TCRLA_Public/060127.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

          Friday, January 27, 2006, Vol. 7, Issue 20

                            Headlines

A R G E N T I N A

ASOCIACION CIVIL: Court Grants Reorganization Plea


B E R M U D A

ASIV INSURANCE: Liquidator to Stop Verifying Claims Feb. 3
CISCO SYSTEMS: Robin J. Mayor to Supervise Liquidation
DIONIS PARTNERS: Shareholder Resolves to Liquidate
GALVEX GROUP: Issues Case Summary, Largest Unsecured Creditors
GALVEX GROUP: Wants Access to SPCP's Cash Collateral

INTERCORA LIMITED: Verification of Claims Ends February 10
ML CREDIT: Robin J Mayor Selected as Liquidator
NMC HOLDINGS: To be Wound Up Voluntarily


B R A Z I L

GERDAU: Discloses Eastern Europe, Asia Expansion Plans
UNIBANCO: Fitch Affirms BBB Rating on $105 Million 2002-1 Notes
USIMINAS: Machine Upgrade to Start in the First Half of 2006


C A Y M A N   I S L A N D S

ANKAR CAPITAL: Creditors Must Submit Claims within 30 Days
BROWNE OFFSHORE: Enters Voluntary Wind Up
KAL SKYTEAM: Appoints Griffin Management Limited as Liquidator
LAMPADA LTD.: To Lay Liquidation Accounts


C O L O M B I A

ECOPETROL: Pre-qualification Documents' Submission Rescheduled


J A M A I C A

KAISER ALUMINUM: Chief Financial Officer Resigns
* Gov't Establishing $600MM Revolving Fund from PetroCaribe Deal


P E R U

VOLCAN COMPANIA: Strike Sent Zinc Price Soaring


P U E R T O   R I C O

G+G RETAIL: Enters Bankruptcy to Effectuate Sale to Wet Seal
MUSICLAND HOLDING: Morgan Lewis Represents Trade Vendors Panel


T R I N I D A D   &   T O B A G O

DIGICEL: Incurs Millions in Cost Due to Interconnection Delays


U R U G U A Y

COFAC: Fitch Places Company's B- Rating on Watch Negative


V E N E Z U E L A

* Trading CDN$172 Million Worth of Diesel Fuel for Agri Products
* Environmentalists Balk at Amazon Pipeline Project
* Latin American Nations Selling $1.7 Billion in Bonds

     -  -  -  -  -  -  -  -

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


ASOCIACION CIVIL: Court Grants Reorganization Plea
--------------------------------------------------
Asociacion Civil Instituto Privado de Ensenanza Secundaria Dr.
Bernardo Frias successfully petitioned for reorganization after
a civil and commercial court of Salta issued a resolution
opening the Company's insolvency proceedings, reports Infobae.

Under insolvency protection, the company will continue to manage
its assets subject to certain conditions imposed by Argentine
law and the oversight of a court-appointed trustee.

Infobae relates that accounting firm Estudio De Los Rios,
Martino y Asociados will serve as trustee during the course of
the reorganization.  The trustee will be accepting creditors'
proofs of claim for verification until March 1, 2006.

After verifications, the trustee will prepare the individual
reports and submit it in court on April 12, 2006.  The trustee
will also present a general report for court review on May 30,
2006.

The Company will endorse the settlement proposal, drafted from
the submitted claims, for approval by the creditors during the
informative assembly scheduled on Nov. 29, 2006.

CONTACT:  Asociacion Civil Instituto Privado de Ensenanza
          Secundaria Dr. Bernardo Frias
          20 de Febrero 470
          Ciudad de Salta (Salta)

           Estudio De Los Rios, Martino y Asociados, Trustee
           Santa Fe 88
           Ciudad de Salta (Salta)


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


ASIV INSURANCE: Liquidator to Stop Verifying Claims Feb. 3
----------------------------------------------------------
             In The Matter Of The Companies Act 1981

                             And

           In The Matter Of Asiv Insurance Company, Ltd.
                (In Members' Voluntary Liquidation)

Notice is hereby given that the creditors of Asiv Insurance
Company, Ltd., which is being voluntarily wound up, are
required, on or before Feb. 3, 2006, to send their full
Christian and surnames, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their lawyers (if any) to Robin J Mayor, the
liquidator, and if so required by notice in writing from the
liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice.  In default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

A final general meeting of the Members of Asiv Insurance
Company, Ltd. will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on Feb. 24, 2006, at 9:30 a.m., or as soon as possible
thereafter, for the purposes of:

1) receiving an account laid before them showing the manner in
   which the winding-up of the company has been conducted and
   its property disposed of and of hearing any explanation that
   may be given by the liquidator;

2) by resolution determining the manner in which the books,
   accounts and documents of the company and of the liquidator
   shall be disposed of; and

3) by resolution dissolving the company.

CONTACT:  Mr. Robin J Mayor, Liquidator
          c/o Messrs. Conyers Dill & Pearman
          Clarendon House, Church Street, Hamilton, HM DX
          Bermuda


CISCO SYSTEMS: Robin J. Mayor to Supervise Liquidation
------------------------------------------------------
             In The Matter Of The Companies Act 1981

                               And

      In The Matter Of Cisco Systems Insurance Services Ltd.

The sole member of Cisco Systems Insurance Services Ltd., acting
by written consent without a meeting on Jan. 17, 2006, passed
the following resolutions:

1) that the Company be wound up voluntarily, pursuant to the
   provisions of the Companies Act 1981; and

2) that Robin J Mayor be and is hereby appointed liquidator for
   the purposes of such winding-up, such appointment to be
   effective forthwith.

The liquidator informs that:

-- Creditors of Cisco Systems Insurance Services Ltd., which is
   being voluntarily wound up, are required, on or before Feb.
   3, 2006, to send their full Christian and surnames, their
   addresses and descriptions, full particulars of their debts
   or claims, and the names and addresses of their lawyers (if
   any) to Robin J Mayor, the liquidator, and if so required by
   notice in writing from the liquidator, and personally or by
   their lawyers, to come in and prove their debts or claims at
   such time and place as shall be specified in such notice.  In
   default thereof they will be excluded from the benefit of any
   distribution made before such debts are proved.

-- A final general meeting of the sole member of Cisco Systems
   Insurance Services Ltd. will be held at the offices of
   Messrs. Conyers Dill & Pearman, Clarendon House, Church
   Street, Hamilton, Bermuda on Feb. 24, 2006, at 9:30 a.m., or
   as soon as possible thereafter, for the purposes of:
  
1) receiving an account laid before them showing the manner in
   which the winding-up of the company has been conducted and
   its property disposed of and of hearing any explanation that
   may be given by the liquidator;

2) by resolution determining the manner in which the books,
   accounts and documents of the company and of the liquidator
   shall be disposed of; and

3) by resolution dissolving the company.

CONTACT:  Mr. Robin J Mayor, Liquidator
          c/o Messrs. Conyers Dill & Pearman
          Clarendon House, Church Street
          Hamilton, HM DX, Bermuda


DIONIS PARTNERS: Shareholder Resolves to Liquidate
--------------------------------------------------
             In The Matter Of The Companies Act 1981

                              And

              In The Matter Of Dionis Partners, Ltd.
                (In Member's Voluntary Liquidation)

Notice is hereby given that by way of a written resolution of
the sole shareholder dated Jan. 17, 2006, the following
resolutions were passed:

a) the Company be wound up voluntarily pursuant to the
   provisions of the Companies Act 1981 (as amended); and

b) Ms. Carolynn D. Hiron be and is hereby appointed liquidator
   of the company for the purposes of such winding-up, such
   appointment to be effective forthwith;

The liquidator informs that:

-- Creditors of Dionis Partners, Ltd. which is being voluntarily
   wound up, are required on or before Feb. 14, 2006, to send
   their full Christian and Surnames, their addresses and
   descriptions, full particulars of their debts or claims, and
   the names and addresses of their attorneys (if any) to
   liquidator of the Company, and if so required by notice in
   writing from the liquidator, and personally or by their
   attorneys, to come in and prove their debts or claims at such
   time and place as shall be specified in such notice.  In
   default thereof they will be excluded from the benefit of any
   distribution made before such debts are proved.

-- A final general meeting of the sole shareholder of Dionis
   Partners, Ltd. will be held at the offices at Williams House,
   20 Reid Street, Hamilton, Bermuda on Feb. 22, 2006, or as
   soon as possible thereafter, for the purposes of:

   1) receiving an account laid before them showing the manner
      in which the winding-up has been conducted and its
      property disposed of and of hearing any explanation that
      may be given by the liquidator;

   2) by resolution determining the manner in which the books,
      accounts and documents of the company and of the
      liquidator thereof, shall be disposed of; and

   3) by resolution dissolving the company.

CONTACT:  Ms. Carolynn D. Hiron, Liquidator
          Olympia Capital International Inc.
          c/o Williams House, 20 Reid Street
          Hamilton, Bermuda


GALVEX GROUP: Issues Case Summary, Largest Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: Galvex Holdings Limited
             7 Times Square, 35th Floor
             New York, New York 10036

Bankruptcy Case No.: 06-10083

Debtor affiliates filing separate Chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      Galvex Capital, LLC                        06-10082
      Galvex Estonia OU                          06-10084
      Galvex Intertrade OU                       06-10085
      Galvex Trade Limited                       06-10086

Type of Business: The Galvex group of companies operates the
                  largest independent galvanizing line in
Europe.
                  The Debtors has offices in New York, Tallinn,
                  Bermuda, Finland, Ukraine, Germany and the
                  United Kingdom.  The Group is privately owned
                  but is backed by a cross of European syndicate
                  of banks.  See http://www.galvex.com/  

Chapter 11 Petition Date: January 17, 2006

Court: Southern District of New York (Manhattan)

Judge: Robert D. Drain

Debtors' Counsel: David Neier, Esq.
                  Winston & Strawn
                  200 Park Avenue
                  New York, NY 10166-4193
                  Tel: (212) 294-5318
                  Fax: (212) 294-4700

Estimated Assets: More than $100 Million

Estimated Debts:  More than $100 Million

A. Galvex Holdings Limited's 9 Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
Coudert Brothers                 Trade Debt            $310,428
114 Avenue of the Americas
New York, NY 10036

Allen & Overy LLP                Trade Debt            $149,669
One New Change
London EC4M 9QQ
United Kingdom

Weil Gotshal & Manges            Trade Debt            $105,079
767 Fifth Avenue
New York, NY 10153

LeBeof Lamb Green MacRae         Trade Debt             $71,731
No. 1 Minster Court
Mincing Lane
London EC3R 7AA
United Kingdom

Drinker Biddle & Reath           Trade Debt             $33,608

Holman Fenwick & Willan          Trade Debt             $28,473

Orrick Herrington & Sutcliffe    Trade Debt             $10,688

Marsh Inc.                       Trade Debt              $6,382

Tark & Co.                       Trade Debt              $2,529

B. Galvex Capital, LLC's 14 Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
Drinker Biddle & Reath           Trade Debt             $33,608
One Logan Square
18th and Cherry Streets
Philadelphia, PA 19103

Boston Properties                Trade Debt             $24,024
599 Lexington Avenue
New York, NY 10022

New York State Dep't. of Labor   Trade Debt              $1,953

New York State Insurance Funds   Trade Debt              $1,946

Symantec                         Trade Debt              $1,929

Verizon Wireless                 Trade Debt              $1,858

Marsh Canada Ltd.                Trade Debt              $1,758

T-Mobile                         Trade Debt              $1,443

Verizon                          Trade Debt                $671

Speakeasy                        Trade Debt                $530

Chelsea Computers                Trade Debt                $350

CT Corporation                   Trade Debt                $309

RCN                              Trade Debt                $236

New York State Insurance Funds   Trade Debt                $106

C. Galvex Estonia OU's 20 Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
Allando Trailways AS             Trade Debt             $60,570
Narva MNT. 53-11
10152 Tallinn, Estonia

Refetra AS                       Trade Debt             $58,610
Koorma 17
74102 Tallinn, Estonia

Boliden Commercial AB            Trade Debt             $48,427
SE-932, 81 Skelleftehamn
Sweden

Eesti Gaas AS                    Trade Debt             $45,141
Liivalaia 9
10118 Tallinn, Estonia

Eesti Gaas AS                    Trade Debt             $40,730
Parnu MNT. 139F
11317 Tallinn, Estonia

Eesti Energia AS                 Trade Debt             $36,368
Laki 24
12915 Tallinn, Estonia

Ahola Transport OY               Trade Debt             $33,915

R.R.S. NV                        Trade Debt             $24,225

MSC Eesti AS                     Trade Debt             $23,333

SP Transit Eesti AS              Trade Debt             $17,933

Falck Eesti AS                   Trade Debt             $12,994

Technomar & Adrem AS             Trade Debt             $12,176

Quadri Grupi AS                  Trade Debt             $11,577

Pohivork OU                      Trade Debt             $11,308

Dispera Baltic OU                Trade Debt             $10,938

Elisa Mobiilsideteenused AS      Trade Debt              $9,228

Puumerkki AS                     Trade Debt              $8,193

Skanska EMV AS                   Trade Debt              $8,008

Kindlused Puhastus OU            Trade Debt              $6,220

Akson Metallitood TU             Trade Debt              $5,343

D. Galvex Trade Limited's 4 Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
A/S Severstallat                 Trade Debt          $5,761,983
201 Brivibas Avenue
Rig LV-1039
Latvija

Salzgitter Mannesmann            Trade Debt          $5,228,000
International
Schwannstraus 12
Dusseldorf 40476
Germany

Stemcor UK Ltd.                  Trade Debt            $624,757
Level 27, CityPoint I
Ropemaker Street
London EC2Y 9ST
United Kingdom

Kibar Dis Ticaret A.S.           Trade Debt            $745,689
Tersane Cad.
Bakir Sok.Assan han No. 19
8000 Karakoy, Istanbul
Turkey


GALVEX GROUP: Wants Access to SPCP's Cash Collateral
----------------------------------------------------
Galvex Holdings Limited and its debtor-affiliates asked the U.S.
Bankruptcy Court for the Southern District of New York for
authority to use cash collateral on an interim basis, securing
repayment of pre-petition obligations to SPCP Group LLC.

         Pre-Petition Debt and Use of Cash Collateral
                
Under various Credit and Loan Agreements, the Debtors owe:

    Pre-Petition Lender                 Amount Owed     
    -------------------                 -----------
    Syndicate of Banks                  $60,000,000
    (under a LC Facility
     dated Sept. 22, 2001)

    Bayerische Hypo-und                 $84,000,000
    Vereinsbank Atkiengsellschaft
    (under a Senior Loan Agreement
     dated Jan. 22, 2001)              ------------
                                       $144,000,000

In October 2005, SPCP Group acquired all of the debt under the
Loan Agreements for total consideration slightly in excess of
par value.  SPCO therefore asserts a security interest in the
pre-petition collateral.

The Debtors will use SPCP Group's cash collateral to meet the
day-to-day financing needs of their operations pending the
consummation of a sale of some or substantially all of their
assets.  The Debtors' interim use of the cash collateral will be
in accordance with a Budget the Debtors will present at an
interim cash collateral hearing.

                    Adequate Protection

SPCP has not consented to the Debtors' request.  The Debtors say
SPCP's conduct after acquiring the Loans has been horrible.  
SPCP, the Debtors say, has interfered with the Debtors' business
and management with the intent of assuming control of the
Debtors' assets.

The Debtors hold significant claims against SPCP, including
claims for monetary damages and equitable subordination arising
from SPCP's pre-petition conduct of wanting to control the
Debtors' assets.

The Debtors expect that their claims against SPCP will
effectively reduce or eliminate SPCP's asserted secured claims.  
That will increase the equity cushion that adequately protects
SPCP's asserted interest with respect to any diminution in value
of the pre-petition collateral.

Headquartered in New York, New York, Galvex Holdings Limited
-- http://www.galvex.com/-- and its affiliates produce 500,000   
metric tons of galvanized steel annually, operating the largest
independent galvanizing line in Europe.  The Debtors have
offices in New York, Tallinn, Bermuda, Finland, Ukraine, Germany
and the United Kingdom.  The Galvex Group of Companies is
privately owned but is backed by a cross of European syndicate
of banks.  David Neier, Esq., and John E. Tardera, Esq., at
Winston & Strawn LLP, represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed estimated assets and debts of
more than $100 million.


INTERCORA LIMITED: Verification of Claims Ends February 10
----------------------------------------------------------
             In The Matter Of The Companies Act 1981

                               And

                In The Matter Of Intercora Limited

The Members of Intercora Limited, acting by written consent
without a meeting on Jan. 5, 2006, passed the following
resolutions:

1) that the company be wound up voluntarily, pursuant to the
   provisions of the Companies Act 1981; and

2) that Robin J Mayor be and is hereby appointed liquidator for
   the purposes of such winding-up, such appointment to be
   effective forthwith.

The liquidator informs that:

-- Creditors Intercora Limited, which is being voluntarily wound
   up, are required, on or before Feb. 10, 2006, to send their
   full Christian and Surnames, their addresses and
   descriptions, full particulars of their debts or claims, and
   the names and addresses of their lawyers (if any) to Robin J
   Mayor, the liquidator, and if so required by notice in
   writing from the liquidator, and personally or by their
   lawyers, to come in and prove their debts or claims at such
   time and place as shall be specified in such notice.  In
   default thereof they will be excluded from the benefit of any
   distribution made before such debts are proved.

-- A final general meeting of the Members of Intercora Limited
   will be held at the offices of Messrs. Conyers Dill &
   Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
   March 1, 2006, at 9:30 a.m., or as soon as possible
   thereafter, for the purposes of:

   1) receiving an account laid before them showing the manner
      in which the winding-up of the company has been conducted
      and its property disposed of and of hearing any
      explanation that may be given by the Liquidator;

   2) by resolution determining the manner in which the books,
      accounts and documents of the company and of the
      liquidator shall be disposed of; and

   3) by resolution dissolving the company.

CONTACT:  Mr. Robin J Mayor, Liquidator
          c/o Messrs. Conyers Dill & Pearman
          Clarendon House, Church Street
          Hamilton, HM DX, Bermuda


ML CREDIT: Robin J Mayor Selected as Liquidator
-----------------------------------------------
              In The Matter Of The Companies Act 1981

                               And

     In The Matter Of ML Credit Solutions (Bermuda) Limited

The member of ML Credit Solutions (Bermuda) Limited, acting by
written consent without a meeting on Jan. 18, 2006, passed the
following resolutions:

1) that the company be wound up voluntarily, pursuant to the
   provisions of the Companies Act 1981; and

2) that Robin J Mayor be and is hereby appointed liquidator for
   the purposes of such winding-up, such appointment to be
   effective forthwith.

The liquidator informs that:

-- Creditors of ML Credit Solutions (Bermuda) Limited, which is
   being voluntarily wound up, are required, on or before Feb.
   3, 2006, to send their full Christian and Surnames, their
   addresses and descriptions, full particulars of their debts
   or claims, and the names and addresses of their lawyers (if
   any) to Robin J Mayor, the liquidator, and if so required by
   notice in writing from the liquidator, and personally or by
   their lawyers, to come in and prove their debts or claims at
   such time and place as shall be specified in such notice.  In
   default thereof they will be excluded from the benefit of any
   distribution made before such debts are proved.
  
-- A final general meeting of the member of ML Credit Solutions
   (Bermuda) Limited will be held at the offices of Messrs.
   Conyers Dill & Pearman, Clarendon House, Church Street,
   Hamilton, Bermuda on Feb. 24, 2006, at 9:30 a.m., or as soon
   as possible thereafter, for the purposes of:
  
   1) receiving an account laid before them showing the manner
      in which the winding-up of the company has been conducted
      and its property disposed of and of hearing any
      explanation that may be given by the liquidator;

   2) by resolution determining the manner in which the books,
      accounts and documents of the company and of the
      liquidator shall be disposed of; and

   3) by resolution dissolving the company.

CONTACT:  Mr. Robin J Mayor, Liquidator
          c/o Messrs. Conyers Dill & Pearman
          Clarendon House, Church Street
          Hamilton, HM DX, Bermuda


NMC HOLDINGS: To be Wound Up Voluntarily
----------------------------------------
              In The Matter Of The Companies Act 1981

                              And

                In The Matter Of NMC Holdings, Ltd.

The member of NMC Holdings, Ltd., acting by written consent
without a meeting on Jan. 19, 2006, passed the following
resolutions:

1) that the company be wound up voluntarily, pursuant to the
   provisions of the Companies Act 1981; and

2) that Robin J Mayor be and is hereby appointed liquidator for
   the purposes of such winding-up, such appointment to be
   effective forthwith.

The liquidator informs that:

-- Creditors of NMC Holdings, Ltd., which is being voluntarily
   wound up, are required, on or before Feb. 3, 2006, to send
   their full Christian and surnames, their addresses and
   descriptions, full particulars of their debts or claims, and
   the names and addresses of their lawyers (if any) to Robin J
   Mayor, the liquidator, and if so required by notice in
   writing from the Liquidator, and personally or by their
   lawyers, to come in and prove their debts or claims at such
   time and place as shall be specified in such notice.  In
   default thereof they will be excluded from the benefit of any
   distribution made before such debts are proved.

-- A final general meeting of the member of NMC Holdings, Ltd.
   will be held at the offices of Messrs. Conyers Dill &
   Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
   Feb. 24, 2006, at 9:30 a.m., or as soon as possible
   thereafter, for the purposes of:

   1) receiving an account laid before them showing the manner
      in which the winding-up of the Company has been conducted
      and its property disposed of and of hearing any
      explanation that may be given by the liquidator;

   2) by resolution determining the manner in which the books,
      accounts and documents of the company and of the
      liquidator shall be disposed of; and

   3) by resolution dissolving the company.

CONTACT:  Mr. Robin J Mayor, Liquidator
          Clarendon House, Church Street
          Hamilton, Bermuda


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


GERDAU: Discloses Eastern Europe, Asia Expansion Plans
------------------------------------------------------
Gerdau SA is considering expanding its operations into Eastern
Europe and Asia, according to Jeb Blount and Denise Barbosa of
Bloomberg.  

Chief Executive Jorge Gerdau Johannpeter told Bloomberg that the
company's purchase of 40% in Corporacion Sidenor SA gives it
access to mills in Spain and will help Gerdau enter the market
for specialty steels used by European automakers.

The chief executive explained to Bloomberg that the company
found Eastern Europe and Asia are the most attractive locations
for new operations because of the former's expanding market and
the Chinese growth in the latter.

Mr. Johannpeter will be stepping down this year as the company's
head but will remain as the chairman of the board of directors.  
No decision has been made on who will replace him as chief
executive.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br-- produces and distributes crude steel  
and related long rolled products, drawn products, and long
specialty products.  

Gerdau SA's $600 million 8-7/8% perpetual bond is rated Ba1 by
Moody's, BB+ by S&P, and BB- by Fitch.


UNIBANCO: Fitch Affirms BBB Rating on $105 Million 2002-1 Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the 'BBB' foreign currency rating to
UBB Diversified Payment Rights Finance Company's -- Unibanco --
US$105 million series 2002-1 floating-rate issuance.

The series 2002-1 floating-rate notes, along with the previously
issued series 2003-2, 2003-3, 2004-1, and 2004-2 existing notes
represent senior undivided interest in the trust assets.  The
US$100 million of series 2004-2 notes is backed by an
unconditional and irrevocable financial guaranty insurance
policy by MBIA Insurance Corporation.  The rating for this
series is 'AAA', with an affirmation on the underlying rating of
'BBB'.  The US$200 million of series 2004-1 notes is backed by
an unconditional and irrevocable financial guaranty insurance
policy by Ambac Assurance Corp.  The rating for this series is
'AAA', with an affirmation on the underlying rating of 'BBB'.  
The 2003-2 US$105 million notes and the 2003-3 US$226,860,254
notes are both affirmed at 'BBB'.

The 2002-1 and all 2003 and 2004 notes are backed by the
collections generated from future and existing U.S. dollar
denominated diversified payment rights originated by Unibanco-
Uniao de Bancos Brasileiros S.A.  The trust will have rights to
the DPRs upon generation by specified correspondent banks.  DPRs
generally refer to electronic payment orders intended for third
party beneficiaries via Unibanco (i.e. export remittances,
workers remittances, foreign direct investment, etc).

This business line is important to Unibanco as approximately 50%
of its corporate clients are exporters.  Coverage levels for the
existing 2002, 2003, and 2004 series are significantly high,
averaging about 40 times maximum quarterly debt service over the
past two years.  Fitch has stressed these coverage levels and
believes that Unibanco's current and future DPR business is
adequate to support the rating of these future flow notes.

The 2002-1 series is being amended and restated.  This series
previously had US$296 million outstanding on its principal
balance.  The amended and restated series 2002-1 is to begin
amortizing in October of 2010.

The assigned 'BBB' rating is higher than Brazil's foreign and
local currency ratings of 'BB-', as the transaction mitigates
certain sovereign risks associated with Brazil.  All
correspondent banks have signed Notice and Acknowledgment
agreements that obligate them to deposit DPR collections into an
offshore collection account controlled by the indenture trustee,
and large coverage levels ensure that the incentive for
government interference remains low.

Unibanco is the third largest private bank in Brazil with
US$38.4 billion in assets as of September 2005.  Its individual
and national ratings reflect its improving franchise, strong
position in most product areas, and experienced management team.  
In recent years, Unibanco has broadened its participation in
local retail markets and plans for this market share to increase
in the future.  Unibanco's total capital ratio was 18.2% as of
September 2005.

Reports on Unibanco's DPR program can be found on the Fitch
Ratings web site at http://www.fitchratings.com/ A sovereign  
report regarding the credit rating of Brazil, as well as a full
bank update can also be found at fitch's Web site.


USIMINAS: Machine Upgrade to Start in the First Half of 2006
------------------------------------------------------------
Upgrade for Brazilian steelmaker Cosipa's ingot machine will
start in the first half of 2006, Business News Americas reports.  
The machine is responsible for steel slab production.

The Usiminas subsidiary produces about 4.5Mt/y of steel, but the
upgrade will boost output capacity by 200,000t/y.  

Cosipa signed on November 2005 a US$100 million contract with
Austrian steel equipment supplier Voest-Alpine for an expansion
project to fulfill Usiminas' strategy to grow value added
production.

According to the Usiminas official, the focus in the first half
of 2006 will be on smaller-scale initial works in order to
prepare for the expansion project expected to begin in full
force in early 2007.

Equipment remodeling is due to last 24 months, which could mean
works are likely to be finished between year-end 2007 and early
2008, a company spokesperson said.
                   

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



ANKAR CAPITAL: Creditors Must Submit Claims within 30 Days
----------------------------------------------------------
                 Ankar Capital Asian Partners, Ltd.
                     (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

TAKE NOTICE THAT the following resolution was passed by the
shareholder of Ankar Capital Asian Partners, Ltd. by unanimous
written resolution dated Dec. 7, 2005.

RESOLVED that the Company be voluntarily wound up and Karan
Trehan be appointed as the Liquidator to act for the purposes of
such winding up.

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

Date of Publication: Jan. 3, 2006.

CONTACT:  Karan Trehan, Voluntary Liquidator
          Ian Gobin
          Ankar Capital Management, LLC
          41 West 57th Street, New York NY 10019
          Telephone: (345) 814 4604
          Facsimile: (345) 949 7886


BROWNE OFFSHORE: Enters Voluntary Wind Up
-----------------------------------------
                 Browne Offshore Partners, Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

TAKE NOTICE THAT the following resolution was passed by the
shareholder of Browne Offshore Partners, Ltd. by unanimous
written resolution dated Nov. 30, 2005:

RESOLVED that the Company be voluntarily wound up and that
Michael H. Browne be appointed as the Liquidator to act for the
purposes of such winding up.

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

Date of Publication: Jan. 3, 2006.

CONTACT:  Mr. Michael H. Browne, Voluntary Liquidator
          Ian Gobin
          Ocean Fund Advisors, LLC
          100 Wilshire Boulevarde
          Suite 600, Santa Monica, California 90401
          Telephone: (345) 814 4604
          Facsimile: (345) 949 7886


KAL SKYTEAM: Appoints Griffin Management Limited as Liquidator
--------------------------------------------------------------
                         Kal Skyteam Ltd.
                     In Voluntary Liquidation
                 The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Kal Skyteam Ltd. at an extraordinary general meeting held on
Dec. 9, 2005:

THAT the company be voluntarily wound up under the Companies Law
(2004 Revision) and that Griffin Management Limited be appointed
as liquidator and that the liquidator be authorized, if it
thinks fit, to distribute specific assets to members.

Creditors of Kal Skyteam Ltd., which is being wound up
voluntarily, are required on or before Jan. 30, 2006, to send in
their names and addresses and particulars of their debts or
claims, and the names and addresses of their attorneys-at-law
(if any) to the liquidator of the company.  If so required by
notice in writing from the liquidator, either by the attorneys-
at-law or personally, to come in and prove the debts or claims
at such time and place as shall be specified in such notice. In
default thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT:  Griffin Management Limited, Voluntary Liquidator
          Janeen Aljadir
          Caledonian Bank & Trust Limited
          Caledonian House, 69 Dr. Roy's Drive
          P.O. Box 1043 GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 949-4943
          Facsimile: (345) 814-4859


LAMPADA LTD.: To Lay Liquidation Accounts
-----------------------------------------
                         Lampada Ltd.
                   (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 Lampada Ltd. will be
held at the office MBT Trustees (Cayman) Ltd, 3rd Floor,
Piccadilly Center, Elgin Avenue George Town, Grand Cayman,
Cayman Islands, on Feb. 6, 2006, at 12:00 noon.

Business:

1. To lay accounts before the meeting, showing how the winding
   up has been conducted and how the property has been disposed
   of, as at the final winding up on Feb. 6, 2006.

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

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

CONTACT:  Mr. Paolo Giacomelli, Voluntary Liquidator
          MBT Trustees Ltd.
          P.O. Box 30622 SMB, Grand Cayman
          Telephone: 945-8859
          Facsimile: 949-9793/4


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

ECOPETROL: Pre-qualification Documents' Submission Rescheduled
--------------------------------------------------------------
The submission of documents as part of Colombia's state oil firm
Ecopetrol's pre-qualification process for an EPC contract for
its Cartagena refinery upgrade and expansion has been moved to
Jan. 30, Business News Americas reports.  The deadline was
initially set for Jan. 20.

The deadline was extended because certain companies interested
in the contract would not have been able to complete the
documentation on time, an Ecopetrol spokesperson said, without
revealing the companies participating in the pre-qualification.
Investors will be pre-qualified based on their ability to
complete the project and construction experience in similar
large-scale projects.

The spokesperson assured that the deadline extension of the pre-
qualification process will not affect subsequent dates in the
tender process. After pre-qualification, Ecopetrol will evaluate
the legal, technical, operative and financial abilities of the
potential investors. An evaluation report will be released on
Feb. 9.

Ecopetrol announced that bids will be received by June 2006 and
that the contract will be awarded by July.  Construction is
scheduled to end in 2010.

The Cartagena project is designed to increase the processing
capacity of the refinery to 140,000 barrels a day (b/d) of crude
from 75,000b/d currently.  At present the refinery exports about
42,800b/d, representing 18% of Ecopetrol's total exports.

Ecopetrol is an integrated oil Company majority-owned by the
Colombian government.  The Company's activities include
exploration for and production of crude oil and natural gas and
refining, transportation, distribution, and marketing of refined
products. Ecopetrol is Latin America's fourth-largest integrated
oil concern.  


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


KAISER ALUMINUM: Chief Financial Officer Resigns
------------------------------------------------
Kaiser Aluminum announced on Jan. 24, 2006, that Kerry A. Shiba
has resigned as chief financial officer.

The company also announced the creation of the office of the
CFO, which will handle Mr. Shiba's duties until a successor is
determined.  The office of the CFO will consist of President and
CEO Jack A. Hockema, Vice President and Controller Daniel D.
Maddox and Vice President and Treasurer Daniel J. Rinkenberger.
Mr. Shiba's decision to resign is based on a personal
relationship with another employee, which the company determined
to be inappropriate.  The resignation is in no way related to
the company's internal controls, financial statements, financial
performance or financial condition.

"Kerry Shiba is a talented financial executive who made a
significant contribution in the company's restructuring
efforts," said Hockema.  "However, we are fortunate to have a
strong and experienced management team that stepped in
immediately.  We remain well positioned to complete the
company's restructuring and lead it into the future."

Mr. Maddox joined the company in 1996 and, since 1998, has been
the Corporate Controller and Principal Accounting Officer.  
Before joining Kaiser Aluminum, he was with Arthur Andersen LLP
for 14 years.

Mr. Rinkenberger joined the company in 1991, became Assistant
Treasurer in 1995, and was elected to the position of Vice
President and Treasurer effective January 2005.  Between 1997
and 2002, he served in the fabricated products business unit in
various financial and business planning functions.  From 2002 to
2005, Mr. Rinkenberger served as the company's Vice President -
Economic Analysis and Planning.

Kaiser Aluminum Corp., through its Kaiser Aluminum & Chemical
subsidiary and bankrupt affiliate, operates two wholly owned and
two partially owned aluminum smelting facilities. Its major
businesses include fabricated products (flat-rolled and
engineered products) bauxite and alumina mining; primary
aluminum production (metals brokers), and commodities marketing.
Its main customers are in the aerospace, industrial, and
transportation markets.   


* Gov't Establishing $600MM Revolving Fund from PetroCaribe Deal
----------------------------------------------------------------
The Jamaican Government expects to generate a $600-million
savings from the PetroCaribe oil deal with Venezuela, the
Jamaican Observer relates.

Under the PetroCaribe deal, several countries, including
Jamaica, will source petrol from Venezuela with discounted rates
and easy payment terms.  

Commerce, Science and Technology Minister Philliop Paulwell was
quoted by the Observer as saying that the government will be
creating a $600-million fund from the savings generated under
the oil deal.  The fund will be loaned to households and
businesses that want to conduct energy audits and retrofit their
establishments with energy-saving devices.

Jamaica's foreign currency long-term debt is rated B1 by Moody's
and B by S&P.




=======
P E R U
=======


VOLCAN COMPANIA: Strike Sent Zinc Price Soaring
-----------------------------------------------
According to the Financial Times, the ongoing strike at three of
Volcan Compania Minera's mines in Peru caused the price of zinc
to escalate over concerns that supply will be outstripped by
demand.

The strikers are from the Andaychagua and San Cristobal mines
and Mahr Tanel refinery at the company's Yauli unit near Lima.  
Javier Ramos Cabrera, the Federacion de Trabajadores Minero
Metalurgicos de Yauli y Cerro de Pasco's secretary-general, told
the Diario Correo that Volcan failed to fulfill under the
collective bargaining agreement with its labor union.  The union
demands Volcan to respect the workers' positions and not
substitute them with subcontracted workers.

The striking workers promised to return to work this week but
the company fears more walkouts next month, the FT relates.

The FT states that zinc production from Volcan was cut by 40%
after six days of strike.  Also, inventories in warehouses
monitored by the London Metal Exchange fell to their lowest
levels since 2001.


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


G+G RETAIL: Enters Bankruptcy to Effectuate Sale to Wet Seal
------------------------------------------------------------
G+G Retail, Inc., entered into an asset purchase agreement with
the Wet Seal, Inc. (Nasdaq: WTSLA), a specialty retailer to
young women.  

Under the APA, Wet Seal will acquire substantially all of the
assets of G+G for $15.2 million in a transaction to be effected
in G+G's Chapter 11 bankruptcy proceeding which commenced on
Jan. 25, 2006.

                       DIP Financing

In connection with the transaction and in an effort to
facilitate the asset acquisition, an affiliate of Prentice
Capital Management, LP, a principal investor in the Company, has
made a commitment to provide G+G with debtor-in-possession
financing which will enable G+G to continue as a going concern
through the anticipated closing date of the Company's asset
acquisition.

G+G currently operates 566 stores in the United States and
Puerto Rico under the names Rave, Rave Girl and G+G.  The
Company anticipates that it will initially operate approximately
450 stores under these names but has reserved the right to
reject additional leases under the Bankruptcy Code.

The Company and Prentice have agreed that upon the closing of
the Company's asset purchase, the amount outstanding under the
debtor-in-possession facility will be retired by the Company by
the issuance to Prentice of up to $10,000,000 in shares of the
Company's Class A Common Stock and the balance, if any, in cash.
The amount of the shares to be issued to Prentice shall be
calculated based upon the lesser of: (x) the weighted average
closing price of the Company's Class A Common Stock over the 20
trading days immediately preceding today's date and (y) the last
closing sale price of the Company's Class A Common Stock
immediately prior to today's date.

The acquisition is subject to the customary auction procedures
provided for under Section 363 of the Bankruptcy Code, including
the receipt of requisite court orders.  There is no assurance
that G+G will not receive a higher offer for the assets or that
the Company will be the successful bidder at any auction
conducted by G+G.

Headquartered in Foothill Ranch, California, The Wet Seal, Inc.
-- http://www.wetseal.com-- is a leading specialty retailer of  
fashionable and contemporary apparel and accessory items.  The
Company currently operates a total of 402 stores in 46 states,
the District of Columbia and Puerto Rico, including 309 Wet Seal
stores and 93 Arden B. stores.


MUSICLAND HOLDING: Morgan Lewis Represents Trade Vendors Panel
--------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy
Procedure, Michael A. Bloom, Esq., at Morgan, Lewis & Bockius,
LLP, discloses that since June 2003, his firm has represented an
informal Committee of Secured Trade Vendors of Musicland Holding
Corp. and its debtor-affiliates:

    * Twentieth Century Fox Home Entertainment LLC
    * Warner Home Video Inc.
    * Sony BMG Music Distribution
    * Warner/Elektra/Atlantic Corp.
    * Universal Music and Video Distribution
    * Sony Pictures Home Entertainment, Inc.
    * Paramount Pictures, Home Video Division
    * Ingram Book Group Inc.
    * Buena Vista Home Entertainment, Inc.
    * EMI Recorded Music, North America
    * V.P.D. IV, Inc.

According to Mr. Bloom, the Informal Committee has elected
Robert Baker of Warner/Elektra/Atlantic Corporation, and Kathy
Clark of Buena Vista Home Entertainment, Inc., to act as co-
chairs.

Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products.  The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064).  James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they
estimated more than $100 million in assets and debts.  
(Musicland Bankruptcy News, Issue No. 2; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


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



DIGICEL: Incurs Millions in Cost Due to Interconnection Delays
--------------------------------------------------------------
Digicel Ltd.'s Chief Executive Officer, Colm Delves, said that
the company has incurred millions in cost as a result of
interconnection delays in Trinidad and Tobago.

Mr. Delves however, didn't divulge an exact figure and wouldn't
comment when asked by reporters if company lawyers are making
plans to recover the losses.

Digicel, Mr. Delves said, has invested approximately US$1
billion in the Caribbean, with about US$200 million spent in
Trinidad and Tobago.

Mr. Delves added that Digicel's infrastructure network is ready
to start operating as soon as the interconnection delay will be
hammered out.

Digicel is the largest provider of wireless telecommunications
in the Caribbean with over 1.7 million subscribers and LTM
revenues of $477 million.

Digicel's $300 million 9-1/4% senior notes due Sept. 1, 2012, is
rated B3 by Moody's and B by Fitch.


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


COFAC: Fitch Places Company's B- Rating on Watch Negative
---------------------------------------------------------
Fitch Ratings has placed Uruguayan banking cooperative Cofac's
B- long-term national scale rating on rating watch negative due
to fears the cooperative might fail to achieve a capitalization
program before month-end.

Cofac is fine-tuning a three-year business plan aimed at
securing a minimum US$5mn capitalization and regaining the
business volume it had before it was suspended in March 2005 due
to insufficient equity.  Fitch believes Cofac will fail to
present the plan before Uruguay's central bank by the end of the
month as stipulated.

Fitch Ratings said it would consider withdrawing the rating
watch negative if the central bank extends the deadline.

Cofac has said it hopes to attract investments from three or
four banks through an upcoming capital increase and is already
in talks to give Venezuelan development bank Banco de Desarrollo
Economico y Social a 25% stake in exchange for fresh capital.

Fitch also affirmed Cofac's international rating at CC with a
stable outlook and its support rating at 5.

Cofac provides retail and commercial banking services and is one
of Uruguay's leading financial institutions in the micro-credit
segment with 200,000 clients.  The cooperative posted a 324
million-peso (US$13.5 million) loss in 2005 and had assets of
4.54 billion pesos at year-end.


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

* Trading CDN$172 Million Worth of Diesel Fuel for Agri Products
----------------------------------------------------------------
Venezuelan President Hugo Chavez promised to exchange the
equivalent of CDN$172 million worth of diesel fuel annually with
Bolivia in return for agricultural goods, the Associated Press
reports.

Despite having large reserves of natural gas, Bolivia has to
import its diesel fuel.  President Chavez made the deal in order
to cement ties with Bolivia, the AP relates.

Venezuela is already trading oil for cattle with Argentina.

President Chavez aims to make South America's energy sector free
from U.S. economic influence, the AP relates.  President Chavez
also initiated the construction of a natural gas pipeline from
Argentina to Brazil.


* Environmentalists Balk at Amazon Pipeline Project
---------------------------------------------------
The Associated Press reports that environmentalists in Latin
America have been caught off guard by the joint plan by Brazil,
Argentina and Venezuela to build a natural gas pipeline that
would cross the Amazon rain forest.

The leaders hope that the pipeline, once completed, will wean
Latin American countries from U.S. economic influence, the AP
states.

Environmentalists know for certain that part of the Amazon will
be destroyed by the construction of the pipeline.  According to
them, waterways will be polluted, trees will be destroyed and
roads that will be created through the jungle will draw ranchers
and loggers, the AP relates.

Leaders of the three countries involved in the project promised
to provide an in-depth study of the 10,000 km pipeline.  The
environmentalists are however skeptical that the study can be
done in only six months.

Roberto Smeraldi, of the Friends of the Earth-Brazil told the
Associated Press that the pipeline could be built with minimal
impact to the environment, but at a cost double the $20 billion
targeted budget.

Normal Gall, executive director of the Fernand Braudel Institute
of World Economy told AP, "Both Brazil and Argentina have gas
fields large enough to cover their own domestic demands.  I
don't see why they would like to undertake this hugely costly
project, with money they don't have, not to mention [the]
environment costs."


* Latin American Nations Selling $1.7 Billion in Bonds
------------------------------------------------------
Elzio Barreto, writing for Bloomberg, reports that Latin
American borrowers launched the sale of $1.7 billion of bonds on
international market this week, tapping demand from investors
who are pouring new money into emerging-market debt funds.

These countries were able to sell bonds this week:

   * Uruguay sold on Tuesday 8% $500 million bonds due 2022;
   
   * Brazilian sugar company Cosan SA sold $300 million of   
     perpetual bonds;  

   * Telefonos de Mexico SA sold $428 million 10-year bonds; and

   * Sociedad Quimica y Minera de Chile SA, the world's biggest
     iodine producer, sold $101.2 million of inflation-linked
     bonds.  

Peope familiar with Brazil's Vicunha Acos SA told Bloomberg that
the company may be able to raise $400 million this week from the
sale of perpetual bonds.

Research shows that emerging market bonds snagged $298 million
in the week ended Jan. 18.


                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. John D. Resnick, Marjorie C. Sabijon and Sheryl
Joy P. Olano, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed
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* * * End of Transmission * * *