TCRLA_Public/060111.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, January 11, 2006, Vol. 7, Issue 8

                            Headlines

A N T I G U A   &   B A R B U D A

LIAT: Narrows Losses, Gains More Passengers - CEO


A R G E N T I N A

EDEMSA: Alvarez Expected to Conclude Purchase by March
CONSULT NOA: Concludes Reorganization
INDEPRO S.R.L.: Court Authorizes Plan, Concludes Reorganization
KEY ENERGY: Names Daniel L. Dienstbier Director
MADERAS ORONO: Enters Bankruptcy on Court Orders

PINNACLE ENTERTAINMENT: To Issue New Shares of Common Stock


B E R M U D A

LINES OVERSEAS: BMA Barred from Disclosing Details of Actions


B O L I V I A

AES COMMUNICATIONS: Continues to Fight Off Liquidation


B R A Z I L

AES CORP.: Fails to Comply with Reporting Covenant
SKY BRASIL: Moody's Withdraws Ratings


C A Y M A N   I S L A N D S

ATLAS EQUITY I: Final Meeting of Shareholder to be Held Jan. 30
ATLAS EQUITY II: To Lay Wind Up Accounts Before Jan. 30 Meeting
ATLAS EQUITY III: To Authorize Liquidator to Retain Records
ATLAS MASTER: Sets Final Meeting of Sole Shareholder for Jan. 30
ATLAS MASTER INTERMEDIARY: To Hear Wind Up Accounts Jan. 30

AWM FINE: To Authorize JVLs to Retain Books, Records
GALT FUND: Sets Final Meeting of Shareholder for Jan. 30
GALT INTERMEDIARY: To Hear Wind Up Accounts Jan. 30
HARDY LTD: Shareholder to Hear Liquidator's Report Jan. 30
ITROS OFFSHORE: To Authorize Liquidator to Retain Records

LIBERTY ERMITAGE: Final Meeting to be Held Jan. 30
MCLEAN MARKET: To Lay Winding Up Accounts Before Jan. 31 Meeting
NAVARRO LTD.: To Authorize Liquidator to Retain Records
OCEAN CAPITAL: Members to Hear Wind Up Accounts Jan. 26
OSATO BP: Final Meeting of Sole Shareholder Set for Jan. 30

PENDULUM LIMITED: To Present Explanation on Wind Up Jan. 26
QUANTITATIVE CAPITAL: To Give Explanation on Wind Up Jan. 30
QUANTITATIVE CAPITAL: To Explain Wind Up Process to Members
R TWO: To Present Account on Wind Up to Members Feb. 9
SALIX HEALTHCARE: To Lay Accounts on Wind Up Jan. 30

SCV CAPITAL: Final Meeting Scheduled for Jan. 28
SMFC HOLDINGS: Final General Meeting Set for Jan. 28
SYMPHONIA: To Hold Final General Meeting Jan. 28
TCI FOCUS: To Explain Wind Up Process Jan. 30
TIENDA HOLDINGS: To Show Manner of Liquidation Jan. 28

WILLOW IAM: Accounts on Liquidation to be Presented Jan. 30
WINBELL INVESTMENT: Members to Hear Wind Up Process Feb. 15
YACHTCREW (CAYMAN): To Present Wind Up Process Jan. 30
YELLOW SUBMARINE: Final Meeting to be Held Jan. 30
YEN-BIRDS LIMITED: To Show Manner of Liquidation Jan. 26


C H I L E

BANCO NACION: Fitch Affirms BB+ Rating


H O N D U R A S

BANCO AZTECA: CNBS Refuses to Grant Banking License
HONDUTEL: Needs Partner to Keep Up with Competition - Analysts


M E X I C O

BALLY TOTAL: Seeks Shareholder Support of Management Team
EMPRESAS ICA: Signs 3 Contracts in Mexico City For MXN573.7 Mln
TV AZTECA: Alta Communications Makes Investment in Una Vez Mas


P U E R T O   R I C O

DORAL FINANCIAL: Corporation Commences Consent Solicitation


T R I N I D A D   &   T O B A G O

BWIA: Unions Reject Proposal


U R U G U A Y

ANCAP: S&P Revises Outlook to Positive From Stable
URUGUAYAN BANKS: S&P Revises Outlooks to Positive
* URUGUAY: S&P Revises Outlook on Improving Econ. Fundamentals


V E N E Z U E L A

PDVSA: Promises to File 2004 Report to SEC This Week

     -  -  -  -  -  -  -  -

=================================
A N T I G U A   &   B A R B U D A
=================================

LIAT: Narrows Losses, Gains More Passengers - CEO
-------------------------------------------------
Carribean airline Liat CEO Garry Cullen claims the Company has
cut its losses in half and carried about 90,000 extra passengers
in 2005, The Trinidad Guardian reports.

According to Cullen, the Company would have ceased existing had
it not received certain government shareholders' support.

Responding to media speculation over the level of shareholders'
investment in Liat, Cullen recounted that Liat's shareholders
were warned in the summer of 2005 that it was undercapitalized
and needed US$85 million.

Investors supported a recovery plan, which called for a cutback
in staff members, closer relations with BWIA and an urgent
injection of equity.

"Liat reduced its staff numbers by over 30 per cent and the
following happened: US$2.9 million was received in 2001 and
US$25.8 million between 2003 and 2004, giving a total of US$28.7
million by the end of 2004," said Cullen.

He related that a grant of US$44 million was received in
February 2005, following the agreement made between the
governments of Antigua and Barbuda, Barbados and St. Vincent and
the Grenadines and T&T. Therefore, the amount of cash received
as either equity or grant was US$72.7 million.

Cullen said that it's hardly surprising that the Company has not
yet completed the restructuring plan, which includes fleet
renewal, given that the Company urgently needed US$85 million
back in 2000 before the airline industry descended into chaos
post-September 2001, before world fuel prices rocketed and
before competitor capacity trebled.

The CEO stated that despite protracted and inadequate response
to the company's capital needs, Liat was able to carry 4.7
million passengers during this time.

Questions regarding these matters will be entertained after
Liat's board meeting on Friday at the Royal Antiguan Hotel.

Liat was a private company in 2000 with only 30% government
shareholding.

Liat was a private company in 2000 with only a 30% government
shareholding, he said. Today, 73% of Liat is owned by the
government as none of the other shareholders increased their
investment after 2000.



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

EDEMSA: Alvarez Expected to Conclude Purchase by March
------------------------------------------------------
The purchase of Mendoza power distributor Edemsa by Mr. Omar
Alvarez is expected to be completed by March 2006, reports El
Cronista.

Alvarez is set to buy the quarter-share of each of his three
partners - Jose Angulo, Juan Carlos Angulo and Jacques Matas for
around ARS50 million. Alvarez, however, still needs judicial
approval for the purchase considering that Matas is bankrupt.

Angulo and Matas reportedly want to exit Edemsa in light of the
Company's low profitability - it has not had a tariff-hike
approved - as well as its debt of US$120 million.


CONSULT NOA: Concludes Reorganization
-------------------------------------
The reorganization of Salta-based Consult Noa S.A. has ended.
Data revealed by Infobae on its Web site indicated that the
process was concluded after the city's civil and commercial
court homologated the debt agreement signed between the Company
and its creditors.


INDEPRO S.R.L.: Court Authorizes Plan, Concludes Reorganization
---------------------------------------------------------------
Salta-based company Indepro S.R.L. concluded its reorganization
process, according to data released by Infobae on its Web site.
The conclusion came after the city's civil and commercial court
homologated the debt plan signed between the Company and its
creditors.


KEY ENERGY: Names Daniel L. Dienstbier Director
-----------------------------------------------
Key Energy Services, Inc. (OTC Pink Sheets: KEGS) announced
Monday that Daniel L. Dienstbier has been appointed to the
Company's Board of Directors.

Mr. Dienstbier, 65, served as non-executive Chairman of the
Board of Dynegy Inc. from May 2002 to May 2004 and as a director
of Dynegy since 1995. He served as interim Chief Executive
Officer of Dynegy from May 2002 to November 2002 and as
President of Northern Natural Gas Company, a Dynegy subsidiary,
from February 2002 until May 2002. Prior to serving as a
director of Dynegy in 1995, Mr. Dienstbier served as President
and Chief Operating Officer at two publicly-traded companies,
American Oil & Gas Corporation and Arkla, Inc., President of
Jule, Inc., a private energy consulting firm, and President and
Chief Executive Officer of Dyco Petroleum Corporation, a private
energy company. In addition, he spent twenty years with Northern
Natural Gas Company, a subsidiary of InterNorth Inc. Mr.
Dienstbier currently serves on the Board of Directors of Latigo
Petroleum, a private oil and gas exploration company, and has
previously served as a director on a number of other publicly
traded companies. He holds a degree from the University of
Nebraska and an MBA from Creighton University.

Dick Alario, Key's Chairman and CEO, stated, "Our Company,
shareholders and customers are fortunate to have a proven
industry leader such as Dan join our Board. His integrity and
reputation for accomplishments are widely appreciated and
specifically, his experience in successfully leading a large
public entity will be extremely valuable. I believe Dan's
agreement to become a Director clearly shows Key Energy
Services' ability to attract the very best as we take the
Company into the future."

Key Energy Services, Inc. is the world's largest rig-based well
service company. The Company provides oilfield services
including well servicing, contract drilling, pressure pumping,
fishing and rental tools and other oilfield services. The
Company has operations in all major onshore oil and gas
producing regions of the continental United States and
internationally in Argentina.

CONTACT:  Key Energy Services, Inc.
          John Daniel
          Tel: +1-713-651-4300


MADERAS ORONO: Enters Bankruptcy on Court Orders
------------------------------------------------
Maderas Orono S.R.L. enters bankruptcy protection after
Rosario's civil and commercial court ordered the Company's
liquidation. The order effectively transfers control of the
Company's assets to a court-appointed trustee who will supervise
the liquidation proceedings.

Infobae reports that the court-appointed receiver will be
verifying creditors' proofs of claim.

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.

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

CONTACT:  Maderas Orono S.R.L.
          Biedma 2186
          Rosario (Santa Fe)


PINNACLE ENTERTAINMENT: To Issue New Shares of Common Stock
-----------------------------------------------------------
Pinnacle Entertainment, Inc. (NYSE: PNK) announced Monday that
it intends to offer 6.0 million newly issued shares of its
common stock under an effective shelf registration statement on
file with the Securities and Exchange Commission. The Company
also intends to grant to the underwriters of the proposed
offering an option to purchase up to 900,000 newly issued shares
of common stock. Upon the completion of the offering, Pinnacle
anticipates having approximately 47.0 million shares of common
stock outstanding, assuming the option to purchase additional
shares is not exercised.

The Company expects to use the proceeds of this offering for
general corporate purposes and for one or more of the following
capital projects it intends to pursue at its existing
facilities. The Company intends to add approximately 250
guestrooms at Belterra Casino Resort, bringing the total to
approximately 850 guestrooms. The Company also plans to add
approximately 250 additional guestrooms to L'Auberge du Lac in
Lake Charles, Louisiana, bringing the total to approximately
1,000 guestrooms. Finally, the Company intends to build a 200
guestroom hotel at its Boomtown New Orleans property, the first
guestrooms at that facility. Pinnacle expects to begin
construction of all three of these expansions in 2006 and
complete such construction in 2007. In addition, proceeds of the
offering may be used to fund a portion of the construction costs
of the St. Louis projects.

Lehman Brothers Inc. and Deutsche Bank Securities Inc. will act
as joint book-running managers of the offering. In addition,
Bear, Stearns & Co. Inc. and Merrill Lynch & Co. will act as
joint lead managers of the offering.

Copies of the preliminary prospectus supplement relating to the
offering may be obtained from Lehman Brothers Inc., c/o ADP
Financial Services, Prospectus Fulfillment, 1155 Long Island
Avenue, Edgewood, NY 11717, 613-254-7106, or Linda Wegmann,
Deutsche Bank Securities, 1251 Avenue of the Americas, Floor 25,
New York, NY 10020, 212-474-7392.

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

About Pinnacle Entertainment

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

CONTACT:  PINNACLE ENTERTAINMENT, INC.
          Dan Lee, Chairman & CEO
          Wade Hundley, President
          Steve Capp, CFO,

          Investor Relations:
          Chris Plant or Lewis Fanger
          Tel: +1-702-784-7777



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

LINES OVERSEAS: BMA Barred from Disclosing Details of Actions
-------------------------------------------------------------
The Bermuda Monetary Authority said it will not disclose details
of any regulatory action taken against Lines Overseas Management
(LOM), The Royal Gazette reports.

BMA issued the statement after the US Securities and Exchange
Commission countered LOM's statement to a US District Court that
that the BMA had completed its investigation of LOM's conduct
regarding Sedona Securities in 2003 and as of the date of the
filings, the BMA had taken no action.

In a report to US District Court Judge Richard Roberts, the SEC
said: "LOM thus created the impression that the BMA had found no
basis upon which to take action against LOM for violations of
Bermudian law or for other regulatory lapses."

The SEC said that it learned in fact that on December 2, 2005:
"LOM reached a resolution with the BMA related to the BMA's
Sedona investigation into LOM's conduct. As part of that
resolution, LOM demanded that the terms of the resolution be
kept confidential from the SEC, the investing public and
consequently the courts."

But BMA said that legislation - not the regulated entities -
impose on the Authority "strict restrictions on the disclosure
of information to third parties".

"This means that except under limited circumstances the
Authority is generally precluded by law, as opposed to any
agreement with any particular company, from disclosing details
of regulatory actions or decisions related to specific entities
or individuals.

"Those circumstances relate to revocation of licenses or public
censure for an entity, which may be publicized," the BMA said.



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

AES COMMUNICATIONS: Continues to Fight Off Liquidation
------------------------------------------------------
Telecoms operator AES Communications (AXS) has taken its first
move in its legal fight to head off liquidation, reports
Business News Americas.

On Jan. 5, AXS filed a petition to revoke telecoms regulator
Sittel's report, which stated AXS, in order to retain its
concession to provide telecoms services, must be able to
implement a series of measures, including paying off its debts
to operators and employees by January 11.

But according to AXS sales and business management president
Bernardo Quiroga, the Company expects to lose in this first
round, as Sittel, which is the defendant, is also the judge in
the case.

As such, AXS created a back up plan, under which it will file an
injunction against Sittel overseer Sirese - the country's
general public services regulator - if Sittel decides in favor
of itself.

AXS would then file an administrative contentious lawsuit in the
civil court system as a last resort, said Quiroga. This step
would include at least one ordinary court hearing, followed by
an appeal, plus a final hearing by the country's supreme court.

"These legal proceedings could really take years," said Quiroga.
"However, with the strong arguments AXS is presenting, we are
confident that the problem will be solved quickly in the
administrative arena."

Quiroga said that in the worst-case scenario of AXS losing all
of its appeals, which would include a supreme court decision,
the company would not be liquidated but rather its concession
would be revoked and it would be taken over by another
concessionaire, in order to assure continuity of service.



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

AES CORP.: Fails to Comply with Reporting Covenant
--------------------------------------------------
The AES Corporation (AES) announced on Jan. 6, 2006 that it has
received notice from the trustee under the indentures governing
the company's outstanding senior unsecured notes, senior
subordinated notes, and junior subordinated convertible notes
(totaling approximately $2.8 billion aggregate principal
amount). The notice specifies that AES is not in compliance with
the reporting covenant under such indentures due to its failure
to timely file its quarterly reports on Form 10-Q for the
quarters ended June 30, 2005 and Sept. 30, 2005 with the trustee
and the Securities and Exchange Commission. The company has 60
days to rectify the situation. Should the company fail to do so,
an event of default will occur under these indentures. An event
of default would allow the trustee or the holders of at least
25% of the outstanding principal amount of any series of notes
to accelerate the maturity of that series of notes, unless
holders of a majority of such series of notes waive compliance
with the filing requirement.

All of AES's indentures, other than the indenture governing its
junior subordinated convertible notes, contain a cross-default
provision, which provides that when an event of default occurs
under any other indebtedness of AES in excess of $50 million, as
a result of such default, the maturity of such debt is
accelerated and such acceleration has not been rescinded or
annulled within 60 days. The company's credit facility also
contains a cross-default provision, which provides that the
company's default on indebtedness in amounts in excess of $50
million would constitute an event of default under the credit
facility. As of Dec. 31, 2005, the total amount of indebtedness
outstanding under the credit facility was $200 million and $299
million in letters of credit were issued. As of Dec. 31, 2005,
the total amount of indebtedness under the company's indentures
with cross default provisions was $3.8 billion.

The delay in the filing of the company's financial statement
stems from a previously announced restatement for the years 2002
to 2004 and first quarter 2005 to resolve a previously announced
material weakness in its accounting for certain acquisitions
completed prior to 2001 and relates to items such as deferred
tax balance and other comprehensive income.

AES expects to file its restated financial statements as well as
its financial statement for the quarters ended June 30, 2005 and
Sept. 30, 2005 no later than Jan. 20, 2006. Since the company's
expected filing by Jan. 20 will cure the covenant default, Fitch
is of the view that the announcement has no immediate ratings
consequences and AES should be able to conduct its business in a
routine manner. However, Fitch will continue to monitor the
situation closely and may lower ratings should the company be
unable to file the required financial statements within the 60
day cure period.

AES is a leading global power company with operations in 26
countries, generating 44,000 megawatts of electricity through
124 power facilities, and delivers electricity through 15
distribution companies.

CONTACT:  Jonathan Cho +1-212-908-0842
          Denise Furey +1-212-908-0672, New York

MEDIA RELATIONS: Brian Bertsch, New York, Tel: +1 212-908-0549


SKY BRASIL: Moody's Withdraws Ratings
-------------------------------------
The ratings of Sky Brasil Servicos Ltda. have been withdrawn
because Moody's believes it lacks adequate information to
maintain its ratings.



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

ATLAS EQUITY I: Final Meeting of Shareholder to be Held Jan. 30
---------------------------------------------------------------
                    ATLAS EQUITY I, LTD.
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of this company will
be held at the offices of Close Brothers (Cayman) Limited, 4th
Floor Harbour Place, George Town, Grand Cayman, on the 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 liquidator to retain the records of the
company for a period 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 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:  N. JEFFREY ARKLEY
          Joint Voluntary Liquidator
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Contact for enquires: Thiry Gordon
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


ATLAS EQUITY II: To Lay Wind Up Accounts Before Jan. 30 Meeting
---------------------------------------------------------------
                   ATLAS EQUITY II, LTD.
                (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of this company will
be held at the offices of Close Brothers (Cayman) Limited, 4th
Floor Harbour Place, George Town, Grand Cayman, on the 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 liquidator to retain the records of the
company for a period 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 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:  N. JEFFREY ARKLEY
          Joint Voluntary Liquidator
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Contact for enquires: Thiry Gordon
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


ATLAS EQUITY III: To Authorize Liquidator to Retain Records
-----------------------------------------------------------
                    ATLAS EQUITY III, LTD.
                 (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of this company will
be held at the offices of Close Brothers (Cayman) Limited, 4th
Floor Harbour Place, George Town, Grand Cayman, on the 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 liquidator to retain the records of the
company for a period 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 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:  N. JEFFREY ARKLEY
          Joint Voluntary Liquidator
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Contact for enquires: Thiry Gordon
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


ATLAS MASTER: Sets Final Meeting of Sole Shareholder for Jan. 30
----------------------------------------------------------------
                 ATLAS MASTER FUND II, LTD.
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of this company will
be held at the offices of Close Brothers (Cayman) Limited, 4th
Floor Harbour Place, George Town, Grand Cayman, on the 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 liquidator to retain the records of the
company for a period 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 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:  N. JEFFREY ARKLEY
          Joint Voluntary Liquidator
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Contact for enquires: Thiry Gordon
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


ATLAS MASTER INTERMEDIARY: To Hear Wind Up Accounts Jan. 30
-----------------------------------------------------------
             ATLAS MASTER INTERMEDIARY FUND, LTD.
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of this company will
be held at the offices of Close Brothers (Cayman) Limited, 4th
Floor Harbour Place, George Town, Grand Cayman, on the 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 liquidator to retain the records of the
company for a period 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 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:  N. JEFFREY ARKLEY
          Joint Voluntary Liquidator
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Contact for enquires: Thiry Gordon
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


AWM FINE: To Authorize JVLs to Retain Books, Records
----------------------------------------------------
                  AWM FINE WINE FUND LIMITED
                       ("The Company")
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

Notice of Final General Meeting pursuant to Section 145 of the
Companies Law (2004 Revision), the Final Meeting of the
Shareholder of the above-named company will be held at 34
Sackville Street, London W1S 3EG on 30th January 2006 at 10 am:

Business:

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

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

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

CONTACT:  TERJE SOMMER and JENS A WILHELMSON
          Voluntary Liquidators
          Walkers, P O Box 265GT
          George Town, Grand Cayman, Cayman Islands
          Contact for enquiries: Nick Robinson
          Telephone: 345 914 4216
          Facsimile: 345 814 4216


GALT FUND: Sets Final Meeting of Shareholder for Jan. 30
--------------------------------------------------------
                        GALT FUND LTD.
                 (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of this company will
be held at the offices of Close Brothers (Cayman) Limited, 4th
Floor Harbour Place, George Town, Grand Cayman, on the 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 liquidator to retain the records of the
company for a period 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 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:  N. JEFFREY ARKLEY
          Joint Voluntary Liquidators
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Contact for enquires: Thiry Gordon
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


GALT INTERMEDIARY: To Hear Wind Up Accounts Jan. 30
---------------------------------------------------
                 GALT INTERMEDIARY FUND LTD.
                 (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of this company will
be held at the offices of Close Brothers (Cayman) Limited, 4th
Floor Harbour Place, George Town, Grand Cayman, on the 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 liquidator to retain the records of the
company for a period 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 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:  N. JEFFREY ARKLEY
          Joint Voluntary Liquidator
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Contact for enquires: Thiry Gordon
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


HARDY LTD: Shareholder to Hear Liquidator's Report Jan. 30
----------------------------------------------------------
                         HARDY LTD.
                 (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to section 145 of the Companies
Law, that the extraordinary final meeting of the sole
shareholder of the above company will be held on the 30th
January 2006.

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

CONTACT:  COMMERCE CORPORATE SERVICES LIMITED
          Voluntary Liquidator
          PO Box 694GT
          Grand Cayman
          Telephone: 949-8666
          Facsimile: 949-7904


ITROS OFFSHORE: To Authorize Liquidator to Retain Records
---------------------------------------------------------
                   ITROS OFFSHORE, LTD.
                (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of this company will
be held at the offices of Close Brothers (Cayman) Limited, 4th
Floor Harbour Place, George Town, Grand Cayman, on the 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 liquidator to retain the records of the
company for a period 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 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 SUTLIC
          Joint Voluntary Liquidator
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Contact for enquires: Thiry Gordon
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


LIBERTY ERMITAGE: Final Meeting to be Held Jan. 30
--------------------------------------------------
             LIBERTY ERMITAGE LIQUID ASSETS SPC
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of this company will
be held at the offices of Close Brothers (Cayman) Limited, 4th
Floor Harbour Place, George Town, Grand Cayman, on the 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 liquidator to retain the records of the
company for a period 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 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:  N. JEFFREY ARKLEY
          Joint Voluntary Liquidator
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Contact for enquires: Thiry Gordon
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


MCLEAN MARKET: To Lay Winding Up Accounts Before Jan. 31 Meeting
----------------------------------------------------------------
             MCLEAN MARKET NEUTRAL FUND 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 this company will be
held at the registered office of the company, on 31st January
2006, at 2:00 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 to
the date of final winding up on 31st January 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:  SARAH RICKELMAN
          Voluntary Liquidator
          P.O. Box 1111, Grand Cayman, Cayman Islands
          Officer for enquiries: Avril Brophy
          Telephone: 345 949-5122
          Facsimile: 345 949-7920


NAVARRO LTD.: To Authorize Liquidator to Retain Records
-------------------------------------------------------
                     NAVARRO LTD.
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of this company will
be held at the offices of Close Brothers (Cayman) Limited, 4th
Floor Harbour Place, George Town, Grand Cayman, on the 31st
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 31st January 2006.

2. To authorize the liquidator to retain the records of the
company for a period 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 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:  LINBURGH MARTIN
          Joint Voluntary Liquidator
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Contact for enquires: Neil Gray
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


OCEAN CAPITAL: Members to Hear Wind Up Accounts Jan. 26
-------------------------------------------------------
                   OCEAN CAPITAL LTD.
                (In Voluntary Liquidation)
           The Companies Law (2004 Revision)
                      Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named company
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
26th 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:  PHILLIPA WHITE and RICHARD GORDON
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


OSATO BP: Final Meeting of Sole Shareholder Set for Jan. 30
-----------------------------------------------------------
                          OSATO BP
                 (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of this company will
be held at the offices of Close Brothers (Cayman) Limited, 4th
Floor Harbour Place, George Town, Grand Cayman, on the 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 liquidator to retain the records of the
company for a period 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 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 SUTLIC
          Joint Voluntary Liquidator
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1 034GT, Grand Cayman
          Contact for enquires: Thiry Gordon
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


PENDULUM LIMITED: To Present Explanation on Wind Up Jan. 26
-----------------------------------------------------------
                        Pendulum Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                          Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Pendulum Limited will be
held at the offices of Maples Finance Limited, Queensgate House,
George Town, Grand Cayman, Cayman Islands, on January 26, 2006,
for the purpose of presenting to the members an account of the
winding up of the Company and giving any explanation thereof.

CONTACT:  Ms. Wendy Ebanks and Richard Gordon
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


QUANTITATIVE CAPITAL: To Give Explanation on Wind Up Jan. 30
------------------------------------------------------------
       Quantitative Capital Management Intermediaery, Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of Quantitative
Capital Management Intermediaery, Ltd. will be held at the
offices of Close Brothers (Cayman) Limited, 4th Floor Harbour
Place, George Town, Grand Cayman, 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 final winding up on January 30, 2006.

2. To authorize the liquidator to retain the records of the
Company for a period 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 at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.

CONTACT:  Mr. N. Jeffrey Arkley, Joint Voluntary Liquidator
          Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


QUANTITATIVE CAPITAL: To Explain Wind Up Process to Members
-----------------------------------------------------------
              Quantitative Capital Management Ltd.
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of Quantitative
Capital Management Ltd. will be held at the offices of Close
Brothers (Cayman) Limited, 4th Floor Harbour Place, George Town,
Grand Cayman, 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 final winding up on January 30, 2006.

2. To authorize the liquidator to retain the records of the
Company for a period 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 at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.

CONTACT:  Mr. N. Jeffrey Arkley, Joint Voluntary Liquidator
          Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


R TWO: To Present Account on Wind Up to Members Feb. 9
------------------------------------------------------
                        R Two One, Corp.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                          Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of R Two One, Corp. will be
held at the offices of Maples Finance Limited, Queensgate House,
George Town, Grand Cayman, Cayman Islands, on February 9, 2006,
for the purpose of presenting to the members an account of the
winding up of the Company and giving any explanation thereof.

CONTACT:  Ms. Suzan Merren, Joint Voluntary Liquidator
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


SALIX HEALTHCARE: To Lay Accounts on Wind Up Jan. 30
----------------------------------------------------
             Salix Healthcare (General Partner) Inc
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of this company will
be held at the offices of Close Brothers (Cayman) Limited, 4th
Floor Harbour Place, George Town, Grand Cayman, 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 final winding up on January 30, 2006.

2. To authorize the liquidator to retain the records of the
Company for a period 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 at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.

CONTACT:  Mr. John Sutlic, Joint Voluntary Liquidator
          Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


SCV CAPITAL: Final Meeting Scheduled for Jan. 28
------------------------------------------------
                       SCV Capital Ltd.
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                         Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of SCV Capital Ltd. will be
held at the offices of Maples Finance Limited, Queensgate House,
George Town, Grand Cayman, Cayman Islands, on January 28, 2006,
for the purpose of presenting to the members an account of the
winding up of the Company and giving any explanation thereof.

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


SMFC HOLDINGS: Final General Meeting Set for Jan. 28
----------------------------------------------------
                 SMFC Holdings (Cayman) Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                          Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of SMFC Holdings (Cayman)
Limited will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
January 28, 2006, for the purpose of presenting to the members
an account of the winding up of the Company and giving any
explanation thereof.

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


SYMPHONIA: To Hold Final General Meeting Jan. 28
------------------------------------------------
                           Symphonia
                   (In Voluntary Liquidation)
                       The Companies Law
                          Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Symphonia will be held at
the offices of Maples Finance Jersey Limited, 2nd Floor, Le
Masurier House, La Rue Le Masurier, St. Helier, Jersey JE2 4YE
on January 28, 2006 for the purpose of presenting to the members
an account of the winding up of the Company and giving any
explanation thereof.

CONTACT:  Mark Wanless and Tun Win
          Joint Voluntary Liquidators
          c/o Maples Finance Jersey Limited
          2nd Floor, Le Masurier House
          La Rue Le Masurier, St. Helier, Jersey JE2 4YE


TCI FOCUS: To Explain Wind Up Process Jan. 30
---------------------------------------------
                         TCI Focus Fund
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of TCI Focus Fund will
be held at the offices of Close Brothers (Cayman) Limited, 4th
Floor Harbour Place, George Town, Grand Cayman, 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 final winding up on January 30, 2006.

2. To authorize the liquidator to retain the records of the
Company for a period 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 at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.

CONTACT:  Mr. John Sutlic, Joint Voluntary Liquidator
          Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


TIENDA HOLDINGS: To Show Manner of Liquidation Jan. 28
------------------------------------------------------
                     Tienda Holdings Inc.
                  (In Voluntary Liquidation)
                      The Companies Law
                         Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Tienda Holdings Inc. will
be held at the offices of Maples Finance Jersey Limited, 2nd
Floor, Le Masurier House, La Rue Le Masurier, St. Helier, Jersey
JE2 4YE, on January 28, 2006, for the purpose of presenting to
the members an account of the winding up of the Company and
giving any explanation thereof.

CONTACT:  Mr. Mark Wanless, Joint Voluntary Liquidator
          c/o Maples Finance Jersey Limited
          2nd Floor, Le Masurier House
          La Rue Le Masurier, St. Helier, Jersey JE2 4YE


WILLOW IAM: Accounts on Liquidation to be Presented Jan. 30
-----------------------------------------------------------
                      Willow IAM 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 Willow IAM Limited will
be held at the registered office of the Company, on January 30,
2006, at 1:15 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


WINBELL INVESTMENT: Members to Hear Wind Up Process Feb. 15
-----------------------------------------------------------
                 Winbell Investment, Holdings
                  (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
Winbell Investment, Holdings will be held on February 15, 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


YACHTCREW (CAYMAN): To Present Wind Up Process Jan. 30
------------------------------------------------------
                     Yachtcrew (Cayman) Ltd.
                    (In Voluntary Liquidation)
                 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 Yachtcrew (Cayman)
Ltd. will be held at Citco Trustees (Cayman) Limited, Regatta
Office Park, West Bay Road, Windward One, Grand Cayman, Cayman
Islands, on January 30, 2006, 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


YELLOW SUBMARINE: Final Meeting to be Held Jan. 30
--------------------------------------------------
                      Yellow Submarine Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to section 145 of the Companies
Law, that the extraordinary final meeting of the sole
shareholder of Yellow Submarine Ltd. will be held on January 30,
2006.

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

CONTACT:  Commerce Corporate Services Limited
          Voluntary Liquidator
          PO Box 694GT, Grand Cayman
          Telephone: 949-8666
          Facsimile: 949-7904


YEN-BIRDS LIMITED: To Show Manner of Liquidation Jan. 26
--------------------------------------------------------
                       Yen-Birds Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                         Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Yen-Birds Limited will be
held at the offices of Maples Finance Limited, Queensgate House,
George Town, Grand Cayman, Cayman Islands, on January 26, 2006,
for the purpose of presenting to the members an account of the
winding up of the Company and giving any explanation thereof.

CONTACT:  Ms. Phillipa White and Mr. Richard Gordon
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands



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

BANCO NACION: Fitch Affirms BB+ Rating
--------------------------------------
Fitch Ratings has affirmed its long-term deposit rating of BB+
with a stable outlook and short-term deposit rating of N-3 on
the Chilean unit of Argentine bank Banco Nacion.

Business News Americas reports Fitch attributed the ratings to
the unit's historical performance, the reduced size of its
operations, adequate liquidity and debt levels as well as low
asset risks.

The unit's assets totaled CLP18.4 billion (US$35mn) at end-
November and deposits amounted to CLP2.34 billion.



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

BANCO AZTECA: CNBS Refuses to Grant Banking License
---------------------------------------------------
Mexican retail bank Banco Azteca failed to secure Honduras'
banking and insurance regulatory agency CNBS' authorization to
open branches in the country.

Business News Americas suggests CNBS did not grant the
authorization due to a SEC lawsuit filed against Banco Azteca's
controller Ricardo Salinas for alleged insider trading in a debt
purchase transaction carried out by Mexican mobile operator
Unefon.

But according to CNBS head Ana Cristina de Pereira, Banco Azteca
can apply again for a banking license once its problems with SEC
have been sorted out.


HONDUTEL: Needs Partner to Keep Up with Competition - Analysts
--------------------------------------------------------------
A number of analysts say state telecom company Hondutel will
have to find a strategic partner in order to survive the
competition in the Internet and mobile telephony segments,
reports Business News Americas.

Hondutel now faces an uncertain future after its monopoly of the
international long distance market ended on December 25 as
stipulated in the 1995 telecommunications law, thus opening up
the market to greater competition.

The Company cut international calling rates by US$0.13 in early
December to US$0.71, in expectation of the pending competition
and is expected to make further rate cuts during 2006 as
competitors arrive with IP technologies.

International long distance telephony had accounted for 60% of
Hondutel's revenues or some US$50 million a year.



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

BALLY TOTAL: Seeks Shareholder Support of Management Team
---------------------------------------------------------
Bally Total Fitness (NYSE:BFT - News), the nation's leader in
health and fitness, asked investors in a letter to shareholders
to support the Company's current management team, its turnaround
strategy, and its slate of directors for election at the January
26 shareholders meeting, which is being contested by two hedge
funds.

"The Company's results show that our turnaround is working and
we are enhancing value for shareholders," said Paul Toback,
Chairman and CEO of Bally.

"After attempting for several months to reach a settlement with
Pardus and Liberation, it has become clear to Bally's Board of
Directors and management that the sole agenda of these two hedge
funds is to disrupt the Board's strategic process in favor of
their own narrow interests, rather than putting forth a plan
that would deliver value for all shareholders," he added.

Bally's Board of Directors has retained two highly qualified
advisors -- J.P. Morgan Securities Inc. and The Blackstone Group
-- to run a fair and transparent strategic process to address
the Company's capital structure issues. In order to keep the
process beyond reproach, Bally's management has made it clear it
has no intention of putting together a proposal to purchase the
Company and has committed not to align itself with any bidder in
the process until a winning bidder has been chosen.

The letter, sent on January 6, 2006, stated:

Bally Total Fitness recently mailed you its proxy statement for
the Company's January 26, 2006 shareholder meeting. We urge you
to vote your proxy in support of Bally's Board of Directors and
management team, which has made significant progress in turning
around and transforming the Company's business. We also will
provide some insights into what we believe are the questionable
motives underlying other proxy proposals that we believe are
designed to advance the interests of a narrow group of
shareholders rather than benefiting the Company or the majority
of shareholders.

When new management began running Bally three years ago, we
established three important goals:

    - Turn around the Company's sagging operational performance,
    - Restore confidence in the integrity of the financial
statements, and
    - Address the Company's debt-heavy capital structure we
inherited.

As our recent restatements clearly demonstrate, we have made
significant progress on all three of these critical goals and
have made Bally better operationally, stronger financially, and
more credible with auditors, regulators and investors. In
addition, with the recently announced strategic process being
led by J.P. Morgan Securities Inc. and The Blackstone Group, we
are also addressing the last major near-term issue facing Bally.

We have structured this letter as a series of questions and
answers to help frame the issues and inform your thinking about
how to cast your vote with regard to your Bally shares.

Q: What is the track record of Bally's current management team?

A: Management has made tremendous progress in turning Bally
around, significantly growing operating income and correcting an
extraordinary number of past accounting issues. The Company's
recently reported results clearly tell the story of this team's
success. Almost all financial measures have dramatically
improved in the last three years. Costs are down, revenues are
up, and Bally is returning to profitability and is positioned
for strong future performance.

A comparison of Bally's performance across key metrics from the
periods 2000 through the first nine months of 2005 shows
compelling improvement across the board after the Company's
management changed in December 2002.

Q: Why is the Company pursuing a strategic alternatives process
with J.P. Morgan Securities Inc. and The Blackstone Group, and
is this Board the best group to lead that process?

A: In addition to executing our business plan, in order to
strengthen operations, it is imperative that we address the
challenge our current capital structure poses. To that end, the
Board has retained two highly qualified advisors to run a fair,
open and transparent process.

    - This Board is committed to an independent and value-
creating strategic alternatives process led by our independent
directors.

    - We have engaged J.P. Morgan Securities Inc. and The
Blackstone Group to assist us in exploring a range of
alternatives to enhance value for all of our shareholders. These
alternatives may include a recapitalization, the sale of
securities or assets of the Company, or the sale or merger of
the Company with another entity or strategic partner.

    - Bally management has no intention of putting together a
proposal to purchase the Company and has committed not to align
itself with any bidder in the process until a winning bidder has
been chosen.

Q: Why did management recently sell some of its holdings in
Bally stock and why now?

A: Because the Company had been in a quiet period resulting from
not filing financial statements since May 2004, some members of
management decided to sell certain holdings of previously
restricted Company stock in connection with personal tax
planning or diversification needs.

    - Management believes wholeheartedly in Bally's future, and
the Company's Directors and Officers as a group continue to
collectively beneficially own approximately 4.7% of Bally stock.

    - In the middle of 2005, Liberation caused most senior
management's restricted stock to vest when it acquired more than
10% of the Company's stock.

    - That action created a tax liability for all but two of
Bally's executives for the 2005 tax year that in many cases was
a six-figure liability.

    - In addition, due to the 18-month quiet period associated
with restating Bally's financials, the two weeks between
December 1 and December 16, 2005 was the only window since May
2004 and until May 2006 during which members of senior
management could trade Bally stock.

    - Many of Bally's senior executives have most of their net
worth in Bally stock and have needed to diversify their holdings
for some time.

Q: Who are Pardus and Liberation? How could two new hedge funds
with no track record in turning around companies possibly create
more value for Bally shareholders than the new Board and
management team that are fixing Bally on behalf of shareholders?
What are Pardus' and Liberation's plans for operating the
business or conducting the strategic process?

A: Pardus and Liberation are both hedge funds with no publicly
announced plan of their own to manage Bally or sell or refinance
the Company. Pardus and Liberation have agitated and attempted
to discredit Bally's management and Board. We believe they want
to control the Company and the strategic process without paying
a control premium to all shareholders.

    - Pardus wants effective control without paying a fair
premium to Bally shareholders and without a fair and transparent
bidding process for such control.

    - Pardus asked the Company to waive certain legal
requirements under Delaware law so that they could acquire as
much as 30% of the Company's stock.

    - Liberation began acquiring shares in the Company after new
Bally management terminated Emanuel Pearlman's longstanding
consulting role with the Company, during which he was a well-
paid advisor to the Company while Lee Hillman, Bally's former
CEO and Pearlman's close friend, was CEO.

    - From 1992 to 2003, Mr. Pearlman received at least $3.4
million from Bally, an average of $283,000 per year, in
consulting and investment advisory fees for transactions he
promoted for the Company and its affiliates, which often proved
to be ill conceived.

    - Pardus, a new hedge fund formed in 2005 by Karim Samii, a
vulture investor primarily in debt securities of bankrupt or
troubled companies, began acquiring Bally stock in July 2005. In
return for its newly purchased 14% stake in the Company, Pardus
demanded 5 of Bally's 9 board seats -- not for truly independent
representatives, but for a Pardus advisory committee
representative, a former business associate of the Pardus
principals and Don Kornstein, Mr. Pearlman's longtime associate.

    - Pardus has indicated that they would like to lead a
private recapitalization of the Company, and we believe their
efforts in this contest are intended to mostly benefit Pardus.

    - Principals of Pardus have met with management several
times and each time threatened that if they didn't get what they
"demanded" they would "go to war" with the Company and its Board
and management.

Q: Why won't the Company settle this dispute with Liberation and
Pardus since it is distracting and costly?

A. The Company has been attempting to settle for months and
already agreed to take two of the Pardus directors with no
conditions. Pardus and Liberation have rejected every one of the
Company's offers and continue to insist on settlement terms that
we believe are designed to disrupt the strategic process.

    - The proposals made by Bally's directors and management,
some of which have been made public, are more than fair and
reasonable. We have already agreed to nominate two of the
directors Pardus proposed without any conditions. That
represents more than 20% of the Board, which seems more than
appropriate given that Pardus owns just slightly more than 14%
of the Company's stock.

    - Bally has offered Pardus and Liberation additional
concessions privately to settle this costly dispute, but they
have refused all overtures, instead often increasing their
demands or adding new ones.

    - Pardus publicly asked the Board to appoint a special
committee to control the strategic process, which the Pardus
representatives would control while at the same time Pardus
expressed an interest in participating in a strategic
transaction that would need approval from that very committee.

    - Liberation, in particular, wants to immediately fire
Bally's CEO despite the improvement in the Company's results and
while it is in the midst of a strategic process to refinance and
possibly sell the Company, during which time uncertainties as to
management stability could only hurt the process.

Q: Are Pardus and Liberation working together in a concerted
effort to disrupt our strategic alternatives process?

A: You should consider the facts and reach your own conclusion:

    - Liberation made repeated threats to replace Bally's Board
members with its own candidates but decided not to run any
directors after Pardus announced it would nominate a slate.
Liberation just put forth a proposal to fire Bally's CEO and
solicit the authority to vote for the Pardus slate.

    - Pardus is promoting a slate with three directors, which
includes one of Mr. Pearlman's old friends and colleagues, Don
Kornstein.

    - Mr. Kornstein has known Mr. Pearlman for 17 years. In Mr.
Kornstein's capacity as CEO, President and a Director of Jackpot
Enterprises, Inc., Mr. Kornstein retained Mr. Pearlman to act as
a financial advisor.

    - Mr. Pearlman nominated Mr. Kornstein, along with Mr.
Hillman, to be on his insurgent board slate for InterTAN, Inc.
in 2003.

    - When finally confronted with imminent depositions and
other discovery ordered by the Delaware federal courts in
litigation brought by Bally, Liberation amended its proxy
materials to admit that it had suggested Mr. Kornstein to Pardus
for the Pardus slate.

    - In 2002, Bally's CEO Lee Hillman proposed to the Bally
Board that the Company be sold to HealthSouth just months before
HealthSouth's accounting fraud became public and its stock was
delisted and its CEO fired. The transaction would have had
management's stock options purchased by HealthSouth for cash,
while other Bally shareholders were to receive HealthSouth
stock. Interestingly, a key financial advisor to Hillman on that
proposed transaction was Mr. Pearlman.

    - When the Bally Board refused Mr. Hillman's request to sell
the Company to HealthSouth (two of Bally's current directors
were directors at that time), Mr. Hillman attempted to put two
of his friends on Bally's board of directors -- Mr. Pearlman and
Mr. Kornstein. The Board refused to add either candidate to the
Board.

Q: Whom should Bally shareholders vote for and why?

A: We believe shareholders should vote Bally's WHITE proxy card
for Bally's nominees. Because we have made concessions without
conditions and agreed to nominate two of Pardus' candidates in
an attempt to avoid a contest, the current contest is really
only about who is elected to the remaining spot: Eric Langshur,
the independent director who led the Audit Committee effort to
restate financials, or Don Kornstein, a loyalist of Mr.
Pearlman, the friend of Bally's former discredited CEO. We also
believe you should give us your support to reject the Liberation
proposals, which, if enacted, could endanger the positive
momentum at Bally and also could disrupt or torpedo the
strategic process already under way.

We think it all comes down to this--do you want your Company to
continue implementing a well-conceived turnaround plan that is
producing results and is based on deep knowledge of the Bally
business and the health and fitness industry? Or do you want to
support a dissident former employee who has been closely
associated with a failed strategy that has since been
repudiated, working with a group that has no knowledge of the
Company's business and no clear plan to take Bally forward? We
think the answer is clear: Vote FOR Bally's nominees to continue
progress under a plan that is working.

We strongly recommend that you vote FOR the Bally nominees by
signing, dating and returning the WHITE proxy card. We strongly
urge you not to sign any green proxy card that may be sent to
you by Pardus Capital Management or a gold proxy card that may
be sent to you by Liberation Investments. If you have previously
returned a green or gold proxy card, you can automatically
revoke it by signing, dating and returning the enclosed WHITE
proxy card in the accompanying envelope. We appreciate your
continued support, and if you need assistance or have any
questions, please call MacKenzie Partners toll-free at 800-322-
2885 or collect at 212-929-5500.

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

To see improvement results and table on reconciliation of
operating income (loss) before impairment charges to operating
income (loss): http://bankrupt.com/misc/BALLY_TOTAL.htm

CONTACT:  Bally Total Fitness
          Investors
          Janine Warell
          Phone: 773-864-6897

          Media
          Matt Messinger
          Phone: 773-864-6850

          URL: www.ballyfitness.com


EMPRESAS ICA: Signs 3 Contracts in Mexico City For MXN573.7 Mln
---------------------------------------------------------------
Empresas ICA, S.A. de C.V. (BMV and NYSE: ICA), the largest
engineering, construction, and procurement company in Mexico,
announced Monday the signing of three contracts for the
execution of three urban projects in Mexico City for a total of
Ps. 573.7 million. The contracts are:

1. Construction of the Taxquena-Eje 3 Oriente Traffic
Distributor, located in the Iztapalapa and Coyoacan districts.
The government of Mexico City, through its Ministry of Public
Works and Services, in a public bidding process, awarded ICA a
contract for the construction of the traffic distributor at the
intersection of Taxquena Avenue and the Eje 3 Oriente. The
traffic distributor will be constructed with a deep foundation
of 890 pilings and other foundation works made of support
craddles, a structure of columns and prefabricated post-stressed
supports, concrete and steel parapets, paving, and
installations. The unit price contract for MXN195.1 million
began in December 2005 and will be executed over a period of 307
days.

2. Integrated project for the construction of a 120-bed general
hospital, in the Alvaro Obregon district. The government of
Mexico City, through its Ministry of Public Works and Services,
in a public bidding process, awarded ICA a contract for the
design of the master plan, construction, supply and installation
of permanent equipment, medical equipment, medical and
administrative furnishings, communications equipment, training
and putting into operation of the 120-bed general hospital. The
hospital will offer gynecological, internal medicine, general
surgery, emergency, and auxiliary diagnostic and treatment
services. The contract also includes a wastewater treatment
plant and agitation tank. The project will take place in a
21,510 m2 lot, with a constructed space of 13,400 m2 and 250
parking spaces. The fixed price, fixed term contract for
MXN294.9 million began in December 2005 and will be executed
over a period of 338 days.

3. Construction of the Swimming and Diving Pools of the National
Center for Talent and High Performance, located in the Ciudad
Deportiva Magdalena Mixiuhca in the Iztacalco district. The
Administrative Committee of the Federal Program for School
Construction, in a public bidding process, awarded ICA a
contract for the construction of the building where the swimming
and diving pools will be located. The building will have a
three-dimensional structure of 6,580 m2 and the requisite
equipment. The unit price contract for MXN83.7 million began in
December 2005 and will be executed over period of 224 days.

ICA, the largest engineering, construction, and procurement
company in Mexico, was founded in 1947. ICA has completed
construction and engineering projects in 21 countries. ICA's
principal business units include civil construction and
industrial construction. Through its subsidiaries, ICA also
develops housing, manages airports, and operates tunnels,
highways, and municipal services under government concession
contracts and/or partial sale of long-term contract rights.

CONTACT:  Empresas ICA, S.A. de C.V.
          Ing. Alonso Quintana
          Phone: (5255) 5272-9991 x3468
          E-mail: alonso.quintana@ica.com.mx

          Lic. Paloma Grediaga
          Phone: (5255) 5272-9991 x3664
          E-mail: paloma.grediaga @ica.com.mx

          URL: www.ica.com.mx


TV AZTECA: Alta Communications Makes Investment in Una Vez Mas
--------------------------------------------------------------
TV Azteca, S.A. de C.V. (BMV: TVAZTCA; Latibex: XTZA), one of
the two largest producers of Spanish language television
programming in the world, announced Monday that Alta
Communications, a leading US private equity firm for investments
in communications, made an investment in Una Vez Mas, Azteca
America's largest affiliate group. Subject to FCC approval, the
investment will allow Una Vez Mas to complete the acquisitions
of several stations already affiliated with Azteca America, and
to acquire additional stations in eleven Hispanic areas,
including three major markets.

Azteca America-the company's broadcast television network
focused on the US Hispanic market-expects that the addition will
increase the number of affiliate stations to 54 from 43 at the
close of 2005, and to have its signal beamed to markets that are
home to 87% of US Hispanics, 7 percentage points above the
figure at the end of last year.

"We welcome Alta Communications into the Azteca America
affiliate family. The attraction of such a major investor by our
top affiliate group is a splendid announcement for the start of
the new year, and an indication of our growth potential as a
major US Hispanic network," said Luis J. Echarte, Chairman of
Azteca America Network.

"The extended distribution platform together with the exciting
programming lineup builds an encouraging outlook for viewership
expansion, increased number of clients, and solid advertising
expenditure this year," added Mr. Echarte.

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
new broadcast television network focused on the rapidly growing
US Hispanic market, and Todito.com, an Internet portal for North
American Spanish speakers.

CONTACT:  TV Azteca
          Investor Relations
          Bruno Rangel
          Phone: 52 (55) 1720 9167
          E-mail: jrangelk@tvazteca.com.mx

          Rolando Villarreal
          Phone: 52 (55) 1720 0041
          E-mail: rvillarreal@gruposalinas.com.mx

          Press Relations
          Tristan Canales
          Phone: 52 (55) 1720 1441
          E-mail: tcanales@gruposalinas.com.mx

          Daniel McCosh
          Phone: 52 (55) 1720 0059
          E-mail: dmccosh@tvazteca.com.mx



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

DORAL FINANCIAL: Corporation Commences Consent Solicitation
-----------------------------------------------------------
Doral Financial Corporation (NYSE: DRL) (the "Company")
announced Monday that it has commenced a consent solicitation to
seek certain amendments to the indenture governing its
$625,000,000 Floating Rate Senior Notes due 2007 (CUSIP
25811PAK6) (the "Securities"). The Company is also seeking
waivers of certain defaults that shall have occurred before the
proposed amendments become effective. The Company is offering to
pay a consent payment of $2.50 per $1,000 principal amount of
notes to holders of Securities that consent to the proposed
amendments and waiver.

As a result of the Company's previously announced restatement of
its financial statements, the Company announced that it would
not be able to file its quarterly reports on Form 10-Q for the
quarterly periods ended March 31, 2005, June 30, 2005, and
September 30, 2005 (the "Delayed Quarterly Reports") by their
respective due dates, and it has not filed them to date. In
addition, as the Company also previously announced, it intends
to file an amended annual report on Form 10-K for the year ended
December 31, 2004 (the "2004 10-K/A"). On December 15, 2005, the
Company announced that it expected to file the 2004 10-K/ A
within approximately 60 days and the Delayed Quarterly Reports
as soon as practicable after the filing of the 2004 10-K/A.

Once the Company files the 2004 10-K/A and Delayed Quarterly
Reports, it will prepare and file the 2005 10-K. Depending on
the timing of the filing of the 2004 10-K/A and the Delayed
Quarterly Reports, the Company may not have sufficient time to
prepare and file its annual report on Form 10-K for the fiscal
year ended December 31, 2005 (the "2005 10-K") with the trustee
by the date required in the indenture.

If adopted, the proposed amendments and waiver would provide the
Company until 90 days after the expiration of the consent
solicitation to file the Delayed Quarterly Reports and until 120
days after the expiration of the consent solicitation to file
the 2005 10-K. Prior to those dates, no notice of default could
be provided with respect to the failure to file such reports.
Following those dates, the Company would have 90 days from the
date it receives a notice of default to cure any defaults. The
Company has not received any notices of default in accordance
with the indenture.

The Company also plans to solicit consents to amendments to and
waivers under the indenture (the "Fixed Rate Notes
Solicitation") from the holder of the Company's $100,000,000
7.65% Senior Notes due 2016, its $30,000,000 7.00% Senior Notes
due 2012, its $40,000,000 7.10% Senior Notes due 2017 and its
$30,000,000 7.15% Senior Notes due 2022 (collectively, the
"Fixed Rate Notes") with respect to the Fixed Rate Notes. The
Fixed Rate Notes were sold to the Puerto Rico Conservation Trust
Fund (the "Conservation Trust") and have been pledged by the
Conservation Trust for the benefit of holders of non-recourse
notes offered and sold by the Conservation Trust to retail
holders in Puerto Rico. The Securities and the Fixed Rate Notes
were issued under the same indenture and constitute the only
debt of the Company under the indenture. The amendments and
waivers that the Company is soliciting in the Fixed Rate Notes
Solicitation are substantially the same as the proposed
amendments and waiver being sought in this consent solicitation.
The consent fee paid per $1,000 principal amount of notes
pursuant to the Fixed Rate Notes Solicitation will not be
greater than the consent fee in this consent solicitation.

This consent solicitation is not conditioned on the satisfaction
or waiver of the conditions to the consummation of the Fixed
Rate Notes Solicitation, but the Fixed Rate Notes Solicitation
is conditioned on the satisfaction or waiver of the conditions
to the consummation of this solicitation.

The record date for the consent solicitation is 5:00 p.m., New
York City time, on January 6, 2006. The consent solicitation
will expire at 5:00 p.m., New York City time, on January 23,
2006, unless extended. The Company will announce any extensions
by press release no later than 9:00 a.m., New York City time, on
the next business day after expiration of the consent
solicitation.

The proposed amendments and waiver will require the receipt of
consents from a majority in aggregate principal amount of the
Securities. Security holders may deliver their consents to the
Company at any time before the expiration date. Upon receipt by
the Company of the consents of a majority in aggregate principal
amount of the Securities and the execution of a supplemental
indenture by the Company and the trustee, delivered consents
will become irrevocable unless the Company fails to pay the
securityholders pursuant to the consent solicitation.

The consent solicitation is subject to certain conditions and
presents certain risks for holders who consent, as set forth
more fully in the consent solicitation statement. These
documents contain important information and securityholders
should read them carefully before making any decision.

The Company has retained Deutsche Bank Securities Inc. to serve
as the solicitation agent for the consent solicitation and has
retained Global Bondholder Services Corporation to serve as the
information agent.

Copies of the consent solicitation statement and related
documents may be obtained at no charge by contacting the
information agent by telephone at (866) 470-3900 (toll free) or
(212) 430-3774 (collect), or in writing at 65 Broadway - Suite
704, New York, NY 10006.

Questions regarding the solicitation may be directed to Deutsche
Bank Securities Inc. at (866) 627-0391 (toll free) or (212) 250-
2955 (collect).

This announcement is not a solicitation of consents with respect
to the Securities. The consent solicitation is being made solely
through the consent solicitation statement. In any jurisdiction
where the laws require consent solicitations to be made by a
licensed broker or dealer, the consent solicitation will be
deemed to be made on behalf of the Company by the solicitation
agent, or one or more registered broker dealers under the laws
of such jurisdiction.

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

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



=================================
T R I N I D A D   &   T O B A G O
=================================

BWIA: Unions Reject Proposal
----------------------------
BWIA workers have rejected a proposal put forward by the
struggling national airline, putting at risk a major bailout by
the government, the AP reports.

The government has said it would inject US$250 million in equity
into BWIA on condition that the carrier and unions agree on a
restructuring plan.

But both parties didn't arrive on a restructuring agreement
because the union leaders rejected BWIA's proposal, which
include a reduction in sick leave and vacation days, cutting
overtime for public holidays, elimination of travel benefits,
termination of medical and a 1% increase in salaries.

"They [unions] feel it's totally unacceptable, because all of
the benefits they now enjoy are being taken away with no kind of
compensation," said Curtis John, president of the Aviation,
Communication and Allied Workers Union (ACAWU).

CONTACT: BRITISH WEST INDIES AIRWAYS (BWIA)
         Phone: + 868 627 2942
         E-mail: mail@bwee.com
         Home Page: http://www.bwee.com


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

ANCAP: S&P Revises Outlook to Positive From Stable
--------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Uruguay's 100% state-owned fuel company Administración Nacional
de Combustibles Alcohol y Portland (ANCAP) to positive from
stable, in line with the recent outlook revision on the ratings
of the Republic of Uruguay. At the same time, Standard & Poor's
affirmed its 'B' corporate credit rating on ANCAP.

The positive outlook on Uruguay reflects improving economic
fundamentals amid continued economic recovery and better policy
execution. (See "Outlook on Uruguay Revised To Positive From
Stable On Improving Economic Fundamentals," published on Jan. 9,
2006 on Ratings Direct.)

"Since ANCAP's credit quality continues to be conditioned by
that of the Republic of Uruguay, its 100% owner, we understand
that those factors should also positively affect ANCAP," said
Standard & Poor's credit analyst Luciano Gremone. "As such, the
positive outlook on ANCAP is based on our perception of
improving economic and business conditions in Uruguay."

The rating on ANCAP reflects the risks inherent in operating as
a single-asset refiner, the challenging economic environment of
Uruguay, the ownership by Uruguay, and the potential effects of
the deregulation of the Uruguayan fuels market. The rating also
incorporates Standard & Poor's expectations that ANCAP will
maintain its dominant market position in Uruguay.

The positive outlook incorporates the improved economic and
business environment in Uruguay, which should positively affect
ANCAP's operating and financial performance. We expect ANCAP's
ratings to continue to follow the ratings of the Republic.
Nevertheless, the ratings could come under pressure if the
company assumes a significantly more aggressive capital
structure that could affect its financial profile.

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

Secondary Credit Analyst: Pablo Lutereau, Buenos Aires
(54) 114-891-2125; pablo_lutereau@standardandpoors.com


URUGUAYAN BANKS: S&P Revises Outlooks to Positive
-------------------------------------------------
Standard & Poor's Ratings Services has revised its outlooks on
its long-term counterparty credit ratings on Uruguayan banks to
positive from stable, following a similar action on the ratings
on the Oriental Republic of Uruguay. Standard & Poor's also
affirmed its 'B' long-term counterparty credit ratings on Banco
Bilbao Vizcaya Argentaria Uruguay S.A., Discount Bank Latin
America S.A., and Citibank N.A. (Uruguay Branch).

The positive outlook on the ratings on the Republic of Uruguay
reflects prospects for an upgrade if continued fiscal
consolidation, diversification, and/or monetary management
reduce the country's external vulnerabilities. Progress in
ongoing efforts to strengthen the country's fiscal and monetary
institutions, reduce the high level of dollarization in the
economy, and/or move ahead with a pro-growth reform agenda will
continue to enhance Uruguay's creditworthiness. Slippage in
these efforts likely would move the outlook to stable.

"At this rating level, the ratings on the Uruguayan banks remain
constrained by the ratings on the Uruguayan sovereign, and thus,
the positive outlook on the banks follow the positive outlook on
the sovereign ratings," said Standard & Poor's credit analyst
Carina Lopez. In the future, as long these financial
institutions do not materially modify their current financial
standing, the ratings on the banks will change following the
rating actions on the Republic of Uruguay.

Primary Credit Analyst: Carina Lopez, Buenos Aires
(54) 11-4891-2118; carina_lopez@standardandpoors.com

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


* URUGUAY: S&P Revises Outlook on Improving Econ. Fundamentals
--------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
its long-term sovereign credit ratings on the Oriental Republic
of Uruguay to positive from stable, reflecting improving
economic fundamentals amid continued recovery and better policy
execution. Standard & Poor's also affirmed its 'B' long-term and
'B' and short-term sovereign credit ratings on Uruguay.

"Uruguay's government debt burden has declined sharply over the
last several years given its tighter fiscal policy and economic
recovery, which includes appreciation of the Uruguayan peso,"
said Standard & Poor's credit analyst Lisa M. Schineller. "The
positive outlook reflects prospects for continued consolidation
of Uruguay's economic fundamentals, attributable to the
government's commitment to reduce the country's
vulnerabilities," she added.

Net general government debt is projected at 56% of GDP in 2006,
down from a peak of 91% of GDP in 2003. A continued primary
(noninterest) fiscal surplus of around 2.5% of GDP is expected
to underpin Uruguay's fiscal position and lead to a decline in
the government deficit to 1.5%-2% of GDP in 2006.

"Further efforts to reduce the size and vulnerability of the
debt burden are key to improving creditworthiness," explained
Ms. Schineller. "Uruguay's debt dynamics are particularly
vulnerable to external shocks, given that 95% of the
government's debt is denominated in foreign currencies and
around 75% is owed to nonresidents," she said.

Standard & Poor's said that the government's five-year budget
plan is encouraging: it incorporates a commitment to deficit
reduction and an improved framework for the execution of fiscal
policy. These efforts and the broader reform agenda have the
backing of multilateral creditors. Progress under the Stand-by
Arrangement negotiated with the International Monetary Fund in
2005 has been solid, and maintaining this strong relationship is
key to ensuring continued access to multilateral financing over
the medium term.

"Sound policy execution that builds an environment conducive to
solid growth prospects over the medium term and a further
reduction in fiscal and external debt burdens would support
improved creditworthiness," Ms. Schineller noted. "Toward that
end, progress in ongoing efforts to strengthen the country's
fiscal and monetary institutions, reduce the high level of
dollarization in the economy, and/or move ahead with a progrowth
reform agenda-all of which have the support of multilateral
creditors-will continue to enhance Uruguay's creditworthiness
and could lead to a rating upgrade," she concluded.

Primary Credit Analyst: Lisa M Schineller, New York
(1) 212-438-7352; lisa_schineller@standardandpoors.com

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



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

PDVSA: Promises to File 2004 Report to SEC This Week
----------------------------------------------------
Venezuela's state oil company Petroleos de Venezuela (PdVSA)
will file its 2004 report to the U.S. Securities and Exchange
Commission this week, Dow Jones Newswires reports, citing
Venezuela's oil minister Rafael Ramirez.

"We have it ready. The 2004 close is complete, and we will turn
it in this week," Ramirez said.

The SEC report was due last June.

PdVSA delivered its 2003 SEC report on Oct. 7, more than two
years behind schedule. The government has long blamed a
prolonged oil strike in 2003 for the delays. Ramirez said the
government hopes to get back on track with timely SEC filings
this year.




                            ***********


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

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