TCRLA_Public/051208.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

          Thursday, December 8, 2005, Vol. 6, Issue 243

                            Headlines

A R G E N T I N A

APAK S.A.: Court Favors Creditor's Involuntary Bankruptcy Motion
BANCO HIPOTECARIO: Pays Off $268M Debt
BUCH & DEICHMANN: Enters Bankruptcy on Court Orders
CARDINALES S.A.: Bankruptcy Process Begins By Court Order
COMPANIA ARGENTINA: Liquidates Assets to Pay Debts

CONSTRUCCIONES RIAZOR: To Proceed With Reorganization
CREDIKAR S.A.: Court Grants Reorganization Plea
DIGITAL GRAPHICS: Proceeds With Liquidation
EDENOR: Earmarks $80.4M for Distribution Next Year
GEO TOP: Gears for Reorganization

INDIAN S.A.: Initiates Bankruptcy Proceedings
INTERNATIONAL MANUFACTURE: Court Orders Liquidation
LUIS PIERUZZINI: Court Designates Trustee for Liquidation
METROVIAS: Reaches Three-Month Truce With Employees
NAVILLUS S.A.: Gets Court Approval for Reorganization

PAIS SEGURIDAD: Initiates Bankruptcy Proceedings
RECIBAIRES S.R.L.: Court Declares Company Bankrupt
SERVMAX SRL: Judge Approves Bankruptcy
SORCHI S.A.: Reorganization Proceeds to Bankruptcy
T.K. PRODUCCIONES: Reorganization Proceeds to Bankruptcy

TELECOM ARGENTINA: Updates Status of Contract Negotiations
TELECOM PERSONAL: S&P Assigns `B-' Rating to Notes
* MENDOZA: Moody's Assigns Ratings to Dollar Bonds Due 2018


B E R M U D A

FOSTER WHEELER: Malaysian Unit Awarded EPC Contract for PETRONAS
MRM: Settles Suit V. John Hancock Life Insurance Company
ROYAL SHELL: Future of Local Ops Still Under Consideration


B R A Z I L

CESP: Sao Paulo Transfers CTEEP, EMAE Shares
INVITEL: Moody's Withdraws All Ratings
LOJAS COLOMBO: Rtgs. Reflect Highly Leveraged Capital Structure
MEM CELULAR: Moody's Withdraws All Ratings
ULTRAPAR PARTICIPACOES: S&P Assigns 'BB+' Rating to Notes

ZAIN PARTICIPACOES: Moody's Withdraws Ratings


C A Y M A N   I S L A N D S

BONVERE LTD: To Relate Wind Up Accounts at Dec. 28 Meeting
DIANA FUNDING: To Authorize Liquidators to Retain Records
EMERGING MARKETS: To Hold Extraordinary Final Meeting Dec. 29
EPIDOTE INVESTMENTS: To Relate Winding Up Process Jan. 2
GPC CAYMAN: Final Meeting to be Held Jan. 6

HAWTHORNE MASTER: To Authorize Liquidators to Retain Records
IBS III TRADING: Shareholders to Hold Final Meeting Dec. 29
INSTITUTIONAL DIVERSIFIED: To Present Wind Up Accounts Dec. 29
IWAMATO INTERNATIONAL: Sets Final Meeting for Dec. 28
LUKOIL CAYMAN: To Relate Wind Up Accounts to Members Dec. 29

MANOR HOUSE: Extraordinary Final Meeting Set for Dec. 28
MARCEP INTERNATIONAL: To Authorize Liquidator to Retain Records
MARINER OPPORTUNITIES: To Explain Winding Up Process to Members
MEDWAY LIMITED: Sets Extraordinary Final Meeting for Dec. 28
RWC LIMITED: To Discuss Liquidation Process Dec. 28

SHOVAL CONSISTENT: Final Meeting of Shareholders Set for Dec. 29
SKYWARD LTD: Liquidation Process to be Explained to Members
SYMMETRY INTERNATIONAL: To Allow Liquidators to Retain Records
WHITEFORD INTERNATIONAL: To Hold Final General Meeting Dec. 30
YA97A LIMITED: Final Meeting of Shareholders Set for Dec. 29


E C U A D O R

VINTAGE PETROLEUM: Declares Cash Dividend
* ECUADOR: Fitch Rates 10-Year Global Bond 'B-'


E L   S A L V A D O R

BANCO CUSCATLAN: Fitch Affirms Ratings


M E X I C O

BALLY TOTAL: Reports Sale of Common Stock by Company Insiders
CALPINE CORP: Effect of Possible Default on CDOs Minimal - Fitch
DESC: Announces Terms of Reverse Stock Split
EMPRESAS ICA: Kicks Off 6-for-1 Reverse Stock Split
GRUPO TMM: Prices Public Offering of 9M Shares of KCS Stock

GRUPO TMM: KCS Prices $210M of Preferred Stock
GRUPO TMM: Sells 18,000,000 Shares to Morgan Stanley


P U E R T O   R I C O

AOL LATIN AMERICA: Enters Amendment to Plan Support Agreement


V E N E Z U E L A

CANTV: Retirees Reject Offer to Adjust Pension Payments

     -  -  -  -  -  -  -  -

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

APAK S.A.: Court Favors Creditor's Involuntary Bankruptcy Motion
----------------------------------------------------------------
Court No. 23 of Buenos Aires' civil and commercial tribunal
declared Apak S.A. bankrupt, says La Nacion. The ruling comes in
approval of the petition filed by the Company's creditor, Mr.
Fanny Order de Jaim, for nonpayment of $26,840 in debt.

Trustee Pablo Exposito will examine and authenticate creditors'
claims until March 2, 2006. This is done to determine the nature
and amount of the Company's debts. Creditors must have their
claims authenticated by the trustee by the said date in order to
qualify for the payments that will be made after the Company's
assets are liquidated.

Clerk No. 45 assists the court on the case, which will conclude
with the liquidation of the Company's assets.

CONTACT:  Apak S.A.
          Av. de Mayo 676
          Buenos Aires

          Mr. Pablo Exposito, Trustee
          Cordoba 859
          Buenos Aires


BANCO HIPOTECARIO: Pays Off $268M Debt
--------------------------------------
Mortgage lender Banco Hipotecario informed the local securities
regulator CNV that it has paid off US$268 million worth of debt,
reports Business News Americas. The debt, due 2010, was made up
of bank loans and bonds.


BUCH & DEICHMANN: Enters Bankruptcy on Court Orders
---------------------------------------------------
Buch & Deichmann Argentina S.A. enters bankruptcy protection
after Buenos Aires' civil and commercial court ordered the
Company's liquidation. The order effectively transfers control
of the Company's assets to a court-appointed trustee who will
supervise the liquidation proceedings.

Infobae reports that the court selected Mr. Carlos Alberto Perez
as trustee. Mr. Perez will be verifying creditors' proofs of
claim until the end of the verification phase on March 10, 2006.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the Company's accounting
and business records. The individual reports will be submitted
on April 21, 2006 followed by the general report, which is due
on June 6, 2006.

CONTACT:  Mr. Carlos Alberto Perez, Trustee
          Larrea 785
          Buenos Aires


CARDINALES S.A.: Bankruptcy Process Begins By Court Order
---------------------------------------------------------
Buenos Aires' civil and commercial court declared Cardinales
S.A. "Quiebra," reports Infobae. The declaration signals the
Company to proceed with the bankruptcy process, which will close
with the liquidation of its assets.

The court appointed Mr. Pedro Alfredo Valle, as receiver who
will authenticate proofs of claim until March 9, 2006.
Afterwards, the receiver will prepare the individual reports
based on the results of the authentication and then submit these
reports to court on April 25, 2006. After these results are
processed in court, the receiver will then submit the general
report on June 6, 2006.

CONTACT:  Mr. Pedro Alfredo Valle, Trustee
          Avda. de Mayo 1260
          Buenos Aires


COMPANIA ARGENTINA: Liquidates Assets to Pay Debts
--------------------------------------------------
Compania Argentina de Salud S.A. will begin liquidating its
assets following the pronouncement of a Buenos Aires court that
the Company is bankrupt, Infobae reports.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Mr. Felipe Florio. The trustee will
verify creditors' proofs of claim until March 3, 2006. The
validated claims will be presented in court as individual
reports on April 18, 2006.

Mr. Florio will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, June 1, 2006.

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

CONTACT:  Mr. Felipe Florio, Trustee
          Uruguay 618
          Buenos Aires


CONSTRUCCIONES RIAZOR: To Proceed With Reorganization
-----------------------------------------------------
Court No. 24 of Buenos Aires' civil and commercial tribunal
approved the "Concurso Preventivo" petition filed by
Construcciones Riazor S.A., reports local news source La Nacion.

The Company, which listed assets of $1,451,074 and liabilities
of $321,030, will undergo a reorganization process, with Ms.
Beatriz Dominguez as trustee.

The court-appointed receiver will verify creditors' proofs of
claim until March 10, 2006. Verifications are done to ascertain
the nature and amount of the Company's debts. The receiver will
also prepare the individual and general reports on the case.

Clerk No. 48 assists the court on the case.

CONTACT:  Construcciones Riazor S.A.
          Av. de Mayo 1365
          Buenos Aires

          Ms. Beatriz Dominguez, Trustee
          Rivadavia 2151
          Buenos Aires


CREDIKAR S.A.: Court Grants Reorganization Plea
-----------------------------------------------
Credikar S.A. successfully petitioned for reorganization after
Mar del Plata's civil and commercial court issued a resolution
opening the Company's insolvency proceedings.

Under insolvency protection, the Company will continue to manage
its assets subject to certain conditions imposed by Argentine
law and the oversight of a court-appointed trustee.

Infobae relates that Mr. Roberto Di Martino will serve as
trustee during the course of the reorganization. The trustee
will be accepting creditors' proofs of claim for verification
until Feb. 24, 2006.

After verifications, the trustee will prepare the individual
reports and submit it in court. He will also present a general
report for court review. Dates for the submission of the reports
are yet to be disclosed.

CONTACT:  Credikar S.A.
          Rawson 4424 Mar del Plata

          Mr. Roberto Di Martino, Trustee
          Corrientes 1725
          Mar del Plata


DIGITAL GRAPHICS: Proceeds With Liquidation
-------------------------------------------
HSBC Bank Argentina successfully sought the bankruptcy of
Digital Graphics S.A. after Court No. 22 of Buenos Aires' civil
and commercial tribunal declared the Company "Quiebra," reports
La Nacion.

As such, Digital Graphics S.A. will now start the process with
Mr. Roberto Massacane as trustee. Creditors must submit proofs
of their claim to the trustee by Feb. 28, 2006 for
authentication. Failure to comply with this requirement will
mean a disqualification from the payments that will be made
after the Company's assets are liquidated.

The creditor sought for the Company's liquidation after the
latter failed to pay debts amounting to $11,766.32.

The city's Clerk No. 43 assists the court on the case that will
close with the sale of all of its assets.

CONTACT:  Digital Graphics S.A.
          Suipacha 670
          Buenos Aires

          Mr. Roberto Massacane, Trustee
          Av. Presidente Roque Saenz Pena 846
          Buenos Aires


EDENOR: Earmarks $80.4M for Distribution Next Year
--------------------------------------------------
Argentine distributor Edenor will invest US$80.4 million next
year to strengthen its distribution network during summer, which
begins later this month.

Demand for electricity during this time of the year is expected
to take off as air conditioners are turned on. Due to growing
demand, the power grid will be strained.

To prepare for expected sporadic cuts, Edenor plans to hire 600
technicians to repair and maintain lines supplying residential
users.

Edenor serves over 2.4 million clients in the northern part of
Buenos Aires. The Company is in the process of restructuring its
US$515 million debt since its default in 2002.

Argentina's Dolphin Fund Management formally took over control
of Edenor in September after it bought a 65% stake in the
distributor from French state power company EDF.


GEO TOP: Gears for Reorganization
---------------------------------
Buenos Aires' civil and commercial court issued a resolution
opening the reorganization of Geo Top S.R.L. This pronouncement
authorizes the Company to begin drafting a settlement proposal
with its creditors in order to avoid liquidation. The
reorganization allows Geo Top S.R.L. to retain control of its
assets subject to certain conditions imposed by Argentine law
and the oversight of the court appointed trustee.

Mr. Oscar Alberto Vertzman will serve as trustee during the
course of the reorganization. He will be validating creditors'
proofs of claim until March 10, 2006. The results of the
verification will be presented in court as individual reports on
April 24, 2006. The trustee is also obligated to give the court
a general report of the case on June 8, 2006. The general report
summarizes events relevant to the reorganization and provides an
audit of the Company's accounting and business records.

Geo Top S.R.L. will present the completed settlement proposal to
its creditors during the informative assembly scheduled on Nov.
23, 2006.

CONTACT:  Mr. Oscar Alberto Vertzman, Trustee
          Bartolome Mitre 3120
          Buenos Aires


INDIAN S.A.: Initiates Bankruptcy Proceedings
---------------------------------------------
A Buenos Aires court declared Indian S.A. "Quiebra," reports
Infobae.

Ms. Liliana Isabel Quiroga, who has been appointed as trustee,
will verify creditors' claims until March 13, 2006 and then
prepare the individual reports based on the results of the
verification process. Ms. Quiroga will also prepare the general
report on the Company's bankruptcy case. Dates for the
submission of the reports are yet to be determined.

CONTACT:  Ms. Liliana Isabel Quiroga, Trustee
          Terrero 1752
          Buenos Aires


INTERNATIONAL MANUFACTURE: Court Orders Liquidation
---------------------------------------------------
International Manufacture S.A. 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. Magdalena de la
Quintana as trustee. Ms. Magdalena de la Quintana will be
reviewing creditors' proofs of claim until Feb. 28, 2006. The
verified claims will serve as basis for the individual reports
to be presented for court approval on April 11, 2006. The
trustee will also submit a general report of the case on May 29,
2006.

CONTACT:  Ms. Magdalena de la Quintana, Trustee
          Cerrito 1136
          Buenos Aires


LUIS PIERUZZINI: Court Designates Trustee for Liquidation
---------------------------------------------------------
Lomas de Zamora accountant Mr. Mariano Kepaptsoglou was assigned
trustee for the liquidation of local company Luis Pieruzzini y
Klein S.A., relates Infobae.

Mr. Kepaptsoglou will verify creditors' claims until Dec. 14,
2005, the source adds. After that, he will prepare the
individual reports, which are to be submitted in court on Feb.
24, 2006. The submission of the general report should follow on
April 7, 2006.

CONTACT:  Luis Pieruzzini y Klein S.A.
          Sargento Ponce 2475
          Dock Sud (Avellaneda)

          Mr. Mariano Kepaptsoglou, Trustee
          Santa Maria de Oro 14
          Temperley


METROVIAS: Reaches Three-Month Truce With Employees
---------------------------------------------------
Buenos Aires subway operator Metrovias and its workers reached a
truce Monday, putting an end to a 4 «-hour strike that paralyzed
the entire subway system during the afternoon and evening rush
hour.

Dow Jones Newswires reports that the Labor Ministry negotiated
the truce agreement, which will be in place until the end of
February.

Widespread media reports said the workers went on strike to
demand a salary hike of 58% from monthly wages of ARS900
($299.50), ARS1,200 and ARS1,900.

The Company offered 22% for the next three months while the two
sides return to the negotiating table.

Metrovias is a division of local infrastructure and services
company Clisa.


NAVILLUS S.A.: Gets Court Approval for Reorganization
-----------------------------------------------------
Navillus S.A. will begin reorganization following the approval
of its petition by a Buenos Aires court. The opening of the
reorganization will allow the Company to negotiate a settlement
with its creditors in order to avoid a straight liquidation.

Mr. Alberto Romeo will oversee the reorganization proceedings as
the court-appointed trustee. He will verify creditors' claims
until Feb. 10, 2006. The validated claims will be presented in
court as individual reports on March 24, 2006.

Mr. Romeo is also required by the court to submit a general
report essentially auditing the Company's accounting and
business records as well as summarizing important events
pertaining to the reorganization. The report will be presented
in court on May 10, 2006.

An Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the Company's
creditors for approval, is scheduled on Oct. 26, 2006.

CONTACT:  Mr. Alberto Romeo, Trustee
          Parana 275
          Buenos Aires


PAIS SEGURIDAD: Initiates Bankruptcy Proceedings
------------------------------------------------
A Buenos Aires court declared Pais Seguridad S.A. "Quiebra,"
reports Infobae.

Mr. Marcos Fernando Smierc, who has been appointed as receiver,
will verify creditors' claims until March 1, 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
April 12, 2006, followed by the general report on May 30, 2006.

CONTACT:  Mr. Marcos Fernando Smierc, Trustee
          Aguero 1177
          Buenos Aires


RECIBAIRES S.R.L.: Court Declares Company Bankrupt
--------------------------------------------------
Court No. 17 of Buenos Aires' civil and commercial tribunal
declared local company Recibaires S.R.L. "Quiebra", relates La
Nacion.

The Company will undergo the bankruptcy process with Mr. Ruben
Scaletta as trustee. Creditors are required to present proofs of
their claim to Mr. Scaletta for verification before March 28,
2006. Creditors who fail to submit the required documents by the
said date will not qualify for any post-liquidation
distributions.

Clerk No. 33 assists the court on the case.

CONTACT:  Mr. Ruben Scaletta, Trustee
          Piedras 1077
          Buenos Aires


SERVMAX SRL: Judge Approves Bankruptcy
--------------------------------------
Servmax S.R.L. was declared bankrupt by Court No. 12 of Buenos
Aires' civil and commercial tribunal, Argentine daily La Nacion
reports.

The court assigned Mr. Omar Vazquez to supervise the liquidation
process as trustee. Mr. Vazquez will validate creditors' proofs
of claim until Feb. 27, 2006.

The city's Clerk No. 24 assists the court in resolving this
case.

CONTACT:  Servmax S.R.L.
          Alsina 1433
          Buenos Aires

          Mr. Omar Vazquez, Trustee
          Santa Fe 1127
          Buenos Aires


SORCHI S.A.: Reorganization Proceeds to Bankruptcy
--------------------------------------------------
The reorganization of Sorchi S.A. has progressed into
bankruptcy. Argentine news source Infobae relates that Mar del
Plata's civil and commercial court ruled that the Company is
"Quiebra Decretada".

The report adds that the court assigned Mr. Antonio Miguel
Rakijar as trustee, who will verify creditors' proofs of claim
until Dec. 27, 2005.

The court also ordered the trustee to prepare individual reports
after the verification process is completed, and have them ready
by March 24, 2006.

The trustee will also submit a general report on the Company's
bankruptcy. Deadline for the submission of this report is yet to
be disclosed.

CONTACT:  Sorchi S.A.
          Avda. Polonia 503
          Mar del Plata

          Mr. Antonio Miguel Rakijar, Trustee
          Catamarca 2076
          Mar del Plata


T.K. PRODUCCIONES: Reorganization Proceeds to Bankruptcy
--------------------------------------------------------
T.K. Producciones S.R.L., a Buenos Aires-based company that was
undergoing reorganization, was declared bankrupt. Argentine news
source Infobae relates that the city's civil and commercial
court ruled that the Company is "Quiebra Decretada".

The report adds that the court assigned Mr. Jorge Ernesto del
Hoyo as receiver, who will verify creditors' proofs of claim
until April 7, 2006. The court also ordered the receiver to
prepare individual reports after the verification process is
completed. The court also expects a general report on the
bankruptcy process. Deadlines for the reports are yet to be
disclosed.

CONTACT:  T.K. Producciones S.R.L.
          Nazarre 2554
          Buenos Aires

          Mr. Jorge Ernesto del Hoyo, Trustee
          Cerrito 484
          Buenos Aires


TELECOM ARGENTINA: Updates Status of Contract Negotiations
----------------------------------------------------------
Contract negotiations between Telecom Argentina and the
government are "very advanced," Dow Jones Newswires reports,
citing company Chief Executive Carlos Felices.

Mr. Felices does not expect an increase in long-frozen rates at
least the first quarter of 2006. According to him, negotiations
with the government over rates have centered on "changes in the
cost structure" of the Company.

Meanwhile, he revealed that the Company's relations with the
telephone workers' union "are fine, given what they can be with
tension over demands for salary increases."

Telecom Argentina is facing tough wage negotiations with the
union, which staged a weeklong strike last year before
negotiating a bridge agreement, which expires at year-end.

Mr. Felices said Telecom Argentina has made a counterproposal to
the union, which is currently being analyzed. He declined to
give details on the offer.

CONTACT: Telecom Argentina
         Financial Planning & Investor Relations Department
         Pedro Insussarry
         Phone: 54-11-4968-3743
         E-mail: pinsussa@ta.telecom.com.ar

         Moira Colombo
         Phone: 54-11-4968-3628
         E-mail: mcolombo@ta.telecom.com.ar

         Gaston Urbina
         Phone: 54-11-4968-6236
         E-mail: gurbina@ta.telecom.com.ar

         Voice Mail: 54-11-4968-3627
         Fax: 54-11-4313-5842

         URL: www.telecom.com.ar


TELECOM PERSONAL: S&P Assigns `B-' Rating to Notes
--------------------------------------------------
Standard & Poor's Ratings Services said today that it assigned
its 'B-' senior unsecured debt rating to Telecom Personal S.A.'s
(TP) upcoming 144A notes for up to $300 million with bullet
maturity in 2010, to be devoted to refinance part of the
existing debt.

"Benefiting from the current liquidity in financial markets and
to have more flexibility to complete its investment plans to
update the network, TP would 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," said Standard & Poor's credit analyst Ivana Recalde.

The ratings on the company 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 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.

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


* MENDOZA: Moody's Assigns Ratings to Dollar Bonds Due 2018
-----------------------------------------------------------
Moody's Investors Service has assigned ratings of B3 (Global
Scale, foreign currency) and A3.ar (Argentine National Scale) to
the US$241,208,000 bonds due September 4, 2018, issued by the
Province of Mendoza, Argentina. The ratings reflect the
province's improving credit circumstances as reflected in recent
years' better financial performance, lower debt ratios and gains
in labor market conditions. The province's bond exchange of
October 2004, under which the bonds now rated were offered, also
provided notable debt relief.

The B3 rating assigned is constrained by Argentina's foreign
currency country ceiling for bonds.

The province's bond exchange offered to replace US$250 million
old bonds paying 10% interest and maturing in its entirety in
September 2007, with a like amount of new bonds paying 5-1/2%
interest and maturing in semiannual installments through
September 2018. (The amount of new bonds actually issued is
smaller than the amount offered in exchange because more than
US$8 million of old bonds was tendered as payment for provincial
taxes and, as a result, made ineligible for exchange.)

The old bonds continue to be rated Ca (Global Scale, foreign
currency), reflecting the province's decision to stop payments,
effective September 2004, to bondholders who did not accept the
exchange. The holdouts have challenged the exchange in U.S.
courts, and that litigation remains unresolved, although rulings
issued to date have been in the province's favor.



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B E R M U D A
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FOSTER WHEELER: Malaysian Unit Awarded EPC Contract for PETRONAS
----------------------------------------------------------------
Foster Wheeler Ltd. (Nasdaq: FWLT) announced Tuesday that its
subsidiary, Foster Wheeler E&C Malaysia Sdn Bhd, and its
partner, OGP Technical Services Sdn Bhd, have been awarded a
contract by Malaysia LNG Dua Sdn Bhd (MLNG Dua), a PETRONAS
subsidiary, to execute the front-end engineering design (FEED)
and engineering, procurement and construction (EPC) phases of a
project to debottleneck production capacity at the existing MLNG
Dua LNG facility at Bintulu, East Malaysia. The Foster Wheeler
contract value was not disclosed and the project was included in
the company's third-quarter 2005 bookings.

The MLNG Dua plant facility is part of Malaysia's PETRONAS LNG
Complex located in Bintulu, Sarawak. The LNG Complex comprises
MLNG Satu (completed in 1983), MLNG Dua (1995) and MLNG Tiga
(2003) plants. The MLNG Satu and MLNG Dua plant facilities, each
comprising three independent process trains, are capable of
delivering 7.6 and 7.8 million metric tons per annum (mtpa) of
LNG, respectively. The expansion of the complex in 2003 with
MLNG Tiga added two more trains, bringing the total capacity to
about 23 million mtpa. The three plants are being operated as
one integrated site, which is currently the world's largest LNG
producer at a single location.

"We were selected by MLNG Dua to lead and implement this
strategic project due to our technical expertise in LNG and our
in-depth knowledge, developed over the last ten years, of both
the MLNG Tiga and Dua LNG facilities," said Roberto Penno,
senior vice president, global sales & marketing, and director,
Foster Wheeler E&C Malaysia Sdn Bhd. "We were involved in both
developments, which were three-train expansions at the existing
LNG facility. This award further enhances our position in the
LNG liquefaction business, a strategic market for Foster
Wheeler, where we have proven specialist technical and project
execution expertise."

Foster Wheeler will lead the debottlenecking of the MLNG Dua
facility, which will increase LNG production capacity by 1.3
million mtpa from 7.8 million mtpa. Work on each train will be
timed to coincide with planned shutdown periods. The project is
scheduled for overall completion in October 2009.

Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of engineering, procurement,
construction, manufacturing, project development and management,
research and plant operation services. Foster Wheeler serves the
refining, upstream oil and gas, LNG and gas-to-liquids,
petrochemical, chemicals, power, pharmaceuticals, biotechnology
and healthcare industries. The corporation is based in Hamilton,
Bermuda, and its operational headquarters are in Clinton, New
Jersey, USA.

CONTACT: Foster Wheeler Ltd.
         United States: Maureen Bingert
         Tel: 908-730-4444
         E-mail: maureen_bingert@fwc.com

         United Kingdom: Anne Chong
         Tel: +44 (0)118 913 2106
         E-mail: anne_chong@fwuk.fwc.com

         Other Inquiries:
         Tel: 908-730-4000
         E-mail: fw@fwc.com
         URL: www.fwc.com.


MRM: Settles Suit Vs. John Hancock Life Insurance Company
---------------------------------------------------------
Mutual Risk Management Ltd. (MRM) announced Tuesday that the
suit between MRM and John Hancock Life Insurance Company has
settled. The settlement did not involve any finding of
liability.

CONTACT: Mutual Risk Management Ltd.
         Patrick Reardon
         Tel:441-296-7934


ROYAL SHELL: Future of Local Ops Still Under Consideration
----------------------------------------------------------
Royal Dutch Shell is yet to decide whether its marketing and
distribution operations in Bermuda will be sold, according to
the Royal Gazette.

At the moment, the Company is still in exploratory talks with
potential partners or buyers, said Phil Burton, country chairman
Royal Dutch/Shell Companies Bermuda.

Burton did not reveal the identities of the companies involved
nor the details of the discussions, citing confidentiality.

"If any further decisions are taken, we will inform all relevant
stakeholders as soon as is practical," Burton said.

Burton stressed if Shell is sold or forms a partnership with a
new entity, the Company will still have a presence on the Island
because of its exempted company business.

Shell, one of two oil companies on the Island with Esso,
supplies fuel to gas stations, many of which are run under
franchise-type agreements, and also supplies jet fuel to the
airport.



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

CESP: Sao Paulo Transfers CTEEP, EMAE Shares
--------------------------------------------
As part of a program to restructure generation company Companhia
Energetica de Sao Paulo's (CESP) deteriorating finances, the
state government transferred to the utility BRL120 million
(US$54.8mn) worth of shares it owns in power companies CTEEP and
EMAE.

According to Business News Americas, the state transferred to
CESP 6.7 billion voting right shares in power company EMAE worth
BRL36.4 million. It also transferred to CESP 1.3 billion non-
voting shares in transmission company CTEEP.

The transactions, pending approval from shareholders, will give
CESP a 46% voting right stake in EMAE. The state government will
keep direct control of EMAE.

Meanwhile, the state government has advanced in its plan to sell
a 61% controlling stake in CTEEP in February. It opened Monday a
dataroom with information about the transmission company.

The state government is looking privatize CTEEP and inject the
proceeds into CESP. It will hold a public hearing on December 21
at the Sao Paulo stock exchange Bovespa to discuss the
privatization.

CONTACT:  Companhia Energetica De Sao Paulo
          Rua da ConsolaO o, 1.875
          CEP 01301 -100 S o Paulo, Brazil
          Phone: +55-11-234-6322
          Fax: +55-11-287-0871
          Home Page: http://www.CESP.com.br/
          Contact:
          Mauro G. Jardim Arce, Chairman
          Ruy M. Altenfelder Silva, Vice Chairman
          Vicente Kazuhiro Okazaki, Finance Director


INVITEL: Moody's Withdraws All Ratings
--------------------------------------
Moody's America Latina has withdrawn all ratings for Invitel
S.A. ("Invitel").

In June 2004, Moody's assigned a Ca rating on its Global Local
Currency Scale and a Ca.br rating on its Brazilian National
Scale to the local currency debentures proposed by Invitel.
Since these debentures were never issued and will not be issued,
Moody's is withdrawing the ratings.


LOJAS COLOMBO: Rtgs. Reflect Highly Leveraged Capital Structure
---------------------------------------------------------------
ISSUER CREDIT RATING
  Corporate Credit Rating B/Stable/--

NEW RATING
  Sr unsecd debt
  Foreign currency B

Rationale

The ratings on Lojas Colombo S.A. (Colombo) are limited by its
vulnerable business position, reflected by its exposure to the
highly competitive Brazilian retail industry; the strong
correlation of its operating performance to Brazil's poor
demographics; the challenges presented by the company's growth
strategy; and its highly leveraged financial position. These
negative factors are partly offset by Colombo's strong regional
position, especially in the Brazilian state of Rio Grande do
Sul; its decent track record of operations under a historically
volatile economic environment in Brazil; and the solid results
of its consumer credit operations, which could be further
enhanced should a proposed partnership agreement with a local
private bank be successful.

Colombo benefits from strong market share in the Rio Grande do
Sul and a relevant position in Parana and Santa Catarina. The
company is nevertheless increasingly exposed to competition from
other retailers, including not only traditional home appliance
and furnishings retailers such as Casas Bahia, Ponto Frio, and
Magazine Luiza, but also from other retail segments such as
hypermarkets and miscellaneous retailers.

The company's growth strategy presents additional risks to
Colombo, as the company attempts to penetrate other regions of
the country, facing the challenges of replicating the solid
performance reported at its traditional markets into new and
more competitive environments. The short track record of
operations in Sao Paulo and Minas Gerais (initiated with the
acquisition of Lojas Pelicano) has been a demonstration of the
challenges faced by Colombo, with operating margins still below
those reported by its southern operations.

Colombo's consumer credit operations represent a significant
cash contributor to the company, with about 70% of Colombo's
sales fueled by short-term financing to consumers (terms of up
to 18 months). Colombo has recently announced an agreement with
a local private bank for the sale of a 50% ownership in Credifar
S.A., Colombo's financial subsidiary. Colombo has received a
BrR100 million credit line (interest free) in advance, which has
been used for the refinancing of certain bank lines. The
successful completion of the transaction is expected to provide
Credifar with unrestricted funding (in line with the level of
credit sales of Colombo) and more attractive pricing conditions
when compared to Colombo's current cost of funding. Colombo
should be able to offer better credit conditions to consumers
(spreads and number of monthly installments), improving its
competitive position. Conversely, Colombo will share the
financial results from Credifar with the bank.

Colombo's single digit EBITDA margins (in the 4%-6% range)
provide for limited cushion for potential market and economic
downturns, which is particularly challenging for a retailer
operating in the volatile Brazilian environment. The gradual
transfer of all Colombo's credit operations to Credifar will
negatively affect Colombo's profitability levels (as Standard &
Poor's recognizes net financial gains from credit operations at
Colombo's operating level). Importantly, Standard & Poor's will
continue to incorporate its views on Credifar into Colombo's
ratings, as Credifar's operations will remain subject to
Colombo's retail sales, and Credifar will remain 50% controlled
by Colombo.

Colombo's proposed three-year senior unsecured notes and
proceeds from the sale of 50% of Credifar are expected to change
Colombo's capital structure considerably. Colombo is expected to
use the forthcoming proceeds to refinance short-term maturities
and to fund its growth plan. In addition, as Colombo reduces its
consumer credit operations (diverting 100% of new financing to
Credifar), it is expected to experience a major release of
working capital requirements, with financing requirements
limited to its capital expansion plans and operating-lease
obligations (stores' rental payments).

Standard & Poor's expects Colombo to report an operating-lease
adjusted total debt-to-EBITDA ratio of about 4.5x at the end of
2005, down from 5.7x in 2004. While Colombo's highly leveraged
debt position represents a medium-term concern, the proposed $50
million notes maturity in 2008 will represent Colombo's only
relevant debt maturity. Standard & Poor's financial model
adjusts Colombo's debt position in order to reflect the
capitalization of operating lease expenses related to its
stores' rental payments, allocating minimum lease payments to
interest and depreciation expenses. This is intended to make
companies' financial ratios more accurate and comparable by
taking into consideration all assets and liabilities, whether
they are on or off the balance sheet. As a result, Colombo's
lease-adjusted debt position amounted to $125 million in 2004,
compared to an unadjusted debt position of $81 million.

Colombo maintains tight cash flow coverage measures, and this is
not expected to improve significantly in the near future. The
company has maintained operating-lease adjusted funds from
operations debt cover (OLA FFO / Debt) of about 10%, and
marginal EBITDA to interest cover of 1.3x.

Liquidity

Colombo's liquidity is limited, but is expected to improve in
the near future should Colombo successfully conclude a partial
sale of Credifar and its new debt placement. While Colombo has
maintained access to short-term credit lines and uncommitted
credit facilities with a number of banks, the new notes will
provide the company with a longer debt maturity profile,
eliminating short-term refinancing risks. Colombo is also
expected to maintain a stronger cash position that should be
partially used to support its growth strategy.

Colombo's main source of liquidity is its consumer credit
portfolio, which has been used in the past to support a local
BrR200 million (some $90 million) Credit Rights Investment Fund
(Fundo de Investimento em Direitos Credit¢rios). As consumer
credit operations are gradually transferred to Credifar, the
release of working capital at Colombo's level will improve the
company's capacity to generate free operating cash flows after
capital expenditures, even if a more aggressive capital
expenditure program is considered for the next couple of years.

Outlook

The stable outlook reflects our expectations that despite the
expected improvements of Colombo's financial profile, the
company's operating results will remain exposed to tight
operating margins and competitive risks, especially as Colombo
attempts to expand its operations in other regions.

The ratings could be under pressure should Colombo adopt a more
aggressive growth strategy that significantly affected its
already narrow operating margins, with deterioration of cash
flow cover metrics. The ratings could also suffer a downward
pressure under certain stress scenarios stemming from country
risk, as Colombo's operating performance is highly dependent on
consumers' confidence levels and purchasing power.

A positive change in the ratings and outlook would depend on
Colombo's capacity to deliver scale gains both in its retail and
financial operations, attaining a higher, double-digit
profitability level, while maintaining a prudent expansion plan
and an adequate liquidity position.

Primary Credit Analyst: Jean-Pierre Cote Gil, Sao Paulo
(55)-11-5501-8949; jp_gil@standardandpoors.com


MEM CELULAR: Moody's Withdraws All Ratings
------------------------------------------
Moody's America Latina has withdrawn all ratings for MEM Celular
Participacoes S.A. (previously known as Opportunity MEM S.A.).

In June 2004, Moody's assigned a Ca rating on its Global Local
Currency Scale and a Ca.br rating on its Brazilian National
Scale to the local currency debentures proposed by the company.
Since the debentures were never issued and will not be issued,
Moody's is withdrawing the ratings.


ULTRAPAR PARTICIPACOES: S&P Assigns 'BB+' Rating to Notes
---------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB+' senior
unsecured debt rating to the forthcoming 10-year notes issuance
by LPG International Inc., a wholly owned subsidiary of Ultrapar
Participacoes S.A., in the amount of $250 million. At the same
time, the 'BB+' long-term corporate credit ratings on Ultrapar,
a Brazilian company with operations in liquefied petroleum gas
(LPG) distribution, chemical production, and integrated
logistics, were affirmed. The outlook is stable. LPG
International's notes are irrevocably and unconditionally
guaranteed by Ultrapar and Oxiteno Industria e Comercio S.A.
(Oxiteno).

"The ratings on Ultrapar reflect the company's exposure to
volatile petrochemical prices, the dependency of LPG demand on
income and population growth at its home market of Brazil, and
strong competition in LPG distribution," said Standard & Poor's
credit analyst Reginaldo Takara. These negative factors are
offset by Ultrapar's moderate financial policies, which are
demonstrated by its strong liquidity and low financial leverage
(which has been historically preserved even under stressful
market conditions), adequate business diversification in two
low-correlated industries with favorable long-term fundamentals,
and favorable market positions in both of those businesses.

Ultrapar's 'BB+' ratings are one-notch higher than the 'BB'
local-currency ratings and two notches higher than the 'BB-'
foreign-currency sovereign ratings on the Federative Republic of
Brazil, Ultrapar's home country. This results from the
combination of Ultrapar's favorable business fundamentals with
its solid financial profile. Although essentially all of
company's operations are located in Brazil, we believe that
Ultrapar's sound business portfolio, adequate cash flow
resiliency, and moderate financial policies allow it to weather
stressful scenarios (with a degree of stress compatible with its
rating category), affecting both the country and the
petrochemical industry at large. Ultrapar's business
fundamentals are positive for each of its operations and quite
strong altogether. The company has managed to sustain adequate
cash generation and strong liquidity even under depressed market
environments in Brazil, including the challenging present one.
Thanks to its robust financial profile, we see Ultrapar prepared
to withstand indirect sovereign risks related to a foreign-
currency default scenario, despite the company's relative
exposure to foreign currency fluctuations in the case of its
petrochemical raw materials and end product prices.

Ultrapar is a company with two main operations: LPG distribution
(through its fully-owned subsidiary Ultragaz Participacoes
Ltda.) and chemical production (through its also fully-owned
subsidiary Oxiteno S.A.). A third smaller but growing business
is the transportation and storage of chemicals and fuels,
Ultracargo Operacoes Log¡sticas e Participacoes Ltda., which
completes Ultrapar's business portfolio and reinforces the trend
for further business diversity in the long run.

The outlook is stable and reflects our opinion that Ultrapar has
fundamentals to face stressful market and price conditions in
both of its most important markets (LPG and specialty chemicals)
in the medium term and still preserve liquidity and some cash
generation to manage the flow of debt maturities. At present
level, the ratings assume that Ultrapar will sustain strong
liquidity and very limited, if any, net debt in the future,
despite its intent to continue investing in its core businesses
and performing acquisitions (compatible with its size) to
strengthen its market position. We do not see upside potential
for Ultrapar's ratings in the medium term due to the limited
scope of its operations, especially when compared with other
larger conglomerates that benefit from higher investment and
leverage capacity and have higher business and geographic
diversity. Nevertheless, the ratings could fall under downward
pressure if our assessment of Ultrapar's long-term commitment
with low leverage is materially changed (in particular, if the
company decides to leverage its balance sheet significantly to
finance its participation in large petrochemical projects or
perform heavy-burdened acquisitions).

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

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


ZAIN PARTICIPACOES: Moody's Withdraws Ratings
---------------------------------------------
Moody's America Latina has withdrawn all ratings for Zain
Participacoes S.A. (previously known as Opportunity Zain S.A.).

In June 2004, Moody's assigned a C rating on its Global Local
Currency Scale and a C.br rating on its Brazilian National Scale
to the local currency debentures proposed by the company. Since
the debentures were never issued and will not be issued, Moody's
is withdrawing the ratings.



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

BONVERE LTD: To Relate Wind Up Accounts at Dec. 28 Meeting
----------------------------------------------------------
                     BONVERE LTD
              (In Voluntary Liquidation)
           The Companies Law (2003 Revision)

Pursuant to Section 145 of the Companies Law (2003 Revision),
the extraordinary final meeting of the sole shareholder of this
company will be held at Coutts (Cayman) Limited, Coutts House,
1446 West Bay Road, PO Box 707 GT, Grand Cayman, on 28th
December 2005.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of, as
at the final winding up on 28th December 2005.

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

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

CONTACT:  ROYHAVEN SECRETARIES LIMITED
          Voluntary Liquidator
          Contact for enquiries: James Diamond
          C/o P O Box 707, Grand Cayman
          Telephone: 945 4777
          Facsimile: 945 4799


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

Pursuant to Section 145 of the Companies Law (2004 Revision),
the extraordinary final meeting of the shareholder of this
Company will be held at the offices of HSBC Financial Services
(Cayman) Limited, P.O. Box 1109, George Town, Grand Cayman,
Cayman Islands, on 30th December 2005, at 10:00a.m.

Business:

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

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

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

CONTACT:  JANET CRAWSHAW and JAMAL YOUNG
          Joint Voluntary Liquidators
          Contact for enquiries: Marguerite Britton
          P.O. Box 1109GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 949-7755
          Facsimile: (345) 949-7634


EMERGING MARKETS: To Hold Extraordinary Final Meeting Dec. 29
-------------------------------------------------------------
           EMERGING MARKETS (CAYMAN) III LTD.
              (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of the
above-named company will be held at the offices of Deutsche Bank
(Cayman) Limited, Elizabethan Square, George Town, Grand Cayman,
on 29 December 2005 for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

CONTACT:  DAVID DYER
          Voluntary Liquidator
          Contact for enquiries:
          P.O. Box 1984GT, Grand Cayman
          Telephone: (345) 949 8244
          Facsimile: (345) 949 5223


EPIDOTE INVESTMENTS: To Relate Winding Up Process Jan. 2
--------------------------------------------------------
             EPIDOTE INVESTMENTS LIMITED
                    In Liquidation
           The Companies Law (2004 Revision)

Pursuant to Section 146 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this Company will be
held at it Registered Office, George Town, Grand Cayman, on 2nd
January 2006 at 9:00 a.m.

Business:

1. To lay account before the meeting, showing how the winding up
has been conducted and how the property has been disposed of, as
at the final winding up on 2nd January 2006.

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

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

CONTACT:  RAYMOND E. WHITTAKER
          Voluntary Liquidator
          Contact for enquiries: FCM LTD.
          PO Box 1982, George Town, Grand Cayman
          Tel: 345-946-5125
          Fax: 345-946-5126


GPC CAYMAN: Final Meeting to be Held Jan. 6
-------------------------------------------
                   GPC CAYMAN LIMITED
               (In Voluntary Liquidation)
               The Companies Law (Revised)

NOTICE IS HEREBY GIVEN, pursuant to section 145 of the Companies
Law (Revised), that the final general meeting of the Company
will be held at the offices of Helvetic Management Services
Limited at Centennial Towers, 3rd Floor, 2454 West Bay Road,
Grand Cayman, on 6th January 2006, for the purposes of having
accounts laid before the members and to receive the report of
the liquidator, showing the manner in which the winding up has
been conducted, the property of the Company disposed of and the
debts and obligations of the Company discharged, and of hearing
any explanation that may be given by the liquidator and also of
determining the manner in which the books, accounts and
documents of the Company and the liquidator should be disposed.

CONTACT:  INTERNATIONAL BM BIOMEDICINE HOLDINGS (CAYMAN) LTD
          Voluntary Liquidator
          John Arnold, Director
          Contact for enquiries: Ryan Haylock
          P O Box 31083 SMB, George Town
          Grand Cayman
          Tel: (345) 946 8002
          Fax: (345) 946 8003


HAWTHORNE MASTER: To Authorize Liquidators to Retain Records
------------------------------------------------------------
                 HAWTHORNE MASTER FUND, LTD
                 (In Voluntary Liquidation)
              The Companies Law (2003 Revision)

Pursuant to section 145 of the Companies Law (2003 Revision),
the final general meeting of the sole shareholder of this
company will be held at the registered office of the company on
18th December 2005.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on 28th December 2005.

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

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

CONTACT:  CFS LIQUIDATORS LTD.
          Contact for enquiries: Victor Murray
          c/o Windward 1, Regatta Office Park
          West Bay Road, P.O. Box 31106 SMB
          Grand Cayman, Cayman Islands
          Telephone: (345) 949 - 3977
          Facsimile: (345) 949 - 3877


IBS III TRADING: Shareholders to Hold Final Meeting Dec. 29
-----------------------------------------------------------
                   IBS III TRADING COMPANY
                       (The "Company")
                    (In Voluntary Liquidation)

The Companies Law (As Amended) Pursuant to Section 145 of the
Companies Law (as amended), the final meeting of the
shareholders of the Company will be held at the registered
office of the Company on 29th December 2005 at 10:30 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 liquidators to retain the records of the
company for a period of five years from the dissolution of the
company, after which they may be destroyed.

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

CONTACT:  JOHN CULLINANE and DERRIE BOGGESS
          Joint Voluntary Liquidators
          c/o Walkers SPV Limited
          Walker House, P.O. Box 908
          George Town, Grand Cayman


INSTITUTIONAL DIVERSIFIED: To Present Wind Up Accounts Dec. 29
--------------------------------------------------------------
   INSTITUTIONAL DIVERSIFIED ARBITRAGE STRATEGIES (LB) LTD.
                     (The "Company")
               (In Voluntary Liquidation)
             The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of the Company will be held at
the registered office of the Company on 29th December 2005 at
12:30 p.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on 29th December 2005.

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

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

CONTACT:  JOHN CULLINANE and DERRIE BOGGESS
          Joint Voluntary Liquidators
          c/o Walkers SPV Limited
          Walker House, P.O. Box 908
          George Town, Grand Cayman


IWAMATO INTERNATIONAL: Sets Final Meeting for Dec. 28
-----------------------------------------------------
             IWAMATO INTERNATIONAL LIMITED
              (In Voluntary Liquidation)
           The Companies Law (2003 Revision)

Pursuant to Section 145 of the Companies Law (2003 Revision),
the extraordinary final meeting of the shareholders of this
company will be held at Coutts (Cayman) Limited, Coutts House,
1446 West Bay Road, PO Box 707 GT, Grand Cayman, on 28th
December 2005.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of, as
at the final winding up on 28th December 2005.

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

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

CONTACT:  ROYHAVEN SECRETARIES LIMITED
          Voluntary Liquidator
          Contact for enquiries: James Diamond
          c/o P O Box 707, Grand Cayman
          Telephone: 945-4777
          Facsimile: 945-4799
          Telephone: 945 4777
          Facsimile: 945 4799


LUKOIL CAYMAN: To Relate Wind Up Accounts to Members Dec. 29
------------------------------------------------------------
               LUKOIL CAYMAN TRADING, LTD.
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this company will be
held at the registered office of the company, 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 to
the date of final winding up on 29th December 2005.

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

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

CONTACT:  YELENA BITMAN
          Voluntary Liquidator
          Officer for enquiries: Sydney J. Coleman
          P.O. Box 1111GT, Grand Cayman
          Cayman Islands, B.W.I.
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920


MANOR HOUSE: Extraordinary Final Meeting Set for Dec. 28
--------------------------------------------------------
            MANOR HOUSE INVESTMENTS LIMITED
              (In Voluntary Liquidation)
           The Companies Law (2003 Revision)

Pursuant to Section 145 of the Companies Law (2003 Revision),
the extraordinary final meeting of the shareholders of this
company will be held at Coutts (Cayman) Limited, Coutts House,
1446 West Bay Road, PO Box 707 GT, Grand Cayman, on 28th
December 2005.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of, as
at the final winding up on 28th December 2005.

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

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

CONTACT:  ROYHAVEN SECRETARIES LIMITED
          Voluntary Liquidator
          Contact for enquiries: James Diamond
          c/o P O Box 707, Grand Cayman
          Telephone: 945-4777
          Facsimile: 945-4799



MARCEP INTERNATIONAL: To Authorize Liquidator to Retain Records
---------------------------------------------------------------
           MARCEP INTERNATIONAL TRADE FINANCE LTD.
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of this company will
be held at the registered office of the company, namely Unicorp
Bank & Trust Ltd., 3rd Floor, Whitehall House, 238 North Church
Street, George Town, Grand Cayman, Cayman Islands.

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 17th December 2005.

2. of the company for a period of five years from the
dissolution of the company, after which they may be destroyed.

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

CONTACT:  RUY ISHIKURA
          Voluntary Liquidator
          Contact for enquires: Alvaro Quintas
          P.O. Box 1334GT, Grand Cayman
          Telephone: (345) 949 6800
          Facsimile: (345) 949 6801


MARINER OPPORTUNITIES: To Explain Winding Up Process to Members
---------------------------------------------------------------
        MARINER OPPORTUNITIES II INTERNATIONAL FUND, LTD.
                        (The "Company")
                  (In Voluntary Liquidation)
                The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of the Company will be held at
the registered office of the Company on 29th December 2005 at
11:30 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 liquidators to retain the records of the
company for a period of five years from the dissolution of the
company, after which they may be destroyed.

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

CONTACT:  JOHN CULLINANE and DERRIE BOGGESS
          Joint Voluntary Liquidators
          c/o Walkers SPV Limited
          Walker House, P.O. Box 908
          George Town, Grand Cayman


MEDWAY LIMITED: Sets Extraordinary Final Meeting for Dec. 28
------------------------------------------------------------
                     MEDWAY LIMITED
               (In Voluntary Liquidation)
            The Companies Law (2003 Revision)

Pursuant to Section 145 of the Companies Law (2003 Revision),
the extraordinary final meeting of the shareholders of this
company will be held at Coutts (Cayman) Limited, Coutts House,
1446 West Bay Road, PO Box 707 GT, Grand Cayman, on 28th
December 2005.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of, as
at the final winding up on 28th December 2005.

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

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

CONTACT:  ROYHAVEN SECRETARIES LIMITED
          Voluntary Liquidator
          Contact for enquiries: James Diamond
          c/o P O Box 707, Grand Cayman
          Telephone: 945 4777
          Facsimile: 945 4799


RWC LIMITED: To Discuss Liquidation Process Dec. 28
---------------------------------------------------
                       RWC LIMITED
                (In Voluntary Liquidation)
             The Companies Law (2003 Revision)

Pursuant to Section 145 of the Companies Law (2003 Revision),
the extraordinary final meeting of the shareholders of this
company will be held at Coutts (Cayman) Limited, Coutts House,
1446 West Bay Road, PO Box 707 GT, Grand Cayman, on 28th
December 2005.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of, as
at the final winding up on 28th December 2005.

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

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

CONTACT:  ROYHAVEN SECRETARIES LIMITED
          Voluntary Liquidator
          Contact for enquiries: James Diamond
          c/o P O Box 707, Grand Cayman
          Telephone: 945 4777
          Facsimile: 945 4799


SHOVAL CONSISTENT: Final Meeting of Shareholders Set for Dec. 29
----------------------------------------------------------------
      SHOVAL CONSISTENT PERFORMANCE (OFFSHORE) FUND, LTD.
                        (The "Company")
                  (In Voluntary Liquidation)
                 The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of the Company will be held at
the registered office of the Company on 29th December 2005 at
9:30 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 liquidators to retain the records of the
company for a period of five years from the dissolution of the
company, after which they may be destroyed.

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

CONTACT:  JOHN CULLINANE and DERRIE BOGGESS
          Joint Voluntary Liquidators
          c/o Walkers SPV Limited, Walker House
          P.O. Box 908, George Town, Grand Cayman


SKYWARD LTD: Liquidation Process to be Explained to Members
-----------------------------------------------------------
                      SKYWARD LTD.
               (In Voluntary Liquidation)
             The Companies Law (2003 Revision)

Pursuant to Section 145 of the Companies Law (2003 Revision),
the extraordinary final meeting of the shareholders of this
company will be held at Coutts (Cayman) Limited, Coutts House,
1446 West Bay Road, PO Box 707 GT, Grand Cayman, on 28th
December 2005.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of, as
at the final winding up on 28th December 2005.

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

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

CONTACT:  ROYHAVEN SECRETARIES LIMITED
          Voluntary Liquidator
          Contact for enquiries: James Diamond
          Telephone: 945 4777
          Facsimile: 945 4799
          c/o P O Box 707, Grand Cayman


SYMMETRY INTERNATIONAL: To Allow Liquidators to Retain Records
--------------------------------------------------------------
                SYMMETRY INTERNATIONAL, LTD.
                 (In Voluntary Liquidation)
              The Companies Law (as revised)

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

Business:

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

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

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

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


WHITEFORD INTERNATIONAL: To Hold Final General Meeting Dec. 30
--------------------------------------------------------------
                WHITEFORD INTERNATIONAL, LTD.
                 (In Voluntary Liquidation)
               The Companies Law (as revised)

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

Business:

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

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

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

CONTACT:  CFS LIQUIDATORS LTD.
          Contact for enquiries: M David Makin
          c/o Windward 1, Regatta Office Park
          West Bay Road, P.O. Box 31106 SMB
          Grand Cayman, Cayman Islands
          Telephone: (345) 949 - 3977
          Facsimile: (345) 949 - 3877


YA97A LIMITED: Final Meeting of Shareholders Set for Dec. 29
------------------------------------------------------------
                         YA97A LIMITED
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to Section 145 of the Companies
Law, that the final meeting of the shareholders of the
abovementioned Company will be held at the offices of Trident
Trust Company (Cayman) Limited, Fourth Floor, One Capital Place,
P.O. Box 847, George Town, Grand Cayman, Cayman Islands, on the
29th day of December, 2005 at 10.00 a.m. The purpose of said
meeting is to have laid before the shareholders of the company
the report of the liquidator, showing the manner in which the
winding-up of the company has been conducted, the property of
the company distributed and the debts and obligations of the
company discharged, and giving any explanation thereof.

Any member entitled to attend and vote is entitled to appoint a
proxy to attend and vote instead of him, and such proxy need not
be a member.

CONTACT: TRIDENT DIRECTORS (CAYMAN) LTD.
         Voluntary Liquidator
         Contact for enquiries: Donald Spence
         P.O. Box 847, George Town, Grand Cayman
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881



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

VINTAGE PETROLEUM: Declares Cash Dividend
-----------------------------------------
Vintage Petroleum, Inc. (NYSE:VPI) announced Tuesday its board
of directors has authorized a cash dividend of five and one-half
cents per share. The company said the dividend will be paid
January 5, 2006, to stockholders of record on December 22, 2005.

Vintage Petroleum, Inc. is an independent energy company engaged
in the acquisition, exploitation and exploration of oil and gas
properties and the marketing of natural gas and crude oil.
Company headquarters are in Tulsa, Okla., and its common shares
are traded on the New York Stock Exchange under the symbol VPI.

CONTACT:  Vintage Petroleum, Inc., Tulsa
          Robert E. Phaneuf
          Phone: 918-592-0101
          URL: www.vintagepetroleum.com


* ECUADOR: Fitch Rates 10-Year Global Bond 'B-'
-----------------------------------------------
Fitch Ratings has assigned a prospective 'B-' rating to
Ecuador's 10-year U.S. dollar-denominated bonds, expected to be
issued this week. Ecuador's sovereign ratings reflect its low
public and external liquidity and its political instability. The
Rating Outlook is Negative.

Fitch revised Ecuador's Rating Outlook to Negative in August
2005 because of increased political risk and related fiscal
pressures. According to Morgan C. Harting, Senior Director and
lead sovereign analyst for Ecuador, 'If Ecuador is successful in
placing US$500 million-US$750 million bonds, this would help
fund the central government's estimated US$2.1 billion in
amortizations and US$570 million budget deficit in 2006.
Repayments to private creditors ramp up from 18% of the total in
2005 to about 40% in 2006, so it is important that Ecuador
return to capital markets in order to refinance these
obligations.'

Although tapping market funding would be an important advance in
Ecuador's financing requirements, public and external liquidity
will remain tight. International reserves and bank external
assets at year-end are estimated at just 54% of 2006 external
debt service plus short-term external debt, making Ecuador's
external liquidity among the lowest in the 'B' category and
leaving it vulnerable to external shocks. This measure is
particularly weak given that resident foreign currency deposits
support a significant portion of bank external assets but are
not factored into the ratio as a potential claim on
international reserves and bank foreign assets. Fiscal financing
requirements estimated at 8% of GDP next year are lower than 'B'
peers but are still substantial in light of Ecuador's limited
access to funding.

Ongoing political instability makes it difficult to project
fiscal performance and the direction of policy. Tensions are
currently high in light of the current conflict between the
executive branch and Congress over the president's call for a
referendum to authorize a constituent assembly that could erode
Congress' power. This week the president also dismissed top-
ranking military leadership and announced he will replace a
number of key cabinet positions. According to Harting, 'Any of
these events could point toward a loosening of the fiscal stance
in order to bolster the president's position, potentially
threatening the government's ability to meet debt service
obligations.'

CONTACTS: Morgan C. Harting, CFA
          +1-212-908-0820

          Roger M. Scher
          +1-212-908-0240, New York

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



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

BANCO CUSCATLAN: Fitch Affirms Ratings
--------------------------------------
Fitch Ratings has affirmed Banco Cuscatlan de El Salvador's
(Cuscatlan) ratings as follows:

--Long-term foreign currency 'BB';
--Short-term foreign currency 'B';
--Individual 'D';
--Support '5'.

At the same time, the Outlook on the long-term rating was
revised to Stable from Negative by Fitch, reflecting the
improved prospects for the bank's performance. Unlike previous
years, asset quality and profitability have slightly improved in
2004 and 2005.

Cuscatlan's ratings reflect its well-established domestic
franchise and its parent's significant regional presence but
they also consider the bank's moderate, although improving,
profitability. The ratings also reflect the bank's tight capital
levels in view of El Salvador's difficult operating environment
and challenges relating to improving overall asset quality.

Cuscatlan, a subsidiary of Inversiones Financieras Cuscatlan
(IFCUS), is the second largest bank in El Salvador, with market
share of 23% in terms of assets at the end of June 2005. IFCUS's
holding company, Panama-based Corporacion UBC Internacional
(UBCI), is the second largest financial conglomerate in Central
America, with assets of USD 4.7 billion at the end of June 2005
obtained through an acquisition-based strategy. At the end of
June 2005, BC accounts for 52% of UBCI's assets.

CONTACT:  Alejandro Garcia +1-212-908-0393, New York
          Gustavo Lopez +1-212-908-0853, New York
          Peter Shaw +1-212-908-0553, New York
          Reynaldo Lopez +503-2263-1300, El Salvador

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



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

BALLY TOTAL: Reports Sale of Common Stock by Company Insiders
-------------------------------------------------------------
Bally Total Fitness (NYSE:BFT), the leading operator and
provider of health and fitness clubs, products and services,
reported Tuesday that insiders have made the required Form 4
filings with the Securities and Exchange Commission related to
the sale of approximately 1.2 million common shares of Bally
stock since the company's November 30, 2005 release of nine-
month 2005 financial results and restatement of prior-year
financial information going back to 2000. The transactions took
place on December 2 and December 5.

As previously disclosed, the Company expected that during a
limited trading window some members of management would sell
certain holdings of previously restricted company stock in
connection with personal tax planning or diversification
determinations. The shares vested earlier this year due to share
accumulations by certain stockholders. The Company had been in a
quiet period since May 2004, during which insiders could not
sell stock due to the Company not filing financial statements
since May 2004.

According to Chairman and CEO, Paul Toback, "I made a decision
based on personal circumstances to liquidate some, not all, of
my holdings in Bally common stock. Others made similar decisions
based on their own personal circumstances. Our management team
has worked diligently over the past few years to help turn this
Company around and is more committed than ever to the success of
Bally Total Fitness. Even factoring in the recent sales, company
insiders continue to hold approximately 5% of Bally's
outstanding shares through direct beneficial holdings and
options."

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

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

         URL: www.ballyfitness.com


CALPINE CORP: Effect of Possible Default on CDOs Minimal - Fitch
----------------------------------------------------------------
Despite widespread exposure to Calpine in CDO portfolios, Fitch
Ratings projects that the resulting effect on Fitch-rated CDOs
will likely be contained to fewer than five transactions even if
Calpine defaults.

A potential Calpine default will not have a broad adverse effect
on the CDO market because Calpine's decline has been protracted
over several years and in instances where the creditworthiness
of a CDO asset deteriorates over a prolonged period, Fitch
factors that decline into the ratings of the CDO notes over time
as well. In the case of Calpine, Fitch's corporate debt ratings
were highly speculative grade since 2003 and Fitch indicated
that default was a real possibility since October 2004.

In most cases, Fitch's rating on the subordinate tranches of the
exposed CDOs already reflects Calpine's deteriorated credit.
Another significant reason is the majority of the exposed
transactions are older vintage high yield bond CDOs. Many of
these older vintage CDOs are deleveraging at a rapid pace by
paying down the senior notes. The deleveraging increases the
credit enhancement and to a limited degree offsets collateral
deterioration, especially for senior classes. Finally, the 19
CDOs with exposure to Calpine senior secured notes or loans are
expected to benefit from a strong recovery on these assets as
indicated by Fitch's highest recovery rating of 'RR1' on the
first and second priority secured notes.

A total of 79 Fitch-rated CDOs have exposure to Calpine debt, of
which 46 U.S. CDOs and two European CDOs own Calpine debt that
exceeds 1% of the total portfolio. Of the 48 transactions with
greater than 1% exposure, 29 CDOs own Calpine senior unsecured
notes, 14 CDOs own Calpine senior secured notes or loans and
five CDOs own a combination of unsecured and secured notes and
loans.

While large numbers of CDO downgrades are not expected as a
result of a potential Calpine default, transactions with
significant concentrations in Calpine and also exposure to
previous defaulted securities such as Delta, Northwest, Allied
Holdings, or Delphi may experience negative credit migration
depending on the severity of loss and the effectiveness of
structural protection remaining in the transaction. Fitch will
continue to closely monitor the unfolding Calpine story and its
effect on Fitch-rated CDOs.

CONTACT: Kevin Kendra +1-212-908-0760
         Jeffery Cromartie, +1-212-908-0722, New York
         Shaun Baddeley +44 (0)20 7417 4396, London

MEDIA RELATIONS: Sandro Scenga, New York, Tel: +1 212-908-0278


DESC: Announces Terms of Reverse Stock Split
--------------------------------------------
DESC, S.A. de C.V. (BMV: DESC) announced Tuesday the terms of
the reverse stock split as per the shareholder announcement made
on November 29, 2005. DESC will restructure its shares
representing equity capital through a reverse stock split at a
ratio of one (1) new share in exchange for five (5) of the
current shares outstanding.

In order to calculate the reimbursement for any fraction of
shares that may result from this exchange, the following closing
price for DESC's Series "A" and Series "B" shares, as reported
by the Mexican Stock Exchange on December 2, 2005, will be
applied:

Series "A" Shares: MXN2.70 per share
Series "B" Shares: MXN2.90 per share

DESC, S.A. de C.V. (BMV: DESC) is one of the largest industrial
groups in Mexico, with 2004 sales of approximately US$2 billon
and nearly 14,000 employees, which through its subsidiaries is a
leader in the Automobile Parts, Chemical, Food and Property
sectors.

CONTACT:  Grupo DESC
          In Mexico
          Jorge Padilla
          Phone: (5255) 5261-8044
          E-mail: ir@desc.com.mx

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


EMPRESAS ICA: Kicks Off 6-for-1 Reverse Stock Split
---------------------------------------------------
Empresas ICA SA (ICA) has started the process of a six-for-one
reverse stock split, reports Dow Jones Newswires.

In July, ICA shareholders approved the planned operation, under
which the engineering and construction outfit will cancel 2.42
billion outstanding shares and replace them with one new share
for every six held.

The Company said multiples of less than six shares will be paid
in cash based on the closing stock price at the end of Friday.

The effective date for the stock split will be Dec. 15.

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 TMM: Prices Public Offering of 9M Shares of KCS Stock
-----------------------------------------------------------
Kansas City Southern (KCS) (NYSE:KSU) said Tuesday that its
largest shareholder, Grupo TMM, S.A., has priced a public
offering of 9 million shares of KCS' common stock at $23.25 per
share. All shares are being sold by Grupo TMM. The offering is
being made under the company's existing shelf registration
statement.

The issuance and delivery of the shares is expected to occur on
December 9, 2005, subject to satisfaction of customary closing
conditions. KCS will not receive any proceeds from the offering.

Morgan Stanley was the sole book-running manager for the
offering. This offering is being made only by means of a
prospectus. Copies of the preliminary prospectus and records
relating to the offering may be obtained from:

    Morgan Stanley, Prospectus Department
    180 Varick Street
    New York, NY 10014
    E-mail: prospectus@morganstanley.com


GRUPO TMM: KCS Prices $210M of Preferred Stock
----------------------------------------------
Kansas City Southern (KCS) (NYSE:KSU) has priced a public
offering of $210 million of its 5 1/8% cumulative convertible
perpetual preferred stock at its liquidation preference of
$1,000 per share. KCS expects the issuance and delivery of the
shares to occur on December 9, 2005. The offering is being made
under the company's existing shelf registration statement.

KCS intends to use substantially all the net proceeds from the
offering to purchase 9 million shares of its common stock
formerly owned by Grupo TMM, S.A., its largest shareholder, at a
price per share equal to the net proceeds per share (before
expenses) that Grupo TMM receives for 9 million shares of Kansas
common stock offered concurrently by Grupo TMM.

The annual dividend on each share of preferred stock will be
$51.25 and will be payable quarterly in cash, common stock or a
combination thereof, when, as and if declared by the company's
board of directors, on the fifteenth day of each February, May,
August and November, to holders of record as of the first day of
the payment month, commencing on February 15, 2006.

Each share of preferred stock will be convertible at any time at
the option of the holder into 33.3333 shares of KCS common
stock, which is based on an initial conversion price of $30.00
per common share. The conversion price is subject to customary
adjustments in certain circumstances.

Morgan Stanley was the sole book-running manager for the
offering. This offering is being made only by means of a
prospectus. Copies of the preliminary prospectus and records
relating to the offering may be obtained from:

    Morgan Stanley, Prospectus Department
    180 Varick Street
    New York, NY 10014
    E-mail: prospectus@morganstanley.com

Headquartered in Kansas City, Mo., KCS is a transportation
holding company that has railroad investments in the U.S.,
Mexico and Panama. Its primary U.S. holdings include The Kansas
City Southern Railway Company and Texas Mexican Railway Company,
serving the central and south central U.S. Its international
holdings include Kansas City Southern de Mexico, serving
northeastern and central Mexico and the port cities of Lazaro
Cardenas, Tampico and Veracruz, and a 50% interest in Panama
Canal Railway Company, providing ocean-to-ocean freight and
passenger service along the Panama Canal. KCS' North American
rail holdings and strategic alliances are primary components of
a NAFTA Railway system, linking the commercial and industrial
centers of the U.S., Canada and Mexico.

CONTACT: Kansas City Southern
         William H. Galligan
         Tel: 816-983-1551
         E-mail: william.h.galligan@kcsr.com


GRUPO TMM: Sells 18,000,000 Shares to Morgan Stanley
----------------------------------------------------
Grupo TMM, S.A. (NYSE:TMM)(BMV:TMM A)("TMM"), a Mexican multi-
modal transportation and logistics Company, announced Tuesday
the sale of 18,000,000 shares of Kansas City Southern Common
Stock to Morgan Stanley & Co. at a price of $22.25 per share.

Jose Serrano, Chairman and CEO of TMM, commented, "The net cash
proceeds from this transaction will be used pursuant to TMM's
2007 notes indenture. This is a significant transaction for TMM
resulting in an improved balance sheet to enable Grupo TMM's
growth, profitable expansion, and stakeholder value improvement.
The monetization of our investment in KCS makes TMM a new
company, and as further events occur as stated in our third
quarter conference call we know that our stakeholders will be
exceptionally pleased with the outcome."

Headquartered in Mexico City, TMM is a Latin American multimodal
transportation Company. Through its branch offices and network
of subsidiary companies, TMM provides a dynamic combination of
ocean and land transportation services.

CONTACT:  Grupo TMM
          Juan Fernandez
          Phone: 011-525-55-629-8778
          E-mail: juan.fernandez@tmm.com.mx
                         or
          Brad Skinner (Investor Relations)
          Phone: 011-525-55-629-8725 or 203-247-2420
          E-mail: brad.skinner@tmm.com.mx
                         or
          Monica Azar (Investor Relations)
          Phone: 011-525-55-629-8866, ext. 3421
          E-mail: monica.azar@tmm.com.mx

          URL: www.grupotmm.com

                         or

          Dresner Corporate Services
          Kristine Walczak (investors, analysts, media)
          Phone: 312-726-3600
          E-mail: kwalczak@dresnerco.com
                         or
          PROA/StructurA
          Marco Provencio
          Phone: 011-525-55-629-8708 or 011-525-55-442-4948
          E-mail: mp@proa.structura.com.mx



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

AOL LATIN AMERICA: Enters Amendment to Plan Support Agreement
-------------------------------------------------------------
America Online Latin America, Inc. ("AOLA") entered into an
amendment (the Amendment) to the Plan Support Agreement dated as
of June 23, 2005, as amended (the "Support Agreement") with
America Online, Inc. ("America Online"), Time Warner Inc., Aspen
Investments LLC and Atlantis Investments LLC entered into an
amendment (the "Amendment") to the Plan Support Agreement.

The purpose of the Amendment is to modify certain dates
contained in the Support Agreement. Specifically, the Amendment
amended the Support Agreement in the following respects: (i)
"December 15, 2005" shall be substituted for "November 30, 2005"
in paragraph 7(i) of the Support Agreement; and (ii) "April 15,
2006" shall be substituted for "March 31, 2006" in paragraph
7(ii) of the Support Agreement.

In a letter sent on November 29, 2005 to Time Warner Inc., the
companies wrote:

Reference is made to that certain letter agreement dated as of
June 23, 2005 (the Plan Support Agreement), among America Online
Latin America, Inc. (AOLA), Time Warner Inc. (TW), America
Online, Inc. (AOL; and together with TW, the TW Parties) and
Aspen Investments LLC and Atlantis Investments LLC
(collectively, ODC), as amended by that certain letter agreement
dated as of September 28, 2005, setting forth certain terms and
conditions pursuant to which AOLA and certain of its direct and
indirect subsidiaries will propose their joint chapter 11 plan
of liquidation on a consensual basis with the support of TW, AOL
and ODC. Capitalized terms used herein and not defined herein
shall have the meanings ascribed to such terms in the Plan
Support Agreement.

The TW Parties and ODC agree that the Plan Support Agreement
shall be amended in the following respects: (i) December 15,
2005 shall be substituted for November 30, 2005 in paragraph
7(i) of the Plan Support Agreement; and (ii) April 15, 2006
shall be substituted for March 31, 2006 in paragraph 7(ii) of
the Plan Support Agreement.

Except as specifically amended hereby, the Plan Support
Agreement shall remain in full force and effect.

Kindly acknowledge your agreement to the above-described
amendments to the Plan Support Agreement by counter-signing this
letter agreement and returning an executed copy of the same to
TW, AOL and ODC.

1 IN WITNESS WHEREOF, the parties hereto have caused this letter
agreement to be executed and delivered by their respective duly
authorized officers, solely in their respective capacity as
officers of the undersigned and not in any other capacity, as of
the date first above written.

CONTACT: AOL Latin America
         6600 N. Andrews Ave.
         Suite 400 Ft. Lauderdale
         FL 33309
         Phone:(954) 233-1803



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

CANTV: Retirees Reject Offer to Adjust Pension Payments
-------------------------------------------------------
Retirees of telecom company CA Nacional Telefonos de Venezuela
(CANTV) turned down the Company's offer to adjust their
pensions, reports Dow Jones Newswires.

CANTV announced last week it would adjust retirees' pensions to
a new minimum wage level to comply with a Supreme Court order.

The Company further announced that it would make retroactive
payments ranging - on average - from VEB13 million to VEB39
million to those workers who received less than the minimum wage
on July 26, when the new wage came into effect.

However, Nelson Rodriguez, head of the CANTV retirees'
association, said the offer was not enough and covered only 10%
of what is owed.

Last July, the high court ruled in favor of 3,408 unionized
workers in a long-running pension dispute with CANTV and ordered
the Company to adjust pensions to a new minimum wage level and
to take into account devaluations and inflation since 1999.

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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and
Sheryl Joy P. Olano, Editors.

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

This material is copyrighted and any commercial use, resale or
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