TCRLA_Public/051205.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, December 5, 2005, Vol. 6, Issue 240

                            Headlines

A R G E N T I N A

ALTO PALERMO: Resolves to Make Cash Dividend Payment
C.P. INGELEC: Begins Liquidation
CENTRO MEDICO: Liquidates Assets to Pay Debts
CRESUD: Shareholders Decide to Make Cash Payment of Dividends
CRUZ ALTA: Reorganization Proceeds to Bankruptcy

DISTRIBUIDORA EFECE: Initiates Bankruptcy Proceedings
FIBOR S.R.L.: Court Orders Liquidation
METROGAS: Notified of British Gas Corporate Name Change
METROGAS: Accepts Resignation of Operations Director
MOBILE S.R.L.: Court Designates Trustee for Liquidation

NATURE ALIVE: Enters Bankruptcy on Court Orders
TELECOM PERSONAL: Ratings Reflect Dependence on Volatile Economy
TELECOM PERSONAL: Fitch Assigns 'B-' and 'BBB- (arg)' Ratings


B E R M U D A

LOM HOLDINGS: Reports Trade By Principal
SEA CONTAINERS: James B. Sherwood Exits CEO Post


B O L I V I A

MILLICOM INTERNATIONAL: Launches GSM Services in Bolivia


B R A Z I L

COPEL: To Integrate BOVESPA Corporate Sustainability Index
LOCALIZA RENT: Ratings Reflect Exposure to Volatile Demand
PLASTIPAK HOLDINGS: Moody's Rates Proposed $250M Notes at B2
PLASTIPAK HOLDINGS: S&P Rates Planned $250M Sr. Unsec. Bonds `B'


C A Y M A N   I S L A N D S

ACM MARKET: Volunteers to Wind Up Company
ACM RESEARCH: Linburgh Martin, John Sutlic Named Liquidators
ACM TECHNOLOGY: Commences Voluntary Wind Up Process
ACOA LIMITED: To Authorize Liquidator to Distribute Assets
ANCHOR POINT (MASTER): To be Wound Up Voluntarily

ANCHOR POINT (INTERNATIONAL): Initiates Liquidation Proceedings
BV INVESTMENT: To be Placed into Voluntary Winding Up
CATEQUIL ENERGY: Linburgh Martin, John Sutlic Named Liquidators
DIRECT INVESTMENT: To be Placed into Voluntary Liquidation
HAZELTON PERFORMANCE: Proofs of Claim Due Dec. 28

INSTITUTIONAL DIVERSIFIED: Appoints Liquidators
LUIDC HOLDINGS: Enters Voluntary Liquidation
OASIS LIMITED: To Wind Up Voluntarily
PARADIS LIMITED: Appoints Buchanan Limited as Liquidator
SCINTO FINANCIAL: To be Wound Up Voluntarily

SEASCAPE LIMITED: Liquidator to Verify Claims Until Dec. 22
TPG SEGREGATED: Creditors' Proofs of Claim Due Dec. 28
TRINITYCAPM SPC: Claims Verification to End Dec. 28
VENT EN: Liquidator Selected for Wind Up
WORLD RESOURCES: To be Placed into Voluntary Liquidation


C O L O M B I A

ROYAL SHELL: Petrobras Buys Assets in Colombia, Uruguay
TRANSTEL INTERMEDIA: Fitch Rates $180M Proposed Sec. Nts 'CCC+'


J A M A I C A

KAISER ALUMINUM: Wants Fourth Old Republic Stipulation Approved
MIRANT CORP: Ch. 11 Examiner Wants 105 Claims Transfer Nixed


M E X I C O

AXTEL: Executes Agreement to Develop WiMAX with Intel
BALLY TOTAL: Grants Stock Option to Carl J. Landeck
CALPINE CORP: Provides Update on Certain Litigation Matters
CALPINE CORP: Fitch Assigns Recovery Ratings
DESC: U.S. Unit Signs Outsourcing Agreement with SK Foods

EAGLEPICHER TECHNOLOGIES: Names Steven E. Westfall President
EMPRESAS ICA: Announces MXN650 Mln Civil Construction Projects
GRUPO POSADAS: Placed on Rating Watch Negative
SR TELECOM: Nasdaq Issues Delisting Notice
SR TELECOM: To Convert $10M of 10% Convertible Debentures

TV AZTECA: Distributes $21M in Cash to Shareholders


P E R U

INTERBANK: Fitch Affirms, Withdraws Ratings


P U E R T O   R I C O

AOL LATIN AMERICA: Has Until Feb. 23 to Decide on Leases


U R U G U A Y

ANCAP: Ratings Reflect Challenging Economic Environment


V E N E Z U E L A

CANTV: Starts Making Adjustments to Retirees' Pensions

     -  -  -  -  -  -  -  -

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

ALTO PALERMO: Resolves to Make Cash Dividend Payment
----------------------------------------------------
The shareholders of Alto Palermo S.A. resolved in the Annual
General Meeting held on November 29, 2005 to make a cash payment
of dividends for the total amount of ARS29,000,000.

In a letter sent to the Comision Nacional de Valores on the same
date, the Company informed that the payment will be available to
shareholders in the legal time and in proportion to the amount
of the Company's shares they own.

CONTACT: Alto Palermo S.A. (APSA)
         2/F
         476 Hipolito Yrigoyen
         Buenos Aires
         Argentina
         Phone: +54 11 4344 4600
         Web site: http://www.altopalermo.com.ar


C.P. INGELEC: Begins Liquidation
--------------------------------
C.P. Ingelec S.R.L. of Buenos Aires will begin liquidating its
assets after the city's civil and commercial court declared the
Company bankrupt. Infobae reveals that the bankruptcy process
will commence under the supervision of court-appointed trustee,
Ms. Andrea Isabel Sita.

The trustee will review claims forwarded by the Company's
creditors until Feb. 10, 2006. After claims verification, Ms.
Sita will submit the individual reports for court approval. The
trustee will also prepare a general report on the Company's
bankruptcy case. Dates for the submission of the reports are yet
to be disclosed.

CONTACT:  Ms. Andrea Isabel Sita, Trustee
          Cramer 2175
          Buenos Aires


CENTRO MEDICO: Liquidates Assets to Pay Debts
---------------------------------------------
Centro Medico del Sur S.A. will begin liquidating its assets
following the pronouncement of the city's civil and commercial
court that the Company is bankrupt, Infobae reports.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Ms. Maria Cristina Agrelo. The
trustee will verify creditors' proofs of claim until Dec. 19,
2005. The validated claims will be presented in court as
individual reports on March 1, 2006.

Ms. Agrelo 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 12, 2006.

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

CONTACT:  Centro Medico del Sur S.A.
          Pena 2679 Capital Federal

          Ms. Maria Cristina Agrelo, Trustee
          Viamonte 1365
          Buenos Aires


CRESUD: Shareholders Decide to Make Cash Payment of Dividends
-------------------------------------------------------------
Cresud S.A.C.I.F. y A informed in a letter dated November 29,
2005 filed with the Comision Nacional de Valores that the
shareholders resolved during the Annual General Meeting to make
cash payment of dividends for the total amount of $10,000,000.

The payment will be available to shareholders in the legal time
and in proportion to the amount of the Company's shares they
own.

CONTACT: Cresud S.A.C.I.F. y A.
         Gabriel Blasi -- CFO
         Phone: 011-54-11-4323-7449
         E-mail: finanzas@cresud.com.ar
         URL: http://www.cresud.com.ar


CRUZ ALTA: Reorganization Proceeds to Bankruptcy
------------------------------------------------
The reorganization of Cruz Alta S.A. has progressed into
bankruptcy. Argentine news source Infobae relates that San
Miguel de Tucuman's civil and commercial court ruled that the
Company is "Quiebra Decretada".

The report adds that the court assigned accounting firm Estudio
Mirra y Asociados as trustee, who will verify creditors' proofs
of claim until Feb. 6, 2006.

The court also ordered the trustee to prepare individual reports
after the verification process is completed, and have them ready
by March 20, 2006. A general report on the bankruptcy process is
expected on May 4, 2006.

CONTACT:  Cruz Alta S.A.
          Avda. San Martin 81
          Colombres, Depto. Cruz Alta (Tucuman)

          Estudio Mirra y Asociados, Trustee
          Crisostomo Alvarez 1451
          Esquina Pasaje Polonia
          San Miguel de Tucuman (Tucuman)


DISTRIBUIDORA EFECE: Initiates Bankruptcy Proceedings
-----------------------------------------------------
Buenos Aires' civil and commercial court declared Distribuidora
Efece S.R.L. "Quiebra," reports Infobae.

Mr. Ernesto Resnizky, who has been appointed as trustee, will
verify creditors' claims until Feb. 15, 2006 and then prepare
the individual reports based on the results of the verification
process.

The individual reports will then be submitted to court on March
31, 2006, followed by the general report on May 12, 2006.

CONTACT:  Mr. Ernesto Resnizky, Trustee
          Caracas 4330
          Buenos Aires


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

Infobae reports that the court appointed Ms. Laura Marletta as
trustee. Ms. Marletta will be reviewing creditors' proofs of
claim until Feb. 13, 2006. The verified claims will serve as
basis for the individual reports to be presented for court
approval on March 27, 2006. The trustee will also submit a
general report of the case on May 9, 2006.

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


METROGAS: Notified of British Gas Corporate Name Change
-------------------------------------------------------
Argentine residential gas distributor Metrogas said it was
notified by British Gas International B.V. regarding its
decision to change its corporate name.

Magdalena Gonzalez Garano, Metrogas' Market Relations Officer,
revealed that notice was served upon the Company from British
Gas - Gas Argentino SA's shareholder (MetroGAS SA investment
company) - of the change of its corporate name to BG Gas
International B.V.

Garano also confirmed that the Company was also informed of the
total transfer of BG Gas International B.V. holdings in Gas
Argentino S.A. to BG Inversiones Argentinas S.A.

Share holdings in Gas Argentino will be:

- BG Inversiones Argentinas S.A. 152.118.177 (Class A)
- YPF Inversora Energetica S.A. 126.137.314 (Class B)

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


METROGAS: Accepts Resignation of Operations Director
----------------------------------------------------
Eng. Marcelo Figueroa has resigned as Operations Director at
Metrogas SA. His resignation has been accepted by the Company in
a meeting held November 30, 2005.

Figueroa decided to leave the post after he accepted an offer to
become Country Manager for BG in the Philippines. Metrogas has
named Eng. Patricia Laura Carcagno to replace Figueroa.


MOBILE S.R.L.: Court Designates Trustee for Liquidation
-------------------------------------------------------
A Buenos Aires-based accountant was assigned as trustee for the
liquidation of local company Mobile S.R.L., relates Infobae.

Mr. Jorge Hugo Basile will verify creditors' claims until Feb.
2, 2006, the source adds. After that, he will prepare the
individual reports, which are to be submitted in court on March
16, 2006. The submission of the general report should follow on
May 2, 2006.

CONTACT:  Mr. Jorge Hugo Basile, Trustee
          Jose Evaristo Uriburu 782
          Buenos Aires


NATURE ALIVE: Enters Bankruptcy on Court Orders
-----------------------------------------------
Buenos Aires' civil and commercial court declared Nature Alive
S.R.L. bankrupt after the Company defaulted on its debt
payments. The bankruptcy order effectively places the Company's
affairs as well as its assets under the control of court-
appointed trustee, Mr. Nestor Rodolfo del Potro.

As the trustee, Mr. Potro is tasked with verifying the
authenticity of claims presented by the Company's creditors. The
verification phase is ongoing until Dec. 16, 2005.

Following claims verification, the trustee will submit the
individual reports based on the forwarded claims for final
approval by the court on Feb. 28, 2006. A general report will
also be submitted on April 13, 2006.

CONTACT:  Nature Alive S.R.L.
          Leopoldo Marechal 1374
          Buenos Aires

          Mr. Nestor Rodolfo del Potro, Trustee
          Avda. Corrientes 1291
          Buenos Aires


TELECOM PERSONAL: Ratings Reflect Dependence on Volatile Economy
----------------------------------------------------------------
ISSUER CREDIT RATINGS
Telecom Personal S.A.
  Corporate Credit Rating     B-/Stable/--
Telecom Argentina S.A.
  Corporate Credit Rating           B-/Stable/--

AFFIRMED RATING
  Telecom Argentina S.A.
  Sr unsecd debt
  Foreign currency B-

NEW RATING
  Telecom Personal S.A.

RATIONALE

Standard & Poors' ratings on Telecom Personal S.A. (TP) reflect
the close linkage of TP's credit quality to that of its parent,
Telecom Argentina S.A. (TECO; B-/Stable/--), due to the fact
that TP constitutes the growth vehicle for TECO. In addition,
coupled with the economic incentives for the parent to support
the company, TECO's financial debt presents cross-default
clauses with TP. The ratings on TP also reflect the challenges
of operating in the Argentine environment after the crisis in
2002 and the high competition in the mobile segment. TP faces
currency mismatch risks, as most of its cash generation is in
Argentine pesos, while financial debt and some operational costs
are foreign currency-denominated. In contrast, the company's
relatively good competitive position, as one of three mobile
players in Argentina, and the financial improvements after the
closing of the restructuring of its financial debt (in November
2004) partially mitigate the mentioned negative factors.

TP's financial situation and business conditions significantly
deteriorated during the Argentine crisis, due to the weakening
of the company's debt-servicing ability as a result of the
domestic currency devaluation, resulting in the restructuring of
its financial debt. The reduction in debt levels after the
restructuring and the improvement in business fundamentals
allowed TP to mitigate the competitive pressures in the mobile
market and gradually improve its financial condition. TP's
nonconsolidated sales increased by about 53% in fiscal 2004 and
66% in the first nine months of 2005 (compared to fiscal 2003
and the first half of 2004), as a result of the client-base
growth of 47% and 57%, respectively. Nevertheless, EBITDA
generation declined by about 3% in fiscal 2004 and 19% in the
first nine months of 2005, as a result of the significant margin
erosion caused by higher acquisition costs and some cost
adjustments after the crisis, such as in wages. Margin pressures
are expected to continue in the short term as a result of
intense competition, until markets reach a higher degree of
maturity and operators start to privilege profitability over the
growth of their client base. In addition, TP's cash-flow
generation and financial profile is and will continue to be
strongly dependent on stability in Argentine macroeconomics.

The decline in debt levels after the restructuring allowed TP to
partially offset the reduction in EBITDA generation. As a
result, EBITDA interest coverage and funds from operation-to-
debt ratios in the 12 months ended September 2005 amounted to
2.9x and 13.3%, respectively (compared to 3.6x and 26% in fiscal
2004).

Despite the improvements after the debt restructuring, TP's
capital structure remains quite aggressive, with a debt-to-
capitalization ratio of 59.5% as of September 2005 and debt-to-
EBITDA levels of 3.5x in the 12 months ended September 2005. The
future performance of these measures depends strongly on the
inflation and exchange rate in Argentina. Under a scenario of
relatively stable U.S. dollar exchange rates and inflation
levels in Argentina, TP should be able to cover its interest
payments and fund the increasing investment needs to upgrade its
network, and in the medium term, to gradually reduce debt and
consolidate financial measures.

TP is a subsidiary of TECO. TECO is, in turn, controlled by
Nortel Inversora S.A. (with a 57.74% share). Nortel is a holding
company jointly controlled by the Telecom Italia Group
(BBB+/Stable/A-2) and the Werthein Group, a local investor
group. TECO is one of the two incumbent telephone companies in
Argentina (with about 47% of total fixed lines in service in the
country) and one of the largest integrated telecommunication
providers in the country. Through its subsidiaries, the company
participates in mobile communications (in Argentina and
Paraguay), and data transmission and Internet.

LIQUIDITY

TP's liquidity position after its debt restructure has remained
relatively tight, given the mandatory prepayment provisions and
conditions included under the restructured debt. As of September
2005, cash levels amounted to $64 million, compared to a short-
term debt of about $28 million.

To have more flexibility to complete its investment plans to
update the network and benefit from the current liquidity in
financial markets, TP is seeking to refinance most of its
current financial debt. Although this would reduce the company's
exposure to foreign-currency debt (to about 75% of total debt
from almost 100%), the company will continue to face currency
mismatch risks, as all its cash generation is in Argentine
pesos.

OUTLOOK

The stable outlook on TP reflects the close link with TECO's
credit quality. The stable outlook reflects our expectation that
the company's good competitive position and the relatively
stable economic scenario will allow TECO to further reduce debt
and to consolidate financial improvements after the
restructuring. The rating upside is limited, given the current
business environment in Argentina and the persistence of
currency mismatch risks (between the company's foreign-currency
debt and peso-denominated cash generation). The ratings could be
pressured by higher competition in the mobile segment, the
persistence of fixed-tariff inflexibility under a higher-than-
expected inflationary and exchange-rate scenario, an increase in
government intervention in the fixed segment, or deterioration
in its financial flexibility.

Primary Credit Analyst: Ivana Recalde, Buenos Aires (54) 114-
891-2127; ivana_recalde@standardandpoors.com

Secondary Credit Analyst: Pablo Lutereau, Buenos Aires (54) 114-
891-2125; pablo_lutereau@standardandpoors.com


TELECOM PERSONAL: Fitch Assigns 'B-' and 'BBB- (arg)' Ratings
-------------------------------------------------------------
Fitch Ratings has assigned a 'B-' international rating for notes
to be issued by Telecom Personal's under the existing US$500
million debt program as well as an issuer default rating (IDR)
of 'B-'. In addition, Fitch has assigned a national scale rating
of 'BBB-(arg)'. The Rating Outlook for all of the ratings is
Stable. Proceeds from the proposed transaction are expected to
be used mainly for debt refinancing and other general corporate
purposes.

Telecom Personal's (Personal) ratings reflect its strong brand
recognition, adequate market position, and stable operating
metrics given the competitive landscape of the Argentinean
wireless market. Increased competition, high debt levels, high
capital expenditures, and negative free cash flow generation
temper the ratings. Telecom Personal's rating also incorporates
implicit support from its parent, Telecom Argentina (Telecom),
rated 'B-' by Fitch,

Personal is the most important business segment and operating
subsidiary of Telecom Argentina (TEO) in terms of revenue and
growth prospects. The strong relationship of Telecom with
Personal is reflected by cross defaults covenants and the
financing of Personal by Telecom for up to US$150 million in
case of financial need. The wireless business is strategically
important to TEO, given the mature nature of the fixed-line
business and the migration from fixed to wireless telephony.
Currently, the company's strategy is to focus on growing its
higher average revenue per user (ARPU) post-paid customer base
versus the competition's focus on lower ARPU prepaid
subscribers. Over the past few years Personal has increased its
weight in the consolidated revenues of Telecom, for the first
nine months of 2005 revenues of Personal accounted for 47% of
Telecom's consolidated revenues.

The entrance of America Movil and the consolidation of the
operations of Telefonica (Unifon and Movicom Bell South) has
increased competition and accelerated subscriber growth,
resulting in a loss of market share for Personal as it is
growing its subscriber base at a slower pace than competition.
Personal nationwide market share is 29%. The company's strong
brand recognition results in a strong market share in the
northern part of Argentina, where Telecom has an incumbent
position in that region, with an estimated market share of close
to 50%.

The company is not expected to be free cash flow positive in the
near term. Personal could refinance existing indebtedness, which
has covenants that limits annual capital expenditures, with new
debt with fewer limitations. The current restriction in capex
limits the ability of the company to expand network coverage and
increase capacity to meet subscriber growth. Free cash flow for
the first nine months of 2005 was at breakeven as a US$14
million working capital inflow and EBITDA of US$83 million, were
used to fund capital expenditures of US$64 million and debt
service of US$31 million. Given the sizable capital investment
plan of Personal, Fitch expects free cash flow to be negative in
2006, which will need to be funded by third parties or the
parent company, TEO.

Financial leverage remains high and competition has affected
Personal's profitability. For the three quarters ended September
2005, profitability has been affected by higher subscriber
acquisition costs (SAC), as wireless companies increase SAC to
gain new customers, pressuring margins. Credit protection
measures are consistent with the 'B-' rating category. Total
debt to EBITDA stood at 3.8 times (x) and interest coverage of
EBITDA to interest expense at 2.6x. With the potential
refinancing transaction, the aggregate debt levels of Personal
are expected to remain the same at US$400 million. At the end of
September 2005, total debt amounted for US$419 million, composed
of US$389 million restructured in November 2004 plus US$30
million of bank loans.

Telecom Personal is the wireless services business wholly owned
by Telecom Argentina. The company has 5.3 million wireless
subscribers or a 29% market share with customer mix of 67%
prepaid and 33% postpaid. For the first nine months of 2005,
revenues and EBITDA accounted for ARP1,918 million and ARP472,
respectively.

CONTACT:  Fitch Ratings
          Dolores Teran
          +5411 5235-8120, Buenos Aires

          Sergio Rodriguez, CFA
          Tel: +5281 8335-7179, Monterrey

          Christopher Kimble (Media)
          Tel: 212-908-0226, New York



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

LOM HOLDINGS: Reports Trade By Principal
----------------------------------------
Lines Overseas Management Limited on behalf of LOM  (Holdings)
Limited has advised the Bermuda Stock Exchange (BSX) that
today's trade, of twenty-five thousand (25,000) shares of LOM
(Holdings) Limited at $3.00, was made as agent for Mr. Scott
Lines, Managing Director of LOM (Holdings) Limited whereby he
sold the shares to an entity in which he has a beneficial
interest.

CONTACT:  Bermuda Stock Exchange (BSX)
          Joanne DeRoza
          Tel: 1-441-292-7212
          E-mail: jderoza@bsx.com


SEA CONTAINERS: James B. Sherwood Exits CEO Post
------------------------------------------------
Sea Containers Ltd. (NYSE: SCRA and NYSE: SCRB), Marine
container lessor, railways and ferries operator, announced
Thursday that Its President and Chief Executive Officer, James B
Sherwood, has asked to be relieved of his Chief Executive duties
on an interim basis for health reasons. He will remain as
Chairman of the Board.

Mr Sherwood recently underwent successful surgery and has now
returned to the office on a part time basis. He and the rest of
the board feel that implementation of the company restructuring
program which was announced on November 3, 2005 plus supervision
of day to day operations should not be delayed pending his full
time return to the company. The board met on November 25, 2005
and agreed to Mr Sherwood's request that the Chief Executive
role be transferred to Mr Durant, who has been performing this
role during Mr Sherwood's hospitalization.

The previously announced search for a new Chief Executive is now
well advanced and it is hoped that an appointment will be made
early in the new year.

Mr Durant said, "I am happy to assume this new responsibility on
an interim basis and can assure investors that the restructuring
program is being pursued with full speed."

CONTACT:  Sea Containers Services Ltd
          Media contact: Lisa Barnard
          Director Corporate Communications
          Tel: +44-207-805-5850
          E-mail: lisa.barnard@seacontainers.com
          URL: www.seacontainers.com



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

MILLICOM INTERNATIONAL: Launches GSM Services in Bolivia
--------------------------------------------------------
Millicom International Cellular S.A. (Millicom) (Nasdaq Stock
Market: MICC, Stockholmsborsen and Luxembourg Stock Exchange:
MIC) announced Thursday the launch of state-of-the-art GSM
services in Bolivia under the Tigo brand, including GPRS, Edge,
MMS and e-pin (electronic top-up).

Marc Beuls, President and Chief Executive Officer of Millicom
said, "Our operation in Bolivia produced impressive revenue
growth of some 30% for the nine months to September 2005 as
compared to the same period in 2004. Our Central American
cluster recorded even stronger growth over this period as it had
the benefit of an earlier migration to GSM and the launch of our
highly successful new brand, 'Tigo'. With the launch of GSM and
the Tigo brand in Bolivia, we anticipate a strong acceleration
in subscriber growth and further strong revenue growth, in line
with that experienced in Central America."

Following this launch, all of Millicom's 16 operations now
operate GSM networks.

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa. It currently has cellular operations
and licenses in 16 countries. The Group's cellular operations
have a combined population under license of approximately 391
million people.

CONTACTS: Millicom International Cellular S.A., Luxembourg
          Marc Beuls
          President and Chief Executive Officer
          Telephone: 352 27 759 327

          Andrew Best
          Investor Relations
          Telephone: 44 20 7321 5022
          URL: www.millicom.com



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

COPEL: To Integrate BOVESPA Corporate Sustainability Index
----------------------------------------------------------
Copel was chosen to integrate BOVESPA Corporate Sustainability
Indes (ISE).

Following the investors' global tendency to seek socially
responsible and profitable companies to invest their assets, a
Deliberative Council was established in order to create a stock
index to be a reference for socially responsible investments,
similar to "Dow Jones Sustainability Indexes" (DJSI). This
Council is composed of: BOVESPA, International Finance
Corporation - IFC, Center of Sustainability Studies from FGV -
which established the methodology -, Instituto Ethos, IBCG,
APIMEC, ABRAPP, ANBID and the Environment Ministry.

ISE aims to measure the profitability of a portfolio composed by
shares with recognized commitment to social responsibility and
corporate sustainability; and also to act as a promoter of good
practices in the Brazilian corporate environment, considering
corporate governance aspects, economic efficiency, environmental
balance and social justice.

BOVESPA forwarded a questionnaire to the companies which issued
BOVESPA's 121 most liquid shares to select, among them, a group
of companies to be a part of ISE. From the 63 companies that
answered the questionnaire, 57% of BOVESPA's market value, 28
were selected. COPEL's ON (CPLE-3) and PNB (CPLE-6) shares were
chosen to participate of the index's first edition.

The index's portfolio will be effective for one year and then
will be reevaluated in accordance with the procedures and
criteria integrating the methodology.

CONTACT:  Copel
          Solange Maueler Gomide, Investor Relations
          ri@copel.com

          Ricardo Portugal Alves
          Tel: (5541) 3331-4359
               (5541) 3331-4311
          URL: www.copel.com/ri


LOCALIZA RENT: Ratings Reflect Exposure to Volatile Demand
----------------------------------------------------------
RATIONALE

The ratings on Brazil's car rental company, Localiza Rent a Car
S.A. (Localiza), reflect the company's somewhat aggressive
growth strategy implemented in the recent past, in particular
considering the relatively early stages of the car rental
industry in its home and predominant local market (smaller and
much more fragmented than in other more matured and developed
economies). The ratings also reflect Localiza's exposure to
volatile daily car rental demand in Brazil, which bears a strong
correlation with the country's level of economic activity.
Potentially erratic demand patterns require Localiza to
efficiently plan fleet size and vehicle profiles ahead of time,
as well as to adequately manage working capital, as both the
acquisition of new cars and the sale of used ones through its
own sales channels have a direct effect on liquidity and
operating cash flow. These risks are partially offset by the
company's dominant position in its home market of Brazil, its
strong brand name, its expertise in weathering volatility, and
the company's proven capacity to generate stable cash flows,
despite Brazil's constant economic swings during the past couple
of years.

Localiza is the leading car rental company in Brazil and
benefits from an efficient distribution network with about 80
key locations in the country. A well-balanced portfolio
combining the daily car rental, fleet management, and used car
sales businesses has allowed the company to report strong cash
generation, even under fairly stressful economic conditions.

Localiza's volume sales increased substantially from 2004's
already strong base: revenues in the past 12 months ended
September 2005 reached a very strong $321.3 million compared to
$192 million in the same period of 2004. This performance was
prompted by a strong demand mostly in car rental (36% increase
in the period) and used car sale businesses (64% increase),
which benefited from a still-favorable economic environment in
Brazil (GDP growth projected at 3.3% for 2005 and 3.5% for
2006). We expect Localiza to sustain its strong performance in
the next year, and cash flows should continue to be robust due
to the company's strategy based on efficient vehicle management
and pricing policies, as a mitigating factor to market
volatility in the long term. Although the fleet-management
business (which is much more stable than the daily rental
business and accounts for a significant portion of the company's
consolidated EBITDA) has been essentially flat in the recent
past, it is still a key factor in stabilizing Localiza's cash
flows.

The company's EBITDA margin in the past 12 months ended
September 2005 remained stable at 32.0% (about 30%-35% in the
past three years). Funds from operations to total debt, however,
declined sharply to 24.6% (adjusted for nonrecurrent financial
expenses and for the senior notes repayment) from 60.1% in the
same period, due to an increase in Localiza's total debt with
the recent debentures issuance (about $140 million) and an
additional long-term debt recently contracted to finance its
fleet expansion (including the summer peak from December through
February). Moreover, consequent higher financial expenses
together with the settlement of derivatives contracts ($25
million) on the senior notes liquidated in October 2005 affected
the company's cash flows. Nevertheless, the expressive business
volume growth in 2005 still allowed for funds from operations
(FFO) to remain strong at $40.1 million ($65.1 million adjusted
for the close out of derivatives contracts) in the last 12
months ended September 2005, compared to the $54.7 million
reported in the same period of the previous year. We expect FFO-
to-total debt ratio to recover by next year as short-term debt
(compror) decreases and cash flows stay at least steady.
Localiza's EBITDA to interest reached a low 2.18x in the last 12
months ended September 2005 (from an average of 4.5x in the past
three years) due to higher indebtedness.

Localiza has been maintaining its fleet at high levels, reaching
29,193 cars as of September 2005 (from 24,248 in September 2004)
as a response to and reflection of the stronger economic
environment in Brazil, together with the effect of the seasonal
summer peak demand. We believe that fleet size may somewhat
decrease after that due to seasonal effects, but will still
reach a high average of about 27,000 cars for full-year 2006,
also freeing up some working capital currently trapped in its
cars and reducing short-term debt (compror). Utilization rates
at the company's car rental business declined, averaging 59%
during 2005,compared to 66% in the same period of the previous
year. Although below historical levels, we expect this ratio to
remain steady at about 60% going forward with Localiza's
strategy of maintaining a higher fleet level.

LIQUIDITY

Localiza's liquidity is one of the key sustaining factors of the
ratings. The company repaid the senior notes issued back in 1997
in October 2005 and still had a relatively high cash position of
$112 million as of September 2005 (adjusted for the senior notes
repayment), above historical levels that averaged $55 million in
the past three years. Refinancing risks are very low after the
senior notes repayment. Localiza's major debt is the BrR$ 350
million ($157 million) debentures due 2010 (bullet). Besides
some short-term debt ($33.9 million) to fill working capital
needs, additional long-term debt ($62.6 million, two-three years
tenor) has been recently contracted to finance a superior fleet
level, also considering the expansion for the seasonal car
rental business peak. We expect Localiza to reduce its short-
term debt and still hold a high cash position as a cushion to
partially compensate for the company's higher degree of
financial leverage. Localiza's management has demonstrated
prudence in expanding the fleet during times of economic
volatility, also considering that the company counts on very
liquid assets, which permits it to rapidly adjust the fleet to
the demand. Localiza has been increasing its fleet level and
consequently demanding more resources, but the renovation and
occasional increase of the automotive fleet has still been
financed primarily through the sale of used cars. Consequently,
the company's ability to manage its used car sales business
effectively is critical for Localiza to adequately finance its
car rental business and remain profitable.

OUTLOOK

The positive local currency outlook reflects our assessment of
Localiza's improving financial flexibility, with a more active
presence in the domestic capital markets and the resolution of
refinancing risks related to the senior notes. The outlook also
incorporates expectations that favorable market conditions will
remain in 2006 and allow the company to report strong cash
generation, and thus reduce short-term further debt throughout
the year. A positive rating action could result from an
improvement in the company's capital structure with lower
indebtedness and higher cash generation, in the context of
robust operating performance and efficiency throughout 2005-
2006. Nevertheless, the outlook may be revised to stable or the
ratings face downward pressure if the company does not reduce
short-term debt relative to cash flows, or if the used car
operation's ability to finance the fleet renewal declines
substantially as a result of a more aggressive growth and fleet
management strategy.

Primary Credit Analyst: Beatriz Degani, Sao Paulo
(55) 11-5501-8933; beatriz_degani@standardandpoors.com

Secondary Credit Analyst: Reginaldo Takara, Sao Paulo
(55) 11-5501-8932; reginaldo_takara@standardandpoors.com


PLASTIPAK HOLDINGS: Moody's Rates Proposed $250M Notes at B2
------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to the proposed
$250 million senior unsecured notes of Plastipak Holdings, Inc.
("Plastipak") and affirmed Plastipak's B2 corporate family
rating. The proceeds from the proposed offering, together with
borrowings under its $300 million revolver (recently amended and
not rated by Moody's) and cash on hand, are intended to
repurchase Plastipak's outstanding 10.75% senior notes, due
2011, rated B3. Upon execution of the tender and assuming that
the overwhelming majority of the notes are tendered, Moody's
will withdraw the rating on the 10.75% notes. The ratings also
incorporate the expected results of Plastipak's acquisition of
100% of the shares of LuxPET that closed on October 31, 2005.

The affirmation of the B2 corporate family rating and the
assignment of a B2 rating for the proposed senior unsecured
notes acknowledge Plastipak's improved enterprise value since
initial ratings were assigned in August 2001. However, the
ratings remain constrained by the absence of free cash flow and
high financial leverage with debt to EBIT at approximately 9
times (debt to EBITDA approximately 3.5 times, however Moody's
notes that capital expenditures consistently exceed
depreciation). Additionally pro forma for the proposed offering,
EBIT coverage of pro forma interest expense is expected to be
adequate at approximately 1 times. The ratings also reflect
margin pressure as the industry continues to wrestle with high
resin costs and some limitations on resin supply after the
effect from the 2005 hurricanes.

Benefiting the ratings are Plastipak's strong unit volume,
established customer relationships, and global manufacturing.
Moody's views positively the recent acquisition of LuxPET which
should ensure the supply and reduce the cost of pre-forms for
Plastipak in Central and Eastern Europe.

The ratings outlook is stable, which reflects some tolerance at
the B2 corporate family rating level for modest adverse
fluctuation in credit statistics. However, any use of cash
outside of current expectations could result in a change in the
ratings outlook to negative - specifically, any further debt
financed acquisition, prolonged working capital requirement, or
increased capital expenditures. A positive change to the ratings
or outlook would likely require several consecutive quarters of
positive free cash flow and improvement in annual free cash flow
to debt close to or above 5%.

The assignment of a B2 rating to the proposed guaranteed senior
unsecured notes reflects the effective subordination to
outstanding secured indebtedness of approximately $250 million
(consisting of approximately $80 million outstanding under the
revolver, the $100 million PNC Mortgage loan - not rated by
Moody's, and approximately $70 million of other debt).
Guarantees, on a senior unsecured basis, are provided by
Plastipak's existing and future material domestic subsidiaries.

Given the improvement in Plastipak's enterprise value, there is
no downward notching despite the potential for approximately
$217 million of incremental indebtedness, assuming that there is
availability under the borrowing base for the $300 million
committed revolver. Additionally, the rating gives consideration
to the approximately $100 million of senior liabilities at non-
guarantor subsidiaries. Non-guarantor subsidiaries account for
approximately 6% of consolidated EBITDA.

However, the B2 rating for the notes is highly sensitive to any
decrease in earnings, negative variance under cash flow
expectations, and to incremental debt above the level previously
discussed. Any of these could trigger a downgrade in the
instrument rating.

Moody's took the following ratings actions:

- Assigned B2 to the proposed $250 million guaranteed senior
unsecured notes, due 2015

- Assigned B2 corporate family rating to Plastipak Holdings,
Inc. (moved from Plastipak Packaging, Inc.)

- B3 rating of the 10.75% existing senior notes will be
withdrawn upon execution of the tender.

The ratings outlook is stable.

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.


PLASTIPAK HOLDINGS: S&P Rates Planned $250M Sr. Unsec. Bonds `B'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
Plastipak Holdings Inc.'s proposed $250 million senior unsecured
notes due 2015, which will be sold under Rule 144A without
registration rights.

At the same time, Standard & Poor's affirmed its 'BB-' corporate
credit rating.  The outlook is stable.

"The rating on the proposed senior unsecured notes is two
notches below the corporate credit rating to reflect an expected
increase in priority obligations because of a $100 million
secured note transaction and an expected increase in revolving
credit facility utilization," said Standard & Poor's credit
analyst Paul Kurias.

Proceeds from these transactions, along with those from the
proposed notes offering, are being used to pay down the existing
$325 million unsecured notes and to fund the Oct. 31, 2005,
acquisition of Luxembourg-based LuxPET A.G./S.A.

With annual revenues of about $1.1 billion, privately held
Plastipak is a leading producer of rigid, blow-molded plastic
containers for various end markets.  At July 30, 2005, the
company had $427 million of debt outstanding, adjusted for
capitalized operating leases.

The ratings on Plastipak Holdings and its wholly owned
subsidiary, Plastipak Packaging Inc., reflect:

     * a weak business position in the fragmented and
     * highly competitive rigid plastic packaging industry, and
     * an aggressive financial profile.

Plastipak's business position is supported by:

     * its decent market shares in plastic packaging for
       carbonated beverages and liquid laundry detergents;

     * strategically located facilities in proximity to
       customers; and

     * long-standing and mostly contractual relationships with
       well-established customers.

In addition, the company has a proven track record of innovative
process and technology developments, and maintains numerous
patents on product designs and enhancements.  Contractual
provisions that allow for raw-material costs to be passed
through to customers generally mitigate vulnerability to plastic
resin price increases.

The business profile incorporates Plastipak's dependence on a
relatively narrow product line as containers for carbonated
beverages and consumer cleaning products account for a
significant 75% of its revenues.

Additional factors limiting credit quality include the company's
limited geographic diversity, and high customer concentration;
the top 10 customers contribute about 66% of revenues, and the
largest customer, Procter & Gamble Co., represents 27% of
revenues.  Competition is high and pricing pressures have
intensified, as customers consolidate and focus on cost
reduction.  These factors, along with the strong negotiating
power of Plastipak's customers -- mostly large consumer product
companies -- necessitate ongoing process improvement and cost-
reduction efforts to preserve the company's operating margins.
(Troubled Company Reporter, Friday, December 2, 2005, Vol. 9,
No. 28)



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

ACM MARKET: Volunteers to Wind Up Company
-----------------------------------------
          ACM MARKET NEUTRAL RESEARCH FUND
             (In Voluntary Liquidation)
          The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of the above-named company at an extraordinary
general meeting of the shareholders held on 17th November 2005:

That the company be voluntarily wound up and THAT Linburgh
Martin and John Sutlic, of P.O. Box 1034GT, Grand Cayman, be and
are hereby appointed Joint Liquidators, to act jointly and
severally, for the purposes of such winding up.

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

CONTACT:  LINBURGH MARTIN
          Joint Voluntary Liquidator
          Contact for enquiries: Thiry Gordon
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499

          Address for service:
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman


ACM RESEARCH: Linburgh Martin, John Sutlic Named Liquidators
------------------------------------------------------------
                   ACM RESEARCH FUND
              (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of the above-named company at an extraordinary
general meeting of the shareholders held on 17th November 2005:

That the company be voluntarily wound up and THAT Linburgh
Martin and John Sutlic, of P.O. Box 1034GT, Grand Cayman, be and
are hereby appointed Joint Liquidators, to act jointly and
severally, for the purposes of such winding up.

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

CONTACT:  LINBURGH MARTIN
          Joint Voluntary Liquidator
          Contact for enquiries: Thiry Gordon
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499

          Address for service:
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman


ACM TECHNOLOGY: Commences Voluntary Wind Up Process
---------------------------------------------------
                 ACM TECHNOLOGY HEDGE FUND
                (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of the above-named company at an extraordinary
general meeting of the shareholders held on 17th November 2005:

That the company be voluntarily wound up and THAT Linburgh
Martin and John Sutlic, of P.O. Box 1034GT, Grand Cayman, be and
are hereby appointed Joint Liquidators, to act jointly and
severally, for the purposes of such winding up.

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

CONTACT:  LINBURGH MARTIN
          Joint Voluntary Liquidator
          Contact for enquiries: Thiry Gordon
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499

          Address for service:
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman


ACOA LIMITED: To Authorize Liquidator to Distribute Assets
----------------------------------------------------------
                       ACOA LIMITED
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of the above-named company at an extraordinary general meeting
of the shareholders held on the 17th November 2005:

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

Creditors of the above named company, which is being wound up
voluntarily, are required on or before 28th December 2005 to
send in their names and addresses and the particulars of their
debts or claims and the names and addresses of their attorneys-
at-law (if any) to the undersigned, the liquidator of the said
company and if so required by notice in writing from the said
liquidator either by their attorneys-at-law or personally to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT:  BUCHANAN LIMITED
          Voluntary Liquidator
          Contact for enquires: Timothy Haddleton
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360

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


ANCHOR POINT (MASTER): To be Wound Up Voluntarily
-------------------------------------------------
             ANCHOR POINT MASTER FUND, LTD.
              (In Voluntary Liquidation)
              The Companies Law (Revised)

The following special resolution was passed by the sole
shareholder of the above-named company on 15th November 2005:

THAT the Company be wound up voluntarily and that Alex Seiler of
50 E. 89th St., New York, NY, 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


ANCHOR POINT (INTERNATIONAL): Initiates Liquidation Proceedings
---------------------------------------------------------------
             ANCHOR POINT INTERNATIONAL, LTD.
               (In Voluntary Liquidation)
               The Companies Law (Revised)

The following special resolution was passed by the sole
shareholder of the above-named company on 15th November 2005:

THAT the Company be wound up voluntarily and that Alex Seiler of
50 E. 89th St., New York, NY, 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


BV INVESTMENT: To be Placed into Voluntary Winding Up
-----------------------------------------------------
               BV INVESTMENT COMPANY
             (In Voluntary Liquidation)
         The Companies Law (2004 Revision)

TAKE NOTICE that the following special written resolution
(resolution 1) and ordinary resolution (resolution 2) were
passed by the shareholder of the above-mentioned company at an
extraordinary general meeting on the 17th November 2005:

THAT the company be placed in voluntary winding up and THAT
Commerce Corporate Services Limited be appointed as liquidator
of the company.

Date of Liquidation: 29th December 2005.

CONTACT:  COMMERCE CORPORATE SERVICES LIMITED,
          Voluntary Liquidator
          P.O. Box 694GT, Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


CATEQUIL ENERGY: Linburgh Martin, John Sutlic Named Liquidators
---------------------------------------------------------------
          CATEQUIL ENERGY OVERSEAS PARTNERS, LTD.
               (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of the above-named company at an extraordinary
general meeting of the shareholders held on 17th November 2005:

That the company be voluntarily wound up and THAT Linburgh
Martin and John Sutlic, of P.O. Box 1034GT, Grand Cayman, be and
are hereby appointed Joint Liquidators, to act jointly and
severally, for the purposes of such winding up.

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

CONTACT:  LINBURGH MARTIN
          Joint Voluntary Liquidator
          Contact for enquiries: Thiry Gordon
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499

          Address for service:
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman


DIRECT INVESTMENT: To be Placed into Voluntary Liquidation
----------------------------------------------------------
               DIRECT INVESTMENT COMPANY LDC
                (In Voluntary Liquidation)
                    (The "Company")
            The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of the above-named company pursuant to Section 132(b) of the
Cayman Islands Companies Law (2004 Revision):

That the company be placed into voluntary liquidation.

Helvetic Management Services Limited was appointed to act as the
voluntary liquidator of the Company.

Creditors of this Company are to prove their debts or claims on
or before 22nd December 2005, and establish any title they may
have under the Companies Law (2004 Revision) or be excluded from
the benefit of any distribution made before the debts are proved
or from objecting to the distribution.

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of the Company will be
convened by the Voluntary Liquidator and held at Helvetic
Management Services Limited, Centennial Towers, 3rd Floor, 2454
West Bay Road, Grand Cayman, Cayman Islands, on 29th 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 29th December 2005.

2. To authorize the voluntary liquidator, pursuant to section
158 of the Companies Law (2004 Revision), to retain the books
and records of the Company and of the voluntary liquidator for a
period of five years from the dissolution of the Company, after
which they may be disposed of in such manner as the voluntary
liquidator thinks fit.

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 of the Company.

CONTACT:  HELVETIC MANAGEMENT SERVICES LIMITED
          John Arnold
          Voluntary Liquidator


HAZELTON PERFORMANCE: Proofs of Claim Due Dec. 28
-------------------------------------------------
                  HAZELTON PERFORMANCE FUND
                  (In Voluntary Liquidation)
                      ("The Company")
             The Companies Law (2004 Revision)

The following special written resolution was passed by the sole
shareholder of the Company on 7th November 2005:

RESOLVED THAT the Company be placed into voluntary liquidation
and that S.L.C. Whicker and K.D. Blake of KPMG, Grand Cayman,
Cayman Islands, be and are hereby appointed Joint Voluntary
Liquidators of the Company to act jointly or severally for the
purposes of such liquidation.

Creditors of the Company are to prove their debts or claims on
or before 28th 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:  K.D. BLAKE
          Joint Voluntary Liquidator
          PO Box 493 GT, Grand Cayman
          Cayman Islands

          Contact for enquiries: Michael Schulz
          Telephone: 345-914-4335
          Facsimile: 345-949-7164

          Address for service:
          P.O. Box 493 GT, Grand Cayman
          Cayman Islands
          Telephone: 345-949-4800
          Facsimile: 345-949-7164


INSTITUTIONAL DIVERSIFIED: Appoints Liquidators
-----------------------------------------------
  INSTITUTIONAL DIVERSIFIED ARBITRAGE STRATEGIES (LB) LTD.
                   (The "Company")
             (In Voluntary Liquidation)
              Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
shareholders of the Company by written resolution dated 7th
November 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 from
Nov. 16, 2005, 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.

CONTACT:  JOHN CULLINANE and DERRIE BOGGESS
          Joint Voluntary Liquidators
          Contact for enquiries: John Cullinane
          Telephone: (345) 914-6305

          The address of the Liquidator is:
          c/o Walkers SPV Limited
          Walker House, P.O. Box 908
          George Town, Grand Cayman


LUIDC HOLDINGS: Enters Voluntary Liquidation
--------------------------------------------
                     Luidc Holdings Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

The following special resolution was passed by the shareholder
of LUIDC HOLDINGS at an extraordinary general meeting of the
shareholder held on November 17, 2005:

THAT the Company be voluntarily wound up and that Lion
International Corporate Services Limited, be and is hereby
appointed as liquidator 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 28, 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:  Lion International Corporate Services Ltd.
          Voluntary Liquidator
          Alliyah McCarthy
          P.O. Box 484GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 914-7537
          Facsimile: (345) 949-7634


OASIS LIMITED: To Wind Up Voluntarily
-------------------------------------
                           Oasis Limited
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

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

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

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

Creditors of Oasis Limited, which is being wound up voluntarily,
are required on or before December 28, 2005 to send in their
names and addresses and the particulars of their debts or claims
and the names and addresses of their attorneys-at-law (if any)
to the liquidator of the Company and if so required by notice in
writing from the liquidator either by their attorneys-at-law or
personally to come in and prove the said debts or claims at such
time and place as shall be specified in such notice or, in
default thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

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


PARADIS LIMITED: Appoints Buchanan Limited as Liquidator
--------------------------------------------------------
                        Paradis Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

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

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

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

Creditors of Paradis Limited, which is being wound up
voluntarily, are required on or before December 28, 2005 to send
in their names and addresses and the particulars of their debts
or claims and the names and addresses of their attorneys-at-law
(if any) to the liquidator of the Company and if so required by
notice in writing from the liquidator either by their attorneys-
at-law or personally to come in and prove the debts or claims at
such time and place as shall be specified in such notice or, in
default thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

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


SCINTO FINANCIAL: To be Wound Up Voluntarily
--------------------------------------------
                 Scinto Financial Services Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Scinto Financial Services Ltd. on November 18, 2005:

That the Company be wound up voluntarily and that Renato Scinto
of 4 Angus Lane, Greenwich, Connecticut 06831, U.S.A., be and is
hereby appointed as liquidator (the Liquidator) for the purpose
of the winding up of the Company.

Creditors of the Company are to prove their debts or claims on
or before December 23, 2005, and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT:  Mr. Renato Scinto, Liquidator
          Ogier
          Julie O'Hara
          P.O. Box 1234GT, Grand Cayman
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


SEASCAPE LIMITED: Liquidator to Verify Claims Until Dec. 22
-----------------------------------------------------------
                       Seascape Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Seascape Limited pursuant to Section 132(b) of the Cayman
Islands Companies Law (2004 Revision):

That the Company be placed into voluntary liquidation. Helvetic
Management Services Limited was appointed to act as the
voluntary liquidator of the Company.

Creditors of the Company are to prove their debts or claims on
or before December 22, 2005, and establish any title they may
have under the Companies Law (2004 Revision) or be excluded from
the benefit of any distribution made before the debts are proved
or from objecting to the distribution.

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of the Company will be
convened by the voluntary liquidator and held at Helvetic
Management Services Limited, Centennial Towers, 3rd Floor, 2454
West Bay Road, Grand Cayman, Cayman Islands, on December 29,
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 December 29, 2005.

2. To authorize the voluntary liquidator, pursuant to section
158 of the Companies Law (2004 Revision), to retain the books
and records of the Company and of the voluntary liquidator for a
period of five years from the dissolution of the Company, after
which they may be disposed of in such manner as the voluntary
liquidator thinks fit.

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 of the Company.

CONTACT:  Helvetic Management Services Limited
          Voluntary Liquidator
          John Arnold
          Anne Todd
          PO Box 265GT, George Town
          Grand Cayman, Cayman Islands
          Telephone: 345 814 4258
          Facsimile: 345 814 8258


TPG SEGREGATED: Creditors' Proofs of Claim Due Dec. 28
------------------------------------------------------
           TPG Segregated Portfolio Company (Cayman)
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following special written resolution was passed by the sole
shareholder of TPG Segregated Portfolio Company (Cayman) on
October 25, 2005:

RESOLVED THAT the Company be placed into voluntary liquidation
and that S.L.C. Whicker and K.D. Blake of KPMG, Grand Cayman,
Cayman Islands, be and are hereby appointed Joint Voluntary
Liquidators of the Company to act jointly or severally for the
purposes of such liquidation.

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 (2004 Revision), or to be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

Date of Liquidation: October 25, 2005

CONTACT:  K.D. Blake, Joint Voluntary Liquidator
          Michael Schulz
          PO Box 493 GT, Grand Cayman
          Cayman Islands
          Telephone: 345-914-4335/345-949-4800
          Facsimile: 345-949-7164


TRINITYCAPM SPC: Claims Verification to End Dec. 28
---------------------------------------------------
                     Trinitycapm SPC Ltd.
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of Trinitycapm SPC Ltd. at an extraordinary general
meeting of the shareholders held on November 11, 2005:

That the Company be voluntarily wound up and

THAT Jeffrey Arkley and John Sutlic, of P.O. Box 1034GT, Grand
Cayman, be and are hereby appointed Joint Liquidators, to act
jointly and severally, for the purposes of such winding up.

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 (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. Jeffrey Arkley, Joint Voluntary Liquidator
         Thiry Gordon
         Close Brothers (Cayman) Limited
         Fourth Floor, Harbour Place
         P.O. Box 1034GT, Grand Cayman
         Telephone: (345) 949 8455
         Facsimile: (345) 949 8499


VENT EN: Liquidator Selected for Wind Up
----------------------------------------
                     Vent En Poupe Ltd.
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

The following special resolution was passed by the shareholder
of Vent En Poupe Ltd. at an extraordinary general meeting of the
shareholder held on November 17, 2005:

THAT the Company be voluntarily wound up and that Lion
International Corporate Services Limited be and is hereby
appointed as liquidator 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 28, 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:  Lion International Corporate Service Ltd.
          Voluntary Liquidator
          Alliyah McCarthy
          P.O. Box 484GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 914-7537
          Facsimile: (345) 949-7634


WORLD RESOURCES: To be Placed into Voluntary Liquidation
--------------------------------------------------------
                  World Resources Corporation
                  (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

TAKE NOTICE that the following special written resolution
(resolution 1) and ordinary resolution (resolution 2) were
passed by the shareholder of World Resources Corporation at an
extraordinary general meeting on November 17, 2005:

THAT the Company be placed in voluntary winding up;

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

Date of Liquidation: December 29, 2005

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



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

ROYAL SHELL: Petrobras Buys Assets in Colombia, Uruguay
-------------------------------------------------------
Brazil's federal energy company Petrobras (NYSE: PBR) has agreed
to buy Anglo-Dutch oil company Shell's 150 fuel service stations
in Colombia and 100 in Uruguay. Petrobras' supplies and refining
director Paulo Costa revealed the agreement without providing
the price of the deal.


TRANSTEL INTERMEDIA: Fitch Rates $180M Proposed Sec. Nts 'CCC+'
---------------------------------------------------------------
Fitch Ratings has assigned an issuer default rating (IDR) of
'CCC' to Transtel Intermedia S.A. (Transtel) and a 'CCC+' to the
proposed issuance of US$180 million senior secured notes due
2012. The Outlook is Stable. Proceeds will be use to refinance
exiting indebtedness of parent company Transtel S.A.

Transtel's rating incorporates the company's high leverage,
marginal yet improving profitability, limited financial
flexibility, and its position as a niche player in Colombia's
competitive local exchange market. The ratings incorporate an
improved maturity profile, which is the result of a debt
restructuring early last year and moderate regulatory risk.
Transtel is exposed to competition from larger local exchange
incumbents and increased substitution of fixed-line telephony by
mobile traffic. The proposed notes will be guaranteed by the
holding company, Transtel S.A., and all operating subsidiaries
and will be secured by virtually all of the assets of the
company.

Total debt to adjusted EBITDA (for nonrecurring items) is high
at 5.6 times (x) and adjusted EBITDA to interest expense is low
at 1.2x for the first six months of 2005. Despite the high debt
levels, the company is expected to generate free cash flow that
will be used to gradually reduce indebtedness in the coming
years, helped by low capital expenditures levels. Transtel
operates a modern, 100% digital network that allows it to offer
high quality voice and data services, which has enough capacity
to meet its growth strategy over the next five years. As a
result, capital expenditures are expected to be at minimal
levels and free cash flow generation positive that can be used
to decrease debt over the next couple years.

Transtel completed a debt restructuring under a 550 proceeding
in early 2004 that improved its debt profile by moderately
lowering leverage and extended maturities. As part of the
restructuring a total of US$309 million of indebtedness was
exchanged for US$198.4 million of new debt and US$111.2 million
was capitalized for Transtel's equity, representing about US$152
million of 12.5% senior secured notes and US$33 million of
convertible subordinated notes. The proposed transaction will be
used to refinance the outstanding secured notes and subordinated
convertible notes. A minimum of at least 90% of the outstanding
debt must be tendered in order to allow the new notes to be
fully collateralized by the assets of the operating companies.
After the proposed transaction is completed, the improved
maturity profile of the debt will lower refinancing risk.

Transtel is the largest, although still small, private fixed
local service provider in Colombia. The company is well
positioned to take advantage of offering unregulated bundled
products that include voice and broadband services, as well as
video services in Cali. This strategy may help the company to
further reduce churn rates and increase profitability and
penetration. Future operating strategy targets to lever the
unused installed capacity of its network in Cali, where good
demographics and low market share by the company provides a good
opportunity to increase its subscriber base by directly
competing with incumbent, municipally-owned Emcali. The company
has leading market shares in Palmira and Cartago, where about
40% of revenues are generated.

Over the last few years, changes in revenues reflect the
substitution of fixed line services (LIS) by wireless services
and pressure from overall traffic; growth of lines in service
has been offset by increases in tariffs. During the first six
months of 2005, the company reversed the trend of declining LIS
by increasing its sales force and maintaining the rates.
Nevertheless, revenue declined 15% for this period vis-a-vis
2004 as the increase in LIS was not enough to compensate the
higher tariffs. Broadband penetration in Colombia is low and
offers an attractive opportunity over the medium term to enhance
ARPU and to help retain LIS with the offering of unregulated
bundle services.

Regulatory risk is moderate. In 2006, the industry will switch
to charging for minutes verses pulses, which is not expected to
significantly affect the revenues of the company. Local service
plans are regulated if market share exceeds 60%. Transtel will
have four of its seven local service operations under a
regulated regime by January 2006, representing approximately 64%
of LIS. Regulated rates follow a cap system, in which original
caps are adjusted every year by the difference of the inflation
less a productivity factor and for a service quality score. The
current productivity factor of 2% is comparable to certain
countries in the region that follow the same system. The
productivity factor is reviewed every five years; the latest
took place in 2005, adding certainty until 2010.

Transtel controls and operates seven telephone systems and one
cable system, serving residential and commercial subscribers in
ten cities including Cali and its metropolitan area and the
municipalities of Popayan and Jamundi. The company offers local
telephone, data, internet, and, to a lesser extent, pay
television services. At June 30, 2005 total subscribers included
over 210,000 for fixed line services, 28,000 internet
subscribers including 1,900 broadband users, and 10,000 pay
television subscribers. Revenues and EBITDA for 2004 equaled
approximately US$60 million and over US$40 million,
respectively.

CONTACT: Sergio Rodriguez, CFA +011 5281 8335-7179, Monterrey
         Lucas Aristizabal +1-312-368-3260
         Daniel R. Kastholm, CFA +1-312-368-2070, Chicago

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



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

KAISER ALUMINUM: Wants Fourth Old Republic Stipulation Approved
---------------------------------------------------------------
Old Republic Insurance Company has issued new workers'
compensation, automobile liability and general liability
insurance coverage to Kaiser Aluminum Corporation and its
debtor-affiliates, which will be effective until October 14,
2006, and has essentially the same terms and conditions as the
policies Old Republic issued through October 2005.

Old Republic did not require that any additional collateral be
posted in connection with the issuance of the New Policies but
required the Debtors to enter into another stipulation.

The principal terms of the parties' Fourth Stipulation are:

  (a) Old Republic will be entitled to an unliquidated
      administrative claim against the Debtors -- other than
      Debtors Alpart Jamaica, Inc., Kaiser Jamaica Corporation,
      Kaiser Alumina Australia Corporation, Kaiser Finance
      Corporation and Kaiser Bauxite Company -- on account of
      the possibility that the Debtors fail to make:

      -- premium payments or pay any other amounts due with
         respect to the Policies;

      -- payments within the deductible layer of the Policies
         with respect to claims covered by the Policies; or

      -- payments to the third-party administrator that is
         administering the covered claims;

  (b) The administrative claims will (i) survive confirmation of
      the applicable Debtors' plan or plans of reorganization,
      (ii) not be liquidated or adjudicated by the Court, and
      (iii) not be payable upon the effective date of the plan,
      unless the confirmed plan or plans for the applicable
      Debtors provides for a complete liquidation of the
      Debtors, in which event Old Republic's administrative
      claim against the applicable Debtors is to be estimated
      or adjudicated by the Court, as appropriate, and paid when
      allowed by the Court.  In addition, in the event these
      cases are converted to Chapter 7 cases, Old Republic's
      administrative claim against the applicable Debtors is
      to be estimated or adjudicated by the Court, as
      appropriate, and paid when allowed by the Court;

  (c) To the extent that Old Republic draws down on the
      $9,644,219 Amended Letter of Credit pursuant to the terms
      of the parties' Program Agreement, the Debtors will not
      seek before October 14, 2009, to exercise their rights
      under the Program Agreement, if any, to recover from Old
      Republic any portion of the draws on the Amended Letter of
      Credit, unless otherwise agreed to by the parties;

  (d) If the Debtors do not make all required premium payments
      or do not make all required deductible payments on account
      of the claims covered by the Policies or fail to pay all
      amounts owed to the TPA, Old Republic will be entitled,
      but only after providing the Debtors, the Creditors'
      Committee, the Asbestos Committee, the Retirees'
      Committee, the Asbestos Representative and the Silica
      Representative with no less than 20 business days' prior
      written notice, to exercise its state law rights to cancel
      the new policies; and

  (e) The terms of the Fourth Stipulation will not prejudice any
      rights of Old Republic to pursue other claims that might
      arise under various workers' compensation, excess workers'
      compensation, general liability and automobile insurance
      policies that were issued prior to the parties' entry into
      the Program Agreement against any of the Debtors other
      than Kaiser Bauxite, Kaiser Jamaica, Alpart Jamaica,
      Kaiser Finance and Kaiser Australia.  Additionally, the
      terms of the Fourth Stipulation will not prejudice any
      rights of Old Republic to draw upon the Amended Letter of
      Credit.

To put the New Policies into effect, the Debtors ask the U.S.
Bankruptcy Court for the District of Delaware to approve the
Fourth Stipulation.

As previously reported in the Troubled Company Reporter on
January 24, 2005, Judge Fitzgerald approved the Third
Stipulation between the Debtors and Old Republic Insurance
Company.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., local counsel to Kaiser Aluminum, relates that Old
Republic has issued or shortly will issue new insurance coverage
in accordance with the terms of binders delivered to the
Debtors, which will continue this array of insurance coverage
through October 14, 2005, on essentially the same terms and
conditions as the 2003-2004 Policies.  The Letter of Credit
securing the Debtors' obligations to Old Republic will be
increased from $8,720,000 to $9,644,219.

As a condition to the issuance of the New Policies, the Debtors
agreed to enter into a third stipulation, the basic terms of
which, are similar to conditions agreed to in connection with
the 2003-2004 Policies.

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corporation -- http://www.kaiseraluminum.com/-- is a leading
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications.  The Company filed for chapter 11 protection on
February 12, 2002 (Bankr. Del. Case No. 02-10429), and has sold
off a number of its commodity businesses during course of its
cases.  Corinne Ball, Esq., at Jones Day, represents the Debtors
in their restructuring efforts.  On June 30, 2004, the Debtors
listed $1.619 billion in assets and $3.396 billion in debts.
(Kaiser Bankruptcy News, Issue No. 83; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


MIRANT CORP: Ch. 11 Examiner Wants 105 Claims Transfer Nixed
------------------------------------------------------------
William K. Snyder, the Court-appointed examiner in Mirant
Corporation and its debtor-affiliates' chapter 11 cases ask the
U.S. Bankruptcy Court for the Northern District of Texas for:

  (i) an order expunging from the record in the Mirant Case all
      notices purporting to transfer unsecured claims to Debt
      Settlement Associates, LLC, pursuant to Rule 3001(e)(1) of
      the Federal Rules of Bankruptcy Procedure; and

(ii) a temporary restraining order and preliminary and
      permanent injunction, pursuant to Rule 65 of the Federal
      Rules of Civil Procedure, Bankruptcy Rule 7065 and Section
      105(a) of the Bankruptcy Code, enjoining Richard J.
      Feferman and Debt Settlement Associates, LLC, and any
      other entity owned, operated or controlled by, or
      otherwise affiliated with, either Defendant from filing in
      the Mirant Case any document purporting to transfer a
      claim pursuant to any subsection of Bankruptcy Rule
      3001(e)(1), unless that notice of transfer is accompanied
      by explicit evidence of the knowledge and consent of the
      transferor to that transfer.

In addition, the Examiner seeks a temporary restraining order
and preliminary and permanent injunction enjoining Mr. Feferman
and DSA from filing, in any bankruptcy court in the United
States, any document purporting to transfer a claim pursuant to
any subsection of Bankruptcy Rule 3001(e)(1), unless that notice
of transfer is accompanied by explicit evidence of the knowledge
and consent of the transferor to that transfer.

Mr. Snyder relates that between August 30, 2005, and September
3, 2005, a large number of notices purporting to transfer
various unsecured claims to DSA pursuant to Bankruptcy Rule
3001(e)(1) were filed on the Court's docket in the Mirant Case.
In total, approximately 105 Transfer Notices were filed over
that five-day period.

During an in-chambers status conference on September 7, 2005,
the Court directed the Examiner to commence an investigation to
ascertain the existence of any impropriety in connection with
the claim transfers evidenced by the Transfer Notices.

In a sealed hearing on October 5, 2005, the Examiner presented
his written report to the Court.  The Court permitted the
Examiner to commence an adversary proceeding to address the
causes of action addressed in his Claims Trading Report,
provided that the Examiner confers with the Debtors, the
official committees and the U.S. Trustee.  After the required
consultation, the Examiner and Mirant agreed to commence an
adversary proceeding.

Mr. Snyder reports that the DSA Transfer Notices are virtually
identical in all respects, and contain these characteristics:

   (a) Each Transfer Notice identifies the original creditor
       (i.e., the transferor), its address, and the amount of
       its claim.

   (b) Each Transfer Notice references the unique number
       assigned to the transferred claim in the Debtors'
       schedules as they are maintained by BSI LLC, the Debtors'
       claims manager.

   (c) Each Transfer Notice included a detailed certificate of
       service indicating that Defendants mailed the Transfer
       Notice to the indicated address.

   (d) None of the Transfer Notices contains any explicit
       evidence of the transfer, including a signature or other
       acknowledgement by the transferor, or a copy of a bill of
       sale or assignment agreement.

                     Claims Transferred to DSA

    Total Creditors Affected                                  62
    Total Claims Transferred to DSA                          105

       Total addresses listed as post office box              94
       Total Claims less than $1,500                          80
       Total Claims evidenced by proof of claim                0

    Total Face Amount of Claims Transferred to DSA   $339,536.30

    Average Claim Amount                               $3,233.68
    Median Claim Amount                                  $680.22

"Although eleven of the Transfer Notices (and, presumably,
Solicitation Letters) were mailed to actual street addresses,
this fact does not necessarily indicate actual receipt of the
correspondence by the affected creditor," Mr. Snyder says.

                         The Scheme

Mr. Snyder alleges that Mr. Feferman and DSA target creditors
with small, scheduled, unsecured claims, for which no proof of
claim has been filed and no mailing address given other than a
post office box.

According to Mr. Snyder, in order to effectuate the transfer of
a claim without the knowledge or consent of the original
creditor, Mr. Feferman and DSA mail each creditor a Solicitation
Letter offering to purchase the creditor's claim.  Accompanying
the solicitation letter is a check tendered in the amount of 1%
of the face amount of each claim to be transferred to Mr.
Feferman and DSA.

To accept the offer, the letter instructs the creditor to
"simply deposit the check," at which point Mr. Feferman and DSA
propose to prepare and file the remaining documents necessary to
complete the transfer and notify the bankruptcy court.

The Examiner and Mirant believe that the key to the scheme lies
in the routing of the Solicitation Letters and checks through
lockboxes.  A lockbox is simply a mechanism for accelerating
deposits and streamlining the collection of receivables by a
company.  The bank administering the lockbox opens incoming
mail, deposits funds received and forwards the remaining paper
to the client company.  The bank makes no qualitative analysis
of incoming correspondence, nor is it empowered with any
authority to respond to requests, demands or offers tendered to
the lockbox.  The bank is simply a vehicle for the collection
and deposit of funds.

As a result, Mr. Snyder says, when DSA's checks are received in
a bank-administered lockbox, the receiving bank deposits the
check automatically -- without any analysis or consideration of
the accompanying letter or the offer contained.  Upon
information and belief, Mr. Feferman and DSA's practice at that
point is to treat the negotiation of DSA's checks by the bank as
a knowing acceptance by the creditor of the offer contained in
the accompanying letter.

It further appears, Mr. Snyder relates, that Mr. Feferman and
DSA's scheme is premised on targeting only claims that are
scheduled, but for which no proofs of claim have been filed.

Bankruptcy Rule 3001(e) regulates the transfer of claims between
parties in a bankruptcy case, and provides distinct procedures
based upon whether or not the claim is transferred for the
purpose of security and whether or not a proof of claim has yet
been filed.  Whereas Bankruptcy Rule 3001(e)(2) requires
"evidence of the transfer" to be filed with the Court in
connection with claims transferred after a proof of claim has
been filed, Bankruptcy Rule 3001(e)(1) requires no evidentiary
showing for claims transferred before a proof of claim has been
filed.

Accordingly, Bankruptcy Rule 3001(e)(1) did not require Mr.
Feferman and DSA to accompany the filed Transfer Notices with
evidence that would indicate the transferring creditor's
knowledge of or consent to the transfer.

In making contact with affected creditors, the Examiner's
counsel spoke directly with account and credit managers and, in
several cases, the creditor's in-house counsel.  In some cases,
the Examiner's counsel spoke directly to the creditor's general
counsel.  In each case, the Examiner's counsel advised the
creditor that the Examiner had reason to believe that the
creditor's claim had been transferred to DSA without the
creditor's knowledge.  The creditor was provided with the
address or post office box listed on the Transfer Notice, and
asked to confirm that the post office box was in fact a lockbox.
The creditor was then directed to search the cash sweep accounts
associated with that lockbox for checks deposited in amounts
equal to 1% of the amount of the creditor's claim or claims.

The Examiner is represented by Richard M. Roberson, Esq., and
Michael P. Cooley, Esq., at Gardere Wynne Sewell LLP, in Dallas,
Texas.

As of October 25, 2005, 14 creditors representing 31 claims have
confirmed that the addresses listed on the Transfer Notices
corresponding to their claims are a bank-administered lockboxes:

      1. Atlantech Distribution, Inc.
      2. Broadview Networks
      3. Cingular Interactive
      4. Control Components, Inc.
      5. Copper and Brass Sales
      6. General Chemical Corp.
      7. Global Crossing
      8. Industrial Process Solutions
      9. Insight Corporate Solutions, Inc.
     10. Keller Canyon
     11. Lawson Products
     12. Maxim Crane
     13. Minolta Business Systems
     14. Prime Power

According to Mr. Snyder, they have been informed further and
believe that Mr. Feferman and DSA have engaged in a similar
scheme to obtain the transfer of claims without the knowledge or
consent of the original creditors in 15 other bankruptcy cases
in five districts, including the Southern and Northern Districts
of California, the Southern District of New York and the
District of Massachusetts.

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. 83 Bankruptcy Creditors'
Service, Inc., 215/945-7000)



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

AXTEL: Executes Agreement to Develop WiMAX with Intel
-----------------------------------------------------
AXTEL, S.A. de C.V., a Mexican telecommunications company,
announced the execution of a collaboration agreement with Intel
to develop WiMAX technology in Mexico.

The agreement was executed in the corporate offices of AXTEL, in
San Pedro Garza Garcia, Nuevo Leon, where Tomas Milmo Santos,
Chairman of the Board of Directors and CEO of the telephone
company, was the host of Craig R. Barrett, Chairman of the Board
of Directors of Intel Corporation.

WiMAX is an acronym for Worldwide Interoperability for Microwave
Access, a certification brand for products that pass the
conformity and interoperability tests for IEEE 802.16 standards.

Through the WiMAX Forum (http://www.wimaxforum.org/)led by
Intel, where AXTEL takes part together with manufacturers and
regulators from all around the world, they are working to
facilitate the large-scale adoption of the broadband wireless
access (BWA) technology based on the IEEE 802.16 standard. One
of the goals to be attained is to ensure that the WiMAX
certified systems meet the requirements set by clients and
governments.

It is relevant to emphasize here that AXTEL is one of the first
companies in the world, and the first one in Mexico, to deploy a
WiMAX fixed network through Intel technology in order to offer
broadband access to businesses and homes.

AXTEL added that this new technology will generate a genuine
technological convergence of services over a multimodal network
with Carrier Class Service levels.

This innovation will enable AXTEL clients to have, among other
things, broadband resources for wireless equipment and, in the
future, for mobile equipment as well.

It was reported that the broadband service is being initially
deployed in Monterrey, in an ambitious technological
collaboration project promoted by the Government of the State of
Nuevo Leon, Intel, and AXTEL.

"Thanks to this agreement between AXTEL and Intel to develop
WiMAX, soon a lot of people will be able to gain access to a
genuine experience of wireless broadband connectivity that will
make it possible for the convergence of technologies to start to
have an effect on the lives of people and the development of a
number of cities," said Craig R. Barrett.

Moreover, Tomas Milmo Santos stated, "This agreement will
reinforce the position of our company in the competitive
environment of telecommunications, which will evolve
substantially in the forthcoming years in Mexico and abroad. We
are very satisfied with our having established this significant
alliance with Intel, a leading company worldwide. We are
confident that our clients and the market in general will soon
experience the benefits and advantages that this project
entails."

ON INTEL

Intel Corporation, the largest manufacturer of chips in the
world, is also the leading maker of products for personal
computers, networks, and communications.

ON AXTEL

AXTEL is a Mexican telecommunications company that provides
local telephone services, national and international long
distance services, data, internet, virtual private networks, and
value added services. AXTEL has provided Mexico with a basic
telecommunications infrastructure through an intelligent network
that offers wide coverage to all markets. At present, it is
operating in Mexico City, Monterrey, Guadalajara, Puebla, Leon,
Toluca, Queretaro, San Luis Potosi, Aguascalientes, Saltillo,
Ciudad Juarez, and Tijuana.

AXTEL has brought to the market various access technologies that
include fixed wireless telephony, point-to-point radio links,
point-to-multipoint radio links, and fiber optics, all of which
are offered to match the communication solutions that its
customers require.

CONTACT:  Axtel, S.A. de C.V.
          Jose Manuel Basave
          Corporate Communication
          E-mail: jmbasave@axtel.com.mx
          URL: www.axtel.com.mx


BALLY TOTAL: Grants Stock Option to Carl J. Landeck
---------------------------------------------------
As required by New York Stock Exchange rules, Bally Total
Fitness Holding Corporation (NYSE:BFT) reported Thursday the
grant of stock option and restricted stock awards under Bally's
2005 Inducement Plan to Carl J. Landeck, Senior Vice President
and Chief Financial Officer. Mr. Landeck was granted 23,000
options and 55,000 shares of restricted stock, subject to
vesting conditions.

The stock options vest in three equal annual installments on the
anniversary of the grant date and are subject to forfeiture in
the event of resignation or termination for cause prior to
vesting. The restricted stock has a four-year cliff vesting
provision and vests in full upon a change in control or
termination of employment by the Company without cause.

In accordance with NYSE Rule 303A.08, the restricted stock and
stock option grants require a public announcement of the awards
and written notice to the NYSE.

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)
          Tel: 773-864-6897

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


CALPINE CORP: Provides Update on Certain Litigation Matters
-----------------------------------------------------------
Calpine Corporation (NYSE: CPN) provided updates on the
following litigation matters:

Natural Gas Sale Proceeds Litigation

On November 30, 2005, Calpine filed with the Delaware Chancery
Court a memorandum in response to the court's November 22, 2005
opinion in Calpine's suit regarding the disposition of the
proceeds from Calpine's July 2005 sale of its natural gas assets
(Opinion). In the Opinion, the court directed the parties to
make submissions regarding an appropriate restorative remedy
relating to the $313 million of sale proceeds released to
Calpine by the collateral trustee. In the memorandum, Calpine
informed the court that, given the delay of the second lien
bondholders in asserting their rights, Calpine believes an
appropriate remedy would be the restoration of $199 million,
plus accrued interest at a rate of 3.5%, per annum to the
collateral account or the use of that amount for reinvestment in
qualifying designated assets or repurchase of secured debt.
Calpine also requested that the court allow it a period of 90
days to restore the funds. Wilmington Trust Company, in its
capacity as trustee for the second lien bondholders, requested
that the court direct Calpine to restore $313 million in cash,
plus interest at the Delaware statutory pre-judgment rate to the
collateral account, within the later of (i) one week from the
entry of the court's final judgment, and (ii) December 9, 2005.

Recent developments affecting the company, including the
Opinion, have undermined its ability to complete planned
financial transactions to meet its cash-flow requirements.
Regardless of how the Court rules in this case, there is a
substantial risk that Calpine will not have sufficient cash to
satisfy the restorative remedy ordered by the court and its
ongoing debt service obligations and operating expenses. As a
consequence, Calpine continues to evaluate its options,
including the possibility of filing for bankruptcy.

Harbert Contingent Convertible Notes Litigation

In a suit filed in the Supreme Court, New York County, State of
New York, Harbert Convertible Arbitrage Master Fund, Ltd. and
related entities (Harbert), holders of Calpine's 6% Contingent
Convertible Notes due 2014 (Convertible Notes), joined by
Wilmington Trust Company, the trustee under the Indenture for
the Convertible Notes, acting on behalf of all holders of the
Convertible Notes (Trustee), contend that Calpine breached an
obligation under the Convertible Notes Indenture. Specifically,
the plaintiffs allege that Calpine failed to engage the Bid
Solicitation Agent to determine the trading price of the
Convertible Notes after Harbert presented to Calpine what the
plaintiffs assert was reasonable evidence that the Trading Price
(as defined by the Convertible Notes Indenture) of the Notes was
below 95% of parity in relation to the market price of Calpine's
common stock.

At a status conference on November 22, 2005, Calpine informed
the court that it continues to believe that there had been no
default under the Convertible Notes Indenture. However, in an
effort to remove the uncertainty raised by the claims in the
litigation and by a purported default notice based on the same
assertions, Calpine has taken actions, which it believes have
effected a cure of the alleged default. In this regard, at the
request of Calpine, American Stock Transfer and Trust Company,
the Bid Solicitation Agent for the Convertible Notes, determined
in accordance with the Convertible Notes Indenture the Trading
Price of the Convertible Notes at all of the relevant times
cited by Harbert and another holder in their purported notice of
default. Based on the Trading Prices determined by the Bid
Solicitation Agent, Calpine has calculated that at all relevant
times the relationship of the Trading Price of the Convertible
Notes to the market price of Calpine's common stock was such
that the Convertible Notes did not become convertible under the
terms of the Convertible Notes Indenture.

While Calpine believes that it has at all times been in full
compliance with its obligations under the Convertible Notes
Indenture, there is no assurance that Harbert and the Trustee
will not continue to press their claim that Calpine has breached
the Convertible Notes Indenture by failing to engage on a timely
basis the Bid Solicitation Agent, including by contending that
Calpine's cure of the alleged breach was ineffective. If it is
determined that Calpine has defaulted in its obligation under
the Convertible Notes Indenture as alleged by Harbert and the
Trustee, and if such a default were found to be material and not
to have been cured, then all of the Convertible Notes would
become immediately due and payable at the election of the
holders. Moreover, such acceleration under the Convertible Notes
Indenture would constitute a default under other debt
obligations of Calpine.

A major power company, Calpine Corporation supplies customers
and communities with electricity from clean, efficient, natural
gas-fired and geothermal power plants. Calpine owns, leases and
operates integrated systems of plants in 21 U.S. states and in
three Canadian provinces and is building a plant in Mexico.
Calpine was founded in 1984. It is publicly traded on the New
York Stock Exchange under the symbol CPN. For more information,
visit http://www.calpine.com.

CONTACT:  Calpine Corporation
          Media Relations: Katherine Potter
          Tel: +1-408-792-1168
          E-mail: kpotter@calpine.com

          Investor Relations: Karen Bunton
          Tel: +1-408-792-1121
          E-mail: kbunton@calpine.com

          Rick Barraza
          Tel: +1-408-792-1125
          E-mail: rbarraza@calpine.com
          URL: http://www.calpine.com


CALPINE CORP: Fitch Assigns Recovery Ratings
--------------------------------------------
Fitch has assigned an issuer default rating (IDR) of 'CC' to
Calpine Corp. (CPN) and downgraded CPN's outstanding $5.6
billion senior unsecured notes and convertible debt to 'CC' from
'CCC-'. CPN's outstanding $642 million first-priority secured
notes are affirmed at 'B' and outstanding $3.7 billion second-
lien priority secured notes and term loans at 'B-'. In addition,
Fitch has assigned recovery ratings to CPN's outstanding debt
obligations as follows:

  -- First-priority secured notes 'RR1';
  -- Second-priority secured notes 'RR1';
  -- Senior unsecured notes and convertible debt 'RR5'.

The Rating Outlook for CPN remains Negative.

The assigned IDR of 'CC' reflects uncertainty over CPN's ability
to meet their financial obligations on a timely basis and
indicates that a default of some kind appears probable in the
near term. Since Fitch's last rating action on Nov. 4, 2005
following the release of CPN's third-quarter 2005 financial
results, further negative developments have occurred. Most
notably, the Delaware Court of Chancery ruled on Nov. 22, 2005
that CPN violated the terms of its second-lien indenture by
improperly utilizing $313 million of asset sale proceeds to
purchase natural gas inventory. While the appropriate remedy for
bondholders has yet to be determined, a near-term order for CPN
to remit these funds would placed further pressure on the
company's already stressed cash position. In addition, the
announced departure of CPN's long-standing CEO and CFO on Nov.
29, 2005 will allow more effective negotiations with bankers,
investors, and other parties and provides a clearer indication
that the company will pursue more aggressive restructuring
measures in the near-term to address CPN's strained liquidity
position, excess debt leverage, and continued deterioration in
the company's core operating performance. In the face of these
developments, successful completion of the CalBear trading joint
venture and monetization of CPN's geothermal assets now appear
questionable.

CONTACT: Fitch Ratings
         Hugh Welton, 212-908-0746
         Justin Bowersock, 312-368-3151
         Glen Grabelsky, 212-908-0577
         Brian Bertsch, 212-908-0549 (Media Relations)


DESC: U.S. Unit Signs Outsourcing Agreement with SK Foods
---------------------------------------------------------
Authentic Specialty Foods Inc., the Chino, California-based unit
of Mexican conglomerate Desc SA (DESC.MX), has struck an
outsourcing accord with SK Foods for production and packaging of
its La Victoria and Embasa brand products, reports Dow Jones
Newswires.

The deal, according to Desc, will lower costs and improve
quality while increasing profitability and positioning of the
products.

All of Authentic Specialty's sales and service operations will
continue to operate from Chino and products will continue to
ship from facilities in Chino and San Antonio, Texas.

Monterey, California-based SK Foods is a major tomato grower and
processor of tomato products.

CONTACT: 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


EAGLEPICHER TECHNOLOGIES: Names Steven E. Westfall President
------------------------------------------------------------
EaglePicher Technologies, LLC has appointed Steven E. Westfall
as President. Mr. Westfall has P&L accountability for the
businesses that comprise the division including: EaglePicher
Defense and Space, EaglePicher Pharmaceutical (where he
continues as President), EaglePicher Medical Energy Products,
EaglePicher Boron, EaglePicher Distributed Products and the
EaglePicher Horizon Joint Venture. As a result of his expanded
role, Mr. Westfall will now have responsibility for functional
leadership for EaglePicher Technologies as well, including Legal
and Human Resources.

Mr. Westfall is located in Joplin, Missouri, EaglePicher's
premier U.S. location for its Defense and Space Business and the
divisional headquarters for EaglePicher Technologies. He reports
to Grant T. Hollett, Jr. RADM, U.S. Navy, retired, Chairman of
the Board and CEO EaglePicher Technologies, LLC.

Previously Mr. Westfall was Chief Operating Officer for
EaglePicher Technologies. Prior to that he had been Executive
Vice President and General Manager, EaglePicher Technologies,
LLC and President of EaglePicher Pharmaceutical Services. He
held previous positions at EaglePicher including President,
Horizon Batteries, LLC (a joint venture), Vice President and
General Manager EaglePicher Technologies, LLC Specialty
Materials Business Unit, and Director of Business Operations,
EaglePicher Technologies, LLC.

Mr. Westfall holds a Masters of Business Administration/MBA and
a Bachelor of Science, Business Administration from Pittsburg
State University, Pittsburg, Kansas. He serves as Chairman of
the Board for EaglePicher Pharmaceutical Services and as a
member of the Board of Directors for the Diehl & EaglePicher
Joint Venture, Germany.

In a related move, EaglePicher Technologies, LLC has also
announced that it is moving its accounting function to Joplin,
Missouri. The majority of transactional accounting across the
division will now be centralized from the Joplin facility.

For more information about EaglePicher products, access
www.eaglepicher.com.

EaglePicher Technologies, LLC, a wholly owned subsidiary of
EaglePicher Incorporated, has facilities in Arizona, Missouri,
Oklahoma, Kansas and Canada. The operating group develops and
markets advanced high-reliability power systems and associated
electronics for government, space and commercial applications.
It also processes Boron isotopes and anticancer pharmaceutical
ingredients. Areas of global focus include telecommunications,
medical, nuclear power plants, space, defense, environmental,
semiconductors and pharmaceutical/biotech.

EaglePicher Incorporated, founded in 1843 and headquartered in
Phoenix, Arizona, is a diversified manufacturer and marketer of
innovative, advanced technology and industrial products and
services for space, defense, environmental, automotive, medical,
filtration, pharmaceutical, nuclear power, semiconductor and
commercial applications worldwide. The company has 3,900
employees and operates more than 30 plants in the United States,
Canada, Mexico and Germany. Additional information on the
company is available on the Internet at www.eaglepicher.com.

CONTACT:  EAGLEPICHER INCORPORATED
          Art Fiacco
          480 837 3948
          480 748 1398


EMPRESAS ICA: Announces MXN650 Mln Civil Construction Projects
--------------------------------------------------------------
Empresas ICA, S.A. de C.V. (BMV and NYSE: ICA), the largest
engineering, construction, and procurement company in Mexico,
announced new civil construction projects for different clients
totaling more than Ps. 650 million.

The projects are:

  - Terracing and asphalt concrete paving as well as
    complementary works on the commercial airline ramps of
    Terminal II of the Mexico City International Airport for
    Aeropuertos y Servicios Auxiliares (ASA). The unit price
    public works contract, with a fixed completion date, has a
    value of Ps. 540 million. Completion is scheduled for
    November 2006.

  - Agreement for the reconstruction of 2,100 rooms for the
    Palace Resort hotel chain in Canc£n, which was affected by
    hurricane Wilma. The work is to be completed between
    December 2005 and January 2006 under an administration
    contract.

  - Construction of the B and D1 buildings of the Regional
    Exposition and Business Center in Irapuato (INFORUM),
    including foundation and structure work, roofing system,
    aluminum and glass facades, tiled walls, civil work,
    plumbing, electromechanical facilities, and automated air
    conditioning systems. The fixed price contract for Ps. 116
    million is to be completed in 7 months.

ICA was founded in Mexico in 1947. ICA has completed
construction and engineering projects in 21 countries. ICA's
principal business units include civil construction and
industrial construction. Through its subsidiaries, ICA also
develops housing, manages airports, and operates tunnels,
highways, and municipal services under government concession
contracts and/or partial sale of long-term contract rights.

CONTACT: Empresas ICA Sociedad Controladora S.A. de C.V.
         Col. Escandon Del Migual Hidalgo
         Mexico City, 11800
         Mexico
         Phone: 525-272-9991
         URL: http://www.ica.com.mx


GRUPO POSADAS: Placed on Rating Watch Negative
----------------------------------------------
Fitch Ratings has placed the 'BB-' senior unsecured foreign and
local currency rating and the 'A(mex)' national scale rating of
Grupo Posadas S.A. de C.V. (Posadas) on Rating Watch Negative.
Approximately US$225 million and MXP800 million of debt are
affected by this action.

The rating action takes place following the announcement of
Posadas to buy a 100% of airline carrier Grupo Mexicana de
Aviacion S.A. de C.V. (Mexicana) for US$165.5 million. Fitch
expects the acquisition to be funded with a mix of capital and
new debt. The acquisition is expected to increase Posadas'
leverage and potentially business risk, depending on the
ultimate organizational and financial structure of the
transaction, which is yet to be determined.

The Rating Watch will be resolved when the final terms and
conditions of the acquisition, including the funding of the
acquisition, and the financial structure post transaction have
been determined. Primary concerns are increasing leverage that
will alter the financial structure of the company and the higher
business risk profile of the airline industry versus Posadas'
traditional lodging business.

Posadas' current ratings reflect a solid business position,
strong brand name, and multiple hotel formats. The company's
presence in all major urban and resort locations in Mexico,
consistent product offerings and quality brand image have
resulted in occupancy levels above the industry average in
Mexico. The company's use of multiple hotel formats allows it to
target both domestic and international business travelers, as
well as tourists. Posadas' operations are primarily located in
Mexico, which limits diversification; approximately one-fifth of
room capacity is located outside Mexico.

Grupo Posadas is the largest hotel operator in Mexico with more
than 30 years in business. The company operates 94 hotels and
17,277 rooms across Mexico (82% of total rooms), United States
(6%), Brazil (11%) and Argentina (1%). Approximately 72% of
rooms are in urban locations, with the remaining 28% in coastal
destinations. The company manages different hotel formats under
a combination of owned, leased, and managed properties including
Fiesta Americana and Fiesta Inn in Mexico and Caesar Park and
Caesar Business in Argentina and Brazil.

CONTACT:  Fitch Ratings
          Sergio Rodriguez, +52 81 8335-7179 (Monterrey)
          Giovanna Caccialanza, 212-908-0898 (New York)

MEDIA RELATIONS: Christopher Kimble, 212-908-0226 (New York)


SR TELECOM: Nasdaq Issues Delisting Notice
------------------------------------------
SR Telecom Inc. (TSX: SRX, Nasdaq: SRXA), announced that, after
the close of business on November 30, 2005, it received notice
from the Nasdaq Listings Qualifications Panel that its shares
will be delisted from the Nasdaq National Market as of the
opening of business tomorrow, Friday, December 2, 2005.

Nasdaq has determined that SR Telecom does not meet the US$10
million shareholders' equity requirement, as set forth in
Marketplace Rule 4450(a)(3), or the US$1.00 minimum bid price
requirement for continued listing set forth in Marketplace Rule
4450(a)(5). As announced on September 16, 2005, SR Telecom had
appealed an earlier determination from Nasdaq to delist the
Corporation's common shares, however this appeal has been
rejected.

The Corporation's common shares continue to be listed on the
Toronto Stock Exchange (TSX) under the symbol SRX.

About SR Telecom

SR TELECOM designs, builds and deploys versatile, field-proven
Broadband Fixed Wireless Access solutions. SR Telecom products
are used by large telephone and Internet service providers to
supply broadband data and carrier- class voice services to end-
users in both urban and remote areas around the globe. With its
principal offices in Montreal, Mexico City and Bangkok, SR
Telecom products have been deployed in over 110 countries,
connecting nearly two million people.

With its widely deployed symmetry(R) WiMAX-ready solution, SR
Telecom provides bridge technology to future high speed
solutions for voice, data and entertainment providers.

SR Telecom is a principal member of WiMAX Forum, a cooperative
industry initiative which promotes the deployment of broadband
wireless access networks by using a global standard and
certifying interoperability of products and technologies.

CONTACT: SR TELECOM INC.
         William E. Aziz, Interim President and CEO
         Tel: (514) 335-2429, Extension 4613
         URL: www.srtelecom.com
         Rick Leckner, Maison Brison
         Tel: (514) 731-0000


SR TELECOM: To Convert $10M of 10% Convertible Debentures
---------------------------------------------------------
SR Telecom Inc. (TSX: SRX; Nasdaq: SRXA) announced that $10
million of its outstanding 10% Secured Convertible Debentures
due October 15, 2011 (the "10% Convertible Debentures") will be
converted on a pro rata basis among all holders of 10%
Convertible Debentures into approximately 46.1 million common
shares and the accrued interest that is payable in kind will
convert into approximately 1.2 million common shares on November
30, 2005 at the conversion price of approximately $0.217 per
common share. The conversion is mandatory under the terms of the
10% Convertible Debentures. Approximately $75.5 million of 10%
Convertible Debentures are outstanding as of the date hereof.
Following the mandatory conversion, there will be outstanding
approximately $65.5 million of 10% Convertible Debentures and
approximately 64.9 million common shares.

In addition, from and after November 30, 2005, the remaining
outstanding 10% Convertible Debentures will be convertible into
common shares at the option of the holder at the conversion
price of approximately $0.217 in accordance with the terms of
such 10% Convertible Debentures.


TV AZTECA: Distributes $21M in Cash to Shareholders
---------------------------------------------------
TV Azteca, S.A. de C.V. (NYSE: TZA) (BMV: TVAZTCA) (Latibex:
XTZA), one of the two largest producers of Spanish-language
television programming in the world, made a US$21 million cash
distribution Thursday to shareholders, equivalent to US$0.007
(Ps. 0.078) per CPO.

On April 29, TV Azteca's Annual Ordinary Shareholders' Meeting
approved distributions for an aggregate amount of US$80 million
to be paid during 2005, which include the payment made Thursday,
and a payment of US$59 million made on June 9, as was previously
announced.

The company noted that Thursday's cash disbursement is part of
its ongoing plan to allocate a substantial portion of TV
Azteca's cash generation to distributions to shareholders of
over US$500 million, and to reduce the company's debt by
approximately US$250 million within a six-year period that
started June 2003.

The distributions under the cash-usage plan made to date
represent an aggregate amount of US$405 million, equivalent to a
21% yield on the November 30, 2005, CPO closing price. Prior
distributions include: US$125 million on June 30, 2003; US$15
million on December 5, 2003; US$33 million on May 13, 2004;
US$22 million on November 11, 2004; US$130 million on December
14, 2004; and US$59 million on June 9, 2005.

Company Profile

TV Azteca is one of the two largest producers of Spanish-
language television programming in the world, operating two
national television networks in Mexico, Azteca 13 and Azteca 7,
through more than 300 owned and operated stations across the
country. TV Azteca affiliates include Azteca America Network, a
broadcast television network focused on the rapidly growing U.S.
Hispanic market, and Todito.com, an Internet portal for North
American Spanish speakers.

CONTACT: TV Azteca, S.A. de C.V.
         Investor Relations:
         Bruno Rangel
         Tel: +011-52-55-1720-9167
         E-mail: jrangelk@tvazteca.com.mx

         Rolando Villarreal
         Tel: +011-52-55-1720-0041
         E-mail: rvillarreal@gruposalinas.com.mx

         Press Relations:
         Tristan Canales
         Tel: +011-52-55-1720-1441
         E-mail: tcanales@gruposalinas.com.mx

         Daniel McCosh
         Tel: +011-52-55-1720-0059
         E-mail: dmccosh@tvazteca.com.mx



=======
P E R U
=======

INTERBANK: Fitch Affirms, Withdraws Ratings
-------------------------------------------
Fitch Ratings has affirmed Peru-based Interbank's ratings at
Long-term Foreign and Local Currency 'BB-', Short-term Foreign
and Local currency 'B', Individual 'D' and Support '3', and
simultaneously withdrawn them. Fitch will no longer provide
ratings or analytical coverage of this issuer.

CONTACT: Peter Shaw +1-212-908-0553, New York

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



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

AOL LATIN AMERICA: Has Until Feb. 23 to Decide on Leases
--------------------------------------------------------
America Online Latin America, Inc., and its debtor-affiliates
sought and obtained an extension from the U.S. Bankruptcy Court
for the District of Delaware of their time to decide whether to
assume, assume and assign, or reject unexpired leases of
nonresidential property pursuant to Section 365(d)(4) of the
Bankruptcy Code.

The Honorable Mary F. Walrath gave AOL Latin America until Feb.
23, 2006, to decide on the unexpired leases.

The Debtors are party to a number of non-residential property
lease agreements.  The Debtors assured Judge Walrath that all
postpetition obligations under the leases are being met.

AOL anticipates assuming some of the leases.  However, as they
are in the process of winding down their businesses, it is
critical for the Debtors to maintain appropriate flexibility to
make specific decisions about the real property leases. The
Debtors say they have not had sufficient time to formulate and
prosecute a winding down plan and have not had sufficient time
to analyze each location and its purpose in the wind down
process.

Headquartered in Fort Lauderdale, Florida, America Online Latin
America, Inc. -- http://www.aola.com/-- offers AOL-branded
Internet service in Argentina, Brazil, Mexico, and Puerto Rico,
as well as localized content and online shopping over its
proprietary network. AOL Latin America filed for Chapter 11
protection June 24, listing assets of US$28.5 million and debts
of US$181.8 million. (Troubled Company Reporter, Friday,
December 2, 2005, Vol. 9, No. 28)



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

ANCAP: Ratings Reflect Challenging Economic Environment
-------------------------------------------------------
RATIONALE

The rating on Administracion Nacional de Combustibles Alcohol y
Portland (ANCAP) reflects the risks inherent in operating as a
single-asset refiner, the challenging economic environment of
Uruguay, the ownership by the Republic of Uruguay, and the
potential effects of the deregulation of the Uruguayan fuels
market. The rating also incorporates Standard & Poor's Ratings
Services' expectations that ANCAP will maintain its dominant
market position in Uruguay.

ANCAP's credit quality remains linked to that of the Republic of
Uruguay, its 100% owner. First, ANCAP is highly influenced by
the Uruguayan government, particularly in the budget-approval
process, indebtedness authorization, price adjustments, and tax
payments. Second, as ANCAP's operations are concentrated in
Uruguay, the country's financial system developments and growth
prospects also affect the company. Nevertheless, because in the
past the government gave the company appropriate financial
management autonomy, the ratings on ANCAP will not necessarily
follow the exact rating trajectory of the sovereign.

ANCAP currently benefits from its protected position as the
nation's sole petroleum importer, refiner, and supplier of
refined products to Uruguay's distributors. We believe
deregulation will eventually take place. In that scenario, ANCAP
will need to restructure its operations so as not to become
seriously vulnerable to intra-Mercosur import competition.
Nevertheless, in the short-to-medium term, the company is
expected to continue to enjoy the benefits of the monopoly.

ANCAP's revenues come mainly from the refined products division.
Given ANCAP's need to import 100% of its crude oil, the company
is heavily reliant on its ability to pass through fluctuations
in oil prices and exchange rates to its customers. Such price
adjustments are not automatic but need to be approved by the
government, which makes ANCAP an important tool to minimize the
impact of crude oil price volatility and potential economic
crises. This reduces the company's ability to adjust prices to
reflect the international swings of the refining business.
Nevertheless, we expect ANCAP's pricing strategy to reflect the
swings of the international markets at or close to import parity
levels.

As of June 30, 2005, ANCAP had approximately $80 million in
financial debt (further reduced to $74 million by September
2005) that represented a moderate 15.1% of total capitalization.
Improved economic conditions in Uruguay, coupled with a
favorable price environment and an increase in total volumes
sold, led to a significant improvement in ANCAP's financial
performance during 2004 and 2005. This also reflects the sharp
increase in refining margins-driven partly by strong crude oil
prices-that the company has been allowed to pass through to
domestic prices. In addition, a significant slowdown in capital
expenditures after the completion of the upgrade of La Teja's
refinery allowed ANCAP to generate positive free cash flow to
reduce debt. In this context, funds from operations-to-total
debt and EBITDA interest coverage ratios reached 76% and 8.9x,
respectively, in fiscal 2004, from 21.3% and 4.1x in 2003. These
metrics compare favorably for the rating category, and the
company was able to extend part of its maturity profile during
2004 and 2005, refinancing some facilities at one- or two-year
tenors. Nevertheless, a still relatively concentrated maturity
schedule, coupled with limited access to international capital
markets for Uruguayan corporations, results in an aggressive
financial profile. We expect ANCAP to continue improving credit
metrics as it applies positive free operating cash flows-from
higher production at higher prices-to debt reduction.

LIQUIDITY

We consider ANCAP's liquidity position to be adequate for the
rating category, with cash holdings of about $38 million as of
June 30, 2005 (improved to levels of about $50 million as of
Sept. 30, 2005), covering approximately 76% of short-term debt.
The company has been restructuring obligations, terming out
trade payables into financial debt backed by future sales.
ANCAP's short-term maturities as of June 30, 2005, include a $20
million revolving credit facility with Banco Rep£blica (that
should be renewed) and about $30 million in other maturities,
which ANCAP is expected to pay down.

Nevertheless, potential cash requirements from the government to
finance the public deficit, or the potential use of ANCAP's
commercial policy to control inflation in the country, could
jeopardize the company's financial position. In addition, due to
the extremely negative environment for the fuel retail business
in Argentina, ANCAP might continue providing financial
assistance to its 83.4% owned Argentine subsidiary Petrolera del
Cono Sur S.A. (PCSA). During 2004, capital contributions to this
subsidiary reached approximately $16 million.

In addition, ANCAP guarantees a syndicated loan for an original
amount of $50 million-now approximately $25 million, after
pesification-taken by PCSA with bullet maturity in December
2005. We believe PCSA will not be able to meet its obligation,
and therefore ANCAP will be called upon to cover the guarantee.
The terms of the guarantee, specifically the pesification of the
guarantee according to Argentine regulations, is being disputed
in Argentine courts. In case of an unfavorable ruling
overturning the obligation's pesification, the required
assistance to PCSA might pressure ANCAP's liquidity. We believe
that ANCAP's ability to refinance part of that obligation in the
domestic market coupled with its strong cash position in the
current pricing environment offset the risks at the current
rating category. Failure to timely honor PCSA's guaranty would
be considered a default under Standard & Poor's criteria.

ANCAP would not face significant capital expenditure
requirements in the next couple of years, and therefore no
additional debt would be required in the medium term. As is the
practice in most Latin American countries, the company does not
have committed credit lines.

OUTLOOK

The stable outlook indicates the linkage of ANCAP's credit
quality to the sovereign's financial health. The outlook also
incorporates a successful extension of the company's maturity
profile that has partly alleviated its financial profile. While
the rating upside is conditioned by the improvement of the
economic environment in Uruguay, a failure to successfully
extend the maturity profile or comply with the guarantee on
PCSA's obligations might trigger a negative review.

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

Secondary Credit Analyst: Pablo Lutereau, Buenos Aires
(54) 114-891-2125; pablo_lutereau@standardandpoors.com



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

CANTV: Starts Making Adjustments to Retirees' Pensions
------------------------------------------------------
Telecommunications company Nacional Telefonos de Venezuela CA
(CANTV) will adjust all retirees' pensions to a new minimum wage
level to comply with a Supreme Court order.

From now on, no CANTV retiree will receive below VEB405,000, the
new minimum wage level set earlier this year. Pensions will be
adjusted along with the minimum wage in the future.

The Company said it will make retroactive payments ranging on
average from VEB13 million ($6,047) to VEB39 million ($18,140)
to those workers who received less than the minimum wage on July
26, when the new wage came into effect.

CANTV also noted that most workers will receive the government's
pension as well as the company pension. CANTV also continues to
cover 100% of all retirees' medical bills with no financial or
time limits.

In July, the Supreme Court that CANTV workers' pensions after
Dec. 30, 1999 must be adjusted for a new minimum wage level.
CANTV had argued the ruling was unconstitutional.

But Venezuela's leftist president, Hugo Chavez, warned CANTV
would face the "full force" of the law if it did not heed the
court decision.

CONTACT: Cantv
         Gregorio Tomassi, CFA
         Cantv Investor Relations
         Phone: 011-58-212-500-1831
         Fax: 011-58-212-500-1828
         E-mail: invest@cantv.com.ve



                            ***********


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

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