high-margin products, and large average
unit sizes that translate into economies of scale.

The refiner's profitability is limited by the concentration of
its operations in the highly competitive Gulf Coast market,
which usually has the lowest margins in the U.S. Geographic
concentration also exposes the company to the risk of regional
disruption, as demonstrated by recent hurricanes. The credit
effect of interrupted operations at the Lake Charles refinery is
expected to be offset somewhat by strong refining margins
realized at CITGO's other facilities.

Standard & Poor's 'BB' rating on CITGO is higher than the 'B+'
corporate credit rating on PDVSA, because of the relative
strength of the refiner's financial profile and the asset
protection afforded to CITGO creditors, if CITGO defaults for
PDVSA-specific reasons (i.e., a Venezuela sovereign default).
Nevertheless, CITGO could be challenged by events surrounding
PDVSA.

CITGO remains highly dependent on PDVSA due to ownership ties
and also because PDVSA is CITGO's largest crude supplier. The
refiner benefits from the terms of the supply agreements, which
limit margin volatility. Changes in crude deliveries can have
consequences for CITGO's financial performance, depending on the
point in the market cycle. CITGO's liquidity could also be
affected in the event of a supply interruption, because much of
the refiner's crude is delivered under very favorable trade
credit terms (30 days). As such, Standard & Poor's incorporates
the risk of the refiner suffering from PDVSA's potential
operating and financial difficulties into CITGO's ratings. Most
recently, the Venezuelan government has suggested that PDVSA
might sell CITGO to take advantage of high refinery valuations
and for political reasons. The effect of the sale by PDVSA on
CITGO's ratings would depend on the form the sale took, and on
whether CITGO retained the crude supply contracts with
Venezuela. To date, however, no concrete sale plan has emerged.

Although the intermediate-term outlook for refining margins is
generally favorable, CITGO still faces significant challenges,
primarily the funding about $800 million (through 2010) of
required investments to meet clean-fuel standards. CITGO's funds
from operations (FFO) should average about $600 million per year
(translating into about 50% FFO to total debt and about 10% free
operating cash flow to total debt), but volatile margins and
working-capital requirements can cause actual cash available for
capital investment and debt service to vary widely. (Annual FFO
since 2002 has ranged from about $200 million to about $1
billion.) Standard & Poor's expects CITGO to generate
substantial operating cash flow relative to planned capital
expenditures in 2005. However, Standard & Poor's also expects
much free cash flow to be returned to PDVSA through dividends.

Liquidity

CITGO currently has strong liquidity, mainly due to favorable
refining margins, and is supported by a $260 million bank
facility and a $350 million accounts-receivable conduit. The
proposed credit agreement, composed of a five-year, $1.15
billion revolver and a seven-year, $700 million term loan, is
expected to be used for liquidity, issuance of LOCs, and to
refinance existing debt. The new revolver replaces the company's
existing $260 million facility that expires in 2005. Access to
the revolver is expected to be limited to about $700 million
after considering LOCs issued under the facility. After the
close of the new bank deal, CITGO will have no significant debt
maturities until 2012.

CITGO should be self-financing during most phases of the
refining cycle, assuming that CITGO's crude supply from
Venezuela is not interrupted. Under average cyclical margins,
CITGO's FFO should be sufficient to fund its capital
expenditures, which the company estimates will average about
$500 million per year through 2007. However, the volatile and
cyclical nature of refining margins may cause CITGO to
periodically draw on its bank credit facilities to fund ongoing
working-capital and capital-investment requirements. In a severe
cyclical downturn, CITGO's annual cash needs (assuming the
refinancing of debt maturities) are unlikely to exceed $300
million.

Outlook

The outlook on CITGO is stable. Presently, PDVSA ratings limit
CITGO's rating, despite a credit profile that would be
commensurate with a higher rating level, and ratings improvement
is unlikely under existing ownership. Factors that could result
in lower ratings include an extended period of reduced refining
margins, unscheduled equipment outages, and overspending
operating cash flow, each of which would negatively affect the
company's business and financial profiles.

Primary Credit Analyst: Ben Tsocanos, New York (1) 212-438-1995;
ben_tsocanos@standardandpoors.com


PDVSA: CITGO Enters Into New Senior Secured Credit Agreement
------------------------------------------------------------
CITGO Petroleum Corporation announced Tuesday that it has
entered into a new $1.85 billion senior secured credit agreement
with a syndicate of lenders led by BNP Paribas and J.P. Morgan
Securities Inc., as co-lead arrangers (the "New Credit
Agreement"). The New Credit Agreement consists of a five-year
$1.15 billion revolving credit facility and a seven-year $700
million term loan facility. Borrowings under the New Credit
Agreement are guaranteed by certain of CITGO's subsidiaries and
secured by certain accounts receivable and inventory of CITGO
and the guarantors, all capital stock in certain of the
guarantors, CITGO's Lake Charles, La. refinery and CITGO's
equity interest in the entity that holds its Corpus Christi,
Texas refinery. The New Credit Agreement replaced CITGO's
existing credit agreement, which was due to expire in December.

CITGO also announced that it completed its previously announced
cash tender offers for any and all of its outstanding 7-7/8
percent Senior Notes due 2006 (the "7-7/8 percent Notes") and 6
percent Senior Notes due 2011 (the "6 percent Notes" and,
together with the 7-7/8 percent Notes, the "Notes") and the
related consent solicitations. As of 5 p.m. Eastern Time on Nov.
10, 2005, the expiration date of the tender offers, CITGO had
received valid tenders of approximately $135.7 million in
aggregate principal amount of the 7-7/8 percent Notes
(representing approximately 90.5 percent of the 7-7/8 percent
Notes) and $249.6 million in aggregate principal amount of the 6
percent Notes (representing approximately 99.8 percent of the 6
percent Notes). CITGO purchased all Notes validly tendered in
the tender offers and financed such purchase with borrowings
under the New Credit Agreement. Following completion of the
tender offers, approximately $14.3 million in aggregate
principal amount of 7-7/8 percent Notes remain outstanding,
which are due to mature on May 15, 2006, and approximately
$390,000 in 6 percent Notes remain outstanding, which are due to
mature on Oct. 15, 2011, unless earlier repurchased or redeemed.

In connection with the consent solicitations, CITGO previously
announced that it had received the required consents to amend
the indentures under which each of the 7-7/8 percent Notes and
the 6 percent Notes were issued (together, the "Indentures") to
eliminate substantially all restrictive covenants, certain
events of default and certain other related provisions of the
Indentures. CITGO and the trustees under the Indentures
subsequently entered into supplemental indentures to the
Indentures setting forth such amendments, which supplemental
indentures became operative upon CITGO's payment for the Notes
accepted for purchase pursuant to the tender offers.

J.P. Morgan Securities Inc. acted as the Dealer Manager and
Solicitation Agent for the tender offers and consent
solicitations and Global Bondholder Services Corporation acted
as the Information Agent.

In addition, CITGO confirmed that, on Nov. 14, 2005, it
completed its previously announced redemptions of other senior
notes and private placement notes (collectively, the "Redemption
Notes") in an aggregate principal amount outstanding of
approximately $194.0 million. Each series of Redemption Notes
was redeemed in accordance with the terms of the relevant
indenture or agreement governing such notes at prices based on
the principal amount redeemed, together with accrued and unpaid
interest to the redemption date, plus an applicable premium or
make-whole amount, as the case may be. CITGO used available cash
to fund the redemption of the Redemption Notes.

CITGO, based in Houston, is a refiner, transporter and marketer
of transportation fuels, lubricants, petrochemicals, refined
waxes, asphalt and other industrial products. The company is
owned by PDV America, Inc., an indirect wholly owned subsidiary
of Petroleos de Venezuela, S.A., the national oil company of the
Bolivarian Republic of Venezuela.

CONTACT: CITGO Petroleum Corporation
         Fernando Garay
         Tel: +1-832-486-1489

         David McCollum
         Tel: +1-832-486-4260
         Fax: +1-832-486-1814


PDVSA: CITGO Declares $380M Dividend
------------------------------------
The Board of Directors of CITGO Petroleum Corporation, an
indirect wholly owned subsidiary of Petroleos de Venezuela, S.
A. (PDVSA), declared Tuesday a $380 million dividend payable to
its parent, bringing the total dividend amount for 2005 to $697
million. The payment is based on projected earnings generated
for the current year.

"The payment of this dividend reflects the ongoing strength of
the company and its value to the shareholder, especially this
year, which has been affected by special circumstances," said
Alejandro Granado, CITGO board chairman. "This total amount
reflects strong refinery operations and the continued alignment
of CITGO with its goals and corporate direction to PDVSA."

CITGO, based in Houston, is a refiner, transporter and marketer
of transportation fuels, lubricants, petrochemicals, refined
waxes, asphalt and other industrial products.  The company is
owned by PDV America, Inc., an indirect wholly owned subsidiary
of Petroleos de Venezuela, S.A., the national oil company of the
Bolivarian Republic of Venezuela.

CONTACT: CITGO PETROLEUM CORPORATION
         Fernando Garay
         Tel: +1-832-486-1489

         David McCollum
         Tel: +1-832-486-4260
         Fax: +1-832-486-1814
         URL: http://www.citgo.com


SIDOR: Suttis Calls Off Planned Strike Following Share Sale Deal
----------------------------------------------------------------
Sidor workers union Suttis cancelled plans to start a strike
after the steel company and the government agreed to start
selling class B shares to eligible workers in two weeks, says
Business News Americas.

Suttis had planned to lodge a strike after negotiations to draw
up a timetable to sell 2.86 million shares stalled. This final
sales round is part of Sidor's workers participation program
(PPL), which aims to transfer the remaining 10.39% piece of
Sidor as part of an arrangement to give workers 20% ownership in
the Company.

On November 14, the government and Suttis agreed to US$94
million in cash dividend payments corresponding to Sidor's class
B shares.

In a first payment, state heavy industry holding company CVG
distributed among workers US$35.8 million through national
development bank BNDES.

"During the November meeting participants agreed that Sidor must
directly pay shareholders their cash surpluses, which we expect
will become effective next week," union General Secretary Jose
Rodriguez said.





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