TCRLA_Public/051202.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, December 2, 2005, Vol. 6, Issue 239

                            Headlines

A R G E N T I N A

AEROLINEAS ARGENTINAS: Refuses to Yield to Strikers' Demands
BANCO HIPOTECARIO: Buys Back $1.18M Bonds Due 2013
COMYSERV S.R.L.: Enters Bankruptcy on Court Orders
CONFITUR S.A.C.I.F. E I.: Court Declares Company Bankrupt
DON LUCIANO: Court Appoints Trustee for Reorganization

INSTAL TUBE: Court Grants Reorganization Plea
PERIODISMO UNIVERSITARIO: Gets Court Approval for Reorganization
MAGAFORMAS ARGENTINAS: Court Declares Company Bankrupt
ROMAPIL S.A.: Liquidates Assets to Pay Debts
SEDEGE S.A.: Court OKs Creditor's Bankruptcy Call

TRANSENER: Gets License to Provide Telecommunications Services
WORLD TELEPHONY: Court Rules Liquidation


B E R M U D A

ALEA GROUP: A.M. Best Confirms AmTrust's Intent to Buy Rights


B R A Z I L

AMPLA: To Seek Other Buyers for Generation Assets
BANCO BRADESCO: Rating Incorporates Exposure to Economic Risk
LIGHT SERVICOS: Asks Shareholders to Approve Spin Off


C A Y M A N   I S L A N D S

ACHILLES LIMITED: To be Placed Into Voluntary Liquidation
ALKEON MARKET (MASTER): Taps Alkeon Capital as Liquidator
ALKEON MARKET (OFFSHORE): Proof of Claims Due Dec. 16
BRUSSEL LTD: Shareholder Resolves to Wind Up Company
CHC INSURANCE: Shareholder Seeks Voluntary Liquidation

EMERGING MARKETS: Proofs of Claim Due Dec. 29
HAWTHORNE MASTER: To be Placed Into Voluntary Liquidation
IS A ROSE: Shareholder Decides on Voluntary Liquidation
JHFC AUTO: Creditors Have Until Dec. 29 to Prove Claims
J-SHOP CORP.: Creditors to Prove Claims On or Before Dec. 30

KENMAR GLOBAL: Appoints Liquidators for Wind Up
LUKOIL CAYMAN: Shareholders Resolve to Liquidate
MOMENTA (CAYMAN): To be Placed into Voluntary Liquidation
OLD SOUTH: To be Wound Up Voluntarily
PHINEUS AGORA: To Liquidate Assets Voluntarily

QUEROS LTD: Claims Verification to Close Dec. 28
SOUTH DOWN: Condor Nominees to Validate Creditors' Claims
THE UNIFUND BRAZILIAN: Proof of Claims Due Dec. 29
THE WIMBLEDON: Liquidators Selected to Supervise Wind Up
TOLL CI: Appoints Westport Services as Liquidator


C O L O M B I A

AVIANCA: Synergy Takes Full Ownership of Airline
PAZ DEL RIO: Creates Fund to Ensure Pension Payments for 2 Years


D O M I N I C A N   R E P U B L I C

AES DOMINICANA: S&P Assigns `B-' to $160M Bonds


M E X I C O

ASARCO: Court Okays Lehman Brothers as Financial Advisor
BALLY TOTAL: Posts Nine-Month Net Profit of $1.8M  
BALLY TOTAL: Retains J.P. Morgan to Explore Strategic Options
DESC: Resolves to Carry Out Restructuring of Shares
HYLSAMEX: To Merge Main Units, Galvak Under Hylsa Group

INDUSTRIAS UNIDAS: Ratings Reflect Tight Liquidity
METALFORMING TECHNOLOGIES: Panel Wants Hanify & King as Counsel
MEXICANA: Cintra Accepts Posadas' $1.46B Offer for Airline
SOAPAP: Debt Situation Affecting State's Finances


P A N A M A

WILLBROS GROUP: Receives Waiver, Reactivates Credit Facility


P U E R T O   R I C O

DORAL FINANCIAL: Names Antonio F. Faria as Chairman of the Board

     -  -  -  -  -  -  -  -

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

AEROLINEAS ARGENTINAS: Refuses to Yield to Strikers' Demands
------------------------------------------------------------
Argentina's Spanish-owned flagship airline Aerolineas Argentinas
SA is not giving in to the demands of striking labor unions,
Chairman Antonio Mata said.

The airline's pilots and mechanics walked out on 24 November,
demanding a 35% increase in salaries, while Aerolineas has put
forward an offer of 5%.

"The median salaries in the company are much better than the
ones in other companies of the same industry," Mr. Mata said.
"The carrier industry is in a crisis worldwide and many
companies are cutting jobs, while we have increased our staff
since the country's crisis in 2001."

So far, 337 employees have lost their jobs since the strike was
launched. Aerolineas has offered to reinstate the fired workers
if they negotiated an agreement. However, the union rejected the
said offer.

Aerolineas Argentinas has not only lost profits as a result of
the strike, it has spent about US$3 million reimbursing
passengers for tickets and paying for their bus tickets, meals
and hotel rooms, Aerolineas spokesman Julio Scaramella said. The
airline also faces possible fines for failure to provide
service, he added.

Aerolineas commands 80% of the domestic market. It has been
renting airplanes from other companies because the absent
mechanics have made it difficult to carry on operations using
its own craft. The Company had to shut down a maintenance center
in Bahia Blanca.


BANCO HIPOTECARIO: Buys Back $1.18M Bonds Due 2013
--------------------------------------------------
Banco Hipotecario informed securities regulator CNV that it
repurchased in September a US$1.18-million long-term bond due in
2013, relates Business News Americas. The bank revealed its US-
denominated debt due in 2013 now totals US$346 million.


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

Infobae reports that the court selected Ms. Graciela Marta Lema
de Muino as trustee. Ms. de Muino will be verifying creditors'
proofs of claims until the end of the verification phase on Dec.
26, 2005.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the Company's accounting
and business records. The individual reports will be submitted
on March 8, 2006 followed by the general report, which is due on
April 19, 2006.

CONTACT: Comyserv S.R.L.
         Carlos Calvo 3629 y Sarmiento 1652
         Buenos Aires

         Ms. Graciela Marta Lema de Muino, Trustee
         Basualdo 1064
         Buenos Aires


CONFITUR S.A.C.I.F. E I.: Court Declares Company Bankrupt
---------------------------------------------------------
Buenos Aires' civil and commercial court declared Confitur
S.A.C.I.F. e I. (continuadora de Confitur S.A.) bankrupt,
Argentine news source Infobae reports.

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

The court also ordered the trustee to prepare individual reports
after the verification process is completed, and have them ready
by March 1, 2006. A general report on the bankruptcy process is
expected on April 17, 2006.

CONTACT: Confitur S.A.C.I.F. e I. (continuadora de Confitur
S.A.)
         Avda Caseros 781 Capital Federal

         Mr. Francisco R. Cano, Trustee
         Uruguay 618
         Buenos Aires


DON LUCIANO: Court Appoints Trustee for Reorganization
------------------------------------------------------
Don Luciano S.H., a company operating in Trenque Lauquen, is
ready to start its reorganization after the city's civil and
commercial court appointed Ms. Maria del Carmen Tomaselli to
supervise the proceedings as trustee.

An Infobae report states that Ms. Tomaselli will verify
creditors claims until Dec. 30, 2005. Afterwards, she will
present these claims as individual reports for final review by
the court. Ms. Tomaselli will also provide the court with a
general report pertaining to the Company's reorganization.

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

CONTACT: Don Luciano S.H.
         Inglaterra y Emilio Carranza (Salliquelo)

         Ms. Maria del Carmen Tomaselli, Trustee
         Oro 20
         Trenque Lauquen


INSTAL TUBE: Court Grants Reorganization Plea
---------------------------------------------
Instal Tube S.A. successfully petitioned for reorganization
after Buenos Aires' 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.

Infobae relates that Mr. Hector Rodolfo Arzu will serve as
trustee during the course of the reorganization. The trustee
will be accepting creditors' proofs of claim for verification
until Feb. 7, 2006.

After verifications, the trustee will prepare the individual
reports and submit it in court on March 21, 2006. He will also
present a general report for court review on May 5, 2006.

The Company will endorse the settlement proposal, drafted from
the submitted claims, for approval by the creditors during the
informative assembly scheduled on Oct. 4, 2006.

CONTACT: Instal Tube S.A.
         Brandsen 257
         Buenos Aires

         Mr. Hector Rodolfo Arzu, Trustee
         Junin 55
         Buenos Aires


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

Mr. Hector Ricardo Calle will oversee the reorganization
proceedings as the court-appointed trustee. He will verify
creditors' claims until Feb. 20, 2006. The validated claims will
be presented in court as individual reports on April 3, 2006.

Mr. Calle 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. The report will be presented
in court on May 18, 2006.

An Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the Company's
creditors for approval, is scheduled on Oct. 25, 2006.

CONTACT: Mr. Hector Ricardo Calle, Trustee
         Lavalle 1528
         Buenos Aires
  

MAGAFORMAS ARGENTINAS: Court Declares Company Bankrupt
------------------------------------------------------
Court No. 6 of Buenos Aires' civil and commercial tribunal
declared local company Magaformas Argentinas S.A. "Quiebra",
relates La Nacion. The court approved the bankruptcy petition
filed by Buro Market S.A.

The Company will undergo the bankruptcy process with Ms. Marcela
Bellani as trustee. Creditors are required to present proofs of
their claim to Ms. Bellani for verification before Feb. 22,
2006. Creditors who fail to submit the required documents by the
said date will not qualify for any post-liquidation
distributions.

Clerk No. 12 assists the court on the case.

CONTACT: Magaformas Argentinas S.A.
         Avenida Cordoba 785
         Buenos Aires

         Ms. Marcela Bellani, Trustee
         Marcelo Torcuato de Alvear 1364
         Buenos Aires


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

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Ms. Elsa Ester Andrade. The trustee
will verify creditors' proofs of claim until Feb. 9, 2006. The
validated claims will be presented in court as individual
reports.

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

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

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

CONTACT: Ms. Elsa Ester Andrade, Trustee
         Avda. Callao 449
         Buenos Aires


SEDEGE S.A.: Court OKs Creditor's Bankruptcy Call
-------------------------------------------------
Sedege S.A. entered bankruptcy after Court No. 4 of Buenos
Aires' civil and commercial tribunal approved a bankruptcy
motion filed by Mr. Diego Sucalesca, reports La Nacion. The
Company's failure to pay $363,342.75 in debt prompted the
creditor to file the petition.

Working with the city's Clerk No. 7, the court assigned Ms.
Clorinda Donta as trustee for the bankruptcy process. The
trustee's duties include the authentication of the Company's
debts and the preparation of the individual and general reports.
Creditors are required to present their proofs of claim to the
trustee before Feb. 12, 2006.

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

CONTACT: Sedege S.A.
         Uruguay 651
         Buenos Aires

         Ms. Clorinda Donta, Trustee
         Maipu 42
         Buenos Aires


TRANSENER: Gets License to Provide Telecommunications Services
--------------------------------------------------------------
The Secretary of Communications has awarded high-voltage power
transmitter company Compania de Transporta de Energia Electrica
en Alta Tension Transener SA a license to provide
telecommunications services to the public, says Dow Jones
Newswires.

The government awarded the license as part of a plan to promote
new competition in fixed line domestic telephony, which is
currently split between Telecom Argentina SA (TEO) and Telfonica
Argentina SA (TAR), a unit of Telefonica SA (TEF) of Spain.

It is not clear how a power transmission company would be
converted into a telephone services provider. However, it's
conceivable that the existing towers and other infrastructure at
Transener could be used to install fixed telephone lines.

Transener has a 95-year concession contract to operate and
maintain most of the high-tension transmission lines in
Argentina, and to operate and maintain for 15 years the 1,300-
kilometer high-tension (500 kilovolt) transmission line, built
by the company between the Comahue region and Buenos Aires.

The Company is controlled by Citelec S.A. (65% ownership), which
is in turn controlled equally by Dolphin Fund Management and
Petrobras Energia S.A.

CONTACT:  TRANSENER S.A.
          Paseo Colon 728 6th Floor
          (1063) Buenos Aires
          Republica Argentina
          Tel: (54-11) 4342-6925
          Fax: (54-11) 4342-7147
          Email: info-trans@transx.com.ar
          Web site: http://www.transener.com.ar


WORLD TELEPHONY: Court Rules Liquidation
----------------------------------------
Buenos Aires' civil and commercial court ordered the liquidation
of World Telephony Advance WTA S.R.L. after the Company
defaulted on its obligations, Infobae reveals. The liquidation
pronouncement will effectively place the Company's affairs as
well as its assets under the control of Ms. Elsa Taborcias, the
court-appointed trustee.

Ms. Taborcias will verify creditors' proofs of claim until March
21, 2006. The verified claims will serve as basis for the
individual reports. The trustee will also prepare the general
report on the Company's bankruptcy case. Dates for the
submission of the reports are yet to be determined.

CONTACT: World Telephony Advance WTA S.R.L.
         Roque Saenz Pena 628
         Buenos Aires

         Ms. Elsa Taborcias, Trustee
         Carlos Pellegrini 1063
         Buenos Aires



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

ALEA GROUP: A.M. Best Confirms AmTrust's Intent to Buy Rights
-------------------------------------------------------------
A.M. Best Co. acknowledges the recently announced intent of
AmTrust Financial Services, Inc. (AmTrust) (New York, NY) to
purchase renewal rights from Alea Group Holdings (Bermuda) Ltd.
(Alea), the specialty insurer and reinsurer, to certain portions
of U.S. primary program business written by Alea Alternative
Risk (AAR). Several operating subsidiaries, collective called
AmTrust Group, are currently rated A- (Excellent) with a stable
outlook.

The agreement provides AmTrust the rights to offer renewal
quotations on business currently existing with Alea, beginning
January 1, 2006. AmTrust anticipates selectively targeting
business that will be underwritten and rated in accordance with
AmTrust's current underwriting guidelines. For the full-year
2004, this business generated $216.3 million in gross premiums
written for Alea. The renewal rights purchase is subject to
regulatory approval.

While management has indicated that this business will expire
equitably throughout 2006, AmTrust is currently exploring
capital raising alternatives, allowing the organization to fully
support the additional written premium volume. If successful,
AmTrust management has indicated that the proceeds of the fund
raising transaction will be available to the insurance
operations during late January 2006.

A.M. Best will continue to monitor AmTrust's capital raising
initiatives, the groups overall financial strength as measured
by Best's Capital Adequacy Model (BCAR), and overall financial
leverage ratios to determine if this transaction can be absorbed
into the AmTrust organization while adhering to capital
requirements supportive of the current A.M. Best rating.

For Best's Ratings, an overview of the rating process and rating
methodologies, please visit www.ambest.com/ratings.

A.M. Best Co., established in 1899, is the world's oldest and
most authoritative insurance rating and information source. For
more information, visit A.M. Best's Web site at www.ambest.com.

CONTACTS: A.M. BEST CO.
          Public Relations:
          Jim Peavy
          Tel: 908-439-2200, ext. 5644
          E-mail: james.peavy@ambest.com

                       Or

          Rachelle Striegel
          Tel: 908-439-2200, ext. 5378
          E-mail: rachelle.striegel@ambest.com

                       Or

          Analyst: Gordon McLean
          Tel: 908-439-2200, ext. 5304
          E-mail: gordon.mclean@ambest.com



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

AMPLA: To Seek Other Buyers for Generation Assets
-------------------------------------------------
Rio de Janeiro-based power distributor Ampla cancelled a plan to
sell its generation assets to power group Arbeit, reports
Business News Americas. The decision follows a breakdown in
negotiations between the parties.

Reports have it that Arbeit had agreed to pay Ampla BRL180
million (US$82mn) for its generation assets with installed
capacity of 62MW.

Ampla, formerly known as Cerj, will now seek other buyers for
the said assets. The Company is moving ahead with the sale in
order to comply with recently implemented power sector
legislation requiring companies to separate generation and
distribution assets completely.

Privatized in 1996, Ampla has the exclusive concession to
deliver electricity until 2026 to 2.2 million consumers spread
out in 66 municipalities of the state of Rio de Janeiro (73% of
its territory). The Company's major shareholders are the
Endesa/Enersis group with 91.9% and Energias de Portugal S.A.
with 7.7%. In 2004, the Company distributed 7,292 megawatt-hours
to 2.1 million customers, representing a 2.4% share of Brazil's
electric distribution market.


BANCO BRADESCO: Rating Incorporates Exposure to Economic Risk
-------------------------------------------------------------
CREDIT RATING
  Local currency:  BBpi/--/--

Outstanding Rating(s)
  Counterparty Credit
  Local currency:  BBpi

Rationale

The rating on Bradesco incorporates its exposure to Brazil's
economic risk, including its investments in Brazilian government
securities through its marketable securities and open-market
operations; and the fairly higher operating costs and lower
generation of revenues from fees and commission as compared to
its major peer. The rating benefits from the bank's large scale
and position as leader in several segments of the Brazilian
banking sector-which helped the bank present a diversified
business profile; its strong franchise; and its adequate
earnings power.

The rating on Bradesco considers the bank's exposure to Brazil's
sovereign risk through its securities portfolio and open-market
operations, altogether equivalent to approximately 3.1x its
equity (based on consolidated figures), as well as the
challenging operating environment that all banks face in Brazil.

Bradesco is the largest private bank in Brazil by total assets,
deposits, and loans. The bank's strong business profile has
benefited from good diversification and scale of its operations.
In addition, the bank has been the leader in almost all its
product lines, including universal banking, insurance, and
pension plans.

As per Standard & Poor's Ratings Services' criteria, there has
been a decline in the quality of Bradesco's capital vis-a-vis
its peers due to the higher amount of goodwill in its asset base
and subordinated debt instruments, when compared to the bank's
Tier I capital. Nevertheless, Bradesco's regulatory capital
ratio is adequate by local standards, with a capital-to-risk-
weighted assets ratio of 15.5% for its consolidated economic
financial operations (above the local requirement of 11%).

Bradesco's profitability remains at good levels, with an
annualized ROA of 2.5% based on September 2005 consolidated
figures-adjusted for the extraordinary net result of Brazilian
reais (BrR) 215 million related to the sale of Belgo Mineira's
shares in first-quarter 2005. Bradesco's profitability has
benefited from the change in credit mix toward profitable
segments such as lending to individuals and small and midsize
companies and lower provisioning needs. Although we recognize
the bank's efforts in terms of cost control and cross selling,
there is space to improve the efficiency ratio even further and
increase generation of revenues from fees and commissions. The
ratios of noninterest expenses to revenues and fee income to
revenues reached 61% and 28.5%, respectively, in September 2005,
still high as compared to those of its major retail peer, Banco
Itau.

In the nine months ended September 2005, the bank increased its
total lending activities by 20%, being that loans to individuals
grew 44% and loans to small and midsize companies grew 15%.
Recent agreements by Bradesco with midsize banks specialized in
payroll discount and consumer finance loans and with retailers
helped the bank on the growth of its retail portfolio this year.
Credit quality has been adequately managed with the bank
presenting a nonperforming asset (NPAs; credits classified from
E to H)-to-total loans ratio of 4.9% in September 2005 and in
line to December 2004. The bank also had an above-market
coverage ratio of 126% in September 2005, given its strategy to
maintain more provisions than required by the regulation.

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

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

  
LIGHT SERVICOS: Asks Shareholders to Approve Spin Off
-----------------------------------------------------
Power provider Light is seeking approval from shareholders to
spin off its transmission and generation assets into a new
company called Light Energia, reports Business News Americas.

Light, which is controlled by France's state power company EDF,
is spinning off the assets in order to comply with legislation
requiring companies to separate distribution operations from
other power operations.

Light Energia would be controlled through the Light holding
company, which will also control power distribution operations
through a separate company known as Light Serivicoes de
Eletricidade.

Power regulator Aneel has set December 31 as the deadline for
Light to conclude the operation.

CONTACT:  LIGHT SERVICOS DE ELETRICIDADE S.A.
          Avenida Marechal Floriano, 168
          20080-002 Rio de Janeiro, Brazil
          Phone: +55-21-2211-2794
          Fax:   +55-21-2211-2993
          Home Page: http://www.lightrio.com.br
          Contact:
          Bo Gosta Kallstrand, Chairman
          Michel Gaillard, President and CEO
          Joel Nicolas, Executive Director, Operation
          Paulo Roberto Ribeiro Pinto, Executive Director,
                                 Investor Relations and CFO



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

ACHILLES LIMITED: To be Placed Into Voluntary Liquidation
---------------------------------------------------------
                     ACHILLES LIMITED
                (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of the abovementioned company at an
extraordinary general meeting held on 18 November 2005:

"THAT the company be placed into voluntary liquidation
forthwith;" and "THAT Alan Corkish be appointed liquidator, for
the purposes thereof."

Creditors of the company are to prove their debts or claims on
or before 29th December 2005, and to establish any title they
may have under the Companies Law (2004 Revision), or to be
excluded from the benefit of any distribution made before such
debts are proved or from objecting to the distribution.

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


ALKEON MARKET (MASTER): Taps Alkeon Capital as Liquidator
---------------------------------------------------------
             ALKEON MARKET NEUTRAL MASTER, LTD.
                 (In Voluntary Liquidation)
                 The Companies Law (Revised)

The following special resolution was passed by the shareholders
of the above-named company on 22nd December 2004:

THAT the Company be wound up voluntarily and that Alkeon Capital
Management LLC of 350 Madison Avenue, New York, NY 10017, U.S.A,
be appointed as liquidator for the purpose of the winding up of
the Company.

Creditors of this company are to prove their debts or claims by
or before 16th December 2005, and to establish any title they
may have under the Companies Law (Revised), or be excluded from
the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT:  OGIER
          On behalf of the Liquidator
          Contact for enquiries: Alric Lindsay
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986

          Address for service:
          c/o Ogier, PO Box 1234 GT
          Grand Cayman, Cayman Islands


ALKEON MARKET (OFFSHORE): Proof of Claims Due Dec. 16
-----------------------------------------------------
             ALKEON MARKET NEUTRAL OFFSHORE, LTD.
                  (In Voluntary Liquidation)
                  The Companies Law (Revised)

The following special resolution was passed by the sole
shareholder of the above-named company on 31st December 2003:

THAT the Company be wound up voluntarily and that Alkeon Capital
Management LLC of 350 Madison Avenue, New York, NY 10017, U.S.A,
be appointed as liquidator for the purpose of the winding up of
the Company.

Creditors of this company are to prove their debts or claims by
or before 16th December 2005, and to establish any title they
may have under the Companies Law (Revised), or be excluded from
the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT:  OGIER
          On behalf of the Liquidator
          Contact for enquiries: Alric Lindsay
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986

          Address for service:
          c/o Ogier, PO Box 1234 GT
          Grand Cayman, Cayman Islands


BRUSSEL LTD: Shareholder Resolves to Wind Up Company
----------------------------------------------------
                     BRUSSEL LTD.
               (In Voluntary Liquidation)
               The Companies Law (Revised)

The following special resolution was passed by the sole
shareholder of the above-named company on 1st November 2005.

THAT the Company be wound up voluntarily and that Luis Roberto
Barroso of Rue Itiquira 111, Leblon, Rio de Janeiro, Brazil, be
appointed as liquidator for the purpose of the winding up of the
Company.

Creditors of this company are to prove their debts or claims by
or before 16th December 2005, and to establish any title they
may have under the Companies Law (Revised), or be excluded from
the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT:  OGIER
          On behalf of the Liquidator
          Contact for enquiries: Alric Lindsay
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986

          Address for service:
          c/o Ogier, PO Box 1234 GT
          Grand Cayman, Cayman Islands


CHC INSURANCE: Shareholder Seeks Voluntary Liquidation
------------------------------------------------------
                CHC INSURANCE COMPANY LIMITED
                  (In Voluntary Liquidation)
                        (The "Company")
              The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of this Company on 7th November 2005:

THAT the Company be placed into voluntary liquidation forthwith;
and THAT Ian Wight and Stuart Sybersma of Deloitte be appointed
liquidators.

Creditors of the Company are to prove their debts or claims on
or before 12th January 2005, and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT:  STUART SYBERSMA
          Joint Voluntary Liquidator
          Contact for enquiries: Joshua Taylor, Deloitte
          P.O. Box 1787 GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258


EMERGING MARKETS: Proofs of Claim Due Dec. 29
---------------------------------------------
           EMERGING MARKETS (CAYMAN) III LTD.
              (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of the abovementioned company at an
extraordinary general meeting held on 18th November 2005:

THAT the company be placed into voluntary liquidation
forthwith;" and "THAT David Dyer be appointed liquidator, for
the purposes thereof.

Creditors of the company are to prove their debts or claims on
or before 29th December 2005, and to establish any title they
may have under the Companies Law (2004 Revision), or to be
excluded from the benefit of any distribution made before such
debts are proved or from objecting to the distribution.

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


HAWTHORNE MASTER: To be Placed Into Voluntary Liquidation
---------------------------------------------------------
               HAWTHORNE MASTER FUND, LTD
                (In Voluntary Liquidation)
             The Companies Law (2003 Revision)

TAKE NOTICE that the following special resolutions were passed
by the shareholders of the above-mentioned company at an
extraordinary meeting held on 16th November 2005.

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

Creditors of the company are to prove their debts or claims on
or before 26th December 2005, and to establish any title they
may have under the Companies Law (2003 Revision), or to be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

CONTACT:  CFS LIQUIDATORS LTD
          Contact for enquiries: Victor Murray
          Telephone: (345) 949 - 3977
          Facsimile: (345) 949 - 3877

          Address for service:
          CFS Liquidators Ltd.
          c/o Windward 1, Regatta Office Park
          West Bay Road, P.O. Box 31106 SMB
          Grand Cayman, Cayman Islands


IS A ROSE: Shareholder Decides on Voluntary Liquidation
-------------------------------------------------------
             IS A ROSE YACHTING SERVICES LTD.
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

The following written resolution was passed by the sole
shareholder of this company on 6th October 2005:

THAT the Company be wound-up voluntarily and that David A.K.
Walker and Lawrence Edwards of PricewaterhouseCoopers,
Strathvale House, George Town, Grand Cayman, Cayman Islands, be
and are hereby appointed Joint Liquidators for the purposes of
winding-up the Company and that either of them shall have the
power to act alone in the winding-up.

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

CONTACT:  LAWRENCE EDWARDS
          Joint Voluntary Liquidator
          Contact for Enquiries: Jodi Smith
          Telephone: (345) 914 8694
          Facsimile: (345) 949 4590
          Address for Service:
          PO Box 219GT, Grand Cayman, Cayman Islands


JHFC AUTO: Creditors Have Until Dec. 29 to Prove Claims
-------------------------------------------------------
              JHFC AUTO LOAN FUNDING CORP.
              (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of the abovementioned company at an
extraordinary general meeting held on 18th November 2005:

THAT the company be placed into voluntary liquidation
forthwith;" and "THAT David Dyer be appointed liquidator, for
the purposes thereof.

Creditors of the company are to prove their debts or claims on
or before 29th December 2005, and to establish any title they
may have under the Companies Law (2004 Revision), or to be
excluded from the benefit of any distribution made before such
debts are proved or from objecting to the distribution.

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


J-SHOP CORP.: Creditors to Prove Claims On or Before Dec. 30
------------------------------------------------------------
                         J-Shop Corp. III
                    (In Voluntary Liquidation)
                 THE COMPANIES LAW (2004 REVISION)

The following special resolution was passed by the shareholder
of J-Shop Corp. III at an extraordinary general meeting of the
shareholder held on November 15, 2005.

THAT the Company be voluntarily wound up and that Janet Crawshaw
and Jamal Young be and are hereby appointed as liquidators of
the Company for the purpose of winding up the
Company.

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

CONTACT:  Ms. Janet Crawshaw and Mr. Jamal Young
          Joint Voluntary Liquidators
          Marguerite Britton
          P.O. Box 1109GT, George Town
          Grand Cayman, Cayman Islands
          Telephone: (345) 949-7755
          Facsimile: (345) 949-7634


KENMAR GLOBAL: Appoints Liquidators for Wind Up
-----------------------------------------------
                Kenmar Global Equity Fund Limited
                   (In Voluntary Liquidation)
                   Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
shareholders of the Company by written resolution dated November
7, 2005:

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

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

Date of Publication: November 16, 2005

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


LUKOIL CAYMAN: Shareholders Resolve to Liquidate
------------------------------------------------
                  Lukoil Cayman Trading, Ltd.
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Lukoil Cayman Trading, Ltd. at an extraordinary general
meeting held on November 12, 2005:

"RESOLVED that the Company be placed into Voluntary Liquidation
and that Yelena Bitman of Getty Petroleum Marketing Inc. be
appointed Liquidator for the purpose of such winding-up."

Creditors of the Company are to prove their debts or claims on
or before December 19, 2005, and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT: Ms. Yelena Bitman, Voluntary Liquidator
         Sydney J. Coleman
         P.O. Box 1111GT, Grand Cayman
         Cayman Islands
         Telephone: 949 5122
         Facsimile: 949 7920


MOMENTA (CAYMAN): To be Placed into Voluntary Liquidation
---------------------------------------------------------
                        Momenta (Cayman)
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of Momenta (Cayman) at an extraordinary
general meeting held on November 18, 2005:

THAT the Company be placed into voluntary liquidation
forthwith;" and THAT Alan Corkish be appointed liquidator, for
the purposes thereof.

Creditors of the Company are to prove their debts or claims on
or before December 29, 2005, and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

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


OLD SOUTH: To be Wound Up Voluntarily
-------------------------------------
              Old South Security Life Insurance Co.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

The following special resolution was passed by the shareholder
of Old South Security Life Insurance Co. at an extraordinary
general meeting held on November 9, 2005:

THAT the Company be voluntarily wound up and that Tom O'Donnell
be appointed as liquidator of the Company for that purpose.

Creditors of the Company are to prove their debts or claims, and
to establish any title they may have under the Companies law
(2004 Revision) on or before December 28, 2005, or be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT: Mr. Tom O'Donnell, Voluntary Liquidator
         c/o Linda Haddleton
         P.O. Box 1109, George Town
         Grand Cayman, Cayman Islands
         Telephone: 949-7755
         Facsimile: 949-6021/949-7634


PHINEUS AGORA: To Liquidate Assets Voluntarily
----------------------------------------------
             Phineus Agora Offshore Fund, Ltd.
                (In Voluntary Liquidation)
              The Companies Law (As Revised)

TAKE NOTICE that the following special resolutions were passed
by the shareholders of Phineus Agora Offshore Fund, Ltd. at an
extraordinary meeting held on November 17, 2005:

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

Creditors of the Company are to prove their debts or claims on
or before December 28, 2005, and to establish any title they may
have under the Companies Law (2003 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT: CFS Liquidators Ltd, 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


QUEROS LTD: Claims Verification to Close Dec. 28
------------------------------------------------
                        Queros Ltd
                 (In Voluntary Liquidation)
              The Companies Law (2003 Revision)

TAKE NOTICE that the following special resolutions were passed
by the shareholders of Queros Ltd at an extraordinary meeting
held on November 16, 2005.

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

Creditors of the Company are to prove their debts or claims on
or before December 28, 2005, and to establish any title they may
have under the Companies Law (2003 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

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


SOUTH DOWN: Condor Nominees to Validate Creditors' Claims
---------------------------------------------------------
               South Down Investments Limited

                           Notice

NOTICE is hereby given that the shareholders of South Down
Investments Limited passed the following resolution on November
17, 2005:

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

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

CONTACT: Condor Nominees Limited, Voluntary Liquidator
         Nigel Sanders
         P.O. Box 265GT, Walker House, Mary Street
         Grand Cayman
         Telephone: (345) 914 4203
         Facsimile: (345) 814 8203


THE UNIFUND BRAZILIAN: Proof of Claims Due Dec. 29
--------------------------------------------------
             THE UNIFUND BRAZILIAN EQUITIES LTD.
                 (In Voluntary Liquidation)
                The Companies Law (Revised)

The following special resolution was passed by the shareholders
of the above-named company with effect as at 28th November 2005:

IT WAS RESOLVED as a special resolution that the company be
wound-up voluntarily and that that Alfredo Schiavo of Uni-
Investment International Corp., be and is hereby appointed
liquidator for the purpose of winding up the Company.

Creditors of this company are to prove their debts or claims on
or before 29th December 2005, and to establish any title they
may have under the Companies Law (Revised), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT:  OGIER
          On behalf of the Liquidator
          Contact for enquiries: Glenn Kennedy
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1987
          Address for Service:
          P.O. Box 1234 GT, Grand Cayman


THE WIMBLEDON: Liquidators Selected to Supervise Wind Up
--------------------------------------------------------
               The Wimbledon Diversified Fund Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of The Wimbledon Diversified Fund Ltd.
on November 16, 2005:

THAT the Company be placed into voluntary liquidation forthwith;
and THAT Ian Wight and Stuart Sybersma of Deloitte be appointed
liquidators.

Creditors of the Company are to prove their debts or claims on
or before January 12, 2006, and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

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


TOLL CI: Appoints Westport Services as Liquidator
-------------------------------------------------
                        Toll CI Limited
                  (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Toll CI Limited at an extraordinary general meeting held on
November 17, 2005:

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

Creditors of the Company are to prove their debts or claims on
or before December 19, 2005, and to establish any title they may
have under the Companies Law (2004 Revision), or be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT: Westport Services Ltd., Voluntary Liquidator
         Allison Lovinggood-Jackson
         P.O. Box 1111, Grand Cayman, Cayman Islands
         Telephone: 345 949 5122
         Facsimile: 345 949 7920
     


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

AVIANCA: Synergy Takes Full Ownership of Airline
------------------------------------------------
Brazil's Synergy Group now owns 100% of Colombian airline
Avianca, according to Dow Jones Newswires.  

The Brazilian group, led by entrepreneur German Efromovich, has
acquired Colombian National Federation of Coffee Growers'
(Fedecafe) 25% stake in Avianca for US$23 million. Fedecafe
president Gabriel Silva said Synergy will pay in monthly
installments.

Synergy acquired 75% stake of Avianca last year after agreeing
to inject US$63 million of fresh capital and assuming nearly
$220 million of debt. The operation pulled Avianca out of U.S.
bankruptcy protection.


PAZ DEL RIO: Creates Fund to Ensure Pension Payments for 2 Years
----------------------------------------------------------------
Steelmaker Acerias Paz del Rio (APR) has set up a fund to
guarantee payment of approximately COP57 billion (US$25 million)
in pensions. The funds, according to Business News Americas
report, will pay pensions for two years.

CEO Gilberto Gomez Arango revealed that it took APR several
months to transfer a series of goods and cash in order to
support the pension payments.

APR, which is currently executing an industrial restructuring
plan, has a 14% market share in the domestic steel market and
accounts for 30% of domestic production. The Company is
headquartered in the town of Belencito in central Boyaca
department.

CONTACT: Acerias Paz Del Rio S.A.
         CARRERA 8A, N 13-31, PISOS 7-11
         4260 - Bogota
         Colombia
         Phone: +57 1 3411570
                +57 1 2823480



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

AES DOMINICANA: S&P Assigns `B-' to $160M Bonds
-----------------------------------------------
Standard & Poor's Ratings Services has assigned its 'B-' rating
to AES Dominicana Energia Finance S.A.'s $160 million senior
notes due 2015. The outlook is stable.

AES Dominicana is a special purpose financing entity that will
issue the bonds and on-lend the funds to its parent AES Andres
B.V. to repay with AES Andres' loan facility, for working
capital, and to return a $26 million security deposit to
Dominican Power Partners (DPP), which in turn will repay its
loan facility.

AES Dominicana manages two of The AES Corp.'s (B+/Positive/--)
wholly owned generating facilities, Andres and DPP.

"The stable outlook reflects that of the Dominican Republic and
AES Dominicana's improved prospects given improved conditions in
the Dominican electric sector," said Standard & Poor's credit
analyst Scott Taylor.

The rating is capped by and highly dependent on the rating of
the Dominican Republic.

Incorporated in the Netherlands, Andres owns a 304 MW gas-fired
combined-cycle plant located outside of Santo Domingo. The
facility also includes an liquefied natural gas regasification
terminal.

DPP is incorporated under the laws of the Cayman Islands, and it
owns two open cycle gas turbines of 118 MW each, Los Mina V and
Los Mina VI.

Primary Credit Analyst: Scott Taylor, New York (1) 212-438-2057;
scott_taylor@standardandpoors.com



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

ASARCO: Court Okays Lehman Brothers as Financial Advisor
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas in  
Corpus Christi gave ASARCO LLC permission to employ Lehman
Brothers Inc. as its financial advisor and investment banker
under the terms of an engagement letter entered into between the
parties.

As previously reported in the Troubled Company Reporter on Sept.
28, 2005, pursuant to the Engagement Letter, dated Aug. 30,
2005, ASARCO employed Lehman Brothers to provide financial
advisory and investment banking services in connection with the
assessment of the Debtor's financial restructuring or other
strategic alternatives, and ASARCO's financial restructuring,
which includes the plan of reorganization process and a possible
sale, merger, consolidation or other transaction involving the
transfer of ASARCO's business, assets or equity interests.

ASARCO will pay Lehman Brothers in accordance with these terms:

  (1) Commencing as of Aug. 30, 2005, and ending as of the
      termination of the firm's engagement, Lehman Brothers will
      be entitled to receive a monthly cash fee.  The Advisory
      Fee is equal to $100,000 per month, payable in advance
      upon execution of the Engagement Letter and on the first
      day of each succeeding month for 24 months.  Thereafter,
      the Advisory Fee will be reduced to $75,000 per month.

      If Lehman Brothers' engagement is terminated, the firm
      will be entitled to any Advisory Fees that are due and
      owing as of the effective date of the termination.
      However, in the event Lehman Brothers will terminate the
      Engagement Letter, the Advisory Fee will be pro-rated for
      any incomplete monthly period of service, in which case
      the firm agrees to promptly reimburse ASARCO for any
      portion of an Advisory Fee paid to Lehman Brothers that is
      in excess of the pro-rated amount of the Advisory Fee to
      which Lehman would be entitled for an incomplete monthly
      period of service.

  (2) If (i) a Sale Transaction occurs pursuant to which less
      than all of ASARCO's assets are sold or transferred, or
      (ii) an agreement is entered into that subsequently
      results in a Partial Assets Sale Transaction either during
      the term of Lehman Brothers' engagement or at any time
      during a period of 12 months following the effective date
      of termination of Lehman Brothers' engagement, other than
      termination as a result of Lehman Brothers' material
      breach, gross negligence or willful misconduct, ASARCO
      will pay Lehman Brothers a fee equal to 1% of the
      transaction value, payable in cash on the closing date of
      the Partial Assets Sale Transaction.

  (3) If (i) a Sale Transaction occurs pursuant to which all or
      substantially all of the assets of the company are sold or
      transferred, or (ii) an agreement is entered into that
      subsequently results in a Sale of All Assets either during
      the term of Lehman Brothers' engagement or at any time
      during the 12-month period following the effective date of
      termination, other than termination as a result of Lehman
      Brothers' material breach, gross negligence or willful
      misconduct, the company will pay Lehman Brothers a fee
      equal to 1% of the transaction value, payable in cash on
      the closing date of the Sale of All Assets, provided,
      however, that the Sale Transaction Fee will not exceed
      $4 million.

  (4) If a restructuring effective date occurs during the term
      of Lehman Brothers' engagement or at any time during the
      12-month Tail Period, ASARCO will pay Lehman Brothers a
      $4 million fee, payable in cash on the Restructuring
      Effective Date.

  (5) All Advisory Fees paid, for up to 24 months, and 50% of
      all Advisory Fees paid subsequently, will be creditable
      against any Sale Transaction Fee or any Restructuring
      Transaction Fee paid or payable to Lehman Brothers.  Any
      Sale Transaction Fee paid to Lehman Brothers in a Partial
      Assets Sale or a Sale of All Assets will be creditable
      against the Restructuring Transaction Fee paid to Lehman
      Brothers.  However, in the case of a Partial Assets Sale
      Transaction, only 50% of the Sale Transaction Fee will be
      creditable against any Restructuring Transaction Fee paid
      to Lehman Brothers.

                          Court Ruling

The Court authorizes ASARCO LLC to indemnify Lehman Brothers
Inc. for any claim related to the firm's financial advisory
services.  The Debtors will have no obligation to indemnify
Lehman Brothers or provide contribution or reimbursement for any
claim or expense that is either (i) judicially determined to
have arisen solely from or (ii) settled prior to a judicial
determination as to Lehman Brother's gross negligence, willful
misconduct, bad faith or fraud.

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).


BALLY TOTAL: Posts Nine-Month Net Profit of $1.8M  
-------------------------------------------------
Bally Total Fitness Corporation (NYSE:BFT) the leading operator
and provider of health and fitness clubs, products and services,
today announced financial results for the nine months ended
September 30, 2005 and the year-ended December 31, 2004. The
Company also completed restatements for years 2000 through 2003.
With today's filings, Bally is current with its federal
securities filing and bond indenture requirements.

Paul Toback, Chairman and Chief Executive officer, said, "Our
financial results for the past 21 months reflect our monumental
undertaking in literally transforming our entire company,
including putting a new management team in place, revamping our
financial organization, changing our accounting, implementing
strategic initiatives and creating and introducing a new
business model that we believe should continue to improve the
financial performance and returns of Bally Total Fitness.

"We're also gratified to have completed the arduous and
demanding task of restating our financial results. I
specifically want to thank our employees, whose focus, energy
and time were taxed with this burden, yet they never took their
focus off our primary goal of ensuring the continued improvement
of operations in order to enhance shareholder value."

Mr. Toback added, "We're pleased that results for the first nine
months of 2005 and the year-end 2004 show revenue and operating
income improvement. These results reflect the initial impact of
our growth initiatives - including new membership sales
strategies such as our Build Your Own Membership Plan and our
Family-add-on program, further emphasis on add-on services such
as personal training, and a renewed focus on customer service to
improve member retention - as well as stricter expense
management."

Nine-Month 2005 Financial Results

For the first nine months of 2005, net revenues were up 2.3
percent to $807.5 million, compared with $789.3 million for the
same period in 2004. The increase was driven by a 2 percent
increase in average monthly revenue recognized per member to
$19.70 in the 2005 period. A 4 percent increase in personal
training revenue also contributed to the improvement in
revenues.

For the 2005 nine-month period, operating income grew 70 percent
to $61.7 million compared with the 2004 period operating income
of $36.4 million, reflecting the Company's continued focus on
revenue growth and expense management. For same period,
operating expenses as a percentage of revenues were down 3
percent, primarily at the club level, compared with 2004. The
operating income growth occurred despite an increase in general
and administrative expenses of $9.9 million that included a $6
million charge related to the accelerated vesting of 1.6 million
shares of restricted stock resulting from a change of control
under the Company's 1996 Long-Term Incentive and Inducement
Plans. Because the Company has been in a quiet period resulting
from not filing financial statements since May 2004, it is now
possible that some members of management may decide to sell
certain holdings of Company stock in connection with personal
tax planning or diversification determinations.

The Company reported net income of $1.8 million, or $0.05 per
share, for the nine months ended September 30, 2005 versus net
losses of $13.3 million and $19.6 million, or a loss of $0.40
and $0.60 per share, for 2004 and 2003, respectively.

For the nine months ended September 30, 2005, new joining
members were up 4.4 percent compared to the prior year period.
The total number of members at September 30, 2005 was 3.676
million, down less than 1 percent from the prior year,
reflecting a growing percentage of new members joining on a pay-
as-you-go basis and the lower retention rate of those members.
This member count and comparison to the prior year reflects the
Company's current definition of membership, which includes
members whose balances are past due by up to 90 days. The
Company's previous definition included past due accounts of up
to 180 days. The current definition reflects the results of
management's analysis to better understand collection trends by
member classification. These results indicated that members with
accounts more than 90 days past due were not likely to become
current and are therefore excluded from our member statistics.

Third-Quarter 2005 Financial Results

For the third quarter ended September 30, 2005, net revenues
were $261.8 million, down slightly from $264.8 million a year
ago, primarily as a result of a 2 percent decline in membership
revenue based on a 1 percent decrease in the average number of
members in the 2005 quarter, as well as a 1 percent decrease in
average revenue per member. This was offset, in part, by
continued growth in personal training revenue, up 6 percent in
the quarter, versus the same period a year ago.

Operating income for the third quarter was $18.8 million versus
$23.0 million in 2004, primarily reflecting write-downs of
retail inventory increased, information technology expenses, and
an increase of $3.0 million in costs incurred in connection with
the restatements and related investigations and litigation.
Membership services expense continued on a positive trend, down
1.5 percent from 2004. The company reported a net loss for the
quarter of $1.6 million, or a loss of $0.05 per share, compared
with net income of $6.8 million, or $0.21 per share in 2004.

Commenting on the quarter, Mr. Toback said, "Our stringent focus
on cost management in the third quarter was, unfortunately, more
than offset by a number of costs associated with investing in
information technology upgrades and all of the costs associated
with restating our financials and complying with the Sarbanes-
Oxley Act. Flat revenue for the period reflects the transitional
effects on our business model of our new initiatives. However,
we believe as our new marketing campaign kicks off and improved
service takes hold throughout the clubs, customer satisfaction
and retention will improve, as will customer referrals from
existing members, driving future revenue growth and, ultimately,
greater profitability."

Mr. Toback continued, "While total membership is up only
slightly from the beginning of the year, we're encouraged by
early indications of our new initiatives, which we believe are
beginning to gain traction. Our consumer-friendly Build Your Own
Membership program was introduced in smaller markets during the
first half of the year, with rollout in larger markets, such as
Chicago, Los Angeles, and New York, from August through October.
As a result, the expected impact of this new initiative in our
largest markets is not yet reflected in these numbers. Improving
our membership retention is a top priority and we remain
squarely focused on initiatives to achieve this goal."

Cash and Liquidity

As of November 30, 2005, Bally had $40 million of borrowings and
$13.9 million in letters of credit outstanding under its $100
million revolving credit facility. As of September 30, 2005,
Bally had $20 million of borrowings and $13.9 million in letters
of credit issued under its $100 million revolving credit
facility.

Beginning in August 2005, the Company drew more heavily on its
revolving credit facility. This utilization is primarily related
to the $14.9 million payment arising out of an arbitration
dispute with Household Credit, $8.0 million paid for consents to
bondholders and banks relating to extending financial reporting
deadlines, $3.5 million paid to professional advisors in
connection with the restatements, and the October 17, 2005
interest payment on the 9 7/8% Senior Subordinated Notes.

2004 Vs. Restated 2003 Financial Results

For the year ended December 31, 2004, net revenues, bolstered by
record memberships sold and record personal training revenue,
were $1,048.0 million, up 4.5 percent, compared with restated
net revenues of $1,002.9 million in 2003, which included a one-
time revenue increase of $11 million from the sales of written-
off accounts. During 2004, average monthly membership revenue
recognized per member was relatively stable at $19.17 versus
$19.11 in the prior-year period. The average number of monthly
members grew 2 percent to 3.697 million, compared with 3.622
million average monthly members in 2003. The Company also saw a
significant increase in personal training revenue, up 26
percent.

Operating income in 2004 was $38.2 million, up $77.1 million
from a 2003 restated operating loss of $38.9 million. The
operating income improvement is the result of the aforementioned
$45.1 million increase in revenue as well as a $58.9 million
decrease in impairment charges against long-lived assets and
goodwill.

Also, in 2004 operating income before non-cash impairment
charges of $15.2 million was $53.4 million, up 52 percent
compared with the prior year. Impairment charges of $74.1
million in 2003 were primarily related to the Company's Crunch
Fitness division acquired in December 2001. The Company believes
this non-GAAP financial metric more accurately reflects results
of operations in 2004 compared to the prior year because of the
significant non-cash impairment charges that occurred in 2003.
The Company reported a lower net loss of $30.3 million, or $0.92
per share, for the year-end 2004 compared with a restated 2003
net loss of $106.0 million, or $3.24 per share.

In 2004, the Company had record numbers of new joining members,
up 21 percent compared with 2003. New memberships sold in 2004
were also significantly higher, up 6.3 percent versus 2003. The
total number of members at year-end 2004 was 3.645 million
versus 3.616 million in 2003, with both member counts now
reflecting the stricter delinquency period for inclusion, as
explained earlier.

Strategic Initiative

The Company also announced today its Board of Directors has
retained J.P. Morgan Securities Inc., to explore a range of
strategic alternatives to enhance shareholder value. Such
alternatives may include, but are not limited to, a
recapitalization, the sale of securities or assets of the
Company or the sale or merger of Bally Total Fitness with
another entity or strategic partner. J.P. Morgan Securities
Inc., will work in collaboration with The Blackstone Group,
which has been advising Bally for the past 10 months, in
providing strategic advisory services to the Company. Bally
Total Fitness said there can be no assurances that any
transaction will occur.

Restated 2003 and 2002 Results

The Company also completed its restatement of historical results
for years 2000 through 2003, which reflects the correction of
numerous errors in our previous financial accounting and
reporting. The more than two-dozen restatement items included
corrections related to the recognition of revenue, valuation
adjustments of long-lived assets and goodwill and other
intangible assets, lease accounting and income taxes.

These restatement adjustments resulted in an increase in
previously reported net loss of approximately $96.4 million for
the year ended December 31, 2002 and a decrease of $540 million
in net loss for the year ended December 31, 2003. The decrease
in 2003 reported net loss includes the reversal of the
cumulative effect of a change in accounting previously reported
in 2003 of $581 million. The Company also increased the January
1, 2002 opening accumulated stockholders' deficit by $1.7
billion to recognize the effects of corrections in financial
statements prior to 2002.

For a comparison of restated and previously reported results,
see the Company's Annual Report on Form 10-K, which has been
filed with the SEC.

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

To see financial highlights:
http://bankrupt.com/misc/BALLY_TOTAL.htm

CONTACT: Bally Total Fitness Corporation
         Janine Warell (Investors)
         Phone: 773-864-6897
                      or
         Matt Messinger (Media)
         Phone: 773-864-6850

         URL: www.ballyfitness.com


BALLY TOTAL: Retains J.P. Morgan to Explore Strategic Options
-------------------------------------------------------------
Bally Total Fitness Holding Corporation (NYSE:BFT) Wednesday
announced that its Board of Directors has retained J.P. Morgan
Securities Inc. to explore a range of strategic alternatives to
enhance shareholder value. Such alternatives may include, but
are not limited to, a recapitalization, the sale of securities
or assets of the Company or the sale or merger of Bally Total
Fitness with another entity or strategic partner. J.P. Morgan
will work in collaboration with The Blackstone Group, which has
been advising Bally for the past ten months, in providing
strategic advisory services to the company.

Bally Total Fitness said there can be no assurance that any
transaction will occur or, if one is undertaken, its terms or
timing.sa

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

CONTACT: Bally Total Fitness
         Janine Warell (Investors)
         Phone: 773-864-6897
                    or
         Matt Messinger (Media)
         Phone: 773-864-6850


DESC: Resolves to Carry Out Restructuring of Shares
---------------------------------------------------
The General Ordinary and Extraordinary Shareholders Meeting of
DESC, S.A. de C.V. (DESC or the Company), held on November 16,
2005, resolved to carry out a restructuring of the shares
representing its capital stock through a "reverse stock split",
in order that the Company exchange one new share for delivery
and cancellation of every five shares currently outstanding for
the persons who are shareholders in the Company at the time of
the corresponding exchange.

In the case of share fractions that may result from said
exchange, it was resolved to repay in cash the amount of said
fractions, based on the closing price for the Series "A" or
Series "B" shares in DESC, as applicable, reported by the Bolsa
Mexicana de Valores, S.A. de C.V., on December 2, 2005. Payment
shall be made the day of the corresponding exchange through S.D.
Indeval, S.A. de C.V., Institucion para el Deposito de Valores,
except in the case of persons who physically hold their shares.

The exchange shall be done from December 7, 2005. The Company
shall directly exchange the currently outstanding certificates
with coupon 21 and following numbers, deposited with S.D.
Indeval, S.A. de C.V., Institucion para el Deposito de Valores,
except in the case of persons who physically hold their shares.
For shareholders who physically hold their stock certificates,
the exchange thereof and, as applicable, payment for share
fractions, will be done against delivery of the currently
outstanding certificates with coupon 21 and following numbers,
during business hours on business days at the Company Treasury
located at Paseo de los Tamarindos 400B, piso 27, Col. Bosques
de la Lomas, Mexico, Distrito Federal.

Notwithstanding the date established therefore, the Company will
continue to exchange stock certificates as they are presented to
the Company Treasury within the period established by Article
1045 of the Commercial Code.

CONTACT: Grupo DESC, S.A. de C.V.
         In Mexico
         Marisol Vazquez-Mellado
         Jorge Padilla
         Phone: (5255) 5261-8044
         E-mail: ir@desc.com.mx

         In the U.S.
         Maria Barona
         Melanie Carpenter
         Phone: 212-406-3690
         E-mail: desc@i-advize.com

         URL: www.desc.com.mx


HYLSAMEX: To Merge Main Units, Galvak Under Hylsa Group
-------------------------------------------------------
Steelmaker Hylsamex will merge its main subsidiaries and
affiliate Galvak under the Hylsa group this week to simplify the
Company's administration process to comply with its new role in
the Ternium group.

According to Business News Americas, the main subsidiaries that
are to be included in the merger are rebar and wire rod
producers Hylsa Norte and Hylsa Puebla and traders Aceros
Prosima and Aceros Masa.

Techint recently announced the creation of steelmaking group
Ternium, which includes Hylsamex, Argentina's Siderar and
Venezuela's Sidor.


INDUSTRIAS UNIDAS: Ratings Reflect Tight Liquidity
--------------------------------------------------
Rationale

The ratings assigned to Industrias Unidas S.A. de C.V. (IUSA)
reflect the inherent cyclicality of the construction industry,
the company's high leverage, commodity price volatility,
competitive pressure on core products and markets, tight
liquidity, and low operational margins. These factors are
partially offset by the company's leading market positions in
Mexico and the U.S., product mix, and some geographic
diversification in the manufacturing and distribution of copper
tubing, copper-alloy products, valves, controls, watt-hour
meters, wire and cable, and electrical devices.

IUSA is one of Mexico's largest diversified industrial
companies, offering a large variety of products through
integrated manufacturing and distribution operations located
principally in Mexico and the U.S. The company's operations are
conducted by seven principal business groups: copper tubing,
wire and cable, copper alloys, electrical products, watt-hour
meters, valves and controls, and diversified assets group.

Although the group's performance in the third quarter showed
improvement, driven by a more disciplined commercial strategy
that aims to preserve the group's market share, financial ratios
for the trailing 12 months ended Sept. 30, 2005, continue to
compare unfavorably to those posted by year-end 2004. During the
aforementioned period, IUSA posted EBITDA interest coverage,
total debt/EBITDA, and FFO/total debt ratios of 1.5x, 6.1x and
2.5%, respectively. Including working capital facilities (from
Maple Trade Finance and Gerald Metals), total debt-to-EBITDA and
FFO/total debt ratios stand at about 8.3x and 2.0%,
respectively. Notwithstanding the improvements in profitability
due to a more disciplined commercial strategy, pricing pressure,
particularly in the U.S., and higher copper prices (that have
led to margin pressures in the past and demand higher working
capital investments) could lead to renewed weakness in the
issuer's operating performance.

Liquidity

IUSA's liquidity is tight. As of September 30, 2005, the company
had about $19 million in cash and equivalents, which compares
unfavorably to debt maturities of $153 million (including $67
million under its euro CP program) during the next 12 months.
Nevertheless, the group refinancing efforts, and to a lesser
extent its cash balances, have enabled it to meet debt
maturities as they come due during the year. In light of the
aforementioned, and the group's commitment to maintaining a
disciplined commercial strategy, we expect that it will continue
to meet its debt maturities and obtain waivers under its credit
facilities.

Free operating cash flow generation has historically been weak,
as evidenced by the negative free operating cash flow posted in
2004 and year-to-date, which highlights the need to obtain long-
term financing to improve the company's debt maturity schedule
to reduce its refinancing risk, particularly of its CP program,
and to free liens, which also limits the company's liquidity. We
also anticipate that the company will seek to resume its
refinancing plans.

Primary Credit Analyst: Jose Coballasi, Mexico City
(52)55-5081-4414; jose_coballasi@standardandpoors.com

Secondary Credit Analyst: Juan P Becerra, Mexico City
(52) 55-5081-4416


METALFORMING TECHNOLOGIES: Panel Wants Hanify & King as Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in Metalforming
Metalforming Technologies, Inc., and its debtor-affiliates'
chapter 11 cases asks the U.S. Bankruptcy Court for the District
of Delaware for permission to employ Hanify and King, P.C. as
its special litigation counsel, nunc pro tunc to Sept. 23, 2005.

Hanify and King will be the Committee's special litigation
counsel in connection with the investigation and prosecution of
claims that the Debtors' estates may have against the Debtors'
pre-petition lenders, directors, officers or shareholders.

Charles R. Bennett, Jr., Esq., a partner at Hanify and King,
discloses that he bills $475 per hour for his services.  The
Firm's other professionals bill:

    Professional                    Designation      Hourly Rate
    ------------                    -----------      -----------
    Harold B. Murphy, Esq.          Partner             $475
    Kathleen E. Cross, Esq.         Partner             $375
    Jeffrey J. Upton, Esq.          Partner             $400
    Andrew G. Lizotte, Esq.         Partner             $375
    Christopher M. Morrison, Esq.   Associate           $260
    Natalie Wong-Brink, Esq.        Associate           $250
    Tracy L. Wilson                 Paralegal           $140

Mr. Bennett assures the Court that the Firm is a disinterested
person as that term is defined in Section 101(14) of the
Bankruptcy Code.  

Headquartered in Chicago, Illinois, Metalforming Technologies,
Inc., and its debtor-affiliates manufacture seating components,
stamped and welded powertrain components, closure systems,
airbag housings and charge air tubing assemblies for automobiles
and light trucks.  The Company and eight of its affiliates filed
for chapter 11 protection on June 16, 2005 (Bankr. D. Del. Case
Nos. 05-11697 through 05-11705).  Joel A. Waite, Esq., Robert S.
Brady, Esq., and Sean Matthew Beach, Esq., at Young Conaway
Stargatt & Taylor, represent the Debtors in their restructuring
efforts.  As of May 1, 2005, the Debtors reported $108 million
in total assets and $111 million in total debts.


MEXICANA: Cintra Accepts Posadas' $1.46B Offer for Airline
----------------------------------------------------------
Government-run airline holding company Cintra SA has accepted a
US$165.5-million cash offer from hotel chain Grupo Posadas SA
for Mexicana, the country's second-biggest airline.

Besides the cash offer, Posadas also agreed to incur US$294
million in debt and pay US$997 million for Mexicana's fleet of
airplanes, pushing the total value of the deal up to US$1.46
billion.

Shareholders are due to meet Dec. 16 to vote on the Posadas
offer, which was well above the base price set for the sale.
Cintra hopes to close the deal by the third week of December.
Credit Suisse First Boston (CSF.YY) managed the sale.

Meanwhile, Cintra said it has maintained control of the other
airline it sought to privatize, AeroMexico, because the offer
from the sole bidder left in the process was too low.

The holding company had wanted to sell both airlines together,
but now plans to sell Aeromexico early next year.

Posadas and Grupo Xtra, the holding company for pharmaceutical
distributor Grupo Casa Saba SA, both offered to buy 100% of
Mexicana. Posadas also put up an offer to purchase 75% of
AeroMexico, while Xtra tried to buy that carrier in full.

Cintra said it preferred to take the Posadas offer for Mexicana
so that it could unload an entire carrier, and toss the less
favorable bids for AeroMexico.

The hotel group will also take a 50% stake in Cintra's ground
services unit, cargo division, personnel training unit, and
other airline services.


SOAPAP: Debt Situation Affecting State's Finances
-------------------------------------------------
The escalating debts of Puebla water and sewerage utility Soapap
will continue to be a state burden in the next 15 years if the
utility's finances will not be overhauled, according to Soapap
head Francisco Palomino.

Business News Americas reports that Soapap owes private bank
Banco de Bajio MXN1.5 billion. Soapap, however, has only been
able to contribute MXN2 million - MXN5 million each month to pay
the monthly dues, forcing the state finance ministry to pay the
remainder, at some MXN13 million, Palomino revealed.

As a result, Soapap has run up a debt of MXN156 million with the
state finance ministry for this year alone.

Of the budget assigned to Soapap for 2005, MXN72 million were
designated to pay salaries and gasoline costs, while another
MXN112 million a year must be paid to the state-owned
electricity company CFE to cover power costs.

The utility has found it difficult to collect accounts
receivable and has a portfolio of uncollected debts exceeding
MXN1.2 billion, state finance secretary Gerardo Perez said in
August.



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

WILLBROS GROUP: Receives Waiver, Reactivates Credit Facility
------------------------------------------------------------
Willbros Group, Inc. (NYSE: WG - News) has entered into an
Amendment and Waiver Agreement ("Amendment") with its syndicated
bank group led by Calyon Corporate and Investment Bank to waive
its non-compliance with certain financial and non- financial
covenants. The Amendment provides for the following:

-  The facility will be available immediately for the issuance
   of letters of credit and for cash borrowings.

-  The total amount of the facility remains $100 million to
   reflect the anticipated utilization of the facility.

-  Certain financial covenants and reporting obligations were
   waived and/or modified to reflect the Company's current and
   anticipated operating performance.

-  The maximum cash borrowings allowed under the amended
   facility are $30 million and the maximum letter of credit
   obligations are $70 million.  All cash borrowings have a
   maturity date of May 23, 2006.

The overall facility is scheduled to mature on March 12, 2007.
However, The Company anticipates negotiating a new credit
facility in the first quarter of 2006. The Company has
historically put a new credit facility in place approximately a
year ahead of the maturity of the existing facility due to the
nature and extended term of the letters of credit it is required
to issue in connection with its construction and EPC projects.

Willbros Group, Inc. is a leading independent contractor serving
the oil, gas and power industries, providing construction,
engineering and other specialty oilfield-related services to
industry and government entities worldwide.

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

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



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

DORAL FINANCIAL: Names Antonio F. Faria as Chairman of the Board
----------------------------------------------------------------
Doral Financial Corporation, (NYSE: DRL), a diversified
financial services company, announced Wednesday two appointments
at the Company's banking subsidiaries.

Antonio F. Faria has been named Chairman of the Board of Doral
Bank Puerto Rico, in addition to his responsibilities as the
Bank's Chief Executive Officer. Mr. Faria, who is highly
regarded in Puerto Rico for his banking expertise, is an
integral part of Doral's new management team, having joined the
Company in June, 2005.

In addition, John Fletcher, III has been named non-executive
Chairman of the Board of Doral Bank New York. Mr. Fletcher, who
has been a member of the Bank's board since its opening in 1999,
has been instrumental in finding and developing growth
opportunities for the bank in the New York market.

John Ward, Chairman and Chief Executive Officer of Doral
Financial, stated, "The additional responsibilities being
assumed by these two professionals reflect Doral's strategic
positioning within these two important markets. Antonio Faria
comes to Doral Bank Puerto Rico with a highly regarded 30-year
banking career in Puerto Rico, and is a leader in formulating
strategy as part of our new management team. John Fletcher has
more than 35 years of banking and real estate experience in the
New York Metropolitan market and is in a position to assist
Doral Bank New York to further penetrate appropriate niches in
this market."

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

CONTACTS: DORAL FINANCIAL CORPORATION
          Richard F. Bonini / Lucienne Gigante
          212-329-3733







                            ***********


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
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and
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Copyright 2005.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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