TCRLA_Public/051220.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, December 20, 2005, Vol. 6, Issue 251

                            Headlines

A R G E N T I N A

ACCESS PLANET: Enters Bankruptcy on Court Orders
AGUAS PROVINCIALES: Future Still Hangs in the Balance
ALPARGATAS: Commercial Court Kicks Off Debt Deal Review
BANCO RIO: Issues 637,333,559 New Preferred Shares
CAPEX: Ratings Reflect Weak Business, Financial Profile

FRIGOFRUIT S.A.: Informative Assembly Set for Dec. 21
PARMALAT ARGENTINA: Bethia Asked to Take Charge of Operations
SANTA ELENA: Court Converts Bankruptcy to Reorganization
TELECOM PERSONAL: Issues $380M Worth of Bonds, Loans


B A R B A D O S

BWA: Awaits Legislative Approval on $75M Debt Issue Guarantee


B E R M U D A

GLOBAL CROSSING: Amends MPP


B R A Z I L

BEC: Privatization Auction to Proceed Today
CEMIG: To Authorize Hiring of Offices to Render Legal Services
CEMIG: OKs Promissory Notes for Public Placement, Distribution
VARIG: Foundation Regains Control of Airline


C A Y M A N   I S L A N D S

AES IHB: Fitch Upgrades Certificates to 'B'
BPA-SIGMA: Commences Voluntary Winding Up
BROADWAY PARENT: Taps Liquidators to Oversee Winding Up Process
CASSIM LTD: Debt Particulars Due Jan. 16
DEVRAJ HOLDING: CDL Company to Oversee Winding Up

GAVIOTA INTERNATIONAL: Debt Particulars Due Jan. 16
INSINGER HOLDINGS: Members Decide on Voluntary Winding Up
RGA SIGMA: Global Captive Management to Oversee Winding Up
VIMA COMPANY: Shareholder Seeks Voluntary Winding Up


C H I L E

LE MANS DESARROLLO: Regulator Finalizing Bidding Rules
ROYAL SHELL: SEC Fines Company CLP303 Mln for Pipeline Leak


C O L O M B I A

CHIVOR: S&P Raises Corporate Credit Rating to 'B+'


D O M I N I C A N   R E P U B L I C

AES DOMINICANA: Places $160M, 10-Yr Notes in Int'l. Markets


E C U A D O R

ANDINATEL: Arbitration Case Not Yet Decided


H O N D U R A S

* HONDURAS: IMF Completes Reviews under PRGF Arrangement


J A M A I C A

DYOLL INSURANCE: Coffee Farmers Seek Timetable for Payments


M E X I C O

CENTRAL PARKING: Declares Regular Quarterly Cash Dividend
CYDSA: Issues Notice to Clear "El Norte" Report
GRUPO TMM: S&P Raises, Removes Ratings
MEXICANA: Shareholders Give Green Light to Posadas Deal
TV AZTECA: To Pay Ps.1,000 Mln Worth of Loans in 2006


V E N E Z U E L A

PDVSA: In Talks with Enap to Develop Joint Oil Projects

     -  -  -  -  -  -  -  -

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

ACCESS PLANET: Enters Bankruptcy on Court Orders
------------------------------------------------
Access Planet S.A. enters bankruptcy protection after Court No.
23 of Buenos Aires' civil and commercial tribunal, with the
assistance of Clerk No. 46, 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.

The trustee will be verifying creditors' claims against the
Company. Out of the verified claims, the trustee will prepare
individual reports. The trustee will also submit in court a
general report containing an audit of the Company's accounting
and business records.

The name of the trustee, the date for the end of the
verification phase and the deadlines for the reports are yet to
be disclosed.


AGUAS PROVINCIALES: Future Still Hangs in the Balance
-----------------------------------------------------
French services group Suez is considering two options for Aguas
Provinciales de Santa Fe: transfer its shares in the local water
concessionaire on January 13 or simply withdraw, dissolve the
Company and return the service to the state.

Business News Americas reveals that the options were discussed
during a recent informal shareholders'meeting.

The idea, according to Oscar Barrionuevo, general secretary of
the sanitary workers union and a director on the Aguas
Provinciales de Santa Fe board, is to maintain the structure of
the Company, which at the moment is in anarchy.

According to provincial Minister of Public Works Alberto
Hammerly, the informal shareholders' meeting implies that there
is willingness to continue with negotiations for the transfer of
the shares. "But we continue in a state of indecision. I say
that this is neither good nor bad."

While the debate continues over the future of Aguas
Provinciales, there are three groups vying for control when Suez
finally leaves: a group of investors headed by local businessman
Sergio Taselli, water company Latinaguas, and Fides Environment.

But reports suggest that the French are not too happy with any
of the proposals and may simply allow the firm to be dissolved,
which would force the province to take over.


ALPARGATAS: Commercial Court Kicks Off Debt Deal Review
-------------------------------------------------------
An Argentine court is now reviewing local textile producer
Alpargatas SA's US$600-million debt restructuring offer, reports
Dow Jones Newswires.

Alpargatas secured 92.21% approval from its creditors in October
and subsequently submitted the offer to the local court
overseeing its bankruptcy.

The Company said the commercial court has acknowledged the
existence of the debt restructuring deal. The formal
acknowledgement is the first step in a process that will later
involve the presentation of creditor objections and final
judicial approval of the debt offer.

Alpargatas filed for the local equivalent of Chapter 11
bankruptcy in December 2001 and presented its debt restructuring
offer in court in March 2004.


BANCO RIO: Issues 637,333,559 New Preferred Shares
--------------------------------------------------
Leading private bank Banco Rio de la Plata informed the local
stock exchange that it has issued 637,333,559 new preferred
shares at 1 peso (US$0.33) each, relates Business News Americas.

The bank, which is controlled by Grupo Santander in Spain,
reported a net loss of ARS46 million (US$15.5mn) in the third
quarter of the year, up from ARS7.3 million in the same period
last year. The loss is due to the liability payments made by the
Company to strengthen its balance sheet, which was severely
damaged by Argentina's economic and financial crisis in 2002.

As of September 30, the bank's assets fell 7.4% to ARS13 billion
compared to the same time 2004, while its net lending rose 12%
to ARS5.93 billion.

CONTACT:  BANCO RIO DE LA PLATA S.A.
          Bartolome Mitre 480
          1036 Buenos Aires, Argentina
          Phone: +54-14-341-1081-1580
          Fax: +54-14-341-1074-1084
          Web site: http://www.bancorio.com.ar


CAPEX: Ratings Reflect Weak Business, Financial Profile
-------------------------------------------------------
Rationale

The ratings on Argentinian electricity generator CAPEX S.A.
reflect the company's weak business and financial profile, which
derive from the high political and regulatory risk in Argentina
and also from the company's relatively high foreign-exchange
risk and limited financial flexibility. The ratings also
incorporate CAPEX's low cost position for electricity generation
in Argentina and favorable debt maturity schedule after the debt
restructuring.

CAPEX's financial profile benefited from the completion of the
restructuring of its financial debt in September 2005, which
resulted in a 14% reduction of its debt (to about US$260 million
as of Oct. 31, 2005 from about US$300 million as of July 31
2005) and in a significant extension of its debt maturity
profile (CAPEX will not face principal debt maturities in the
next two years). As a result, CAPEX's leverage improved to 58%
as of Oct. 31, 2005, if measured by total debt to total
capitalization compared with 74.5% as of April 2005. In
addition, CAPEX's cash generation significantly improved in the
fiscal years ending April 2004 and April 2005 mainly because of
higher electricity prices and, to a lesser extent, of higher oil
and liquefied natural gas prices. The higher electricity prices
in fiscal 2005 mainly reflect the higher variable cost of
natural gas plants as a result of the natural gas price
increases set by the Argentine government in 2004.

Standard & Poor's expects CAPEX's funds from operations to
represent between 15% and 20% of total debt in the next four
years under a conservative scenario, assuming a relatively
stable foreign exchange rate. In that scenario, CAPEX should
prepay long-term debt in accordance with mandatory cash-sweep
clauses included in the terms and conditions of the new debt,
which should result in better debt-service coverage ratios and
financial flexibility.

CAPEX's primary business is generating electricity in the
Comahue region in southwestern Argentina. Its thermal plant,
with six gas-fired units and one steam unit, has an installed
nominal capacity of 672 MW, representing about 3% of total
installed capacity in the Sistema Argentino de Interconexi˘n.
Although CAPEX engages in nonregulated businesses, such as crude
oil exploration and production and liquefied petroleum gas and
gasoline production, power generation continues to be the
company's core business (about 60% of sales). CAPEX is
controlled by Compa¤ˇa Asociadas Petroleras S.A., a privately
owned company that explores for, develops, produces, and sells
oil.

Liquidity

CAPEX's financial flexibility and liquidity should remain
restricted after the debt restructuring with limited access to
the financial markets. Standard & Poor's does not expect CAPEX
to maintain significant cash reserves in the medium term (the
company must keep a minimum cash position of US$5 million),
mainly because the new debt contains certain mandatory cash-
sweep clauses that will oblige CAPEX to apply most of the
potential excess cash flow to prepay debt and also carry out
additional capital expenditures. CAPEX's cash reserves amounted
to US$8 million as of Oct. 31, 2005. In addition, the terms and
conditions of the new debt contain various restrictive
covenants, including limitations on additional debt, maximum
capital expenditures and investments, and dividends.

Outlook

The stable outlook reflects Standard & Poor's expectation that
CAPEX will generate excess cash flow during the next three years
that will be partly applied to reduce its outstanding debt,
resulting in better debt-service coverage ratios. This scenario
assumes a relatively stable foreign exchange rate and some
recovery of electricity prices in the spot market in U.S. dollar
terms. The ratings on the company could be raised if debt-
service coverage ratios and financial flexibility significantly
improve. Nevertheless, the ratings could be lowered if the
company's cash flow generation is significantly affected by
further government intervention resulting in lower electricity
prices in U.S. dollar terms.

Primary Credit Analyst: Sergio Fuentes, Buenos Aires
(54) 114-891-2131; sergio_fuentes@standardandpoors.com

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


FRIGOFRUIT S.A.: Informative Assembly Set for Dec. 21
-----------------------------------------------------
The informative assembly for the reorganization of Frigofruit
S.A. will be tomorrow, Dec. 21, 2005.

The assembly is the final stage of reorganization where the
settlement proposal is presented to the Company's creditors for
approval.

Court-appointed trustee Gustavo D. Micciullo submitted a general
report on the Company's case on Aug. 1, 2005.

Frigofruit S.A. began reorganization following the approval
of its petition by Court No. 7 of Buenos Aires' civil and
commercial tribunal.

CONTACT: Frigofruit S.A.
         Avda San Martin 5830
         Buenos Aires

         Mr. Gustavo D. Micciullo, Trustee
         Avda Cordoba 1417
         Buenos Aires


PARMALAT ARGENTINA: Bethia Asked to Take Charge of Operations
-------------------------------------------------------------
Italian dairy and juicy company Parmalat has offered Chilean
group Bethia the opportunity to take charge of its Argentine
operations beginning 2006.

Bethia, which owns 24% of the Santa Fe province-based dairy firm
Milkaut, has already said it plans to take over the operation of
Parmalat in Argentina.

Bethia has already sent to Parmalat's headquarters in Italy an
investment plan for Argentina. It appears that Bethia would just
acquire trademark rights and pay a fee based on the total sales,
as it does in Chile.

Local businessman Sergio Taselli is currently running Parmalat's
Argentine operation but his license to use the brand is expiring
on December 28.

Bethia's President Carlos Heller said Parmalat decided not to
renew Taselli's license because the latter "deceived" the
Company.

Indeed, Taselli's spokespersons admitted that the Company is
facing labor conflicts that are paralyzing its output capacity.

Taselli filed for bankruptcy protection a week after buying
Parmalat's Argentine operations in an attempt to restructure its
in debts.

Bethia had been a candidate to acquire Parmalat Argentina in
2004, but its liabilities scared the Chilean group away.


SANTA ELENA: Court Converts Bankruptcy to Reorganization
--------------------------------------------------------
Santa Elena Bursatil Sociedad de Bolsa S.A. will proceed with
reorganization after a Buenos Aires Court converted the
Company's ongoing bankruptcy case into a "concurso preventivo",
states Infobae.

Under Insolvency protection, the Company will be able to draft a
proposal designed to settle its debts with creditors. The
reorganization also prevents an outright liquidation.

Mr. Adolfo Jorge Santos, the court-appointed trustee, will
verify creditors' proofs of claim until Feb. 15, 2006. Creditors
with unverified claims cannot participate in the Company's
settlement plan.

Mr. Santos will submit individual reports on the verified claims
Feb. 15, 2006. He will also present a general report on the
Company's bankruptcy case on May 16, 2006.

An informative assembly is set for Nov. 15, 2006.

CONTACT:  Santa Elena Bursatil Sociedad de Bolsa S.A.
          Maipu 255
          Buenos Aires

          Mr. Adolfo Jorge Santos, Trustee
          Junin 55
          Buenos Aires


TELECOM PERSONAL: Issues $380M Worth of Bonds, Loans
----------------------------------------------------
Telecom Argentina's wireless unit, Telecom Personal, issued
Friday US$380 million in three bonds and a syndicated loan,
reports Reuters.

The Company said it sold ARS43 million (US$14.3 million) in
peso-denominated bonds, maturing in December 2006 and offering a
fixed interest rate of 12%.

It also sold ARS87 million in peso-denominated bonds, maturing
in December 2008 and offering a variable interest rate.

The Company further sold US$240 million in dollar-denominated
bonds, offering a 9.25% annual interest rate and maturing in
2010.

The remainder of the debt came from a roughly US$100 million
loan by a group of local and foreign banks.

The funds will be used to buy back bonds issued in Telecom
Personal's restructuring last year of US$600 million in
defaulted debt.



===============
B A R B A D O S
===============

BWA: Awaits Legislative Approval on $75M Debt Issue Guarantee
-------------------------------------------------------------
The parliament is about to approve a bond issue guarantee for
BBD150 million (US$75.4 million) to facilitate the restructuring
of state water authority BWA's debt, reports Business News
Americas.

Barbados' Energy and Public Utilities Minister Anthony Wood
revealed that some BBD100 million will be used to refinance a
BWA loan, while the remaining BBD50 million will be used to fund
the utility's capital expenditure and other projects.

Mr. Wood stressed it is important for BWA to complete the works
it is undertaking in the western and northern sections of the
island.



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

GLOBAL CROSSING: Amends MPP
---------------------------
The Global Crossing Limited Key Management Protection Plan (the
"Original MPP") was amended and restated (as so amended and
restated, the "Revised MPP") on December 10, 2005.

The Original MPP was adopted by Global Crossing Limited (the
"Company") on December 9, 2003 and provided enhanced severance
benefits for the executive officers and certain other key
employees of the Company named in the Original Plan.
Specifically, if a participant's employment were terminated by
the Company (other than for cause or by reason of death or
disability), or if he or she were to terminate employment for
"good reason" (generally, an unfavorable change in employment
status or compensation), the Original MPP entitled him or her to
receive (i) a lump sum payment equal to the "severance
multiplier" times the sum of his or her annual base salary plus
target bonus opportunity (reduced by any cash severance benefit
otherwise paid to the participant under any other applicable
severance plan or severance arrangement), (ii) a prorated
portion of the annual target bonus for the year in which the
termination occurred, (iii) continuation of life and health
insurance coverages for a number of years equal to the
"severance multiplier" and (iv) payment for outplacement
services in an amount not to exceed 30% of his or her base
salary. Under the Original MPP, the "severance multiplier"
ranged from "1 times" to "3 times" depending on the seniority of
the participant in the Original Plan.

The Revised MPP contains terms and conditions substantially the
same as those of the Original MPP, except that (1) the
"severance multiplier" is now either "1.75 times" or "1 times"
for all plan participants depending on their seniority, (2)
minimum target bonus amounts have been established for purposes
of calculating severance, (3) the definition of "good reason"
has been amended to provide that reductions in base salary made
pursuant to and consistent with a broad-based reduction
applicable to all similarly situated executives does not
constitute "good reason" entitling participants to severance
payments under the plan, and
(4) the plan has effectively been extended from December 9, 2005
through December 31, 2007 as participant consent is required for
any amendment or termination to the plan made prior to December
31, 2007. The executive officers and other employees of the
Company named in the Revised MPP are eligible to participate,
and these include all "named executive officers" (as defined in
Item 402(a)(3) of Securities and Exchange Commission Regulation
S-K) except John J. Legere whose severance arrangements are
governed by his December 9, 2003 employment agreement.

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
===========

BEC: Privatization Auction to Proceed Today
-------------------------------------------
The Central Bank is scheduled to hold today the privatization
auction of state-owned bank Banco do Estado do Ceara (BEC) at
the Sao Paulo stock exchange, Dow Jones Newswires suggests.

The auction had been suspended since October amid a court
dispute over whether the purchaser of the bank could maintain
payroll accounts for state employees.

Last week the Supreme Court authorized the sale, as well as the
right of purchasers to maintain the accounts.

The minimum price for BEC had been set at BRL542 million US$232
million). Four banks have qualified to bid for BEC: Banco
Bradesco (BBD), Banco GE Capital (GEX.XX), Banco Itau (ITU) and
Unibanco (UBB).

BEC is one of three state banks that have remained under
government control since Brazil began to sell off its publicly
controlled banks in the mid-1990s.

The bank operates 70 branches in the northeastern state of Ceara
and has 278,000 customers. According to the tender for the sale,
the institution administers assets of more than BRL1.7 billion
and has total equity of BRL242.3 million. It posted a profit of
BRL65.8 million in 2004.


CEMIG: To Authorize Hiring of Offices to Render Legal Services
--------------------------------------------------------------
The Board of Directors of Companhia Energetica De Minas Gerais -
Cemig decided during a meeting held on December 15, 2005 at
10:00 a.m.:

1. To withdraw the 2006 Budget Proposal from the agenda.

2. To authorize the hiring of offices to render legal services
in the areas of labor law, debit collection and reimbursement of
consumers, qualification of credits in cases of bankruptcy and
judicial restructuring, power cuts, maintenance of possession
and repossession of property, and special civil and criminal
courts.

3. To approve a private issue of simple debentures for
subscription by the State of Minas Gerais.

4. To withdraw from the agenda the proposal referring to the
assignment of credit rights related to the CRC (Results to be
Compensated Account) and to the subscription of subordinated
shares in a fund investing in credit rights.

5. To approve the Project "CEMIG-SOX - Internal Control
Certification in compliance with the Sarbanes-Oxley Law", and to
authorize the initiation of an administrative process for the
waiver of a public tender and also the direct hiring of Deloitte
Touche Tohmatsu and SAP do Brasil Ltda., for the rendering of
consulting services for the implementation of the necessary
solutions in order to make this Project feasible.

CONTACT: Companhia Energetica De Minas Gerais - CEMIG
         Investor Relations:
         Phone: 31 3299-3930
                31 3299-4015
         URL: www.cemig.com.br
         E-Mail: ri@cemig.com.br
         Fax: 31 3299-3934
              31 3299-3933


CEMIG: OKs Promissory Notes for Public Placement, Distribution
--------------------------------------------------------------
Companhia Energetica de Minas Gerais - CEMIG Board of Directors
deliberated during its 365th meeting held on December 7, 2005 as
follows:

A) Approve the Company's issuing of Promissory Notes for public
placement and distribution in the local capital market, under
the terms of SEC Instruction 134/90 and, as applicable, of SEC
Instruction 400/03, and with simplified registration under the
terms of SEC Instruction SEC 155/91, obeying the following
characteristics:

a) Issuing value: BRL900,000,000.00;

b) Amount and series: 90

Promissory Notes of a single series will be issued;

c) Nominal unit value: BRL10,000,000.00, on the issuing date;

d) Form: nominative. The promissory notes will be issued
physically and deposited at an institution that is licensed to
render custody services;

e) Remuneration: the Promissory Notes will be remunerated based
on the equivalent of the average daily interest rate of the
Inter-financial Deposit Certificates (Certificados de Depositos
Interfinanceiros, CDI) for one day "over extra-group" CDI,
expressed in the yearly percentage form, based on 252 days,
added of a "spread" equivalent to 1.70% a year, calculated and
divulged daily by the CETIP (the Custody and Liquidation
Chamber) in the Informativo Diario (Daily Bulletin), available
on the Internet (http://www.cetip.com.br),and in the Gazeta
Mercantil newspaper, national edition. The rates will be
calculated in an exponential and cumulative manner, "pro rata
temporis," based on sequential business days, incurring on the
Promissory Notes' unit nominal value from the issuing date to
the expiry date;

f) Term: the Promissory Notes will be redeemed based on their
Nominal Unit Value added of the applicable remuneration and will
have a term of 180 days, beginning on the issuing date;

g) Place of payment: the Promissory Notes will be redeemed by
the Company at its main office, at a financial institution hired
for this purpose, or via the CETIP, as the case may be;

h) Guarantee: the Promissory Notes will have no type of
guarantee; and,

B) authorize the Executive Board to adopt all of the remaining
measures necessary to make put this deliberation into effect.

CONTACT: Companhia Energetica De Minas Gerais - CEMIG
         Investor Relations:
         Phone: 31 3299-3930
                31 3299-4015
         URL: www.cemig.com.br
         E-Mail: ri@cemig.com.br
         Fax: 31 3299-3934
              31 3299-3933


VARIG: Foundation Regains Control of Airline
--------------------------------------------
The Rubem Berta Foundation has regained control of bankrupt
carrier Viacao Aerea Rio-Grandense SA (Varig).

On Friday, Judge Siro Darlan of the Rio de Janeiro state court
overturned a prior bankruptcy court decision that ousted the
foundation from the management of the airline.

In his decision, Darlan said creditors of the airline must hold
an assembly to oust the airline's management.

Also on Friday, the bankruptcy judge in the case ordered
suspension of a meeting scheduled for Dec. 19 between creditors
and Varig managers in order to give managers more time to
prepare a business plan for the airline.

Varig sought protection from creditors through a bankruptcy
procedure that began in July. Under terms set by the bankruptcy
court, Varig has until Jan. 8 to present a restructuring plan.



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

AES IHB: Fitch Upgrades Certificates to 'B'
-------------------------------------------
Fitch Ratings has upgraded the rating on $300 million of 11.5%
trust certificates issued by AES IHB Cayman, Ltd. (IHB) to 'B'
from 'B-'. In conjunction, Fitch has also affirmed the national
scale rating of AES Tiete S.A. (Tiete) at 'BBB+(bra)'. Both
ratings have a Stable Outlook by Fitch.

The upgrade reflects the improvement of the credit-protection
measures of the underlying operating company (Tiete, a publicly
traded, Brazilian, hydroelectric generation company) and the
recent upgrade of Eletropaulo Metropolitana Eletricidade de Sao
Paulo S.A. (Eletropaulo), Tiete's primary offtaker, to 'B+' from
'B' (to 'BBB(bra)' from 'BB+(bra)' on the Brazilian national
scale). The certificates are guaranteed by AES Tiete
Empreendimentos S.A. (TE), the controlling shareholder, AES
Tiete Participacoes S.A. (TP) and AES Tiete Holding, LTD.,
holding companies of Tiete, and the shares owned by these
companies are pledged as collateral. The rating of the
certificates is based on the underlying credit strength of Tiete
and the quality and amount of dividends and distributions
available to IHB to pay the debt on the certificates.

Eletropaulo will be Tiete's sole contractual offtaker beginning
in 2006. Eletropaulo is the electricity distributor serving 24
municipalities in the greater Sao Paulo metropolitan area, and
like Tiete, is controlled by Brasiliana Energia S.A.
(Brasiliana) (a holding company owned by The AES Corp., 50,01%
of ordinary shares, and BNDES, 49,99% of ordinary shares and
100% of preferred shares). Tiete benefits from a base of
inflation-indexed contracted revenues (adjusted each July in the
case of Eletropaulo), increasingly derived from a long-term
power purchase agreement (PPA) with Eletropaulo. The Eletropaulo
PPA has been increasing by 25% each January since 2003 and is
more favorably priced at BRL132.73/MWh (since July 2005)
compared with Tiete's initial contracts (between BRL61.68 and
BRL75.99/MWh), which the Eletropaulo PPA is replacing. As a
result, Tiete's revenue, EBITDA and net income have been
improving since 2003 and should continue as the PPA with
Eletropaulo fully ramps up in 2006.

Tiete reported net revenue of BRL899.4 million in the first nine
months of 2005, up 21.4% in comparison with the same period of
2004, primarily due to the replacement of the lower priced
initial contracts with the Eletropaulo PPA. EBITDA increased
25.1% to BRL734.1 million for the comparable period. Tiete's
operating cost structure is low and relatively stable, and
operating company debt service is easily manageable. Operating
company debt decreased 6.0% from September 2004 to September
2005 to BRL1.5 billion resulting in a total debt/EBITDA ratio of
1.5 times (x). The company also has a low amount of debt
maturing in the short-term (BRL142.2 million or 9.5%) compared
with cash and short-term investments of BRL633.8 million.
Increased net income has resulted in higher dividends to service
certificates.

During 2005, Tiete has distributed dividends sufficient to pay
US$61.5 million in deferred and accrued interest on the
certificates and accumulate an additional US$13.8 million in the
reserve account for a total of approximately US$29 million as of
October 2005. All requirements under the certificates have been
met, including a minimum US$15 million payment during 2005 and a
cash reserve higher than the immediately succeeding scheduled
semi-annual payment of interest and principal.

Tiete is directly owned by AES Tiete Empreendimentos S.A. and
AES Tiete Participacoes S.A., subsidiaries of Brasiliana. TE and
TP own 71.3% of the voting shares of Tiete, representing
approximately 43.9% of the company's total capital stock. While
TE and TP have effective control, they receive only 42.5% of
dividends and distributions from Tiete, which provides the cash
flow to service the certificates. TE and TP forward all receipts
to IHB in form of intercompany loan debt payment in order for
IHB to meet its debt-service obligations.

CONTACT:  FITCH RATINGS
          Jason Todd, 312-368-3217 (Chicago)
          Mauro Storino, +5521 4503-2600 (Rio de Janeiro)

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


BPA-SIGMA: Commences Voluntary Winding Up
-----------------------------------------
                   BPA-SIGMA GP I LDC
                     (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 11th May
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 of Notice: December 1, 2005

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


BROADWAY PARENT: Taps Liquidators to Oversee Winding Up Process
---------------------------------------------------------------
               BROADWAY PARENT INC
             (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.

THAT the Company be voluntarily wound up and that Cereita
Lawrence and Scott Aitken be and are hereby appointed as
liquidators of the Company for the purpose of winding up the
Company.

Creditors of this company are to prove their debts or claims on
or before the 30th 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:  CEREITA LAWRENCE and SCOTT AITKEN
          Joint Voluntary Liquidators
          Contact for enquiries: Cereita Lawrence
          Telephone: (345) 949-7755
          Facsimile: (345) 949-7634
          P.O. Box 1109GT, Grand Cayman


CASSIM LTD: Debt Particulars Due Jan. 16
----------------------------------------
                      CASSIM LTD.
              (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

TAKE NOTICE THAT the following special resolution was passed by
the shareholder of the above-mentioned Company on the 30th
November 2005.

That the Company be voluntarily wound up and CDL Company Ltd. be
appointed liquidator for the purposes of such winding-up.

Creditors of the above-named Company, which is being wound up
voluntarily, are required on or before 16th January 2006, to
send in their names and addresses and particulars of their debts
or claims and the names and addresses of their attorneys-at- law
(if any) to the undersigned, the liquidator of the said company,
and if so required by notice in writing from the said
liquidator, either by their attorneys-at-law or personally, to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT:  CDL COMPANY LTD.
          Voluntary Liquidator
          P.O. Box 31106SMB, Grand Cayman


DEVRAJ HOLDING: CDL Company to Oversee Winding Up
-------------------------------------------------
                 DEVRAJ HOLDING CO. LTD.
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

TAKE NOTICE THAT the following special resolution was passed by
the shareholder of the above-mentioned Company on the 30th
November 2005.

"That the Company be voluntarily wound up and CDL Company Ltd.
be appointed liquidator for the purposes of such winding-up."

Creditors of the above-named Company, which is being wound up
voluntarily, are required on or before 16th January 2006, to
send in their names and addresses and particulars of their debts
or claims and the names and addresses of their attorneys-at- law
(if any) to the undersigned, the liquidator of the said company,
and if so required by notice in writing from the said
liquidator, either by their attorneys-at-law or personally, to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT:  CDL COMPANY LTD.
          Voluntary Liquidator
          P.O. Box 31106SMB, Grand Cayman


GAVIOTA INTERNATIONAL: Debt Particulars Due Jan. 16
---------------------------------------------------
                GAVIOTA INTERNATIONAL LTD.
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

TAKE NOTICE THAT the following special resolution was passed by
the shareholder of the above-mentioned Company on the 1st
December 2005.

That the Company be voluntarily wound up and CDL Company Ltd. be
appointed liquidator for the purposes of such winding-up.

Creditors of the above-named Company, which is being wound up
voluntarily, are required on or before 16th January 2006, to
send in their names and addresses and particulars of their debts
or claims and the names and addresses of their attorneys-at- law
(if any) to the undersigned, the liquidator of the said company,
and if so required by notice in writing from the said
liquidator, either by their attorneys-at-law or personally, to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT:  CDL COMPANY LTD.
          Voluntary Liquidator
          P.O. Box 31106SMB, Grand Cayman


INSINGER HOLDINGS: Members Decide on Voluntary Winding Up
---------------------------------------------------------
                   INSINGER HOLDINGS
                    ("The Company")
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

The following resolution of the members of the Company was
passed at an extraordinary general meeting of the shareholders
of the Company held on 28th November 2005:

That the Company be wound up voluntarily and That Woodward L.
Terry, c/o 2nd Floor, Jack & Jill Building, P.O. Box 822GT,
Grand Cayman, Cayman Islands, be and is hereby appointed sole
liquidator of the Company.

Creditors of the Company are required on or before 28th February
2006, to send in their names and addresses and the particulars
of their debts or claims and the names and addresses of their
attorneys-at-law (if any) to the liquidator of the said Company
as set out below, and if so required by notice in writing from
the said liquidator either by their attorneys-at-law or
personally to come in and prove the said debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT:  WOODWARD L. TERRY
          Voluntary Liquidator
          Contact for Enquiries: Woodward L. Terry
          c/o Woodward Terry & Company
          Telephone: 345-945-2800
          Facsimile: 345-945-2727

          2nd Floor Jack & Jill Building
          Suite #10, 19 Fort Street
          c/o P.O. Box 822GT, Grand Cayman
          Cayman Islands


RGA SIGMA: Global Captive Management to Oversee Winding Up
----------------------------------------------------------
               RGA SIGMA REINSURANCE SPC
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

TAKE NOTICE THAT the following resolution was passed as a
special resolution by the shareholders of the above-mentioned
company by written resolution dated 28th November 2005.

That the Company be voluntarily wound up and that Global Captive
Management Ltd. of Genesis Building, P.O. Box 1363GT, Grand
Cayman, Cayman Islands, be appointed liquidator of the Company
for the purposes of such winding-up.

NOTICE IS HEREBY GIVEN that the creditors of the above-named
Company, which is being wound up voluntarily, are required
within 30 days 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.

Dated this 12th day of December 2005.

CONTACT:  PETER MACKAY
          GLOBAL CAPTIVE MANAGEMENT LTD.
          Voluntary Liquidator
          Global Captive Management Ltd.
          Genesis Building, P.O. Box 1363GT
          Grand Cayman, Cayman Islands
          Telephone: (345) 949 7966


VIMA COMPANY: Shareholder Seeks Voluntary Winding Up
----------------------------------------------------
                        VIMA COMPANY
                (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

TAKE NOTICE THAT the following special resolution was passed by
the shareholder of the above-mentioned Company on the 30th
November 2005.

That the Company be voluntarily wound up and CDL Company Ltd. be
appointed liquidator for the purposes of such winding-up.

Creditors of the above-named Company, which is being wound up
voluntarily, are required on or before 16th January 2006, to
send in their names and addresses and particulars of their debts
or claims and the names and addresses of their attorneys-at- law
(if any) to the undersigned, the liquidator of the said company,
and if so required by notice in writing from the said
liquidator, either by their attorneys-at-law or personally, to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT:  CDL COMPANY LTD.
          Voluntary Liquidator
          P.O. Box 31106SMB, Grand Cayman



=========
C H I L E
=========

LE MANS DESARROLLO: Regulator Finalizing Bidding Rules
------------------------------------------------------
Securities and insurance regulator, the SVS, is close to issuing
the bidding rules for the sale of the annuities portfolio of
bankrupt life insurer Le Mans Desarrollo, says Business News
Americas.

Le Mans was intervened in 2003 following the collapse of its
parent, local financial group Inverlink, whose owners stand
accused of fraud involving the central bank and state
development agency Corfo.

In September, the Company's liquidator began a roadshow to sell
its annuities portfolio. According to reports, five or six
parties have shown an interest in the sale.


ROYAL SHELL: SEC Fines Company CLP303 Mln for Pipeline Leak
-----------------------------------------------------------
Royal Dutch Shell's Chilean unit was fined CLP303 million
(US$590,000) by energy regulator SEC for a pipeline leak that
spilled diesel into the subsoil of a beach north of Antofagasta,
Business News Americas reports.

SEC decided to fine the Company following discovery that the
pipeline was not properly maintained or inspected, and that it
lacked proper protection against external corrosion, resulting
to the leak.

Diesel had leaked into the subsoil for 2-6 months before it was
discovered. Between 400,000 and one million liters of diesel was
lost into the subsoil.

Shell had recovered about 565,202 liters of the spilled fuel
through October 31 this year.



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

CHIVOR: S&P Raises Corporate Credit Rating to 'B+'
--------------------------------------------------
Standard & Poor's Ratings Services has raised its corporate
credit and senior secured debt ratings on Colombian hydropower
generator Chivor S.A. E.S.P. to 'B+' from 'B', reflecting the
better-than-expected cash flow generation that has led to
better-than-anticipated debt reduction during 2005, thus
strengthening the company's financial profile.

The upgrade incorporates expectations of a continuation of this
trend in the next two years, fueled by more favorable contracted
and spot market prices for power in Colombia. The outlook is
stable.

"The ratings on Chivor reflect the challenges of operating in
the highly competitive and largely hydro-based Colombian
electricity system and the company's volatile cash flow
generation, coupled with its still relatively weak, but
improving, debt service coverage ratios," said Standard & Poor's
credit analyst Sergio Fuentes.

Chivor's ratings also incorporate a limited degree of financial
flexibility deriving from restrictive terms and conditions
defined by the company's outstanding debt. These weaknesses are
partly offset by the company's sizable portfolio of power sales
contracts, mainly with local electric distribution companies at
a fixed price in Colombian pesos and indexed by local inflation.

In addition, Chivor is a low-cost generator in Colombia's
electric system and benefits from a relatively large dam and a
favorable hydrology in its region.

Chivor is the fourth-largest power generator in Colombia. Its
1,000 MW hydropower plant represents about 8% of the country's
total installed capacity. Chivor was privatized and acquired by
Chile's largest thermal generator, AES Gener S.A.
(BB+/Positive/--) in December 1996. The AES Corp.
(B+/Positive/--) acquired AES Gener in January 2001.

"The stable outlook reflects Standard & Poor's expectations
that, through debt reductions and cash flow improvements, Chivor
will maintain a financial profile commensurate with the rating
category," Mr. Fuentes added.

The ratings could be raised if the company's debt service
coverage ratios further improve to more than 3.5x and 25% if
measured by FFO interest coverage and FFO to average total debt
combined, and financial flexibility increases in line with
better credit quality. However, a deterioration of market
conditions in Colombia or an increase in debt levels could
pressure the current ratings.

Primary Credit Analyst: Sergio Fuentes, Buenos Aires
(54) 114-891-2131; sergio_fuentes@standardandpoors.com

Secondary Credit Analysts: Federico Mora, Mexico City
(52) 55-5081-4436; federico_mora@standardandpoors.com

Marta Castelli, Buenos Aires (54) 114-891-2128;
marta_castelli@standardandpoors.com



===================================
D O M I N I C A N   R E P U B L I C
===================================

AES DOMINICANA: Places $160M, 10-Yr Notes in Int'l. Markets
-----------------------------------------------------------
AES Dominicana Energia Finance, S.A. (AES Dominicana) has placed
in international markets US$160 million notes maturing in 2015
and carry an interest rate of 11%, reports Business News
Americas.

Proceeds of the bond issuance will be used to refinance existing
debt at AES Dominicana's two power generation operating
companies - Andres B.V. and Dominican Power Partners (DPP) - and
provide new working capital.

The issuance has been assigned a B- international foreign
currency rating by Fitch Ratings. The rating reflects the high
quality of AES Dominicana's assets, its diversified portfolio of
assets including power generation, LNG terminal, gas pipeline,
and power purchase agreements (PPAs), its competitive advantage
in terms of LNG, and the Company's experienced management team
as well as a US$23.5 million guarantee from US parent AES (NYSE:
AES).

However, the rating also reflects the Company's high dependency
on the government for payments, the systemic problems that have
characterized the Dominican Republic energy sector, low
availability of the power plants due to lack of fuel, and the
challenges of increasing collections from end-users to provide
sufficient cash to the generation companies to meet working
capital requirements, Fitch said.



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

ANDINATEL: Arbitration Case Not Yet Decided
-------------------------------------------
The Quito chamber of commerce arbitration board has not yet
issued a decision regarding the interconnection payment dispute
between Ecuadorian operators Adinatel and Porte.

This declaration, which, according to Business News Americas was
made by a source at Andinatel parent company Fondo de
Solidaridad (FS), contradicts reports published by local dailies
El Comercio and Expreso on November 29 and 30, respectively.

The local dailies had reported that the chamber of commerce
hearing the case had ordered Andinatel to pay Porta US$15
million of the US$29.5 million debt originally claimed. An
Andinatel confirmed this information on December 1, adding that
Andinatel was still analyzing the ruling.

However, FS executive advisor Gustavo Encalada denied this
information categorically.

"The arbitration case has still not been decided. The chamber of
commerce has not made any legal decision. It has not issued any
sentence," Encalada told Business News Americas Friday.

If true, this could mean that Andinatel may be forced to pay
almost double the amount previously announced.



===============
H O N D U R A S
===============

* HONDURAS: IMF Completes Reviews under PRGF Arrangement
--------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF) has
completed the third review of Honduras' performance and the
financing assurances review under an SDR 71.2 million (about
US$102.7 million) Poverty Reduction and Growth Facility (PRGF)
arrangement approved on February 27, 2004.

The completion of this review allows Honduras to draw a further
SDR 10.17 million (about US$14.7 million), bringing the total
amount released under the arrangement to SDR 40.68 million
(about US$58.7 million). In completing the review, the Board
approved the request for waiver and modification of performance
criteria. The Board waived the non-observance of the performance
criterion on unfinanced budget appropriations.

Following the discussion of the Executive Board, Mr. Agustin
Carstens, Deputy Managing Director and Acting Chair, made the
following statement:

"The Honduran authorities' implementation of sound macroeconomic
policies and progress with structural reforms under their Fund-
supported program have continued to produce positive results. In
2005 economic growth has remained robust, while inflation will
fall despite higher fuel prices. The external sector has
strengthened significantly on account of substantial family
remittances and higher exports. Prospects are good for continued
economic growth and a further decline in inflation in 2006.

"The fiscal position has also strengthened, owing in particular
to control over public expenditures-including the wage bill-and
better-than-expected tax collections. Resolute implementation of
the authorities' medium-term fiscal strategy will be critical to
maintain macroeconomic stability and fiscal sustainability. Key
fiscal challenges ahead will be to keep control over the wage
bill in a sustainable manner, including by integrating teachers'
benefits and salaries, to implement a prudent budget for 2006
and other identified measures to offset the fiscal impact of
telecom reform and the implementation of the Central American
Free Trade Agreement, and to address the deteriorating financial
condition of the public electricity firm.

"Structural reforms continue to advance, including the
strengthening of the central bank's ability to conduct monetary
policy and reduce inflation. Prudential regulations are being
tightened to enhance financial sector soundness, particularly in
relation to commercial banks' foreign currency operations. The
authorities are also returning to a flexible pricing mechanism
for petroleum products to limit the cost of fuel subsidies and
improve economic efficiency. To cushion the impact of high oil
prices on vulnerable groups, the authorities have introduced
targeted subsidies and an expanded social safety net.

"Honduras is now entering a political transition, with a new
government taking office in January 2006. While the new
administration will establish its own policy priorities, its
commitment to protect the core elements of the economic program
will position Honduras to make significant gains in entrenching
growth and fighting poverty in the years to come," Mr. Carstens
said.

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

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



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

DYOLL INSURANCE: Coffee Farmers Seek Timetable for Payments
-----------------------------------------------------------
More than 10,000 coffee farmers are becoming impatient due to
the lack of timetable for the settlement of insurance payments,
according to the Observer Reporter.

Senator Norman Grant, president of the Jamaica Agricultural
Society (JAS), said in a letter to Graham Dunkley, director
general of the Coffee Industry Board (CIB) and John Lee of
PriceWaterhouseCoopers, liquidator for the Dyoll Insurance
Company, that the matter was extremely important as the coffee
farmers have gone 14 months without any support, despite facing
a number of disasters.

"It is totally unacceptable to have the farmers waiting, without
knowing exactly what is the timetable for settlement," Senator
Grant said in the letter.

Also, under the Hurricane Ivan restoration process, the
government, through the insurance scheme operated by the CIB,
was expected to compensate coffee farmers. But according to
Grant, the farmers did not receive any support from the
government.

The coffee farmers, Senator Grant said, were anxiously awaiting
the decision of the board and the liquidator.

In the meantime, he demanded that a statement be issued
immediately, outlining the status of the court proceedings and
the likely date for the payments to be made.

"We are maintaining that the total payment of US$3.2 million
that is due to the farmers should be made and would ask that you
also confirm the full amount that will be paid to the farmers,"
his letter said.



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

CENTRAL PARKING: Declares Regular Quarterly Cash Dividend
---------------------------------------------------------
Central Parking Corporation (NYSE:CPC) announced Friday that its
Board of Directors has declared a regular quarterly cash
dividend of $0.015 (one and one-half cent) per share for the
Company's common stock. The quarterly cash dividend will have a
record date of December 30, 2005 and will be distributed to
shareholders on January 17, 2006. Central Parking Corporation
has approximately 32 million shares of common stock outstanding.

Central Parking Corporation, headquartered in Nashville,
Tennessee, is a leading global provider of parking and
transportation management services. As of September 30, 2005,
the Company operated approximately 3,400 parking facilities
containing more than 1.5 million spaces at locations in 37
states, the District of Columbia, Canada, Puerto Rico, the
United Kingdom, the Republic of Ireland, Mexico, Chile, Peru,
Colombia, Venezuela, Germany, Switzerland, Poland, Spain, Greece
and Italy.

CONTACT:  Central Parking Corporation
          Nashville Investors: Jeff Heavrin
          Tel: 615-297-4255
          E-mail: jheavrin@parking.com


CYDSA: Issues Notice to Clear "El Norte" Report
-----------------------------------------------
In connection with the article published on December 5, 2005 in
the Business Section of the newspaper "El Norte" in the sense
that "Grupo Mexichem... ...analyzes the acquisition of the
Chemicals and Plastics Division" of CYDSA, relevant information
follows:

1. The Businesses of the Chemicals and Plastics Division
incorporate a group of strategic Businesses integrating its
Basic Portfolio. Therefore, they have not been offered for Sale,
neither Acquisition Offers exist, nor form part of any
Divestiture Process.

2. These Businesses have totally restructured their Bank Debt
and have been repaying it punctually, in accordance with its
amortization and payment schedules, even making prepayments of
such Debt.

3. The strategy for strengthening CYDSA's Businesses consists
in, among other elements, promoting contacts and evaluating
Strategic Alliances with Industrial Groups ultimately adding
value to its Business Portfolio. For this purpose, CYDSA has
approached several Domestic and International Industrial Groups.

It is important to point out that, as of to date, no formal
analysis or evaluation process for a potential Alliance or
Divestiture of any Business Unit of the Chemicals and Plastics
Division has been initiated, neither with Mexichem nor with any
other Company or Institution.

4. CYDSA has prepaid an important portion of its Debt to the
Holders of Debentures. The original amount of this Debt reached
the sum of US$25.5 million, while the current balance amounts to
US$12.2 million and CYDSA does not have any payment obligations
during the year 2006.

Date of Notice: Dec. 6, 2005


GRUPO TMM: S&P Raises, Removes Ratings
--------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Grupo TMM S.A. (TMM) to 'B-' from 'CCC.' The rating
was removed from Creditwatch, where it was placed on Dec. 15,
2004. The outlook is positive.

The upgrade reflects TMM's use of cash proceeds from
Transportacion Ferroviaria Mexicana (TFM; BB-/Negative/--)'s
acquisition by Kansas City Southern (KCS; BB-/Stable/--) to
reduce debt.

"The rating on TMM reflects its weak cash flow generation and
the inherent risks associated with the capital-intensive and
competitive shipping industry," said Standard & Poor's credit
analyst Juan P. Becerra. "These factors are partially offset by
its position as the largest integrated logistics company in
Mexico and an improved balance sheet."

Although TMM's cash flow generation has improved during 2005, it
remains weak. TMM's interest coverage, as of Sept. 30, 2005, was
0.1x. The company's cash flow generation could improve in the
coming years. Nevertheless, this is highly dependent on the
company's success in upcoming bids for maritime transportation
contracts in Mexico. TMM is expected to participate in bids for
new vessels that will start operations in 2006. Standard &
Poor's believes that the corresponding increase in revenues,
coupled with higher margins, could lead to an interest coverage
ratio above 2.0x and a total debt/EBITDA ratio of about 5.0x.

The sale of TMM's stake in KCS will lead to a significant
reduction in TMM's debt, to $150 million from $420 million.
However, we expect that TMM will finance the vessels required to
satisfy future contractual commitments with debt. We believe
that the debt associated with the aforementioned contracts would
be about $50 million per contract.

Grupo TMM is the largest Mexican logistics and transportation
company and is one of the main providers of logistical
outsourcing services, trucking, specialized maritime, and port
management in Mexico.

TMM's rating could be raised if the issuer is able to win future
contracts and improves its operating and financial performance
during the year, particularly its operating and free operating
cash flow generation. Failure to win upcoming bids would lead to
a stable outlook.

Primary Credit Analyst: Juan P Becerra, Mexico City
(52) 55-5081-4416

Secondary Credit Analyst: Santiago Carniado, Mexico City
(52) 55-5081-4413; santiago_carniado@standardandpoors.com


MEXICANA: Shareholders Give Green Light to Posadas Deal
-------------------------------------------------------
Shareholders of government-run airline holding company Cintra SA
unanimously approved Friday the sale of Mexicana, the country's
second-biggest airline, to local hotel chain Grupo Posadas SA.

According to Dow Jones Newswires, Cintra expects the deal to
close by Dec. 28.

Posadas is buying Mexicana and low-cost carrier Click, and will
take a 50% stake in Cintra's ground services unit, cargo
division, personnel training unit, and other airline services.

The hotel chain is paying US$165.5 million plus debt and other
financial obligations, setting the value of the carrier at
US$1.46 billion.

Last week, Cintra said it will try to sell Aeromexico, the
nation's biggest airline, for a second time early next year. It
previously rejected the bid for the airline, deeming it too low.

The government will announce in January whether it will sell
shares in Aeromexico or call a new auction for a controlling
stake.


TV AZTECA: To Pay Ps.1,000 Mln Worth of Loans in 2006
-----------------------------------------------------
TV Azteca, S.A. de C.V. (NYSE: TZA) (BMV: TVAZTCA) (Latibex:
XTZA), one of the two largest producers of Spanish-language
television programming in the world, announced Friday that it
expects to pay, in 2006, loans for an amount of approximately
Ps.1,000 million with financial institutions and debt holders.

The source funds come from Friday's successful issuance of
Structured Securities Certificates of Ps.1,000 million at TIIE +
173 basis points, with gradual maturities ending 2012. Fitch
Mexico's rating for the certificate is AA (mex).

"The new sources of financing reduce our financial cost and have
longer maturities compared with prior loans; additionally, they
further strengthen the solid financial position of the company,"
said Carlo Hesles, CFO of TV Azteca.

Mr. Hesles added, "The enhanced financial terms represent a
noteworthy vote of confidence from Mexican financial market
participants on the strength of TV Azteca's operations and
financial results going forward."

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

CONTACT:

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

     Rolando Villarreal
     +011-52-55-1720-0041
     rvillarreal@gruposalinas.com.mx

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

     Daniel McCosh
     +011-52-55-1720-0059
     dmccosh@tvazteca.com.mx



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

PDVSA: In Talks with Enap to Develop Joint Oil Projects
-------------------------------------------------------
Venezuela's state oil firm Petroleos de Venezuela (PDVSA) and
Chilean counterpart Enap are in talks to develop joint oil
exploration and production projects in Venezuela, Business News
Americas reports.

An Enap spokesperson informed that Venezuelan President Hugo
Chavez had approached Chile's government to discuss the
investments. The spokesperson, however, gave no details on any
of the possible projects.

In April 2005, PDVSA president and energy and oil minister
Rafael Ramirez signed a memorandum of understanding (MOU) on
energy cooperation with Chile foreign minister Ignacio Walker.

The objective of MOU was to establish the framework by which
Venezuela and Chile can carry out energy projects of common
interest and based on mutual benefits, equality and reciprocity.






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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

Troubled Company Reporter - Latin America is a daily newsletter
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