TCRLA_Public/051121.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, November 21, 2005, Vol. 6, Issue 230

                            Headlines

A R G E N T I N A

AUTOPISTAS DEL SOL: S&P Retains 'raB+' Ratings on Several Bonds
BANCO BISEL: Local S&P Maintains `raD' Ratings on $354M Bonds
BANCO SUQUIA: S&P Leaves `raD' Bond Ratings Unchanged
CINEMA S.A.: Court Rules for Liquidation
DANIEL A. CIPOLLA: Liquidating Assets to Pay Debts

GRAFICA TORBELLINO: Enters Bankruptcy on Court Orders
GUADEL S.A.: Initiates Bankruptcy Proceedings
JUAN ORDOQUI: Reorganization Proceeds to Bankruptcy
KONSTRUIR S.R.L.: Court Orders Liquidation
LABORATORIO INTEGRAL: Debt Payments Halted, Moves to Reorganize

MAYCOP S.R.L.: Ends Reorganization
PETROBRAS ENERGIA: Execution of Provisional Agreement Approved
PLASTICOS CONTEMPORANEA: Liquidates Assets to Pay Debts
PLATERIA PRAT: Begins Liquidation
PROVINDER S.A.: Enters Bankruptcy on Court Orders

SATECNA COSTA: Court Grants Reorganization Plea
SECURITAS S.R.L.: Court Designates Trustee for Liquidation
SU TAXI: Reports Submission Set
TELEFONICA DE ARGENTINA: Repurchases Corporate Bonds
TOMAGUS S.R.L.: Proceeds With Liquidation


B E R M U D A

SEA CONTAINERS: Bus. Losses Spur S&P to Keep Ratings on Watch


B R A Z I L

BANCO ITAU: Ratings Reflect Exposure to Economic, Industry Risk
GERDAU: Ratings Unaffected by Acquisition of 40% of Sidenor
VARIG: Reports Losses of $175.4M in 3Q05


C A Y M A N   I S L A N D S

HARTOG LEASING: Placed into Voluntary Liquidation
HEXAGON HOLDINGS: Farjallah, Le Roux to Oversee Liquidation
IBUKI LIMITED: Shareholders Decide to Liquidate Company
INTERGEN ROTTERDAM: Creditors to Send Debt Particulars Dec. 15
INVESTCORP ALTERNATIVE: Creditors to Prove Debt Claims by Dec. 6

INVESTCORP CFOHI: Shareholders Resolve to Liquidate Company
INVESTCORP DSF: Creditors Have Until Dec. 6 to Prove Claims
INVESTCORP EDHF: Hires Westport Services as Liquidator
INVESTCORP EHEF: Heads for Voluntary Liquidation
INVESTCORP RVF: To be Placed into Voluntary Liquidation

INVESTCORP THEF: Creditors Must Prove Debt Claims By Dec. 6
INVESTCORP USHEF: Westport Services Named as Liquidator
J5 CAPITAL: Heads for Voluntary Liquidation
JAPANESE HIGH: Appoints David Dyer as Liquidator
JG ANGENE: Shareholders Volunteer to Wind Up Company

KAINTUCK OPPORTUNITY: Appoints Liquidators for Wind Up
KC PRIME: To Start Voluntary Liquidation
KINGFISHER GLOBAL: Voluntary Wind Up Begins
KODIAK CAPITAL: To be Placed into Voluntary Liquidation
KODIAK CAPITAL (ERISA): To Wind Up Voluntarily

KW CAPITAL: Creditors' Claims to be Presented to Liquidator
LEADING WORLDWIDE: Creditors to Prove Debt Claims by Dec. 9
LOCKHART CAPITAL: Shareholders Resolve to Liquidate
LODESTONE LIMITED: Buchanan Limited Appointed as Liquidator
LONGFORD LIMITED: Proofs of Claim Due Dec. 4

MA3 CAPITAL: Joint Liquidators Appointed for Voluntary Wind Up
MADEIREA INVESTMENTS: Initiates Wind Up Process
MANAGED QUANTITATIVE (FUND): Q&H Nominees to Supervise Wind Up
MANAGED QUANTITATIVE (TRADING): Liquidation Process Begins
MERCURY LAND: Verification of Claims Ends Dec. 15


C H I L E

EDELNOR: 'B+' Ratings Reflect Weak Financial Profile


C O L O M B I A

TENDERCO: Consent Solicitation Secures 94% Consents


E C U A D O R

ANDINATEL: To Give Workers a Portion of 2004 Gross Earnings


J A M A I C A

KAISER ALUMINUM: Court Extends Exclusive Period Until Jan. 31
MIRANT CORP: Unsecured Creditors, Shareholders OK Proposed Plan
MIRANT CORP: Names Thomas Cason to Proposed Board of Directors


M E X I C O

AXTEL: Mulls $345M IPO on Mexican & US Stock Exchanges
BALLY TOTAL: Responds to Expedited Proceedings Motion
GRUPO IUSACELL: Unveils Expiration Date for Exchanging ADRs


P A N A M A

WILLBROS GROUP: To File 2004 Form 10-K, Form 10-Q This Week


P U E R T O   R I C O

FIRST BANCORP: Lerach Coughlin Commences Class Action Suit


T R I N I D A D   &   T O B A G O

BWIA: Share Trading Suspended for Three Months
BWIA: To Reopen Costa Rican Route Soon


V E N E Z U E L A

EDC: Fitch Ups Senior Unsecured Foreign Currency Rating to 'BB-'
PDVSA: Strengthens Ties with China
PDVSA: CITGO to Distribute Heating Oil at Discounted Prices

     -  -  -  -  -  -  -  -

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

AUTOPISTAS DEL SOL: S&P Retains 'raB+' Ratings on Several Bonds
---------------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
assigned its 'raB+' rating on the following corporate bonds
issued by Autopistas del Sol S.A.:

- US$112,334,466 worth of bonds described as "Obligaciones Neg.
  original" with undated maturity.

- US$49,306,639 worth of bonds described as "Obligaciones Neg.
  original" with undated maturity.

- US$215,225,419 worth of bonds described as "ONS a tasa de
  interes escalonada creciente a 10 anos de vencimiento, monto
  original" with undated maturity.

The rating action, according to the securities regulator
Comision Nacional de Valores(CNV), was based on the Company's
financial standing as of Sep. 30, 2005.

An `raB+' rating denotes that the bonds face exposure to adverse
business or economic conditions, which could lead to the
Company's inadequate capacity to meet its financial commitment,
according to S&P.


BANCO BISEL: Local S&P Maintains `raD' Ratings on $354M Bonds
-------------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
maintains its `raD' rating on two Short Term Debt Securities
(NSC Reg. No. 344) issued by Banco Bisel S.A. under Program, the
Comision Nacional de Valores (CNV) reports.

The debt securities are:

- US$54 million worth of "Obligaciones Negociables Subordinadas"
  issued under Series and/or Class that matured on July 20,
  2000; and

- US$300 million worth of "Programa de Emisi>n de Titulos de
  Deuda a Mediano Plazo" issued under Program that also matured
  on July 20, 2000.

The rating action was taken based on Banco Bisel's financial
health as of Sep. 30, 2005.

According to S&P, an obligation is rated `raD' when it is in
payment default, or the obligor has filed for bankruptcy. The
rating is used when interest or principal payment are not made
on the date due even if the applicable grace period has not
expired, unless the ratings agency believes that such payments
will be made during such grace period.


BANCO SUQUIA: S&P Leaves `raD' Bond Ratings Unchanged
-----------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
maintains a default rating on US$36 million worth of corporate
bonds issued by Banco Suquia S.A., says Argentine securities
regulator, the CNV.

The action, based on the bank's financial status as of Sep. 30,
2005, affected the following bond issues:

- US$23 million worth of "Obligaciones Negociables subordinadas,
  autorizadas por AGO de fecha 19.12.97" due on November 7,
  2005; and

- US$13 million worth of "Obligaciones Negociables Subordinadas
  convertibles, autorizadas por AGE de fecha 19.9.97" due on May
  23,2005.


CINEMA S.A.: Court Rules for Liquidation
----------------------------------------
Bahia Blanca's civil and commercial court ordered the
liquidation of Cinema S.A. after the Company defaulted on its
obligations, Infobae reveals. The liquidation pronouncement will
effectively place the Company's affairs as well as its assets
under the control of a court-appointed trustee.

The trustee will verify creditors' proofs of claim until May 16,
2006. The verified claims will serve as basis for the individual
reports to be submitted in court. The submission of the general
report will follow. The dates for the submission of the reports
are yet to be determined.

CONTACT: Cinema S.A.
         9 de Julio 356
         Bahia Blanca


DANIEL A. CIPOLLA: Liquidating Assets to Pay Debts
--------------------------------------------------
Buenos Aires-based Daniel A. Cipolla 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, Sandra Claudia D Ambrossio. The
trustee will verify creditors' proofs of claim until Dec. 27,
2006. The validated claims will be presented in court as
individual reports.

Ms. Ambrossio will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy.

Dates for the submission of the reports are yet to be
determined.

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

CONTACT: Ms. Sandra Claudia D Ambrossio, Trustee
         Suipacha 211
         Buenos Aires


GRAFICA TORBELLINO: Enters Bankruptcy on Court Orders
-----------------------------------------------------
Grafica Torbellino S.R.L. enters bankruptcy protection after a
Buenos Aires court ordered the Company's liquidation. The order
effectively transfers control of the Company's assets to a
court-appointed trustee who will supervise the liquidation
proceedings.

Infobae reports that the court selected Mr. Fernando Miguel
Altare as trustee. Mr. Altare will be verifying creditors'
proofs of claim until the end of the verification phase.

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.

Dates for the end of verification of claims and for the
submission of the reports are yet to be disclosed.

CONTACT: Mr. Fernando Miguel Altare, Trustee
         Piedras 153
         Buenos Aires


GUADEL S.A.: Initiates Bankruptcy Proceedings
---------------------------------------------
Buenos Aires' civil and commercial court declared Guadel S.A.
"Quiebra," reports Infobae.

Mr. Norberto Jorge Volpe, who has been appointed as trustee,
will verify creditors' claims until Feb. 7, 2006and then prepare
the individual reports based on the results of the verification
process.

The individual reports will then be submitted to court on March
21, 2006, followed by the general report on May 3, 2006.

CONTACT: Guadel S.A.
         Tucuman 834
         Buenos Aires

         Mr. Norberto Jorge Volpe, Trustee
         Maipu 859
         Buenos Aires


JUAN ORDOQUI: Reorganization Proceeds to Bankruptcy
---------------------------------------------------
The reorganization of Juan Ordoqui S.A. has progressed into
bankruptcy. Argentine news source Infobae relates that a Buenos
Aires court ruled that the Company is "Quiebra Decretada".

The report adds that the court assigned Mr. Carlos Alberto
Menendez as trustee, who will verify creditors' proofs of claim
until Dec. 19, 2005.

The court also ordered the trustee to prepare individual reports
after the verification process is completed, and have them ready
by March 1, 2006. A general report on the bankruptcy process is
expected on April 14, 2006.

CONTACT: Juan Ordoqui S.A.
         San Martin 201
         Buenos Aires

         Mr. Carlos Alberto Menendez, Trustee
         Ventura Bosch 7098
         Buenos Aires


KONSTRUIR S.R.L.: Court Orders Liquidation
------------------------------------------
Konstruir S.R.L. prepares to wind-up its operations following
the bankruptcy pronouncement issued by a Buenos Aires court. The
declaration effectively prohibits the company from administering
its assets, control of which will be transferred to a court-
appointed trustee.

Infobae reports that the court appointed Mr. Hugo Raul Juarez as
trustee. Mr. Juarez will be reviewing creditors' proofs of claim
until Feb. 7, 2006. The verified claims will serve as basis for
the individual reports to be presented for court approval on
March 21, 2006. The trustee will also submit a general report of
the case on May 3, 2006.

CONTACT: Konstruir S.R.L.
         Parana 489
         Buenos Aires

         Mr. Hugo Raul Juarez, Trustee
         Ciudad de La Paz 2372
         Buenos Aires


LABORATORIO INTEGRAL: Debt Payments Halted, Moves to Reorganize
---------------------------------------------------------------
Buenos Aires' civil and commercial court is studying the request
for reorganization submitted by local company Laboratorio
Integral S.R.L., states Infobae.

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

CONTACT: Laboratorio Integral S.R.L.
         Gascon 656
         Buenos Aires


MAYCOP S.R.L.: Ends Reorganization
----------------------------------
The reorganization of Maycop S.R.L. has been concluded. Data
revealed by Infobae on its Web site indicated that the process
was concluded after the Buenos Aires' civil and commercial court
homologated the debt agreement signed between the Company and
its creditors.


PETROBRAS ENERGIA: Execution of Provisional Agreement Approved
--------------------------------------------------------------
Petrobras Energia Participaciones S.A. (Buenos Aires: PBE, NYSE:
PZE) and Petrobras Energia S.A. announced that the execution of
the Provisional Agreement for the Oritupano Leona Area, in
Venezuela, was approved at the Shareholders' Meetings held
today. This agreement was subscribed on September 29, 2005
subject to approval by Petrobras Energia S.A.'s Regular
Shareholders' Meeting.

At both meetings, it was revealed that the process of converting
operating agreements relating to operations in Venezuela to the
partially state-owned company modality has a significant impact,
potentially negative, on the Companies' financial condition and
results of operations.

That notwithstanding, the importance of maintaining operations
in Venezuela was emphasized in the light of Venezuela's
significance in the hydrocarbon industry and future business
opportunities.

CONTACT: Petrobras Energia Participaciones S.A.
         Edificio Perez Companc
         Maipu 1
         Buenos Aires, C 1084 ABA
         Argentina
         Phone: 54-11-4344-6000
         Website: http://www.petrobrasenergia.com


PLASTICOS CONTEMPORANEA: Liquidates Assets to Pay Debts
-------------------------------------------------------
Plasticos Contemporanea S.A.C.I. 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, Ms. Ana Beatriz Bravo. 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 7, 2006.

Ms. Bravo 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 20, 2006.

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

CONTACT: Plasticos Contemporanea S.A.C.I.
         Vidal 1540 Capital Federal

         Ms. Ana Beatriz Bravo, Trustee
         25 de Mayo 596
         Buenos Aires


PLATERIA PRAT: Begins Liquidation
---------------------------------
Plateria Prat S.R.L. of Buenos Aires 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. Abraham Emilio Omar.

The trustee will review claims forwarded by the Company's
creditors until March 15, 2006. After claims verification, Mr.
Omar will submit the individual reports for court approval on
May 24, 2006. The general report will follow on July 3, 2006.

CONTACT: Mr. Abraham Emilio Omar, Trustee
         Viamonte 1592
         Buenos Aires


PROVINDER S.A.: Enters Bankruptcy on Court Orders
-------------------------------------------------
A Buenos Aires court declared Provinder S.A. 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, Abel Alexis
Latendorf.

As the trustee, Mr. Latendorf is tasked with verifying the
authenticity of claims presented by the Company's creditors. The
verification phase is ongoing until Feb. 16, 2006.

Following claims verification, the trustee will submit the
individual reports based on the forwarded claims for final
approval by the court on March 30, 2006. A general report will
also be submitted on May 16, 2006.

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


SATECNA COSTA: Court Grants Reorganization Plea
-----------------------------------------------
Satecna Costa Afuera S.A., a company operating in Buenos Aires,
begins reorganization proceedings after the city's civil and
commercial court granted its petition for "concurso preventivo".

During the reorganization, the Company will be able to negotiate
a settlement proposal for its creditors so as to avoid a
straight liquidation.

According to Argentine news source Infobae, the reorganization
will be conducted under the direction of Ms. Laura Marletta, the
court-appointed trustee.

Creditors with claims against Satecna Costa Afuera S.A. must
present proofs of the Company's indebtedness to Ms. Marletta
before Dec. 30, 2005. These claims will constitute the
individual reports to be submitted in court on March 14, 2006.
The court also requires the trustee to present an audit of the
Company's accounting and business records through a general
report due on April 27, 2006.

An informative assembly is set for Sept. 13, 2006.

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

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


SECURITAS S.R.L.: Court Designates Trustee for Liquidation
----------------------------------------------------------
Buenos Aires' accountant Mr. Jose Eduardo Obes was assigned
trustee for the liquidation of local company Securitas S.R.L.,
relates Infobae.

Mr. Jose Eduardo Obes will verify creditors' claims until Dec.
28, 2005, the source adds. After that, he will prepare the
individual reports, which are to be submitted in court. The
submission of the general report will follow.

CONTACT: Mr. Jose Eduardo Obes, Trustee
         Lavalle 1619
         Buenos Aires


SU TAXI: Reports Submission Set
-------------------------------
Mr. Mauricio Leon Brawer, the trustee assigned to supervise the
liquidation of Su Taxi S.A., will submit the validated
individual claims for court approval on. These reports explain
the basis for the accepted and rejected claims. The trustee will
also submit a general report of the case on Dec. 23, 2005.

Infobae reports that Buenos Aires' civil and commercial court
handles the Company's case.

CONTACT: Mr. Mauricio Leon Brawer, Trustee
         Sarmiento 2593
         Buenos Aires


TELEFONICA DE ARGENTINA: Repurchases Corporate Bonds
----------------------------------------------------
Telefonica de Argentina S.A. repurchased on November 16, 2005
its corporate bonds.

In a letter sent to the Buenos Aires Stock Exchange the Company
said that on 16.11.05, it repurchased its corporate bonds as
follows:

Class 3 Fixed Rate Series Coupon 8% due in February 2006, Par
Value $ 9,770,808.

The Company also said it will to pay off the bonds and inform
the Exchange of the outstanding remaining amount.


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


TOMAGUS S.R.L.: Proceeds With Liquidation
-----------------------------------------
Buenos Aires' civil and commercial court declared Tomagus S.R.L.
"Quiebra," reports Infobae.

As such, Tomagus S.R.L. will now start the process with Mr.
Miguel Adolfo Kupchik as trustee. Creditors must submit proofs
of their claim to the trustee by Feb. 3, 2006 for
authentication. Failure to comply with this requirement will
mean a disqualification from the payments that will be made
after the Company's assets are liquidated.

Mr. Kupchik will prepare individual reports out of the validated
claims and submit them on March 17, 2006. The trustee will also
submit a general report on the case and present it in court on
May 3, 2006.

CONTACT: Mr. Miguel Adolfo Kupchik, Trustee
         Alsina 1360
         Buenos Aires



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

SEA CONTAINERS: Bus. Losses Spur S&P to Keep Ratings on Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services said that ratings on Sea
Containers Ltd., including the 'BB-' corporate credit rating,
remain on CreditWatch with negative implications, where they
were placed on Aug. 25, 2005, based on ongoing substantial
losses at the company's ferry operations.

Sea Containers reported on Nov. 3, 2005, that it would
significantly restructure those operations, including:

     * the potential sale of its Silja Oy Ab Baltic Sea ferry
       operation,

     * the sale of noncore vessels, and

     * the closure of other smaller ferry operations.

These actions will result in a $157 million restructuring charge
to reflect write-downs of certain assets and other termination
costs, $19 million of which was taken in the third quarter of
2005, with the balance to be taken by the end of 2005.  The
company is also in the process of selling its remaining stake in
Orient-Express Hotels Ltd., valued at approximately $300
million, with proceeds to be used to reduce debt.

The company recorded a loss of $59 million in the first nine
months of 2005, with a substantial loss expected in the fourth
quarter of 2005 due to continuing weak operational trends as
well as the balance of the restructuring charge to be taken.

"The company's financial profile has weakened significantly in
2005," said Standard & Poor's credit analyst Betsy Snyder.  "We
will evaluate the company's business and financial prospects pro
forma for the restructuring in the near future to resolve the
CreditWatch."

The ratings on Sea Containers reflect:

     * a relatively weak financial profile and
     * financial flexibility.

However, the company does benefit from fairly strong competitive
positions in its major businesses.  Sea Containers is involved
in passenger transport operations and marine cargo container
leasing. It also currently has a stake of approximately 25% in
Orient-Express Hotels Ltd., but will sell this in the near
future.

Passenger transport is the largest operation, accounting for
around 90% of total revenues, although a smaller percentage of
earnings and cash flow.  This business includes passenger and
vehicle ferry services in the English Channel, the Irish Sea,
and the Northern Baltic Sea; and passenger rail service between
London and Scotland, Great North Eastern Railway.

While Sea Containers is one of the larger ferry participants on
routes it serves, this is a highly competitive business, with
several participants.  GNER operates under a U.K. government
franchise that was renewed on March 22, 2005, for a 10-year
period effective May 1, 2005.  Marine cargo container leasing
primarily includes Sea Containers' share of its 50/50 joint
venture with General Electric Capital Corp., GE SeaCo SRL, one
of the larger marine cargo container lessors in the world.

Leisure investments include the company's stake in OEH, which
owns and/or manages deluxe hotels, tourist trains, river cruise
ships and restaurants located around the world.  Sea Containers
also owns a variety of smaller businesses. (Troubled Company
Reporter, Friday, Nov. 18, 2005, Vol. 9, No. 274)



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

BANCO ITAU: Ratings Reflect Exposure to Economic, Industry Risk
---------------------------------------------------------------
RATIONALE

The ratings on Banco Itau S.A. incorporate the fact that it
operates in Brazil and is exposed to the economic and industry
risk of the country. Nevertheless, Banco Itau continues to be
one of the most creditworthy institutions in Latin America, and
benefits from a strong and well-diversified business profile,
professional management team, focused strategy, and excellent
earnings track record.

Banco Itau's good business profile reflects its strong brand-
name recognition, ability to improve cross selling by taking
advantage of its large client base (12.2 million), its broad
range of product offerings, and leading position in most
segments. With Brazilian reais (BrR) 144.7 billion in assets
($65.1 billion at BrR2.22 to $1) at September 2005, Banco Itau
maintains its position as the second-largest private bank in
Brazil with an extensive branch network. Besides presenting a
high market share in terms of total assets, total deposits, and
net income, Banco Itau also maintains its position among the
largest banks in the various sectors in which it operates,
including credit card, insurance, pension plan, brokerage house,
and asset management. Besides, with the acquisition of Banco BBA
Creditanstalt in 2002, the group reinforced its position as a
leading wholesale bank in the country.

The bank's professional management team and well-defined
strategy explain the attainment of its growth and
diversification targets. Banco Itau's focus on improving its
cross selling of products and services, enhancing clientele
profitability, and cost-control efforts support its moderate
business and financial profile.

The bank presents an excellent earnings track record and is the
most profitable bank among its retail peers in Brazil. Banco
Itau's outstanding performance, evidenced by 3.5% annualized ROA
(based on September 2005 figures), results from a combination of
low funding cost and higher participation of loans to
individuals in the portfolio. A strong cross-selling ability
that generated above-average fee income and the bank's constant
efforts to maintain adequate efficiency levels also support the
strong profitability level. The ratio of noninterest expenses to
total revenues reached 54% as of September 2005, showing that
Banco Itau is one of the most efficient banks in Brazil.

An improvement in Brazilian economic activity and a better
prospect for the year led the bank to increase its lending
portfolio by around 17% in the nine-month period ended September
2005, emphasizing loans to individuals and small and midsize
companies (that benefit from higher spreads). The change in
credit mix increased participation of loans to individual and
small and midsize companies to total loans to 41.5% and 18.6%,
respectively, in September 2005 from 34.3% and 18.2%,
respectively, in December 2004. The increase in lending to
individuals and particularly personal loans led to a worsening
in the ratio of problem loans, but this ratio was still in line
with the industry average. The ratio of problem loans (credits
classified from E to H according to the regulation) to total
loans grew to 6.7% in September 2005 from 5.9% in June 2005,
while the annualized net charge-offs-to-customer loans ratio
reduced to 3% in September 2005 from 3.4% in June 2005. In
addition, a seasonal increase in the delinquency ratio for the
whole banking system to 7.6% in August 2005 from 6.9% in
December 2004 (as per Central Bank data) led the bank to
constitute additional provisions to its credit portfolio, thus
increasing its ratio of new loan-loss provisions-to-total loans
to 4.4%, annualized, based on September 2005 figures, compared
to 2% in 2004. Standard & Poor's Ratings Services expects
problem loans to be maintained at adequate levels in 2005,
helped by better economic prospects, a lower unemployment rate,
and the bank's sound credit-risk practices.

The ratings on Banco Itau also reflect the fact that it operates
in Brazil and is exposed to the economic and industry risk of
the country, including the direct exposure to government risk in
the form of open-market operations and marketable securities. At
September 2005, its total government exposure was equivalent to
approximately 1.2x its capital. Given its strategy to reduce
government exposure, this is the lowest ratio when compared to
those of its retail peers, and should be maintained at current
levels.

OUTLOOK

The positive outlook on the foreign currency credit rating
reflects the outlook on the sovereign credit rating on Brazil.
At current levels, a change in the foreign currency sovereign
credit rating would lead to a similar action on the foreign
currency rating on Banco Itau.

The stable outlook on the local currency credit rating reflects
Banco Itau's exposure to the economic and industry risks of the
Brazilian banking industry and Brazil's sovereign credit rating.

In the event of an improvement in the economic and industry
risks within the Brazilian banking industry, it is likely that
Banco Itau's outlook would be revised to positive or it would be
upgraded.

We do not expect the ratings to move downward in the short to
medium term.

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

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


GERDAU: Ratings Unaffected by Acquisition of 40% of Sidenor
-----------------------------------------------------------
Primary Credit Analyst: Reginaldo Takara, Sao Paulo
(55) 11-5501-8932; reginaldo_takara@standardandpoors.com

Standard & Poor's Ratings Services said today that the
acquisition of 40% of Spanish specialty steel maker Corporaci˘n
Sidenor S.A. (Sidenor, unrated) by Brazilian steel maker Gerdau
Group will not immediately affect the ratings on Gerdau S.A.
(local currency and foreign currency, BB+/Stable/--; national
scale, brAA+/Stable/--).

The transaction will cost Gerdau 40% of the announced price of
EUR443.8 million (with the remaining 40% paid by Spain's
financial group Santander and 20% by Sidenor's current executive
management) plus a variable portion estimated at EUR19.5
million. We believe Gerdau has already managed to build up the
necessary liquidity to face this payment without incurring any
additional debt, and we still expect Gerdau to sustain moderate
financial leverage in the long run. On the other hand, the
transaction strengthens Gerdau's positioning in the
comparatively more stable specialty steel segment, positively
contributing to the group's overall business profile.


VARIG: Reports Losses of $175.4M in 3Q05
----------------------------------------
Brazil's embattled flagship airline reported a net loss of
BRL384.2 million (US$175.4 million) for the third quarter of the
year, reversing a profit of BRL261.8 million in the same year-
ago period, reports Reuters.

For the first nine months of the year, Varig posted a whopping
BRL778.1-million loss, compared to a BRL305-million loss in the
same period in 2004.

Varig attributed the poor results to a sharp drop in revenue
after the Company was forced to lower its fares and cut its
fleet. With fewer planes in the air, Varig served fewer routes.

Net revenue in the third quarter totaled BRL1.9 billion, a 17.7%
drop from the year-earlier period.

Revenue in the first nine months of 2005 fell to BRL6.12 billion
from BRL6.24 billion in the same period in 2004.

Earlier this year, Varig filed for bankruptcy under the weight
of BRL7.7 billion (US$3.53 billion) in debt.

Despite its financial woes, several investors have expressed
interest in buying Varig in recent months. It is currently
negotiating a rescue package with Portuguese airline TAP, which
wants to buy a stake in Varig, as well as the Brazilian
carrier's two logistics units.

Meanwhile, Brazil's no-frills operator Gol Linhas Aereas SA
(GOL) said it is prepared to assume some of Varig's domestic
routes if its competitor goes into insolvency.

"If Varig enters into insolvency, we are prepared to assume some
routes left by Varig, mainly those departing from the two
airports located in Sao Paulo city," Gol's planning vice-
president Wilson Ramos said. "However, we don't expect Varig to
disappear," he added.



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

HARTOG LEASING: Placed into Voluntary Liquidation
-------------------------------------------------
               HARTOG LEASING LIMITED
             (In Voluntary Liquidation)
          The Companies Law (2004 Revision)
                     Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 1st
November 2005:

- THAT the Company be placed into voluntary liquidation
forthwith.

- THAT Phillip Hinds and Mike Hughes be appointed, jointly and
severally, as liquidators of the Company.

Creditors of the above-named company are to prove their debts or
claims on or before 16th December 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the said company. In default thereof, they will be excluded from
the benefit of any distribution made before the debts are proved
or from objecting to the distribution.

CONTACT:  PHILLIP HINDS and MIKE HUGHES
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands.


HEXAGON HOLDINGS: Farjallah, Le Roux to Oversee Liquidation
-----------------------------------------------------------
                HEXAGON HOLDINGS LIMITED
               (In Voluntary Liquidation)
           The Companies Law (2004 Revision)
                       Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 2nd
November 2005:

- THAT the Company be placed into voluntary liquidation
forthwith.

- THAT Carlos Farjallah and Johann Le Roux be appointed, jointly
and severally, as liquidators of the Company.

Creditors of the above-named company are to prove their debts or
claims on or before 16th December 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the said company. In default thereof, they will be excluded from
the benefit of any distribution made before the debts are proved
or from objecting to the distribution.

CONTACT: CARLOS FARJALLAH and JOHANN LE ROUX
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


IBUKI LIMITED: Shareholders Decide to Liquidate Company
-------------------------------------------------------
                       IBUKI LIMITED
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)
                        Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 31st
October 2005:

- THAT the Company be placed into voluntary liquidation
forthwith.

- THAT Chris Watler and Johann Le Roux be appointed, jointly and
severally, as liquidators of the Company.

Creditors of the above-named company are to prove their debts or
claims on or before 16th December 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the said company. In default thereof, they will be excluded from
the benefit of any distribution made before the debts are proved
or from objecting to the distribution.

CONTACT:  CHRIS WATLER and JOHANN LE ROUX
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands.


INTERGEN ROTTERDAM: Creditors to Send Debt Particulars Dec. 15
--------------------------------------------------------------
          INTERGEN ROTTERDAM HOLDINGS COMPANY, LTD.
                (In Voluntary Winding Up)
            The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN that the creditors of the above named
Company, which is being wound up voluntarily are required on or
before 15th December, 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 said 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 said debts or claims at such time and place as shall
be specified in such notice or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

CONTACT:  INTERGEN TRANSMISSION SERVICES LLC
          Voluntary Liquidator
          c/o 15 Wayside Rd., Burlington, MA 01803


INVESTCORP ALTERNATIVE: Creditors to Prove Debt Claims by Dec. 6
----------------------------------------------------------------
          INVESTCORP ALTERNATIVE INVESTMENTS XX LIMITED
                   (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of this company at an extraordinary general meeting held on 2nd
November 2005:

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

Creditors of the company are to prove their debts or claims on
or before 6th December 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          For enquiries: Allison Lovinggood-Jackson
          P.O. Box 1111, Grand Cayman, Cayman Islands
          Telephone: 345 949 5122
          Facsimile: 345 949 7920


INVESTCORP CFOHI: Shareholders Resolve to Liquidate Company
-----------------------------------------------------------
                   INVESTCORP CFOHI LIMITED
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of this company at an extraordinary general meeting held on 2nd
November 2005:

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

Creditors of the company are to prove their debts or claims on
or before 6th December 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          For enquiries: Allison Lovinggood-Jackson
          P.O. Box 1111, Grand Cayman, Cayman Islands
          Telephone: 345 949 5122
          Facsimile: 345 949 7920


INVESTCORP DSF: Creditors Have Until Dec. 6 to Prove Claims
-----------------------------------------------------------
                    INVESTCORP DSF LIMITED
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of this company at an extraordinary general meeting held on 2nd
November 2005:

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

Creditors of the company are to prove their debts or claims on
or before 6th December 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          For enquiries: Allison Lovinggood-Jackson
          P.O. Box 1111, Grand Cayman, Cayman Islands
          Telephone: 345 949 5122
          Facsimile: 345 949 7920


INVESTCORP EDHF: Hires Westport Services as Liquidator
------------------------------------------------------
                    INVESTCORP EDHF LIMITED
                  (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of this company at an extraordinary general meeting held on 2nd
November 2005:

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

Creditors of the company are to prove their debts or claims on
or before 6th December 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          For enquiries: Allison Lovinggood-Jackson
          P.O. Box 1111, Grand Cayman, Cayman Islands
          Telephone: 345 949 5122
          Facsimile: 345 949 7920


INVESTCORP EHEF: Heads for Voluntary Liquidation
------------------------------------------------
                   INVESTCORP EHEF LIMITED
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of this company at an extraordinary general meeting held on 2nd
November 2005:

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

Creditors of the company are to prove their debts or claims on
or before 6th December 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          For enquiries: Allison Lovinggood-Jackson
          P.O. Box 1111, Grand Cayman, Cayman Islands
          Telephone: 345 949 5122
          Facsimile: 345 949 7920


INVESTCORP RVF: To be Placed into Voluntary Liquidation
-------------------------------------------------------
                    INVESTCORP RVF LIMITED
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of this company at an extraordinary general meeting held on 2nd
November 2005:

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

Creditors of the company are to prove their debts or claims on
or before 6th December 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          For enquiries: Allison Lovinggood-Jackson
          P.O. Box 1111, Grand Cayman, Cayman Islands
          Telephone: 345 949 5122
          Facsimile: 345 949 7920


INVESTCORP THEF: Creditors Must Prove Debt Claims By Dec. 6
-----------------------------------------------------------
                INVESTCORP THEF LIMITED
              (In Voluntary Liquidation)
          The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of this company at an extraordinary general meeting held on 2nd
November 2005:

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

Creditors of the company are to prove their debts or claims on
or before 6th December 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          For enquiries: Allison Lovinggood-Jackson
          P.O. Box 1111, Grand Cayman, Cayman Islands
          Telephone: 345 949 5122
          Facsimile: 345 949 7920


INVESTCORP USHEF: Westport Services Named as Liquidator
-------------------------------------------------------
                INVESTCORP USHEF LIMITED
               (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of this company at an extraordinary general meeting held on 2nd
November 2005:

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

Creditors of the company are to prove their debts or claims on
or before 6th December 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          For enquiries: Allison Lovinggood-Jackson
          Telephone: 345 949 5122
          Facsimile: 345 949 7920
          P.O. Box 1111, Grand Cayman, Cayman Islands


J5 CAPITAL: Heads for Voluntary Liquidation
-------------------------------------------
                        J5 CAPITAL
                 (In Voluntary Liquidation)
             The Companies Law (2004 Revision)
                       Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 31st
October 2005:

- THAT the Company be placed into voluntary liquidation
forthwith.

- THAT Chris Watler and Johann Le Roux be appointed, jointly and
severally, as liquidators of the Company.

Creditors of the above-named company are to prove their debts or
claims on or before 16th December 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the said company. In default thereof, they will be excluded from
the benefit of any distribution made before the debts are proved
or from objecting to the distribution.

CONTACT:  CHRIS WATLER and JOHANN LE ROUX
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


JAPANESE HIGH: Appoints David Dyer as Liquidator
------------------------------------------------
               JAPANESE HIGH YIELD 98 LIMITED
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of the abovementioned company at an
extraordinary general meeting held on 4th November 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 15 December 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:  DAVID DYER, Voluntary Liquidator
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984GT, George Town, Grand Cayman


JG ANGENE: Shareholders Volunteer to Wind Up Company
----------------------------------------------------
                   JG ANGENE CO. LIMITED
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of the above-mentioned company at an extraordinary general
meeting of the shareholders held on the 4th November 2005:

"THAT the Company be voluntarily wound up under the Companies
Law (2004 Revision); and THAT Buchanan Limited be appointed as
liquidator, and that the liquidator be authorized if it think
fit, to distribute specific assets to members."

Creditors of the above named company, which is being wound up
voluntarily, are required on or before 15th December 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 liquidator of the said
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 said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT:  BUCHANAN LIMITED
          Voluntary Liquidator
          For enquires: Timothy Haddleton
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360
          P.O. Box 1170GT, Grand Cayman


KAINTUCK OPPORTUNITY: Appoints Liquidators for Wind Up
------------------------------------------------------
                  Kaintuck Opportunity Fund, Ltd.
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the shareholders of Kaintuck Opportunity Fund, Ltd. on
October 31, 2005.

THAT the Company be placed into voluntary liquidation forthwith;
and

THAT Ian Wight and Stuart Sybersma of Deloitte be appointed
liquidators, jointly and severally, for the purposes thereof.

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: Mr. Stuart Sybersma, Joint Voluntary Liquidator
         Joshua Taylor, Deloitte
         P.O. Box 1787 GT, Grand Cayman
         Cayman Islands
         Telephone: (345) 949 7500
         Facsimile: (345) 949 8258


KC PRIME: To Start Voluntary Liquidation
----------------------------------------
                KC Prime Asset Funding Corporation
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of KC Prime Asset Funding Corporation at
an extraordinary general meeting held on November 4, 2005:

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

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

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 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


KINGFISHER GLOBAL: Voluntary Wind Up Begins
-------------------------------------------
                Kingfisher Global Hedge Fund Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Kingfisher Global Hedge Fund Ltd. by Special Resolution dated
September 27, 2005:

"THAT the Company be wound up voluntarily pursuant to Section
132 of the Companies Law (2004 Revision); and that DMS Corporate
Services Ltd. be appointed as Liquidator."

Creditors of Kingfisher Global Hedge Fund Ltd. 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: DMS Corporate Services Ltd., Voluntary Liquidator
         Tammy Seymour
         Ansbacher House, P.O. Box 31910 SMB
         Grand Cayman
         Telephone: (345) 946 7665
         Facsimile: (345) 946 7666


KODIAK CAPITAL: To be Placed into Voluntary Liquidation
-------------------------------------------------------
                   Kodiak Capital Offshore, Ltd.
                    (In Voluntary Liquidation)
                   The Companies Law (as revised)

TAKE NOTICE that the following special resolutions were passed
by the shareholders of Kodiak Capital Offshore, Ltd. at an
extraordinary meeting held on November 2, 2005.

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

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

Creditors of the Company are to prove their debts or claims on
or before 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
         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


KODIAK CAPITAL (ERISA): To Wind Up Voluntarily
----------------------------------------------
               Kodiak Capital Offshore (Erisa), Ltd.
                    (In Voluntary Liquidation)
                   The Companies Law (as revised)

TAKE NOTICE that the following special resolutions were passed
by the shareholders of Kodiak Capital Offshore (Erisa), Ltd. at
an extraordinary meeting held on November 2, 2005.

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

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

Creditors of the Company are to prove their debts or claims on
or before 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
         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


KW CAPITAL: Creditors' Claims to be Presented to Liquidator
-----------------------------------------------------------
                     KW Capital One Holding
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                           Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of KW Capital One Holding at an extraordinary
general meeting of the shareholder(s) held on November 24, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

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

Creditors of KW Capital One Holding are to prove their debts or
claims on or before December 16, 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the Company. In default thereof, they will be excluded from the
benefit of any distribution made before the debts are proved or
from objecting to the distribution.

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


LEADING WORLDWIDE: Creditors to Prove Debt Claims by Dec. 9
-----------------------------------------------------------
                 Leading Worldwide Trading Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN that the following resolution was passed
by the shareholder of Leading Worldwide Trading Ltd. on October
25, 2005:

THAT the Company be wound-up voluntarily and that Christopher D.
Johnson and Russell Smith of Chris Johnson Associates Ltd.,
Strathvale House, George Town, Grand Cayman, Cayman Islands, be
and are hereby appointed Joint Liquidators for the purposes of
winding-up the Company and that either of them shall have the
power to act alone in the winding-up.

Creditors of the Company are to prove their debts or claims on
or before December 9, 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: Mr. Christopher D. Johnson, Voluntary Liquidator
         Russell Smith
         PO Box 2499GT, Ground Floor
         Strathvale House George Town, Grand Cayman
         Telephone: (345) 946 0820
         Facsimile: (345) 946 0864


LOCKHART CAPITAL: Shareholders Resolve to Liquidate
---------------------------------------------------
               Lockhart Capital Offshore Fund, Ltd
                    (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 November
1, 2005:

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

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

Date of Publication: November 3, 2005

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


LODESTONE LIMITED: Buchanan Limited Appointed as Liquidator
-----------------------------------------------------------
                       Lodestone Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Lodestone Limited at an extraordinary general meeting of the
shareholders held on November 4, 2005:

"THAT the Company be voluntarily wound up under the Companies
Law (2004 Revision); and

THAT Buchanan Limited be appointed as liquidator, and that the
liquidator be authorized if it think fit, to distribute specific
assets to members."

Creditors of Lodestone Limited, which is being wound up
voluntarily, are required on or before December 15, 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 liquidator of the said 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 said debts or claims at such time and place as shall
be specified in such notice or, in default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.

CONTACT: Buchanan Limited, Voluntary Liquidator
         Timothy Haddleton
         P.O. Box 1170GT, Grand Cayman
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360


LONGFORD LIMITED: Proofs of Claim Due Dec. 4
--------------------------------------------
                         Longford Limited
                    (In Voluntary Liquidation)
                    Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
shareholders of Longford Limited by written resolution dated
April 24, 2005:

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

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

Date of Publication: November 4, 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


MA3 CAPITAL: Joint Liquidators Appointed for Voluntary Wind Up
--------------------------------------------------------------
                            MA3 Capital
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)
                            Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of MA3 Capital at an extraordinary general
meeting of the shareholder(s) held on October 31, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

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

Creditors of MA3 Capital are to prove their debts or claims on
or before December 16, 2005, and to send full particulars of
their debts or claims to the joint liquidators of the Company.
In default thereof, they will be excluded from the benefit of
any distribution made before the debts are proved or from
objecting to the distribution.

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


MADEIREA INVESTMENTS: Initiates Wind Up Process
-----------------------------------------------
                     Madeirea Investments Ltd.
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Madeirea Investments Ltd. at an extraordinary general meeting
of the shareholders held on November 4, 2005:

"THAT the Company be voluntarily wound up under the Companies
Law (2004 Revision); and

THAT Buchanan Limited be appointed as liquidator, and that the
liquidator be authorized if it think fit, to distribute specific
assets to members."

Creditors of Madeirea Investments Ltd., which is being wound up
voluntarily, are required on or before December 15, 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 liquidator of the said 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: Buchanan Limited, Voluntary Liquidator
         Timothy Haddleton
         P.O. Box 1170GT, Grand Cayman
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360


MANAGED QUANTITATIVE (FUND): Q&H Nominees to Supervise Wind Up
--------------------------------------------------------------
      Managed Quantitative Advisors Multistrategy Fund Ltd.
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following resolutions were passed by the Shareholder of
Managed Quantitative Advisors Multistrategy Fund Ltd. by way of
resolutions in writing signed by the shareholder of the Company
on October 31, 2005:

"That the Company be wound up voluntarily";

"That the Mutual Fund Licence issued to the Company be
cancelled, and the Company be removed from the register of
regulated mutual funds"; and

"That Q&H Nominees Ltd., Third Floor, Harbour Centre, P.O. Box
1348 GT, Grand Cayman, Cayman Islands, be and is hereby
appointed as Liquidator of the Company."

Creditors of the Company are required on or before December 15,
2005 to send in their names and addresses and the particulars of
their debts or claims and the names and addresses of their
attorneys-at-law (if any) to the attorneys-at-law for the
Liquidator of the said Company as set out below, and if so
required by notice in writing from the said Liquidator either by
their attorneys-at-law or personally to come in and prove the
debts or claims at such time and place as shall be specified in
such notice, or in default thereof they will be excluded from
the benefit of any distribution made before such debts are
proved.

Date of Liquidation: 31st October 2005

CONTACT: Q & H Nominees Ltd., Voluntary Liquidator
         Quin & Hampson (Ref: JAF)
         Attorneys-at-law for the Voluntary Liquidator
         c/o P.O. Box 1348GT, Grand Cayman
         Cayman Islands, B.W.I
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647


MANAGED QUANTITATIVE (TRADING): Liquidation Process Begins
----------------------------------------------------------
Managed Quantitative Advisors Multistrategy Trading Company Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

The following resolutions were passed by the Shareholder of
Managed Quantitative Advisors Multistrategy Trading Company Ltd.
by way of resolutions in writing signed by the Shareholder of
the Company on October 31, 2005:

"That the Company be wound up voluntarily";

"That Q&H Nominees Ltd., Third Floor, Harbour Centre, P.O. Box
1348 GT, Grand Cayman, Cayman Islands, be and is hereby
appointed as Liquidator of the Company."

Creditors of the Company are required on or before December 15,
2005 to send in their names and addresses and the particulars of
their debts or claims and the names and addresses of their
attorneys-at-law (if any) to the attorneys-at-law for the
Liquidator of the Company as set out below, and if so required
by notice in writing from the said Liquidator either by their
attorneys-at-law or personally to come in and prove the debts or
claims at such time and place as shall be specified in such
notice, or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

Date of Liquidation: 31st October 2005.

CONTACT: Q & H Nominees Ltd., Voluntary Liquidator
         Quin & Hampson (Ref: JAF)
         Attorneys-at-law for the Voluntary Liquidator
         c/o P.O. Box 1348GT, Grand Cayman
         Cayman Islands, B.W.I.
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647


MERCURY LAND: Verification of Claims Ends Dec. 15
-------------------------------------------------
                 Mercury Land Holdings Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Mercury Land Holdings Limited at an extraordinary general
meeting of the shareholders held on November 4, 2005:

"THAT the Company be voluntarily wound up under the Companies
Law (2004 Revision); and

THAT Buchanan Limited be appointed as liquidator, and that the
liquidator be authorized if it think fit, to distribute specific
assets to members."

Creditors of Mercury Land Holdings Limited, which is being wound
up voluntarily, are required on or before December 15, 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 liquidator of the said
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 said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT: Buchanan Limited, Voluntary Liquidator
         Timothy Haddleton
         P.O. Box 1170GT, Grand Cayman
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360




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

EDELNOR: 'B+' Ratings Reflect Weak Financial Profile
----------------------------------------------------
RATIONALE

The 'B+' ratings on Chilean thermal power generator Empresa
El‚ctrica del Norte Grande S.A. (Edelnor) reflect the 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. 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.

Edelnor operates in Chile's Northern Interconnected System
(SING) system, where about 40% of the nearly 2,600 MW of
installed generating capacity (considering dispatch restrictions
imposed to natural gas-fired units) depends on the availability
of natural gas. The need to burn coal or fuel oil as a result of
natural gas supply shortages to gas-fired power plants since
2004 and the system's oversupply when natural gas is fully
available (the system's peak demand reached 1,567 MW in 2004)
subjects Edelnor to spot-price volatility, which currently
affects about 50% to 60% of its revenues.

The SING faces high natural gas-supply risk from Argentina,
where a rate freeze in peso terms for regulated customers has
distorted prices and caused a mismatch between natural gas
domestic supply and demand. This situation has already resulted
in natural gas supply interruptions in the SING that reached
levels up to about 3.5 million cubic meters (cm) per day from a
total consumption of about 5.3 million cm per day (without
including about 1.2 million cm per day consumed by Termoandes'
power plant in Argentina and exported to Chile as power).

Standard & Poor's expects that in the event of large natural gas
shortages in the SING, Edelnor's relatively large coal-fired
power generation capacity (341 MW) will allow it to meet its
contracted sales (about 170 MW to 200 MW) and to sell about 150
MW at high prices in the spot market. However, this benefit
would be reduced by 2007 as a result of the projected higher
contracted sales. In addition, Edelnor will have to serve its
"ship-or-pay" agreements for natural gas transportation with the
Gasoducto Norandino pipeline and could face lower margins from
its sales under contracts because of its higher fuel cost,
although part of the natural gas transportation cost would be
recovered through dividends received from its 21% equity stake
in the Gasoducto Norandino pipeline. The overall effect will
depend on spot market electricity prices--the higher, the better
for Edelnor. In this case, Standard & Poor's considers Edelnor's
diverse power generation base (47% coal and 35% natural gas and
marginally diesel oil, fuel oil, and hydro) a competitive
advantage, because it grants higher supply reliability than its
highly natural gas-fired peers.

Edelnor's financial ratios have significantly improved during
2004 and 2005 as a result of the higher cash flow generation and
the repurchase of 12.1% of the company's US$217.6 million
outstanding debt certificates in May 2005. As a result, interest
coverage improved in 2004 and in the 12 months ended September
2005 when Edelnor's adjusted funds from operations (adjusted FFO
includes cash flows from its 21%-owned Norandino pipeline and
total debt a US$45.8 million debt with shareholders) covered
4.1x and 4.4x of interest expenses, respectively. In addition,
adjusted FFO to total average debt also improved to 8.9% in 2004
and to 10.7% in the 12 months ended September 2005. Standard &
Poor's expects a positive trend in interest coverage until 2006,
when the interest burden will start to gradually increase
according to the terms of the debt certificates (to 8.5% in
November 2012 from 4% in November 2005). Standard & Poor's
expects adjusted FFO interest coverage to range between 3x and
4x and adjusted FFO to total average debt between 10% and 20% by
2008 and 2009, which are acceptable levels for the rating
category.

Edelnor is a partially integrated utility, mainly operating in
power generation and, to a lesser extent, transmission in
northern Chile. The company owns and operates generation
facilities that have a total capacity of 688 MW, leases another
29 MW of diesel units, and commercializes 3 MW of a hydraulic
plant. Edelnor also owns about 1,056 kilometers of transmission
lines. The company is 82.34%-owned by Inversiones Mejillones
S.A., a holding company owned by Belgium's Suez - Tractebel S.A.
and Chilean copper producer Corporacion Nacional del Cobre de
Chile (foreign currency A/Stable/--; local currency
A+/Negative/--).

LIQUIDITY

Edelnor's liquidity is adequate, reflecting its long-term and
smooth debt-maturity profile and low investment needs, but has a
weak financial flexibility. As of Sept. 30, 2005, the company
had US$17.2 million in cash and short-term investments, and
US$4.0 million in short-term financial debt.

Edelnor benefits from a very smooth debt maturity profile. In
May 2005, Edelnor repurchased 12.1% of its US$217.6 million
outstanding debt certificates with its relatively large cash
position and reduced total debt with third parties to US$191
million that will be due in 20 semiannual equal installments of
US$9.6 million as of May 2008. In addition, Edelnor is projected
to repay its US$45.8 million outstanding debt with its parent
Inversiones Mejillones in 20 semiannual equal installments of
US$2.3 million as of May 2008. Edelnor's limited financial
flexibility results from its volatile cash flow and certain
restrictions on incurring additional debt according to the terms
of the company's debt. Edelnor is also obliged to maintain a
minimum liquidity level of US$15 million, although this amount
decreases to US$4 million when considering a US$11 million
credit line granted by parent Inversiones Mejillones. Standard &
Poor's does not expect Edelnor to carry out significant capital
expenditures and to distribute only up to 30% of earnings in
dividends as mandated by Chilean law in the next five years. The
company is in compliance with its financial covenants.

OUTLOOK

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



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

TENDERCO: Consent Solicitation Secures 94% Consents
---------------------------------------------------
Transtel Tenderco, Ltd. ("Tenderco"), a wholly-owned subsidiary
of Transtel S.A. ("Transtel"), announced Thursday that as of
5:00 p.m., New York City time, on November 16, 2005, it had
received the consents of holders of more than 94% of the
outstanding Units in the solicitation of consents to the matters
for consent ("Matters for Consent") described in the Offer to
Purchase and Consent Solicitation Statement dated October 28,
2005 (the "Statement"). By the terms of the consent
solicitation, as of the time of this announcement, consents to
the Matters for Consent may no longer be revoked and related
tenders of Units may no longer be withdrawn. The consents that
have been received are sufficient to approve all of the Matters
for Consent, including execution of the supplemental indentures
described in the Statement. Transtel and the trustee under each
of the indentures governing Transtel's 12-1/2% Senior Secured
Convertible Notes due 2008 and Transtel's Convertible
Subordinated Notes due 2008, intend to execute a supplemental
indenture with respect to such indentures promptly after this
announcement. However, the supplemental indentures will not
become operative until the Units are accepted for purchase by
Tenderco.

By the terms of the consent solicitation, the solicitation
expired at 5:00 p.m. New York City time on November 16, 2005
(the "Consent Date"). Each holder of Units who validly consented
to the Matters for Consent with respect to such Units prior to
5:00 p.m. New York City time on the Consent Date and whose Units
are accepted for purchase, will be entitled to a consent payment
in the amount of US$25.00 for each Unit with respect to which
consents were delivered. Holders who tender their Units after
such time and date will not be entitled to receive the consent
payment. Tenders of Units will continue to be accepted up to
8:00 a.m., New York City time on November 29, 2005 (the
"Expiration Time") unless extended or earlier terminated.
Tendered Units may not be withdrawn and related consents may not
be revoked after 5:00 p.m. New York City time on the Consent
Date.

The obligation of Tenderco to accept for purchase and pay for
tendered Units and the making of consent payments are subject to
the satisfaction or waiver of certain conditions, including the
tender of at least 90% of the outstanding Units, completion of a
private placement of new notes, the execution of supplemental
indentures implementing the Matters for Consent and certain
other conditions, as each is further described in the Statement.
Tenderco has received at least 90% of the outstanding Units;
however, there can be no assurance that any of the other
conditions will be met. Subject to applicable law, Tenderco may,
in its sole discretion, waive or amend any condition to any
offer of solicitation, or extend, terminate or otherwise amend
any offer or solicitation.

The complete terms and conditions of the tender offer and
consent solicitation are described in the Statement, copies of
which may be obtained by contacting MacKenzie Partners, Inc.,
the information agent for the tender offer and consent
solicitation, at +1-212-929-5550 (collect) or +1-800-322-2885
(U.S. toll-free). UBS Investment Bank is serving as dealer
manager and solicitation agent in connection with the tender
offer and consent solicitation. Additional information
concerning the tender offer and the consent solicitation may be
obtained by contacting UBS Investment Bank at +1-203-719-4210
(collect) or +1-888-722-9555, extension 4210 (U.S. toll free).

Transtel is the largest fixed-line private telecommunications
company in Colombia, with a modern digital platform and
broadband capability. Transtel owns and operates seven telephone
systems and one cable system, providing voice, data and other
media services to residential and commercial subscribers in
Cali, Colombia's second largest city, and nine other cities in
southwestern Colombia with an aggregate population of
approximately 3.6 million people.

CONTACT: MacKenzie Partners, Inc.
         Tel: +1-212-929-5500
         Call Collect: 1-800-322-2885
         Toll Free: proxy@mackenziepartners.com



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

ANDINATEL: To Give Workers a Portion of 2004 Gross Earnings
-----------------------------------------------------------
Workers at Andinatel have halted a strike after the state-run
fixed line operator agreed to give them a percentage of its 2004
gross earnings.

According to Business News Americas, both parties signed an
agreement, under which workers with children under 18 or wives
who are unemployed will receive 5% of a figure that has already
been determined as 2004 earnings.

But according to Andinatel spokesperson Osvaldo Morocho, an
arbitration committee plans to decide an alternative figure for
2004 earnings from which 10% will go to workers who were on
strike.

The committee is scheduled to decide by December 31, 2005, and
is working with a range of possible figures, the lower range
being 25% less than the upper limit, said Morocho.

"What still has to be defined is 25% of the 15% of the earnings
demanded by [the workers]. What's at stake is how 2004's
earnings are defined," he said.

Morocho confirmed reports that each striking employee is to
receive an advance of US$2,000 before the total amount of the
settlement is defined.

Workers' representative Geovanny Cabrera stated that the total
amount owed to each worker is US$7,000.

Meanwhile, Andinatel did not yield to the workers' demand to
remove the Company's upper management.

"The CEO and the board of directors have been confirmed in their
positions and will keep their jobs. This demand was [just] a way
for the workers to exert pressure," said Morocho.



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

KAISER ALUMINUM: Court Extends Exclusive Period Until Jan. 31
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extended
the period during which Kaiser Aluminum Corporation and its
debtor-affiliates have the exclusive right to:

    (1) file a plan or plans of reorganization through and
        including Jan. 31, 2006; and

    (2) solicit acceptances of that plan through and including
        March, 31, 2006.

As previously reported in the Troubled Company Reporter on Oct.
10, 2005, Kimberly D. Newmarch, Esq., at Richards, Layton &
Finger, in Wilmington, Delaware, notes that no order has been
entered yet regarding the confirmation of the Liquidation Plans
of Alpart Jamaica, Inc., Kaiser Jamaica Corporation, Kaiser
Alumina Australia Corporation, and Kaiser Finance Corporation.

On the other hand, Kaiser Aluminum Corporation, Kaiser Aluminum
& Chemical Corporation and certain of their Debtor affiliates
have commenced the process for soliciting votes to accept or
reject their Plan of Reorganization.

The extension period will allow completion of the confirmation
process for the Liquidating Debtors and permitting the
Reorganizing Debtors to proceed with the solicitation and
confirmation of their Plan.

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corporation -- http://www.kaiseraluminum.com/-- is a leading
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications.  The Company filed for chapter 11 protection on
February 12, 2002 (Bankr. Del. Case No. 02-10429), and has sold
off a number of its commodity businesses during course of its
cases.  Corinne Ball, Esq., at Jones Day, represents the Debtors
in their restructuring efforts.  On June 30, 2004, the Debtors
listed $1.619 billion in assets and $3.396 billion in debts.
(Kaiser Bankruptcy News, Issue No. 82; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


MIRANT CORP: Unsecured Creditors, Shareholders OK Proposed Plan
---------------------------------------------------------------
Mirant (Pink Sheets: MIRKQ) announced Thursday that its Second
Amended Chapter 11 Plan of Reorganization has been widely
accepted by the key classes of creditors and shareholders
created under the Plan. The final voting tabulation shows that
over 97 percent of Mirant's unsecured creditors and shareholders
who voted on the Plan approved it. The unsecured creditors
voting in favor of the Plan hold more than 80 percent of the
unsecured debt that voted.

The Plan was also accepted by the unsecured creditor classes of
most of Mirant's debtor-subsidiaries, including Mirant Americas
Generation LLC (MAG), Mirant Americas Energy Marketing (MAEM),
and Mirant Americas, Inc. (MAI).

"The strong vote of support for our Plan of Reorganization is
another major milestone in Mirant's Chapter 11 case," said M.
Michele Burns, Mirant's chief restructuring officer, who has led
the company's reorganization process. "It signals that both our
creditors and shareholders have confidence in the Plan and
believe that they have been treated fairly."

Added Burns, "In the last three months, we have achieved strong
momentum toward emergence from bankruptcy and positioned the new
Mirant to be a much stronger competitor. Along with our core
constituents voting for a Plan of Reorganization that will cut
our total debt by nearly half, we have obtained commitments for
over $2.3 billion in loans to finance the business upon exit
from Chapter 11. Coupled with our current cash and cash
equivalents of over $1 billion and expected debt reduction,
Mirant can emerge from bankruptcy with one of the strongest
balance sheets in the merchant power sector."

The widespread approval of the Plan by Mirant's creditors and
shareholders clears the way for the company to proceed toward a
confirmation hearing on the Plan before the United States
Bankruptcy Court for the Northern District of Texas. The hearing
is currently scheduled to begin on December 1.

"With our Chapter 11 case moving toward a close, we will move
forward to create value by being disciplined in all we do," said
Edward R. Muller, Mirant's chairman and chief executive officer.

Despite the Plan's support by all three of Mirant' statutory
creditor and shareholder committees, and the Plan's formal
acceptance by the company's principal constituencies, some
creditor classes of subsidiaries of Mirant voted against the
Plan and a number of parties also filed objections to the Plan's
confirmation. At the December 1 hearing, Mirant will ask the
Court to overrule any such opposition to the Plan that has not
been resolved before or at the hearing.

Mirant is a competitive energy company that produces and sells
electricity in North America, the Caribbean, and the
Philippines. Mirant owns or leases more than 18,000 megawatts of
electric generating capacity globally. The company operates an
asset management and energy marketing organization from its
headquarters in Atlanta.

CONTACT: Mirant
         Stockholder inquiries: 678 579 7777

         Media: Dave Thompson
         Tel: +1-678-579-5298,
         E-mail: dave.thompson@mirant.com

         Investor Relations: Cameron Bready,
         Tel: +1-678-579-7742
         E-mail: cameron.bready@mirant.com

         Stockholder inquiries: +1-678-579-7777
         Web site: http://www.mirant.com


MIRANT CORP: Names Thomas Cason to Proposed Board of Directors
--------------------------------------------------------------
Mirant (Pink Sheets: MIRKQ) reported that Thomas W. Cason has
been named to join the company's proposed nine-member board of
directors, pursuant to its Plan of Reorganization.  Appointments
for all board members become effective upon the company's
emergence from Chapter 11 bankruptcy protection.

Mr. Cason, 62, has more than 30 years of corporate auditing and
finance experience.  Mr. Cason has served as chief financial
officer at Baker Hughes Incorporated, a worldwide leader in
energy services, and as interim president and chief operating
officer at Key Tronic Incorporated, a leading supplier of
computer technology.  Mr. Cason also held a number of auditing
positions during his seven-year career with Arthur Young &
Company.

Mr. Cason also has extensive experience serving on corporate
boards of directors, including those of Global SantaFe
Corporation, where he chairs the company's audit committee;
Global Marine, Inc.; Key Tronic, Inc.; and Purolator Products
Company.

Mr. Cason graduated with a B.S. in accounting from Louisiana
State University and served in the United States Marine Corps
from 1961-1966.  Mr. Cason is married with four children.

Mr. Cason satisfies the New York Stock Exchange definition of an
independent director and has no direct affiliation with any
members of Mirant's bankruptcy committees.  One additional
member will be named to Mirant's board, in accordance with the
Plan.

Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590).  Thomas E. Lauria, Esq., at White &
Case LLP, represents the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $20,574,000,000 in assets and $11,401,000,000 in debts.
(Troubled Company Reporter, Friday, Nov. 18, 2005, Vol. 9, No.
274)



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

AXTEL: Mulls $345M IPO on Mexican & US Stock Exchanges
------------------------------------------------------
Mexican telecoms company Axtel plans to hold an IPO on the
Mexican and the US stock exchanges with the aim of raising
US$345 million.

The Company plans to sell 39.5 million shares in Mexico at MXN22
($2.07) to MXN26 each, and to offer 13.2 million American
Depositary Shares to international investors in a private
offering for $14.74 to $17.04 each.

Citigroup Inc.'s Mexican unit, Banamex, is handling the local
portion of the sale, while Credit Suisse First Boston is
managing the international issuance.

Axtel said the Company itself stands to raise about MXN1.02
billion ($95 million) from the initial public offering, while
shareholders selling stock in a secondary offering stand to
raise some MXN2.67 billion ($250 million).

The Company, based in the northern industrial city of Monterrey,
said it plans to use proceeds from the share sale to invest in
new technology, make acquisitions or pay down debt.


BALLY TOTAL: Responds to Expedited Proceedings Motion
-----------------------------------------------------
Bally Total Fitness Holding Corporation wrote to Honorable
William B. Chandler, III on November 14, 2005 in opposition to
plaintiffs' motion for expedited proceedings in this action
brought pursuant to 8 Del. C. S 220 (Section 220). The Company
wrote:

Plaintiffs filed the action after rejecting Bally's reasonable
offer - an offer that they fail to disclose to the Court - to
provide a substantial portion, but not all, of the documents
requested in their overly broad demand. As set forth in more
detail below, plaintiffs seek a trial in this action this week.
While Section 220 contemplates a summary proceeding, there is no
basis for the emergency proceeding that plaintiffs have
requested. Indeed, to the extent there is any emergency, it is
an emergency of plaintiffs' own making. Accordingly, the Court
should set a more typical schedule, with a trial at least thirty
days from now.

The Parties

Defendant Bally is a Delaware corporation with its principal
place of business in Chicago, Illinois. Bally is the largest and
only nationwide commercial operator of fitness centers, with
approximately four million members and 440 facilities located in
29 states, Mexico, Canada, Korea, China and the Caribbean.

Bally is currently in the process of restating its financial
statements for each of its reporting periods commencing January
1, 2000 through March 31, 2004. On September 19, 2005, Bally
announced that it expected to complete its multi-year audit and
file its financial statements by November 30, 2005.

Plaintiffs Liberation Investments, L.P. and Liberation
Investments, Ltd. (together, "Liberation") are private
investment funds that hold approximately 12% of the outstanding
stock of the Company. The principal of Liberation is Emanuel
Pearlman. Mr. Pearlman served as a financial advisor to the
Company and received millions of dollars in fees from the
Company for such services from 1992 through 2002. Mr. Pearlman
was involved in certain of the transactions underlying the
restatements of Bally's financial statements.

One of the investors in Liberation is Mr. Pearlman's close
personal friend, Lee Hillman. Mr. Hillman is currently president
and chief executive officer of Liberation Investment Advisory
Group. Mr. Hillman was chief executive officer of the Company
from 1996 to 2002 and, for certain periods during that time, its
chairman. Mr. Hillman was responsible for retaining Mr. Pearlman
as a financial advisor to Bally. In connection with an
independent investigation into certain accounting issues led by
Herbert F. Janick (a partner in the law firm of Bingham
McCutchen LLP and a former senior member of the Securities and
Exchange Commission Enforcement Division), the Company's audit
committee characterized Mr. Hillman as responsible for "creating
a culture within the accounting and finance groups that
encouraged aggressive accounting" which has led to the current
restatements at issue.

Notwithstanding the involvement of Liberation's representatives
in creating the culture of aggressive accounting at Bally and
notwithstanding the fact that Bally's current management has
worked assiduously with its new auditors to try to undo the
damage that resulted from that culture, Liberation has waged a
public relations campaign against Bally's current management
since buying a large stake in the Company a little over one year
ago and privately expressing support for management at that
time. That campaign has taken the guise of various stockholder
proposals, requests for board representation, the filing of an
action to compel an annual meeting pursuant to 8 Del. C. S 211
and repeated threats to launch a proxy contest. Liberation's
repeated demands, inquiries, lawsuits and threats of lawsuits -
most of which have been quickly withdrawn upon some compromise
that could have been more reasonably negotiated - have diverted
(and continue to divert) Bally's management and its advisors
from focusing their full attention on the completion of the
financial statements. This action is merely one of the latest
steps in that process.

The latest step is a letter, which Liberation sent to the Bally
board on November 11, 2005, a copy of which is attached hereto
as Exhibit A. In that letter, Mr. Pearlman states that "we have
read in recent press articles that the directors and management
of Bally have been engaged in discussions with third parties
concerning the possible sale of either the Company or a
substantial minority stake in it. If the Board continues to
pursue a transaction, it must do so only through a transparent
auction process. We urge you to take your fiduciary duties
seriously." The letter is ironic in several respects. First, the
Bally board does not need lessons in fiduciary duties from
Liberation, whose representatives created the culture of
aggressive accounting, which is the basis for Bally's persistent
accounting problems. Nor does it need lessons from Mr. Pearlman,
who has never served on the board of directors of a public
company. Rather, it will rely upon its legal advisors. Second,
Liberation's reaction to articles in the press is curious in
light of the fact that articles regarding Bally consistently
contain inaccurate information provided to reporters by Mr.
Pearlman. Finally, Liberation's plea for a transparent auction
process is a textbook example of the concept of "Do what I say,
not what I do." Several months ago, Mr. Pearlman suggested to
the Company that it sell - without mentioning an auction - a
significant and controlling equity stake, offering to have
Liberation lead the investor group. Moreover, approximately
three years ago when they were still affiliated with Bally,
Messrs. Hillman and Pearlman attempted to negotiate - without an
auction - the sale of the Company to HealthSouth. Mr. Hillman
and his associates would have received cash for their stock
options in Bally while the stockholders would have received the
soon-to-be worthless shares of HealthSouth stock.

Background

After years of working closely with Mr. Hillman as Bally's de
facto investment advisor, Mr. Pearlman left Bally's employ
shortly after Mr. Hillman "resigned" from Bally in 2002.
Thereafter, in July 2004, the Company agreed to redeem its
stockholder rights plan as part of a settlement with Liberation
and another stockholder regarding Liberation's threatened proxy
fight. In connection with such redemption, and with the approval
of Liberation, the Company adopted a rights plan policy,
pursuant to which the adoption of any new rights plan requires
stockholder approval. However, the policy permits - consistent
with the agreement with Liberation - the independent directors
to act on their own to reinstate rights plan as long as such
rights plan is subsequently submitted to a binding stockholder
vote within nine months.

On October 18, 2005, the Company announced that its independent
directors implemented a short-term stockholder rights plan
designed to preserve the rights of all stockholders and to
ensure that investors realize the long-term value of their
investment in Bally. The Bally board had been discussing the
rights plan with its advisors for some time and approved its
adoption subject to obtaining consent from the Company's
lenders, which was subsequently obtained. The rights plan was
adopted in light of the significant accumulations of shares in
recent months, and was not a response to any proposed takeover
or other transaction. Under the Company's rights plan policy the
rights plan will expire if it is not approved by stockholders
prior to July 15, 2006.

Following the announcement of the adoption of the rights plan,
Liberation and its counsel praised the rights plan as an
appropriate measure to deter a takeover of Bally at an
inadequate price. Yet Liberation objected to one aspect of the
definition of "beneficial owner" in the rights plan, which
would, in effect, prevent agreements among significant
stockholders with respect to the acquisition, voting or
disposition of Bally stock. Liberation inaccurately (but
colorfully) describes the provision as a "Management Protection
Provision". Liberation ignores, however, the fact that such a
provision is found in virtually every rights plan adopted by a
public corporation (including Bally's prior rights plan and
those rights plans upheld by the Delaware Supreme Court in Moran
v. Household International, Inc., 500 A.2d 1346 (Del. 1985) and
Leonard Loventhal Account v. Hilton Hotels Corporation, 780 A.2d
245 (Del. 2001)). Liberation also ignores the fact that the
provision is consistent with the definition of "owner" in
Section 203 of the Delaware General Corporation Law. See 8 Del.
C. S 203(c)(9). The Delaware courts and the Delaware legislature
have clearly identified the potential risks associated with
agreements among significant stockholders with respect to the
acquisition, voting or disposition of stock.

In addition, the complaint alleges that the rights plan
"prevents stockholders who would collectively hold more than 15%
of the Company's stock from banding together and running a joint
proxy statement." As Bally has informed Liberation, that
contention is legally inaccurate. Nothing in the rights plan
would prevent, for example, a Liberation representative from
serving on a slate proposed by another significant stockholder,
or vice versa. What would trigger the rights plan and the
prohibitions on business combinations set forth in Section 203,
however, is an agreement between Liberation and another
significant stockholder (collectively holding more than 15%)
with respect to the voting, acquisition or disposition of shares
of Bally common stock. As was pointed out to Liberation, the
validity of such an effect was upheld by the Delaware courts in
Moran and Stahl v. Apple Bancorp, Inc., 1990 WL 114222 (Del. Ch.
Aug. 9, 1990).

Apparently unpersuaded by these uncontrovertible facts,
Liberation delivered its demand letter (the Demand) seeking
certain books and records on October 31, 2005. The Demand
ignores the well-settled law that the scope of a Section 220
inspection must be limited to those records that are "essential
and sufficient" to a stockholder's purpose and that the scope of
production under Section 220 should be "circumscribed with
rifled precision". Security First Corp. v. U.S. Die Casting and
Development Co., 687 A.2d 563, 569-70 (Del. 1997). Rather, the
Demand seeks "all written or electronic documents or other
records" related to eight broad categories, as well as stocklist
materials. The Demand is essentially the document request that
would be served in an action challenging the rights plan. The
law is clear, however, that Section 220 does not "open the door
to the wide ranging discovery that would be available in support
of litigation". Saito v. McKesson HBOC, Inc., 806 A.2d 113 (Del.
2002).

Bally responded to the Demand by letter dated November 4, 2005 -
the fourth business day following receipt of the Demand.
Remarkably, Liberation's court filings do not attach this letter
as an exhibit or even acknowledge the fact that it was sent. In
the letter, Bally agreed that it would permit Liberation to
inspect certain of the requested materials, subject to the entry
of an appropriate confidentiality agreement.

Specifically, Bally offered and is still willing to permit the
inspection of board and board committee minutes and any
materials presented to the board and any board committee related
to (i) the rights plan and (ii) the independence of the
directors who adopted the rights plan. Since the Demand claims
to be geared toward investigation of those two topics, such an
inspection strikes an appropriate balance between Liberation's
purported desire for information and the permissible scope of a
Section 220 demand.

Bally is not willing, however, to provide information regarding
any directors who resigned before the adoption of the rights
plan. Such information is completely irrelevant to the
investigation of the rights plan that Liberation purports to
want to conduct. Indeed, it is nothing more than an
impermissible "fishing expedition". See Mattes v. Checkers
Drive-In Restaurants, Inc., 2001 WL 337865, at *5 (Del. Ch. Mar.
28, 2001). Bally is also not willing to permit the inspection of
the requested stocklist materials at this time. Liberation
concedes that it is simply "weighing running a proxy contest".
Unless and until Liberation announces an intention to run a
proxy contest, it is not entitled to stocklist materials. See
Green v. Bancroft Convertible Fund, Inc., 1989 WL 155762, at *1
(Del. Ch. Dec. 22, 1989); Shamrock Associates v. Dorsey Corp.,
1984 WL 8237, at *2-3 (Del. Ch. July 24, 1984).

Argument

Expedited proceedings are the exception, not the rule. This
Court "does not set matters for an expedited hearing or permit
expedited discovery unless there is a showing of good cause why
that is necessary". Greenfield v. Caporella, 1986 WL 13977, at
*2 (Del. Ch. Dec. 3, 1986). To obtain an expedited schedule and
hearing, the moving party must show both (i) "a sufficiently
colorable claim" and (ii) "a sufficient possibility of a
threatened irreparable injury" to justify "the extra (and
sometimes substantial) costs of an expedited ... proceeding."
Giammargo v. Snapple Beverage Co., 1994 WL 672698, at *2 (Del.
Ch. Nov. 15, 1994). When a plaintiff fails to meet either or
both of these elements, the Court's "responsibility to all
parties and to the public's interest in efficient justice
requires ... that [the Court] decline to impose the costs
associated with such a proceeding." Giammargo, 1994 WL 405737,
at *2. Liberation's motion should be denied for at least two
reasons.

First, a motion to expedite is inappropriate in a Section 220
action, which, by statute, is already a summary proceeding. See
Brown v. Rite-Aid Corporation, 2004 WL 723153 (Del. Ch. Mar. 29,
2004). As the Court stated, "[o]nly when unique circumstances
are present ... will I entertain a request to `expedite' a
proceeding that is already summary in nature." Id . at *1. No
such unique circumstances are present here.

Second, plaintiffs' motion should be denied because any
purported emergency is of their own making. Where, as here, the
moving party is guilty of laches, this Court has declined to
schedule expedited proceedings. See, e.g., In re General Motors
(Hughes) Shareholders Litig. , C.A. No. 20269, slip op. at 4
(Del. Ch. Oct. 2, 2003); Mark Productions, Ltd. v. Stuffit of
Long Island, 2002 WL 244861, at *1 (Del. Ch. Feb. 4, 2002); Wand
Equity Portfolio II L.P. v. AMFM Internet Holding Inc., 2001 WL
167720, at *2 (Del. Ch. Feb. 7, 2001); Waterside Partners v. C.
Brewer & Co., 1999 WL 135245, at *1 (Del. Ch. Mar. 3, 1999);
Union Pacific Corp. v. Santa Fe Pacific Corp., 1995 WL 54428, at
*3-4 (Del. Ch. Jan. 30, 1995); In re Blockbuster Entm't Corp.
S'holders' Litig., 1994 WL 89011 at *1 (Del. Ch. Mar. l, 1994).
As the Court recently stated:

Critical to this inquiry is whether a true exigency exists that
is not caused by a lack of diligence of the plaintiff. If a
plaintiff unreasonably delays in bringing an application for
expedited proceedings, there is not a sufficient possibility of
threatened irreparable injury to justify imposing the extra,
substantial costs of such a proceeding.

General Motors, slip op. at 3.

In its motion for expedited proceedings, Liberation states:
As set forth in the complaint, there is an ongoing proxy contest
at Bally. The stockholders meeting (which was scheduled by
stipulation after Liberation Investments filed a S 211 action in
this Court) is set for January 26, 2006. Under the Company's by-
laws all nominations and other proposals to be voted on at the
stockholder meeting must be made sixty days before then.

Liberation has known that there has been an ongoing proxy
contest since Pardus Capital Management, L.P. announced its
intention to solicit proxies for a slate of directors on October
17, 2005 (over three weeks ago). Liberation has known that the
annual meeting would be on January 26, 2006 since October 6,
2005 (five weeks ago). Indeed, the annual meeting was scheduled
in connection with the settlement of the Section 211 action that
Liberation initiated. Liberation had a central role in (i) the
creation of the rights plan policy which permitted the
independent directors to adopt a rights plan and (ii) the
scheduling of the annual meeting for January 26, 2006. It should
not now be heard to complain that it is being adversely impacted
by events, which it caused.

Moreover, Bally announced adoption of the rights plan on October
18, 2005. The rights plan itself was publicly filed on the same
day. Liberation did not initiate this lawsuit, however, until
November 10, 2005 - over three weeks later. Having waited three
weeks, Liberation now requests a trial in one week. Given the
amount of time it waited to file this action, such a request is
absurd.

Liberation argues that it "needs to be able to conduct its S 220
investigation and, if appropriate, seek relief from the
Management Protection Provision long before January 26 if its
rights are to have meaning." Bally questions whether this is
truly Liberation's intent, however. Even assuming that the Court
gives Liberation a trial in this action this week (which it
should not), the Court rules from the bench and Liberation wins
(which it should not), Liberation will not receive any documents
until the week of November 21, at the earliest. By that time,
over one month will have elapsed since the adoption of the
rights plan. If Liberation files an action challenging the
rights plan, Bally will likely argue again that Liberation
waited too long for expedited proceedings in that action. Even
if Bally is unsuccessful in its attempt to oppose expedited
proceedings, the action would not likely be resolved for several
weeks, excluding appeals. Under Liberation's best case scenario,
a final decision would not likely be rendered until well into
December, if not January. Common sense dictates that Liberation
has other motives, such as diverting and distracting Bally
management in an effort to pressure management into acceding to
Liberation's frequent demands. Otherwise, it would be behaving
much differently.

Bally is not opposed to conducting a trial in this matter.
However, a trial should be conducted so that Bally has time to
conduct discovery of Liberation and the parties have the
opportunity to present their positions to the Court in an
orderly fashion. At least thirty days - as opposed to seven - is
a more appropriate time period.

Director Independence

Although not germane to the motion to expedite, Bally feels
compelled to respond to one issue addressed in Liberation's
complaint. Liberation makes much of the fact that Bally
acknowledges that during those three weeks, counsel for the
parties engaged in discussions regarding the rights plan and the
Demand. Notwithstanding the parties' efforts to resolve these
matters, Liberation cannot now ask Bally and the Court to
scramble to conduct a trial in one week. As this Court has
stated, "plaintiffs must bear whatever procedural disadvantages
flow from an emergency they themselves created." See Hecco
Ventures v. Sea-Land Corporation, 1986 WL 5840, at *5 (Del. Ch.
May 19, 1986).

Bally director Barry Deutsch and Bally chief executive officer
and director Paul Toback are long-time friends. Liberation
implies that the other Bally directors are unaware of this fact.
To put this issue to rest, a copy of the minutes of the May 4,
2004 meeting of the Bally board of directors is attached hereto
as Exhibit C. The minutes demonstrate that Bally's directors
were not only aware of the friendship between Messrs. Toback and
Deutsch, but specifically discussed it before they appointed Mr.
Deutsch to the board. Indeed, it was former independent director
Stephen Swid - who was appointed as a director in connection
with the settlement of a threatened proxy fight in 2003 and
whose resignation Liberation laments - who stated at the meeting
that he "was confident that such relationship would not impact
[Mr. Deutsch's] decision-making responsibilities as a member of
the Board". If Liberation had taken Bally up on its offer to
produce board minutes, it would have known these facts.

Conclusion

We look forward to discussing these issues with the Court and
plaintiffs' counsel. If Your Honor has any questions regarding
this matter, counsel are available at the Court's convenience.

Indeed, this issue appears to have risen to the level of an
obsession for Liberation. In connection with the discussions
related to the Demand, Liberation's counsel provided Bally's
counsel with a document, which Liberation prepared containing
the high school yearbook pictures of Messrs. Toback and Deutsch
with their activities listed beneath the pictures. Unbelievably,
Liberation attached a slightly modified version of this document
as an exhibit to its complaint. Bally cannot understand how the
pictures (as opposed to the alleged facts) are at all relevant
to the Court's analysis, unless providing the document to the
Court is a method of publicly disseminating the document without
complying with the federal proxy solicitation rules.

On November 15, 2005, Bally informed in the Liberation that the
Board of Directors of Bally Total Fitness Holding Corporation
has received the letter from Liberation Investments, L.P. and
Liberation Investments, Ltd. dated November 11, 2005 and has
asked me to respond. Bally Total wrote:

As you know, the Board is currently being advised by highly
qualified legal and financial professionals. The directors will
rely on those professionals, rather than Liberation, to advise
them in connection with their fiduciary duties. Liberation and
all Bally stockholders can be certain that the directors are
well aware of and, as always, will act in accordance with their
fiduciary duties in connection with any and all matters that
come before the Board.

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


GRUPO IUSACELL: Unveils Expiration Date for Exchanging ADRs
-----------------------------------------------------------
Grupo Iusacell, S.A. de C.V. (BMV: CEL) announced Thursday that,
as previously informed, the period throughout which holders of
Grupo Iusacell American Depositary Receipts (ADRs) can exchange
their ADRs for Grupo Iusacell shares, which are currently traded
on the Mexican Stock Market (BMV), will expire on November 18,
2005.

As previously explained, ADR holders have had a 60-day period,
beginning September 20, 2005, to exchange their ADRs for shares
traded on the BMV. As of November 21, 2005, The Bank of New York
(BoNY) will be able to sell the shares underlying the ADRs that
were not surrendered and distribute the proceeds of such sale to
holders of the remaining ADRs. The Company understands from BoNY
that BoNY is expected to sell shares on the BMV in a strategic
manner within an undefined timeframe.

The Company had previously announced that at an Extraordinary
Shareholders' Meeting held on June 1, 2005, 96.70% of Grupo
Iusacell's shareholders approved the termination of the ADR
program.

                    About Iusacell

Grupo Iusacell, S.A. de C.V. (Iusacell, BMV: CEL) is a wireless
cellular and PCS service provider in Mexico with a national
footprint. Independent of the negotiations towards the
restructuring of its debt, Iusacell reinforces its commitment
with customers, employees and suppliers and guarantees the
highest quality standards in its daily operations, offering more
and better voice communication and data services through state-
of-the-art technology, such as its new 3G network, throughout
all of the regions in which it operates.

CONTACT: Grupo Iusacell, S.A. de C.V.
         Jose Luis Riera K., Chief Financial Officer
         Tel: +011-5255-5109-5927

         J. Victor Ferrer, Finance Manager
         Tel: +011-5255-5109-5273
         Email: vferrer@iusacell.com.mx
         Web site: http://www.iusacell.com/



===========
P A N A M A
===========

WILLBROS GROUP: To File 2004 Form 10-K, Form 10-Q This Week
-----------------------------------------------------------
Willbros Group, Inc. (NYSE: WG) expects to file its 2004 Form
10-K and its financial results for the first two quarters of
2005 on Form 10-Q in the this week.  In conjunction with the
filing, Willbros will schedule a conference call, which will be
broadcast live over the Internet, for the following morning.

Information on accessing the conference call will be provided in
a separate press release.  The 2004 Form 10-K and 2005 Form 10-Q
reports will be available shortly after filing on the Company's
web site at http://www.willbros.com.Willbros also reported
that, effective with the completion of the audit of the
Company's consolidated financial statements as of and for the
year ended December 31, 2004, and the issuance of their report
thereon, and the filing of the Company's Form 10-Q's for the
three month period ended March 31, 2005 and six month period
ended June 30, 2005, the Company and KPMG LLP ("KPMG") will
cease their client-auditor relationship.

Willbros also reported that all accounting matters for the
periods up to and including the second quarter of 2005 have been
resolved and finalized and that there are no disagreements on
accounting principles or practices, financial statement
disclosure or auditing scope or procedure.  The Company also
said certain material weaknesses in the Company's internal
control over financial reporting have been identified and are
being remediated.

Willbros Group, Inc. is an independent contractor serving the
oil, gas and power industries, providing engineering and
construction, and facilities development and operations services
to industry and government entities worldwide.

     CONTACT:  Michael W. Collier
               Investor Relations Manager
               Willbros USA, Inc.
               (713) 403-8016

               Jack Lascar / Partner
               DRG&E
               (713) 529-6600
               URL: http://www.willbros.com



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

FIRST BANCORP: Lerach Coughlin Commences Class Action Suit
----------------------------------------------------------
Lerach Coughlin Stoia Geller Rudman & Robbins LLP ("Lerach
Coughlin") (http://www.lerachlaw.com/cases/firstbancorp/)
announced Wednesday that a class action has been commenced in
the United States District Court for the Southern District of
New York on behalf of purchasers of First BanCorp. ("First
BanCorp") (NYSE:FBP) publicly traded securities during the
period between March 31, 2003 and October 24, 2005 (the "Class
Period").

If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from November 2, 2005. If you wish to
discuss this action or have any questions concerning this notice
or your rights or interests, please contact plaintiff's counsel,
William Lerach or Darren Robbins of Lerach Coughlin at 800/449-
4900 or 619/231-1058, or via e-mail at wsl@lerachlaw.com. If you
are a member of this class, you can view a copy of the complaint
as filed or join this class action online at
http://www.lerachlaw.com/cases/firstbancorp/.Any member of the
purported class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member.

The complaint charges First BanCorp and certain of its officers
and directors with violations of the Securities Exchange Act of
1934. First BanCorp operates as the holding company for First
Bank Puerto Rico, which provides various financial services in
Puerto Rico, the U.S. Virgin Islands, and British Virgin
Islands.

The complaint alleges that during the Class Period, defendants
issued false statements about First BanCorp's earnings, assets,
capital and prospects causing the Company's stock to trade at
artificially inflated levels. While the Company's stock price
dropped somewhat in the late spring of 2005 due to problems
announced by First BanCorp's competitors in Puerto Rico, as well
as an adverse interest rate environment, the stock soon
recovered as defendants did not own up to significant accounting
issues, such as those disclosed earlier by its competitors, and
the Company continued to report favorable financial results. On
August 25, 2005, the Company issued a press release announcing
that the Company had "received a letter from the (SEC) in which
the SEC indicated that it was conducting an informal inquiry
into the Company. The inquiry pertains, among other things, to
the accounting for mortgage loans purchased by the Company from
two other financial institutions during the calendar years 2000
through 2004." As a result of this disclosure, First BanCorp's
stock dropped to $18.23 per share on August 26, 2005. Later, on
September 30, 2005, both the Company's CEO and CFO suddenly
announced they were resigning. Then, on October 21, 2005, the
Company disclosed that the SEC had issued a formal order of
investigation and on October 24, 2005, Fitch downgraded the
Company debt to BBB. On this news, First BanCorp's stock dropped
to below $12 per share.

According to the complaint, during the Class Period defendants
concealed the following adverse information from the investing
public: (a) the Company's financial statements were materially
false and misleading in that the Company had manipulated its
accounting for mortgage loans purchased between 2000 and 2004;
(b) the Company's internal controls were grossly weak, thereby
allowing the Company's top management to manipulate them at
will; (c) the Company's "record" quarterly income reported
during the Class Period was a product of accounting fraud, not
synergies produced by effective fiscal and personnel management;
and (d) as a result, the Company's published financial
statements violated Generally Accepted Accounting Principles.

Plaintiff seeks to recover damages on behalf of all purchasers
of First BanCorp publicly traded securities during the Class
Period (the "Class"). The plaintiff is represented by Lerach
Coughlin, which has expertise in prosecuting investor class
actions and extensive experience in actions involving financial
fraud.

CONTACT: Lerach Coughlin Stoia Geller Rudman & Robbins LLP
         William Lerach
         Tel: 800-449-4900
         E-mail: wsl@lerachlaw.com



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

BWIA: Share Trading Suspended for Three Months
----------------------------------------------
The Trinidad and Tobago Stock Exchange announced Wednesday that
trading in the shares of BWIA West Indies Airways has been
suspended at the behest of the airline's board. The board
requested the three-month suspension in order to facilitate the
restructuring process of BWIA.

T&T Prime Minister Patrick Manning said the new BWIA would be
set up as a regional carrier with businessman Arthur Lok Jack,
who chaired a Cabinet committee to study the problems of the
airline and make recommendations to Government on its options,
taking over as Chairman to manage the transition.

In mid-October, several prominent businessmen were appointed to
join Lok Jack on the board, among them President and Chief
Executive Officer of bpTT, Robert Riley; accountant William
Lucie-Smith and Neal and Massy's Gervais Warner.

Mr. Manning said the new airline will continue to be majority
owned by the Government though he plans another divestment at a
later stage to the local and regional private sector as well as
regional governments. He acknowledged that there had been many
previous efforts to restructure BWIA over the years, but said
these had to be seen in the context of the dynamics of the
airline industry, particularly of state-owned airlines.

He also said the new restructuring plan calls for significant
changes in the management of the Company and improvement of
corporate governance to ensure the new entity doesn't find
itself operating at a disadvantage to charter flights.

A key plank of the restructuring plan is the restoration of
maintenance capability in the company, and "fundamental changes"
in its work rules and culture.

"We believe strongly that we are now in a position to complete a
seamless transition from the existing BWIA to this new entity.
But this will involve a substantial investment of taxpayer
dollars by the Government and some major departures from the
status quo."

CONTACT: BRITISH WEST INDIES AIRWAYS (BWIA)
         Phone: + 868 627 2942
         E-mail: mail@bwee.com
         Home Page: http://www.bwee.com


BWIA: To Reopen Costa Rican Route Soon
--------------------------------------
Trinidad national airline BWIA will resume flight services to
Costa Rica soon, according to Minister of Industry and Commerce
Ken Valley.

The Trinidad Guardian reveals Ambassador Plenipotentiary Jerry
Narace has been given the responsibility of making it happen.

BWIA begun flying to Costa Rica in 2004 but low volumes of
passengers caused it to cease operations.

However, that transportation route is set to reopen following
the formal launch of the Implementation of the Free Trade
Agreement between Caricom and the Republic of Costa Rica at
Hilton Trinidad, Port-of-Spain.

Costa Rican Minister of Foreign Trade Manuel Gonzalez Sanz came
to T&T to exchange notes with Valley on the new deal.



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

EDC: Fitch Ups Senior Unsecured Foreign Currency Rating to 'BB-'
----------------------------------------------------------------
Fitch Ratings has upgraded the senior unsecured foreign currency
rating of C.A. La Electricidad de Caracas (EDC) to 'BB-' from
'B+'. The company's senior unsecured local currency rating
remains at 'BB-', the long-term national rating at 'AA+(ven)',
and short-term national rating at 'F-1+(ven)' since their
affirmation in October 2005 by Fitch. The foreign currency
rating upgrade also applies to the company's US$260 million 144A
bond issuance due 2014. The ratings remain on Stable Rating
Outlook.

The rating action on EDC follows Fitch's upgrade of the long-
term foreign currency and long-term local currency ratings of
the Bolivarian Republic of Venezuela to 'BB-' from 'B+' as well
as the upgrade of the country ceiling to 'BB-'. The improvement
in the sovereign rating has eased the rating constraints on EDC,
lowering transfer and convertibility risks, and allowing for
EDC's foreign currency ratings to be more reflective of the
company's financial condition.

The sovereign upgrade reflects significant improvements in
external debt and liquidity ratios because of windfall oil
export receipts, leaving them significantly better than peer
'BB' levels. Above-average oil prices have clearly underpinned
the improvement in external indicators, a trend Fitch does not
expect to be sustained beyond 2006. Lower prices assumed in
Fitch's base case for 2007 will bring external liquidity ratios
for the following year closer in line with 'BB' peers, but even
in the event of a significantly larger price decline, liquidity
would still be expected to remain near the peer median, and net
public external debt would hold well below peers for the next
two years.

EDC is the largest private-sector electric utility in Venezuela
and generates, transmits, distributes, and markets electricity
primarily to metropolitan Caracas and its surrounding areas. The
AES Corporation owns 86% of EDC and acquired its stake in June
2000 through a public-tender offer.

CONTACT: Jason T. Todd +1-312-368-3217, Chicago
         Carlos Fiorillo +58212-286-3356, Caracas

MEDIA RELATIONS: Chris Kimble +1-212-908-0226, New York


PDVSA: Strengthens Ties with China
----------------------------------
As part of an effort to strengthen commercial and cooperative
ties with China, state-owned Venezuelan oil company PDVSA signed
two contracts with China National Petroleum Corp (CNPC) for
crude and heating oil.

Under the terms of the deal, Venezuela will ship 100,000 barrels
per day (bpd) of crude and 60,000 bpd of heating oil to CNPC
until 2007, according to PDVSA director Asdrubal Chavez.

Chavez said PDVSA hopes to increase its crude and products
exports to China to 300,000 bpd.


PDVSA: CITGO to Distribute Heating Oil at Discounted Prices
-----------------------------------------------------------
CITGO Petroleum Corporation plans to begin distributing heating
oil at discounted prices next week as part of an initiative
aimed at helping poor communities in areas of the country most
affected by cold winters.

The initial program is scheduled to be launched coinciding with
the Thanksgiving Holiday. It will benefit communities in the
Boston area and in the Bronx, in New York City.

The first phase of the program, in Boston, will offer up to 12
million gallons of heating oil with discounts from market
prices. The value of these discounts is nearly $10 million at
current market prices.

"With this initiative, CITGO is showing its commitment to the
U.S. marketplace and to communities where we have a presence,"
said CITGO President and CEO Felix Rodriguez. "As good corporate
citizens, we are making an effort to help those in need.

"In this endeavor, CITGO has the full support of our corporate
parent, Petroleos de Venezuela, S.A. (PDVSA), the state oil
company of the Bolivarian Republic of Venezuela, who is deeply
aware of the concerns that have prompted this initiative."

The logistics of the program are being arranged in coordination
with non-profit organizations, which will be helping with the
selection of beneficiaries, fuel distribution and final
invoicing reflecting the discounts agreed upon.

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



                            ***********


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