TCRLA_Public/051219.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, December 19, 2005, Vol. 6, Issue 250

                            Headlines

A R G E N T I N A

BANCO HIPOTECARIO: Buys $49.9M Worth of Boden 2012 Bonds
PINNACLE ENTERTAINMENT: Closes New $750M Credit Facility
* ARGENTINA: To Complete Early Repayment of Debts to IMF
* MENDOZA PROVINCE: S&P Assigns B- LTFC Sovereign Credit Rating


B R A Z I L

BRASKEM: Announces Interest Attributable to Equity
BRASKEM: Board OKs Loans, Financing by Executive Officers
COPEL: Directors Approve Executive Board Reelection
NII HOLDINGS: Enters Into Subscriber Unit Purchase Agreement
SABESP: Announces Payment of Interest on Own Capital

SADIA: Unveils BRL850-Mln Investment for 2006
VARIG: Court Removes FRB from Airline's Control


C A Y M A N   I S L A N D S

KINGS POINT: Commences Voluntary Winding Up
NEOMAGIC INTERNATIONAL: Proofs of Claim Due Jan. 12
O-REIT 1: Taps Piccadilly Cayman as Liquidator
ORIENT FUNDING: To be Voluntarily Wound Up
PHOENIX INVESTMENT: Appoints Liquidators for Winding Up

PMP ONE: Linburgh Martin, Jeff Arkley Chosen as Liquidators
PMP TWO (CAYMAN): Voluntary Liquidation Begins
ST INVESTMENT: Proofs of Claim Due Dec. 30


C O L O M B I A

BAVARIA: SABMiller Buying Remaining 3% of Shares
PAZ DEL RIO: IFI Expects Final Stake Valuation in 1Q06


C O S T A   R I C A

ICE: Awaits Regulator's Authorization to Increase Rates


M E X I C O

BALLY TOTAL: Taps Robert Moschorak as Managing Director
GRUPO IUSACELL: BoNY Concludes Share Sale on Mexican Bourse
GRUPO TMM: Launches Cash Tender Offer
UNITED RENTALS: Acquires Sandvick Equipment & Supply Company


P U E R T O   R I C O

DORAL FINANCIAL: Investigation Substantially Completed

     -  -  -  -  -  -  -  -

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

BANCO HIPOTECARIO: Buys $49.9M Worth of Boden 2012 Bonds
--------------------------------------------------------
Mortgage lender Banco Hipotecario informed Argentina's
securities regulator, the CNV, that it has bought US$49.9
million worth of Boden 2012 government bonds. According to
Business News Americas, the recent operation brings
Hipotecario's total Boden 2012 purchase to US$652 million this
year.


PINNACLE ENTERTAINMENT: Closes New $750M Credit Facility
--------------------------------------------------------
Pinnacle Entertainment, Inc. (NYSE: PNK) announced Thursday that
it has entered into a new $750 million credit facility,
replacing the Company's existing $380 million facility. The new
credit facility, which was arranged by Lehman Brothers and Bear,
Stearns & Co. Inc., consists of a $450 million five-year
revolving credit facility, a $200 million six-year senior
secured term loan, and a $100 million six-year delayed draw term
loan. The new facility also includes a greenshoe provision,
offering the potential to increase the credit facility's size to
$1 billion. Additionally, the new credit facility provides the
Company with a reduced interest rate spread of approximately 100
basis points as compared to the existing credit facility.
Proceeds will be used for general corporate purposes, including
completion of two projects Pinnacle has under construction in
the St. Louis metropolitan area.

"We are pleased to enter into this new credit agreement. It has
terms that are considerably more flexible than before,
reflecting the significant progress made by the Company in
recent years and favorable conditions in the current loan
market," said Daniel R. Lee, Chairman and CEO of Pinnacle
Entertainment. "We are also excited to welcome a number of new
banking relationships into the Pinnacle family, and look forward
to further developing those relationships in the future."

About Pinnacle Entertainment

Pinnacle Entertainment owns and operates casinos in Nevada,
Louisiana, Indiana and Argentina, owns a hotel in Missouri,
receives lease income from two card club casinos in the Los
Angeles metropolitan area, and owns a casino site and has
significant insurance claims related to a hurricane-damaged
casino previously operated in Biloxi, Mississippi. The Company
opened a major casino resort in Lake Charles, Louisiana in May
2005 and a new casino in Neuquen, Argentina in July 2005.
Pinnacle has also been selected for two casino development
projects in the St. Louis, Missouri area. The development
projects are dependent upon final approval by the Missouri
Gaming Commission.

CONTACT: Pinnacle Entertainment, Inc.
         Dan Lee, Chairman and CEO
         Wade Hundley, President
         Steve Capp, CFO
         Investor Relations:
         Chris Plant
         Lewis Fanger
         Tel: +1-702-784-7777


* ARGENTINA: To Complete Early Repayment of Debts to IMF
--------------------------------------------------------
Argentina announced on December 15, 2005 its intention to make
an early repayment of its entire outstanding obligations to the
International Monetary Fund (IMF) amounting to SDR6.876 billion
(about US$9.9 billion). The outstanding obligations had been
contracted under the Stand-By Arrangements approved by the
Executive Board on March 10, 2000, January 24, 2003 and
September 20, 2003, and includes a small remaining obligation
contracted under the Extended Fund Facility approved on March
31, 1992.

Mr. Rodrigo de Rato, the Managing Director of the IMF, said, "I
welcome Argentina's repayment of its outstanding obligations to
the Fund. The decision has been taken by the government in
accordance with its rights as any normal member of the Fund and
reflects their confidence that their external position is
sufficiently strong to warrant early repayment.

"Important challenges and opportunities lie ahead for Argentina
and the Fund looks forward to maintaining a productive
relationship with the authorities. We remain ready to assist the
Argentine authorities in any way that would help them address
these challenges," he said.

Total drawings by Argentina under the three Stand-By
Arrangements were equivalent to SDR16.102 billion (about US$23.2
billion) out of a total of SDR28.092 billion (about US$40.5
billion) that were made available under the three arrangements.

The Executive Board last met on June 20, 2005 to consider the
Article IV consultation for Argentina and a summary of that
discussion is contained in Public Information Notice No. 05/83.

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


* MENDOZA PROVINCE: S&P Assigns B- LTFC Sovereign Credit Rating
---------------------------------------------------------------
Rationale

The Province of Mendoza, located in the Republic of Argentina
(B-/Stable, long-term foreign currency sovereign credit
rating/outlook), has a population of 1.6 million, income per
capita of US$4,500, and a budget of approximately Argentine peso
(ArP) 2.1 billion (US$700 million; estimates for 2005).

Mendoza defaulted on its domestic commercial bank loans, which
were restructured as part of a central-government-sponsored
program, in November 2001. However, the province continued to
service its international bond throughout most of the post-
devaluation period in Argentina. While the province launched its
restructuring offer on the bond on June 30, 2004, Mendoza
finally defaulted on the bond in September 2004 due to
difficulties in reaching an agreement with bondholders. It then
finalized the restructuring in October 2004, and emerged from
Selective Default with its long-term foreign currency rating
raised to 'CCC+', on Oct. 29, 2004. Unlike the sovereign, the
province's restructuring did not reduce the face value of the
original bonds-even though there was a net present value
reduction (the coupon was reduced to 5.5% from 10% and the
maturity was extended). While the province reached a level of
acceptance close to 72% for its restructuring proposal, the
remaining part of the original debt still constitutes a
liability to the province.

Despite the restructuring, Mendoza's debt level-at US$1.07
billion and 1.35x the size of the province's budget in 2005-
constitutes the most significant constraint on the province's
creditworthiness. The fact that amortization on Mendoza's high
debt is spread out over the medium and long term helps to
balance this major credit weakness at the current rating level,
diminishing rollover risk over the short term. Servicing the
debt's interest plus principal for 2005 will require a high but
controllable 13% of the province's revenue.

In addition to a high debt burden, and while the strong economic
recovery continues to boost revenue collection, the need to
elevate public investment and high pressure for salary increases
(as in other provinces in Argentina) will continue to keep
fiscal flexibility at minimum.

The strong recovery of economic activity since 2002 is a major
factor supporting the rating. Mendoza's economy has benefited
(and continues to do so at present) from the relative prices
prevailing in Argentina after the strong devaluation of the peso
in early 2002. Mendoza's Gross State Product (GSP) is estimated
to have grown even more rapidly than the national average since
2002. Argentina's GDP has grown at an annual average rate of 9%
since 2003, while, according to provincial estimates, Mendoza's
GSP has grown at a 13.2% rate. Tourism, in particular, has
emerged as a major economic activity in Mendoza since the
crisis.

Despite the strong economic activity in Argentina and the
greater normalization of several economic variables, Mendoza's
medium-term prospects will continue to be affected by the same
challenges Argentina faces on its way toward consolidating the
economic recovery. Among them is the further stabilization of
inflation, the normalization of the relationship with privatized
utilities, and the refinancing of the debt maturing with
multilateral organizations. Mendoza's credit profile will
benefit as these challenges are met.

Outlook

Over the short-term, Mendoza's credit ratings will continue to
be constrained by the rating on Argentina. Nonetheless,
increasing fiscal flexibility will be a necessary condition for
rating increases over the medium term, in particular reducing
the still significantly high debt burden to more moderate
levels. Conversely, a weaker fiscal stance-which could result in
growing deficits and increase refinancing risk-will certainly
place downward pressure on the ratings.

Primary Credit Analyst: Sebastian Briozzo, New York
(1) 212-438-7342; sebastian_briozzo@standardandpoors.com

Secondary Credit Analyst: Pablo Gamble, Buenos Aires
(54) 11-4891-2106; pablo_gamble@standardandpoors.com



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

BRASKEM: Announces Interest Attributable to Equity
--------------------------------------------------
Braskem (NYSE: BAK) (Bovespa: BRKM5) (LATIBEX: XBRK), leader in
the thermoplastic resins segment in Latin America and one of the
three largest Brazilian privately owned industrial companies,
informed the Company Shareholders that the Board of Directors,
at a meeting held on December 13, has decided to authorize the
payment of up to BRL385,000,000.00 as interest attributable to
shareholders' equity to Braskem shareholders, and has authorized
the Board of Executive Officers to establish the precise amount
to be effectively credited to the shareholders, within the limit
set forth by the Board of Directors, in function of the amount
to be ascertained at the end of this 2005 fiscal year, further
observing the Company's legal and statutory rules and limits,
designating said amount to the mandatory and priority dividends
for the 2005 fiscal year, pursuant to Law No. 9249/95 and
paragraph six of article 44 of the By-Laws.

CONTACT:  Braskem S.A.
          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


BRASKEM: Board OKs Loans, Financing by Executive Officers
---------------------------------------------------------
The Board of Directors of Braskem S.A. approved Loans and
Financing by the Executive Officers during the 509th meeting
held on December 13, 2005.

MINUTES OF THE 509th MEETING OF THE BOARD OF DIRECTORS
HELD DECEMBER 13, 2005

On December 13, 2005 at 8:30 a.m., in the Company's office
located at Rua Eteno, No. 1561, Polo PetroquĦmico de Camacari,
Camacari-BA, ZIP Code 42810-000, the 509th Meeting of the Board
of Directors of BRASKEM S.A was held, and the undersigned Board
members were present. The Board members Francisco Teixeira de Sa
and Luiz Fernando Cirne Lima were absent, as well as their
respective alternates, being the last replaced by the Board
member Ruy Lemos Sampaio, pursuant to the letters of
representation previously sent, in accordance with the procedure
defined in the Company by-laws. The Chief Executive Officer Jose
Carlos Grubisich Filho, the Executive Officers Mauricio Ferro,
Paul Altit, Bernardo Gradin, Luiz de Mendonca, Roberto Simoes,
Mr. Jose Augusto Mendes, Mr. Nelson Raso, and Mrs. Ana Patricia
Soares Nogueira were also present. The Board member Pedro
Augusto Ribeiro Novis directed the meeting, and Mrs. Ana
Patricia Soares Nogueira acted as secretary.

AGENDA:

I) Subjects for deliberation: The Board of Directors unanimously
approved the following deliberations:

1) BUSINESS PLAN 2006/2012 - after a presentation brought by the
Chief Executive Officer and by the other Executive Officers
present, the Braskem Business Plan 2006/2012 has been approved;

2) PROPOSALS FOR DELIBERATION (PD) - approved, after the due
analysis of its terms and connected documentation, the following
Proposals for Deliberation, previously delivered by the Board of
Executive Officers to the members of the Board of Directors for
acknowledgement, as provided in the Internal Rules of the Board
of Directors, copies of which has been duly filed at the
Company's headquarters:

a) PD.CA/BAK-31/2005 - Loans and Financing by the Executive
Officers - for the purpose of (i) keeping, during the fiscal
year of 2006 or until the Meeting of the Board of Directors that
shall deliberate on the new limits for 2007, the limit in force
during 2005 of up to BRL200.000.000,00, by transaction, for the
Board of Executive Officers to execute loan and financing, in or
outside Brazil, without the prior authorization of the Board of
Directors, pursuant to item "q" of Article 26 and Article 37 of
the Company's By-laws; and (ii) determining that the loans and
financing executed in the aforementioned period, which total
amount are greater than BRL30.000.000,00, by transaction, shall
be informed to the Board of Directors at the meetings after the
dates of the respective transactions;

b) PD.CA/BAK-32/2005 - Interest Attributable to Shareholders'
Equity - considering the reasons explained in the respective PD,
the Board has decided to: (i) approve the provisionment of up to
BRL385.000.000,00 for the payment of interest attributable to
shareholders' equity, authorizing the Board of Executive
Officers to establish the precise amount to be effectively
credited to the shareholders pursuant to the results presented
in December 31, 2005, designating said amount to dividends,
observing the Company's legal and statutory rules and limits,
established that the payment of interest attributable to
shareholders' equity should occur within the same limit
generally set forth for the payment of dividends, i.e., within
up to 60 days after the Ordinary General Shareholders Meeting to
be held in 2006;

c) PD.CA/BAK-33/2005 - Expansion and Technologic Up-grade
Project at the Olefines Unit 1 of the Basic Petrochemicals Unit
(UNIB) - for the purpose of authorizing the Technical-Economical
Feasability and Conceptual and Basic Engineering Study for the
expansion of the production capacity of ethylene and hydrogen
and technological up-grade of the Olefines Unit 1, pursuant to
the Executive Summary contained in the Annex 1 of the respective
PD;

II) Subjects for Acknowledge: Presentations of the subject of
this item II had been made, which are:

1) 2006 Schedule for holding Board of Directors meetings and
2005 Schedule for delivering the Monthly Reports on the Business
Plan Follow-up, which were submitted and unanimously approved.

III) Subjects of Company Interest: Nothing to record.

IV) CLOSING OF MINUTES - No further subject existing to be dealt
with, these minutes have been prepared, read, discussed and
approved, being signed by all attending Board members, by the
President and the Secretary of the meeting. Camacari-BA,
December 13, 2005.

CONTACT:  Braskem S.A.
          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


COPEL: Directors Approve Executive Board Reelection
---------------------------------------------------
The Board of Directors of Companhia Paranaense De Energia -
Copel approved the reelection of all members of the Executive
Board, for term of office from January 8, 2006 to December 31,
2008.

SUMMARY OF THE MINUTES OF THE 111th MEETING OF THE BOARD OF
DIRECTORS

1. VENUE: Rua Coronel Dulcidio n 800, Curitiba - PR.

2. DATE AND TIME: December 13, 2005 - at 2:00 p.m.

3. PRESIDING BOARD: Joao Bonifacio Cabral Junior - Chairman;
Rubens Ghilardi - Executive Secretary.

4. DELIBERATIONS:

I. approved, by the majority, with adverse opinion from the
member Maria Aparecida Rodrigues Placa and the abstention of the
member Nelson Fontes Siffert Filho, due to the expiration of his
term of office on January 07, 2006, the reelection of all
members of the Executive Board, for term of office from January
8,2006 to December 31, 2008, which are: Chief Executive Officer
- Rubens Ghilardi; Chief Distribution Officer - Ronald Thadeu
Ravedutti; Chief Business Management Officer - Luiz Antonio
Rossafa; CFO and Investor Relations Officer - Paulo Roberto
Trompczynski; Chief Generation and Transmission &
Telecomunication Officer, Telecommunication Officer - Jose Ivan
Morozowski; and Chief Legal Officer - Assis Correa;

II. approved, by unanimous vote, the Executive Board's Proposal
to change the Company's Bylaws, which pursues transferring the
responsibilities over Copel's partnerships on other third
parties: from Business Management Office to the Finance Office
and Investor Relations Office, consequently leading it to the
Shareholders' General Meeting;

III. authorized, by unanimous vote, the Extraordinary General
Meeting summoning, with date to be defined, aiming to analyze
the Executive Board's Proposal to change the Company's Bylaws
and the contingent destitution of Board of Directors Member by
the Shareholders' evaluation.

IV. certified, by unanimous vote, with the abstention of the
members Nelson Fontes Siffert Filho and Maria Aparecida
Rodrigues Placa, the Executive Board indicated Mr. Aldino Beal
to hold the position of Escoeletric Ltda - Superintendent
Officer.

V. approved, by unanimous vote, with the abstention of the
member Nelson Fontes Siffert Filho, that the Executive Board
nominee, Mr. Robson Luiz Rossetin, replaces Mrs. Denise
Campanholo Busetti Sabbag, as President in the Board of
Directors of Companhia Paranaense de Gas - COMPAGAS; and by the
majority, and with adverse opinion of the member Maria Aparecida
Rodrigues Placa and abstention of the member Nelson Fontes
Siffert Filho, that Mr. Elzio Batista Machado replaces Mr.
Claher Ganzert, as member of the same Committee;

VI. approved, by unanimous vote, the Company's budget for the
fiscal year of 2006, and the forecast of generation of positive
calculation basis for the tax credit exercise;

VII. approved, by unanimous vote, the calendar of events for the
fiscal year of 2006;

VIII. removed from the agenda, to be analyzed in the next
meeting, the Internal Regulation of the Board of Directors;

IX. informed to the Joint Committee that there was no
irregularity in the dismissal analyzed by CAD on the 71st
Extraordinary Meeting;

X. informed to the Joint Committee the receiving of the official
letter CVM/SEP/GEA-3/# 581/05, that decides the forward
complaint to that autarchy by the member Maria Aparecida
Rodrigues Pla?a, containing this conclusion: "...) We concluded
that there is not proved ceased activity as member of Copel's
Board of Directors, or any irregularity committed by the
Administers or Controller Shareholders of this open capital
Company, concerning the forward inquiries for the knowing of
this autarchy made by the member Maria Aparecida Rodrigues
Prac", previously conducted to the Board of Directors members;

XI. granted, by the Board of Directors, the recommendations for
the member Maria Aparecida Rodrigues Placa, in the Opinion No.
006/2005, the Company's Council Code of Ethical Orientation;

XII. registered as an act of redress to the Chief Executive
Officer, Mr. Rubens Ghilardi, and to the Chief Generation and
Transmission & Telecommunication Officer, Mr. Jose Ivan
Morozowski, regarding the offensive conduct practiced by the
member Maria Aparecida Rodrigues Placa; and

XIII. approved, by unanimous vote, the review of the
deliberation taken in the 69th CAD Extraordinary Meeting,
proposal of there is no change in the Elejor Technical Executive
Board - Centrais Eletricas do Rio Jordao S.A.

Nothing more to be dealt with, the meeting was closed at 6:30
p.m.

5. ATTENDANCIES: JOAO BONIFACIO CABRAL JUNIOR - Chairman; RUBENS
GHILARDI - Executive Secretary; LAURITA COSTA ROSA; MARIA
APARECIDA RODRIGUES PLACA; ROGERIO DE PAULA QUADROS; SERGIO
BOTTO DE LACERDA; NELSON FONTES SIFFERT FILHO.

Full text of the Minutes for Copel's 111th Extraordinary Board
of Director's Meeting was drawn up in the Company's Book No.06,
registered with the Board of Trade of Parana State under
No.05/095391-5, on August 8, 2005.

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


NII HOLDINGS: Enters Into Subscriber Unit Purchase Agreement
------------------------------------------------------------
NII Holdings, Inc. ("NII Holdings") entered on December 9, 2005
into a Subscriber Unit Purchase Agreement (the "Agreement") with
Motorola Inc. ("Motorola") relating to its purchase of handsets
from Motorola. The Agreement supercedes the following prior
agreements (the "Prior Agreements") with Motorola or its
affiliates that related to the purchase of handsets:

- the Subscriber Unit Purchase Agreement, dated as of July 20,
2002, by and between Motorola, Inc. and Multifon, S.A. de C.V.,
the form of which was filed with the Securities and Exchange
Commission (the "SEC") as Exhibit 10.1 to NII Holdings' Form 10-
K on March 12, 2004;

- the Subscriber Unit Purchase Agreement, dated July 23, 1999,
by and between Motorola, Inc. and Nextel del Peru, S.A., a copy
of which was filed with the SEC as Exhibit 10.44 to NII
Holdings' Form 10-K on March 30, 2000;

- the Subscriber Unit Purchase Agreement, dated as of July 2,
2001, by and between Motorola Industrial Ltda. and Nextel
Telecomunicacoes Ltda., the form of which was filed with the SEC
as Exhibit 10.3 to NII Holdings' Form 10-K on March 12, 2004;

- the Subscriber Unit Purchase Agreement, dated as of September
7, 1999, by and between Motorola Industrial LTDA and NII
Holdings, a copy of which was filed with the SEC as Exhibit
10.39 to NII Holdings' Form 10-K on March 30, 2000; and

- the Subscriber Unit Purchase Agreement, dated as of September
7, 1999, by and between Motorola, Inc. and NII Holdings, a copy
of which was filed with the SEC as Exhibit 10.40 to NII
Holdings' Form 10-K on March 30, 2000.

Generally, the Agreement continues the handset purchase
relationship with Motorola set forth in the Prior Agreements
under a single consolidated agreement. The only significant
changes to the relationship, as provided for in the Agreement,
are:

- new pricing terms for handsets;

- new commitments of NII Holdings to purchase a minimum number
of handsets;

- new limitations on Motorola's liability in the event it
breaches the Agreement;

- new restrictions on NII Holdings' ability to resell the
handsets other than to their resale, lease or other transfer to
end user customers for the use on the iDEN system in Latin
America operated in the region for which such handsets were
purchased; and

- new termination provisions.

The initial term of the Agreement is from January 1, 2005 to
December 31, 2005 and the term will automatically renew for
successive one year periods, unless it is superceded by a new
agreement, terminated by either party at least ninety days prior
to the expiration of the initial term or corresponding renewal
term or terminated by a non-defaulting party after the default
of the other party is not remedied. The Prior Agreements
provided that they could be terminated upon shorter notice.

In addition to the purchase of handsets from Motorola, NII
Holdings has a number of important strategic and commercial
relationships with Motorola, which have been previously
disclosed in our periodic reports. NII Holdings uses a
transmission technology called integrated digital enhanced
network, or iDEN, technology developed by Motorola, Inc. iDEN
technology is a proprietary technology of Motorola, and there
are no other suppliers of this technology. NII Holdings
purchases handset accessories and a substantial portion of its
digital mobile network equipment from Motorola. NII Holdings'
equipment purchase agreements with Motorola govern its rights
and obligations regarding purchases of digital mobile network
equipment manufactured by Motorola. NII Holdings has minimum
purchase commitments under these agreements that, if not met,
subject it to payments based on a percentage of the commitment
shortfall. NII Holdings also has various equipment agreements
with Motorola. NII Holdings and Motorola have agreed to warranty
and maintenance programs and specified indemnity arrangements.
NII Holdings also pays Motorola for handset service and repair
and training and is reimbursed for certain costs that it incurs
under various marketing and promotional arrangements.

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


SABESP: Announces Payment of Interest on Own Capital
----------------------------------------------------
Sabesp - Cia. de Saneamento Basico do Estado de Sao Paulo (NYSE:
SBS) (Bovespa: SBSP3), the largest water and sewage utility
company in the Americas and the third largest in the world (in
terms of number of customers) informs Shareholders that, in a
meeting held on December 15, 2005, the Board of Directors of
Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP
approved the Full Executive Board proposal, after hearing the
Fiscal Council, pursuant to paragraph 2 of Article 38 of its
Bylaws, the declaration of payment of dividends in the form of
Interest on Own Capital, referring to the fourth quarter of 2005
to the shareholders on the reference date of December 28, 2005.

The Dividends as Interest on Own Capital, totaling one hundred
and fifty-eight million, sixty-one thousand, six hundred and
fifty-six reais and ninety-four cents (R$158,061,656.94)
corresponding to R$5.55 (five reais and fifty-five cents) per
thousand common shares will be paid no later than sixty (60)
days after the 2006 Annual Shareholders' Meeting.

Income tax shall be withheld from payment of dividends as
interest on own capital, pursuant to the laws in force, except
for the immune or exempt shareholders proving such condition
until March 31, 2006.

Said Interest on Own Capital will be declared and computed in
the calculation of the mandatory minimum dividends, as provided
in Article 38, Paragraph 2 of the Company's Bylaws and in
Paragraph 7 of Article 9 of Law 9249/95.

The shares now are traded ex-interest from December 29, 2005.

Further information may be obtained at any of Banco Itau S.A.'s
branches, which are specialized in assisting shareholders,
during banking hours.

CONTACT:  Sabesp
          Mario Sampaio
          Tel: +011-5511-3388-8664
          E-mail: maasampaio@sabesp.com.br

          Marisa Guimaraes
          Tel: +011-5511-3388-9135
          E-mail: marisag@sabesp.com.br
          URL: http://www.sabesp.com.br


SADIA: Unveils BRL850-Mln Investment for 2006
---------------------------------------------
Sadia organized on December 14, 2005 a lunch with journalists
from the Brazilian press. Were present at the event, the
Company's chairman, Mr. Walter Fontana Filho, the Company's CEO,
Mr. Gilberto Tomazoni and directors from several areas of the
Company. Many subjects were discussed in this lunch, such as
exports, investments, 2005 Christmas sales, Sadia's results in
2005 and perspectives for 2006. Among the main subjects that
were discussed, it is worth mentioning:

- The year of 2005 was very positive for Sadia. Gross
operational revenues amounted to BRL6.1 billion until the end of
September;

- In 2005, Sadia's gross operational revenues should grow 15% as
compared to the consolidated twelve months from the previous
year;

- Exports were one of the highlights of 2005. Sadia's sales to
foreign markets should grow 17% as compared to 2004. Until
September, gross operational revenues amounted to BRL3.1
billion.

- In 2005, Christmas sales are expected to be the best among the
last three years. It is forecasted a 12% growth in volumes as
compared to the same period last year;

- Throughout the year, Sadia has made investments that amounted
to BRL600 million, an increase from the BRL500 million announced
previously. These investments were directed to the Uberlandia,
Toledo and Francisco Beltrao units, and to the distribution
center in Jundiai;

- In 2005, Sadia hired 3,500 new employees, having finished the
year with over 44 thousand collaborators; and

- Until September 2005, Sadia had released 58 new products in
the domestic market. From 1998 to 2004 Sadia released 60
products per year on average.

Perspectives for 2006

- Sadia announced BRL850 million in investments for 2006. This
amount will be used mainly in the construction of the new units
in the State of Mato Grosso (Lucas do Rio Verde and Campo
Verde), as well as new projects in the Uberlandia unit (State of
Minas Gerais), Toledo and Ponta Grossa units (State of Parana).
These investments will also include improvements in the
operational process, giving the Company greater agility and will
allow better services to Sadia's clients, both national and
foreign. The first step in this process will be the creation of
a Service Center in Curitiba, where all departments involved in
sales and delivery logistics will work together;

- The investments will be financed through the Company's own
resources, BNDES, export financing and rural credit;

- In 2006, it is expected a 15% increase in the Company's EBITDA
margin as compared to 2005;

- As the economy is growing in a constant and moderate pace,
Sadia believes sales in the domestic market will have a good
performance and expects a 13% growth in 2006;

- It is also expected that exports will have a good performance.
It is expected a 15% growth in exports volumes.

CONTACT: Sadia S.A.
         Luiz Murat Jr.
         Director of Finance and Investor Relations
         Phone: 55 11 2113-3465
         Fax: 55 11 2113- 1785
         E-mail: grm@sadia.com.br

         URL: www.sadia.com.br

         Investor Relations
         Christiane Assis
         Phone: 55 11 2113-3552
         E-mail: Christiane.assis@sadia.com.br

         Silvia H. M. Pinheiro
         Phone: 55 11 2113-3197
         E-mail: silvia.pinheiro@sadia.com.br

         Carlos Eduardo T. Araujo
         Phone: 55 11 2113-3161
         E-mail: carlos.araujo@sadia.com.br

         Ligia Montagnani
         IR Consultant
         Phone: 55 11 3897-6405
         E-mail: Ligia.montagnani@firb.com


VARIG: Court Removes FRB from Airline's Control
-----------------------------------------------
Brazilian bankruptcy judges removed Thursday Fundacao Ruben
Bertha (FRB) from control of financially troubled flagship
airline Varig, reports Bloomberg.

Judges Marcia Cunha and Luiz Ayoub of the Rio de Janeiro state
business court issued the ruling, saying the foundation and its
holding company FRB-PAR Investimentos SA, which owns a majority
of Varig voting stock, acted in bad faith with creditors by
seeking to exit from bankruptcy protection.

Struggling under the weight of debts totaling approximately
BRL7.7 billion ($3.4 billion), Varig sought protection from
creditors through a bankruptcy procedure it began in July.
Creditors were scheduled to meet Dec. 16 to vote on a
restructuring plan and on Dec. 21, Varig must convince a U.S.
court it can pay owners of jets it leases or it will lose more
than half of its fleet.

On Thursday, however, FRB filed a petition seeking an abrupt end
of the bankruptcy protection. The petition was filed a day after
the bankruptcy court said FRB's decision to sell control of
Varig to local investor Nelson Tanure for US$112 million was
illegal. The court said creditors were the only group that could
approve a sale.

"They have benefited from almost 150 days where they have had
the most extreme protection from creditors and now, at the last
minute, they ask to end the protection," Judge Cunha told
journalists at the Rio de Janeiro-state courthouse. "We are only
four days from a restructuring deadline and it's clear that the
foundation's interests are no longer the best interests of the
company or creditors."

Despite the court's decision, Tanure remains interested in
Varig. The investor said he is working to win creditor approval
for the restructuring of Varig's debt before the Dec. 19
creditors meeting. If creditors approve his bid, he said he can
revive the airline.



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

KINGS POINT: Commences Voluntary Winding Up
-------------------------------------------
          KINGS POINT INTERNATIONAL FUND LTD.
                  (The "Company")
             (In Voluntary Liquidation)
              Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
shareholders of the Company by written resolution dated 17th
November 2005:

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

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

CONTACT: JOHN CULLINANE and DERRIE BOGGESS
         Joint Voluntary Liquidators
         Contact for enquiries: John Cullinane
         Telephone: (345) 914-6305
         c/o Walkers SPV Limited
         Walker House, P.O. Box 908
         George Town, Grand Cayman


NEOMAGIC INTERNATIONAL: Proofs of Claim Due Jan. 12
---------------------------------------------------
                   NEOMAGIC INTERNATIONAL
                  (In Voluntary Liquidation)
                       (The "Company")
              The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of this Company on 11th November 2005.

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

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

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


O-REIT 1: Taps Piccadilly Cayman as Liquidator
----------------------------------------------
                   O-REIT 1 (CAYMAN) LTD.
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

Take notice that the following special resolution was passed by
the shareholders of the abovementioned company on 29th November
2005.

"THAT the company be wound up voluntarily and that Piccadilly
Cayman Limited of PO Box 10632 APO, George Town, Grand Cayman,
be and is hereby appointed as liquidator for the purposes of
winding up the Company and that Piccadilly Cayman Limited shall
have the power to bind the company for the purposes of such
winding up."

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

CONTACT:  ELLEN J. CHRISTIAN
          For and on behalf of Piccadilly Cayman Limited
          Voluntary Liquidator
          Contact for enquiries: Ellen J. Christian
          Telephone: 345 945 9208
          Fax: 345 945 9210

          c/o BNP Paribas Private Bank & Trust Cayman
          Limited
          3rd Floor Royal Bank House, Shedden Road,
          George Town, Grand Cayman


ORIENT FUNDING: To be Voluntarily Wound Up
------------------------------------------
               ORIENT FUNDING CO., LTD
             (In Voluntary Liquidation)
          The Companies Law (2004 Revision)

The following special resolution was passed by the shareholder
of the above-named Company at an extraordinary general meeting
of the shareholder held on 30th November 2005.

"RESOLVED THAT the Company be voluntarily wound up and that
Kareen Watler and Sylvia Lewis be and are hereby appointed as
liquidators of the Company for that purpose."

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

CONTACT:  KAREEN WATLER and SYLVIA LEWIS
          Joint Voluntary Liquidators
          P.O. Box 1109GT, Grand Cayman
          Cayman Islands
          Contact for enquiries: Sylvia Lewis
          Telephone: 949-7755
          Facsimile: 949-7634


PHOENIX INVESTMENT: Appoints Liquidators for Winding Up
-------------------------------------------------------
                   Phoenix Investment Co. Ltd
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

The following special resolution was passed by the shareholder
of Phoenix Investment Co. Ltd at an extraordinary general
meeting of the shareholder held on November 23, 2005.

RESOLVED THAT the Company be voluntarily wound up and that
Kareen Watler and Sylvia Lewis be and are hereby appointed as
liquidators of the Company for that purpose.

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

Date of liquidation: November 23, 2005

CONTACT:  Ms. Kareen Watler and Ms. Sylvia Lewis
          Joint Voluntary Liquidators
          P.O. Box 1109GT, Grand Cayman
          Cayman Islands
          Telephone: 949-7755
          Facsimile: 949-7634


PMP ONE: Linburgh Martin, Jeff Arkley Chosen as Liquidators
-----------------------------------------------------------
                    PMP One (Cayman) Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of PMP One (Cayman) Limited at an extraordinary
general meeting of the shareholders held on November 25, 2005:

That the Company be voluntarily wound up and that Linburgh
Martin and Jeff Arkley, P.O. Box 1034GT, Grand Cayman, be and
are hereby appointed joint liquidators, to act jointly and
severally, for the purposes of such winding up.

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

CONTACT:  Mr. Linburgh Martin, Joint Voluntary Liquidator
          Neil Gray
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


PMP TWO (CAYMAN): Voluntary Liquidation Begins
----------------------------------------------
                   PMP Two (Cayman) Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of PMP Two (Cayman) Limited at an extraordinary
general meeting of the shareholders held on November 25, 2005:

That the Company be voluntarily wound up and that Linburgh
Martin and Jeff Arkley, P.O. Box 1034GT, Grand Cayman, be and
are hereby appointed joint liquidators, to act jointly and
severally, for the purposes of such winding up.

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

CONTACT:  Mr. Linburgh Martin, Joint Voluntary Liquidator
          Neil Gray
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


ST INVESTMENT: Proofs of Claim Due Dec. 30
------------------------------------------
             ST Investment One Funding Corporation
                  (In Voluntary Liquidation)
                  Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
shareholders of the Company by written resolution dated November
30, 2005:

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

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

Date of Publication: November 30, 2005

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



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

BAVARIA: SABMiller Buying Remaining 3% of Shares
------------------------------------------------
Giant brewer SABMiller Plc has started to buy the remaining 3%
of shares in Colombian brewer Bavaria SA it doesn't already own,
reports Dow Jones Newswires.

According to SABMiller spokesman Nigel Fairbrass, the South
Africa-based brewer is buying shares in the open market until
Dec. 23. Fairbrass revealed SABMiller is paying roughly the same
amount paid during the public tender offer carried out on Dec.
5.

SABMiller took a controlling 71.8% stake in Bavaria in a US$7.8
billion stock-and-cash deal, including debt and interests in
subsidiaries, announced with the then-controlling Santo Domingo
family in July. At the time, the offer was valued at about
US$19.97 per share.

On Dec. 5, SABMiller increased its stake in Bavaria to 97% when
it bought an additional 62.37 million shares in the Colombia
brewer for US$1.215 billion in a tender. SABMiller offered
US$19.48 per share during that tender, the same price it is
offering in this latest purchase, which is being handled by
Bogota-based brokerage Corredores Asociados.

Carlos Londono, a trader with Corredores Asociados, told Dow
Jones Newswires on Thursday that SABMiller is offering a price
as close as possible to US$19.48, multiplied by the exchange
rate on the date of the transaction.

"We have a permanent offer to buy the stocks and anyone who
wants to sell can do it," Londono said. The offer will remain
open until Dec. 23, he said.

"We are not paying anything more in pesos than what we paid on
December 5," said SABMiller's Mr. Faibrass.


PAZ DEL RIO: IFI Expects Final Stake Valuation in 1Q06
------------------------------------------------------
The government's industrial development agency (IFI) expects to
get the final valuation of its 6.9% stake in steelmaker Acerias
Paz del Rio (APR) by first quarter next year, reports Business
News Americas.

At the moment, Latinvesco Banca de Inversion is performing due
diligence of legal, accounting and fiscal aspects of APR as part
of IFI's plan to sell its stake in the iron and steel company,
according to IFI's legal advisor Sandra Castro.

Latinvesco is also analyzing the value of the 2.24% stake the
government owns through the finance ministry, meaning the final
valuation will cover the total 9.1% share.

In September, workers controlling 33.9% of the steelmaker
approved the sale of their share, while government officials of
Boyaca department, where the steelmaker is located, have
announced they will not sell their 20.9% stake.

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

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



===================
C O S T A   R I C A
===================

ICE: Awaits Regulator's Authorization to Increase Rates
-------------------------------------------------------
State telecoms monopoly ICE is seeking to increase its fixed
line and mobile phone rates by an average of 14%, explaining it
has not raised mobile rates since 2001 and fixed line rates
since 1997.

According to Business News Americas, ICE wants to raise the
basic monthly residential telephony rate to CRC2,110 (US$4.26)
from CRC1,850, as well as the basic monthly corporate telephony
rate to CRC2,450 from CRC2,150.

Also, ICE is seeking to increase excess pulse charge to CRC4.10
from CRC3.60 and line installation to CRC21,090 from CRC18,500.

The Company further wants to raise residential guarantee deposit
to CRC10,260 from CRC9,000, and corporate guarantee to CRC22,000
from CRC19,300.

Meanwhile, monthly rates for mobile phone services will rise to
CRC3,306 from CRC2,900 while excess minute charges will rise to
CRC34 from CRC30.

Costa Rica's public services regulator Aresep is now processing
ICE's request to increase its rates.



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

BALLY TOTAL: Taps Robert Moschorak as Managing Director
-------------------------------------------------------
Bally Total Fitness (NYSE: BFT) announced Thursday that
Robert Moschorak has joined the company as managing director of
franchise operations and development.  The addition of Mr.
Moschorak marks an important step towards the company's renewed
focus on franchising, which now that financial statements have
been filed, will play a strong role in the overall turnaround
plan.

Mr. Moschorak brings more than 20 years of domestic and
international franchising experience to Bally Total Fitness and
will be responsible for growing the company's business through
new market penetration in the United States and abroad.

"The recent filing of our financial statements clearly paves the
way towards a full scale implementation of our U.S. franchising
program," said Paul Toback, chairman and CEO of Bally Total
Fitness.  "Bob Moschorak brings a tremendous amount of
experience to our team and we are excited to have him on board
to lead this initiative now that we are able to focus on
building our business through franchising."

Mr. Moschorak comes to Bally from Midas International, where he
spent 14 years in high-level executive roles in the United
States and Europe.  Most recently, he was vice president of the
central region, where he was responsible for 500 franchised
locations across 17 states.  He holds an MBA degree from the
University of California, Irvine and a B.A. in Economics from
the University of California, Berkeley.

About Bally Total Fitness

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


GRUPO IUSACELL: BoNY Concludes Share Sale on Mexican Bourse
-----------------------------------------------------------
Grupo Iusacell, S.A. de C.V. (BMV: CEL) (the Company) announced
Thursday that The Bank of New York (BoNY) concluded the sale of
the Company's shares on the Mexican Stock Exchange (BMV)
corresponding to the American Depositary Receipts (ADRs) that
were not exchanged by shareholders in the established period of
time, in keeping with the process of termination of the
Company's ADR program in the U.S.

As previously detailed in press releases issued by the Company,
ADR holders had 60 days -- September 20 through November 20,
2005 -- to exchange ADRs for shares traded on the BMV. As of
November 21, 2005, BoNY started selling the shares corresponding
to ADRs that were not exchanged. The period has concluded for
the sale of shares by BoNY, and there are no remaining shares
corresponding to ADRs to be exchanged in the 60-day period.

As previously announced, 96.70% of Grupo Iusacell stockholders
approved termination of the ADR program during a Special
Shareholder Meeting on June 1, 2005.

About Iusacell

Grupo Iusacell, S.A. de C.V. (Iusacell, BMV: CEL) is a wireless
cellular and PCS service provider in Mexico with a national
footprint. Independent of the negotiations towards the
restructuring of its debt, Iusacell reinforces its commitment
with customers, employees and suppliers and guarantees the
highest quality standards in its daily operations offering more
and better voice communication and data services through state-
of-the-art technology, such as its new 3G network, throughout
all of the regions in which it operate.


GRUPO TMM: Launches Cash Tender Offer
-------------------------------------
Grupo TMM, S.A. (NYSE:TMM)(BMV:TMM A)("TMM"), a Mexican multi-
modal transportation and logistics company, initiated Thursday a
cash tender offer to purchase up to $331,018,794 aggregate
principal amount of its outstanding Senior Secured Notes due
2007 in accordance with the 2007 Notes Indenture.

TMM is making an offer to purchase up to $331,018,794 aggregate
principal amount of the 2007 Notes in accordance with Section
5.18 of the Indenture with the net cash proceeds remaining from
the recent sale of 18 million shares of Kansas City Southern
Common Stock. The purchase price in the offer is 100% of the
principal amount of the Notes, plus accrued and unpaid interest,
up to but not including the date of settlement. The offer is
scheduled to expire at 12:00 midnight, New York City time, on
Friday, January 13, 2006, unless extended. Noteholders may
withdraw their tender from the offer at any time prior to the
expiration date, unless extended. Specific details of the offer
are fully described in the Company Notice and Offer to Purchase
dated December 15, 2005.

The Bank of New York is the paying agent for the offer. Requests
for assistance or documentation should be directed to the paying
agent at The Bank of New York, Corporate Trust Operations,
Reorganization Unit, 101 Barclay Street--7 East, New York, New
York 10286, Attention: Mr. William Buckley, Telephone: (212)
815-5778. Beneficial owners of the Notes may also contact their
brokers, dealers, commercial banks, trust companies or other
nominee through which they hold the Notes with questions and
requests for assistance.

This press release is neither an offer to purchase nor a
solicitation of an offer to sell securities. The cash tender
offers are being made solely by the Company Notice and Offer to
Purchase and the related Letters of Transmittal, which are being
mailed to noteholders Thursday. Additional copies of these
documents and other offer materials may be obtained by
contacting the paying agent.

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

CONTACT:  Grupo TMM
          Juan Fernandez
          Phone: 011-525-55-629-8778
          E-mail: juan.fernandez@tmm.com.mx
                        or
          Brad Skinner
          Investor Relations
          Phone: 011-525-55-629-8725 or 203-247-2420
          E-mail: brad.skinner@tmm.com.mx
                        or
          Monica Azar
          Investor Relations
          Phone: 011-525-55-629-8866, ext. 3421
          E-mail: monica.azar@tmm.com.mx
                        or
          Dresner Corporate Services
          Kristine Walczak
          Investors, Analysts, Media
          Phone: 312-726-3600
          E-mail: kwalczak@dresnerco.com
                        or
          PROA/StructurA
          Marco Provencio
          Phone: 011-525-55-629-8708 or 011-525-55-442-4948
          E-mail: mp@proa.structura.com.mx

          URL: www.grupotmm.com


UNITED RENTALS: Acquires Sandvick Equipment & Supply Company
------------------------------------------------------------
United Rentals, Inc. (NYSE: URI) announced Thursday that it has
purchased the trench safety rentals and sales assets of Sandvick
Equipment & Supply Company, with headquarters in Phoenix,
Arizona. Sandvick has a total of six locations in Arizona,
California, Nevada and Texas.

Sandvick was established in 1965 and is one of the largest
suppliers of trench safety equipment and services in the
southwestern United States. During the last twelve months the
company's trench safety revenues were approximately $21 million.
The acquired company serves contractors, municipalities,
industrial entities and others involved in underground
construction.

Paul McDonnell, vice president, Trench Safety, Pump & Power
Region for United Rentals, said, "The acquisition of Sandvick
has given us an opportunity to increase our trench safety
locations with the assimilation of a well-respected company that
shares our focus on customer service. This acquisition expands
our footprint in the Southwest and enhances our capability to
solve the unique underground construction challenges of our
customers."

About United Rentals

United Rentals, Inc. is the largest equipment rental company in
the world, with an integrated network of more than 740 rental
locations in 48 states, 10 Canadian provinces and Mexico. The
company's 13,500 employees serve construction and industrial
customers, utilities, municipalities, homeowners and others. The
company offers for rent over 600 different types of equipment
with a total original cost of $3.96 billion. United Rentals is a
member of the Standard & Poor's MidCap 400 Index and the Russell
2000 Index(R) and is headquartered in Greenwich, Conn.

CONTACT: United Rentals, Inc.
         Chuck Wessendorf
         Tel: 203-618-7318
         E-mail: cwessendorf@ur.com

         Nicole Salas
         Tel: 203-618-7246
         E-mail: nsalas@ur.com
         URL: www.unitedrentals.com



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

DORAL FINANCIAL: Investigation Substantially Completed
------------------------------------------------------
Doral Financial Corporation (NYSE: DRL) (the "Company") stated
Thursday that the independent investigation being conducted by
Latham & Watkins LLP ("Latham") at the direction of the
Company's Audit Committee has been substantially completed.

As previously announced, as part of this investigation, Latham
examined the mortgage loan sale transactions between the Company
and several local financial institutions. After receiving
information from Latham concerning the results of its
investigation, on December 14, 2005, the Company's Audit
Committee decided to record the mortgage sales transactions with
FirstBank Puerto Rico (" FirstBank") as loans payable secured by
mortgage loans and to reverse the gains previously recognized
with respect to such transactions, because it is likely that at
the time of the transactions there were oral agreements or
understandings between former members of the Company's
management and First Bank providing recourse beyond the limited
recourse established in the written contracts. During the
restatement period, the Company entered into loan sale
transactions with FirstBank aggregating to approximately $3.9
billion. In addition, while the Company has not made a final
determination of the accounting treatment of the mortgage sale
transactions with other local financial institutions, it expects
that the accounting for these transactions will continue to
qualify for "sale" treatment under SFAS 140, except as set forth
below with respect to certain contemporaneous mortgage loans
purchase and sale transactions.

The Audit Committee also decided to reverse a number of
transactions involving the generally contemporaneous purchase
and sale of mortgage loans from and to local financial
institutions where the amounts purchased and sold, and other
terms of the transactions, were similar. These include
transactions with R&G Financial Corporation during the fourth
quarter of 2004 and the first quarter of 2005 covering the
purchase and sale of approximately $530 million in mortgage
loans, as well as transactions covering the purchase and sale of
approximately $ 200 million in mortgages with a local financial
institution during 2000 and approximately $445 million in
mortgages with another local financial institution during 2000
and 2001. The Company's Audit Committee determined that there
was insufficient contemporaneous documentation regarding the
business purpose for these transactions in light of the timing
and similarity of the purchase and sale amounts and other terms
of the transactions. Accordingly, the Audit Committee determined
to reverse the gains previously recognized with respect to these
sales and record the transactions as loan payables secured by
mortgage loans.

The Company also announced that, with the independent
investigation substantially completed, absent new information,
it anticipates that it will file its amended annual report on
Form 10-K for the year ended December 31, 2004 within
approximately 60 days, and its quarterly reports on Form 10-Q
for the first three quarters of 2005 as soon as practicable
after the filing of its amended annual report on Form 10-K.

As previously noted in its Form 8-K dated September 22, 2005,
the Company had estimated that the corrections of the accounting
issues addressed in the restatement would reduce its
consolidated stockholders' equity, on a pre-tax basis, by
approximately $720 million. As a result of the work completed to
date and the matters described above, while the accounting has
not been finalized, the Company currently estimates that its
consolidated stockholders' equity at December 31, 2004 will be
reduced, on a pre-tax basis, by approximately $910 million. The
Company expects that it and its banking subsidiaries will
continue to be "well capitalized" for bank regulatory purposes
as of December 31, 2005.

All the estimates included above are unaudited and have been
calculated on a pre-tax basis because the Company is still
calculating the required adjustments for tax accruals.

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

CONTACT:  Doral Financial Corporation
          Richard F. Bonini / Lucienne Gigante
          Phone: 212-329-3733


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

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