TCRLA_Public/051122.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, November 22, 2005, Vol. 6, Issue 231

                            Headlines


A R G E N T I N A

AMICIA S.A.: Court Favors Involuntary Bankruptcy Motion
CREDITOS JOSE: Court Approves Concurso Motion
DIRECT TO HOME: Liquidates Assets to Pay Debts
DROGUERIA TASSO: Court Appoints Trustee for Reorganization
IMPORTADORA DE EDICIONES: Court Approves Creditor's Motion

INDUSTRIAS SABRA: Court Grants Reorganization Plea
PERIODISMO UNIVERSITARIO: Court to Administer Reorganization
PLATAMARINE S.A.: Concludes Bankruptcy Process
SU TAXI: Judge Approves Bankruptcy
TELESERVICE S.A.: Bankruptcy Initiated Following Court Order

   
B E R M U D A

FOSTER WHEELER: Citigroup Sells 3% of Equity Stake
HORIZON BANK: Petitions for Liquidation
LSF PEACE HOLDINGS: Enters Voluntary Wind Up
LSF PEACE INVESTMENT: Approves Voluntarily Liquidation
NSPIRE (BERMUDA): Appoints Robin J Mayor as Liquidator

PXRE GROUP: Shareholders OK Preferred Share Exchange
SEA CONTAINERS: Prices Remaining Orient-Express Hotels Shares
TRENWICK GROUP: Joint Provisional Liquidators Appointed


B R A Z I L

BANCO PACTUAL: Goldman Sachs Negotiations Fall Apart
PARMALAT BRASIL: Former Execs May Face Money-Laundering Charges


C A Y M A N   I S L A N D S

ENHANCED MORTGAGE-BACKED: Moves to Liquidate
HORUS INVESTMENT: Names Bunton, Le Roux as Liquidators
LCM II: Joint Liquidators to Verify Creditors' Claims
METROPOLITAN OPERA: Shareholders Volunteer to Wind Up Company
MONTPELLIER VALUE: Debt Claim Details Due Dec. 15

NEOPUS KAWASAKI: Proofs of Claim Due Dec. 15
NEPTUNE CORPORATION: Names Piccadilly Cayman as Liquidator
NETHERLANDS HOLDING: Claims Filing Due Nov. 30
NEW SPRING: Shareholders Seek Voluntary Wind Up
NISHIGOTANDA SPC: Proofs of Claim Due Dec. 16

NISHIJIMA ESTATE: Merren, Roney to Oversee Liquidation
NK FUNDING: Shareholders Elect to Wind Up Company
NYLIM ANDOVER: Shareholders Resolve to Wind Up Company
NYLIM LEXINGTON: Proofs of Claim Due Dec. 14
OCEAN CAPITAL: White, Gordon to Oversee Liquidation

OGC HOLDING: Claims Verification Ends Nov. 30
OLYMPUS ASSETS: Q&H Nominees Ltd. to Supervise Liquidation
OLYMPUS FUND: Shareholders Resolve to Liquidate
OPTION ONE: Selects Joint Voluntary Liquidators for Wind Up
PACKAY HOLDINGS: Voluntary Wind Up Begins

PENDULUM LIMITED: Liquidators to Validate Creditors' Claims
PEREGRINE REMEDY: Wind Up Process Begins
PERSEUS CAPITAL: Voluntary Liquidation Initiated
PINE TREE CAPITAL: Claims Verification Ends Dec. 9
PINE TREE FUND: Debt Details, Claims Due by Dec. 9

PIRHO LIMITED: Liquidators to Review Creditor Claims
PRIMUS JAPAN: Enters Voluntary Liquidation
PRINCIPAL JAPAN: Claims Filing Deadline Set for Dec. 15
PSAM PANORAMA: Enters Voluntary Liquidation
QUEENSBURY FINANCE: Creditors to Present Claims to Liquidators


C O L O M B I A

GRANAHORRAR: Moody's BBVA Colombia Outlook on BFSR Improves
* COLOMBIA: Morgan Stanley Ups External Debt to Overweight


G R E N A D A

* GRENADA: Emerges From Default; LTFC Rating Raised to 'B-'


J A M A I C A

DYOLL INSURANCE: Liquidator Worried About Imminent Court Ruling
KAISER ALUMINUM: Seeks Modified Plan Terms Approval


M E X I C O

EL POLLO: Closes Tender Offer for Senior Secured Notes Due 2009
EPL INTERMEDIATE: Finalizes 2010 Notes Tender Offer


P A N A M A

* PANAMA: Releases Results of Cash Tender Offer


P U E R T O   R I C O

DORAL FINANCIAL: Stock Activity Foreshadows Potential Deal  


V E N E Z U E L A

PDVSA: Fitch Lowers CITGO IDR to 'BB-'


     - - - - - - - - - -

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

AMICIA S.A.: Court Favors Involuntary Bankruptcy Motion
-------------------------------------------------------
Court No. 9 of Buenos Aires' civil and commercial tribunal
declared Amicia S.A. bankrupt, says La Nacion. The ruling comes
in approval of the petition filed by the Company's creditor,
Mr. Gustavo Glusman, for nonpayment of $69,373.07 in debt.

Trustee Ricardo Bataller will examine and authenticate
creditors' claims until Feb. 22, 2006. This is done to
determine the nature and amount of the Company's debts.
Creditors must have their claims authenticated by the trustee
by the said date in order to qualify for the payments that will
be made after the Company's assets are liquidated.

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

CONTACT: Amicia S.A.
         Avenida Francisco Beiro 4768
         Buenos Aires

         Mr. Ricardo Bataller, Trustee
         Junin 684
         Buenos Aires


CREDITOS JOSE: Court Approves Concurso Motion
---------------------------------------------
Court No. 6 of Buenos Aires' civil and commercial tribunal
approved a petition for reorganization filed by Creditos Jose
C. Paz S.A., according to a report from Argentine daily La
Nacion.

Mr. Reinaldo Pireni, the court-appointed trustee, will verify
claims from the Company's creditors until Dec. 13, 2005. After
verification period, the trustee will submit the individual and
general reports in court. Dates for submission of these reports
are yet to be disclosed.

The informative assembly will be held on Nov. 1, 2006.
Creditors will vote to ratify the completed settlement plan
during the said assembly.

The city's Clerk No. 12 assists the court on the case.

CONTACT: Creditos Jose C. Paz S.A.
         Avenida Corrientes 922
         Buenos Aires

         Mr. Reinaldo Pireni, Trustee
         Avenida Callao 930
         Buenos Aires


DIRECT TO HOME: Liquidates Assets to Pay Debts
----------------------------------------------
Buenos Aires-based Direct To Home S.A. will begin liquidating
its assets following the pronouncement of the city's court that
the Company is bankrupt, reports Infobae.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Mr. Francisco Jose Vazquez. The
trustee will verify creditors' proofs of claim until Feb. 14,
2006. The validated claims will be presented in court as
individual reports on April 6, 2006.

Mr. Vazquez 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 May 29, 2006.

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

CONTACT: Direct To Home S.A.
         Florida 833
         Buenos Aires

         Mr. Francisco Jose Vazquez, Trustee
         Avda. Callao 215
         Buenos Aires


DROGUERIA TASSO: Court Appoints Trustee for Reorganization
----------------------------------------------------------
Drogueria Tasso S.R.L., a company operating in Mendoza, is
ready to start its reorganization after the city's court
appointed Mr. Jose Manuel Narvaez to supervise the proceedings
as trustee.

An Infobae report states that Mr. Narvaez will verify creditors
claims until Feb. 28, 2006. Afterwards, he will present these
claims as individual reports for final review by the court on
April 11, 2006. Mr. Jose Narvaez will also provide the court
with a general report pertaining to the Company's
reorganization on May 29, 2006. The court has scheduled the
informative assembly on Nov. 14, 2006.

CONTACT: Drogueria Tasso S.R.L.
         Salta 1910
         Ciudad de Mendoza (Mendoza)

         Mr. Jose Manuel Narvaez, Trustee
         Avda. San Martin 1432
         Ciudad de Mendoza (Mendoza)


IMPORTADORA DE EDICIONES: Court Approves Creditor's Motion
----------------------------------------------------------
Importadora de Ediciones S.A. entered bankruptcy after Court
No. 10 of Buenos Aires' civil and commercial tribunal approved
a bankruptcy motion filed by Banca Nazionale del Lavoro,
reports La Nacion. The Company's failure to pay $76,275.89 in
debt prompted the creditor to file the petition.

Working with the city's Clerk No. 19, the court assigned Ms.
Graciela Palma as trustee for the bankruptcy process. The
trustee's duties include the authentication of the Company's
debts and the preparation of the individual and general
reports. Creditors are required to present their proofs of
claim to the trustee before Feb. 15, 2006.

The Company's assets will be liquidated at the end of the
bankruptcy process to repay creditors. Payments will be based
on the results of the verification process.

CONTACT: Importadora de Ediciones S.A.
         Patagones 2613
         Buenos Aires

         Ms. Graciela Palma, Trustee
         Avenida Alicia Moreau de Justo 846
         Buenos Aires


INDUSTRIAS SABRA: Court Grants Reorganization Plea
--------------------------------------------------
Industrias Sabra S.A. successfully petitioned for
reorganization after a Buenos Aires court issued a resolution
opening the Company's insolvency proceedings. Under insolvency
protection, the Company will continue to manage its assets
subject to certain conditions imposed by Argentine law and the
oversight of a court-appointed trustee.

Infobae relates that Mr. Fernando M. Altare will serve as
trustee during the course of the reorganization. The trustee
will be accepting creditors' proofs of claim for verification
until Dec. 27, 2005.

After verifications, the trustee will prepare the individual
reports and submit it in court on March 8, 2006. He will also
present a general report for court review on April 19, 2006.

The Company will endorse the settlement proposal, drafted from
the submitted claims, for approval by the creditors during the
informative assembly scheduled on Sep. 15, 2006.

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


PERIODISMO UNIVERSITARIO: Court to Administer Reorganization
------------------------------------------------------------
Periodismo Universitario S.A. will begin reorganization
following the approval of its petition by Buenos Aires' civil
and commercial court. The opening of the reorganization will
allow the Company to negotiate a settlement with its creditors
in order to avoid a straight liquidation.

A court-appointed trustee will verify creditors' claims. The
validated claims will be presented in court as individual
reports.

A general report on the Company's reorganization will also be
submitted in court for approval. The report will contain the
Company's audited accounting and business records as well as
summarizing important events pertaining to the reorganization.

Dates for the end of the verification phase and the submission
of the reports as well as the name of the trustee are yet to be
determined.


PLATAMARINE S.A.: Concludes Bankruptcy Process
----------------------------------------------
The bankruptcy of Buenos Aires-based Platamarine S.A. has
ended. Data revealed by Infobae on its Web site indicated that
the Company has liquidated its assets.


SU TAXI: Judge Approves Bankruptcy
----------------------------------
Su Taxi S.A. was declared bankrupt after Court No. 1 of Buenos
Aires' civil and commercial tribunal endorsed the petition of
Ms. Maria Ariganello for the Company's liquidation, Argentine
daily La Nacion reports.

The court assigned Mr. Mauricio Brawer to supervise the
liquidation process as trustee. Mr. Brawer will validate
creditors' proofs of claims until.

The city's Clerk No. 2 assists the court in resolving this
case.

CONTACT: Su Taxi S.A.
         Basualdo 1672
         Buenos Aires

         Mr. Mauricio Brawer, Trustee
         Sarmiento 2593
         Buenos Aires


TELESERVICE S.A.: Bankruptcy Initiated Following Court Order
------------------------------------------------------------
Teleservice S.A. enters bankruptcy protection after a Buenos
Aires court ordered the Company's liquidation. The order
effectively transfers control of the Company's assets to a
court-appointed trustee who will supervise the liquidation
proceedings. Infobae reports that the court selected Ms. Silvia
Nora Davicco as trustee. Ms. Davicco will be verifying
creditors' proofs of claim until the end of the verification
phase on March 24, 2006.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the Company's accounting
and business records. The individual reports will be submitted
on May 10, 2006 followed by the general report, which is due on
June 22, 2006.

CONTACT: Ms. Silvia Nora Davicco, Trustee
         Roque Saenz Pena 651
         Buenos Aires


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

FOSTER WHEELER: Citigroup Sells 3% of Equity Stake
--------------------------------------------------
New York financial-services giant Citigroup Inc. has reduced
its ownership in Bermuda-based global engineering and
construction company Foster Wheeler Ltd. from 8.9% to 5.9%, Dow
Jones Newswires reports.

An amended Schedule 13D filed Friday with the Securities and
Exchange Commission revealed that Citigroup beneficially owns
3.3 million shares of Foster Wheeler.

On each of the following dates, Citigroup sold Common in open
market transactions in the amount and at the average price per
share described below:

DATE              COMMON SOLD           AVERAGE PRICE
----              -----------           -------------
Sep. 23, 2005       50,000                  $29.40
Sep. 26, 2005       50,000                  $30.13
Oct. 4, 2005        33,100                  $33.00
Nov. 14, 2005       66,900                  $30.26


HORIZON BANK: Petitions for Liquidation
---------------------------------------
IN THE SUPREME COURT OF BERMUDA
COMPANIES (WINDING-UP)
2005: No. 359

             IN THE MATTER OF THE COMPANIES ACT 1981

                                And

        IN THE MATTER OF Horizon Bank International Limited

                     ADVERTISEMENT OF PETITION
             (Companies (Winding-Up) Rules 1982, Rule 19)

NOTICE is hereby given that a Petition for the winding up of
Horizon Bank International Limited by the Supreme Court of
Bermuda was, on November 8, 2005, presented to the Court by the
Company. The Petition is directed to be heard before the Court
at 9:30 a.m. on December 9, 2005. Any creditor or contributory
of the Company desirous to support or oppose the making of an
order on the said Petition may appear at the time of hearing by
himself or his counsel for that purpose. A copy of the Petition
will be furnished to any creditor or contributory of the
Company requiring the same by Attride-Stirling & woloniecki,
the attorneys of the petitioner, undersigned on payment of the
regulated charge for the same.

NOTE: Any person who intends to appear on the hearing of the
said Petition must serve on or send by post to Horizon Bank
International Limited, notice in writing of his intention so to
do. The notice must state the name and address of the person,
or, if a firm, the name and address of the firm, and must be
signed by the person or firm, or his or their attorney (if
any), and must be served, or if posted, must be sent by post in
sufficient time to reach the above-named attorneys not later
than four o'clock in the afternoon of December 8, 2005.

NOTICE is hereby given that on November 10, 2005 it was ordered
by the Supreme Court of Bermuda that Marcus A. Wide and Peter
C.B. Mitchell be appointed as Joint Provisional Liquidators of
Horizon Bank International Limited.

CONTACT: Messrs. Marcus A. Wide and Peter C.B. Mitchell
         Joint Provisional Liquidators
         c/o Pricewaterhouse Coopers
         Dorchester House
         7 Church Street
         Hamilton, Bermuda


LSF PEACE HOLDINGS: Enters Voluntary Wind Up
--------------------------------------------
             IN THE MATTER OF THE COMPANIES ACT 1981

                               And
                              
             IN THE MATTER OF LSF Peace Holdings, Ltd.

The Members of LSF Peace Holdings, Ltd., acting by written
consent without a meeting on November 16, 2005, passed the
following resolutions:

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

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

The Liquidator informs that:

- Creditors of LSF Peace Holdings, Ltd., which is being
voluntarily wound up, are required, on or before December 2,
2005, to send their full Christian and Surnames, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their solicitors (if
any) to Robin J Mayor, the liquidator, at Messrs. Conyers Dill
& Pearman, Clarendon House, Church Street, Hamilton, HM DX,
Bermuda, and if so required by notice in writing from the
Liquidator, and personally or by their solicitors, to come in
and prove their debts or claims at such time and place as shall
be specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Members of LSF Peace Holdings,
Ltd. will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
December 23, 2005 at 9:30 a.m., or as soon as possible
thereafter, for the purposes of:

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

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

3) by resolution dissolving the Company.

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


LSF PEACE INVESTMENT: Approves Voluntarily Liquidation
------------------------------------------------------
              IN THE MATTER OF THE COMPANIES ACT 1981

                                 And

         IN THE MATTER OF LSF Peace Investment Company, Ltd.

The Members of LSF Peace Investment Company, Ltd., acting by
written consent without a meeting on November 16, 2005, passed
the following resolutions:

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

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

The Liquidator informs that:

- Creditors of LSF Peace Investment Company, Ltd., which is
being voluntarily wound up, are required, on or before December
2, 2005, to send their full Christian and Surnames, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their solicitors (if
any) to Robin J Mayor, the Liquidator, at Messrs. Conyers Dill
& Pearman, Clarendon House, Church Street, Hamilton, HM DX,
Bermuda, and if so required by notice in writing from the
Liquidator, and personally or by their solicitors, to come in
and prove their debts or claims at such time and place as shall
be specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Members of LSF Peace
Investment Company, Ltd. will be held at the offices of Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda on December 23, 2005 at 9:30 a.m., or as soon
as possible thereafter, for the purposes of:

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

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

3) by resolution dissolving the Company.

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


NSPIRE (BERMUDA): Appoints Robin J Mayor as Liquidator
------------------------------------------------------
             IN THE MATTER OF THE COMPANIES ACT 1981

                              And

            IN THE MATTER OF nSpire (Bermuda) Limited

The Member of nSpire (Bermuda) Limited, acting by written
consent without a meeting on November 16, 2005 passed the
following resolutions:

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

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

The Liquidator informs that:

- Creditors of nSpire (Bermuda) Limited, which is being
voluntarily wound up, are required on or before December 2,
2005 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims,
and the names and addresses of their lawyers (if any) to Robin
J Mayor, the Liquidator, at Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, HM DX, Bermuda, and
if so required by notice in writing from the Liquidator, and
personally or by their lawyers, to come in and prove their
debts or claims at such time and place as shall be specified in
such notice, or in default thereof they will be excluded from
the benefit of any distribution made before such debts are
proved.

- A final general meeting of the Member of nSpire (Bermuda)
Limited will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
December 23, 2005 at 9:30 a.m., or as soon as possible
thereafter for the purposes of:

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

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

3) by resolution dissolving the Company.

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


PXRE GROUP: Shareholders OK Preferred Share Exchange
----------------------------------------------------
PXRE Group Ltd. (NYSE: PXT) announced Friday that the Company's
shareholders have approved the mandatory exchange of the
Company's 375,000 Series D Perpetual Non-Voting Preferred
Shares into approximately 34.1 million PXRE Common Shares. As
previously disclosed, the Series D Perpetual Preferred Shares
were issued in a private placement on October 7, 2005.

The Company announced that all four proposals under
consideration had been approved at the Company's Special
General Meeting of Shareholders held today. These included
proposals to:

-  Amend the Company's By-Laws to increase the authorized share
capital from $60 million to $360 million and to increase the
number of authorized Common Shares by 300 million shares to a
total of 350 million shares;

-  Exchange PXRE's 375,000 Series D Perpetual Non-Voting
Preferred Shares into approximately 34.1 million PXRE Common
Shares;

-  Amend the Company's Bye-Laws to further increase the
authorized share capital by $20 million and to increase the
number of authorized preferred shares by 20 million shares to a
total of 30 million preferred shares; and

-  Divide 30 million of PXRE Group's 300 million newly
authorized Common Shares into three pre-existing classes of
common shares: Class A Convertible Voting Common Shares, Class
B Convertible Voting Common Shares and Class C Convertible
Voting Common Shares.

An immediate result of the approval of these resolutions by the
Company's shareholders is the mandatory exchange of all of the
Company's outstanding Series D Perpetual Preferred Shares for
approximately 34.1 million of the Company's Common Shares.

The Company also confirmed that, as a result of the
shareholders' approval of the exchange of the Series D
Perpetual Preferred Shares into Common Shares, the Company's
regular quarterly cash dividend of $0.12 per common share will
be paid on December 6, 2005 to shareholders of record as of
November 22, 2005. This dividend was previously announced on
October 27, 2005.

PXRE -- with operations in Bermuda, Europe and the United
States -- provides reinsurance products and services to a
worldwide marketplace. The Company's primary focus is providing
property catastrophe reinsurance and retrocessional coverage.
The Company also provides marine, aviation and aerospace
products and services. The Company's common shares trade on the
New York Stock Exchange under the symbol "PXT."

CONTACT: PXRE Group Ltd.
         John Modin, Chief Financial Officer
         +1-441-296-5858
         john.modin@pxre.com

         Citigate Sard Verbinnen
         Investors - Jamie Tully
         Tel: +1-212-687-8080
         jtully@sardverb.com


SEA CONTAINERS: Prices Remaining Orient-Express Hotels Shares
-------------------------------------------------------------
Sea Containers Ltd. announced Friday that it priced its
offering for sale in an underwritten public offering of 8.61
million class A common shares of Orient-Express Hotels Ltd.
(NYSE:OEH) at $32 per share. In addition, Sea Containers
granted the underwriters a 30-day option to purchase up to an
additional 1.29 million class A shares of Orient-Express Hotels
to cover overallotments, if any.

Assuming that the underwriters exercise their overallotment
option in full, Sea Containers will no longer own any shares of
Orient-Express Hotels after Sea Containers sells these 9.90
million class A common shares.

Sea Containers plans to use the proceeds from the sale of the
class A common shares to repay a portion of its outstanding
indebtedness and for general corporate purposes. Orient-Express
Hotels will receive no proceeds from the sale.

Citigroup Global Markets Inc. is acting as sole book-running
manager for this offering, Merrill Lynch & Co. as joint lead
manager, and Scotia Capital (USA) Inc. as co-manager.

CONTACT: SEA CONTAINERS LTD.
         Ian Durant, Chief Financial Officer
         Tel: +44-(0)20-7805-5803
         Email: ian.durant@seacontainers.com
         URL: www.seacontainers.com

         The Galvin Partnership
         William W. Galvin III
         Tel: +1-(203)-618-9800
         Email: wwg@galvinpartners.com

         Orient-Express Hotels Inc.
         1114 Avenue of the Americas
         New York, New York 10036
         Attention: (Tel: +1-212-302-5055)


TRENWICK GROUP: Joint Provisional Liquidators Appointed
-------------------------------------------------------
             IN THE MATTER OF Trenwick Group Ltd.

                               And

            IN THE MATTER OF THE COMPANIES ACT 1981

                               And

              ADVERTISEMENT OF WINDING-UP ORDER

                               And

          APPOINTMENT OF JOINT PROVISIONAL LIQUIDATORS
          (Companies (Winding-Up) Rules 1982, Rule 30)

NOTICE is hereby given that on November 4, 2005

1. A winding-up order was made against Trenwick Group Ltd.; and

2. It was ordered that Michael Morrison and John Wardrop, the
Joint Provisional Liquidators appointed by order of this
Honourable Court dated August 22, 2003, continue as Joint
Provisional Liquidators of the Company.



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

BANCO PACTUAL: Goldman Sachs Negotiations Fall Apart
----------------------------------------------------
Negotiations between U.S. investment banking giant Goldman
Sachs and Brazil's Banco Pactual to form a joint venture have
collapsed, Dow Jones Newswires reports, citing a source close
to the negotiations.

Goldman and Pactual were in an advanced stage of preparation to
form a company that would have controlled operations of the two
banks in South America

But according to the source, who requested anonymity, the talks
collapsed after Goldman demanded more control. Nevertheless,
the parties may still pursue an operational accord, said the
source.


PARMALAT BRASIL: Former Execs May Face Money-Laundering Charges
---------------------------------------------------------------
Two former top executives of Parmalat SpA's Brazilian division
may be charged with money-laundering pending the outcome of an
evaluation by federal police, the AP reports. Federal police
spokesman Paulo Tarso de Oliveira Gomes said prosecutors are
evaluating a case involving former Parmalat Brasil chief
executive Gianni Grisendi and the division's former financial
director, Carlos de Souza Monteiro.

According to a report, Grisendi and Monteiro illegally
transferred more than US$800 million of the Company's money in
and out of Brazil before it collapsed two years ago in a
massive fraud scandal.

Gomes said the two executives oversaw the transfers in an
alleged effort to avoid corporate taxes.

Gomes also revealed that four lower ranking Parmalat Brasil
workers were accused by police of taking part in the alleged
scheme. But he declined to release their names, saying that
information will only be made public if they are charged by
prosecutors because their involvement was on a smaller scale.

The police investigation found the former executives had about
US$500 million of Parmalat's money transferred into Brazil
between 1998 and 1999 through a Brazilian company. This
Brazilian company then transferred the money to Parmalat
Brasil, allowing Parmalat to avoid paying taxes, Gomes said.

Grisendi and Monteiro were also accused of overseeing the
transfer of $300 million from offshore accounts in the Cayman
Islands to Brazil that were labeled as capital investments for
Parmalat Brasil - but deposited to bank accounts in Uruguay as
loans to other companies, Gomes said. He added he did not know
what happened to that money after it reached Uruguay.

Brazilian police began investigating Parmalat Brasil when
Parmalat SpA plunged into bankruptcy after being accused of
hiding more than US$18 billion in losses.



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ENHANCED MORTGAGE-BACKED: Moves to Liquidate
---------------------------------------------
     ENHANCED MORTGAGE-BACKED SECURITIES FUND II 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 3rd
November 2005:

- THAT the Company be placed into voluntary liquidation
forthwith.

- THAT Steven O'Connor and Jon Roney 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:  STEVEN O'CONNOR and JON RONEY
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


HORUS INVESTMENT: Names Bunton, Le Roux as Liquidators
------------------------------------------------------
                HORUS INVESTMENT LTD.
             (In Voluntary Liquidation)
           The Companies Law (2004 Revision)
                   Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on
20th
July 2005:

- THAT the Company be placed into voluntary liquidation
forthwith.

- THAT Carrie Bunton 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:  CARRIE BUNTON and JOHANN LE ROUX
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


LCM II: Joint Liquidators to Verify Creditors' Claims
-----------------------------------------------------
                      LCM II Initial LP Ltd
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)
                           Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of LCM II Initial LP Ltd at an extraordinary
general meeting of the shareholder(s) held on November 3, 2005:

THAT the Company be placed into voluntary liquidation
forthwith.

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

Creditors of LCM II Initial LP Ltd 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: Ms. Suzan Merren and Mr. Johann Le Roux
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


METROPOLITAN OPERA: Shareholders Volunteer to Wind Up Company
-------------------------------------------------------------
            METROPOLITAN OPERA HOLDINGS 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)

- 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

          Address for service:
          P.O. Box 1170GT, Grand Cayman


MONTPELLIER VALUE: Debt Claim Details Due Dec. 15
-------------------------------------------------
               MONTPELLIER VALUE FUND LTD.
               (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

The following resolutions were passed by the shareholder of the
above-mentioned Company by way of resolutions in writing signed
by the Shareholder of the Company on 2nd November 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 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 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 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:  Q & H NOMINEES LTD.
          Voluntary Liquidator
          
          QUIN & HAMPSON
          Attorneys-at-law for the Voluntary Liquidator

          Q & H Nominees Ltd.
          For Enquiries: Quin & Hampson (Ref: JAF)
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647

          Address for Service:
          c/o P.O. Box 1348GT
          Grand Cayman, Cayman Islands


NEOPUS KAWASAKI: Proofs of Claim Due Dec. 15
--------------------------------------------
                        NEOPUS KAWASAKI
                  (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

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

Creditors of the company are to prove their debts or claims on
or before 15th 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


NEPTUNE CORPORATION: Names Piccadilly Cayman as Liquidator
----------------------------------------------------------
                  NEPTUNE CORPORATION
              (In Voluntary Liquidation)
          The Companies Law (2004 Revision)

Take notice that the following special resolution was passed by
the shareholders of the abovementioned company on 2nd November
2005.

- THAT the company be wound up voluntarily

- THAT Piccadilly Cayman Limited of PO Box 10632 APO, Grand
Cayman, be and is hereby appointed as liquidator for the
purposes of winding up the Company and that Piccadilly Cayman
Limited shall have the power to bind the company for the
purposes of such winding up."

Creditors of the Company are to prove their debts or claims on
or before 15th 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 the
debts are proved or from objecting to the distribution.

CONTACT:  DARREN RILEY
          For and on behalf of Piccadilly Cayman Limited
          Voluntary Liquidator
          For enquiries: Ellen J. Christian
          Telephone: 345 945 9208
          Fax: 345 945 9210

          Address for services:
          3rd Floor Royal Bank House, Shedden Road
          George Town, Grand Cayman


NETHERLANDS HOLDING: Claims Filing Due Nov. 30
----------------------------------------------
              NETHERLANDS HOLDING 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 30th November 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


NEW SPRING: Shareholders Seek Voluntary Wind Up
-----------------------------------------------
                    NEW SPRING 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)

- 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

          Address for service:
          P.O. Box 1170GT, Grand Cayman


NISHIGOTANDA SPC: Proofs of Claim Due Dec. 16
---------------------------------------------
                 NISHIGOTANDA SPC 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 the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on
27th October 2005:

- THAT the Company be placed into voluntary liquidation
forthwith.

- THAT Carrie Bunton 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:  CARRIE BUNTON and JOHANN LE ROUX
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


NISHIJIMA ESTATE: Merren, Roney to Oversee Liquidation
------------------------------------------------------
              NISHIJIMA ESTATE HOLDING CO., LTD.
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)
                            Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on
October 13, 2005:

- THAT the Company be placed into voluntary liquidation
forthwith.

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

Creditors of 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:  SUZAN MERREN and JON RONEY
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


NK FUNDING: Shareholders Elect to Wind Up Company
-------------------------------------------------
                 NK FUNDING LIMITED
             (In Voluntary Liquidation)
          The Companies Law (2004 Revision)

Take notice that the following special resolution was passed by
the shareholders of the abovementioned company on 31st October
2005.

- THAT the company be wound up voluntarily

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

Creditors of the Company are to prove their debts or claims on
or before 15th 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 the
debts are proved or from objecting to the distribution.

CONTACT:  REGINA FORMAN
          For and on behalf of
          Piccadilly Cayman Limited
          Voluntary Liquidator
          For enquiries: Regina Forman
          Telephone: 345 945 9208
          Fax: 345 945 9210

          Address for services:
          3rd Floor Royal Bank House
          George Town, Grand Cayman


NYLIM ANDOVER: Shareholders Resolve to Wind Up Company
------------------------------------------------------
             NYLIM ANDOVER PARTNERS OFFSHORE LTD.
                       (The "Company")
                 (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of the Company on 15th June 2005.

"IT WAS RESOLVED, as a special resolution, that the Company be
wound up voluntarily and that Jefferson C. Boyce of 51 Madison
Avenue, New York, NY 10010, be and is hereby appointed
Liquidator for the purposes of winding-up the Company with full
power to act in the winding-up of the Company;"

Creditors of the Company are to prove their debts or claims on
or before 14 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 the debts are
proved or from objecting to the distribution.

CONTACT:  OGIER
          On behalf of the Liquidator
          For enquiries: Julie O'Hara
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986

          Address for service:
          P.O. Box 1234GT, Grand Cayman


NYLIM LEXINGTON: Proofs of Claim Due Dec. 14
--------------------------------------------
             NYLIM LEXINGTON PARTNERS OFFSHORE LTD.
                        (The "Company")
                  (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of the Company on 15th June 2005.

"IT WAS RESOLVED, as a special resolution, that the Company be
wound up voluntarily and that Jefferson C. Boyce of 51 Madison
Avenue, New York, NY 10010, be and is hereby appointed
Liquidator for the purposes of winding-up the Company with full
power to act in the winding-up of the Company"

Creditors of the Company are to prove their debts or claims on
or before 14th 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 the
debts are proved or from objecting to the distribution.

CONTACT:  OGIER
          On behalf of the Liquidator
          For enquiries: Julie O'Hara
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986

          Address for service:
          P.O. Box 1234GT, Grand Cayman


OCEAN CAPITAL: White, Gordon to Oversee Liquidation
---------------------------------------------------
                        OCEAN CAPITAL LTD.
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                            Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of 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 Phillipa White and Richard Gordon 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:  PHILLIPA WHITE and RICHARD GORDON
          Joint Voluntary Liquidators
          The address of the liquidators is care of:
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


OGC HOLDING: Claims Verification Ends Nov. 30
---------------------------------------------
                    OGC Holding Company, Ltd.
                    (In Voluntary Winding Up)
                The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN that the creditors of OGC Holding
Company, Ltd. which is being wound up voluntarily are required
on or before November 30, 2005 to send in their names and
addresses and the particulars of their debts or claims and the
names and addresses of their attorneys-at-law (if any) to the
undersigned, the attorneys-at-law for the liquidator of the
Company and if so required by notice in writing from the
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: Intergen Transmission Services LLC
         Voluntary Liquidator
         c/o 15 Wayside Rd., Burlington, MA 01803


OLYMPUS ASSETS: Q&H Nominees Ltd. to Supervise Liquidation
----------------------------------------------------------
                       Olympus Assets LDC
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

The following resolutions were passed by the Shareholders of
Olympus Assets LDC by way of resolutions in writing signed by
the Shareholders of the Company on November 2, 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: November 2, 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
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647


OLYMPUS FUND: Shareholders Resolve to Liquidate
-----------------------------------------------
                          Olympus Fund LDC
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

The following resolutions were passed by the Shareholders of
Olympus Fund LDC by way of resolutions in writing signed by the
Shareholders of the Company on November 2, 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 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: November 2, 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
         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647


OPTION ONE: Selects Joint Voluntary Liquidators for Wind Up
-----------------------------------------------------------
                          Option One CI-2
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)
                            Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Option One CI-2 at an extraordinary
general meeting of the shareholder(s) held on November 2, 2005:

THAT the Company be placed into voluntary liquidation
forthwith.

THAT Phillipa White and Jon Roney be appointed, jointly and
severally, as liquidators of the Company.

Creditors of Option One CI-2 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: Ms. Phillipa White and Mr. Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


PACKAY HOLDINGS: Voluntary Wind Up Begins
-----------------------------------------
                      Packay Holdings Inc.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

TAKE NOTICE that the following special written resolution
(resolution 1) and ordinary resolution (resolution 2) were
passed by the shareholder of Packay Holdings Inc. at an
extraordinary general meeting on November 2, 2005:

"THAT the Company be placed in voluntary winding up;

"THAT Commerce Corporate Services Limited be appointed as
liquidator of the Company."

Date of Liquidation: 16th December 2005.

CONTACT: Commerce Corporate Services Limited
         Voluntary Liquidator
         P.O. Box 694, Grand Cayman, Cayman Islands
         Telephone: 949 8666
         Facsimile: 949 0626


PENDULUM LIMITED: Liquidators to Validate Creditors' Claims
-----------------------------------------------------------
                         Pendulum 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 Pendulum Limited at an extraordinary
general meeting of the shareholder(s) held on October 26, 2005:

THAT the Company be placed into voluntary liquidation
forthwith.

THAT Wendy Ebanks and Richard Gordon be appointed, jointly and
severally, as liquidators of the Company.

Creditors of Pendulum Limited are to prove their debts or
claims on or before December 15, 2005, and to send full
particulars of their debts or claims to the joint liquidators
of the Company. In default thereof, they will be excluded from
the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT: Ms. Wendy Ebanks and Mr. Richard Gordon
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


PEREGRINE REMEDY: Wind Up Process Begins
----------------------------------------
                  Peregrine Remedy Cayman, Ltd.
                    (In Voluntary Winding Up)
                The Companies Law (2004 Revision)
                           Section 135

TAKE NOTICE that the following special resolution (resolution
1) and ordinary resolution (resolution 2) were passed by the
shareholder of Peregrine Remedy Cayman, Ltd. on October 27,
2005:

THAT the Company be voluntarily wound up and dissolved.

THAT Corrie Blough be appointed liquidator of the Company (the
"Liquidator") for purposes of winding up of the affairs and
distributing the property of the Company.

CONTACT: Corrie Blough, Liquidator
         3611 Valley Centre Drive
         San Diego, CA 92130, USA


PERSEUS CAPITAL: Voluntary Liquidation Initiated
------------------------------------------------
                        Perseus 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 Perseus 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 Mora Goddard and Johann le Roux be appointed, jointly and
severally, as liquidators of the Company.

Creditors of Perseus 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: Ms. Mora Goddard and Mr. Johann Le Roux
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


PINE TREE CAPITAL: Claims Verification Ends Dec. 9
--------------------------------------------------
                    Pine Tree Capital Limited
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

The following written resolution was passed by the sole
shareholder of Pine Tree Capital Limited on October 26, 2005:

THAT the Company be wound-up voluntarily and that David A.K.
Walker and Lawrence Edwards of PricewaterhouseCoopers,
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. Lawrence Edwards, Joint Voluntary Liquidator
         Jodi Smith
         PO Box 219GT, Grand Cayman, Cayman Islands
         Telephone: (345) 914 8694
         Facsimile: (345) 949 4590


PINE TREE FUND: Debt Details, Claims Due by Dec. 9
--------------------------------------------------
                          Pine Tree Fund
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

The following written resolution was passed by the sole
shareholder of Pine Tree Fund on October 26, 2005:

THAT the Company be wound-up voluntarily and that David A.K.
Walker and Lawrence Edwards of PricewaterhouseCoopers,
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. Lawrence Edwards, Joint Voluntary Liquidator
         Jodi Smith
         PO Box 219GT, Grand Cayman, Cayman Islands
         Telephone: (345) 914 8694
         Facsimile: (345) 949 4590


PIRHO LIMITED: Liquidators to Review Creditor Claims
----------------------------------------------------
                           Pirho Limited
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Pirho 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 Pirho 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
Company and if so required by notice in writing from the
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.

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


PRIMUS JAPAN: Enters Voluntary Liquidation
------------------------------------------
             Primus Japan Funding 03-A Holding Company
                    (In Voluntary Liquidation)
                    Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
shareholders of the Company by written resolution dated October
31, 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: October 31, 2005

COTNACT: 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


PRINCIPAL JAPAN: Claims Filing Deadline Set for Dec. 15
-------------------------------------------------------
                      Principal Japan No. 1
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Take notice that the following special resolution was passed by
the shareholders of Principal Japan No. 1 on November 2, 2005.

"THAT the Company be wound up voluntarily and that Piccadilly
Cayman Limited of PO Box 10632 APO, Grand Cayman be and is
hereby appointed as liquidator for the purposes of winding up
the Company and that Piccadilly Cayman Limited shall have the
power to bind the Company for the purposes of such winding up."

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

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


PSAM PANORAMA: Enters Voluntary Liquidation
-------------------------------------------
                    Psam Panorama Fund Limited
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

TAKE NOTICE THAT the following resolution was passed by the
shareholder of Psam Panorama Fund Limited by unanimous written
resolution dated April 1, 2005.

"RESOLVED that the Company be voluntarily wound up and Jeffrey
Hodkin be appointed as the Liquidator to act for the purposes
of such winding up."

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

Date of publication: October 19, 2005

CONTACT: Mr. Jeffrey Hodkin, Voluntary Liquidator
         Ian Gobin
         Schroder Cayman Bank and Trust Company Limited
         PO Box 1040GT Grand Cayman
         Cayman Islands
         Telephone: (345) 814 4604
         Facsimile: (345) 949 7886



QUEENSBURY FINANCE: Creditors to Present Claims to Liquidators
--------------------------------------------------------------
                      Queensbury Finance, Inc.
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

TAKE NOTICE that the following special resolution was passed by
the shareholders of Queensbury Finance, Inc. on October 31,
2005:

"RESOLVED that the Company be voluntary wound and that David M.
L. Roberts and Mark S. Kay of Ground Floor Harbour Centre, P.O.
BOX 1569 GT, Grand Cayman, Cayman Islands, be and hereby
appointed joint voluntary liquidators of the Company for the
purpose of such winding up with power to act singly."

Creditors of Queensbury Finance, Inc. are to prove their debts
or claims and established any title they may have under the
Companies Law (2004 Revision) or before December 31, 2005, or
be excluded from the benefit of any distribution made from the
objecting to the distribution.

CONTACT: Mr. David M. L. Roberts, Joint Voluntary Liquidator
         Cayman Management Ltd.
         Ground Floor, Harbour Centre
         P.O. Box 1569 GT, Grand Cayman
         Telephone: (345) 949 4018
         Facsimile: (345) 9949 7891




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

GRANAHORRAR: Moody's BBVA Colombia Outlook on BFSR Improves
-----------------------------------------------------------
Moody's Investors Service changed the outlook on BBVA
Colombia's D bank financial strength rating (BFSR) to positive
from stable. The rating agency states that the acquisition of
Banco Granahorrar (Granahorrar) should enhance BBVA Colombia's
stand-alone franchise value, including its market share of
deposits. Granahorrar will likely also help diversify BBVA
Colombia's client and product base. The acquisition is subject
to regulatory approval, which is expected within the next two
months.

The bank's improving financial fundamentals during the last few
years, along with Granahorrar's recently cleaned up balance
sheet were also mentioned as positive rating factors.

BBVA Colombia's long-term foreign-currency deposit rating of
Ba3, at the Colombia country ceiling for foreign currency
deposits, was affirmed, but remains on negative outlook,
thereby reflecting that of the sovereign ceiling.

Moody's said that BBVA Colombia may be challenged to complete
the acquisition process and integration of Granahorrar into the
BBVA network. Nevertheless, management should be able to manage
the increased credit risks and operating costs inherent in
nonorganic growth. Expectation of improved financial metrics
and a strengthened franchise would give reassurance about BBVA
Colombia's future performance.

BBVA Colombia, the third-largest banking franchise in Colombia,
had total assets of around US$3.3 billion at September 2005.
Pro forma figures indicate that, once the Granahorrar
acquisition is complete, BBVA Colombia would secure a leading
position in the industry, holding around 11.1% of the system's
total deposits.

The following rating has been affected

Bank Financial Strength Rating of D: Outlook to positive from
stable


* COLOMBIA: Morgan Stanley Ups External Debt to Overweight
----------------------------------------------------------
Morgan Stanley upgraded Colombia's external debt from equal-
weight to overweight, according to the Business Reporter.
Morgan Stanley analysts said the upgrade reflects "our positive
view on the economy, political scene and ratings." They noted
that Colombia's performance has been strong so far this year,
but "conditions are being set up for an even more robust
performance relative to the market". The analysts also expect
President Alvaro Uribe will win next year's election, which
will imply a continuation of current economic and security
policy through August 2010.



=============
G R E N A D A
=============

* GRENADA: Emerges From Default; LTFC Rating Raised to 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term
foreign currency sovereign credit rating on Grenada to 'B-'
from 'SD' and its short-term foreign currency sovereign credit
rating to 'C' from 'SD'. At the same time, Standard & Poor's
raised its long-term local currency sovereign credit rating on
Grenada to 'B' from 'CCC' and affirmed its 'C' short-term local
currency sovereign credit rating. The outlook on the long-term
foreign currency sovereign credit rating is stable, while the
outlook on the long-term local currency sovereign credit rating
was revised to stable from negative.

Standard & Poor's also affirmed its 'B-' ratings on Grenada's
recently concluded exchange offers of US$193 million step-up
bonds and of EC$184 million step-up bonds, all due Sept. 15,
2025. These bonds are being exchanged for principal and past-
due interest (through Sept. 15, 2005) of the following rated
defaulted securities: US$100 million 9.375% bonds due 2012,
US$41.5 million 7.15% bonds due 2014, and some unrated
obligations.

Participation in the exchange offers is estimated at 91%. The
new bonds will have a longer maturity and lower coupon than the
sovereign's original debt obligations. Specifically, the
interest rate on the new bonds is 1% during the first three
years, rising to 9% by 2018. Bank overdrafts have been
rescheduled separately.

According to Standard & Poor's credit analyst Helena Hessel,
Grenada's ratings are supported by the government's commitment
to prudent fiscal management and an economic recovery expected
to begin in 2006. "Real GDP growth is forecast to average above
4% over the medium term, reflecting an ongoing construction
boom and gradual improvement in tourism and agriculture," Ms.
Hessel said. "The government plans to cut both fiscal
imbalances and the heavy debt burden, despite possible
political pressures from the opposition and labor unions," she
added.

The stable outlook on the long-term ratings reflects Standard &
Poor's expectation that the successfully completed debt
restructuring, combined with ongoing strong donors' support and
necessary fiscal adjustment, will alleviate fiscal pressures
and stabilize and eventually reduce the government debt burden.
"However, if, due to political pressures, the fiscal adjustment
is not achieved or donors' support falls short of expectations,
the government's creditworthiness may be negatively affected,"
Ms. Hessel concluded.

Primary Credit Analyst: Helena Hessel, New York (1) 212-438-
7349; helena_hessel@standardandpoors.com

Secondary Credit Analyst: John Chambers, CFA, New York (1) 212-
438-7344; john_chambers@standardandpoors.com



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

DYOLL INSURANCE: Liquidator Worried About Imminent Court Ruling
---------------------------------------------------------------
A Jamaican court is expected to determine Wednesday bankrupt
Dyoll Insurance firm's real assets, as well as how these assets
would be disbursed amongst its 8,000 creditors.

According to a Cayman NetNews report, Dyoll liquidator Ken
Krys, who oversees the Cayman side of the Company's
liquidation, believes the court ruling could have serious
implications for the insurance sector in the region.  

Mr. Krys is worried that the Jamaican regulators, Financial
Services Commission (FSC), intend to pay out US$6 million to
3,000 Jamaican creditors, leaving the 5,000 Cayman creditors to
share US$2 million.

"The Jamaican regulators want to protect only Jamaican
creditors so we will be asking the court who is protecting the
Cayman creditors," he said.

Mr. Krys said the FSC's position would leave Jamaicans with
close to $0.50 on the $1.00 to Caymanians' $0.10. He added that
local creditors could fetch higher than the $0.17 per $1.00
rate than had been projected before deposits in Kingston
surprisingly skyrocketed to US$6 million from the initial
US$740,000.  

"We would want everybody to get up to the same level so that
everybody gets treated equally," Mr. Krys said.


KAISER ALUMINUM: Seeks Plan Terms Modification Approval
-------------------------------------------------------
As previously reported, several insurance companies objected to
Kaiser Aluminum Corporation and its debtor-affiliates'
Disclosure Statement and asked the U.S. Bankruptcy Court for
the Southern District of Indiana to establish certain
solicitation and voting procedures in connection with the
confirmation of the Debtors' Plan of Reorganization.

The Objections asserted, among other things, that the Plan is
not insurance neutral and the transfer of the Debtors' rights
under certain insurance policies violates the terms of the
insurance policies.  The Insurers also indicated that they
needed extensive discovery to adequately prepare their
confirmation objections.

In addition, certain Insurers filed:

  (1) the Rule 2019 Motion -- a request seeking permission to
      access the exhibits attached to statements filed by
      various entities and individuals representing more than
      one personal injury claimant, pursuant to Rule 2019 of
the Federal Rules of Bankruptcy Procedure.  The Court
granted the Rule 2019 Motion subject of an order
acceptable to the parties.

  (2) the Assignment Motion -- a request for summary
      adjudication in the prepetition insurance coverage action
      pending in the Superior Court of the State of California,
  
      County of San Francisco, styled Kaiser Aluminum &
      Chemical Corporation vs. Certain Underwriters at Lloyds
      London, et al., Case No. 312415.  The Assignment Motion
      seeks a declaration that Kaiser Aluminum & Chemical
      Corporation "may not, without its insurers' consent,
      assign rights under third-party liability policies . . .
      for bodily injury claims alleging exposure to asbestos-
      containing products manufactured and distributed by
      [KACC]."

  (3) the Stay Motion -- a request to enforce the automatic
      stay and direct certain insurance companies to dismiss
      the Assignment Motion.

  (4) the Rule 7012 Motion -- a request for a more definite
      statement regarding the Plan.

  (5) the Silica Objection -- an omnibus objection to silica
      personal injury claims.

Over the past several weeks, the Reorganizing Debtors; the
Official Committee of Asbestos Claimants; Martin J. Murphy, the
legal representative of future asbestos personal injury
claimants; Anne M. Ferazzi, the legal representative for the
future silica claimants; and the Insurers have been negotiating
a resolution of the issues raised by the Insurers' various
pleadings.

On Nov. 4, 2005, the parties entered into a stipulation under
which they agreed to certain Plan modifications to address the
Insurers' request for additional clarity.  The Stipulation also
addresses the scope of the Insurers' potential objections and
discovery related to confirmation, the litigation of the
objections, if any, and the collateral effects of confirmation.

The Debtors ask the Court to approve the Stipulation.

Among other things, the modifications to the Plan provide that:

  (a) The Personal Injury Insurer Coverage Defenses will
      include all defenses available to the Insurers under
      applicable non- bankruptcy law, provided that the pursuit
      of the defenses will be subject to the Stipulation.

  (b) The Confirmation Order will not constitute a trial or
      hearing on the merits, an adjudication or judgment or be
      used as evidence to prove, among other things, any
      liability of the Debtors, the Trusts or any PI Insurance
      Company, with respect to:

      * any individual Channeled Personal Injury Claim;

      * the reasonableness of the PI Trust Distribution
        Procedures or the resolution of any claim processed
        under the PI Trust Distribution Procedures;

      * any PI Insurance Company's participation in, or consent
        to, the Plan;

      * the PI Trust Distribution Procedures or the Plan
        Documents;

      * the incurrence of an insured loss; or

      * the liability, in an aggregate or individual basis, of
        the Debtors or any of the Trusts for Channeled Personal
        Injury Claims.

  (c) Any rights of contribution, indemnity, reimbursement,
      subrogation or other similar claims of a non-settling
      insurance company against a settling insurance company
      may be asserted as a defense or counterclaim against the
      Trusts or the Reorganizing Debtors and, to the extent
      valid, the Claim will reduce the liability of the non-
      settling insurance company to the Trusts or the
      Reorganizing Debtors.

A full-text copy of the plan modifications relating to the
Insurers' request for insurance neutrality language is
available for free at
http://bankrupt.com/misc/plan_modifications.pdf

The parties further stipulate and agree, among other things,
that:

  (a) Discovery concerning the Insurers' potential confirmation
      objections will be limited;

  (b) The Insurers' objections, if any, to the Plan will not
      include any objection to the Plan based on "good faith"
      arguments under Section 1129(a) of the Bankruptcy Code
      and will be limited;

  (c) Confirmation of the Plan will not constitute a settlement
      or, judgment of a Channeled Personal Injury Claim, and
      the Insurers will retain the right to assert all other PI
      Insurer Coverage Defenses with respect to the resolution
      of Channeled Personal Injury Claims by the Trusts
      pursuant to the PI Trust Distribution Procedures or
      otherwise;

  (d) The Rule 2019 Motion, the Silica Objection, the Rule 7012
      Motion, and the Stay Motion will be stayed pending a
      final, non-appealable order confirming the Plan or the
      Reorganizing Debtors' decision to withdraw or not seek
      confirmation of the Plan; and

  (e) The Assignment Motion will be stayed pending a resolution
      of the assignment issue.

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)



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

EL POLLO: Closes Tender Offer for Senior Secured Notes Due 2009
---------------------------------------------------------------
El Pollo Loco Inc. (the "Company") announced Friday that it has
accepted and purchased $109,750,000 aggregate principal amount
of its 9 1/4% Senior Secured Notes due 2009 (the "Notes") that
were tendered in response to its previously announced tender
offer. The tender offer expired at 8 a.m., New York City time,
on Friday, Nov. 18, 2005.

The Company retained Merrill Lynch & Co. to act as sole Dealer
Manager for the tender offer and as the Solicitation Agent for
the consent solicitation and can be contacted at 212-449-4914
(collect) or 888-ML4-TNDR (toll-free). Global Bondholder
Services Corp. is the Information Agent and can be contacted at
212-430-3774 (collect) or 866-387-1500 (toll-free). Copies of
the Offer to Purchase and Consent Solicitation Statement dated
Oct. 12, 2005 (the "Offer to Purchase") and other related
documents may be obtained from the Information Agent.

                       About El Pollo Loco

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

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


EPL INTERMEDIATE: Finalizes 2010 Notes Tender Offer
---------------------------------------------------
EPL Intermediate Inc. (the "Company") announced Friday that it
has accepted and purchased all $70,000,000 aggregate principal
amount at maturity of 12 1/2% Senior Discount Notes due 2010
(the "Notes") that were tendered in response to its previously
announced tender offer. The tender offer expired at 8 a.m., New
York City time, on Friday, Nov. 18, 2005.

The Company retained Merrill Lynch & Co. to act as sole Dealer
Manager for the tender offer and as the Solicitation Agent for
the consent solicitation and can be contacted at 212-449-4914
(collect) or 888-ML4-TNDR (toll-free). Global Bondholder
Services Corp. is the Information Agent and can be contacted at
212-430-3774 (collect) or 866-387-1500 (toll-free). Copies of
the Offer to Purchase and Consent Solicitation Statement dated
Oct. 12, 2005 (the "Offer to Purchase") and other related
documents may be obtained from the Information Agent.

                  About EPL Intermediate Inc.

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

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


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

* PANAMA: Releases Results of Cash Tender Offer
-----------------------------------------------
The Republic of Panama ("Panama") announced Friday that it
expects to purchase for cash approximately U.S. $815 million in
aggregate original principal amount of its securities listed
below (each, an "Eligible Series" and collectively, the
"Eligible Securities"), pursuant to its previously announced
offer (the "Offer"), on the terms and subject to the conditions
set forth in the offer to purchase dated November 14, 2005, as
supplemented on November 15, 2005, relating to the Offer (the
"Offer to Purchase"), at the price per U.S. $1,000 original
principal amount of each Eligible Series set forth in the Offer
to Purchase, plus accrued and unpaid interest up to, but not
including, the settlement date.

The Offer expired yesterday at 11:00 A.M., New York City time.

The following table sets forth the approximate aggregate
original principal amount of each Eligible Series Panama
expects to purchase pursuant to the Offer, and the approximate
proration factor, if any, determined by Panama with respect to
such Eligible Series.


                       Approximate Aggregate
                         Original Principal

                          Amount                 Approximate
                        Panama Expects           Proration    
Factor,
Eligible Series            To Purchase                If Any
---------------            -----------                ------

8.25% Notes Due 2008
  ("2008 Bonds")         U.S. $449 million              None

9.625% Global Bonds
  Due 2011
  ("2011 Bonds")         U.S. $165 million              40%

9.375% Global Bonds
  Due 2012
  ("2012 Bonds")               None                     None

10.75% U.S. Dollar-
  Denominated Global
  Bonds Due 2020
  ("2020 Bonds")         U.S. $201 million              None

The purchase prices per U.S. $1,000 original principal amount
of each Eligible Series are as follows: for the 2008 Bonds,
U.S. $1,082.50; for the 2011 Bonds, U.S. $1,185.00; and for the
2020 Bonds, U.S. $1,380.00.

The ISIN numbers for each Eligible Series are as follows: 2008
Bonds -- US698299AE47; 2011 Bonds -- US698299AP93; 2012 Bonds -
- US698299AQ76; and 2020 Bonds -- US698299AM62.

Panama has initiated the Offer as part of a general program to
manage its external liabilities. The Offer is scheduled to
settle on November 29, 2005.

In order to finance its purchase of validly tendered Eligible
Securities for cash pursuant to the Offer, Panama will be
selling an issue of Global Bonds due 2026 (the "2026 Bonds") in
an amount sufficient to enable Panama to purchase all of the
validly tendered Eligible Securities it accepts. The 2026 Bonds
will be registered with the U.S. Securities and Exchange
Commission under the U.S. Securities Act of 1933, as amended,
and will be offered only by means of a prospectus.

The settlement of the Offer is conditioned on settlement of the
issue of the 2026 Bonds. In addition, notwithstanding any other
provisions of the Offer, the settlement of the Offer is
conditioned upon (a) there not having been threatened,
instituted or pending any action or proceeding before any court
or governmental, regulatory or administrative body that (1)
makes or seeks to make illegal the purchase of any of the
Eligible Securities pursuant to the Offer; (2) would or might
result in a delay in, or restrict, the ability of Panama to
purchase any of the Eligible Securities; or (3) imposes or
seeks to impose limitations on the ability of Panama to
purchase the Eligible Securities and (b) there not existing any
change or development, including any prospective development,
that in the sole judgment of Panama, has or may have a material
adverse effect on Panama, the market price of the Eligible
Securities or the value of the Eligible Securities in Panama.

For more information, you may contact Global Bondholder
Services Corp., U.S. toll free (866) 873-6300, outside the U.S.
(212) 430-3774, the information agent; Citibank, N.A. +44 207
508-3867, the depositary; Dexia Banque Internationale a
Luxembourg, societe anonyme, 69 route d'Esch, L-2953
Luxembourg, the Luxembourg depositary; or the dealer manager.


                 The dealer manager for the Offer is:

              Citigroup Corporate and Investment Banking
                         390 Greenwich Street
                        New York, New York 10013
                             United States
              Inside the U.S.:  Toll-Free (800) 558-3745
             Outside the U.S.:  Call Collect (212) 723-6108

Panama is making the Offer only in those jurisdictions where it
is legal to do so. The Offer is void in all jurisdictions where
it is prohibited. If materials relating to the Offer come into
your possession, you are required by Panama to inform yourself
of and to observe all of these restrictions. The materials
relating to the Offer do not constitute, and may not be used in
connection with, an offer or solicitation in any place where
offers or solicitations are not permitted by law. If a
jurisdiction requires that the Offer be made by a licensed
broker or dealer and the dealer manager or any affiliate of the
dealer manager is a licensed broker or dealer in that
jurisdiction, the Offer shall be deemed to be made by the
dealer manager or such affiliate on behalf of Panama in that
jurisdiction.

CONTACT:  Global Bondholder Services Corp.
          (866) 873-6300 U.S. toll free
          (212) 430-3774 outside the U.S.



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

DORAL FINANCIAL: Stock Activity Foreshadows Potential Deal  
----------------------------------------------------------
Puerto Rico's top mortgage lender Doral Financial Corporation
(NYSE: DRL) said Friday it knows of no relevant events or
material information causing the unusual activity in the
Company's common stock on the New York Exchange during the day.
The Company noted that while its policy is not to comment on
rumors, the New York Stock Exchange had requested that it make
a statement in light of the unusual market activity.

Meanwhile, local press reports suggested that Doral's share
surged as much as 18% on Friday after Jorge Junquera, the CFO
of Banco Popular, told Reuters his company would like to
participate in the consolidation of the local banking industry.

"We do see the potential for consolidation in the Puerto Rico
market," which is "overbanked," Mr. Junquera said.

These comments fueled market speculation that Popular might try
to acquire Doral, whose shares have fallen 79% from their 52-
week high after the mortgage bank said earlier this year it
would take big write-downs on its derivative portfolio and
restate five years of financial results.

Doral, a financial holding company, is the largest residential
mortgage lender in Puerto Rico, and the parent company of Doral
Bank, a Puerto Rico based commercial bank, Doral Securities, a
Puerto Rico based investment banking and institutional
brokerage firm, Doral Insurance Agency, Inc. and Doral Bank
FSB, a federal savings bank based in New York City.



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

PDVSA: Fitch Lowers CITGO IDR to 'BB-'
--------------------------------------
As anticipated, Fitch Ratings has raised the rating of CITGO
Petroleum Corporation's fixed-rate industrial revenue bonds
(IRBs) and senior unsecured notes to 'BB+' from 'BB'. With the
completion of the company's refinancing, the fixed-rate IRBs
and remaining senior unsecured notes have become secured and
rank pari passu with the new secured credit facility and term
loan. Fitch has also lowered CITGO's issuer default rating
(IDR) to 'BB-' from 'BB'. Fitch rates the debt of CITGO as
follows:

--IDR 'BB-';

--$1.15 billion senior secured revolving credit facility
maturing in 2010 'BB+';

--$700 million secured term-loan B maturing in 2012 'BB+';

--Senior secured notes 'BB+'.

The company's variable-rate IRBs are supported by letters of
credit under the company's new credit facilities and are not
rated by Fitch. The Rating Outlook for CITGO's debt is Stable.

CITGO is one of the largest independent crude oil refiners in
the U.S., with three modern, highly complex crude oil
refineries and two asphalt refineries. With the expansion of
the Lake Charles refinery to 425,000 bpd of capacity, CITGO now
owns 970,000 bpd of crude refining capacity, including the
company's 41.25% interest in LYONDELL-CITGO Refining L.P.
(LCR). LCR owns and operates a 265,000-bpd crude oil refinery
in Houston, Texas. CITGO branded fuels are marketed through
more than 13,000 independently owned and operated retail sites.
CITGO is owned by PDV America, an indirect, wholly owned
subsidiary of Petroleos de Venezuela S.A. (PDVSA), the state-
owned oil company of Venezuela. The Fitch long-term foreign
currency rating of PDVSA is 'B+' and Venezuela is 'BB-', both
with a Stable Outlook.

CONTACT: Bryan Caviness +1-312-368-2056, Chicago
         Jason Todd +1-312-368-3217, Chicago

MEDIA RELATIONS: Brian Bertsch +1-212-908-0549, New York




                            ***********


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

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