TCRLA_Public/051214.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, December 14, 2005, Vol. 6, Issue 247

                            Headlines

A R G E N T I N A

AOL LATIN AMERICA: Datco Inks Contracts to Acquire Local Unit
BANKBOSTON: Standard Bank Likely to Close Deal Before Year-End
BRAND CENTER: Verification Phase to End Feb. 16
CANON DEL COLORADO: Enters Bankruptcy on Court Orders
EDENOR/EDESUR: To Install Underground 220 Kilovolt Power Lines

KAYDERS S.A.: Files Petition to Reorganize
M & A TRADING: Liquidates Assets to Pay Debts
METALURGICA EDISON: Closes Reorganization
SEGUBANK S.R.L.: Enters Bankruptcy on Court Orders
SOGEVA S.R.L.: Begins Liquidation

TELEFONICA HOLDING: Ratings Reflect Indirect Stake in TASA
TEMUX S.A.: Liquidates Assets to Pay Debts


B E R M U D A

GLOBAL CROSSING: Reaches Preliminary Settlement For NY Lawsuit
GLOBAL CROSSING: Connects Americatel's Clients to Latin America


B R A Z I L

BANCO BMG: S&P Assigns 'B+' Rating to Notes
BANCO FIBRA: Ratings Incorporate Low Profitability
BRASKEM: Raises BRL400 Mln, Reduces Cost of Capital
CLARO: Federal Court Allows Resumption of Minas Gerais Ops
NII HOLDINGS: Added to the NASDAQ-100 Index

TELEMAR: Uses Experian-Scorex's Application Processing Solution


C A Y M A N   I S L A N D S

AL-MARKAZ INTERNATIONAL: Final Meeting Set for Dec. 30
APLOS (MASTER FUND): Liquidator to Report on Winding Up Dec. 29
APLOS PARTNERS: Liquidator to Account Wind Up Process Dec. 29
ARAMUS PORTFOLIO: To Authorize Liquidators to Retain Records
ARTEMIS MOMENTUM: To OK Quantum of Liquidators' Remuneration

BIG SKY PRIVATE: Sets Final General Meeting for Dec. 29
KALLISTA QUANT (ARBITRAGE): To Hold Final Gen. Meeting Dec. 29
LOTUS GLOBAL (MASTER): Liquidator to Present Wind Up Report
LOTUS GLOBAL (OVERSEAS): Final General Meeting Set for Dec. 29
MARV I: Winding Up Account to be Presented Dec. 29

MARV II: Final General Meeting Set for Dec. 29
NAPOLEONE LTD.: To Explain Liquidation to Shareholders Dec. 28
PACKARD MARKET: To Lay Accounts on Wind Up Dec. 30
PALM BEACH: To Present Liquidation Account to Shareholder
PECONIC EPIC: To Hold Final General Meeting Dec. 29

PERSEUS FUNDING: To Present Account on Wind Up Dec. 29
PROVIDENT PREMIER: Final Meeting to be Held at Ansbacher House
PUREADES: Account on Wind Up to be Presented Dec. 29
SF EUROPE: To Present Account on Wind Up to Members Dec. 29
SUNRISE CAPITAL: To Show Manner of Liquidation at Final Meeting

SWARM EUROPE: Members to Hear on Wind Up Process Dec. 28
SWARM EUROPE (MASTER): To Explain Wind Up Process to Members
THE MERCHANT: Final Meeting to be Held Dec. 29


J A M A I C A

AIR JAMAICA: To Wrap Up Plans to Wind Up Pension Fund


M E X I C O

AHMSA: Earmarks $200M to Up Plate Output
CALPINE CORP: Names Robert P. May as New Chief Executive Officer


P A R A G U A Y

ACEPAR: Protests Impede Operations


P U E R T O   R I C O

CENTENNIAL COMMUNICATIONS: U.S. Subscribers Continue to Grow
CENTENNIAL COMMUNICATIONS: To Sell $550M of Senior Notes
CENTENNIAL COMMUNICATIONS: Explains Filing of Amendment No. 1

     -  -  -  -  -  -  -  -

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

AOL LATIN AMERICA: Datco Inks Contracts to Acquire Local Unit
-------------------------------------------------------------
Argentine telecoms and IT holding outfit Datco S.A. has signed
contracts to acquire AOL Argentina, the local unit of AOL Latin
America.

Business News Americas reveals that the contracts include a
clause forbidding both companies from providing any details
about the operation. However, local press reported that Datco
paid some US$1 million to cover both the purchase price and
debts.

The acquisition of AOL Argentina's operations allows Datco to
boost its vertical market strategy in Internet and broadband
access through its unit VeloCom at a time when the company is
implementing WiMax technology to offer faster broadband access.

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


BANKBOSTON: Standard Bank Likely to Close Deal Before Year-End
--------------------------------------------------------------
Standard Bank Group hopes to conclude the acquisition of
BankBoston Argentina before the end of the year, a unit of US
banking giant Bank of America.

Business News Americas recalls that Bank of American announced
in October that it was negotiating the sale of the Argentine
unit to a consortium led by Standard Bank and local families
Werthein and Sielecki for an undisclosed sum.

At the moment, Standard Bank is analyzing the results of the due
diligence process.

The deal would also require regulatory approval, according to a
Standard source.

BankBoston is one of the 10 largest banks in Argentina in terms
of assets, deposits and loans and it ranks among the top five
private banks. It operates through 89 branches and has assets of
some US$2.5bn.


BRAND CENTER: Verification Phase to End Feb. 16
-----------------------------------------------
The verification of claims submitted by creditors against Brand
Center S.A. will end on Feb. 16, 2006.

Out of the verified claims, the court-appointed trustee will
prepare individual reports. After the submission of the said
reports, the trustee will also prepare the general report on the
case. Dates for the submission of the reports are yet to be
disclosed.

Brand Center S.A. started its reorganization after a Buenos
Aires court favored its petition.


CANON DEL COLORADO: Enters Bankruptcy on Court Orders
-----------------------------------------------------
Canon del Colorado S.A. enters bankruptcy protection after a
Buenos Aires court ordered the Company's liquidation. The order
effectively transfers control of the Company's assets to a
court-appointed trustee who will supervise the liquidation
proceedings.

Infobae reports that the court selected Mr. Anibal Diego
Carrillo as trustee. Mr. Carrillo will be verifying creditors'
proofs of claim until the end of the verification phase on Feb.
21, 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 4, 2006 followed by the general report, which is due on
May 19, 2006.

CONTACT:  Mr. Anibal Diego Carrillo, Trustee
          Juncal 615
          Buenos Aires


EDENOR/EDESUR: To Install Underground 220 Kilovolt Power Lines
--------------------------------------------------------------
Electricity distributors Edenor and Edesur will install
underground 220 kilovolt power lines running to three power
plants to connect them to the national power grid, reports Dow
Jones Newswires.

The government issued a resolution, authorizing the distributors
to connect the Costanera, Puerto Nuevo, and Malaver power plants
to the national grid by 2007. The Energy Secretariat will
supervise Edenor and Edesur with the installation.

"It has not yet been established when the work will begin,
although preliminary meetings have been held," an Edenor
official said.

The government resolution said 70% of the funding will come from
a trust fund monitored by the national grid operator, Cammesa,
while the remaining 30% will come be skimmed from rate increases
recently reached during contract re-negotiations with the power
distributors.

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.

Controlled by Spanish power giant Endesa (NYSE: ELE), Edesur
distributes in the south of Buenos Aires city and part of Buenos
Aires province, serving over 6 million people.


KAYDERS S.A.: Files Petition to Reorganize
------------------------------------------
Kayders S.A. filed a "Concurso Preventivo" motion, reports
Infobae. The Company is seeking to reorganize its finances
following cessation of debt payments. The Company's case is
pending before a Buenos Aires court.

CONTACT:  Kayders S.A.
          Guido 1564
          Buenos Aires


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

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Mr. Alberto Javier Samsolo. The
trustee will verify creditors' proofs of claim until Feb. 21,
2006. The validated claims will be presented in court as
individual reports on April 4, 2006.

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

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

CONTACT:  Mr. Alberto Javier Samsolo, Trustee
          Paraguay 1225
          Buenos Aires


METALURGICA EDISON: Closes Reorganization
-----------------------------------------
The reorganization of Metalurgica Edison S.A. has been
concluded. Data revealed by Infobae on its Web site indicated
that the process was concluded after Buenos Aires' civil and
commercial court homologated the debt agreement signed between
the Company and its creditors.


SEGUBANK S.R.L.: Enters Bankruptcy on Court Orders
--------------------------------------------------
Buenos Aires' civil and commercial court declared Segubank
S.R.L. bankrupt after the Company defaulted on its debt
payments. The bankruptcy order effectively places the Company's
affairs, as well as its assets, under the control of court-
appointed trustee, Mr. Daniel Ernesto Altman.

As the trustee, Mr. Altman is tasked with verifying the
authenticity of claims presented by the Company's creditors. The
verification phase is ongoing until Dec. 23, 2005.

Following claims verification, the trustee will submit the
individual reports based on the forwarded claims for final
approval by the court on March 16, 2006. A general report will
also be submitted on April 17, 2006.

CONTACT:  Segubank S.R.L.
          Viamonte 1526
          Buenos Aires

          Mr. Daniel Ernesto Altman, Trustee
          Parana 774
          Buenos Aires


SOGEVA S.R.L.: Begins Liquidation
---------------------------------
Sogeva S.R.L. of Buenos Aires will begin liquidating its assets
after the city's civil and commercial court declared the Company
bankrupt. Infobae reveals that the bankruptcy process will
commence under the supervision of court-appointed trustee, Ms.
Eva Malvina Gorsd.

The trustee will review claims forwarded by the Company's
creditors until Feb. 21, 2006. After claims verification, Ms.
Gorsd will submit the individual reports for court approval on
April 4, 2006. The general report will follow on May 19, 2006.

CONTACT:  Ms. Eva Malvina Gorsd, Trustee
          Paraguay 1225
          Buenos Aires


TELEFONICA HOLDING: Ratings Reflect Indirect Stake in TASA
----------------------------------------------------------
Rationale

The ratings on Argentine holding company Telefonica Holding de
Argentina S.A. (THA) are based on its indirect stake in
Telefonica de Argentina S.A. (TASA; of 32.4%), an Argentine-
based integrated telecom incumbent provider that has about a 58%
fixed-line share throughout the country.

The rating on TASA reflects the financial and regulatory
challenges of operating in the Argentine environment. The high
proportion of foreign-currency debt to be served with still-
frozen Argentine peso revenues exposes the company to currency
and inflation risks and weakens TASA's debt-servicing ability.
In addition, regulatory uncertainty is still high as the
contract and tariff renegotiation, which was mandated by the
government in early 2002, is still pending. Nevertheless,
potential tariff adjustments resulting from the renegotiation
are not expected to compensate for the effects of the
devaluation of the peso and pesification and freeze of tariffs.
The company's good market position, efficient operations, and
improved financial performance partially mitigate the negative
factors mentioned above.

In addition, THA's financial profile is expected to improve as a
result of the capitalization of intercompany loans for
approximately US$613 million, equivalent to about 97% of the
company's financial debt as of September 2005. This
capitalization is expected to take place within the next six
months. Although this transaction will not represent a cash
inflow for THA, it will significantly improve THA's financial
statements and ratios, as net worth would become positive and
financial debt would decline to about $21 million (including $7
million outstanding notes with third parties that mature in
2007).

THA's overall financial profile is highly dependent on the
performance of its subsidiaries, as THA is a holding company
whose only significant asset is its stake in COINTEL, through
which it participates in TASA, its main source of funds through
management fees (equivalent to 4% of TASA's gross margin) and
dividends (received through COINTEL). After the financial debt
capitalization, and despite the fact that COINTEL has not
distributed dividends since 2001, THA's revenue stream is
expected to be sufficient to cover selling, general, and
administrative expenses, as well as interest.

Liquidity

THA's liquidity and financial flexibility depend on its parent,
while cash flow ultimately depends on flows from TASA. THA's
liquidity position is expected to significantly alleviate after
the capitalization of its financial debt with companies of the
group. As of September 2005, the company's total financial debt
amounted to about $634 million, of which about 99% corresponded
to intercompany loans.

Outlook

The stable outlook on THA reflects the close link with TASA's
credit quality. The stable outlook on TASA reflects expectations
that the company's good competitive position and a relatively
stable economic scenario should allow TASA to maintain its
financial profile if conditions in Argentina become more
challenging. Both the rating upside and downside depend upon
TASA's creditworthiness.

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


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

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Ms. Liliana Maria Montoro. The
trustee will verify creditors' proofs of claim until Feb. 24,
2006. The validated claims will be presented in court as
individual reports on April 7, 2006.

Ms. Montoro will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, May 24, 2006.

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

CONTACT:  Ms. Liliana Maria Montoro, Trustee
          Sarmiento 517
          Buenos Aires



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

GLOBAL CROSSING: Reaches Preliminary Settlement For NY Lawsuit
--------------------------------------------------------------
Global Crossing Ltd. reached a preliminary settlement for the
consolidated securities class action filed against it and
certain of its officers in the United States District Court for
the Southern District of New York

Following the Company's April 27, 2004 announcement that it
expected to restate certain of its consolidated financial
statements as of and for the year ended December 31, 2003, eight
separate class action lawsuits all purporting to be brought on
behalf of Company shareholders were commenced against the
Company and certain of its officers and directors in the United
States District Courts in New Jersey, New York and California.
The cases were consolidated and transferred by the Judicial
Panel on Multidistrict Litigation to Judge Gerald Lynch of the
United States District Court for the Southern District of New
York.

On February 18, 2005, lead plaintiffs filed an amended
consolidated class action complaint against the Company and two
of its past and present officers. The consolidated amended
complaint, which was filed on behalf of a class of persons who
purchased or acquired the Company's common stock between
December 9, 2003 and April 26, 2004, asserts claims under the
federal securities laws, specifically Sections 10(b) and 20(a)
of the Securities Exchange Act of 1934. Plaintiffs contend that
the Company's misstatements or omissions artificially inflated
the price of the Company's stock, which declined when the "true"
costs were disclosed. Plaintiffs seek compensatory damages as
well as other relief.

Counsel for the Company and the lead plaintiffs have agreed in
principle on behalf of their clients to settle the litigation
under the terms of a proposed settlement agreement. The proposed
settlement agreement contemplates the creation of a settlement
fund by the company, subject to reimbursement in full by the
Company's directors and officers liability insurance carrier.
The Company may also seek reimbursement of legal costs from the
insurance carrier to the extent such costs exceed a $0.5
deductible. The proposed settlement agreement remains subject to
final negotiation and court approval. (Class Action Reporter,
Tuesday, Dec. 13, 2005, Issue 246)


GLOBAL CROSSING: Connects Americatel's Clients to Latin America
---------------------------------------------------------------
Global Crossing (Nasdaq: GLBC) announced Monday that
telecommunications carrier Americatel Corporation reaffirmed its
service commitment with Global Crossing, utilizing Global
Crossing's fully integrated transport solution for calls
originating in the continental United States to Latin America.
Signed in October 2005 for a two-year term, the agreement allows
Americatel's customers, primarily U.S. Hispanics, to place calls
to the region using Global Crossing's extensive network by
accessing Americatel's calling code number. The new agreement
extends Americatel's long-standing relationship with Global
Crossing, which dates back to 1998.

"Our business relies largely on the high quality service, reach
and performance of Global Crossing's network," said Alfredo
Parot, chief executive officer of Americatel Corporation. "For
more than seven years, we have been able to depend on Global
Crossing to provide best-in-class service, enabling us to
optimize our service offering while we focus on our customers
and grow our business."

Americatel is a telecommunications carrier that primarily
targets the rapidly growing segment of U.S. Hispanics with
competitive long distance rates to Latin American and Caribbean
countries. Americatel's customers dial the long distance code
10-10-123 followed by the country code and number. Calls are
originated on Global Crossing's secured IP network and routed to
Americatel's switch using their Carrier Identification Code
(CIC) for call processing, providing Americatel with optimum
call management to perform screening, authentication, real-time
billing and cost efficiencies. Over the past seven years, Global
Crossing has served Americatel with several data and voice
solutions including Toll-Free Transport, IP Data Transit and
Wholesale Voice Termination.

"Maintaining and growing our customer relationships with top
companies like Americatel is evidence of the quality of Global
Crossing's IP network and our exceptional customer support,"
said Jose Antonio Rios, chief administrative officer and
international president of Global Crossing. "We place a strong
emphasis on becoming a key business partner to our customers,
providing solutions that best meet their needs."

Global Crossing's value-added services provide customers with
superior technology, security, support and control. Global
Crossing's wholly owned, converged global IP network delivers
99.99 percent reliability and, through its sub-sea and
terrestrial cable system, seamlessly connects Latin America and
the Caribbean to the rest of its global network. In addition,
Global Crossing monitors and manages its network and switching
systems 24 hours a day, seven days a week, providing real-time
problem diagnosis and resolution. This support is further
enhanced with uCommand(R), Global Crossing's industry-leading
online account management tool. With this tool, customers can
access and manage their accounts securely and instantly,
performing tasks such as monitoring their network, obtaining
invoices, ordering services and interacting with customer
services.

Global Crossing (Nasdaq: GLBC) provides telecommunications
solutions over the world's first integrated global IP-based
network. Its core network connects more than 300 cities and 30
countries worldwide, and delivers services to nearly 600 cities,
60 countries and 6 continents around the globe. The company's
global sales and support model matches the network footprint
and, like the network, delivers a consistent customer experience
worldwide.

Global Crossing IP services are global in scale, linking the
world's enterprises, governments and carriers with customers,
employees and partners worldwide in a secure environment that is
ideally suited for IP-based business applications, allowing e-
commerce to thrive. The company offers a full range of managed
data and voice products including Global Crossing IP VPN
Service, Global Crossing Managed Services and Global Crossing
VoIP services, to 36 percent of the Fortune 500, as well as 700
carriers, mobile operators and ISPs.

Americatel Corporation is one of the largest U.S.-based
telecommunication carriers that provides high quality and
competitively priced services specifically tailored to the needs
of the U.S. Hispanic Market. This is achieved through
Americatel's key products - 1010-123 (dial around code) and its
presubscribed services. Americatel's success is built on two
foundations: sophisticated applications using the best
technology available and a constant dedication to building long
lasting relationships with its customers. These factors have
made Americatel one of the most respected and trusted
telecommunications companies among the U.S. Hispanics.

CONTACT:  Global Crossing
          Press Contacts
          Adriana Huerta
          Latin America
          Phone: 1 305-808-5919
          E-mail: LatAmPR@globalcrossing.com

          Kendra Langlie
          Latin America
          Phone: 1 305-808-5912
          E-mail: LatAmPR@globalcrossing.com

          Becky Yeamans
          Phone: 1 973-937-0155
          E-mail: PR@globalcrossing.com

          Analysts/Investors Contact
          Laurinda Pang
          Phone: 1 800-836-0342
          E-mail: glbc@globalcrossing.com
          URL: http://www.globalcrossing.com



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

BANCO BMG: S&P Assigns 'B+' Rating to Notes
-------------------------------------------
Standard & Poor's Ratings Services has assigned its 'B+'
foreign-currency senior unsecured debt rating to Banco BMG
S.A.'s upcoming proposed issuance of up to $300 million.

"The counterparty credit ratings assigned to Banco BMG
incorporate the risks of a midsize bank operating in a highly
competitive market with significant product concentration, as
well as the challenge of building a stable and diversified
funding base," said Standard & Poor's credit analyst Daniel
Araujo. These risks are partially offset by a well-defined
strategy as a niche bank, strong execution benefiting from
technology and distribution capabilities, solid results in terms
of growth in loan portfolio and profitability, and maintenance
of good asset quality.

Banco BMG has shown a large increase in discount-payroll loans,
benefiting from being a pioneer in this market and having
developed the technology and distribution to achieve a large
number of target clients. The main challenges in the medium term
are the competitive pressures from new entrants in a market
viewed as very attractive by larger players, and the maintenance
of more stable and diversified funding. Banks fund a significant
portion of the new loans under large sale agreements, which have
partially mitigated the decline in deposits from the domestic
market.

Banco BMG currently ranks as the 28th-largest bank in Brazil as
measured by reported assets at June 2005 (although it is bigger
when measured by equity or total loans). The bank operates as a
niche player, focusing on loans to individuals. The bank's
operations are significantly concentrated in payroll-discount
lending (68% of the on-balance-sheet loans). The good execution
of its strategy of niche player has the benefit of a
distribution network based on bank correspondents and agents
that cover most of the country, as well as updated technology,
allowing good control of operations and agility for decision
making.

The stable outlook reflects our expectations that Banco BMG will
continue benefiting from the maintenance of its core
competencies, with further growth in its niche operations in
discount-payroll loans, maintaining adequate liquidity levels
and asset quality indicators under control, with NPLs to total
loans at or below 2% after adjustments for ceded loans.

Primary Credit Analyst: Daniel Araujo, Sao Paulo
(55) 11-5501-8939; daniel_araujo@standardandpoors.com

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


BANCO FIBRA: Ratings Incorporate Low Profitability
--------------------------------------------------
CREDIT RATING:  B+/Stable/B

Outstanding Rating(s)
Counterparty Credit:  B+/Stable/B

Rationale

The ratings on Banco Fibra S.A. incorporate the bank's low
profitability when compared with that of the industry; the
challenge to build a diversified funding base given the natural
concentration of its deposits, an issue for most wholesale
banks; and its exposure to the fierce competition affecting most
banks operating in the segment of midsize companies, and the
consequent pressure on margins.

These risk factors are tempered by the bank's strong asset
quality indicators; its good track record and expertise in the
corporate and middle-market segments; strong liquidity to face
economic downturns and cover unexpected losses; and the benefits
in terms of ownership with the implicit support from the
shareholder.

Banco Fibra is a commercial midsize bank, positioned as the
20th-largest private bank in Brazil, with total assets amounting
to Brazilian reais (BrR) 9.2 billion ($3.9 billion) as of June
2005. Despite its relatively small market share, Banco Fibra is
among the top banks operating in the small corporate and middle-
market segments, currently serving approximately 750 corporate
clients. Banco Fibra is the financial arm of a large traditional
conglomerate in Brazil, owned by the Steinbruch family, with
important operations in the textile (Vicunha Tˆxtil; not rated),
steel (Companhia Siderurgica Nacional; BB/Stable/--), and gas
(CEGAS; not rated) sectors. The group's total assets amounted to
$15.2 billion in June 2005, of which the bank represented about
25%. We consider the bank's operations as strategic to the
group, and we incorporate implicit support to the bank in case
of need and a potential capital injection in the close future to
support Banco Fibra's growth strategy in the ratings.

Banco Fibra's credit operations are fairly concentrated in its
core business-corporate and middle-market, which represented 51%
and 37%, respectively, of its credit operations as of June 2005.
The consumer finance business is still incipient and should not
be representative of the operations in the short term. The bank
has been growing the weight of middle-market operations, a
segment that-although more profitable-adds more risk to the loan
portfolio due to its high exposure to economic swings in Brazil
(a characteristic intrinsic to this segment). This strategy
targets market opportunities with the recent exit of some small
and midsize banks from the middle-market segment to focus their
operations on payroll-discount lending. Larger banks, benefiting
from current excess liquidity, are also willing to fill this
gap, which could compress margins in the segment in the medium
term. We believe, however, that Banco Fibra has the necessary
know-how, agility, and customer service to face the competition
and sustain its position as a present player in this market.

Banco Fibra's asset quality is one of its main strengths,
comparing positively with that of its peers and with a good
track record in the corporate and middle market. The bank
reported a good 1.6% nonperforming loans (NPLs; those between
'E' and 'H' under local regulations)-to-total loans ratio in
June 2005, and a low 0.9% in December 2004. In addition, the net
charge-offs-to-total loans ratio has been very low, and improved
to 0.4% in June 2005 from 1.6% in December 2004. The expected
growth in the middle-market and consumer-finance business should
put some pressure on the bank's asset quality, but we believe
that Banco Fibra will maintain delinquency rates at low levels
given its expertise and track record in this market with the use
of receivables as guarantee, and its agility to adjust its
credit portfolio in a stress scenario. Upon nonpayment, the bank
could quickly reduce credit exposure, as tenors are short.

After the intervention of Banco Santos in November 2004, small
and midsize banks in Brazil experienced a difficult period,
resulting in institutional investors (pension funds) withdrawing
deposits from small and midsize banks. At Banco Fibra, the
third-party deposit base was reduced by 15% in the last quarter
of 2004, a lower rate than the 25% reduction in the industry.
This lower reduction was mainly due to the favorable mix in the
bank's deposits, with a lower dependence on pension fund
resources than the market. Concentration is still high, however,
given the profile of the bank's depositors. Like most wholesale
banks, Banco Fibra is challenged to diversify its funding base
and reduce concentration risk. The bank's liquidity position,
however, is strong and above that of major peers. As of June
2005, the bank's liquidity position covered about 51% of its
deposit base, and had a good cushion to support lending growth
or funding volatility.

Banco Fibra's profitability is one of the bank's main areas for
improvement. The adjusted ROA (excluding repos) is low, at 1.5%
in the past two years. Going forward, we expect that an
improvement in the mix of the bank's portfolio with a larger
presence of more profitable segments-together with an increase
in scale, diluting expansion-related expenses-will enhance Banco
Fibra's profitability.

Outlook

The stable outlook reflects our expectation that the bank will
be able to successfully implement its growth strategy into the
middle-market segment and still sustain its good asset quality
indicators (NPLs) at a rate of less than 4% and maintain a BIS
ratio of more than 15%. We also expect profitability to improve
to an adjusted ROA of about 2%. The outlook could be revised to
negative or the ratings could be lowered if there is a
significant deterioration in Banco Fibra's asset quality ratios
(vis-…-vis its current levels); if the bank's liquidity and
funding are pressured; or if it fails to show more robust
profitability levels.

Conversely, the outlook could be revised to positive or there
could be an eventual elevation of the ratings in the longer
term, depending on the bank's capacity to deliver the expected
results of its growth lending strategy in a consistent manner
during a longer period of time. Such a positive rating action
would also depend on the bank sustaining its strong liquidity
position.

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

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


BRASKEM: Raises BRL400 Mln, Reduces Cost of Capital
---------------------------------------------------
Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK), leader in
the thermoplastic resins segment in Latin America and one of the
three largest Brazilian privately-owned industrial companies,
announces today the successful completion of a Receivable Fund
issuance (FIDC) - in the amount of BRL400 million, with 36-month
maturity and amortization beginning on the 31st month. The rate
paid by Braskem for this transaction was 103.75% of CDI
(Interbank Deposit Certificate), the lowest rate ever in the
Brazilian market.

"Market confidence placed in Braskem was fundamental for the
Company's ability to conclude this transaction at such
competitive rate," said Paul Altit, the Vice President of
Finance. Braskem's leadership in the regional market, its
consistent operating performance, its solid financial structure
and the continuous investments made to raise the Company's
productivity and competitiveness were important factors that
contributed to the growing positive perception in the market
about Braskem.

The purpose of this transaction is to substantially reduce the
Company's financial costs, to improve its capital structure,
and, as a result, to raise its competitiveness in the global
market. "We have a sound financial structure, which allows us to
place transactions in the market to reduce our cost of capital
even further," highlights Braskem's executive.

The FIDC transaction lead-manager was ABN AMRO and intermediary
institutions included Unibanco, ItauBBA and Santander. Bradesco
will be both the custodian bank and fund manager, through BEM
DTVM, a company under the Bradesco Group. Although such kind of
financial transaction may be often completed in international
markets, the FIDC is quite new to Brazil's financial market.
Funds raised in connection with this transaction will be added
to Braskem's accounts prior to the end of December 2005.

Historically, Braskem has successfully placed two other
transactions in the receivables securitization market. In 1999,
the Company raised BRL180 million and, in 2003, it raised BRL200
million, at declining rates, which have now reached their lowest
level.

Braskem, a world-class Brazilian petrochemical company, is the
leader in the thermoplastic resins segment in Latin America, and
is among the three largest Brazilian-owned private industrial
companies. The company operates 13 manufacturing plants located
throughout Brazil, and has an annual production capacity of 5.8
million tons of resins and other petrochemical products.

CONTACT:  Braskem S.A.
          Investor Relations Area
          Jose Marcos Treiger
          Phone: 011-55-11-3443-9529
          E-mail: jm.treiger@braskem.com.br

          Luiz Henrique Valverde
          Phone: 011-55-11-3443-9744
          E-mail: luiz.valverde@braskem.com.br

          Luciana Paulo Ferreira
          Phone: 011-55-11-3443-9178
          E-mail: luciana.ferreira@braskem.com.br
          URL: http://www.braskem.com.br


CLARO: Federal Court Allows Resumption of Minas Gerais Ops
----------------------------------------------------------
Brazilian wireless operator Claro, the local unit of Mexico's
America Movil SA, has received federal court approval to reopen
its shops in Minas Gerais state.

Claro's entry into Minas Gerais on October 28 was interrupted
after only 21 days because a cross-shareholding arrangement
between Claro and rival operator Telemig was deemed to be
illegal.

The local Telos pension fund had shares in Telemig as well as
long distance operator Embratel, which is a sister company of
Claro through their mutual parent company Carso Global Telecom,
of Mexico.

Telos was able to resolve the situation by transferring its
Telemig stake to another pension fund administrator, Angra
Partners, whose main telecoms investments are in Brasil Telecom.

"We are very happy to restart our operation in Minas Gerais.
Claro invested BRL400 million [US$178mn] to offer local people
quality services," said Raul Galhano, Claro's director for the
region.


NII HOLDINGS: Added to the NASDAQ-100 Index
-------------------------------------------
NII Holdings, Inc. (Nasdaq: NIHD) announced Monday that it has
been added to the NASDAQ-100 Index, effective at the beginning
of trading on December 19, 2005.

The NASDAQ-100 Index is composed of the 100 largest non-
financial stocks listed on The Nasdaq Stock Market based on
market capitalization and eligibility criteria. Shares of NII
Holdings will also be included in The NASDAQ-100 Index Tracking
Stock.

"We are very proud to be included in the prestigious NASDAQ-100
Index and listed among the top technology companies in the
world," said Steve Shindler, NII Holdings' Chairman and CEO.
"This honor represents a significant milestone for NII and is a
testament to the solid execution of our profitable growth
strategy in our markets in Latin America."

NII Holdings, with a market capitalization of approximately $7
billion, is a leading provider of mobile communications for
business customers in Latin America. The Company is
significantly expanding its coverage footprint in both Mexico
and Brazil, and is exhibiting strong year-over-year growth in
net subscriber additions -- up 54%, operating income before
depreciation and amortization -- up 58%, and consolidated
revenue -- up 29%, as of the third quarter 2005 reporting
period.

The NASDAQ-100 Index, launched in 1985, represents the largest
non- financial companies listed on The Nasdaq Stock Market based
on market capitalization and eligibility criteria. Index
securities are ranked by market value and are evaluated annually
against certain performance criteria to determine which
securities will be included. The NASDAQ-100 Index Tracking Stock
represents ownership in the NASDAQ-100 Trust and is designed to
provide investment results that generally correspond to the
price and yield of the NASDAQ-100 Index.

NII Holdings, Inc., a publicly held company based in Reston,
Va., is a leading provider of mobile communications for business
customers in Latin America. NII Holdings, Inc. has operations in
Argentina, Brazil, Mexico and Peru, offering a fully integrated
wireless communications tool with digital cellular service,
text/numeric paging, wireless Internet access and Nextel Direct
Connect(R), a digital two-way radio feature. NII Holdings, Inc.
trades on the Nasdaq market under the symbol NIHD, and will be a
component of the NASDAQ-100 index.

Nextel, the Nextel logo, Nextel Online, Nextel Business Networks
and Nextel Direct Connect are trademarks and/or service marks of
Nextel Communications, Inc.

CONTACT:  NII Holdings, Inc.
          Investor Relations
          Tim Perrott
          Phone: (703) 390-5113
          E-mail: tim.perrott@nii.com

          Media Relations
          Claudia E. Restrepo
          Phone: (786) 251-7020
          E-mail: claudia.restrepo@nii.com

          URL: http://www.nii.com


TELEMAR: Uses Experian-Scorex's Application Processing Solution
---------------------------------------------------------------
Experian-Scorex, the decision solutions business of Experian,
announced Monday that Telemar, Brazil's largest
telecommunications company, has fully implemented its
Transact(SM) solution to manage the company's application
processing operations and enhance customer service.
Transact(SM), which incorporates Experian-Scorex's Strategy
Management(SM) decisioning technology, allows Telemar to deliver
risk-based, customer-focused decisions quickly by accessing both
internal and external data sources to enrich the new applicant
data.

Telemar delivers fixed-line telecommunication services to 16
Brazilian states, including Rio de Janeiro. It has approximately
64 percent (87 million consumers) coverage of the Brazilian
marketplace. With more than 18 million lines installed, of which
97 percent have been digitized, and a fiber-optic cable network
of more than 31,500 kilometers, Telemar is the largest provider
of fixed-line telecommunication services in South America.

"We use data intelligence to help us not only accept or decline
an applicant, but to also determine the right product, terms and
other customer service opportunities," said Alexandre Marques,
credit manager at Telemar. "Transact(SM) has allowed us to
deliver a higher level of customer service while also being
cautious of risk. We are very pleased with the results we have
seen so far."

Experian-Scorex's Transact(SM) is a component-based solution
that manages application-processing strategies, enabling
consistent decision-making throughout the business. By
implementing the solution, Telemar is now able to control the
entire decision-making process from the point of application
through to new account setup. Low-risk applicants can be fast-
tracked, which builds a good relationship with the customer from
day one. More risky applicants can be further reviewed before a
final decision is made, which typically benefits both Telemar
and its customers.

"Deployment of Transact(SM) into Telemar's application
processing environments enables the company to reduce risk,
minimize bad debt and underwriting costs, and increase
acceptance and conversion rates," said Murilo Pereira, country
manager of Experian-Scorex, Brazil. "With the ability to create
and manage decisioning strategies at every stage of the process,
we are confident that our solutions will continue to bring
significant benefits to Telemar as it further expands its
operations."

Telemar also has enabled Experian-Scorex's reporting solution
for Transact(SM) to help monitor the effectiveness of its
scorecards and strategies. By combining the power of
Transact(SM) and its reporting solution, Telemar will be able to
further strengthen its application processing environment and
make smarter customer decisions.

Transact(SM) is part of the Strategy Management suite of
solutions that are used by more than 600 clients in more than 60
countries worldwide.

About Telemar

Telemar is the largest telecommunications company in Brazil by
revenues and number of telephones installed. Its wide experience
includes local fixed telephony, long-distance calls, Internet
services, and data and image transmissions. Telemar's primary
objective is to offer the ultimate technology in
telecommunications, surpassing those levels required by
customers and the market. To achieve this, Telemar invests
consistently in development of new technologies and employee
training in order to provide the best services to its customers.
In 1998, the Ministry of the Communications decided to divide
Telebras into 12 companies: three regional concessions for fixed
telephony, a long-distance operation and eight concessions for
mobile telephony. The biggest was Tele North East, which became
Telemar in April 1999.

The cities covered by Telemar are Rio de Janeiro, Minas Gerais,
Espirito Santo, Sergipe Bahia, Alagoas, Pernambuco, Paraiba, Rio
Grande do Norte, Piaui, Ceara, Maranhao, Para, Amazonia, Amapa
and Roraima -- 64 percent of the domestic territory. This area
generates US$300 billion of GDP and has 87 million habitants,
more than half the population of Brazil.

About Experian-Scorex

Experian-Scorex is a global leader of decision-support
solutions, delivering billions of customer decisions annually
for clients in more than 60 countries. By integrating predictive
analytics, decision-support technologies and strategy
optimization, Experian-Scorex provides solutions that enrich
customer data and allow organizations around the world to
proactively manage their relationships with their clients. Used
across the entire Customer Life Cycle, Experian-Scorex's
solutions enable organizations to manage and control credit risk
and fraud, reduce operational costs and increase overall
profitability. Experian-Scorex works closely with clients across
diverse industries, including financial services,
telecommunications, retail, leasing, automotive, insurance and
utilities. As part of the global Experian organization,
Experian-Scorex maintains connectivity with more than 70 credit
bureaus worldwide. Additionally, with 30 offices around the
world, it is uniquely qualified to support local, national,
regional and global businesses.

Its global headquarters are in Nottingham, UK; Monaco; and Costa
Mesa, Calif., USA. For more information, visit the company's Web
site at www.experian-scorex.com.

Experian-Scorex is an Experian company. Experian's 12,000 people
support clients in more than 60 countries, and annual sales
exceed $2.5 billion.

    Contacts:  Murilo Pereira
               Country Manager
               Experian-Scorex Brazil
               55 11 3053 0000
               murilo.pereira@experian-scorex.com.br

               Roslyn Whitehurst
               Public Relations
               Experian Americas
               714 830 5578
               roslyn.whitehurst@experian.com
               URL: www.experian.com



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

AL-MARKAZ INTERNATIONAL: Final Meeting Set for Dec. 30
------------------------------------------------------
         AL-MARKAZ INTERNATIONAL INVESTMENTS FUND
                (In Voluntary Liquidation)
                       (The Company)
              The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of the Company will be
held at 4th Floor, Bermuda House, Dr. Roy's Drive, Grand Cayman,
on 30th December 2005 at 10:00 a.m.

Business:

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

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:  RICHARD E. L. FOGERTY
          Joint Voluntary Liquidator
          Contact for enquiries: Korie Drummond
          Kroll (Cayman) Limited, 4th Floor
          Bermuda House, Dr. Roy's Drive
          Grand Cayman
          Telephone: (345) 946-0081
          Fax: (345) 946-0082


APLOS (MASTER FUND): Liquidator to Report on Winding Up Dec. 29
---------------------------------------------------------------
                APLOS (MASTER FUND), LTD.
               (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to Section 145 of Companies Law
(2004 Revision), that the final general meeting of the sole
shareholder of the above-named company will be held at Ansbacher
House, 20 Genesis Close, George Town, Grand Cayman, on 29th
December 2005 at 10:00 a.m. The purpose of said general meeting
of the sole shareholder is to have laid before him the report of
the liquidator, showing the manner in which the winding-up of
the company has been conducted, the property of the company
distributed and the debts and obligations of the company
discharged and giving any explanation thereof.

CONTACT:  DMS CORPORATE SERVICES LTD.
          Voluntary Liquidator
          Contact for enquires: Tammy Seymour
          Ansbacher House
          P.O. Box 31910 SMB, Grand Cayman
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666


APLOS PARTNERS: Liquidator to Account Wind Up Process Dec. 29
-------------------------------------------------------------
           APLOS PARTNERS (OFFSHORE), LTD.
             (In Voluntary Liquidation)
         The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to Section 145 of Companies Law
(2004 Revision), that the final general meeting of the sole
shareholder of the above-named company will be held at Ansbacher
House, 20 Genesis Close, George Town, Grand Cayman, on 29th
December 2005 at 10:30 a.m. The purpose of said general meeting
of the sole shareholder is to have laid before him the report of
the liquidator, showing the manner in which the winding-up of
the company has been conducted, the property of the company
distributed and the debts and obligations of the company
discharged and giving any explanation thereof.

CONTACT:  DMS CORPORATE SERVICES LTD.
          Voluntary Liquidator
          Contact for enquires: Tammy Seymour
          Ansbacher House
          P.O. Box 31910 SMB, Grand Cayman
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666


ARAMUS PORTFOLIO: To Authorize Liquidators to Retain Records
------------------------------------------------------------
                ARAMUS PORTFOLIO, 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
          Telephone: (345) 949 - 3977
          Facsimile: (345) 949 - 3877
          CFS Liquidators Ltd.
          c/o Windward 1, Regatta Office Park
          West Bay Road, P.O. Box 31106 SMB
          Grand Cayman, Cayman Islands


ARTEMIS MOMENTUM: To OK Quantum of Liquidators' Remuneration
------------------------------------------------------------
             ARTEMIS MOMENTUM FUND LIMITED
               (In Voluntary Liquidation)
                     ("The Company")

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of the Company will be
held at the registered office of the Company on 28th December
2005 at 11:30 a.m.

Business:

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

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

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

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

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

CONTACT:  K.D. BLAKE
          Joint Voluntary Liquidator
          Contact for enquiries: Russell Crumpler
          Telephone: 345-945-4377
          Facsimile: 345-949-7164
          P.O. Box 493 GT, Grand Cayman
          Cayman Islands
          Telephone: 345-949-4800
          Facsimile: 345-949-7164


BIG SKY PRIVATE: Sets Final General Meeting for Dec. 29
-------------------------------------------------------
               BIG SKY PRIVATE EQUITY, LTD.
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to Section 145 of Companies Law
(2004 Revision), that the final general meeting of the sole
shareholder of the above-named company will be held at Ansbacher
House, 20 Genesis Close, George Town, Grand Cayman, on 29th
December 2005 at 11:00 a.m. The purpose of said general meeting
of the sole shareholder is to have laid before him the report of
the liquidator, showing the manner in which the winding-up of
the company has been conducted, the property of the company
distributed and the debts and obligations of the company
discharged and giving any explanation thereof.

CONTACT:  DMS CORPORATE SERVICES LTD.
          Voluntary Liquidator
          Contact for enquires: Tammy Seymour
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          Ansbacher House
          P.O. Box 31910 SMB, Grand Cayman


KALLISTA QUANT (ARBITRAGE): To Hold Final Gen. Meeting Dec. 29
--------------------------------------------------------------
          KALLISTA QUANT 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 the above-named company
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
29th December 2005 for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

CONTACT:  HELEN ALLEN
          Joint Voluntary Liquidator
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


LOTUS GLOBAL (MASTER): Liquidator to Present Wind Up Report
-----------------------------------------------------------
             LOTUS GLOBAL MULTI-STRATEGY MASTER FUND
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to Section 145 of Companies Law
(2004 Revision), that the final general meeting of the sole
shareholder of the above-named company will be held at Ansbacher
House, 20 Genesis Close, George Town, Grand Cayman, on 29th
December 2005 at 3:30 p.m. The purpose of said general meeting
of the sole shareholder is to have laid before him the report of
the liquidator, showing the manner in which the winding-up of
the company has been conducted, the property of the company
distributed and the debts and obligations of the company
discharged and giving any explanation thereof.

CONTACT:  DMS CORPORATE SERVICES LTD.
          Voluntary Liquidator
          Contact for enquires: Tammy Seymour
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          Ansbacher House
          P.O. Box 31910 SMB, Grand Cayman


LOTUS GLOBAL (OVERSEAS): Final General Meeting Set for Dec. 29
--------------------------------------------------------------
         LOTUS GLOBAL MULTI-STRATEGY OVERSEAS FUND
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to Section 145 of Companies Law
(2004 Revision), that the final general meeting of the sole
shareholder of the above-named company will be held at Ansbacher
House, 20 Genesis Close, George Town, Grand Cayman, on 29th
December 2005 at 3:00 p.m. The purpose of said general meeting
of the sole shareholder is to have laid before him the report of
the liquidator, showing the manner in which the winding-up of
the company has been conducted, the property of the company
distributed and the debts and obligations of the company
discharged and giving any explanation thereof.

CONTACT:  DMS CORPORATE SERVICES LTD.
          Voluntary Liquidator
          Contact for enquires: Tammy Seymour
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          Ansbacher House
          P.O. Box 31910 SMB, Grand Cayman


MARV I: Winding Up Account to be Presented Dec. 29
--------------------------------------------------
                   MARV I LIMITED
              (In Voluntary Liquidation)
          The Companies Law (2004 Revision)
                     Section 145

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

CONTACT: HELEN ALLEN
         Joint Voluntary Liquidator
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands.


MARV II: Final General Meeting Set for Dec. 29
----------------------------------------------
                         Marv II Limited
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)
                           Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Marv II 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 Liquidator
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


NAPOLEONE LTD.: To Explain Liquidation to Shareholders Dec. 28
--------------------------------------------------------------
                         Napoleone Ltd.
                   (In Voluntary Liquidation)
                 The Companies Law (as revised)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meetings of the Shareholders of Napoleone Ltd. will be
held at the office MBT Trustees (Cayman) Ltd., 3rd Floor,
Piccadilly Center, Elgin Avenue George Town, Grand Cayman,
Cayman Islands, on December 28, 2005 at 12:00 noon.

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 28, 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:  Mr. Paolo Giacomelli, Voluntary Liquidator
          MBT Trustees Ltd.
          P.O. Box 30622 SMB, Grand Cayman
          Telephone: (345) 949 8859
          Facsimile: (345) 949 9793/4


PACKARD MARKET: To Lay Accounts on Wind Up Dec. 30
--------------------------------------------------
                 Packard Market Neutral Fund, 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 Packard Market
Neutral Fund, Ltd will be held at the registered office of the
Company on December 30, 2005:

Business:

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

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

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

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


PALM BEACH: To Present Liquidation Account to Shareholder
---------------------------------------------------------
              Palm Beach Finance Offshore Fund Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to Section 145 of Companies Law
(2004 Revision), that the final general meeting of the sole
shareholder of Palm Beach Finance Offshore Fund Ltd. will be
held at Ansbacher House, 20 Genesis Close, George Town, Grand
Cayman, on December 29, 2005 at 10:00 a.m.

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

Date of Liquidation: November 17, 2005

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


PECONIC EPIC: To Hold Final General Meeting Dec. 29
---------------------------------------------------
                 Peconic Epic Offshore Fund, Ltd.
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to Section 145 of Companies Law
(2004 Revision), that the final general meeting of the sole
shareholder of Peconic Epic Offshore Fund, Ltd. will be held at
Ansbacher House, 20 Genesis Close, George Town, Grand Cayman, on
December 29, 2005 at 8:30 a.m.

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

Date of Liquidation: November 18, 2005

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


PERSEUS FUNDING: To Present Account on Wind Up Dec. 29
------------------------------------------------------
                        Perseus Funding Ltd.
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)
                            Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Perseus Funding Ltd. 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. Mike Hughes, Joint Voluntary Liquidator
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


PROVIDENT PREMIER: Final Meeting to be Held at Ansbacher House
--------------------------------------------------------------
                   Provident Premier Fund Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to Section 145 of Companies Law
(2004 Revision), that the final general meeting of the sole
shareholder of Provident Premier Fund Ltd. will be held at
Ansbacher House, 20 Genesis Close, George Town, Grand Cayman, on
December 29, 2005 at 1:00 p.m.

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

Date of Liquidation: November 1, 2005

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


PUREADES: Account on Wind Up to be Presented Dec. 29
----------------------------------------------------
                            Pureades
                   (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 Pureades 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. Mike Hughes, Joint Voluntary Liquidator
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


SF EUROPE: To Present Account on Wind Up to Members Dec. 29
-----------------------------------------------------------
                        SF Europe 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 SF Europe 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


SUNRISE CAPITAL: To Show Manner of Liquidation at Final Meeting
---------------------------------------------------------------
              Sunrise Capital Currency Offshore SPC
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meetings of the Shareholders of Sunrise Capital
Currency Offshore SPC will be held at the offices of Olympia
Capital (Cayman) Limited, Williams House, 20 Reid Street,
Hamilton HM 11, Bermuda, on Friday, December 30, 2005 at 10:00
a.m.

Business:

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

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:  Olympia Capital (Cayman) Limited, Voluntary Liquidator
          Williams House, 20 Reid Street
          Hamilton HM 11, Bermuda


SWARM EUROPE: Members to Hear on Wind Up Process Dec. 28
--------------------------------------------------------
                       Swarm Europe Fund
                   (In Voluntary Liquidation)
                       The Companies Law
                          Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Swarm Europe Fund will be
held at the offices of Maples Finance Jersey Limited, 2nd Floor,
Le Masurier House, La Rue Le Masurier, St. Helier, Jersey, JE2
4YE, on 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:  Mark Wanless and Tun Win, Joint Voluntary Liquidators
          c/o Maples Finance Jersey Limited
          2nd Floor, Le Masurier House
          La Rue Le Masurier, St. Helier, Jersey, JE2 4YE


SWARM EUROPE (MASTER): To Explain Wind Up Process to Members
------------------------------------------------------------
                    Swarm Europe Master Fund
                   (In Voluntary Liquidation)
                        The Companies Law
                           Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Swarm Europe Master Fund
will be held at the offices of Maples Finance Jersey Limited,
2nd Floor, Le Masurier House, La Rue Le Masurier, St. Helier,
Jersey, JE2 4YE, on 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:  Mark Wanless and Tun Win, Joint Voluntary Liquidators
          c/o Maples Finance Jersey Limited
          2nd Floor, Le Masurier House
          La Rue Le Masurier, St. Helier, Jersey, JE2 4YE


THE MERCHANT: Final Meeting to be Held Dec. 29
----------------------------------------------
                     The Merchant Fund Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to Section 145 of Companies Law
(2004 Revision), that the final general meeting of the sole
shareholder of The Merchant Fund Ltd. will be held at Ansbacher
House, 20 Genesis Close, George Town, Grand Cayman, on December
29, 2005 at 12:00 p.m.

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

Date of Liquidation: November 16, 2005

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



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

AIR JAMAICA: To Wrap Up Plans to Wind Up Pension Fund
-----------------------------------------------------
A meeting is to be held this week to finalize plans for the
winding up of the Air Jamaica Pension Fund, reports
RadioJamaica.com. Among those expected to attend the meeting are
officials of the National Workers Union (NWU). The NWU, which
represents several categories of employees at Air Jamaica, have
accused Air Jamaica's management of dragging its feet in holding
discussions regarding concerns it had about the Air Jamaica
Pension Fund.



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

AHMSA: Earmarks $200M to Up Plate Output
----------------------------------------
Steelmaker Ahmsa will invest US$200 million in a project
intended to raise steel plate production levels, reports
Business News Americas.

Ahmsa executive Francisco Orduna said the project is now in the
initial phase and is scheduled to be completed in 18 months.

The project aims to replace parts for the continuous casting
line and the plate mill, the official said, adding, partial
shutdowns have been scheduled for installation.

Ahmsa seeks to double output volume of carbon steel plates used
in the shipbuilding and oil rig industries, as most of these
products in Mexico are imported.


CALPINE CORP: Names Robert P. May as New Chief Executive Officer
----------------------------------------------------------------
Calpine Corporation (OTC: CPNL) announced Monday that its Board
of Directors has named Robert P. May as Calpine's new Chief
Executive Officer and member of the Board. Mr. May succeeds
Acting Chief Executive Officer Kenneth T. Derr, who will
continue serving as Calpine's Chairman of the Board.

"Calpine is exceptionally fortunate to have Bob May at the helm,
especially during this important period of transition," stated
Mr. Derr. "We are excited about what Bob brings to Calpine. His
leadership qualities, experience and knowledge will help lead
Calpine through a critical period in the company's history. And
his proven ability to implement and manage operational and
financial improvements - as he successfully demonstrated at
HealthSouth, Charter Communications, FedEx and Cablevision - are
what we need to help enhance the value of Calpine, strengthen
operations and address current financial challenges."

Mr. May said, "I am honored to have the opportunity to lead
Calpine. The Board, management team, and I have a solid
understanding of the challenges that lay ahead. We are committed
to successfully addressing our operational and financial issues
in the best interests of all stakeholders. In short, we need to
reduce our debt levels, improve our balance sheet and align our
business strategy and operational structure with the current
economic climate and energy market conditions."

Over the past 30 years, Mr. May, age 56, has served in various
senior management and executive positions. Most recently, he
served as non-executive Chairman of the Board of HealthSouth
from July 2004 to October 2005, and as Interim President and
Chief Executive Officer of Charter Communications from January
2005 to August 2005.

At Cablevision Systems, Corp., where he was Chief Operating
Officer and a director from 1996 to 1998, Mr. May was part of
the executive team that helped transition the company through
new operating strategies and the use of new technologies. From
1973 to 1993, Mr. May held several senior executive and
operational positions at Federal Express Corporation, where he
was most recently President, Business Logistics, and was a Board
member of HealthSouth Corporation, a national provider of
healthcare services, since October 2002. He also served as
HealthSouth's Interim Chief Executive Officer from March 2003
until May of 2004, and as Interim President of its Outpatient
and Diagnostic Division from August 2003 to January 2004.
Currently, he serves as a member of Charter Communications'
Board of Directors and Deutsche Bank of Americas Advisory Board.

A major power company, Calpine Corporation supplies customers
and communities with electricity from clean, efficient, natural
gas-fired and geothermal power plants. Calpine owns, leases and
operates integrated systems of plants in 21 U.S. states and in
three Canadian provinces and is building a plant in Mexico. Its
customized products and services include wholesale and retail
electricity, gas turbine components and services, energy
management, and a wide range of power plant engineering,
construction and maintenance, and operational services. Calpine
was founded in 1984.

    Media Relations:  Katherine Potter
                      408-792-1168
                      kpotter@calpine.com

    Investor Relations:  Rick Barraza
                         408-792-1125
                         rickb@calpine.com

                         Karen Bunton
                         408-792-1121
                         kbunton@calpine.com

    URL: http://www.calpine.com



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

ACEPAR: Protests Impede Operations
----------------------------------
Operations at steelmaker Acepar have stalled because protesters
are blocking the main entrance to the Company, reports Business
News Americas.

Acepar Director Monica Beltramino said the protests are not
being organized by the Company's workers but by politically
influenced scrap producers.

Well-known political figures are reportedly taking people who do
not work at Acepar to block access to the steelmaker to pressure
the government to stop the privatization process.

The paper said pressure could be coming from people who have
stopped receiving illegal benefits from company management.



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

CENTENNIAL COMMUNICATIONS: U.S. Subscribers Continue to Grow
------------------------------------------------------------
Centennial Communications Corp. (NASDAQ: CYCL) ("Centennial")
announced Monday preliminary operating results for the fiscal
second quarter of 2006. The Company expects to report
approximately 1.34 million total wireless subscribers for the
fiscal second quarter, which compares to 1.11 million for the
year-ago period and 1.31 million for the previous quarter ended
August 31, 2005. The Company expects to report approximately
326,400 total access lines and equivalents for the fiscal second
quarter. Centennial expects to report full financial and
operating results for the fiscal second quarter of 2006 on or
before January 6, 2006.

CENTENNIAL SEGMENT HIGHLIGHTS

U.S. Wireless Operations

- U.S. wireless expects to end the quarter with approximately
614,100 total subscribers including 48,200 wholesale
subscribers. This compares to 564,900 for the year-ago quarter
including 20,000 wholesale subscribers and to 592,600 for the
previous quarter ended August 31, 2005 including 43,200
wholesale subscribers.

- At the end of the fiscal second quarter, approximately 56
percent of U.S. retail wireless subscribers were on GSM calling
plans. Postpaid retail subscribers increased 12,300 from the
fiscal first quarter of 2006, as the build-out of contiguous
footprint in Grand Rapids and Lansing, MI, and a robust
marketing effort supported renewed subscriber growth.

- Postpaid churn is expected to be approximately 2.0 percent for
the fiscal second quarter of 2006, compared with 2.1 percent for
the year-ago quarter and 2.1 percent for the fiscal first
quarter of 2006.

Caribbean Wireless Operations

- Caribbean wireless expects to end the quarter with
approximately 724,100 subscribers, which compares to 543,400 for
the prior-year quarter and to 715,000 for the previous quarter
ended August 31, 2005.

- Customer growth benefited from solid prepaid subscriber growth
in the Dominican Republic, partially offset by weak postpaid
subscriber growth due to higher churn in both the Dominican
Republic and Puerto Rico. Centennial continues to emphasize
prepaid and hybrid plans in the Dominican Republic, shifting its
marketing effort away from postpaid plans.

- Postpaid churn is expected to be approximately 3.2 percent for
the fiscal second quarter of 2006, compared with 2.2 percent for
the year-ago quarter and 3.2 percent for the fiscal first
quarter of 2006.

Caribbean Broadband Operations

- Switched access lines are expected to total approximately
66,700 at the end of the fiscal second quarter, an increase of
10,200 lines, or 18 percent from the prior-year quarter.
Dedicated access line equivalents are expected to be 259,700 at
the end of the fiscal second quarter, a 13 percent year-over-
year increase.

RESTATEMENT

Centennial also announced that it will restate its financial
results for the twelve months ended May 31, 2005 to correct an
error in the accounting for the sale of the Company's previously
owned cable television subsidiary, Centennial Cable. Centennial
Cable was sold on December 28, 2004 and the disposition was
accounted for as a discontinued operation. In December 2005, the
Company determined that certain deferred tax assets related to
Centennial Cable should have had a full valuation allowance
provided against them as part of the sale based on applicable
tax rules. Under the United States Dual Consolidated Loss rules,
the sale of Centennial Cable represented a triggering event and
such net operating loss carry forwards, although retained, could
no longer be used to offset U.S. consolidated taxable income,
and therefore, the related deferred tax assets should have had a
full valuation allowance provided against them.

The correction of this error will result in non-cash adjustments
to consolidated accrued expenses and other liabilities, deferred
federal income taxes, tax (expense) benefit from discontinued
operations, net (loss) income from discontinued operations,
consolidated net income and total stockholders' deficit. The
correction will not impact previously reported revenue, adjusted
operating income and income from continuing operations.

The net effect of the restatement for the twelve months ended
May 31, 2005 is:

- Decrease deferred federal income taxes by $35,981,000;

- Decrease consolidated net income by $36,477,000;

- Increase tax expense for discontinued operations by
$36,477,000; and

- Increase total stockholders' deficit by $36,477,000

In addition, the Company will restate its financial results for
the fiscal quarter ended August 31, 2005 to give effect to the
error discussed above. On December 12, 2005, the Company intends
to file an amendment to its (i) Annual Report on Form 10-K for
the year ended May 31, 2005 and (ii) Quarterly Report on Form
10-Q for the quarter ended August 31, 2005 to correct the errors
discussed.

Centennial Communications (NASDAQ: CYCL), based in Wall, NJ, is
a leading provider of regional wireless and integrated
communications services in the United States and the Caribbean
with over 1.3 million wireless subscribers and 326,400 access
lines and equivalents. The U.S. business owns and operates
wireless networks in the Midwest and Southeast covering parts of
six states. Centennial's Caribbean business owns and operates
wireless networks in Puerto Rico, the Dominican Republic and the
U.S. Virgin Islands and provides facilities-based integrated
voice, data and Internet solutions. Welsh, Carson, Anderson &
Stowe and an affiliate of the Blackstone Group are controlling
shareholders of Centennial.

To see Selected Operating Statistics:
http://bankrupt.com/misc/CENTENNIAL_COMMUNICATIONS.htm

CONTACT:  Centennial Communications Corp.
          Steve E. Kunszabo
          Director, Investor Relations
          Phone: 732-556-2220
          URL: http://www.centennialwireless.com/


CENTENNIAL COMMUNICATIONS: To Sell $550M of Senior Notes
--------------------------------------------------------
Centennial Communications Corp. (NASDAQ: CYCL) ("Centennial")
announced Monday that it intends to sell, subject to market and
other conditions, approximately $550 million in aggregate
principal amount of Senior Notes due 2012 in a private placement
transaction pursuant to Rule 144A and Regulation S under the
Securities Act of 1933. Centennial intends to use the net
proceeds from the offering, together with a portion of its
available cash, to pay a special cash dividend to Centennial's
common stockholders in the aggregate amount of approximately
$577 million, which represents approximately $5.52 per share,
and prepay approximately $39.5 million of borrowings under its
senior secured credit facility. In connection with the senior
notes offering, Centennial is seeking an amendment to its senior
secured credit facility to permit, among other things, the
issuance of the senior notes and payment of the special cash
dividend.

Completion of the senior notes offering and payment of the
special cash dividend is conditioned on an amendment to the
Company's senior secured credit facility. Payment of the special
cash dividend, including the amount and timing, is also subject
to final approval by Centennial's board of directors. There can
be no assurance that the senior notes offering, the special cash
dividend or the amendment to the senior secured credit facility
will be consummated on the currently proposed terms or at all.

The senior notes will be offered in the United States to
qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933 and outside the United States pursuant to
Regulation S under the Securities Act. The senior notes will not
be registered under the Securities Act and may not be offered or
sold in the United States without registration or an applicable
exemption from the registration requirements.


CENTENNIAL COMMUNICATIONS: Explains Filing of Amendment No. 1
-------------------------------------------------------------
Centennial Communications Corp. is filing Amendment No. 1 on
Form 10-Q/A to its Quarterly Report on Form 10-Q for the
quarterly period ended August 31, 2005 in order to reflect the
restatement of its consolidated financial statements to correct
the Company's accounting for the sale of its previously owned
cable television subsidiary, Centennial Puerto Rico Cable TV
Corp. (Centennial Cable), to provide a full valuation allowance
against certain deferred tax assets that may not be realizable
as a result of the sale as further described in Note 10 of the
Condensed Consolidated Financial Statements, as of August 31,
2005.

The effect of the correction discussed below had no effect on
previously reported Revenue, Total assets, Net income (loss)
from continuing operations of Net cash provided by operating
activities.

The Company sold Centennial Cable on December 28, 2004 and the
disposition was accounted for as a discontinued operation. In
December 2005, the Company determined that certain deferred tax
assets related to Centennial Cable should have had a full
valuation allowance provided against them as part of the sale.
This amendment reflects this correction and will result in non-
cash adjustments to the following: Consolidated - Accrued
expenses and other current liabilities - Total current
liabilities - Deferred federal income taxes - Total liabilities
and stockholders' deficit.

Amendment No. 1 sets forth the complete text of the Form 10-Q as
so amended. This Amendment No. 1 does not reflect events that
have occurred after the original filing of the Form 10-Q or
update the information set forth in the Form 10-Q subsequent to
such original filing date. In connection with the filing of this
Amendment No 1, we are including as exhibits currently dated
certifications of our chief executive officer and chief
financial officer.

Documents Incorporated By Reference

Certain portions of the Company's Proxy Statement to be filed
with the U.S. Securities and Exchange Commission, or SEC,
pursuant to Rule 14a-6 under the Securities Exchange Act of
1934, as amended, in connection with the Company's 2005 Annual
Meeting of Stockholders are incorporated by reference in Part
III, Items 10-14 of the Annual Report on Form 10-K/A.




                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and
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Copyright 2005.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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