TCRLA_Public/051130.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

          Wednesday, November 30, 2005, Vol. 6, Issue 237

                            Headlines

A R G E N T I N A

ALIMENTOS FARGO: Evaluadora Maintains `D' Rating on $120M Bonds
BANCO RIO: To Hold Preferred Share Offering from Dec. 2-12
CENTRO MEDICO: Individual Reports Due March 1
COOPERATIVA DE AGUA: Verification Deadline Fixed
CREDITO JOSE: Prepares for Reorganization

FERRAROTTI: Court Appoints Trustee for Reorganization
GATTI MUEBLES: Informative Assembly Set for Feb. 2
IMPORTADORA DE EDICIONES: Court Rules for Liquidation
INDUSTRIAS CIBERNETICAS: Liquidating Assets to Pay Debts
METROGAS: Reports Ruling in Favor of Government for PAOR

MUTUAL DEL PERSONAL: Enters Bankruptcy on Court Orders
OLABRUMA S.R.L.: Gets Court Approval for Reorganization
TELEFONICA DE ARGENTINA: Proceeds to Pay Off Corporate Bonds


B E R M U D A

BERRY TRADE: Enters Voluntary Liquidation
JOHNSON MATTHEY: Selects Liquidator for Wind Up
PRICOA GA: Robin J Mayor Selected as Liquidator
SUNSEA LIMITED: Appoints Robin J Mayor as Liquidator

TOTAL ENERGY: To be Wound Up Voluntarily


B R A Z I L

CLARO: Brasilia Judge Orders Closure of Minas Gerais Shops
GERDAU: To Pay Dividends Nov. 30
JAFRA COSMETICS: Ratings Reflect Competitive Cosmetics Business
PLASTIPAK HOLDINGS: Proposes Senior Notes Offering
VASP: Registers Debt Restructuring Plan With Bankruptcy Court


C A Y M A N   I S L A N D S

REAB I: To Explain to Members Account of Winding Up Dec. 16
REAB II: Schedules Final General Meeting for Dec. 16
RIVERMILL HOLDINGS: Extraordinary Final Meeting Set for Dec. 16
ROTTERDAM ENERGY: To Explain Winding Up Process Dec. 30
ROUND ROCK: To Present to Members Account of Winding Up Dec. 15

SEABRIGHT CHINA: To Authorize Liquidator to Retain Records
SEATTLE SLEW: Final Meeting of Shareholders Set for Dec. 14
SECRETARIAT: To Authorize Liquidators to Retain Records
SECURITICORP INTERNATIONAL: To Detail Wind Up Progress
SIERRA VENTURES: Wind Up Progress Report Set Jan. 16

SIRES LOAN: To Relate to Members Account of Winding Up Dec. 16
SKLA II: Schedules Final General Meeting for Dec. 16
SMF CAPITAL: To Authorize Liquidators to Retain Records
SMFG FINANCE: Final General Meeting to be Held Dec. 16
SMITHHK HOLDINGS: To Lay Wind Up Accounts Before Dec. 15 Meeting

SONG CHEER: To Present to Members Wind Up Account Dec. 15
SONG OF ROLAND: To Hold Final General Meeting Dec. 15
SPARKLE FUNDING: To Authorize Liquidators to Retain Records
SPARKLE FUNDING II: Shareholders' Final Meeting Set for Dec. 15
SQUEAKY INVESTMENTS: To Hold Extraordinary Final Meeting Dec. 16

ST. THOMAS: Schedules Final Meeting for Dec. 15
SUDAMERO TRUST: To Approve Quantum of Liquidators' Remuneration
SYMMETRY INTERNATIONAL: Final Meeting Scheduled for Dec. 30
SYMMETRY PEAK: To Lay Accounts on Wind Up Process Dec. 15
TAIL WIDE: Final General Meeting Set for Dec. 16

TALLY HOLDINGS: Members to Hear on Wind Up Process Dec. 15
TAW CORPORATION: Final Meeting to be Held Dec. 16
THAMES RIVER: To Report Liquidation Process to Members
TRANSPORT COMMUNITY: To Explain Wind Up Process Dec. 16
TREEFORD HOLDINGS: To Present Account on Liquidation Dec. 15

TREETOP GLOBAL: Shareholder to Ratify Conduct of Liquidation
TREETOP GLOBAL (TRADING): To Relate Liquidation Process Dec. 15
UNISON CDO: Liquidation to be Explained to Members Dec. 16
VIVACE ONE: To Present Account on Wind Up at Final Meeting
WARNER-LAMBERT CORK: Wind Up Process to be Presented to Members

WHITEFORD INTERNATIONAL: To Meet for Wind Up Process Report
WINDFALL INVESTMENTS: To Explain Liquidation Process
ZINC PARTNERS: To Report to Members Manner of Liquidation


C H I L E

MADECO: Capital Increase Generates $85M


D O M I N I C A N   R E P U B L I C

AES DOMINICANA: Fitch Rates Proposed $160M Notes Issuance 'B-'


E L   S A L V A D O R

BANCO SALVADORENO: Vulnerable Asset Quality Constrains Rating


J A M A I C A

MIRANT CORP: Court Terminates Claimholder Option


M E X I C O

AEROMEXICO/MEXICANA: Pilots Agree to Support Sale of One Airline
ASARCO: Panel Wants McAllister as Chief Restructuring Officer
MEXICANA: Licenses PROS O&D Revenue Management Solution


V E N E Z U E L A

PDVSA: Extra Revenue Will Go to Government Use
PDVSA: Seeks Local Firms to Provide $215M of Goods, Services
* VENEZUELA: Seeks Upgrade on Rating

     -  -  -  -  -  -  -  -

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

ALIMENTOS FARGO: Evaluadora Maintains `D' Rating on $120M Bonds
---------------------------------------------------------------
Ratings agency Evaluadora Latinoamericana S.A. Calificadora de
Riesgo maintained its `D' rating on US$120 million worth of
bonds issued by Compania de Alimentos Fargo SA, the country's
leading maker of packaged bread.

The bonds, according to securities regulator, the CNV, carry the
description "Obligaciones negociables Simples for US$
120.000.000." The bonds will mature on July 24, 2008.

The Company's financial situation as of Sep. 30, 2005 determined
the action rating.

A 'D' rating is issued to bonds that are in default, said the
ratings agency.


BANCO RIO: To Hold Preferred Share Offering from Dec. 2-12
----------------------------------------------------------
Leading private bank Banco Rio de la Plata will hold a preferred
share offering from Dec. 2 - 12, reports Business News Americas.

In a filing with the local bourse, the bank, which is controlled
by Grupo Santander in Spain, said it would offer 710 million
preferred shares at ARS1 (US$0.34) each.

Banco Rio reported a net loss of ARS46 million (US$15.5mn) in
the third quarter of the year, up from ARS7.3 million in the
same period last year. The loss is due to the liability payments
made by the Company to strengthen its balance sheet, which was
severely damaged by Argentina's economic and financial crisis in
2002.

As of September 30, the bank's assets fell 7.4% to ARS13 billion
compared to the same time 2004, while its net lending rose 12%
to ARS5.93 billion.

CONTACT:  BANCO RIO DE LA PLATA S.A.
          Bartolome Mitre 480
          1036 Buenos Aires, Argentina
          Phone: +54-14-341-1081-1580
          Fax: +54-14-341-1074-1084
          Web site: http://www.bancorio.com.ar


CENTRO MEDICO: Individual Reports Due March 1
---------------------------------------------
Claims of creditors of Centro Medico del Sur S.A. will be
presented in court as individual reports on March 1, 2006,
Infobae reports.

Court-appointed trustee Maria Cristina Agrelo stopped verifying
the claims on Oct. 29, 2005.

Buenos Aires' civil and commercial court declared Centro Medico
del Sur S.A. bankrupt after the Company defaulted on its debt
payments.

CONTACT: Centro Medico del Sur S.A.
         Pena 2679
         Buenos Aires

         Ms. Maria Cristina Agrelo, Trustee
         Viamonte 1365
         Buenos Aires


COOPERATIVA DE AGUA: Verification Deadline Fixed
------------------------------------------------
The verification of creditors' claims for the Cooperativa de
Agua Potable y O.S.P. de Doblas Ltda. insolvency case is set to
end on Dec. 26, 2005, states Infobae. Mr. Ricardo Oscar Lopez,
the court-appointed trustee tasked with examining the claims,
will submit the validation results as individual reports on
March 9, 2006. He will also present a general report in court on
April 24, 2006.

On Oct. 11, 2006 next year, the Company's creditors will vote on
the settlement proposal prepared by the Company. Infobae adds
that La Pampa's civil and commercil court handles the Company's
reorganization case.

CONTACT: Cooperativa de Agua Potable y O.S.P. de Doblas Ltda.
         Lizaso 740
         Doblas (La Pampa)

         Mr. Ricardo Oscar Lopez, Trustee
         Emilio Mitre 320
         Santa Rosa (La Pampa)


CREDITO JOSE: Prepares for Reorganization
-----------------------------------------
Buenos Aires' civil and commercial court issued a resolution
opening the reorganization of Credito Jose C Paz S.A. This
pronouncement authorizes the Company to begin drafting a
settlement proposal with its creditors in order to avoid
liquidation. The reorganization allows Credito Jose C Paz S.A.
to retain control of its assets subject to certain conditions
imposed by Argentine law and the oversight of the court
appointed trustee.

Mr. Reinaldo C. Pireni will serve as trustee during the course
of the reorganization. He will be validating creditors' proofs
of claim until Feb. 13, 2006. The results of the verification
will be presented in court as individual reports on March 27,
2006. The trustee is also obligated to give the court a general
report of the case on May 11, 2006. The general report
summarizes events relevant to the reorganization and provides an
audit of the Company's accounting and business records.

Credito Jose C Paz S.A. will present the completed settlement
proposal to its creditors during the informative assembly
scheduled on Nov. 1, 2006.

CONTACT: Mr. Reinaldo C. Pireni, Trustee
         Avda. Callao 930
         Buenos Aires


FERRAROTTI: Court Appoints Trustee for Reorganization
-----------------------------------------------------
Ferrarotti S.A.C. y F., a company operating in La Matanza, is
ready to start its reorganization after the city's court
appointed Mr. Carlos Alberto Lepere to supervise the proceedings
as trustee.

An Infobae report states that Mr. Lepere will verify creditors
claims until March 1, 2006. Afterwards, he will present these
claims as individual reports for final review by the court on
April 14, 2006. Mr. Lepere will also provide the court with a
general report pertaining to the Company's reorganization on May
30, 2006. The court has scheduled the informative assembly on
Nov. 10, 2006.

CONTACT: Mr. Carlos Alberto Lepere, Trustee
         Labarden 2509
         San Justo (Partido de La Matanza)


GATTI MUEBLES: Informative Assembly Set for Feb. 2
--------------------------------------------------
Gatti Muebles S.A. will endorse the settlement proposal, drafted
from the submitted claims, for approval by the creditors during
the informative assembly scheduled for Feb. 2, 2006.

Infobae reports that the Company successfully petitioned for
reorganization after Rosario's civil and commercial 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.


IMPORTADORA DE EDICIONES: Court Rules for Liquidation
-----------------------------------------------------
A Buenos Aires court ordered the liquidation of Importadora de
Ediciones S.A. after the Company defaulted on its obligations,
Infobae reveals. The liquidation pronouncement will effectively
place the Company's affairs as well as its assets under the
control of Ms. Graciela Esther Palma, the court-appointed
trustee.

Ms. Palma will verify creditors' proofs of claim until Feb. 15,
2006. The verified claims will serve as basis for the individual
reports to be submitted in court on March 29, 2006. The
submission of the general report follows on May 15, 2006.

CONTACT: Ms. Graciela Esther Palma, Trustee
         Avda. Cordoba 1351 Capital Federal


INDUSTRIAS CIBERNETICAS: Liquidating Assets to Pay Debts
--------------------------------------------------------
Buenos Aires-based Industrias Ciberneticas Amexa S.R.L. 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, Ms. Adriana del Carmen Gallo. The
trustee will verify creditors' proofs of claim until Feb. 17,
2006. The validated claims will be presented in court as
individual reports on March 31, 2006.

Ms. Gallo will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, April 19, 2006.

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

CONTACT: Ms. Adriana del Carmen Gallo, Trustee
         Roque Saenz Pena 651
         Buenos Aires


METROGAS: Reports Ruling in Favor of Government for PAOR
--------------------------------------------------------
A notice was served upon MetroGAS S.A. on November 27, 2005 of
the ruling in favor of the Government of the City of Buenos
Aires for the collection of the Public Areas Occupation Rate
under file "GCBA vs/ MetroGAS S.A. for tax collection". The
Company wrote:

In order to proceed with actions tending to the pass-through of
this rate onto the tariff - under the provisions of the
regulatory framework of the gas industry - duly required from
the National Gas Regulator, the Company will use the Permanent
Payment Facilities Scheme in order to mitigate the impact of
this pass-through on the tariffs that customers in the
jurisdiction will have to pay. The total amount for which we
will apply the above mentioned Scheme, which is made available
to taxpayers of the City of Buenos Aires, and which provides for
payment over a 5-year period, totals approximately $30,000,000.

CONTACT:  METROGAS, S.A.
          Gregorio Araoz de Lamadrid 1360
          Buenos Aires
          Argentina
          CPA C 1267
          Phone: +54 11 4309 1010
          Fax:  +54 11 4309 1025
          Web site: http://www.metrogas.com.ar


MUTUAL DEL PERSONAL: Enters Bankruptcy on Court Orders
------------------------------------------------------
Mutual del Personal Las Delicias enters bankruptcy protection
after Rosario's civil and commercial court ordered the Company's
liquidation. The order effectively transfers control of the
Company's assets to a court-appointed trustee who will supervise
the liquidation proceedings.

Infobae reports that the court-appointed trustee will be
verifying creditors' proofs of claim.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the Company's accounting
and business records.

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

CONTACT: Mutual del Personal Las Delicias
         Avda. Arijon 1234
         Rosario (Santa Fe)


OLABRUMA S.R.L.: Gets Court Approval for Reorganization
-------------------------------------------------------
Olabruma S.R.L. will begin reorganization following the approval
of its petition by Olavarria's 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.

Ms. Maria Isabel Geijo will oversee the reorganization
proceedings as the court-appointed trustee. He will verify
creditors' claims until Feb. 3, 2006. The validated claims will
be presented in court as individual reports.

Ms. Geijo is also required by the court to submit a general
report essentially auditing the Company's accounting and
business records as well as summarizing important events
pertaining to the reorganization.

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

An Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the Company's
creditors for approval, is scheduled for Oct. 18, 2006.

CONTACT: Olabruma S.R.L.
         Moreno 2416
         Olavarria


TELEFONICA DE ARGENTINA: Proceeds to Pay Off Corporate Bonds
------------------------------------------------------------
Telefonica de Argentina S.A. proceeded on November 23, 2005 to
pay off its corporate bonds as follows:

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

Therefore, the remaining outstanding amount of the above
corporate bonds is Par Value $166,113,700.

The Company informed in a letter sent to Bolsa de Comercio de
Buenos Aires on November 24, 2005 that it requested the Caja de
Valores S.A. a certificate showing the remaining outstanding
amount to be filed with the Stock Exchange upon issuance
thereof.

The Company repurchased the corporate bonds on November 16,2005.

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



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

BERRY TRADE: Enters Voluntary Liquidation
-----------------------------------------
              IN THE MATTER OF THE COMPANIES ACT 1981

                                And

                 IN THE MATTER OF Berry Trade Ltd

The Members of Berry Trade Ltd, acting by written consent
without a meeting on October 24, 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 Berry Trade Ltd, which is being voluntarily wound
up, are required, on or before 9th December 2005 to send their
full Christian and Surnames, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their lawyers (if any) to Robin J Mayor, the
Liquidator of the Company, and if so required by notice in
writing from the Liquidator, and personally or by their lawyers,
to come in and prove their debts or claims at such time and
place as shall be specified in such notice, or in default
thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A final general meeting of the Members of Berry Trade Ltd will
be held at the offices of Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda on December
29, 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
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


JOHNSON MATTHEY: Selects Liquidator for Wind Up
-----------------------------------------------
              IN THE MATTER OF THE COMPANIES ACT 1981

                                 And

IN THE MATTER OF Johnson Matthey Foreign Sales Corporation
Limited

The Members of Johnson Matthey Foreign Sales Corporation
Limited, acting by written consent without a meeting on November
23, 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 Johnson Matthey Foreign Sales Corporation
Limited, which is being voluntarily wound up, are required, on
or before December 9, 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 of the said
Company, and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Members of Johnson Matthey
Foreign Sales Corporation Limited will be held at the offices of
Messrs. Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda on December 29, 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
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


PRICOA GA: Robin J Mayor Selected as Liquidator
-----------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                              And

            IN THE MATTER OF Pricoa GA Paterson Ltd

The Members of Pricoa GA Paterson Ltd, acting by written consent
without a meeting on November 23, 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.

- Creditors of Pricoa GA Paterson Ltd, which is being
voluntarily wound up, are required, on or before 9th December
2005 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J
Mayor, the Liquidator of the Company, and if so required by
notice in writing from the Liquidator, and personally or by
their lawyers, to come in and prove their debts or claims at
such time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A final general meeting of the Members of Pricoa GA Paterson
Ltd will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
December 29, 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
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


SUNSEA LIMITED: Appoints Robin J Mayor as Liquidator
----------------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                              And

                IN THE MATTER OF Sunsea Limited

The Members of Sunsea Limited, acting by written consent without
a meeting on November 23, 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 Sunsea Limited, which is being voluntarily wound
up, are required, on or before December 9, 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 of the Company, and if so required by notice in
writing from the Liquidator, and personally or by their lawyers,
to come in and prove their debts or claims at such time and
place as shall be specified in such notice, or in default
thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A final general meeting of the Members of Sunsea Limited will
be held at the offices of Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda on December
29, 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
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


TOTAL ENERGY: To be Wound Up Voluntarily
----------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                             And

         IN THE MATTER OF Total Energy Pacific Limited

The Members of Total Energy Pacific Limited, acting by written
consent without a meeting on November 22, 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 Total Energy Pacific Limited, which is being
voluntarily wound up, are required, on or before December 9,
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, 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 Member(s) of Total Energy
Pacific Limited will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on December 29, 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
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda



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

CLARO: Brasilia Judge Orders Closure of Minas Gerais Shops
----------------------------------------------------------
A Brasilia district federal court has ordered the closure of all
of mobile operator Claro's sales outlets in Minas Gerais state,
reports Business News Americas.

Judge Candice Galvao Jobim ordered telecoms regulator Anatel to
use its "policing powers" to shut Claro's shops in the state in
the wake of a ruling confirming cross-shareholding in the
ownership structure of Claro and mobile operator Telemig
Celular.

Telemig shareholder Telos, a local pension fund, also has a
shareholding in long distance operator Embratel, which is part
of the Mexican telecoms giant Telmex. Claro is owned by Telmex
sister company America Movil.

Claro explained that the cross-shareholding ruling only required
it to suspend the sale of new lines, so its three shops and 200
points of sale in Minas Gerais could stay open to assist
customers as long as no new lines are sold.

The judge warned Claro will be fined BRL300,000 (US$134,438) a
day if it won't comply with the order.


GERDAU: To Pay Dividends Nov. 30
--------------------------------
Gerdau S.A. informed its shareholders on November 21, 2005 that
the Boards of companies listed deliberated in the meetings held
on November 8, 2005 about the proposals presented by the
management with regards to the payment of dividends for the
third quarter of 2005. The amounts will be calculated and paid
based on the position held by shareholders on November 18, 2005.
The payment date will be November 30, 2005, and constitute an
anticipation of the annual minimum dividend, as stated in the
by-laws.

       Company                            Amount Per Share
                                     Common And Preferred Shares
   ----------------                  ---------------------------
Metalurgica Gerdau S.A.                        BRL0.75

Gerdau S.A.                                    BRL0.45

Shares acquired on November 21, 2005, and thereafter, will be
traded EX-DIVIDEND.

CONTACT: Gerdau S.A.
         Shareholders Department
         Av. Farrapos 1811
         90220-005 Porto Alegre / RS - Brazil
         Phone: 55 (51) 3323-2211
         Fax: 55 (51) 3323-2281
         E-mail: acionistas@gerdau.com.br


JAFRA COSMETICS: Ratings Reflect Competitive Cosmetics Business
---------------------------------------------------------------
ISSUER CREDIT RATINGS
Jafra Cosmetics International Inc.
  Corporate Credit Rating:  B+/Positive/--

Distribuidora Comercial Jafra, S.A. de C.V.
Corporate Credit Rating:  B+/Positive/--

AFFIRMED RATINGS

Jafra Cosmetics International Inc.
Sub debt
  Local currency:  B-
Distribuidora Comercial Jafra, S.A. de C.V.
Sub debt
  Local currency:  B-

RATIONALE

The ratings on Westlake Village, Calif.-based Jafra Cosmetics
International Inc. reflect the company's exposure to foreign
exchange risk, the intensely competitive cosmetics business, and
risks of direct sales distribution. Jafra has demonstrated
operating stability and significantly reduced debt leverage
during the past two years. For analytical purposes, Standard &
Poor's Ratings Services consolidates Jafra with its sister
companies, and bases its rating conclusions on an operational
and financial review of the holding company, Jafra Worldwide
Holdings (Lux) S.A.R.L.

Jafra has a successful track record as a niche manufacturer of
cosmetics and beauty care products. The company is a relatively
small competitor in both the cosmetics industry and the direct
selling industry, with sales concentrations in Mexico
representing about 67% of the company's total sales, and the
U.S. representing about 24% of total sales. The company operates
in the highly competitive direct-selling cosmetics segment, in
which larger companies such as Avon Products Inc. and Mary Kay
Inc. also participate. We view the direct selling model as being
more risky than traditional retail. As a result, effective
implementation of key aspects, such as consultant incentives, is
important to success in this sector. Moreover, high turnover of
consultants is a particular risk, especially when economies in
more developed markets are strengthening. The company also faces
foreign-exchange risk, because a majority of its revenues are
generated in Mexican pesos. Although Jafra partially benefits
from a natural hedge provided by peso-denominated expenses, the
company remains exposed to fluctuating exchange risks. To reduce
the risk of fluctuations, Jafra uses foreign currency
exchange/option contracts. Jafra has exited noncore markets in
Latin America in recent years, and is expected to focus on its
remaining core markets in the U.S., Latin America, and Europe.
No significant debt-financed acquisitions are assumed in the
existing ratings. The company was acquired by Vorwerk in May
2004. In February 2005, Vorwerk contributed about $79 million of
equity, which was used to reduce debt.

Jafra's credit measures are strong for the existing ratings.
Total debt to EBITDA was 1.7x and EBITDA interest coverage is
4.2x for the 12 months ended Sept. 30, 2005. Lease-adjusted
operating margins were 21.7% for this period, an improvement
from 16.5% in 2002. No significant acquisition activity is
expected, and debt leverage is expected to remain below the 2x
area over the intermediate term.

LIQUIDITY

Liquidity is satisfactory for the ratings. At Sept. 30, 2005,
Jafra had $9 million in cash and a $60 million revolving credit
facility that matures in 2008. The company had about $10 million
outstanding on its revolving credit facility at Sept. 30, 2005.
Jafra has an accordion feature in its bank facility that can
increase the revolver to $90 million. The company also generates
some positive free cash flow that should help fund its
operational needs over the intermediate term. No significant
debt maturities exist over the intermediate term.

Liquidity should remain adequate for the rating, given Jafra's
cash balances and the availability under the revolving credit
facility.

OUTLOOK

The outlook is positive. Jafra has improved operating its
performance and reduced debt during the past two years. The
ratings could be raised over the next 12 months if the company
continues to manage its operations with moderate debt levels and
maintains operating stability. Though less likely, the outlook
could be revised back to stable over this period if Jafra faces
significant operating challenges in its key Mexican market or
demonstrates a more aggressive financial policy.

Primary Credit Analyst: Patrick Jeffrey, New York
(1) 212-438-7840; pat_jeffrey@standardandpoors.com


PLASTIPAK HOLDINGS: Proposes Senior Notes Offering
--------------------------------------------------
Plastipak Holdings, Inc. announced Monday that it intends to
offer, subject to market and other conditions, $250 million
principal amount of its senior notes due 2015 in a private
offering. The proceeds from the offering, together with the
proceeds of borrowings under its senior secured credit facility
and cash on hand, will be used to finance its previously
announced cash tender offer and consent solicitation for its
outstanding 10.75% Senior Notes due 2011.

The notes will be offered in the United States only to qualified
institutional buyers in reliance on Rule 144A under the
Securities Act of 1933, as amended (the "Act"), and in offshore
transactions pursuant to Regulation S under the Act. The notes
have not been registered under the Act and, unless so
registered, the notes may not be offered or sold in the United
States except pursuant to an exemption from the registration
requirements of the Act and applicable state securities laws.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall
there be any sale of these securities in any state in which such
offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any
such state.

                   About Plastipak

Plastipak is a leading manufacturer of plastic packaging
containers for many of the world's largest consumer products
companies. For the fiscal year ended October 30, 2004, Plastipak
manufactured and distributed approximately 8.5 billion
containers worldwide for over 450 customers. To meet the demand
of its diverse customer base, Plastipak operates 16 plants in
the United States, Brazil and Europe. Plastipak also provides
integrated transportation and logistics services, which the
company's management believes makes it uniquely, vertically
integrated in the plastic packaging industry. Plastipak has
obtained 153 U.S. patents for its state-of-the-art packages and
package- manufacturing processes. Additional information about
Plastipak can be found at the company's website located at

CONTACT: Plastipak Holdings, Inc.
         Michael Plotzke
         Tel: +1-734-354-7102
         URL: www.plastipak.com


VASP: Registers Debt Restructuring Plan With Bankruptcy Court
-------------------------------------------------------------
Grounded airline Viacao Aerea de Sao Paulo (VASP) has registered
a plan to restructure its debt and restart operations at a Sao
Paulo bankruptcy court, reports Dow Jones Newswires.

The airline, which stopped flying in January after being plagued
for years by debt, labor problems and an aging fleet, was
granted bankruptcy protection by the court in October. It is
expected to deliver its recovery plan to that court by Dec. 12

The provisional plan, set up by Sao Paulo-based Tendencias
consultants, involves VASP returning to operations with 27
planes, using a low-cost, no-frills model similar to that used
by Gol Linhas Aereas Inteligentes SA.

The key question remains how the Company will operate day-to-day
without a major cash injection. The Company is likely to sell
some of its property to repay some of its debts.

VASP has approximately BRL3.5 billion (US$1.58 billion) in debt.



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

REAB I: To Explain to Members Account of Winding Up Dec. 16
-----------------------------------------------------------
                      REAB I LIMITED
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)
                        Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named company
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
16th December 2005 for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

CONTACT:  HELEN ALLEN and JON RONEY
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands.


REAB II: Schedules Final General Meeting for Dec. 16
----------------------------------------------------
                        REAB II LIMITED
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                          Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named company
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
16th December 2005 for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

CONTACT:  HELEN ALLEN and JON RONEY
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands.


RIVERMILL HOLDINGS: Extraordinary Final Meeting Set for Dec. 16
---------------------------------------------------------------
               RIVERMILL HOLDINGS LIMITED
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to section 145 of the Companies
Law, that the extraordinary final meeting of the sole
shareholder of the above company will be held on the 16th
December 2005. The purpose of said extraordinary meeting of the
sole shareholder is to have laid before him the report of the
liquidator, showing the manner in which the winding-up of the
company has been conducted, the property of the company
distributed and the debts and obligations of the company
discharged and giving any explanation thereof.

CONTACT: BARATERRE LIMITED AND TARPUMBAY LIMITED
         Voluntary Liquidator
         Bahamas Financial Centre
         Telephone: (242) 356 1345
         Facsimile: (242) 326 1678

         Address for Service:
         PO Box 694, Grand Cayman
         Telephone: 949 8666
         Facsimile: 949 7904


ROTTERDAM ENERGY: To Explain Winding Up Process Dec. 30
--------------------------------------------------------
              ROTTERDAM ENERGY COMPANY, LTD.
                (In Voluntary Winding Up)
            The Companies Law (2004 Revision)
                       Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named Company
will be held at 15 Wayside Road, Burlington, MA 01803, on 30th
December 2005 for the purpose of presenting to the members an
account of the winding up of the Company and giving any
explanation thereof.

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


ROUND ROCK: To Present to Members Account of Winding Up Dec. 15
--------------------------------------------------------------
                 ROUND ROCK INVESTMENTS LTD.
                 (In Voluntary liquidation)
               The Companies Law (2004 Revision)

Notice is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general meeting
of the above named company will be held at the offices Smith
Barney Private Trust Company (Cayman) Limited, CIBC Financial
Centre, George Town, Grand Cayman, on the 15th day of December
2005 for the purpose of presenting to the members an account of
the winding up of company and giving any explanation thereof.

CONTACT:  BUCHANAN LIMITED
          Voluntary Liquidator
          P.O. Box 1170, George Town, Grand Cayman


SEABRIGHT CHINA: To Authorize Liquidator to Retain Records
----------------------------------------------------------
     SEABRIGHT CHINA ABSOLUTE RETURN MACRO FUND LIMITED
                 (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the extraordinary final meeting of the shareholders of the
above-named company will be held at 40/F., Far East Finance
Centre, 16 Harcourt Road, Hong Kong, on the 16th day of December
2005 at 2pm:

Business:

1. To lay accounts before the meeting, showing how the winding-
up has been conducted and how the property of the company has
been disposed of, as at final winding up on the 16th day of
December 2005; and

2. To authorize the liquidator to retain the records of the
company for a period of 5 years from the dissolution of the
company, after which they may be destroyed.

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

CONTACT:  MR. FRANK REN
          Voluntary Liquidator
          For enquiries: Campbells
          Telephone: (345) 949-2648
          Facsimile: (345) 949-8613
          c/o P.O. Box 268 GT, Grand Cayman
          Cayman Islands


SEATTLE SLEW: Final Meeting of Shareholders Set for Dec. 14
-----------------------------------------------------------
                    SEATTLE SLEW
             (In Voluntary Liquidation)
         The Companies Law (2004 Revision)

TAKE NOTICE THAT pursuant to Section 145 of the Companies Law
(2004 Revision) that the final meeting of the shareholders of
the above-named company will be held at the offices of
Walkers, PO Box 265GT, Walker House, Mary Street, George Town,
Grand Cayman, Cayman Islands, on 14th December 2005 at 10.00
a.m. Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at the final winding up and for hearing any explanation that
may be given by the liquidator.

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

Any member entitled to attend and vote is permitted to appoint a
proxy to attend and vote instead of him and such proxy need to
be a member.

CONTACT:  JOHN P. RIGAS
          Voluntary Liquidator
          Sciens Capital Management LLC
          667 Madison Avenue, New York
          NY 10021 USA


SECRETARIAT: To Authorize Liquidators to Retain Records
-------------------------------------------------------
                        SECRETARIAT
                (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

TAKE NOTICE THAT pursuant to Section 145 of the Companies Law
(2004 Revision) that the final meeting of the shareholders of
the above-named company will be held at the offices of
Walkers, PO Box 265GT, Walker House, Mary Street, George Town,
Grand Cayman, Cayman Islands, on 14th December 2005 at 10.00
a.m. Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at the final winding up and for hearing any explanation that
may be given by the liquidator.

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

Any member entitled to attend and vote is permitted to appoint a
proxy to attend and vote instead of him and such proxy need to
be a member.

CONTACT:  JOHN P. RIGAS
          Voluntary Liquidator
          Sciens Capital Management LLC
          667 Madison Avenue
          New York, NY 10021 USA


SECURITICORP INTERNATIONAL: To Detail Wind Up Progress
------------------------------------------------------
            SECURITICORP INTERNATIONAL LIMITED
               (In Voluntary Liquidation)
           The Companies Law (2003 Revision)

Pursuant to Section 145 of the Companies Law (2003 Revision),
the Extraordinary Final Meeting of the shareholders of this
company will be held at Coutts (Cayman) Limited, Coutts House,
1446 West Bay Road, PO Box 707 GT, Grand Cayman, on 15th
December 2005.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of, as
at the final winding up on 15th December 2005.

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

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

CONTACT:  ROYHAVEN SECRETARIES LIMITED
          Voluntary Liquidator
          For enquiries: James Diamond
          Telephone: 945-4777
          Facsimile: 945-4799

          Address for Service:
          c/o P O Box 707GT, Grand Cayman
          Telephone: 945-4777
          Facsimile: 945-4799


SIERRA VENTURES: Wind Up Progress Report Set Jan. 16
----------------------------------------------------
                  SIERRA VENTURES LIMITED
                (In Voluntary Liquidation)
             The Companies Law (2002 Revision)

Pursuant to Section 145 of the Companies Law (2002 Revision),
the final meeting of the shareholders of Sierra Ventures Limited
will be held at the offices of Grant Thornton, 5th Floor,
Bermuda House, Dr. Roy's Drive, Georgetown, Grand Cayman, on
16th January 2006 at 10:00 a.m. to consider the following
matters:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at the final meeting on 16th January 2006.

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

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

CONTACT:  TERRY W.CARSON and IAN R. JOHNSON
          Joint Voluntary Liquidators
          For enquiries: Terry W. Carson
          Telephone: (345) 949-8588
          Facsimile: (345) 949-7325

          Address for service:
          PO Box 1044 GT, Georgetown, Grand Cayman


SIRES LOAN: To Relate to Members Account of Winding Up Dec. 16
--------------------------------------------------------------
                    SIRES LOAN CO.
             (In Voluntary Liquidation)
         The Companies Law (2004 Revision)
                     Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named company
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
16th December 2005 for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

CONTACT:  JON RONEY
          Voluntary Liquidator
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


SKLA II: Schedules Final General Meeting for Dec. 16
----------------------------------------------------
                    SKLA II CAYMAN LIMITED
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                          Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named company
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
16th December 2005 for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

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


SMF CAPITAL: To Authorize Liquidators to Retain Records
-------------------------------------------------------
                  SMF CAPITAL CORPORATION
                 (In Voluntary Liquidation)
                      (The "Company")
              The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final general meeting of the shareholders of this Company
will be held at the offices of Deloitte, Fourth Floor, Citrus
Grove, P.O. Box 1787, George Town, Grand Cayman, on 16th
December 2005 at 10:00a.m.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of to
the date of the final winding up on 16 December 2005.

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

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

CONTACT:  STUART SYBERSMA
          Joint Voluntary Liquidator
          For enquiries: Nicole Ebanks, Deloitte
          P.O. Box 1787 GT
          Grand Cayman, Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


SMFG FINANCE: Final General Meeting to be Held Dec. 16
------------------------------------------------------
               SMFG FINANCE (CAYMAN) LIMITED
                 (In Voluntary Liquidation)
            The Companies Law (2004 Revision)
                          Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named company
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
16th December 2005 for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

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


SMITHHK HOLDINGS: To Lay Wind Up Accounts Before Dec. 15 Meeting
----------------------------------------------------------------
                SMITHHK HOLDINGS LIMITED
               (In Voluntary Liquidation)
           The Companies Law (2003 Revision)

Pursuant to Section 145 of the Companies Law (2003 Revision),
the Extraordinary Final Meeting of the shareholders of this
company will be held at Coutts (Cayman) Limited, Coutts House,
1446 West Bay Road, PO Box 707 GT, Grand Cayman, on 15th
December 2005.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of, as
at the final winding up on 15th December 2005.

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

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

CONTACT: ROYHAVEN SECRETARIES LIMITED
         Voluntary Liquidator
         For enquiries: Sharon Meghoo
         Telephone: 945-4777
         Facsimile: 945-4799

         Address for Service:
         c/o P O Box 707GT, Grand Cayman
         Telephone: 945-4777
         Facsimile: 945-4799


SONG CHEER: To Present to Members Wind Up Account Dec. 15
---------------------------------------------------------
             SONG CHEER INTERNATIONAL LIMITED
                (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final general meeting of the above-named Company will be
held at 22/F, 392 Ruey Kuang Road, Neihu, Taipei 114, Taiwan,
Republic of China, on 16th December 2005 at 10:00 a.m. for the
purposes of presenting to the members an account of the winding
up of the company and giving any explanations thereof.

CONTACT:  SOONG, KUNG-YUAN
          (aka Raymond K.Y. Soong)
          Voluntary Liquidator

          For enquiries:
          Soong, Kung-Yuan (aka Raymond K.Y. Soong)
          Telephone: 886 2 8798 2888
          Facsimile: 886 2 8798 2865

          Address for service:
          Corporate Filing Services Ltd.
          P O Box 613 GT, Grand Cayman
          Cayman Islands


SONG OF ROLAND: To Hold Final General Meeting Dec. 15
-----------------------------------------------------
                 SONG OF ROLAND LIMITED
               (In Voluntary Liquidation)
                   The Companies Law
                       Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named company
will be held at the offices of Maples Finance Jersey Limited,
2nd Floor, Le Masurier House, La Rue Le Masurier, St. Helier,
Jersey JE2 4YE, on 15th December 2005 for the purpose of
presenting to the members an account of the winding up of the
company and giving any explanation thereof.

CONTACT:  MARK WANLESS
          Joint Voluntary Liquidators
          c/o Maples Finance Jersey Limited
          2nd Floor, Le Masurier House
          La Rue Le Masurier, St. Helier, Jersey JE2 4YE


SPARKLE FUNDING: To Authorize Liquidators to Retain Records
-----------------------------------------------------------
              SPARKLE FUNDING CORPORATION
               (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of the company will be
held at the offices of BNP Paribas Private Bank & Trust Cayman
Limited, 3rd Floor Royal Bank House, Shedden Road, George Town,
Grand Cayman, on 15th December 2005 at 10:00 a.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on 15th December 2005.

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

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

CONTACT:  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
          3rd Floor Royal Bank House, Shedden Road
          George Town, Grand Cayman


SPARKLE FUNDING II: Shareholders' Final Meeting Set for Dec. 15
---------------------------------------------------------------
             SPARKLE FUNDING CORPORATION II
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of the company will be
held at the offices of BNP Paribas Private Bank & Trust Cayman
Limited, 3rd Floor Royal Bank House, Shedden Road, George Town,
Grand Cayman, on 15th December 2005 at 10:00 a.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on 15th December 2005.

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

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

CONTACT:  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


SQUEAKY INVESTMENTS: To Hold Extraordinary Final Meeting Dec. 16
----------------------------------------------------------------
                SQUEAKY INVESTMENTS INC.
               (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to section 145 of the Companies
Law, that the extraordinary final meeting of the sole
shareholder of the above company will be held on the 16th
December 2005. The purpose of said extraordinary meeting of the
sole shareholder is to have laid before him the report of the
liquidator, showing the manner in which the winding-up of the
company has been conducted, the property of the company
distributed and the debts and obligations of the company
discharged and giving any explanation thereof.

CONTACT:  COMMERCE CORPORATE SERVICES LIMITED
          Voluntary Liquidator
          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 7904

          Address for Service:
          PO Box 694, Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 7904


ST. THOMAS: Schedules Final Meeting for Dec. 15
-----------------------------------------------
                   St. Thomas Trading, Ltd.
                  (In Voluntary Liquidation)

Pursuant to Section 145 of the Companies Law (2004 Revision),
The final meeting of the sole shareholder of the Company will be
held at the registered office of the Company on December 15,
2005 at 2:15 p.m.

Business:

1. To confirm, ratify and approve the conduct of the liquidation
by the liquidators, S.L.C. Whicker and K.D. Blake;

2. To approve the quantum of the liquidators' remuneration, that
being fixed by the time properly spent by the liquidators and
their staff;

3. To lay accounts before the meeting showing how the winding up
has been conducted and how the property of the Company has been
disposed of as at the date of the final meeting and to approve
such accounts; and

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

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

CONTACT: K.D. Blake, Joint Voluntary Liquidator
         Caroline Cookson
         P.O. Box 493 GT, Grand Cayman
         Cayman Islands
         Telephone: 345-945-4331/345-949-4800
         Facsimile: 345-949-7164


SUDAMERO TRUST: To Approve Quantum of Liquidators' Remuneration
---------------------------------------------------------------
              Sudamero Trust Company (Cayman) Ltd.
                   (In Voluntary Liquidation)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of Sudamero Trust
Company (Cayman) Ltd. will be held at the registered office of
the Company on December 16, 2005 at 12:00 p.m.

Business:

1. To confirm, ratify and approve the conduct of the liquidation
by the liquidators, S.L.C. Whicker and K.D. Blake;

2. To approve the quantum of the liquidators' remuneration, that
being fixed by the time properly spent by the liquidators and
their staff;

3. To lay accounts before the meeting showing how the winding up
has been conducted and how the property of the Company has been
disposed of as at the date of the final meeting and to approve
such accounts; and

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

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

CONTACT: K.D. Blake, Joint Voluntary Liquidator
         Peter de Vere
         Telephone: 345-945-4334/345-949-4800
         Facsimile: 345-949-7164
         P.O. Box 493 GT
         Grand Cayman
         Cayman Islands


SYMMETRY INTERNATIONAL: Final Meeting Scheduled for Dec. 30
-----------------------------------------------------------
                  Symmetry International, Ltd.
                   (In Voluntary Liquidation)
                 The Companies Law (as revised)

Pursuant to section 145 of the Companies Law (as revised), the
final general meeting of the sole shareholder of Symmetry
International, Ltd. will be held at the registered office of the
Company on December 30, 2005.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on December 30, 2005.

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

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

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


SYMMETRY PEAK: To Lay Accounts on Wind Up Process Dec. 15
---------------------------------------------------------
                  Symmetry Peak Offshore, Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of the Company will be
held at the offices of Symmetry Peak Management, LLC, on
December 15, 2005 at 11:00 a.m.

Business:

1. To lay accounts before the meeting showing how the winding-up
has been conducted and how the property has been disposed of to
the date of final winding up on December 15, 2005;

2. To lay before the meeting the report of the liquidator on the
winding up of the Company;

3. To approve the report of the liquidator; and

4. To authorize the liquidator to retain the records of the
Company for a period of 5 years from the dissolution of the
Company, after which they may be destroyed.

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

CONTACT: Frank `Quint' Slattery, Voluntary Liquidator
         Ogier Fiduciary Services (Cayman) Limited
         Queensgate House, South Church Street
         P.O Box 1234, George Town
         Grand Cayman, Cayman Islands


TAIL WIDE: Final General Meeting Set for Dec. 16
------------------------------------------------
                 Tail Wide Investment Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                         Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Tail Wide Investment
Limited will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
December 16, 2005 for the purpose of presenting to the members
an account of the winding up of the Company and giving any
explanation thereof.

CONTACT: Ms. Wendy Ebanks and Mr. Jon Roney
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


TALLY HOLDINGS: Members to Hear on Wind Up Process Dec. 15
----------------------------------------------------------
                   Tally Holdings Limited
                 (In Voluntary liquidation)
              The Companies Law (2004 Revision)

Notice is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general meeting
of Tally Holdings Limited will be held at the offices Smith
Barney Private Trust Company (Cayman) Limited, CIBC Financial
Centre, George Town, Grand Cayman, on December 15, 2005 for the
purpose of presenting to the members an account of the winding
up of Company and giving any explanation thereof.

CONTACT: Buchanan Limited, Voluntary Liquidator
         P.O. Box 1170, George Town, Grand Cayman


TAW CORPORATION: Final Meeting to be Held Dec. 16
-------------------------------------------------
                      Taw Corporation Inc.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to section 145 of the Companies
Law, that the extraordinary final meeting of the sole
shareholder of Taw Corporation Inc. will be held on December 16,
2005.

The purpose of said extraordinary meeting of the sole
shareholder is to have laid before him the report of the
liquidator, showing the manner in which the winding-up of the
Company has been conducted, the property of the Company
distributed and the debts and obligations of the Company
discharged and giving any explanation thereof.

CONTACT: Commerce Corporate Services Limited
         Voluntary Liquidator
         PO Box 694, Grand Cayman
         Telephone: 949 8666
         Facsimile: 949 7904


THAMES RIVER: To Report Liquidation Process to Members
------------------------------------------------------
                Thames River Garret Fund Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision) the
final meeting of Thames River Garret Fund Limited will be held
at the registered office of the Company on December 19, 2005 at
10:00 a.m.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of to
the date of final winding up on December 17, 2005.

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

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

CONTACT: Mr. Lawrence Edwards, Joint Voluntary Liquidator
         Aysha Jackson
         PO Box 219GT, Grand Cayman, Cayman Islands
         Telephone: (345) 914 8695
         Facsimile: (345) 949 4590


TRANSPORT COMMUNITY: To Explain Wind Up Process Dec. 16
-------------------------------------------------------
                  Transport Community Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                          Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Transport Community
Limited will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
December 16, 2005 for the purpose of presenting to the members
an account of the winding up of the Company and giving any
explanation thereof.

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


TREEFORD HOLDINGS: To Present Account on Liquidation Dec. 15
------------------------------------------------------------
                   Treeford Holdings Limited
                   (In Voluntary liquidation)
                The Companies Law (2004 Revision)

Notice is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general meeting
of Treeford Holdings Limited will be held at the offices Smith
Barney Private Trust Company (Cayman) Limited, CIBC Financial
Centre, George Town, Grand Cayman, on December 15, 2005 for the
purpose of presenting to the members an account of the winding
up of Company and giving any explanation thereof.

CONTACT: Buchanan Limited, Voluntary Liquidator
         P.O. Box 1170, George Town, Grand Cayman


TREETOP GLOBAL: Shareholder to Ratify Conduct of Liquidation
------------------------------------------------------------
                  Treetop Global Macro, Ltd.
                  (In Voluntary Liquidation)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of the Company will be
held at the registered office of the Company on December 15,
2005 at 3:00 p.m.

Business:

1. To confirm, ratify and approve the conduct of the liquidation
by the liquidators, S.L.C. Whicker and K.D. Blake;

2. To approve the quantum of the liquidators' remuneration, that
being fixed by the time properly spent by the liquidators and
their staff;

3. To lay accounts before the meeting showing how the winding up
has been conducted and how the property of the Company has been
disposed of as at the date of the final meeting and to approve
such accounts; and

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

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

CONTACT: K.D. Blake, Joint Voluntary Liquidator
         Caroline Cookson
         P.O. Box 493 GT, Grand Cayman
         Cayman Islands
         Telephone: 345-945-4331/345-949-4800
         Facsimile: 345-949-7164


TREETOP GLOBAL (TRADING): To Relate Liquidation Process Dec. 15
---------------------------------------------------------------
                Treetop Global Macro Trading, Ltd.
                   (In Voluntary Liquidation)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of the Company will be
held at the registered office of the Company on December 15,
2005 at 3:15 p.m.

Business:

1. To confirm, ratify and approve the conduct of the liquidation
by the liquidators, S.L.C. Whicker and K.D. Blake;

2. To approve the quantum of the liquidators' remuneration, that
being fixed by the time properly spent by the liquidators and
their staff;

3. To lay accounts before the meeting showing how the winding up
has been conducted and how the property of the Company has been
disposed of as at the date of the final meeting and to approve
such accounts; and

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

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

CONTACT: K.D. Blake, Joint Voluntary Liquidator
         Caroline Cookson
         P.O. Box 493 GT, Grand Cayman
         Cayman Islands
         Telephone: 345-945-4331/345-949-4800
         Facsimile: 345-949-7164

UNISON CDO: Liquidation to be Explained to Members Dec. 16
----------------------------------------------------------
                      Unison CDO Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                         Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Unison CDO Limited will be
held at the offices of Maples Finance Limited, Queensgate House,
George Town, Grand Cayman, Cayman Islands, on December 16, 2005
for the purpose of presenting to the members an account of the
winding up of the Company and giving any explanation thereof.

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


VIVACE ONE: To Present Account on Wind Up at Final Meeting
----------------------------------------------------------
                         Vivace One Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                           Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Vivace One Ltd. will be
held at the offices of Maples Finance Limited, Queensgate House,
George Town, Grand Cayman, Cayman Islands, on December 16, 2005
for the purpose of presenting to the members an account of the
winding up of the Company and giving any explanation thereof.

CONTACT: Ms. Suzan Merren and Mr. Johann Le Roux
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


WARNER-LAMBERT CORK: Wind Up Process to be Presented to Members
---------------------------------------------------------------
                   Warner-Lambert Cork Limited
                   (In Voluntary Liquidation)
                  The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
Final Meeting of the Shareholders of the Company will be held at
the registered office of the Company on December 16, 2005 at
1:30 p.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on December 16, 2005.

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

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

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


WHITEFORD INTERNATIONAL: To Meet for Wind Up Process Report
-----------------------------------------------------------
                   Whiteford International, Ltd.
                     (In Voluntary Liquidation)
                   The Companies Law (as revised)

Pursuant to section 145 of the Companies Law (as revised), the
final general meeting of the sole shareholder of Whiteford
International, Ltd. will be held at the registered office of the
Company on December 30, 2005.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on December 30, 2005.

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

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

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


WINDFALL INVESTMENTS: To Explain Liquidation Process
----------------------------------------------------
                  Windfall Investments Limited
                   (In Voluntary liquidation)
                The Companies Law (2004 Revision)

Notice is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general meeting
of Windfall Investments Limited will be held at the offices
Smith Barney Private Trust Company (Cayman) Limited, CIBC
Financial Centre, George Town, Grand Cayman, on December 15,
2005 for the purpose of presenting to the members an account of
the winding up of Company and giving any explanation thereof.

CONTACT: Buchanan Limited, Voluntary Liquidator
         P.O. Box 1170, George Town, Grand Cayman


ZINC PARTNERS: To Report to Members Manner of Liquidation
---------------------------------------------------------
                  Zinc Partners Offshore, Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to Section 145 of Companies Law
(2004 Revision), that the final general meeting of the sole
shareholder of Zinc Partners Offshore, Ltd. will be held at
Ansbacher House, 20 Genesis Close, George Town, Grand Cayman, on
December 16, 2005 at 3:30 p.m.

The purpose of said general meeting of the sole shareholder is
to have laid before him the report of the Liquidator, showing
the manner in which the winding-up of the Company has been
conducted, the property of the Company distributed and the debts
and obligations of the Company discharged and giving any
explanation thereof.

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



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

MADECO: Capital Increase Generates $85M
---------------------------------------
Chilean copper and aluminum products maker Madeco (NYSE: MAD)
raised CLP44 billion (US$85 million) through a capital increase,
says Business News Americas.

In a filing with the Santiago stock exchange, Madeco revealed it
sold a total of 907 million shares at CLP48.52 each in an offer
that closed November 25.

In October, the Company, controlled by Chile's Luksic family
through its Quinenco holding company, secured approval from
shareholders for a capital increase of up to CLP57 billion.

Proceeds from the recently concluded operation will be used to
pay back debt.

CONTACT: Madeco, S.A.
         Sergio Dussaillant Ch.
         Investor Relations
         Phone: (56 2) 520-1380
         Fax: (56 2) 520-1545
         E-mail: sdc@madeco.cl
         URL: www.madeco.cl



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

AES DOMINICANA: Fitch Rates Proposed $160M Notes Issuance 'B-'
--------------------------------------------------------------
Fitch Ratings has assigned a 'B-' international foreign currency
rating to the proposed issuance of US$160 million notes due 2015
to be issued by AES Dominicana Energia Finance, S.A. (AES
Dominicana). The Rating Outlook is Stable. The proposed bullet
bond issuance will be used to refinance existing debt at two
power generation operating companies, Andres B.V. (Andres) and
Dominican Power Partners (DPP), and provide new working capital.

The rating assigned to this issuance is based on the combined
credit quality of AES Dominicana's two main assets in the
Dominican Republic, Andres and DPP. The issuance ultimately will
be jointly and severally guaranteed by these operating companies
to substantially mitigate structural subordination issues and
allow the transaction to perform as direct obligations of these
two entities. Initially, the transaction will only be guaranteed
by Andres, with the DPP guarantee becoming effective following
the filing by AES Corp. of its restated financial statements,
expected within the coming weeks.

The rating reflects the high quality of the company's assets,
its somewhat diversified portfolio of assets (power generating
capacity, liquified natural gas [LNG] terminal, gas pipeline,
and power purchase agreements [PPAs]), the competitive advantage
in terms of the LNG, and the company's experienced management
team, as well as a $23.5 million guarantee from AES Corp. The
rating also reflects the company's high dependency on the
government for payments, the systemic problems that have
characterized the Dominican Republic energy sector, low
availability of the power plants due to lack of fuel, and
challenges of increasing the collections from end users to
provide sufficient cash to the generation companies to meet
working capital requirements. It is important to mention that
the Dominican government, in place since August 2004, is working
to reverse the decline of the power sector. The current
administration has recognized the magnitude of the problems and,
at the end of 2004, announced a strategy to reach the financial
sustainability of the power sector, which was also included in
the country's agreement with the IMF.

Andres and DPP have been facing liquidity problems as they have
not been receiving payments from their primary offtaker, the
distribution company, EDE-Este; EDE-Este has not had sufficient
cash flow due to the government's failure to meet its payment
obligations because of the macroeconomic crisis of the country
and the escalating price of fuel and power prices. Without
payment from EDE-Este and DPP, with whom Andres contracts short-
term PPAs, Andres has been limited in its ability to purchase
LNG as it has to prepay for fuel. As a result, Andres has had
lower than originally anticipated availability, forcing both
Andres and DPP to buy energy in the spot market to meet their
respective PPA obligations. Though Andres suspended principal
payments, it has remained current on interest under the existing
facility.

The proposed bullet bond issuance will provide Andres and DPP
with a more appropriate capital structure and should also result
in lower total interest expense going forward. However, long-
term refinancing risk remains a concern given the recent
volatility of the Dominican economy and energy sector problems.
The proposed transaction benefits from a six-month interest
reserve account and a $23.5 million guarantee from AES Corp that
should ensure that debt service is adequately covered until
maturity.

Projected EBITDA-to-interest ratios are acceptable for the
rating category, increasing from the mid 2.0 times (x) in 2006
to approximately 4.0x in 2009 range; similarly debt-to-EBITDA
should improve as well from the mid 3.0x in 2006 to mid 2.0x in
2009 range, related to the forecasted growth in EBITDA.
Projected cash flow from operations relies on maintaining
collection of revenues from EDE-Este and is expected to include
payment of accumulated unpaid taxes and increased working
capital requirements. The ability of EDE-Este to generate
positive operating cash and service all of its obligations is
largely dependent on its ability to continue to improve
collections from end users, primarily government and residential
consumers, and diminish line losses. EDE-Este has increased
collections and expects further improvements, assuming the
government pays its bills on time (in contrast to the previous
administration) and continues to support its strategy as
reflected in the IMF agreement and as additional improvements
are made in the residential sector.

AES Dominicana is an energy group operating in the Dominican
Republic, which manages two of AES Corp.'s wholly owned
generation assets, Andres and DPP. AES Dominicana, through an
AES Corp subsidiary, also has a management agreement to operate
EDE-Este, one of the three distribution companies in the
country. Andres is a power plant with a 304 MW combined cycle
generation facility with duel fuel capability (gas and diesel)
but with natural gas supplied through the LNG import facility
serving as the primary fuel while DPP is a 236 MW power plant
comprising two simple cycle combustion turbines that can burn
both natural gas and fuel oil Number 2. Both plants together
have PPA contracts with EDE-Este for 260 MW that increase over
time, but Andres is currently servicing all contracts given its
greater efficiency. Andres LNG terminal includes a large tanker
berth and jetty, an LNG refueling pier, and a one million barrel
(160,000 cubic meters, m3) LNG storage tank, as well as
regasification and handling facilities for both LNG and diesel.

CONTACT:  Jason T. Todd +1-312-368-3217, Chicago
          Lucas Aristizabal +1-312-368-3260, Chicago
          Carlos Fiorillo +58-212-286-3232, Caracas

MEDIA RELATIONS: Christopher Kimble, New York, Tel:
+1 212-908-0226.



=====================
E L   S A L V A D O R
=====================

BANCO SALVADORENO: Vulnerable Asset Quality Constrains Rating
-------------------------------------------------------------
RATIONALE

Standard & Poor's Ratings Services' ratings on Banco Salvadoreno
S.A. are constrained by its vulnerable asset quality and low
reserve coverage of nonperforming assets (NPAs), which is also
the case for other banks in the country. The ratings are also
constrained by the relatively small size and limited
diversification of El Salvador's economy, and strong
competition. The ratings are supported by the bank's
satisfactory market position, diversified portfolio, adequate
performance, and lower exposure to real state-related loans than
that of peers.

Asset quality is regarded as vulnerable due to the risk of
operating in a relatively small and undiversified economy and
the shortage of provisions to fully cover loans that have proven
problematic. Although historically the bank has reported
adequate indicators of nonperforming loans (NPLs), standing at
1.9% as of September 2005, the balance of NPAs is high. NPAs are
comprised of NPLs, restructured loans, repossessed assets, and
Ficafe, and reached 11.4% of total loans at September 2005.
Nevertheless, Banco Salvadoreno has a lower exposure to real
estate-related loans, including mortgages and construction
loans; however, the bank has a higher exposure than its peers to
foreclosed assets. We maintain our concern regarding Banco
Salvadoreno's reserve shortage to fully cover potential losses
related to the significant balance of NPAs. In this context,
although reserves fully covered delinquent loans and foreclosed
assets are more than 50% covered, the ratio of total reserves to
total NPAs weakens to 24%. Under market turmoil, asset quality
could be pressured further, affecting operating performance.

Although Banco Salvadoreno faces important competition, mainly
from the two largest banks in the country-Banco Agr­cola and
Banco Cuscatl n-it has been able to maintain its position as the
third-largest commercial bank in El Salvador with a 17% market
share in terms of deposits and loans. There have been important
organizational changes to address the main challenges that the
bank faces and improve the bank's financial profile. A new
president was hired in 2004, sending a clear message of an
advance on division of functions, decreasing foreclosed assets,
and the necessity of improving asset quality. In addition, there
was a capital increase of $11.2 million in 2004 in the bank to
strengthen capitalization, and of $16.5 million injected into
the holding company. In our opinion, Banco Salvadoreno has the
challenge of differentiating itself from its peers while
strengthening its originating and underwriting processes to
avoid the risk of losing market share.

Banco Salvadoreno's loan portfolio is adequately diversified by
industry. Slow economic growth in El Salvador has slowed the
bank's credit expansion, particularly in the commercial segment.
To compensate, the bank has focused on increasing its consumer
business. In our view, slow loan growth will continue since the
economy is expected to expand moderately.

Profitability is adequate for the rating level, as ROA has been
sustained at about 1% in the past three years despite decreasing
net interest margins by increasing fees and commissions;
however, it remains lower than that of its closest peers. A more
conservative policy toward provisioning the balance of
problematic assets could result in lower profitability levels.
Another area for the bank to maintain profitability levels is
efficiency, an area the bank is working on. In our opinion, the
bank has to work harder to maintain its position in the market
given a more competitive environment.

The bank has historically maintained capitalization levels
slightly above regulatory requirements. As of August 2005,
capital was at 12.66%, which is higher than that of peers, while
the adjusted common equity-to-asset ratio stood at 9.89%, which
is similar to that of peers. Given slow expected loan growth and
reported ROEs of 10%, internal capital generation should finance
future growth.

OUTLOOK

The outlook reflects our opinion that the bank's strategies and
adequate operations should maintain profitability at adequate
levels in a stable economic environment. An economic downturn or
the continuation of slow growth in the Salvadorian economy,
however, could affect the bank's overall performance, putting
pressure on the ratings. Market-share loss or deterioration of
the bank's financial stand would also pressure the ratings. The
ratings could go up if there is a strong development in economic
conditions, along with a sustainable improvement in asset
quality (including restructured loans and repossessed assets)
and profitability, and if capital ratios are higher than those
of its closest peers.

Primary Credit Analyst: Leonardo Bravo, Mexico City
(52)55-5081-4406; leonardo_bravo@standardandpoors.com

Secondary Credit Analyst: Francisco Suarez, Mexico City
(52) 55-5081-4474; francisco_suarez@standardandpoors.com



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

MIRANT CORP: Court Terminates Claimholder Option
------------------------------------------------
In July 2003, Mirant Corporation and its debtor-affiliates
sought and obtained approval from the U.S. Bankruptcy Court for
the Northern District of Texas to establish procedures
requiring:

   -- notice in advance of certain transactions regarding claims
      against and equity interests in Mirant Corporation; and

   -- the imposition of sanctions for violating the notification
      procedures.

Ian T. Peck, Esq., at Haynes and Boone, LLP, in Dallas, Texas,
relates that the Claims Trading Order provides that:

   a. The Debtors' consolidated net operating loss carryforwards
      and certain other tax attributes are property of the
      Debtors' estates and are protected by the automatic stay
      under Section 362 of the Bankruptcy Code; and

   b. Unmonitored trading and accumulation of claims or shares
      by creditors in claims against, and stockholders with
      interests in, the Debtors prior to their emergence from
      Chapter 11 could severely limit their ability to utilize
      their NOL carryforwards and certain other tax attributes
      for U.S. federal income tax purposes.

The Claims Trading Order was crafted to protect the Debtors'
NOLs and certain other tax attributes, Mr. Peck notes.  It
afforded electing entities the ability to freely trade interests
with the Debtors subject to certain terms and conditions.  One
of the terms makes electing entities subject to the issuance of
a Sell Down Notice by the Debtors with the Court's approval.

As of October 18, 2005, three entities have filed elections
under the Electing Claimholder Option, with the latest election
filed in December 2004.

The Debtors ask the Court to terminate the Electing Claimholder
Option under the Claims Trading Order to prevent additional
persons or entities from becoming Electing Claimholders.

Mr. Peck asserts that the termination of the Option is necessary
to:

    -- make the appropriate calculations regarding compliance
       with the Internal Revenue Code;

    -- preserve the Debtors' NOLs and certain other tax
       attributes in accordance with the Claims Trading Order;
       and

    -- maximize value for all of the Debtors' constituencies.

The Debtors' request does not affect the current elections of
the Three Electing Claimholders, Mr. Peck clarifies.

Termination of the Electing Claimholder Option will increase the
reliability of the Projections in the Disclosure Statement, Mr.
Peck says.

                     Court Approves Request

Judge Lynn approves the Debtors' request.  An entity can no
longer elect to be bound by the terms of the Notice and thereby
continue to freely trade and make a market in all debt claims
against the Debtors without having to meet the applicable notice
requirements of the Claims Trading Order.

Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590).  Thomas E. Lauria, Esq., at White &
Case LLP, represents the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $20,574,000,000 in assets and $11,401,000,000 in debts.
(Mirant Bankruptcy News, Issue No. 82 Bankruptcy Creditors'
Service, Inc., 215/945-7000)



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

AEROMEXICO/MEXICANA: Pilots Agree to Support Sale of One Airline
----------------------------------------------------------------
The National Airline Pilots Association agreed to back the sale
of only one of the two airlines being privatized by government-
owned holding company Cintra SA in the event bids for both
aren't acceptable, reports Dow Jones Newswires.

Cintra is in the process of selling Aeromexico and Mexicana.
Last week, the holding company received only two bids for each
of the two airlines. The bids came from Mexican hotel-chain
operator Grupo Posadas and Grupo Xtra, the holding company for
Grupo Casa Saba SA, one of Mexico's largest pharmaceuticals
distributors.

In a press release during the weekend, the pilots union said
that while Cintra is determined to sell both airlines, "we also
know they're not prepared to hand them over to new owners at any
price."

"We agreed that in the event that only one of the airlines was
sold, the share transaction could still go ahead for that
company even if the other wasn't sold," the release said.


ASARCO: Panel Wants McAllister as Chief Restructuring Officer
-------------------------------------------------------------
Evelyn H. Biery, Esq., at Fulbright & Jaworski L.L.P., in
Houston, Texas, tells Judge Schmidt that on July 4, 2005, after
working for around one year without a collective bargaining
agreement, the unions representing ASARCO LLC's hourly employees
commenced a work stoppage, resulting in the majority of ASARCO's
non-salaried workforce walking off the job.

The work stoppage resulted in a significant reductions in
ASARCO's hourly workforce, and, consequently, its ability to
produce at full capacity and bring high quality finished product
to the market.  ASARCO advised the Official Committee of
Unsecured Creditors appointed in its case that the work stoppage
was one of the most significant precipitating causes of the
company's petition for bankruptcy.

Ms. Biery relates that while the work stoppage endured, ASARCO's
competitors -- including at least one entity owned and
controlled by ASARCO's 100% controlling shareholder, Grupo
Mexico, S.A. de C.V. -- were able to capitalize on ASARCO's loss
of market share, calling on ASARCO's customers and profiting
greatly from its inability to keep up production of finished
copper products.  The lasting effects of that customer diversion
have yet to be determined.

             Constitution of the Board of Directors

Between August and September 2005, all of ASARCO's prepetition
directors resigned from ASARCO's board of directors.

Subsequently, Carlos Ruiz Sacristan and Javier Perez Rocha were
appointed by Grupo Mexico as members of ASARCO's Board on Sept.
23, 2005.  In early October 2005, Mr. Rocha resigned from the
Board, leaving Mr. Ruiz Sacristan as the Sole Director.

          Ruiz Sacristan Delays Work Stoppage Resolution

Shortly after its formation, the ASARCO Committee, understanding
that full operational capacity would benefit all of ASARCO's
stakeholders, took steps to bring about an end to the work and
enable ASARCO to return to full operational capacity.

On Oct. 3, 2005, the ASARCO Committee submitted a draft term
sheet to the union bargaining committee led by the United
Steelworkers of America and ASARCO.  The ASARCO Committee
proposed terms on which the work stoppage would be resolved.

With certain limited modifications, the USW agreed in principle
to the ASARCO Committee, on Oct. 7, 2005.  Mr. Ruiz Sacristan,
however, rejected the term sheet, and declined to make a
counteroffer on which the work stoppage might be resolved.

By a letter dated Oct. 19, 2005, Mr. Ruiz Sacristan requested
additional time to obtain a written cost-benefit analysis from
ASARCO's financial advisors, Lehman Brothers, of the impact of
signing the term sheet or allowing the strike to go on.

The ASARCO Committee understands that Mr. Ruiz Sacristan
received Lehman's report on Oct. 21, 2005.  However, that report
has not been produced to the Committee.

Based on the admonition of the U.S. Bankruptcy Court for the
Southern District of Texas in Corpus Christi, on Oct. 31, 2005,
ASARCO's attorneys and advisors were permitted to consider
discussions to settle the work stoppage, but it was only after
the urging of ASARCO Committee's counsel that ASARCO agreed to
attend a face-to-face meeting, at which the work stoppage was
resolved.
                      Lack of Independence

Both during and after the work stoppage, the ASARCO Committee
advised ASARCO and Mr. Ruiz Sacristan of its concerns over
ASARCO's ability to carry out its fiduciary duties because of
Mr. Ruiz Sacristan's lack of independence and the lack of a
chief executive officer who enjoys the confidence of ASARCO's
employees.

Ms. Biery explains that among the factors that gave rise to
those concerns include:

   (a) Mr. Ruiz Sacristan's prolonged refusal to resolve the
       strike;

   (b) Mr. Ruiz Sacristan's simultaneous service on the board of
       directors of Southern Peru Copper Company, an entity
       100% owned by Grupo Mexico that competes directly with
       ASARCO in the international copper market;

   (c) Grupo Mexico's ownership of other copper-producing
       entities that compete with ASARCO, including Grupo
       Minera Mexico, which may have made replacement sales to
       ASARCO's customers during the strike; and

   (d) Mr. Ruiz Sacristan's failure to elect a chief executive
       officer who enjoys the confidence of ASARCO's management
       and its salaried and hourly workforces so as to maximize
       the value of ASARCO's estate.

            Committee Wants McAllister to Sit as CRO

By this motion, the ASARCO Committee asks Judge Schmidt to
appoint Douglas McAllister as ASARCO's chief restructuring
officer to assume the rights and responsibilities of the board
of directors and CEO.

Mr. McAllister currently serves as the vice president, general
counsel and secretary of ASARCO.  He has been in that position
for four years.

Before that, Mr. McAllister had been employed in various mining
and environmental positions, including serving as vice president
of environmental affairs and deputy chief counsel for the
American Mining Congress during 10 years of employment with that
organization.

Ms. Biery says the CRO appointment will empower Mr. McAllister
to carry out his duties without interference from Grupo Mexico
or its hand-picked board of directors.

The ASARCO Committee believes that, by virtue of Mr.
McAllister's background and experience, he can more than
adequately fill the role as ASARCO's CRO to ensure that ASARCO
carries out its fiduciary duties to its estate and creditors.

The ASARCO Committee further asks Judge Schmidt to direct Grupo
Mexico and ASARCO's board to cease all governance activities
with respect to ASARCO and its assets.


            Subsidiary Committee Wants Broader Powers
                          for McAllister

The Official Committee of Unsecured Creditors of the Subsidiary
Debtors wants Doug McAllister appointed as a "responsible
person" of ASARCO LLC.

The Subsidiary Committee does not oppose the request of the
Official Committee of Unsecured Creditors of ASARCO LLC for the
appointment of Mr. McAllister as chief restructuring officer, if
it is in the best interests of the Debtor's estate.

However, the Subsidiary Committee prefers that Mr. McAllister be
given full decision-making authority, including the authority to
hire, with Bankruptcy Court approval, an independent chief
restructuring officer and a chief operating officer.

The Subsidiary Committee explains that for many years, ASARCO
has been controlled by its direct and indirect parent companies,
Grupo Mexico S.A. de C.V. and Americas Mining Corp.  These
controlling entities, the Subsidiary Committee alleges, have:

    -- usurped ASARCO's assets;

    -- caused ASARCO to cannibalize itself in order to pay down
       financing obligations benefiting other corporate
       entities;

    -- unnecessarily and unreasonably delayed the resolution of
       ASARCO's labor strike in the face of record copper
       prices; and

    -- now manipulated the officers and directors of ASARCO to
       an extent that the sole remaining director and decision-
       maker, Carlos Ruiz Sacristan, has an inherent conflict of
       interest which he inevitably exercises in favor of the
       controlling entities.  Mr. Ruiz Sacristan is a director
       of Southern Copper Corp., which is directly controlled by
       Grupo Mexico and whose interests are aligned with Grupo
       Mexico to the exclusion of ASARCO.

Because ASARCO's professional team has performed their
professional obligations despite the ASARCO board's conflict,
the Subsidiary Committee also asks the Court to direct the
Debtor to maintain the professionals employed under Section 327
of the Bankruptcy Code, pending the appointment of Mr.
McAllister.

"This result will not only protect ASARCO and its estate from
any further parental misfeasance, but is also in the best
interests of the creditor body and the ASARCO estate itself,"
Jacob L. Newton, Esq., at Stutzman, Bromberg, Esserman & Plifka,
in Dallas, Texas, tells Judge Schmidt.

Headquartered in Tucson, Arizona, ASARCO LLC --
http://www.asarco.com/-- is an integrated copper mining,
smelting and refining company.  Grupo Mexico S.A. de C.V. is
ASARCO's ultimate parent.  The Company filed for chapter 11
protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207).
James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A.
Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter
Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble,
Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the
Debtor in its restructuring efforts.  When the Debtor filed for
protection from its creditors,it listed $600 million in total
assets and $1 billion in total debts.

The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-
20521 through 05-20525).  They are Lac d'Amiante Du Quebec Ltee,
CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304),
Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex.
Case No. 05-21346) also filed for chapter 11 protection, and
ASARCO has asked that the three subsidiary cases be jointly
administered with its chapter 11 case.  On Oct. 24, 2005,
Encycle/Texas' case was converted to a Chapter 7 liquidation.
(ASARCO Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Service, Inc., 215/945-7000).


MEXICANA: Licenses PROS O&D Revenue Management Solution
-------------------------------------------------------
PROS Revenue Management, the world's leader in pricing and
revenue optimization science and software, and the pioneer and
dominant provider of revenue optimization to the travel and
transportation industry, announced Monday that Mexicana de
Aviacion, one of the largest airlines in Latin America and one
of Mexico's national flag carriers, has licensed the PROS O&D
Revenue Management Solution.

Mr. Sergio Allard, Chief Sales and Marketing Officer at
Mexicana, states, "Mexicana has been a PROS client since 1995.
Through our partnership with PROS, Mexicana has already
experienced how effective revenue management can impact
financial results. The airline is now looking to achieve even
higher revenues by combining a leading-edge O&D revenue
management solution with enhanced network management business
processes provided by PROS."

The PROS Business Solution is a state of the art PNR-based
forecasting, optimization, and real-time dynamic pricing system
that aligns with critical revenue generating functions of an
airline. Mexicana will be able to perform real-time management
of seat inventory to maximize revenue across their entire
network. Also, the solution will be deployed at the new low-fare
subsidiary unit Click Mexicana.

With this new contract Mexicana has licensed the PROS O&D Suite
of Products that includes:

-- PROS O&D Data Loaders and Reporting - transforms and
processes PNR-level data, which is extracted from the airline
reservations system

-- PROS O&D Demand Forecasting - provides distinct forecasts for
booking demand and cancellations at various levels of passenger
itinerary and characteristics

-- PROS O&D Network Optimization - produces optimal bid price
controls using advanced network-based techniques for precise O&D
management controls as well as leg or segment allocations to
support legacy availability and booking processes

-- PROS O&D Hybrid Forecaster and Optimizer - forecasts the
degree of price sensitivity among O&D passenger demand and
determines the optimal mix of yieldable and priceable demand
that will maximize network revenue

-- PROS 5 Low Fare RMS for Leg-based Environment - applies
classical micro-economics, advanced statistical and forecasting
techniques, and leading-edge operations research methods to
achieve maximum revenue contributions from every flight
departure in a low-fare/restriction-free pricing environment

-- PROS O&D Fare Valuation - produces future-looking robust fare
values by O&D/POS at various levels of detail

-- PROS Real-Time Dynamic Pricing Engine ("RTDP") - evaluates in
real-time the optimal price offer for each and every reservation
request. This evaluation process blends the optimal network bid
prices with specific business and market strategies as defined
by the airline

-- PROS O&D Group 6 System - provides a set of new-generation
technology and workflow- focused features to maximize network
revenue from group business, tour operator contracts, hard and
soft alliance/partner blocks, and other similar business models

-- PROS Network Revenue Planning System ("NRPS") - recommends
the optimal multi-class fare structure and network-oriented
sales targets that balance commercial requirements with revenue
management goals

"Mexicana embraces revenue management as a corporate-wide
philosophy that smartly blends best-practice business process
with leading-edge technology. Mexicana joins an elite group of
airlines in deploying a new-generation revenue management
solution to maximize network revenue. This will put Mexicana far
ahead of its rivals and will make it difficult for the other
airlines to effectively compete on commercial strategies
dictated by Mexicana. Indeed, PROS is honored and privileged to
be partnered with a market leader like Mexicana," said Benson
Yuen, President, Airline Group, PROS Revenue Management.

                About Mexicana De Aviacion

Founded in 1921, Compania Mexicana De Aviacion is one of the
largest air carriers in Mexico in terms of traffic volume and
company assets including its subsidiary Click. Engaging in
international and domestic passenger and cargo flight services.
Mexicana De Aviacion currently has a total of 59 airplanes,
operating 85 routes, including 58 international routes and 27
domestic ones plus Click operations. This equates to more than
2092 scheduled flights on weekly basis, serving 49 cities in 10
countries and most of the provincial capitals, major cities and
tourist attractions in Mexico.

              About PROS Revenue Management

PROS is the world's leader in pricing and revenue optimization
solutions and the pioneer and dominant provider of revenue
optimization to the travel and transportation industry. PROS is
the world's leader in pricing and revenue optimization solutions
with over 250 deployed solutions across 12 major industries,
optimizing millions of pricing decisions every day and has more
than 110 clients in 39 countries. PROS' clients include 17 of
the top 25 carriers in the airline industry.

The PROS mission is to maximize the revenue of each client using
PROS' world-leading revenue optimization science, enterprise
profit optimization, and pricing optimization solutions. PROS'
clients report annual incremental revenue increases of 6-8% as a
result of demand forecasting and revenue optimization. PROS'
solutions forecast demand, optimize inventory, and provide
dynamic pricing optimization to maximize revenue.

Founded in 1985 in Houston, Texas, PROS has 27 straight quarters
of profitability, in large part due to the intellectual capital
of its staff. Over 100 of PROS professional staff have advanced
degrees, of which over 20 have Ph.D.s, and the staff speaks a
cumulative total of 26 languages. The company is profitable with
revenues in excess of $30 million. For more information on PROS
Revenue Management, please visit www.prosrm.com

CONTACT: PROS Revenue Management
         Houston Corporate Communications
         Tel: 713-335-5151
         Fax: 713-335-8144
         E-mail: info@prosrm.com
         URL: http://www.prosrm.com



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

PDVSA: Extra Revenue Will Go to Government Use
----------------------------------------------
State oil firm Petroleos de Venezuela's (PDVSA) excess oil
revenue will be transferred into a fund for public spending and
debt management, Dow Jones Newswires reports.

According to a resolution published recently in the Official
Gazette, Venezuela has altered its foreign currency regulations
to legalize the transfer.

PDVSA will be allowed to only sell to the central bank enough
dollars to finance its operations and pay taxes. The Company
will also be able to hold dollars in foreign accounts to pay for
imports needed for the oil industry.

The remaining foreign currency from PDVSA's oil exports will be
transferred monthly into a fund that the national executive will
create to finance investment, educational and health projects.

Venezuela implemented strict currency controls in 2003, which
forced companies to sell dollars earned from exports to the
central bank.

To buy dollars, companies and residents must turn to special
government agency Cadivi. Many residents buy dollars at a
premium in a vibrant black market for foreign currency to avoid
red tape at the Cadivi currency agency.

The currency regulations set up in 2003 forced PDVSA to sell all
its dollars to the central bank. Despite these restrictions, the
government set up a $2 billion account in 2004 for
infrastructure spending that is financed with oil revenue.

Venezuela's exchange rate is fixed at 2,150 bolivars to the
dollar. The government has no plans to alter the exchange rate
in 2006.

The resolution comes as President Hugo Chavez looks to ramp up
off-budget spending.

Chavez stated that Venezuela will spend $100 billion over the
next five years on programs not included in the national budget
and that PDVSA will finance half of the spending.


PDVSA: Seeks Local Firms to Provide $215M of Goods, Services
------------------------------------------------------------
State oil firm PDVSA revealed plans to sign up local businesses
to provide it with VEB463 billion (US$215 million) worth of
goods and services to substitute imported products, reports
Business News Americas.

The move, according to PDVSA deputy president for exploration
and production, Luis Vierma, is part of PDVSA's 2006-2010
strategic plan designed to encourage the participation of local
SMEs in the oil industry.

PDVSA did not specify the nature of the goods and/or services it
plans to hire from local firms.


* VENEZUELA: Seeks Upgrade on Rating
------------------------------------
Venezuela's Finance Minister Nelson Merentes said the government
will seek to convince rating agencies to upgrade its debt rating
to investment grade level sometime next year, reports Dow Jones
Newswires.

"Our goal in 2006 is to reach an investment grade level," for
debt, Minister Merentes said, adding, "Our rating is not at the
optimal level yet."

He didn't specify what steps the country will take to secure a
higher rating, but suggested the government needs to talk to
rating agencies to make this possible.

Minister Merentes considers the rating assigned to Venezuela as
much too low and insisted that investors currently consider the
country's debt a solid investment.

Fitch Ratings recently upgraded the country to BB-, two levels
below the desired rating.

"We're barely two steps away from investment grade," he added,
referring to the Fitch rating.

He also revealed Monday that the government sold US$3 billion in
dollar-denominated Eurobonds maturing in 2016 and 2020, double
the government's initial offer, to local investors who purchased
the debt in bolivar currency.

President Hugo Chavez previously announced the deal would reach
up to US$3 billion on Sunday after high demand allowed the
government to increase its initial offer of up to US$1.5
billion. Orders for the debt totaled more than US$7 billion.

Venezuela, the world's No. 5 oil exporter, has offered foreign
bonds for purchase in bolivars as a way to soak up excess local
currency in circulation and tame a parallel exchange market,
which trades at above 2,600 bolivars to the greenback.

The new dollar-denominated debt was initially offered in a
combination of US$750 million in 2016 bonds with a 5.75% coupon
and US$750 million in 2020 bonds with a 6% coupon.



                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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Copyright 2005.  All rights reserved.  ISSN 1529-2746.

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* * * End of Transmission * * *