TCRLA_Public/051213.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, December 13, 2005, Vol. 6, Issue 246

                            Headlines

A R G E N T I N A

BANCO DEL TUCUMAN: Moody's Places Rating on Review for Upgrade
BANCO COMAFI: Moody's Affirms Credit Ratings
CANTERAS ZAFIRO: Court Deems Bankruptcy Necessary
CLISA: Local S&P Leaves Corporate Bond Ratings Unchanged
DESILUX S.A.: Court Declares Company Bankrupt

DIMPER S.R.L.: Enters Bankruptcy on Court Orders
GABES S.R.L.: Judge Approves Bankruptcy
GAS ARGENTINO: $130M of Bonds Remain in Default
ITALIANSPORT S.A.: Court OKs Creditor's Bankruptcy Call
LUDIN S.R.L.: Liquidates Assets to Pay Debts

MACRO BANSUD: Moody's Affirms Credit Ratings
RIBO PETROL: Gets Court Approval for Reorganization
SOUTHERN WINDS: Unpaid Workers Walk Off Jobs in Protest
TELEFONIA PUBLICA: Initiates Bankruptcy Proceedings
TGN: Local S&P Reaffirms `raD' Rating on $620M of Bonds

TRANSENER: Seeks Shareholders' Approval to Enter Telecom Sector


B E R M U D A

LORAL SPACE: Common Stock to Begin Trading on Nasdaq
LORAL SPACE: CEO Preliminarily Settles NY Securities Fraud Suit


B R A Z I L

AMBEV: BNDES to Finance BRL319-Mln Expansion Project
CALCADOS DILLY: 300 to Lose Jobs in Plant Closure
COPEL: Converts PNA into PNB
NET SERVICOS: Board Authorizes Stock Capital Increase
PLASTIPAK HOLDINGS: Completes Senior Note Offering


C A Y M A N   I S L A N D S

ACOA LIMITED: Schedules Final Meeting for Dec. 28
ARDENT SECURITIES: Members to Hear Wind Up Accounts Dec. 29
CANNON STAR: Sets Final General Meeting for Dec. 28
DIRECT INVESTMENT: Final Meeting to be Held Dec. 29
EMPRESS HOLDINGS: To Hold Final General Meeting on Dec. 28

GOLDIELANDS PROPERTIES: To Report on Manner of Liquidation
GULF NETWORK: To Present Account on Liquidation to Members
KALLISTA QUANT: Wind Up Process to be Explained Dec. 29
KALLISTA VOLATILITY: To Give Explanation on Wind Up Dec. 29
KALLISTA VOLATILITY (MASTER): To Report on Wind Up Process

LUIDC HOLDINGS: To Lay Accounts on Liquidation Process Dec. 29
OASIS LIMITED: Final General Meeting Set for Dec. 28
PARADIS LIMITED: To Present Account on Wind Up to Members
PISIGMA INVESTMENTS: Final General Meeting Scheduled for Dec. 28
POWER HOLDINGS: To Explain Wind Up Process Dec. 28

ROCHESTER MANAGEMENT: To Report on Liquidation Process
SEASCAPE LIMITED: To Explain Wind Up to Members Dec. 29
SPIRIT LIMITED: Account on Wind Up to be Presented Dec. 28
TULLAS CDO: To Report on Wind Up Process at Final Meeting
VENT EN: Liquidation to be Explained at Final Meeting on Dec. 29


C O L O M B I A

* COLOMBIA: Net International Reserves to Reach $15B by End-2005


E L   S A L V A D O R

BANCO MULTISECTORIAL: Fitch Affirms, Withdraws Ratings
* EL SALVADOR: Real GDP Growth to Pick Up to 2 1/2% in 2005


J A M A I C A

DYOLL GROUP: Peter Lawson Exits Board


M E X I C O

GRUPO TMM: KCS Completes Sale of $210M of Preferred Stock


V E N E Z U E L A

CITGO: Not Selling Corpus Christi, Houston Refineries
SIDOR: Workers to Start Receiving Shares in January

     -  -  -  -  -  -  -  -

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A R G E N T I N A
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BANCO DEL TUCUMAN: Moody's Places Rating on Review for Upgrade
--------------------------------------------------------------
Moody's Investors Service placed the B1 global local-currency
deposit rating and the Aa3.ar national scale local-currency
deposit rating of Banco del Tucuman S.A. (Tucuman) under review
for possible upgrade.

The ratings agency also affirmed Tucuman's bank financial
strength rating of E.

The actions follow Banco Macro Bansud S.A.'s (Macro)
announcement that it has acquired the 75% stake in Banco del
Tucuman from Banco Comafi S.A. (Comafi) for US$17.3 million.

The Province of Tucuman and the bank employees will retain the
remaining 20% and 5%, respectively. The acquisition is pending
regulatory approval.

Macro announced on November 9 that it was taking over selected
assets and liabilities of Banco Empresario de Tucuman, worth
approximately US$35.8 million, which included eight branches in
the Province of Tucuman.

Moody's said that it placed Tucuman's local-currency deposit
ratings on review for possible upgrade because of the potential
benefits of the bank's inclusion in a large, more highly-rated
group - Banco Macro's global local currency deposits are rated
at Ba3.

The review will center on Tucuman's level of integration into
Macro's franchise, although the two banks are expected to
operate as separate legal entities.

Banco del Tucuman S.A. is based in San Miguel del Tucuman,
Argentina and had total assets of US$268 million, as of June
2005.

The following ratings of Banco del Tucuman S.A. were placed
under review for upgrade:

- Long- term Global Local-Currency Deposits: B1
- National Scale Rating for Local Currency Deposits: Aa3.ar

The following ratings were affirmed:

- Bank Financial Strength Rating: E -- Stable Outlook
- Short -Term Global Local Currency Deposits: Not Prime
- Long -Term Foreign Currency Deposits: Caa1
- Short -Term Foreign Currency Deposits: Not Prime
- National Scale Rating for Foreign Currency Deposits: Ba1.ar


BANCO COMAFI: Moody's Affirms Credit Ratings
--------------------------------------------
Moody's Investors Service has affirmed the credit ratings of
Banco Comafi S.A. (Comafi).

The affirmation follows Banco Macro Bansud S.A.'s (Macro)
announcement that it has acquired the 75% stake in Banco del
Tucuman from Comafi for US$17.3 million.

The Province of Tucuman and the bank employees will retain the
remaining 20% and 5%, respectively. The acquisition is pending
regulatory approval.

Macro announced on November 9 it was taking over selected assets
and liabilities of Banco Empresario de Tucuman, worth
approximately US$35.8 million, which included eight branches in
the Province of Tucuman.

Moody's pointed out that the affirmation of Comafi's ratings is
based on the consideration that the sale of Tucuman will allow
Comafi to focus on its core franchise in the City of Buenos
Aires and Great Buenos Aires.

Banco Comafi S.A. is headquartered in Buenos Aires Argentina. As
of June 2005, it had total assets of US$541 million.

The following ratings of Banco Comafi S.A. were affirmed:

- Bank Financial Strength Rating: E -- Stable Outlook
- Long- Term Global Local Currency Deposits: B1
- Short -Term Global Local Currency Deposits: Not Prime
- National Scale Rating for Local Currency Deposits: Aa3.ar
- Long -Term Foreign Currency Deposits: Caa1
- Short -Term Foreign Currency Deposits: Not Prime
- National Scale Rating for Foreign Currency Deposits: Ba1.ar


CANTERAS ZAFIRO: Court Deems Bankruptcy Necessary
-------------------------------------------------
Canteras Zafiro S.A., which was undergoing reorganization,
entered bankruptcy on orders from a Buenos Aires court. Infobae
relates that the court appointed accounting firm Estudio Picado,
Levy, De Angelis y Asociados to be the receiver on the case. The
receiver will conduct the credit verification process "por via
incidental."

Estudio Picado, Levy, De Angelis y Asociados will submit
individual reports in court on March 17, 2006. The receiver will
also present a general report on the case on April 19, 2006.

CONTACT:  Estudio Picado, Levy, De Angelis y Asociados
          Trustee
          Bernardo de Irigoyen 330
          Buenos Aires


CLISA: Local S&P Leaves Corporate Bond Ratings Unchanged
--------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
reaffirmed the 'raB-' rating on US$120 million worth of
corporate bonds issued by Argentine Company CLISA. Argentina's
securities regulator, the CNV, described the affected bonds as
"Obligaciones Negociables con garantia (AGO 21-01-03, AD 23-01-
03)." These bonds will mature on June 1, 2012.

S&P said that an obligation rated 'raB' denotes weak protection
parameters relative to other Argentine obligations. The obligor
currently has the capacity to meet its financial commitments on
the obligation. But adverse business, financial, or economic
conditions would likely impair capacity or willingness of the
obligor to meet its financial commitments on the obligations.

The local unit of S&P also maintained its 'raD' rating on US$100
million worth of CLISA's bonds described as "Obligaciones
Negociables con garantia." The bonds matured on June 1, 2004.

The rating actions were based on the Company's financial health
as of Sep. 30, 2005.


DESILUX S.A.: Court Declares Company Bankrupt
---------------------------------------------
Court No. 25 of Buenos Aires' civil and commercial tribunal
declared local company Desilux S.A. "Quiebra", relates La
Nacion. The court approved the bankruptcy petition filed by Mr.
Jorge Saslavsky, whom the Company has debts amounting to
$30,722.30.

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

Clerk No. 50 assists the court on the case.

CONTACT:  Desilux S.A.
          Sarmiento 645
          Buenos Aires

          Mr. Sergio Mazzitelli, Trustee
          Viamonte 1546
          Buenos Aires


DIMPER S.R.L.: Enters Bankruptcy on Court Orders
------------------------------------------------
Dimper S.R.L. 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 Daniel Grela
as trustee. Mr. Grela will be verifying creditors' proofs of
claim until the end of the verification phase on Feb. 22, 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 5, 2006 followed by the general report, which is due on
May 22, 2006.

CONTACT:  Mr. Carlos Daniel Grela, Trustee
          Tucuman 1585
          Buenos Aires


GABES S.R.L.: Judge Approves Bankruptcy
---------------------------------------
Gabes S.R.L. was declared bankrupt after Court No. 11 of Buenos
Aires' civil and commercial tribunal endorsed the petition of
Rey y Milberg S.A. for the Company's liquidation. Argentine
daily La Nacion reports that Rey y Milberg S.A. has claims
totaling $23,139.82 against Gabe S.R.L.

The court assigned Mr. Anibal Carrillo to supervise the
liquidation process as trustee. Mr. Carrillo will validate
creditors' proofs of claim until March 7, 2006.

The city's Clerk No. 22 assists the court in resolving this
case.

CONTACT:  Gabes S.R.L.
          General Gregorio Araoz de Lamadrid 564
          Buenos Aires

          Mr. Anibal Carrillo, Trustee
          Juncal 615
          Buenos Aires


GAS ARGENTINO: $130M of Bonds Remain in Default
-----------------------------------------------
Moody's Latin America Calificadora de Riesgo S.A. maintains a
'D' rating on some US$130 million worth of bonds issued by Gas
Argentino S.A. , the CNV reports on its Web site.

The rating assigned is based on the Gas Argentino's financial
status as of Sep. 30, 2005. The bonds, which expired on June 7,
2000, are described as Obligaciones negociables simples por U$S
130.000.000.

Moody's assigns a 'D' rating on bonds that are in payment
default and have a poor prospect of repaying all obligations.


ITALIANSPORT S.A.: Court OKs Creditor's Bankruptcy Call
-------------------------------------------------------
Italiansport S.A. entered bankruptcy after Court No. 2 of Buenos
Aires' civil and commercial tribunal approved a bankruptcy
motion filed by Mr. Damir Dominis, reports La Nacion. The
Company's failure to pay $153,180.70 in debt prompted the
creditor to file the petition.

Working with the city's Clerk No. 3, the court assigned Mr. Aldo
Cambiaso as trustee for the bankruptcy process. The trustee's
duties include the authentication of the Company's debts and the
preparation of the individual and general reports. Creditors are
required to present their proofs of claim to the trustee before
March 10, 2006.

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

CONTACT:  Italiansport S.A.
          Tomas Le Breton 5173
          Buenos Aires

          Mr. Aldo Cambiaso, Trustee
          Cerrito 1070
          Buenos Aires


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

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Ms. Andrea D. Krikorian. The trustee
will verify creditors' proofs of claim until Dec. 20, 2005. The
validated claims will be presented in court as individual
reports on March 2, 2006.

Ms. Krikorian will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, on April 17, 2006.

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

CONTACT:  Ludin S.R.L.
          Talcahuano 893
          Buenos Aires

          Ms. Andrea D. Krikorian, Trustee
          Montevideo 711
          Buenos Aires


MACRO BANSUD: Moody's Affirms Credit Ratings
--------------------------------------------
Moody's Investors Service has affirmed the credit ratings of
Banco Macro Bansud S.A. (Macro) following the latter's
announcement that it has acquired the 75% stake in Banco del
Tucuman S.A. from Banco Comafi S.A. (Comafi) for US$17.3
million.

In affirming Macro's ratings, Moody's said that the acquisition,
which is pending regulatory approval, does not change the bank's
risk or business profile.

Macro announced on November 9 it was taking over selected assets
and liabilities of Banco Empresario de Tucuman, worth
approximately US$35.8 million, which included eight branches in
the Province of Tucuman. These acquisitions should grant the
Macro group a dominant position in the province.

Banco Macro Bansud S.A. is headquartered in Buenos Aires,
Argentina. As of June 2005, the bank's total assets were US$2.4
billion.

The following ratings of Banco Macro Bansud S.A. were affirmed:

- Bank Financial Strength Rating: E -- Positive Outlook
- Long- Term Global Local Currency Deposits: Ba3
- Short -Term Global Local Currency Deposits: Not Prime
- National Scale Rating for Local Currency Deposits: Aa2.ar
- Long -Term Foreign Currency Deposits: Caa1
- Short -Term Foreign Currency Deposits: Not Prime
- National Scale Rating for Foreign Currency Deposits: Ba1.ar


RIBO PETROL: Gets Court Approval for Reorganization
---------------------------------------------------
Ribo Petrol 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. Mario Sogari will oversee the reorganization proceedings as
the court-appointed trustee. He will verify creditors' claims
until Feb. 3, 2006. The validated claims will be presented in
court as individual reports on March 17, 2006.

Mr. Sogari 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 3, 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 for Oct. 4, 2006.

CONTACT:  Mr. Mario Sogari, Trustee
          Montevideo 708
          Buenos Aires


SOUTHERN WINDS: Unpaid Workers Walk Off Jobs in Protest
-------------------------------------------------------
Workers at ailing private carrier Southern Winds lodged a strike
Friday to decry a delayed November salary payment, reports Dow
Jones Newswires.

The airline's operations have been very limited since it filed
for bankruptcy in March, in the wake of a drug-trafficking
scandal, as well as the government's decision to cancel the
provision of fuel subsidies to the airline.

Local media reports published Friday said the airline had just
one flight scheduled for the morning - a trip to the southern
mountain resort town of Bariloche. However, workers also
threatened to cut off the main road leading to the airport, a
measure that would generate delays for other carriers.


TELEFONIA PUBLICA: Initiates Bankruptcy Proceedings
---------------------------------------------------
A Buenos Aires court declared Telefonia Publica Latinoamericana
S.R.L. "Quiebra," reports Infobae.

The court will appoint a trustee, who will verify creditors'
claims and prepare the individual reports based on the results
of the verification process. The appointed trustee will also
submit a general report on the Company's bankruptcy case.

Dates for the end of the verification as well as the submission
of the reports are yet to be disclosed.


TGN: Local S&P Reaffirms `raD' Rating on $620M of Bonds
-------------------------------------------------------
The Standard & Poor's International Ratings, LLC reaffirmed its
`raD' rating on the bonds issued by Transportadora de Gas del
Norte S.A. (TGN), the CNV reveals.

The affected bonds are:

- US$300 million worth of undated bonds described as "Ons Serie
III por U$S 50 mm, IV por U$S 46 mm, V por U$S 24 mm y VII por
U$S 20 mm, bajo Prog. Global ON simple vencido marzo 1999;" and

- US$320 million worth of undated bonds described as "Serie I
por U$S 20 mm, II por U$S 154.5 mm, III por U$S 10.7 mm, IV por
U$S 9.3 mm y VI por U$S 60.5 mm, bajo Prog. Global ONS vencido
julio 2001"

S&P assigns 'raD' to financial obligations that are currently in
default. The ratings agency said that the same rating may be
issued if interest or principal payments are not made on the due
even if the applicable grace period has not expired.

The ratings given were based on the Company's finances as of
Sep. 30, 2005.

CONTACT:  Transportadora De Gas Del Norte (TGN)
          Don Bosco 3672, (C120ABF)
          Buenos Aires, Argentina.
          Phone: (+54 11) 4959-2000
          Fax: (+54 11) 4959-2242
          Home Page: www.tgn.com.ar


TRANSENER: Seeks Shareholders' Approval to Enter Telecom Sector
---------------------------------------------------------------
Shareholders of Argentina's Transener will meet on January 4,
2006 to decide whether the electricity transmission company
should enter the telecommunications sector, reports Business
News Americas.

Transener recently obtained a license from the Secretary of
Communications (SeCom) to provide telecommunications services to
the public, be it mobile, wired or wireless, national or
international, with or without its own infrastructure.

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

But Transener, in order to operate the license, still needs to
legalize the expansion of its business units through the
Argentine justice system and present SeCom the document within
180 days.

Transener expects to receive authorization to expand its
operations in the country during the January 4 shareholders'
meeting.

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



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B E R M U D A
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LORAL SPACE: Common Stock to Begin Trading on Nasdaq
----------------------------------------------------
Loral Space & Communications Inc. (NASDAQ: LORL) announced that
its common stock would begin trading on December 8, 2005 the
NASDAQ National Market under the ticker symbol LORL. The stock
had previously been trading on a "when issued" basis on the
over-the-counter market under the ticker LRALV. The closing
stock price of LRALV on December 7, 2005 was $29.10.

The company issued 18.7 million shares, or approximately 94
percent, of the 20 million new shares of Loral Space &
Communications Inc. common stock to be distributed in accordance
with Loral's Plan of Reorganization.

Also in accordance with the Plan, Loral Skynet has issued
987,000 shares, or approximately 99 percent, of the Loral Skynet
preferred stock to be distributed. It also has issued $126
million principal amount of Loral Skynet senior secured notes.

The balance of common and preferred stock is being held in
reserve pending the resolution of the few outstanding claim
issues that remain.

Copies of Loral's Plan of Reorganization, as confirmed, and its
Disclosure Statement are available on the Loral website.

Loral's prior common stock, which was previously listed on the
over-the-counter market under the ticker LRLSQ, and Loral's
prior preferred stock were each cancelled as of November 21,
2005.

Loral Space & Communications (NASDAQ: LORL) is a satellite
communications company. It owns and operates a fleet of
telecommunications satellites used to broadcast video
entertainment programming, distribute broadband data, and
provide access to Internet services and other value-added
communications services. Loral also is a world-class leader in
the design and manufacture of satellites and satellite systems
for commercial and government applications including direct-to-
home television, broadband communications, wireless telephony,
weather monitoring and air traffic management.

CONTACT: Loral Skynet
         John McCarthy
         Phone: 1-212-338-5345

         URL: http://www.loralskynet.com
              http://www.loral.com


LORAL SPACE: CEO Preliminarily Settles NY Securities Fraud Suit
---------------------------------------------------------------
Loral Space & Communications Ltd.'s Chief Executive Officer and
Chairman of the Board of Directors Bernard Schwartz
preliminarily settled the consolidated class action filed in the
United States District Court for the Southern District of New
York against him, the Company and Globalstar Telecommunications
Limited (GTL), styled "In re Globalstar Securities Litigation."

On September 26, 2001, the nineteen separate purported class
action lawsuits filed in the United States District Court for
the Southern District of New York by various holders of
securities of GTL and Globalstar L.P. (Globalstar) were
consolidated. In November 2001, plaintiffs in the consolidated
action filed a consolidated amended class action complaint,
alleging:

(1) that all defendants (except Loral) violated Section 10(b) of
the Securities Exchange Act of 1934 and Rule 10b-5 promulgated
thereunder, by making material misstatements or failing to state
material facts about Globalstar's business and prospects,

(2) that defendants Loral and Mr. Schwartz are secondarily
liable for these alleged misstatements and omissions under
Section 20(a) of the Exchange Act as alleged" controlling
persons" of Globalstar,

(3) that defendants GTL and Mr. Schwartz are liable under
Section 11 of the Securities Act of 1933 (the "Securities Act")
for untrue statements of material facts in or omissions of
material facts from a registration statement relating to the
sale of shares of GTL common stock in January 2000,

(4) that defendant GTL is liable under Section 12(2)(a) of the
Securities Act for untrue statements of material facts in or
omissions of material facts from a prospectus and prospectus
supplement relating to the sale of shares of GTL common stock in
January 2000, and

(5) that defendants Loral and Mr. Schwartz are secondarily
liable under Section 15 of the Securities Act for GTL's primary
violations of Sections 11 and 12(2)(a) of the Securities Act as
alleged "controlling persons" of GTL.

The class of plaintiffs on whose behalf the lawsuit has been
asserted consists of all buyers of securities of Globalstar,
Globalstar Capital and GTL during the period from December 6,
1999 through October 27, 2000, excluding the defendants and
certain persons related to or affiliated with them.

In December 2003, a motion to dismiss the amended complaint in
its entirety was denied by the court insofar as GTL and Mr.
Schwartz are concerned, and discovery has commenced and is
ongoing. In December 2004, plaintiffs' motion for certification
of the class was granted. In June 2004, Globalstar was
dissolved, and in October 2004, GTL was liquidated pursuant to
chapter 7 of the Bankruptcy Code.

This case was preliminarily settled by Mr. Schwartz in July 2005
for $20 million, and he has commenced a lawsuit against
Globalstar's directors and officers liability insurers seeking
to recover the full settlement amount plus legal fees and
expenses incurred in enforcing his rights under Globalstar's
directors and officers liability insurance policy. In addition,
Mr. Schwartz has filed a proof of claim against the Company
asserting a general unsecured prepetition claim for, among other
things, indemnification relating to this case. Mr. Schwartz and
the Company have agreed in principle subject to definitive
documentation that in no event will his claim against the
Company with respect to the settlement of this case exceed $25
million. If Mr. Schwartz's claim ultimately becomes an allowed
claim under the Plan of Reorganization and assuming he is not
reimbursed by Globalstar's insurers, Mr. Schwartz would be
entitled to a distribution under the Plan of Reorganization of
New Loral common stock based upon the amount of the allowed
claim. Any such distribution of stock would be in addition to
the 20 million shares of New Loral common stock being
distributed under the Plan of Reorganization to other creditors.

The suit is styled "In re Globalstar Securities Litigation, Case
No. 01-CV-1748 (SHS)," filed in the United States District Court
for the Southern District of New York, under Judge P. Kevin
Castel.

Representing the plaintiffs is Eric James Belfi of Murray, Frank
& Sailer, LLP, 275 Madison Avenue, Ste. 801, New York, NY 10016,
Phone: 212-682-1818, Fax: 212-682-1892, E-mail:
ebelfi@murrayfrank.com. Representing the Company and Bernard
Schwartz are Jeanne Marie Luboja, Francis James Menton of
Willkie Farr & Gallagher LLP (NY), 787 Seventh Avenue, New York,
NY 10019, Phone: (212) 728-8000, Fax: (212) 728-8111, E-mail:
maosdny@willkie.com (Class Action Reporter, Friday, Dec. 9,
2005, Issue 244)



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B R A Z I L
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AMBEV: BNDES to Finance BRL319-Mln Expansion Project
----------------------------------------------------
BNDES will finance with BRL319 million a production and
distribution expansion project of Beverages Company of the
Americas (AmBev). The value corresponds to 52% of investments to
be executed by the company until 2006, BRL615.8 million. With
the financing of the Bank, AmBev will execute in Brazil the
expansion of its industrial facilities, modernization of the
distribution centers, acquisition and installation of IT
equipment, replacement and increase of its glasses warehouse,
and purchase of post-mix equipment for soft drinks and draft-
beer.

As of December 6, 2005, the company employs about 18 thousand
direct workers in the country, and with this project it
estimates to create 400 new direct jobs, in addition to other
2,000 indirect jobs as a result of the growth in the
distribution of its products. AmBev was formed from an
association between Brahma and Antarctica, Brazilian companies
whose expansion was historically supported by BNDES.

The AmBev Group is the fifth largest beer producer worldwide,
the second in the Americas and the first in Brazil and Latin
America, having an expressive presence in 14 countries. Its
internationalization process began in the end of 2002, when it
decided to sign an agreement to explore beer markets in Central
America and the Caribbean. Henceforward, in a process of
acquisitions and construction of new industrial units, the group
expanded its activities to Argentina, Canada, Dominican
Republic, Ecuador, Guatemala, Paraguay, Peru, Uruguay,
Venezuela, Bolivia, Paraguay, El Salvador and Nicaragua.

AmBev is an open limited corporation. Furthermore, an alliance
with Interbrew, a Belgian company that had the third position in
the global beer market, was announced in March 2004. This union
formed a group with a greatest beer-trading platform in the
world.

CONTACT: COMPANHIA DE BEBIDAS DAS AMERICAS -- AMBEV
         Pedro Aidar
         Tel: +011-55-11-2122-1415
         E-mail: acpaidar@ambev.com.br

         Vanessa Goes
         Tel: +011-55-11-2122-1414
         E-mail: acvsg@ambev.com.br


CALCADOS DILLY: 300 to Lose Jobs in Plant Closure
-------------------------------------------------
Footwear producer Calcados Dilly SA will shutter a plant in the
southernmost state of Rio Grande do Sul, reports just-style.com.
The sport shoe factory in Mato Leitao exports almost all of its
output to Argentina, which recently impeded imports from Brazil.
The closure will see the loss of 300 jobs.

CONTACT:  Calcados Dilly Ltda.
          Rua Julio Hauser 1640
          Bairro Sete de Setembro, Ivoti , Brazil
          55 051 563 1655
          55 051 563 1043
          http://www.dilly.com.br


COPEL: Converts PNA into PNB
----------------------------
Companhia Paranaense de Energia - Copel announced to its
shareholders and to the market that, during the period between
November 1, 2005 and November 30, 2005, at shareholders'
request, 337,383 A-class preferred nominative shares (PNA) were
converted into B-class preferred nominative shares (PNB), as
provided for in the Company's Bylaws, Paragraph 1 of Article 7.

Therefore, at the next General Shareholders' Meeting, Article 4
of the Company's Bylaws shall be registered with the following
wording:

"Article 4 - Underwritten paid up capital is BRL3,480,000,000.00
represented by 273,655,376,270 shares, with no par value,
composed of 145,031,080,782 ordinary shares, and 128,624,295,488
preferred shares, of which 403,725,424 are class 'A' shares, and
128,220,570,064 are class 'B' shares."

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

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


NET SERVICOS: Board Authorizes Stock Capital Increase
-----------------------------------------------------
The Board of Directors of Net Servicos De Comunicacao S.A.
approved the Company's stock increase in a meeting held on
December 9, 2005.

MINUTES OF THE BOARD OF DIRECTORS MEETING HELD ON DECEMBER 9,
2005.

Date, time and venue:

On December 9, 2005, at 10:00 am, at the Company's headquarters
located at Rua Verbo Divino, 1356 - 1 andar, Chacara Santo
Antonio, in the city of Sao Paulo, State of Sao Paulo.

Attendance:

Board Members representing the required quorum, in accordance
with the signatures below.

Presiding Board:

Jorge Luiz de Barros NĘbrega - Chairman.
Andre MĀller Borges - Secretary.

Deliberations:

Approve the Company's stock capital increase, with the
authorization present in the Company's Bylaw, by means of the
issuance of common shares and preferred shares, approved by the
Board of Directors' meeting held on November 8, 2005, for the
subscription by the shareholders and the integration facing the
capitalization of the Tax Benefit held by the Controlling
Shareholder ROMA PARTICIPACOES LTDA., resulting from the
incorporated goodwill amortization, due to the incorporation of
GLOBOTEL PARTICIPACOES S.A (Globotel), under the terms of the
paragraph 1, of the Article 7 of CVM Instruction No. 319/99 and
as it has been described in clause 8 of Globotel's Incorporation
Filling. Thus, the Company's Capital Stock has been increased
from BRL3,388,615,774.96 to BRL3,474,272,185.28, by means of the
issuance for the subscription, within the limits of authorized
capital of 39,706,606 registered book-entry non par shares and
57,630,658 registered book-entry non par shares at the price of
BRL0.88 per share, corresponding to BRL85,656,440.32. As a
consequence, the wording of the caput of the Article 5 of the
Company's Bylaw is amended, which shall have, as from this date
on, the following new wording:

Article. 5 - The Capital Stock corresponds to
BRL3,474,275,185.28 divided into 1,613,225,102 common shares and
2,341,438,563 preferred shares, all non-par registered, book-
entry shares. The Capital Stock may be increased up to
BRL5,000,000,000.00 regardless of the statutory amendment, as
provided for by the Article 168 of the Law 6,404/76, by
deliberation of the Board of Directors, which shall establish
the issuance conditions, under the terms of the paragraph 1 of
the Article 170 of the Law 6,404/76.

Closure: Nothing more to be dealt with, the meeting was
adjourned, drawing up these present minutes which, after being
read, were approved and signed by all attending board members.

Signatures: Jorge Luiz de Barros Nobrega - Chairman, Andre
Muller Borges - Secretary, Stefan Alexander, Sergio Lourenco
Marques, Rossana Fontenele Berto, Luis Henrique Martinez
Goncalves, Juarez de Queiroz Campos Junior, Marcos da Cunha
Carneiro, Carlos Henrique Moreira, Jorge da Gama Braga Neto,
Antonio Oscar de Carvalho Petersen Filho, Joao Adalberto Elek
Jr. and Edgard Lobao dos Santos.

CONTACT: Net Servicos de Comunicacao S.A.
         Marcio Minoru
         Phone: 5511-2111-2811
         E-mail: minoru@netservicos.com.br
                       or
         Sandro Pina
         Phone: 5511-2111-2721
         E-mail: sandro.pina@netservicos.com.br
         URL: http://www.netservicos.com.br


PLASTIPAK HOLDINGS: Completes Senior Note Offering
--------------------------------------------------
Plastipak Holdings, Inc. (the "Company") announced Friday that
it has successfully completed its previously announced offering
of $250 million aggregate principal amount of its 8-1/2% Senior
Notes due December 15, 2015 (the "Senior Notes"). The net
proceeds of the offering of the Senior Notes, together with the
proceeds of borrowings under the Company's senior secured credit
facility and cash on hand, were used to repurchase its 10.75%
Senior Notes due 2011 (the "10.75% Notes") that were validly
tendered and accepted for purchase in its previously announced
cash tender offer for the 10.75% Notes. The cash tender remains
open until its expiration at 5:00 p.m., New York City time, on
December 15, 2005.

The Senior Notes may be resold by the initial purchasers
pursuant to Rule 144A under the Securities Act of 1933, as
amended (the "Act"), and in offshore transactions pursuant to
Regulation S under the Act. The Senior Notes have not been
registered under the Act and, unless so registered, may not be
offered or sold in the United States except pursuant to an
exemption from the registration requirements of the Act and
applicable state securities laws.

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

About Plastipak

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

CONTACT: Banc of America Securities LLC
         Toll free: +1-888-292-0070
         Collect: +1-704-388-9217
         URL: http://www.plastipak.com



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

ACOA LIMITED: Schedules Final Meeting for Dec. 28
-------------------------------------------------
                          ACOA Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general meeting
of ACOA Limited will be held at the offices of Cititrust
(Cayman) Limited, CIBC Financial Centre, George Town, Grand
Cayman, on December 28, 2005, for the purpose of presenting to
the members an account of the winding up of the Company and
giving any explanation thereof.

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


ARDENT SECURITIES: Members to Hear Wind Up Accounts Dec. 29
-----------------------------------------------------------
                   Ardent Securities Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                          Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Ardent Securities Limited
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
December 29, 2005 for the purpose of presenting to the members
an account of the winding up of the Company and giving any
explanation thereof.

CONTACT:  Mr. Johann Le Roux, Joint Voluntary Liquidator
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands.


CANNON STAR: Sets Final General Meeting for Dec. 28
---------------------------------------------------
                 Cannon Star Holdings Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general meeting
of Cannon Star Holdings Limited will be held at the offices of
Cititrust (Cayman) Limited, CIBC Financial Centre, George Town,
Grand Cayman, on December 28, 2005, for the purpose of
presenting to the members an account of the winding up of the
Company and giving any explanation thereof.

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


DIRECT INVESTMENT: Final Meeting to be Held Dec. 29
---------------------------------------------------
                Direct Investment Company Ldc
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of the Company will be
convened by the voluntary liquidator and held at Helvetic
Management Services Limited, Centennial Towers, 3rd Floor, 2454
West Bay Road, Grand Cayman, Cayman Islands, on December 29,
2005 at 10:00 a.m.

Business:

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

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

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

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


EMPRESS HOLDINGS: To Hold Final General Meeting on Dec. 28
----------------------------------------------------------
                 Empress Holdings Limited
                (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general meeting
of Empress Holdings Limited will be held at the offices of
Cititrust (Cayman) Limited, CIBC Financial Centre, George Town,
Grand Cayman, on December 28, 2005, for the purpose of
presenting to the members an account of the winding up of the
Company and giving any explanation thereof.

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


GOLDIELANDS PROPERTIES: To Report on Manner of Liquidation
----------------------------------------------------------
                 Goldielands Properties 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 the
Company will be held at the offices of HSBC International
Trustee Limited, P O Box 484, George Town, Grand Cayman, Cayman
Islands, on December 29, 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 December 29, 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:  Lion International Corporate Services
          Voluntary Liquidator
          Alliyah McCarthy
          P.O. Box 484GT
          Grand Cayman, Cayman Islands
          Telephone: (345) 914-7537
          Facsimile: (345) 949-7634


GULF NETWORK: To Present Account on Liquidation to Members
----------------------------------------------------------
                Gulf Network Consulting Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general meeting
of Gulf Network Consulting Limited will be held at the offices
of Cititrust (Cayman) Limited, CIBC Financial Centre, George
Town, Grand Cayman, on December 28, 2005, for the purpose of
presenting to the members an account of the winding up of the
Company and giving any explanation thereof.

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


KALLISTA QUANT: Wind Up Process to be Explained Dec. 29
-------------------------------------------------------
          Kallista Quant Arbitrage Master Fund Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                          Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Kallista Quant Arbitrage
Master Fund Limited will be held at the offices of Maples
Finance Limited, Queensgate House, George Town, Grand Cayman,
Cayman Islands, on December 29, 2005 for the purpose of
presenting to the members an account of the winding up of the
Company and giving any explanation thereof.

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


KALLISTA VOLATILITY: To Give Explanation on Wind Up Dec. 29
-----------------------------------------------------------
           Kallista Volatility Arbitrage Fund Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                          Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Kallista Volatility
Arbitrage Fund Limited will be held at the offices of Maples
Finance Limited, Queensgate House, George Town, Grand Cayman,
Cayman Islands, on December 29, 2005 for the purpose of
presenting to the members an account of the winding up of the
Company and giving any explanation thereof.

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


KALLISTA VOLATILITY (MASTER): To Report on Wind Up Process
----------------------------------------------------------
        Kallista Volatility Arbitrage Master Fund Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                          Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Kallista Volatility
Arbitrage Master Fund Limited will be held at the offices of
Maples Finance Limited, Queensgate House, George Town, Grand
Cayman, Cayman Islands, on December 29, 2005 for the purpose of
presenting to the members an account of the winding up of the
Company and giving any explanation thereof.

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


LUIDC HOLDINGS: To Lay Accounts on Liquidation Process Dec. 29
--------------------------------------------------------------
                   Luidc Holdings 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 the
Company will be held at the offices of HSBC International
Trustee Limited, P O Box 484, George Town, Grand Cayman, Cayman
Islands, on December 29, 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 December 29, 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: Lion International Corporate Services
         Voluntary Liquidator
         Alliyah McCarthy
         P.O. Box 484GT, Grand Cayman
         Cayman Islands
         Telephone: (345) 914-7537
         Facsimile: (345) 949-7634


OASIS LIMITED: Final General Meeting Set for Dec. 28
----------------------------------------------------
                         Oasis Limited
                   (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general meeting
of Oasis Limited will be held at the offices of Cititrust
(Cayman) Limited, CIBC Financial Centre, George Town, Grand
Cayman, on December 28, 2005, for the purpose of presenting to
the members an account of the winding up of the Company and
giving any explanation thereof.

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


PARADIS LIMITED: To Present Account on Wind Up to Members
---------------------------------------------------------
                         Paradis Limited
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general meeting
of Paradis Limited will be held at the offices of Cititrust
(Cayman) Limited, CIBC Financial Centre, George Town, Grand
Cayman, on December 28, 2005, for the purpose of presenting to
the members an account of the winding up of the Company and
giving any explanation thereof.

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


PISIGMA INVESTMENTS: Final General Meeting Scheduled for Dec. 28
----------------------------------------------------------------
                  Pisigma Investments Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general meeting
of Pisigma Investments Limited will be held at the offices of
Cititrust (Cayman) Limited, CIBC Financial Centre, George Town,
Grand Cayman, on December 28, 2005, for the purpose of
presenting to the members an account of the winding up of the
Company and giving any explanation thereof.

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


POWER HOLDINGS: To Explain Wind Up Process Dec. 28
--------------------------------------------------
                    Power Holdings Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general meeting
of Power Holdings Limited will be held at the offices of
Cititrust (Cayman) Limited, CIBC Financial Centre, George Town,
Grand Cayman, on December 28, 2005, for the purpose of
presenting to the members an account of the winding up of the
Company and giving any explanation thereof.

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


ROCHESTER MANAGEMENT: To Report on Liquidation Process
------------------------------------------------------
                  Rochester Management Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general meeting
of Rochester Management Limited will be held at the offices of
Cititrust (Cayman) Limited, CIBC Financial Centre, George Town,
Grand Cayman, on December 28, 2005, for the purpose of
presenting to the members an account of the winding up of the
Company and giving any explanation thereof.

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


SEASCAPE LIMITED: To Explain Wind Up to Members Dec. 29
-------------------------------------------------------
                        Seascape Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of the Company will be
convened by the voluntary liquidator and held at Helvetic
Management Services Limited, Centennial Towers, 3rd Floor, 2454
West Bay Road, Grand Cayman, Cayman Islands, on December 29,
2005 at 10:00 a.m.

Business:

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

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

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

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


SPIRIT LIMITED: Account on Wind Up to be Presented Dec. 28
----------------------------------------------------------
                          Spirit Limited
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general meeting
of Spirit Limited will be held at the offices of Cititrust
(Cayman) Limited, CIBC Financial Centre, George Town, Grand
Cayman, on December 28, 2005, for the purpose of presenting to
the members an account of the winding up of the Company and
giving any explanation thereof.

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


TULLAS CDO: To Report on Wind Up Process at Final Meeting
---------------------------------------------------------
                      Tullas CDO Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                         Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Tullas CDO Limited will be
held at the offices of Maples Finance Limited, Queensgate House,
George Town, Grand Cayman, Cayman Islands, on December 29, 2005
for the purpose of presenting to the members an account of the
winding up of the Company and giving any explanation thereof.

CONTACT: Ms. Helen Allen, Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


VENT EN: Liquidation to be Explained at Final Meeting on Dec. 29
----------------------------------------------------------------
                      Vent En Poupe Ltd.
                  (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 the
Company will be held at the offices of HSBC International
Trustee Limited, P O Box 484, George Town, Grand Cayman, Cayman
Islands, on December 29, 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 December 29, 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: Lion International Corporate Services
         Voluntary Liquidator
         Alliyah McCarthy
         P.O. Box 484GT
         Grand Cayman, Cayman Islands
         Telephone: (345) 914-7537
         Facsimile: (345) 949-7634



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

* COLOMBIA: Net International Reserves to Reach $15B by End-2005
----------------------------------------------------------------
Net international reserves are expected to reach about US$15
billion by end-2005.

An International Monetary Fund (IMF) staff mission led by Robert
Rennhack, Division Chief in the Western Hemisphere Department,
issued the following statement Friday in Bogota:

"For the past week, the IMF team has been on a routine visit to
review recent economic developments and the outlook. Colombia's
economy continues to evolve very favorably, in key areas better
than expected under the government's economic program, which is
supported by the IMF. A sound economic framework as well as the
external environment have contributed to the favorable economic
outcomes.

"Thus, real GDP has been growing at 4 1/2 percent in 2005,
faster than envisaged, led by investment and exports. This
growth has helped reduce urban unemployment to about 12 percent
in October. Inflation is likely to fall to 5.0 percent by year-
end, as targeted. The external current account deficit has been
well contained at 0.9 percent of GDP on the strength of high
world prices of oil as well as robust growth in coffee, coal and
nontraditional exports. Reflecting market confidence, private
capital inflows, especially foreign direct investment, have
picked up. Net international reserves are expected to reach
about US$15 billion by end-2005.

"Economic policies have been well managed. The combined public
sector deficit is expected to amount to about 1.2 percent of
GDP, below the program target of 1.6 percent of GDP, benefiting
from strong growth in tax revenues spending restraint, and
surpluses by the territorial entities. The public sector's
prudent debt management has helped reduce vulnerabilities by
extending maturities and significantly lowering foreign currency
debt. Monetary policy has remained focused on achieving the
inflation target, and the government has helped sterilize the
monetary effects of foreign exchange intervention by building up
its deposits in the Banco de la Republica. With regard to
structural policies, Granahorrar has been sold and the quality
of information on local government operations has been improved.
The decree to adopt many elements of the revised budget code is
about to be issued.

"An IMF mission will return to Bogota in February to conduct the
discussions for the second review under the Fund-supported
program, with a view to reaching understandings on the economic
policies and objectives for 2006."

CONTACT:  International Monetary Fund - IMF
          External Relations Department
          Public Affairs
          Phone: 202-623-7300
          Fax: 202-623-6278

          Media Relations
          Phone: 202-623-7100
          Fax: 202-623-6772



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

BANCO MULTISECTORIAL: Fitch Affirms, Withdraws Ratings
------------------------------------------------------
Fitch Ratings has affirmed Salvadorian Banco Multisectorial de
Inversiones' (BMI) ratings at Long-term Foreign Currency 'BB+',
Short-term Foreign currency 'B', Individual 'C', and Support
'5'.

At the same time, Fitch has withdrawn all the aforementioned
ratings. Fitch will no longer provide international ratings or
analytical coverage of this issuer, although Fitch Centroamerica
maintains national-scale ratings for BMI.

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

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


* EL SALVADOR: Real GDP Growth to Pick Up to 2 1/2% in 2005
-----------------------------------------------------------
The following statement was issued in San Salvador by Mario
Garza, Deputy Division Chief in the Western Hemisphere
Department of the International Monetary Fund (IMF) on December
11, 2005:

"An IMF mission visited El Salvador during December 5-8 for
discussions on recent economic developments and the outlook for
2006. The mission met with the Technical Secretary of the
Presidency Eduardo Zablah, Finance Minister Guillermo Lopez
Suarez, Economy Minister Yolanda de Gavidia, the Central Bank
President Luz Maria Serpas de Portillo, and other senior
officials.

"The economy has performed well this year despite sharply higher
oil prices and the adverse effects of recent natural disasters.
Real GDP growth is expected to pick up to 2 1/2 percent in 2005,
while the external current account deficit is expected to remain
at around 4 percent of GDP. Inflation has declined to 4ę percent
despite increases in domestic petroleum prices. The fiscal
deficit has been broadly in line with the budget, helped by a
strong revenue performance after key tax measures taken in late
2004.

"For 2006, the mission welcomed the government's plans to
maintain sound macroeconomic policies and place priority on
social spending, with the objective of spurring higher economic
growth and improving social conditions. The mission praised the
authorities' efforts to deal with the social impact and damage
to infrastructure after tropical storm Stan and volcanic
eruptions. The mission welcomed the authorities' commitment to
maintain a fiscal stance that would keep inflation low and
safeguard the external position of the economy in the face of
the continued high oil prices, while allowing for infrastructure
repairs after Stan and keeping the public debt/GDP ratio stable.

"El Salvador faces the major challenge of further raising the
economy's growth potential, and reducing its vulnerability to
shocks. To address this challenge, the mission agreed with the
authorities on the need to strengthen fiscal revenue with a view
of setting the public debt/GDP ratio on a firm downward path,
while raising social spending. The mission also welcomed plans
to further strengthen the banking system-particularly, the
recent decision to gradually align prudential rules with
international best-practice-improve the business climate, and
address infrastructure bottlenecks, which should foster private
investment. This strategy should support further trade and
financial integration, including under the initiation of CAFTA-
DR in 2006.

"The authorities agreed with the mission on efforts to develop a
code of conduct to be adopted by all the countries of the region
to avoid using fiscal incentives competitively to attract
foreign investment, since it would weaken the fiscal position of
all countries. We also agreed on the importance to strengthen
cooperation and the ability to conduct consolidated supervision
as financial systems integrate regionally.

"The IMF will continue a close dialogue with the authorities as
they implement their economic program. The next Article IV
consultation mission with El Salvador is scheduled to take place
in April 2006."

CONTACT:  International Monetary Fund - IMF
          External Relations Department
          Public Affairs
          Phone: 202-623-7300
          Fax: 202-623-6278

          Media Relations
          Phone: 202-623-7100
          Fax: 202-623-6772



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

DYOLL GROUP: Peter Lawson Exits Board
-------------------------------------
Peter Lawson resigned with "immediate effect" on December 2 as
chairman of Dyoll Group, the Jamaica Observer reported. There
was no official reason given for Lawson's departure.

Lawson joined Dyoll's board in May 27, 2004, and has been acting
in the chairman position since June last year. His resignation
raised some concern in the wider financial sector as he was seen
as an integral part of the Dyoll recovery.

At Dyoll's annual general meeting in September, Lawson spoke of
the plans to revitalize the Company. The intention was to sell
the coffee farm, collect outstanding receivable and become a
Caribbean property management/development firm.

Lawson is a senior vice-president at Jamaican/Canadian
billionaire Michael Lee Chin's Toronto-based mutual fund
company, AIC - a straddling post that also makes him a senior
executive at the Lee Chin-controlled National Commercial Bank
(NCB), which holds 44% of Dyoll Group.

He is the second senior executive of Lee Chin's team to resign
from a Jamaican board.

On December 7, Kris Astaphan, Lee Chin's business partner and
right-hand man at NCB, also resigned. But it was not immediately
clear whether the Astaphan and Lawson resignations were related.


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

GRUPO TMM: KCS Completes Sale of $210M of Preferred Stock
---------------------------------------------------------
Kansas City Southern (KCS) (NYSE:KSU) announced Friday that it
completed the sale of $210 million of its 5 1/8% Cumulative
Convertible Perpetual Preferred Stock at its liquidation
preference of $1,000 per share.

KCS used substantially all of the net proceeds of this offering
of preferred stock to repurchase 9 million shares of its common
stock formerly owned by Grupo TMM, S.A. (TMM), at a price of
$22.25 per share. Concurrently, the remaining 9 million share
stake of KCS' common stock previously owned by TMM was sold in a
registered secondary offering at a price to the public of $23.25
per share. Both the preferred stock offering and the common
stock secondary offering were made pursuant to KCS' existing
shelf registration statement.

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 KCS' board of
directors, on the fifteenth day of each February, May, August,
and November to the holder of record on the first day of each
such month commencing on February 15, 2006.

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

Morgan Stanley was the sole book-running manager for both the
offerings of preferred stock by KCS and the secondary common
stock offering by TMM.

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
          URL: william.h.galligan@kcsr.com



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

CITGO: Not Selling Corpus Christi, Houston Refineries
-----------------------------------------------------
CITGO Petroleum Corporation denied Friday media reports that it
is planning the sale of its Corpus Christi, Texas refinery and
its interest in the LYONDELL-CITGO refinery, located in Houston.
CITGO President and CEO Felix Rodriguez, when questioned about
the issue earlier this week, denied that the company had any
plans to sell the refineries or other U.S. assets. Rodriguez has
repeatedly said, "As a normal corporate practice, the
performance of all assets is evaluated continually and strategic
decisions are made accordingly."

Venezuelan Energy and Petroleum Minister Rafael Ramirez said
this week that CITGO is a valuable contributor to its parent
company, Petroleos de Venezuela, S.A., and consequently, no
company assets are under review for a possible sale.

CITGO, based in Houston, is a refiner, transporter and marketer
of transportation fuels, lubricants, petrochemicals, refined
waxes, asphalt and other industrial products.  The company is
owned by PDV America, Inc., an indirect wholly owned subsidiary
of Petroleos de Venezuela, S.A., the national oil company of the
Bolivarian Republic of Venezuela.


SIDOR: Workers to Start Receiving Shares in January
---------------------------------------------------
Workers at Sidor have agreed to start receiving 2.86 million
class-B shares in the steelmaker in January 2006, reports
Business News Americas.

Mining and basic industries ministry (Mibam) revealed the
workers and representatives of state heavy industry holding
company CVG had been discussing a timetable to sell 2.86 million
shares as part of the final sale of Sidor stock to eligible
workers.

This final sales round is part of Sidor's workers participation
program (PPL), which aims to transfer the remaining 10.39% piece
of Sidor under an arrangement to give workers 20% ownership in
the company.

The parties agreed that shares would be divided evenly among the
15,235 shareholders, meaning each person receives roughly 180
shares, the Mibam said.

Participants also agreed to sell shares left over from a
previous sales round along with the new share distribution.

Some 3.5 million shares were offered in June 2005 but 125,000
were left unsold.






                            ***********


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
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