TCRLA_Public/060109.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, January 9, 2006, Vol. 7, Issue 6

                            Headlines


A R G E N T I N A

MIGUEL BARBOSA: Liquidates Assets to Pay Debts
PRESAN S.A.: Enters Bankruptcy on Court Orders
ROYAL SHELL: Argentine Ops to Continue Despite Sale of Assets
TGN: Mulls $675M Bond Issuance


B E R M U D A

LOM (HOLDINGS): Announces Share Repurchase
SEA CONTAINERS: Names Robert Mackenzie President and CEO


B O L I V I A

AES COMMUNICATIONS: Chooses Legal Way to Prevent Liquidation


B R A Z I L

VARIG: Tanure Abandons Takeover Plan
VARIG: Reaches Financing Agreement With Boeing
* BRAZIL: IMF to Visit Brazil on January 10-11


C A Y M A N   I S L A N D S

AKAVY LIMITED: To Present to Members Winding Up Account
AMARRES LIMITED: To Hold Extraordinary General Meeting Jan. 30
AMAZON LTD: To Explain to Members Winding Up Process Jan. 30
APPALOOSA ARBITRAGE: Shareholders to Hear Liquidator's Report
CAL 99 - 747: Extraordinary Final Meeting to be Held Feb. 27

CAMELOTFUND UMBRELLA: To Authorize Liquidators to Retain Records
CCMSI REINSURANCE: Liquidator to Present Report on Winding Up
CLAIBORNE CAPITAL: To Lay Winding Up Accounts Before Meeting
CLBS PORTFOLIO: Sets Final Meeting for Jan. 28
CONCHA LIMITED: To Present to Members Winding Up Account

DATABASE LIMITED: To Hold Extraordinary General Meeting Jan. 30
DENALI CAPITAL: To Explain Wind Up Process to Members Feb. 27
GLOBAL CITY: Sets Extraordinary General Meeting for Jan. 30
HAMILTON CONVERTIBLE: To Authorize Liquidators to Retain Records
HAPUNA LIMITED: Members to Hear Account of Winding Up Jan. 30

HARMONIOUS LIMITED: To Report on Wind Up Process Jan. 30
INWOOD CAPITAL: To Give Accounts on Wind Up Jan. 30
KE SAGANG: To Hold Final Meeting Feb. 27
KW PROPERTY: To Present Accounts on Liquidation Jan. 30
N&S LIMITED: To Lay Accounts on Liquidation Jan. 30

NIPOMO LIMITED: To Explain Wind Up Process to Members Jan. 30
ROCK CREEK: Final Meeting of Shareholders Set for Jan. 30
SAIL VALUE: Final Meeting Scheduled for Jan. 30
SANDOUK ADVISORS: To Show Wind Up Process to Members Jan. 30
SCP CAYMAN: To Explain Wind Up Process at Jan. 27 Meeting

SEVEN COLORS: To Show Wind Up Process Jan. 30
SOVEREIGN LIMITED: Sets Final Meeting for Jan. 30
SWIFT ARMOUR: Liquidation Process to be Reported Jan. 31
TRILOGY CONVERGENCE: Wind Up Process to be Explained Jan. 30
VERNUS (IFI): Members to Hear Wind Up Process Jan. 30


C O L O M B I A

ECOPETROL: Nov. '05 Small-Field Oil Output Nearly Triples


H O N D U R A S

MILLICOM INTERNATIONAL: To Request De-listing from Luxembourg


P U E R T O   R I C O

CENTENNIAL COMMUNICATIONS: Posts $8.2M Income in Operations
R&G FINANCIAL: Board Accepts Resignation of Two Senior Execs

     -  -  -  -  -  -  -  -

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

MIGUEL BARBOSA: Liquidates Assets to Pay Debts
----------------------------------------------
Buenos Aires-based Miguel Barbosa y Cia. S.A. will begin
liquidating its assets following the pronouncement of the city's
civil and commercial court that the Company is bankrupt, reports
Infobae.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Mr. Jorge Alberto Arias. The trustee
will verify creditors' proofs of claim until March 9, 2006. The
validated claims will be presented in court as individual
reports on April 24, 2006.

Mr. Arias will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, on June 7, 2006.

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

CONTACT:  Miguel Barbosa y Cia. S.A.
          Plaza 4254
          Buenos Aires

          Mr. Jorge Alberto Arias, Trustee
          Avda. Rivadavia 1227
          Buenos Aires


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

Infobae reports that the court selected Mr. Ernesto Oscar
Higueras as trustee. Mr. Higueras will be verifying creditors'
proofs of claim until the end of the verification phase on March
31, 2006.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the Company's accounting
and business records. The individual reports will be submitted
on May 17, 2006 followed by the general report, which is due on
June 30, 2006.

CONTACT:  Mr. Ernesto Oscar Higueras, Trustee
          Sanchez de Loria 1944
          Buenos Aires

   
ROYAL SHELL: Argentine Ops to Continue Despite Sale of Assets
-------------------------------------------------------------
Anglo-Dutch oil major Royal Shell said operations in Argentina
will continue even after the Company sells 24 service stations
and one unused plot of land in the country, Business News
Americas reports, citing Juan Jose Aranguren, president of
Shell's Argentine subsidiary.

Shell owns 890 service stations in Argentina, 134 of which it
operates itself or through local subsidiary Deheza. The rest are
operated by local private owners.

Shell has divested its distribution assets throughout much of
South America, prompting speculation whether the company plans
to continue operations in Chile and Argentina.


TGN: Mulls $675M Bond Issuance
------------------------------
Natural gas pipeline operator Transportadora de Gas del Norte
revealed Wednesday plans to issue a total of US$675 million in
bonds, relate Dow Jones Newswires.

The planned issuance is part of TGN's efforts to move ahead with
long-running negotiations with its creditors. The Company has
scheduled a shareholders meeting for Jan. 26 to consider several
elements of a potential restructuring deal. The company said it
was scheduling the assembly as a "merely preparatory act."

TGN plans to issue a US$500-million bond program and a separate
US$175-million issuance of dollar-denominated bonds that will be
distributed to holders of the company's Convertibility Risk
Insured Bonds, or CRIBs. These notes carried an original
interest rate of 10.875%, but TGN had begun capping interest at
3.5% on its total debt in early 2002. It then missed an interest
payment on the CRIBs in January 2003. TGN also fell behind on
payments on other structured bond deals.

Also, the Company said it would ask its shareholders to vote on
capitalizing another ARS87.9 million ($28.9 million) in debt.



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

LOM (HOLDINGS): Announces Share Repurchase
------------------------------------------
LOM (Holdings) Limited (LOM) informed the Bermuda Stock Exchange
(BSX) Thursday that it repurchased the following shares, which
have subsequently been cancelled:

  - 20,000 shares on 9th December 2005 at $3.00 per share

CONTACT:  Bermuda Stock Exchange (BSX)
          Joanne DeRoza
          Tel: 1-441-292-7212
          E-mail: jderoza@bsx.com


SEA CONTAINERS: Names Robert Mackenzie President and CEO
--------------------------------------------------------
Sea Containers Ltd. (NYSE: SCRA; NYSE: SCRB),
(www.seacontainers.com) announced Friday that Robert MacKenzie
has been appointed President and Chief Executive Officer of the
company with effect from January 4, 2006.

Mr James B. Sherwood, the founder of the company, remains
Chairman in a non-executive capacity and Ian C. Durant, Chief
Financial Officer and Interim Chief Executive has reverted to
the purely Chief Financial Officer role. Mr Sherwood underwent
surgery in November and handed over his Chief Executive duties
on a temporary basis to Mr Durant. Mr Sherwood has now
recovered.

Mr MacKenzie is 53, a British national with an education in
accounting and finance after which he qualified as a Chartered
Accountant. His recent career has encompassed being Group
Financial Director of BET plc 1991-1994, Chief Executive and
then Chairman of National Parking Corporation 1995-1999,
Chairman of PHS Group plc 2000-2005 and most recently he was a
senior advisor to the Texas Pacific Group.

Mr Sherwood said "We are delighted to welcome Bob MacKenzie to
the company. The company needs a leader with Bob's wide
experience to tackle the current challenges in each of our
operating divisions."

Mr MacKenzie will be nominated for election to the company's
board of directors along with Michael Ingham, a highly
experienced sea transport executive, at the 2006 annual meeting
of shareholders which will be held at the beginning of June
2006.

Mr MacKenzie has signed a three-year contract with extension
possible by mutual consent.

CONTACT:  SEA CONTAINERS SERVICES LTD
          Media and General enquiries:
          Lisa Barnard, Director of Communications
          Tel: +44-207-805-5850
          Email: lisa.barnard@seacontainers.com

          Investor Relations enquiries:
          The Galvin Partnership
          William W. Galvin III
          Tel: +1-203-618-9800
          Email: wwg@galvinpartners.com




=============
B O L I V I A
=============

AES COMMUNICATIONS: Chooses Legal Way to Prevent Liquidation
------------------------------------------------------------
Telecoms operator AES Communications (AXS) is taking legal
action to avoid liquidation, reports Business News Americas.

Telecoms regulator Sittel took administrative control of AXS'
operations in mid October 2005 but returned control to the
Company's board in December with the condition that AXS must be
able to normalize its financial situation by January 11 or face
liquidation.

That means AXS must be able to pay off its debts to operators
and employees by then.

However, the Company appears to have chosen the legal way to
deal with its situation.

"Bolivian law stipulates that state-issued concessions can only
be cancelled for reasons set forth in the country's legal norms.
Likewise, the law states that concessions cannot be cancelled
until concessionaires have exhausted all legal options," said
AXS sales and commercial management director Bernardo Quiroga

"AXS Bolivia is absolutely convinced that the intervener's
report lacks the technical and legal basis to create new causes
for canceling concessions that do not exist in the relevant
legislation," continued Quiroga.

"AXS has [thus] filed the legal actions permitted by law with
the appropriate authorities," said Quiroga.

If the legal actions mentioned by Quiroga are admitted, AXS
would in effect be able to put off the January 11 deadline for
an indefinite period, giving the Company time to find solutions
for paying its debts.



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

VARIG: Tanure Abandons Takeover Plan
------------------------------------
Nelson Tanure, owner of conglomerate Docas Investimentos, will
not go ahead with a plan to buy control of Brazil's embattled
flagship airline Viacao Aerea Rio-Grandense (Varig).

According to Dow Jones Newswires, Tanure attributed his decision
to pull out to negative press about his plans for Varig.

In December, Tanure made a US$112-million offer for control of
Varig's controller, Fundacao Rubem Berta (FRB). The deal
involved the purchase of a 25% stake in FRB and a loan of a 42%
stake over 10 years.

But observers had warned that Tanure would attempt to take
control of the Company without assuming the debts, leading to a
series of court actions seeking to block the deal.

Varig filed for bankruptcy at a Brazilian court in June under
the weight of a debt load of approximately BRL7.7 billion
(US$3.4 billion). The court gave Varig until Jan. 8 to agree
terms with a new partner and submit a recovery plan.

Meanwhile, Docas Spokesman Demetrius Guiot announced Tanure has
confirmed his bid of US$139 million for the profitable logistics
and maintenance wings of Varig.

In November, Varig reached a deal to sell the cargo and
maintenance units to a consortium led by Portuguese airline TAP
for US$62 million in order to avoid the repossession of a number
of its jets in the U.S. However, there was a clause in the deal
that allows other companies to take the subsidiaries should they
make higher bids.

Varig officials said U.S. investment fund Matlin Patterson made
a bid for US$77 million, along with the Tanure offer.


VARIG: Reaches Financing Agreement With Boeing
----------------------------------------------
Brazilian airline Varig has closed a financing agreement with
US-based firm Boeing Capital Corporation to fix six MD-11
airplane engines, according to Agencia Brasil.

The accord allows for the return of two Varig airplanes that
were undergoing maintenance.

Varig's press service suggested the Company plans to boost its
fleet to 64 aircraft at the end of the month, more than what was
established in the recovery plan for the first semester.

If everything goes as planned, the Company may end this year
with more than the 69 airplanes determined by the plan. Varig
said the operation of these units will allow it to offer
"perfect domestic and international services".


* BRAZIL: IMF to Visit Brazil on January 10-11
----------------------------------------------
Mr. Rodrigo de Rato, Managing Director of the International
Monetary Fund (IMF), will visit Brazil on January 10-11, 2006,
at the invitation of the President Luis Inacio Lula da Silva to
mark the nation's early repayment of its outstanding obligations
to the Fund.

On December 27, 2005, Brazil completed early repayment of its
entire outstanding obligations amounting to SDR 10.79 billion
(about US$15.57 billion). The outstanding obligations of Brazil
had been contracted under three Stand-By Arrangements, the
latest of which was approved by the Executive Board on September
6, 2002 and was extended and augmented on December 12, 2003.

In Brasilia, Mr. de Rato will meet President Lula, Finance
Minister Antonio Palocci and Central Bank of Brazil President
Henrique Meirelles.

Mr. de Rato previously visited Brazil as Managing Director in
September 2004. First Deputy Managing Director Anne O. Krueger
also visited Brazil in December 2005.

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



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

AKAVY LIMITED: To Present to Members Winding Up Account
-------------------------------------------------------
                   AKAVY LIMITED
            (In Voluntary Liquidation)
         The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of final the
Companies Law (2004 Revision) that the extraordinary general
meeting of the above-named company will be held at the offices
of Cititrust (Cayman) Limited, CIBC Financial Centre, George
Town, Grand Cayman, on the 30th January 2006, for the purpose of
presenting to the members an account of the winding up of the
company and giving any explanation thereof.

CONTACT:  BUCHANAN LIMITED
          Voluntary Liquidator
          P.O. Box 1170GT, George Town, Grand Cayman


AMARRES LIMITED: To Hold Extraordinary General Meeting Jan. 30
--------------------------------------------------------------
                     AMARRES LIMITED
               (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of final the
Companies Law (2004 Revision) that the extraordinary general
meeting of the above-named company will be held at the offices
of Cititrust (Cayman) Limited, CIBC Financial Centre, George
Town, Grand Cayman, on the 30th January 2006, for the purpose of
presenting to the members an account of the winding up of the
company and giving any explanation thereof.

CONTACT:  BUCHANAN LIMITED
          Voluntary Liquidator
          P.O. Box 1170GT, George Town, Grand Cayman


AMAZON LTD: To Explain to Members Winding Up Process Jan. 30
------------------------------------------------------------
                      AMAZON LTD
              (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of final the
Companies Law (2004 Revision) that the extraordinary general
meeting of the above-named company will be held at the offices
of Cititrust (Cayman) Limited, CIBC Financial Centre, George
Town, Grand Cayman, on the 30th January 2006, for the purpose of
presenting to the members an account of the winding up of the
company and giving any explanation thereof.

CONTACT:  BUCHANAN LIMITED
          Voluntary Liquidator
          P.O. Box 1170GT, George Town, Grand Cayman


APPALOOSA ARBITRAGE: Shareholders to Hear Liquidator's Report
-------------------------------------------------------------
                APPALOOSA ARBITRAGE FUND, LTD.
                 (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to section 145 of the Companies
Law, that the final meeting of the shareholders of the
abovementioned company will be held at the offices of Trident
Trust Company (Cayman) Limited, Fourth Floor, One Capital Place,
P.O. Box 847, George Town, Grand Cayman, Cayman Islands, on the
30th January 2006, at 10:00 am. The purpose of said meeting is
to have laid before the shareholders of the company the report
of the liquidator, showing the manner in which the winding-up of
the company has been conducted, the property of the company
distributed and the debts and obligations of the company
discharged, and giving any explanation thereof.

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

CONTACT:  TRIDENT DIRECTORS (CAYMAN) LTD.
          Voluntary Liquidator
          P.O. Box 847GT, Grand Cayman
          Contact for enquiries: Deana Walters
          Telephone: (345) 949-0880
          Facsimile: (345) 949-0881


CAL 99 - 747: Extraordinary Final Meeting to be Held Feb. 27
------------------------------------------------------------
                    CAL 99 - 747
             (In Voluntary Liquidation)
          The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of the
above-named company will be held on 27th February 2006, at
Caledonian House, 69 Dr. Roy's Drive, George Town, Grand Cayman,
Cayman Islands, for the purpose of presenting to the members an
account of the winding up of the company and giving any
explanation thereof.

CONTACT:  GRIFFIN MANAGEMENT LIMITED
          Voluntary Liquidator
          CALEDONIAN BANK & TRUST LIMITED
          Caledonian House, P O Box 1043 GT
          Grand Cayman, Cayman Islands


CAMELOTFUND UMBRELLA: To Authorize Liquidators to Retain Records
----------------------------------------------------------------
                  CAMELOTFUND UMBRELLA FUND
                      (The "Company")
                 (In Voluntary Liquidation)
               The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of the Company will be held at
the registered office of the Company on 30th January 2006, at
9:00 am.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on 30th January 2006.

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

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

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


CCMSI REINSURANCE: Liquidator to Present Report on Winding Up
-------------------------------------------------------------
                 CCMSI REINSURANCE, LTD.
                (In Voluntary Liquidation)
              THE COMPANIES LAW (2004 Revision)

TAKE NOTICE THAT pursuant to Section 145 of the Companies Law
(2004 Revision) that the final meeting of the shareholders of
the above-named company will be held at the offices of
Global Captive Management Ltd., Genesis Building, P.O. Box
1363GT, Genesis Building, George Town, Grand Cayman, Cayman
Islands, on the 27th January 2006, at 9:30 am for the purpose of
having an account laid before them and to receive the report of
the liquidator showing how the winding-up of the company has
been conducted and its property disposed of, and for hearing any
explanation that may be given by the liquidator.

Any member entitled to attend and vote is permitted to appoint a
proxy to attend and vote instead of him and such proxy need to
be a member.

CONTACT:  GLOBAL CAPTIVE MANAGEMENT LTD.
          Voluntary Liquidator
          Genesis Building, P.O. Box 1363GT
          Grand Cayman, Cayman Islands
          Contact for enquires: Peter Mackay
          Telephone: (345) 949-7966


CLAIBORNE CAPITAL: To Lay Winding Up Accounts Before Meeting
------------------------------------------------------------
           CLAIBORNE CAPITAL PARTNERS (CAYMAN), LTD
                      (The "Company")
                (In Voluntary Liquidation)
               The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of the Company will be held at
the registered office of the Company on 30th January 2006, at
12:00 pm.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on 30th January 2006.

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

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

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


CLBS PORTFOLIO: Sets Final Meeting for Jan. 28
----------------------------------------------
                CLBS PORTFOLIO ADVISORS LTD.
                 (In Voluntary Liquidation)
                       ("The Company")
            The Companies Law (2004 Revision)
                           Section 145

NOTICE IS HEREBY GIVEN pursuant to Section 145 of the Companies
Law (2004 Revision) that the FINAL MEETING of the above-named
Company will be held at Citco Trustees (Cayman) Limited, Regatta
Office Park, West Bay Road, Windward One, Grand Cayman, Cayman
Islands, on the 28th January 2006, at 10:00 am, for the purpose
of presenting to the members an account of the winding up of the
company and giving an explanation thereof.

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


CONCHA LIMITED: To Present to Members Winding Up Account
--------------------------------------------------------
                    CONCHA LIMITED
              (In Voluntary Liquidation)
          The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of the
above-named company will be held on 15th February 2006, at
Caledonian House, 69 Dr. Roy's Drive, George Town, Grand Cayman,
Cayman Islands, for the purpose of presenting to the members an
account of the winding up of the company and giving any
explanation thereof.

CONTACT:  GRIFFIN MANAGEMENT LIMITED
          Voluntary Liquidator
          Caledonian Bank & Trust Limited
          Caledonian House, P O Box 1043 GT
          Grand Cayman, Cayman Islands


DATABASE LIMITED: To Hold Extraordinary General Meeting Jan. 30
---------------------------------------------------------------
                   DATABASE LIMITED
             (In Voluntary Liquidation)
          The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of final the
Companies Law (2004 Revision) that the extraordinary general
meeting of the above-named company will be held at the offices
of Cititrust (Cayman) Limited, CIBC Financial Centre, George
Town, Grand Cayman, on the 30th January 2006, for the purpose of
presenting to the members an account of the winding up of the
company and giving any explanation thereof.

CONTACT:  BUCHANAN LIMITED
          Voluntary Liquidator
          P.O. Box 1170GT, George Town, Grand Cayman


DENALI CAPITAL: To Explain Wind Up Process to Members Feb. 27
-------------------------------------------------------------
               DENALI CAPITAL CLO II, LTD.
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of the
above-named company will be held on 27th February 2006, at
Caledonian House, 69 Dr. Roy's Drive, George Town, Grand Cayman,
Cayman Islands, for the purpose of presenting to the members an
account of the winding up of the company and giving any
explanation thereof.

CONTACT:  GRIFFIN MANAGEMENT LIMITED
          Voluntary Liquidator
          Caledonian Bank & Trust Limited
          Caledonian House, P O Box 1043 GT
          Grand Cayman, Cayman Islands


GLOBAL CITY: Sets Extraordinary General Meeting for Jan. 30
-----------------------------------------------------------
              GLOBAL CITY INVESTMENTS LIMITED
                (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of final the
Companies Law (2004 Revision) that the extraordinary general
meeting of the above-named company will be held at the offices
of Cititrust (Cayman) Limited, CIBC Financial Centre, George
Town, Grand Cayman, on the 30th January 2006, for the purpose of
presenting to the members an account of the winding up of the
company and giving any explanation thereof.

CONTACT:  BUCHANAN LIMITED
          Voluntary Liquidator
          P.O. Box 1170GT, George Town, Grand Cayman


HAMILTON CONVERTIBLE: To Authorize Liquidators to Retain Records
----------------------------------------------------------------
         HAMILTON CONVERTIBLE OPPORTUNITIES FUND LTD.
                     (The "Company")
              (In Voluntary Liquidation)
            The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of the Company will be held at
the registered office of the Company on 30th January 2006, at
10:00 am.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on 30th January 2006.

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

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

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


HAPUNA LIMITED: Members to Hear Account of Winding Up Jan. 30
-------------------------------------------------------------
                     HAPUNA LIMITED
              (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of final the
Companies Law (2004 Revision) that the extraordinary general
meeting of the above-named company will be held at the offices
of Cititrust (Cayman) Limited, CIBC Financial Centre, George
Town, Grand Cayman, on the 30th January 2006 for the purpose of
presenting to the members an account of the winding up of the
company and giving any explanation thereof.

CONTACT:  BUCHANAN LIMITED
          Voluntary Liquidator
          P.O. Box 1170GT, George Town, Grand Cayman


HARMONIOUS LIMITED: To Report on Wind Up Process Jan. 30
--------------------------------------------------------
                       Harmonious Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of final the
Companies Law (2004 Revision) that the extraordinary general
meeting of Harmonious Limited will be held at the offices of
Cititrust (Cayman) Limited, CIBC Financial Centre, George Town,
Grand Cayman, on January 30, 2006 for the purpose of presenting
to the members an account of the winding up of the Company and
giving any explanation thereof.

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


INWOOD CAPITAL: To Give Accounts on Wind Up Jan. 30
---------------------------------------------------
              Inwood Capital Offshore Fund, Ltd
                 (In Voluntary Liquidation)
               The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of Inwood Capital Offshore
Fund, Ltd will be held at the registered office of the Company
on January 30, 2006, at 1:00 p.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on January 30, 2006.

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

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

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


KE SAGANG: To Hold Final Meeting Feb. 27
----------------------------------------
                       Ke Sagang Leasing
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of Ke
Sagang Leasing will be held on February 27, 2006, at Caledonian
House, 69 Dr. Roy's Drive, George Town, Grand Cayman, Cayman
Islands, for the purpose of presenting to the members an account
of the winding up of the Company and giving any explanation
thereof.

CONTACT:  Griffin Management Limited, Voluntary Liquidator
          Caledonian Bank & Trust Limited
          Caledonian House, P O Box 1043 GT
          Grand Cayman, Cayman Islands


KW PROPERTY: To Present Accounts on Liquidation Jan. 30
-------------------------------------------------------
                  KW Property Cayman II, Inc
                  (In Voluntary Liquidation)
                The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of KW Property Cayman II, Inc
will be held at the registered office of the Company on January
30, 2006, at 12:00 p.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on January 30, 2006.

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

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

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


N&S LIMITED: To Lay Accounts on Liquidation Jan. 30
---------------------------------------------------
                           N&S Limited
                   (In Voluntary Liquidation)
                 The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of N&S Limited will be held at
the registered office of the Company on January 30, 2006, at
12:30 p.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on January 30, 2006.

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

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

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


NIPOMO LIMITED: To Explain Wind Up Process to Members Jan. 30
-------------------------------------------------------------
                         Nipomo Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of final the
Companies Law (2004 Revision) that the extraordinary general
meeting of Nipomo Limited will be held at the offices of
Cititrust (Cayman) Limited, CIBC Financial Centre, George Town,
Grand Cayman, on January 30, 2006, for the purpose of presenting
to the members an account of the winding up of the Company and
giving any explanation thereof.

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


ROCK CREEK: Final Meeting of Shareholders Set for Jan. 30
---------------------------------------------------------
                  Rock Creek Fund (P), Ltd.
                 (In Voluntary Liquidation)
               The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of Rock Creek Fund (P), Ltd.
will be held at the registered office of the Company on January
30, 2006, at 10:30 a.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on January 30, 2006.

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

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

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


SAIL VALUE: Final Meeting Scheduled for Jan. 30
-----------------------------------------------
                     Sail Value Asia Fund
                  (In Voluntary Liquidation)
                The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of the Company will be held at
the registered office of the Company on January 30, 2006, at
9:30 a.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on January 30, 2006.

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

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

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


SANDOUK ADVISORS: To Show Wind Up Process to Members Jan. 30
------------------------------------------------------------
                   Sandouk Advisors Limited
                  (In Voluntary Liquidation)
                The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of the Company will be held at
the registered office of the Company on January 30, 2006, at
11:30 a.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on January 30, 2006.

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

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

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


SCP CAYMAN: To Explain Wind Up Process at Jan. 27 Meeting
---------------------------------------------------------
                       SCP Cayman Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final general meeting of the shareholders of SCP Cayman
Limited will be held at the offices of Deloitte, Fourth Floor,
Citrus Grove, P.O. Box 1787, George Town, Grand Cayman, on
January 27, 2006, at 10:00 a.m.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of to
the date of the final winding up on January 27, 2006.

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

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

CONTACT:  Mr. Stuart Sybersma, Joint Voluntary Liquidator
          Joshua Taylor, Deloitte
          P.O. Box 1787 GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


SEVEN COLORS: To Show Wind Up Process Jan. 30
---------------------------------------------
                   Seven Colors Corporation
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholder of Seven Colors Corporation
will be held at the offices of HSBC Financial Services (Cayman)
Limited, P.O. Box 1109, George Town, Grand Cayman, Cayman
Islands, on January 30, 2006 at 10:00 a.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at the final winding up on January 30, 2006.

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

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

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


SOVEREIGN LIMITED: Sets Final Meeting for Jan. 30
-------------------------------------------------
                     Sovereign Limited
                 (In Voluntary Liquidation)
               The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of Sovereign Limited will be
held at the registered office of the Company on January 30,
2006, at 11:00 a.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on January 30, 2006.

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

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

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


SWIFT ARMOUR: Liquidation Process to be Reported Jan. 31
--------------------------------------------------------
                    Swift Armour Holdings Co.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN pursuant to section 145 of the Companies
Law (2004 Revision), that the extraordinary final meeting of the
shareholders of Swift Armour Holdings Co. will be held on
January 31, 2006, at 11:00 a.m., Cayman Islands time, at Walker
House, Mary Street, George Town, Grand Cayman, Cayman Islands,
for the purpose of:

1) Having an account laid before them and to receive the report
of the Liquidator showing how the winding-up of the company has
been conducted and its property disposed of, and of hearing any
explanation that may be given by the Liquidator;

2) Considering the performance of the Liquidator and his/her
remuneration, and (iii) for considering and (if thought fit)
passing a resolution pursuant to section 158(1)(b) of the
Companies Law (2004 Revision) that all the books, accounts,
papers and documents of the Company and of the liquidator be
retained for a period of five years from the dissolution of the
Company, after which they shall be destroyed, and the manner in
which such books, accounts, papers and documents shall be kept.
Any member entitled to attend and vote is permitted to appoint a
proxy to attend and vote instead of it and such proxy need not
to be a member.

CONTACT:  Ms. Irma Graciela Defensa, Voluntary Liquidator
          c/o PO Box 265GT
          Walker House, Mary Street
          George Town, Grand Cayman, Cayman Islands


TRILOGY CONVERGENCE: Wind Up Process to be Explained Jan. 30
------------------------------------------------------------
                 Trilogy Convergence Europe SPC
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the final general meeting of the sole
shareholder of Trilogy Convergence Europe SPC will be held at
Williams House, 20 Reid Street, Hamilton HM 11, Bermuda on
January 30, 2006, at 11:00 a.m. for the purpose of presenting to
the members an account of the winding up of the Company and for
hearing any explanation thereof.

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


VERNUS (IFI): Members to Hear Wind Up Process Jan. 30
-----------------------------------------------------
                     Vernus (IFI) Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of Vernus (IFI) Limited
will be held at the registered office of the Company, on January
30, 2006, at 1:00 p.m.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of to
the date of final winding up on January 30, 2006.

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

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

CONTACT:  Westport Services Ltd., Voluntary Liquidator
          Ica Eden
          P.O. Box 1111, Grand Cayman, Cayman Islands
          Telephone: 345 949-5122
          Facsimile: 345 949-7920



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

ECOPETROL: Nov. '05 Small-Field Oil Output Nearly Triples
---------------------------------------------------------
State run oil firm Ecopetrol's small fields almost tripled oil
output in November from January last year, Dow Jones Newswires
reports.

Ecopetrol said that after the government granted contracts for
14 oil fields in early 2005, oil output at small fields reached
2,972 barrels a day as of November, up from 1,092 b/d in January
2005.

A small oil field, according to the Company, is one with proven
reserves of less than 100 million barrels.

Fields that showed the highest oil production were La Punta and
La Rompida, which were explored by Colombian Petrotesting. The
Company also extracted oil from those fields.

Other high-production fields were Entrerios and Camoa in the
Llanos basin, a region that shares similar geological features
found in neighboring Venezuela.



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

MILLICOM INTERNATIONAL: To Request De-listing from Luxembourg
-------------------------------------------------------------
The Board of Directors of Millicom International S.A.
(NASDAQ:MICC)(STO:MIC) has decided to request the de-listing of
Millicom's equity shares from the Luxembourg Stock Exchange
("Bourse de Luxembourg") due to the fact that the trading of the
Millicom shares on the Luxembourg Stock Exchange was
insufficiently liquid. The Millicom shares will continue to be
listed on NASDAQ (trading symbol: MICC) and on the Stockholm
Stock Exchange (OMX Stockholm) in the form of Swedish Depositary
Receipts.

The Luxembourg Stock Exchange has delivered its approval of the
de-listing of the Millicom shares, which will become effective
on January 16, 2006. A notice to this effect will be posted
starting on January 5 on the website of the Luxembourg Stock
Exchange (www.bourse.lu/notices).

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa. It currently has cellular operations
and licenses in 16 countries. The Group's cellular operations
have a combined population under license of approximately 391
million people.

CONTACT:  Millicom International Cellular S.A., Luxembourg
          Marc Beuls
          President and Chief Executive Officer
          Telephone: 352 27 759 327
                        or
          Andrew Best
          Investor Relations
          Telephone:  44 20 7321 5022

          URL: www.millicom.com



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

CENTENNIAL COMMUNICATIONS: Posts $8.2M Income in Operations
-----------------------------------------------------------
Centennial Communications Corp. (NASDAQ: CYCL) ("Centennial")
reported Thursday income from continuing operations of $8.2
million, or $0.08 per diluted share, for the fiscal second
quarter of 2006 as compared to income from continuing operations
of $18.6 million, or $0.18 per diluted share, in the fiscal
second quarter of 2005. The fiscal second quarter of 2005
included an after-tax gain of approximately $0.09 per diluted
share related to the Company's sale of spectrum in the Midwest.
Consolidated adjusted operating income (AOI)(1) from continuing
operations for the fiscal second quarter was $91.2 million, as
compared to $89.8 million for the prior-year quarter.

"We continue to pursue a path of long-term leadership in each of
our local markets, and are encouraged by the healthiest
subscriber growth in nearly three years in our U.S wireless
business," said Michael J. Small, Centennial's chief executive
officer. "Our commitment to our local market strategy is
stronger than it's ever been, with great networks and great
local teams remaining critical to our ongoing success."

Centennial reported fiscal second-quarter consolidated revenue
from continuing operations of $235.6 million, which included
$111.0 million from U.S. wireless and $124.6 million from
Caribbean operations. Consolidated revenue from continuing
operations grew 10 percent versus the fiscal second quarter of
2005. The Company ended the quarter with 1.34 million total
wireless subscribers, which compares to 1.11 million for the
year-ago quarter and 1.31 million for the previous quarter ended
August 31, 2005. The Company reported 326,400 total access lines
and equivalents at the end of the fiscal second quarter.

"We have a proven track record of deleveraging in a highly
competitive and rapidly changing market," said Centennial chief
financial officer Thomas J. Fitzpatrick. "We'll continue to
operate in a disciplined way to generate solid free cash flow as
we return to our path of deleveraging."

OTHER HIGHLIGHTS

-  On September 23, 2005, Centennial announced that Carlos T.
Blanco was named President of Centennial de Puerto Rico. Blanco
will have operational responsibility for Centennial's wireless
and broadband businesses in Puerto Rico, overseeing the customer
service, human resources, marketing, network engineering and
sales teams.

-  On December 21, 2005, Centennial completed its offering of
$550 million in aggregate principal amount of senior notes due
2013. The senior notes were issued in two series consisting of
(i) $350 million of floating rate notes that bear interest at
three-month LIBOR plus 5.75% and mature in January 2013 and (ii)
$200 million of fixed rate notes that bear interest at 10% and
mature in January 2013. Centennial will use the net proceeds
from the offering, together with a portion of its available
cash, to pay a special cash dividend to Centennial's common
stockholders of $5.52 per share, and prepay $39.5 million of
term loan borrowings under its senior secured credit facility.

CENTENNIAL SEGMENT HIGHLIGHTS

U.S. Wireless Operations

-  Revenue was $111.0 million, a 13 percent increase from last
year's second quarter.  Roaming revenue increased 65 percent
from the prior-year quarter as a result of increased traffic
from strong growth in GSM minutes.

Due to recent strong performance, Centennial expects growth in
roaming revenues during fiscal 2006, but anticipates that
roaming revenue will remain a small percentage of consolidated
revenue in future periods.

-  AOI was $40.2 million, a 3 percent year-over-year decrease,
representing an AOI margin of 36 percent. AOI growth was
pressured during the quarter by higher customer acquisition and
advertising costs associated with a 46 percent increase in
customer activations, costs related to increased minutes-of-use,
increased equipment expense associated with GSM handset upgrades
and costs related to the continued build out of new markets in
Grand Rapids and Lansing, MI.

-  U.S. wireless ended the quarter with 614,100 total
subscribers including 48,200 wholesale subscribers. This
compares to 564,900 for the year-ago quarter including 20,000
wholesale subscribers and to 592,600 for the previous quarter
ended August 31, 2005 including 43,200 wholesale subscribers. At
the end of the fiscal second quarter, approximately 56 percent
of U.S. retail wireless subscribers were on GSM calling plans.
    
Postpaid retail subscribers increased 12,300 from the fiscal
first quarter of 2006, as the build-out of contiguous footprint
in Grand Rapids and Lansing, MI and a robust marketing effort
supported renewed subscriber growth.

-  Capital expenditures were $16.1 million for the fiscal
second quarter as U.S. wireless continued to build out its
network and distribution channels in Grand Rapids and Lansing,
MI.

Caribbean Wireless Operations

-  Revenue was $92.2 million, an increase of 7 percent from the
prior-year second quarter, driven primarily by subscriber
growth.

-  Average revenue per user (ARPU) was $42, a 22 percent
decline from the year-ago period, due to the continued impact of
prepaid subscriber growth in the Dominican Republic. Postpaid
ARPU in Puerto Rico remained above $70.

-  AOI totaled $34.2 million, a 1 percent year-over-year
increase, representing an AOI margin of 37 percent.  AOI was
favorably impacted by subscriber growth, partially offset by
higher phone costs for customer retention and higher bad debt
expense resulting from increased involuntary churn in Puerto
Rico.

-  Caribbean wireless ended the quarter with 724,100
subscribers, which compares to 543,400 for the prior-year
quarter and to 715,000 for the previous quarter ended August 31,
2005.  Customer growth benefited from prepaid subscriber growth
in the Dominican Republic, partially offset by weak postpaid
subscriber growth due to higher churn in both the Dominican
Republic and Puerto Rico.  Centennial continues to emphasize
prepaid and hybrid plans in the Dominican Republic, shifting its
marketing effort away from postpaid plans.

-  Capital expenditures were $18.7 million for the fiscal
second quarter, which included investments to complete the
replacement and upgrade of the Company's wireless network in
Puerto Rico.

Caribbean Broadband Operations

-  Revenue was $35.4 million, an increase of 7 percent year-
over-year, driven by solid access line growth.

-  AOI was $16.8 million, an 18 percent year-over-year
increase, representing an AOI margin of 47 percent. AOI
increased primarily due to solid access line growth and reduced
bad debt expense.

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

-  Wholesale termination revenue was $5.5 million, a 1 percent
year-over-year decrease, primarily driven by a decline in the
rate per minute for southbound terminating traffic to the
Dominican Republic.

-  Capital expenditures were $4.3 million for the fiscal second
quarter as the Company continues to expand its broadband network
infrastructure.

FISCAL 2006 OUTLOOK

-  The Company reiterated that it expects consolidated AOI from
continuing operations between $370 million and $390 million for
fiscal 2006, including an approximately $9 million startup loss
related to its recent launch of service in Grand Rapids and
Lansing, MI. Consolidated AOI from continuing operations for
fiscal year 2005 was $366.4 million, which included $9.1 million
of non-recurring items. The Company has not included a
reconciliation of projected AOI because projections for some
components of this reconciliation are not possible to forecast
at this time.

-  The Company also continues to expect consolidated capital
expenditures of approximately $160 million for fiscal 2006.

DEFINITIONS AND RECONCILIATION

Adjusted operating income refers to, for any period, net income
before income from discontinued operations, income from equity
investments, minority interest in income of subsidiaries, income
tax expense, other expense, interest expense, net, (loss) gain
on disposition of assets and depreciation and amortization.
Please refer to the schedule below for a reconciliation of
adjusted operating income to consolidated net income and the
Investor Relations website at www.ir.centennialwireless.com for
a discussion and reconciliation of this and other non-GAAP
financial measures.

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

To see the reconciliation of net income to adjusted operating
income: http://bankrupt.com/misc/CENTENNIAL_COMMUNICATIONS.htm

CONTACT:  Centennial Communications Corp.
          Steve E. Kunszabo
          Director, Investor Relations
          Phone: 732-556-2220

          URL: http://www.centennialwireless.com/


R&G FINANCIAL: Board Accepts Resignation of Two Senior Execs
------------------------------------------------------------
R&G Financial Corporation (NYSE: RGF - News; the "Company")
announced Thursday the taking of certain actions by the
independent members of the Board of Directors based on results
to date of the independent investigation conducted by the Audit
Committee of the Company into the circumstances surrounding the
Company's need to restate its audited and interim consolidated
financial statements for the years ended December 31, 2004, 2003
and 2002, and related interim periods.

Based on Audit Committee investigation results to date provided
to the independent members of the Board of Directors, the Board
of Directors has accepted the resignations of two senior
executive officers of the Company, has terminated one senior
executive officer, and has adopted certain changes to the
corporate governance, controls and procedures of the Company and
its subsidiaries in response to the findings of the
investigation.

The Company is concurrently announcing a number of promotions of
executive management within the Company. These individuals will
assume responsibility for the positions being vacated, in
addition to increased responsibility for Mr. Victor J. Galan,
the Company's Chairman and Chief Executive Officer.

Finally, the Board announced the Company's quarterly cash
dividend for the quarter ended December 31, 2005, of $0.09375
per share ($0.375 on an annualized basis) on the Company's
common stock, payable on March 23, 2006, to stockholders of
record as of the close of business on February 16, 2006. The
March dividend payment is in the same amount as was paid last
quarter, and is being maintained at such level based on the
decision of Mr. Galan to once again not accept any dividend
payment on his 21.5 million Class A shares of common stock.

Effective January 5, 2006, the Board of Directors of the Company
has accepted the resignation of Ramon Prats from his positions
as an officer and a director of the Company and of its
subsidiaries. Mr. Prats will continue to serve as an employee of
the Company, working closely with Mr. Galan and other members of
senior management, to facilitate the transition of his
management responsibilities. Prior to his resignation from these
positions, Mr. Prats was a director, Vice Chairman of the Board
of Directors and President of the Company, President of R-G
Mortgage Corp. ("R-G Mortgage") and R-G Premier Bank of Puerto
Rico ("Premier Bank"), subsidiaries of the Company, and also
served as an executive officer of various other Company
subsidiaries and as a director of such companies.

Effective January 5, 2006, the Board of Directors of the Company
also accepted the resignation of Mario Ruiz, who was formerly
Executive Vice President of Premier Bank, from all of his
positions with the Company and its subsidiaries. In addition, on
January 4, 2006, Joseph R. Sandoval, who was formerly Executive
Vice President and Chief Financial Officer of the Company,
tendered his resignation on terms other than those requested by
the Board of Directors of the Company. Consequently, Mr.
Sandoval's purported resignation was not accepted and his
employment with the Company and its subsidiaries was terminated
on January 5, 2006. Mr. Sandoval has been on an indefinite leave
of absence since August 24, 2005, when he was removed from his
positions as Executive Vice President and Chief Financial
Officer of the Company. Both Messrs. Sandoval and Ruiz served as
directors and officers of various Company subsidiaries.

Mr. Galan will assume Mr. Prat's day-to-day responsibilities as
President of the Company and Premier Bank, while the Company
expedites a search for a president. To assist Mr. Galan at
Premier Bank, Victor Irrizarry has been promoted from Senior
Vice President to Executive Vice President and Chief Lending
Officer. Carlos Mantaras has been promoted to Executive Vice
President in Charge of Retail Banking and Consumer Lending, and
Melba Acosta has also been promoted to Executive Vice President
and Chief Administration Officer of Premier Bank; both Mr.
Mantaras and Ms. Acosta were formerly Senior Vice Presidents of
Premier Bank.

To fill the vacancies created at R-G Mortgage, the Company has
promoted Steven Velez to President of R-G Mortgage. Mr. Velez
was formerly Executive Vice President of R-G Mortgage. Mr.
Victor Galan, Jr. has been promoted from Senior Vice President
at R-G Mortgage to Executive Vice President in Charge of
Production and Retail Mortgage Banking.

Finally, Mr. Vicente Gregorio, the Company's Chief Financial
Officer, has been promoted from Senior Vice President to
Executive Vice President and Mr. Hector Secola has been
appointed as Executive Vice President of Human Resources for the
Company. Mr. Secola was previously Senior Vice President for
Human Resources at R-G Mortgage.

The Board of Directors has determined that Messrs. Prats, Ruiz,
Sandoval and Galan shall be ineligible for any bonus or other
incentive compensation for 2005. In the case of Mr. Galan, the
Board's action reflects its dissatisfaction with certain aspects
of Mr. Galan's oversight of the Company's management, including
his reliance on subordinates in providing information to the
Company's registered independent public accountants. The Board
of Directors has affirmed its confidence in Mr. Galan's
leadership and management as Chief Executive Officer.

The Audit Committee has been assisted in the independent
investigation by Fried, Frank, Harris, Shriver & Jacobson LLP,
with the further assistance of a financial services consulting
firm, Promontory Financial Group, LLP. The independent
investigation has been substantially completed.

The completion of the independent investigation will be a
significant milestone in the Company's restatement process. The
Company is working diligently to complete the restatement
process. Notwithstanding the foregoing, no assurance can be
given as to when the independent investigation or when the
restatement process will be completed. In addition, the Company
continues to cooperate with ongoing investigations by regulatory
and law enforcement authorities.

The Company, currently in its 34th year of operation, is a
diversified financial holding company with operations in Puerto
Rico and the United States, providing banking, mortgage banking,
investments, consumer finance and insurance through its wholly
owned subsidiaries R-G Premier Bank of Puerto Rico, a Puerto
Rico commercial bank, R-G Crown Bank, its Florida-based federal
savings bank; R&G Mortgage Corp., Puerto Rico's second largest
mortgage banker; Mortgage Store of Puerto Rico, Inc., a
subsidiary of R&G Mortgage; R-G Investments Corporation, the
Company's Puerto Rico broker-dealer; and R-G Insurance
Corporation, its Puerto Rico insurance agency. At December 31,
2005, the Company operated 34 bank branches in Puerto Rico, 33
bank branches in the Orlando, Tampa/St. Petersburg and
Jacksonville, Florida and Augusta, Georgia markets, and 63
mortgage offices in Puerto Rico, including 32 facilities located
within R-G Premier's banking branches.






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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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Copyright 2006.  All rights reserved.  ISSN 1529-2746.

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