TCRLA_Public/060217.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, February 17, 2006, Vol. 7, Issue 35

                            Headlines

A R G E N T I N A

ARQUITEC CONSTRUCCIONES: Trustee Starts Verifying Claims
CABOI S.A.: Creditors Given until March 14 to Submit Claims
EMPRENDIMIENTOS VETERINARIOS: Files for Reorganization
IDIAMAR S.R.L.: Trustee Ceases Claims Verification on April 20
MADERAS ORONO: Verification of Claims Ends on March 29

M Y S: Verification Phase Ends on March 7
SERVICES & PARTS: Trustee to Validate Claims until March 28
TELEFONICA DE ARGENTINA: Parent Suspends Suit Against Government


B E R M U D A

INTELSAT: Operating IA-8 Satellite in Brazilian Market


B O L I V I A

COEUR D'ALENE: Wants Clear Tax Policy Before Investing in Potosi
REPSOL YPF: Commits to US$150 Million Joint Venture with YPFB


B R A Z I L

BANCO BRADESCO: Decio Tenerello Leaves Post as Loan Director
BRASIL TELECOM: Investing US$139MM to Upgrade Pulses to Minutes
COPEL: Offers US$190 Mil. for 60% Stake in El Paso Power Plant
CVRD: Indigenous Groups Halt EFC Operations Again


C A Y M A N   I S L A N D S

REDFIELD HOLDING: Moves Final Meeting on February 24
RGN LONG/SHORT: Shareholders to Have Final Meeting on Feb. 27
SAVANNAH II: Final General Meeting to be Held on February 24
SOLIS SPLENDOR: Holds Final General Meeting on February 24
WAKEFIELD TOWER: Sets Feb. 24 for Wind Up Process Reporting

WMC CAYMAN I: Final General Meeting Set on February 24
WMC CAYMAN II: Wind Up Process to be Reported on February 24
WHITE TOWER: Schedules Final General Meeting on February 24


C O L O M B I A

BBVA COLOMBIA: Ups 2005 Online Transactions by 41.5%


D O M I N I C A N   R E P U B L I C

AUTOPISTAS DEL NORDESTE: Fitch Puts B Rating on US$163-Mil Notes


E L   S A L V A D O R

AES CLESA: Fitch Withdraws BB+ Foreign & Local Currency Ratings
MILLICOM INTERNATIONAL: Posts 15% Boost in Revenues for 4Q05


M E X I C O

CELLSTAR CORP: Reports US$24.6 Million of Net Loss for 2005
GRUPO IUSACELL: Sets US$50 Mil. to Boost Postpaid, 3G Services


P E R U

TELEFONICA DEL PERU: Osiptel Lowering Rates by 20%


P U E R T O   R I C O

G+G RETAIL: Max Rave & Guggenheim Win Bid at $35 Million
MUSICLAND HOLDING: Court Fixes May 1 as Claims Bar Date


T R I N I D A D   &   T O B A G O

* Trinidad and Tobago May Soon Resume Oil Talks with Venezuela


V E N E Z U E L A

CITGO PETROLEUM: Selling 150,000 Gallons of Oil to Delaware
* Venezuela Abolishes 0.5% Financial Transactions Tax
* Venezuela May Soon Resume Oil Talks with Trinidad and Tobago

     -  -  -  -  -  -  -  -

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


ARQUITEC CONSTRUCCIONES: Trustee Starts Verifying Claims
--------------------------------------------------------
Mr. Norberto Bonesi, the court-appointed trustee, has started
verifying claims from creditors of bankrupt company Arquitec
Construcciones S.R.L.  The verification phase will end on March
31, 2006.

Validated claims will be submitted to the Buenos Aires court as
individual reports on May 15, 2006.  The general report will
follow on June 29, 2006.

Mr. Norberto Bonesi, the trustee, can be reached at:

         Avda. Juan B. Justo 5096
         Buenos Aires


CABOI S.A.: Creditors Given until March 14 to Submit Claims
-----------------------------------------------------------
Creditors of Caboi S.A. must submit their claims to Mr. Carlos
Alberto Bavio -- the trustee appointed by the Buenos Aires court
for the company's bankruptcy case -- on or before March 14,
2006.  Creditors who are unable to have their claims verified
after the said date will be disqualified from receiving any
distribution or payment that the company would make.

The individual reports on the validated claims will be submitted
to court for approval on April 27, 2006.  The presentation of
the general report on the case will follow on June 12, 2006.

Mr. Carlos Alberto Bavio, the trustee, can be reached at:

         Pavon 4374
         Buenos Aires


EMPRENDIMIENTOS VETERINARIOS: Files for Reorganization
------------------------------------------------------
Buenos Aires' Court No. 25 is currently reviewing the merits of
the reorganization petition filed by Emprendimientos
Veterinarios S.A.  Argentine daily La Nacion reports that the
company filed the request after defaulting on its debt payments
since Feb. 7, 2006.

The reorganization petition, if granted by the court, will allow
Emprendimientos Veterinarios to negotiate a settlement with its
creditors in order to avoid a straight liquidation.  Clerk No.
50 assists the court on this case.

Emprendimientos Veterinarios S.A. can be reached at:

         Larrazabal 252
         Buenos Aires


IDIAMAR S.R.L.: Trustee Ceases Claims Verification on April 20
--------------------------------------------------------------
Court-appointed trustee, Miguel Luis Rudnitzky, will stop
verifying claims from the creditors of bankrupt company Idiamar
S.R.L. on April 20, 2006.  Infobae relates that the validated
claims will be submitted in court as individual reports on June
5, 2006.  

The presentation of a general report containing the audited
business records of the company as well as a summary of events
pertaining to the bankruptcy is scheduled on Aug. 1, 2006.

Buenos Aires' court handles the case.  Mr. Miguel Luis Rudnitzky
is the appointed trustee.

Idiamar S.R.L. can be reached at:

         Obligado 1550
         Buenos Aires

Mr. Miguel Luis Rudnitzky, the trustee, can be reached at:

         Uruguay 328
         Buenos Aires


MADERAS ORONO: Verification of Claims Ends on March 29
------------------------------------------------------
The verification of claims of bankrupt company Maderas Orono
S.R.L. will end on March 29, 2006, reports Infobae.

Maderas Orono started winding up operations after Rosario's
court declared the company bankrupt.  Mr. Cesar Gascon -- the
city's public accountant -- was chosen as trustee to supervise
the liquidation of the company.

Mr. Cesar Gascon, the trustee, can be reached at:

         Corrientes 751
         Rosario (Santa Fe)


M Y S: Verification Phase Ends on March 7
-----------------------------------------
The verification phase of the creditors' claims against bankrupt
company M y S Mail y Support S.A. will end on March 7, 2006.  

Infobae relates that the company was declared bankrupt by a
Buenos Aires court.  Ms. Lilian Edith Rey was appointed as
trustee.

Ms. Lilian Edith Rey, the trustee, can be reached at:

         Avda. Roque Saenz Pena 651
         Buenos Aires


SERVICES & PARTS: Trustee to Validate Claims until March 28
-----------------------------------------------------------
Ms. Susana Beatriz Fernandez -- the trustee appointed by the
Buenos Aires court for the bankruptcy case of Services & Parts
S.R.L. -- will validate the claims forwarded by the company's
creditors until March 28, 2006, reports Infobae.

Individual reports will be prepared out of the validated claims.  
These reports will be presented in court for approval on May 12,
2006.

The submission of the general report will follow on June 26,
2006.

Ms. Susana Beatriz Fernandez, the trustee, can be reached at:

         Florida 520
         Buenos Aires


TELEFONICA DE ARGENTINA: Parent Suspends Suit Against Government
----------------------------------------------------------------
Telefonica de Argentina SA's parent company, Telefonica, has
agreed to suspend, but not withdraw, a US$2.8 billion suit it
filed against the Argentine government.  

The suit was filed in 2002 with the World Bank's International
Arbitration Tribunal.  Telefonica filed the billion-dollar
arbitration claim against Argentina as a result of the
government's decision that year to convert rates into devalued
pesos and froze them.

Under a memorandum of understanding, new specifications were
included concerning Telefonica's concession contract such as
prohibiting an increase in telephony tariffs during 2006.  There
is no word about tariffs in 2007.  The suspension was one of the
conditions the government set for the renegotiations of the
concessions contracts.  The suit is expected to be withdrawn
once the contract is signed.

"This is an important move forward, not only in terms of a
restructuring of the contract and establishing a more secure
legal framework for this sector, but also because we are
guaranteeing there will be no tariff adjustment that would
impact local users," Argentine planning minister Julio de Vido
was quoted by Business News Americas as saying on a local radio
station.

Headquartered in Buenos Aires, Argentina, Telefonica de
Argentina S.A. -- http://www.telefonica.com.ar/-- provides  
telecommunication services which include telephony business both
in Spain and Latin America, mobile communications businesses,
directories and guides businesses, Internet, data and corporate
services, audiovisual production and broadcasting, broadband and
Business-to-Business e-commerce activities.

                        *    *    *

Telefonica's $148,200,000 and $134,644,000 notes due Aug. 1,
2011, carry Standard & Poor's B- rating and Fitch's B rating.


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


INTELSAT: Operating IA-8 Satellite in Brazilian Market
------------------------------------------------------
Intelsat announced Wednesday it has been granted rights by The
Brazilian National Telecommunications Agency aka ANATEL to
operate its powerful, new Intelsat Americas-8 aka IA-8 satellite
in the Brazilian market.  The IA-8, a hybrid Ku- Ka- and C-Band
satellite launched in June 2005, will now serve a wide range of
customers in Brazil, including broadcasters and telecom
carriers.

The IA-8's high power, linear C-Band and Ku-Band payloads, broad
coverage area and connection to Intelsat's hybrid network
combine to offer the Brazilian market seamless satellite
coverage within and outside of Brazil.

Because of the large coverage area of IA-8, Brazilian
broadcasters and channels carried on the satellite have access
to large numbers of viewers - both in Brazil and in most other
Latin American countries.  Additionally, the satellite's power
enables reception in DTH antennas as small as 65 centimeters in
diameter.

IA-8 is the newest and most powerful satellite in the Intelsat
system, which includes 28 satellites -- 14 of which cover Latin
America and the Caribbean -- and a terrestrial network with
Points Of Presence in six countries.  It operates from the 89
degrees west orbital position and offers coverage of South
America, the Caribbean and North America, including Alaska and
Hawaii.

For coverage of South America, IA-8 employs six 72 MHz C-band
and twelve 36 MHz Ku-band transponders with linear polarization
for easy deployment.  The high power and coverage area of IA-8
enables it to support broadcast content distribution, corporate
VSATs and broadband applications, including high-speed Internet
access, multicasting and streaming.

Broadcasters using IA-8 can take advantage of Intelsat's large
satellite network, allowing them to transmit programming to an
extended audience and give their customers access to a large
international programming community.

"The IA-8's payload is optimally designed to cover Brazil," said
Erwin Mercado, Intelsat's Regional Vice President, Latin America
and Caribbean.  "We expect our customers across the region will
benefit from the higher power, robust network and reliable
hybrid capacity IA-8 offers - allowing them to grow their
businesses with greater efficiency."

Mercado added, "IA-8's coverage is also favorable to mobile
operators who will be able to extend their networks into very
remote regions, using a satellite-backhaul solution.  Similarly,
Brazilian-based telecom service providers can use IA-8 capacity
to deliver voice, broadband data and Internet to consumers in
the region's most remote locations."

He concluded, "In addition, enterprise network service providers
can use the highly efficient IA-8 platform to connect their
corporate networking clients.  These service providers will
benefit from IA-8's increased power and broad Brazilian coverage
area, along with the high reliability for which the Intelsat
system is well known."

Intelsat has been a leading provider of satellite capacity to
Latin American countries for 40 years.  Its customers include
Brazil's largest broadcaster, major telecommunications companies
and enterprise network service providers.  Every day, more than
140 telecommunications providers and broadcasters in Latin
America rely on Intelsat connectivity services to support their
businesses wherever they operate.

Intelsat, Ltd., offers telephony, corporate network, video and
Internet solutions around the globe via capacity on 25
geosynchronous satellites in prime orbital locations.  Customers
in approximately 200 countries rely on Intelsat's global
satellite, teleport and fiber network for high-quality
connections, global reach and reliability.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 16, 2005,
Intelsat, Ltd.'s announcement of its results for the third
quarter ended Sept. 30, 2005, does not affect the ratings of
Intelsat, wholly owned subsidiary Intelsat (Bermuda), Ltd., and
operating subsidiary Intelsat Subsidiary Holding Company Ltd.  
The company remains on Rating Watch Negative.

As reported in the Troubled Company Reporter on Sept. 1, 2005,
Moody's Investors Service has affirmed Intelsat, Ltd.'s ratings
and changed the outlook for all ratings to developing from
negative following the company's announcement that it is
acquiring PanAmSat for $3.2 billion plus the assumption of
PanAmSat's debt ($3.2 billion).  The transaction, which Moody's
expects to be largely, if not entirely, financed with new debt,
would significantly increase Intelsat's pro forma leverage
thereby increasing credit risk for Intelsat debt holders and
pressuring the rating downwards.  Therefore, Moody's anticipates
placing all ratings on review for possible downgrade or lowering
the ratings once the timing and structure of the transaction and
resolution of regulatory review becomes more certain.

Moody's has affirmed these ratings:

  Intelsat:

     * Corporate family rating -- B2
     * $400 Million 5.25% Global notes due in 2008 -- Caa1
     * $600 Million 7.625% Sr. Notes due in 2012 -- Caa1
     * $700 Million 6.5% Global Notes due in 2013 -- Caa1

  Intelsat Subsidiary Holding Company Ltd.:

     * $300 Million Sr. Secured Revolver due in 2011 -- B1
     * $350 Million Sr. Secured T/L B due in 2011 -- B1
     * $1 Billion Sr. Floating Rate Notes due in 2012 -- B2
     * $875 Million Sr. 8.25% Notes due in 2013 -- B2
     * $675 Million Sr. 8.625% Notes due in 2015 -- B2

  Intelsat (Bermuda) Ltd.:

     * $478.7 Million Sr. Unsecured Discount Notes due 2015 --
       B3

Moody's has changed the outlook to developing from negative.


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


COEUR D'ALENE: Wants Clear Tax Policy Before Investing in Potosi
----------------------------------------------------------------
Coeur d'Alene Mines Corporation plans to make the US$135 million
investment necessary to develop the San Bartolome silver project
in Bolivia's Potosi department, Business News Americas reports.

The open-pit operation in Bolivia's Potosi department is
expected to produce about 8Moz/y of silver for the first five
years at a cash operating cost of US$3.50/oz.  The mine has an
estimated life of 15 years.

But "the company will proceed with the investment once the
country's tax issue is clear," Coeur d'Alene's Bolivia director
Jaime Villalobos told Business News.  "We are optimistic and we
trust -- due to the project's characteristics and its benefits
for the region and the country -- that the government's policy
will be supportive."

Mr. Villalobos told Business News that he expects to know as
soon as possible whether the government plans to increase or
sustain mining taxes and will have information needed to decide
whether or not to advance the project.

"It is ready to start; we have everything ready to proceed with
investments," Mr. Villalobos said.

Mining companies pay two types of taxes in Bolivia: the
complementary mining tax and taxes on company profits, Business
News states.  Taxes on mineral exports range from 2.5-3% of
profits.

The San Bartolome project has a strong social base being
associated with seven cooperatives and environmental remediation
programs, Business News relates.  If the project goes well
cooperatives would have the chance to find partners or investors
with capital and technology to invest in modernization.

Coeur d'Alene Mines Corporation is the world's largest primary
silver producer and a growing gold producer.  The Company has
mining interests in Alaska, Argentina, Australia, Bolivia,
Chile, Nevada, and Idaho.

                        *    *    *

Coeur d'Alene Mines Corporation's $180 Million notes due Jan.
15, 2024 carries Standar &Poors' B- rating.


REPSOL YPF: Commits to US$150 Million Joint Venture with YPFB
-------------------------------------------------------------
Spanish-Argentine oil company, Repsol YPF, disclosed that it
will undertake a $150 million joint venture with Yacimientos
Petroliferos Fiscales Boliviano, Bolivia's state oil company,
according to a report from Newswires.

Repsol's decision came as a result of meetings on Feb. 13-14
among Bolivia's hydrocarbons minister Andres Soliz Rada, YPFB
president Jorge Alvarado and Repsol YPF's Bolivia representative
Julio Gavito.

Mr. Gavito made clear the unhappiness of Repsol YPF executives
over Mr. Alvarado's recent comments to Spanish media about
alleged fuel-smuggling by Repsol's Bolivian affiliate, Andina.

"I have insisted to president (Alvarado) that Repsol YPF wants
to be YPFB's partner in developing Bolivia's hydrocarbons, and
that that will be good for everyone ... but that among partners
it's better not to attack each other," Mr. Gavito said in
reports.

Andina last week presented its formal response to accusations by
Bolivia's customs service that the firm used both pipelines and
tanker trucks to smuggle fuel to Chile and Argentina during the
2004-2005 period.  Bolivian customs officials also charged
Andina with falsifying export documents.

"We have an absolutely tranquil conscience, we believe we have
done everything correctly," Mr. Gavito said in reports. "There
was no fraud, there was no damage."

Repsol YPF is a fully integrated oil and gas company, it has
proved reserves mostly in Latin America, the Middle East, and
North Africa.  The company owns 99% of YPF, Argentina's #1 oil
company, and has operations in more than 30 countries.  Repsol
YPF operates five refineries in Spain and four in Latin American
and produces chemicals, plastics, and polymers.  It sells gas
under the brands Campsa, Petronor, and Repsol at more than 3,600
service stations in Spain and has about 3,000 stations in Latin
America.  It is one of Spain's largest sellers of liquefied
petroleum gas.

                        *    *    *

On June 20, 2005, Moody's Investors Service upgraded the ratings
of Spanish oil company Repsol YPF's local subsidiary YPF S.A.
Moody's upgraded YPF's senior unsecured rating to Ba3 from B1
and the unit's domestic currency issuer rating to Baa2 from
Baa3.

YPF's foreign currency issuer rating of Caa1 remained unchanged,
as it is constrained by the sovereign ceiling of Argentina.
YPF's Corporate Family Rating (formerly known as the senior
implied rating) is aligned with the foreign currency issuer
rating at Caa1.


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


BANCO BRADESCO: Decio Tenerello Leaves Post as Loan Director
------------------------------------------------------------
Business News Americas reports that Decio Tenerello has left his
post as mortgage loan director at Banco Bradesco.  He was with
the bank for 44 years.

Mr. Tenerello will remain as president of Brazil's association
of savings and loan institutions, where he is serving his second
term, Business News states.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco --
http://www.bradesco.com.br/-- prides itself on serving low- and  
medium-income individuals in Brazil since the 1960s.  Bradesco
is Brazil's largest private bank, with more than 3,000 banking
branches, and also a leader in insurance and private pension
management.  Bradesco has branches throughout Brazil as well as
one in New York, two in the Bahamas, and four in the Cayman
Islands.  Bradesco offers Internet banking, insurance, pension
plans, annuities, credit card services (including football-club
affinity cards for the soccer-mad population), and Internet
access for customers.  The bank also provides personal and
commercial loans, along with leasing services.

                        *    *    *

Banco Bradesco's $100 Million notes due Sept. 2, 2006, is rated
Ba3e by Moody's and BB- by Composite.


BRASIL TELECOM: Investing US$139MM to Upgrade Pulses to Minutes
---------------------------------------------------------------
Brasil Telecom SA will need to put in 300 million reais (US$139
million) to change its pulse billing system to minutes in
accordance with telecom regulations, Business News Americas
relates.

The company's chief executive officer Ricardo Knoepfelmacher was
quoted by Business News as saying that 35% of its projected 2
billion reais spending for 2006 will be used to adapt to new
regulations set by Anatel.

                        *    *    *

Brasil Telecom SA is controlled by Brasil Telecom Participacoes
SA which is the publicly-listed holding company for 10 fixed-
line operating companies located in the western, central, and
southern regions of Brazil and in the Federal District region.

Brasil Telecom Participacoes' local currency long-term debt
carries Fitch's BB+ rating.


COPEL: Offers US$190 Mil. for 60% Stake in El Paso Power Plant
--------------------------------------------------------------
Companhia Paranaense de Energia SA aka Copel has offered to
purchase a 60% stake in UEG Araucaria thermal power plant for
US$190 million.  El Paso Corp. currently owns that stake, Dow
Jones Newswire reports.  The report was confirmed by a
government official.

The power plant was opened in 2002 but has never operated
commercially and is currently the subject of judicial disputes
in Brazil and France, Dow Jones relates.

Copel has also offered 150 million Brazilian reals (US$69.77
million) to local oil giant Petroleo Brasileiro SA, or
Petrobras, to supply gas to the plant through 2010, Dow Jones
relates.

Under the adjusted deal, Copel will expand its share in the
venture from 20% to 80% while Petrobras will retain 20%, Dow
Jones states.  Copel has plans to transorm the 484 megawatt-
plant to function with gas or diesel fuel.

The Parana state government said in a prepared statement that it
would save BRL1.4 billion by assuming control of the operation
and no longer having to pay for energy.

Headquartered in Parana, Brazil, Companhia Paranaense de Energia
SA transmits and distributes electricity to more than 3 million
customers in the state of Paran  and has a generating capacity
of nearly 4,600 MW, primarily from hydroelectric plants. COPEL
also offers telecommunications, natural gas, engineering, and
water and sanitation services.  The company restructured its
utility operations in 2001 into separate generation,
transmission, and distribution subsidiaries to prepare for full
privatization, which has been indefinitly postponed.  In
response, COPEL is re-evaluating its corporate structure. The
government of Paran  controls about 59% of COPEL.

                        *    *    *

Copel's BRL100,000,000 debentures due March 1, 2007 is rated Ba3
by Moody's.


CVRD: Indigenous Groups Halt EFC Operations Again
-------------------------------------------------
Brazilian iron ore miner CVRD aka Companhia Vale do Rio Doce
announced that indigenous groups led by the tribe of Guajajara
have blocked the Estrada de Ferro Carajas aka EFC railway again.

CVRD told Business News Americas that the groups are making
another demonstration, airing out their demand for better care
from the government's health foundation, Funasa.  

Business News relates that CVRD complained that EFC operations
have stopped again due to a protest, which the company has
nothing to do about.

CVRD has an operating license on EFC, which carries about 1,000
passengers a day.  The railroad line is responsible for the
transport of iron ore, manganese, pig iron and soy.

In an earlier demonstration on Feb. 7, 2006, about 200 members
of the tribes blocked EFC and kidnapped four CVRD employees.  

As reported by The Troubled Company Reporter on Feb. 13, 2006,
the road was cleared and the captives were released on Feb. 9,
2006.

Headquartered in Rio de Janeiro, Brazil, Companhia Vale do Rio
Doce -- http://www.cvrd.com.br/-- engages primarily in mining
and logistics businesses. It engages in iron ore mining, pellet
production, manganese ore mining, and ferroalloy production, as
well as in the production of nonferrous minerals, such as
kaolin, potash, copper, and gold.

                        *    *    *

On Jan. 5, 2006, Fitch Ratings assigned a long-term foreign
currency rating of 'BB' to Vale Overseas Limited's proposed
US$300 million issuance due 2016. Vale Overseas is a wholly
owned subsidiary of Companhia Vale do Rio Doce, a large
diversified mining company located in Brazil.  The notes are
unsecured obligations of Vale Overseas and are unconditionally
guaranteed by CVRD.  The obligation to guarantee the notes rank
pari passu with all of CVRD's other unsecured and unsubordinated
debt obligations.  Fitch expects the proceeds of this issuance
to be used for general corporate purposes and primarily to pay
down US$300 million of Vale Overseas' 9.0% guaranteed notes due
2013.

Fitch also maintains these ratings for CVRD and CVRD Finance
Ltd., a wholly owned subsidiary of CVRD:

  -- CVRD foreign currency rating: 'BB', Outlook Positive;
  -- CVRD local currency rating: 'BBB' Outlook Stable;
  -- CVRD national scale rating: 'AAA(bra)', Outlook Stable;
  -- CVRD Finance Ltd.: series 2000-1 and series 2000-3: 'BBB';
  -- CVRD Finance Ltd., series 2000-2 and series 2003-1: 'AAA'.


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


REDFIELD HOLDING: Moves Final Meeting on February 24
----------------------------------------------------
Redfield Holding Company Limited has moved the shareholders'
final meeting on Feb. 24, 2006.  The meeting was first scheduled
on Jan. 26, 2006.

The meeting will still be held at 10:00 a.m., at Shizuo
Takahashi of Mitsui O.S.K. Lines, Ltd., of 1-1, Toranomon 2-
Chome, Minato-ku, Tokyo 105-8688, Japan.

During the meeting, the liquidator of the company will report on
the liquidation process.  The liquidator will also be authorized
to retain the company's records for three years, starting from
the dissolution of the company.

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

Redfield Holding Company Limited entered voluntary liquidation
on Nov. 24, 2005.  Shizuo Takahashi of Mitsui O.S.K. Lines,
Ltd., was appointed as liquidator.

The verification of creditors' claims ended on Jan. 26, 2006.

Mr. Shizuo Takahashi, the liquidator, can be reached at:

         Mitsui O.S.K. Lines, Ltd.
         1-1, Toranomon 2-Chome, Minato-ku
         Tokyo 105-8688, Japan


RGN LONG/SHORT: Shareholders to Have Final Meeting on Feb. 27
-------------------------------------------------------------
The shareholders of RGN Long/Short Equity Program, Ltd. will
have their final meeting on Feb. 27, 2006, at the offices of Q&H
Nominees Ltd., Third Floor, Harbour Centre, P.O. Box 1348 GT,
Grand Cayman, Cayman Islands to consider these matters:

The liquidator's report on the manner in which the winding up of
the company has been conducted and the property of the company
disposed will be presented during the meeting.  It will be
decided, during the meeting, the manner in which the books,
accounts and documentation of the company and of the liquidator
should be maintained and subsequently disposed.

Those who are unable to attend the meeting may appoint a proxy
by completing, signing and returning the form of proxy before
the start of the meeting.  A proxy need not be a member or
creditor of the company.

As reported by Troubled Company Reporter on Feb. 1, 2006, RGN
Long/Short Equity Program entered voluntary liquidation on
Dec. 20, 2006.  The verification phase for the claims of the
creditors of the company will last until Feb. 24, 2006.

Q&H Nominees Ltd., the voluntary liquidator, can be reached at:

         P.O. Box 1348, George Town
         Grand Cayman, Cayman Islands

         Telephone: (+1) 345 949 4123
         Facsimile: (+1) 345 949 4647


SAVANNAH II: Final General Meeting to be Held on February 24
------------------------------------------------------------
The final general meeting of Savannah II CDO Limited -- company
in voluntary liquidation -- will be held on Feb. 24, 2006, at
the offices of Maples Finance Limited, Queensgate House, George
Town, Grand Cayman, Cayman Islands, for the presentation of an
account on the winding up of the company.

Ms. Helen Allen and Mr. Richard Gordon, the joint voluntary
liquidators, can be reached at:

         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


SOLIS SPLENDOR: Holds Final General Meeting on February 24
----------------------------------------------------------
Solis Splendor Investments Ltd. -- company in voluntary
liquidation -- will hold a final general meeting on Feb. 24,
2006, at the offices of Cititrust (Cayman) Limited, CIBC
Financial Centre, George Town, Grand Cayman.  The purpose of the
meeting is for the liquidator to report and explain the
liquidation process of the company.

As reported by Troubled Company Reporter on Feb. 3, 2006,
creditors have until Feb. 24, 2006, to present proofs of claim
to Buchanan Limited, the company's liquidator.

The company entered voluntary wind up on Jan. 12, 2006 and
appointed Buchanan Limited liquidator.

Buchanan Limited, the voluntary liquidator, can be reached at:

         P.O. Box 1170 GT, Grand Cayman

         Timothy Haddleton
         Telephone: (345) 949-0355
         Facsimile: (345) 949-0360


WAKEFIELD TOWER: Sets Feb. 24 for Wind Up Process Reporting
-----------------------------------------------------------
Wakefield Tower Holdings Limited has set a final general meeting
on Feb. 24, 2006, to hear the liquidators' report on the
liquidation process of the company.  The meeting will be held at
the offices of Maples Finance Limited, Queensgate House, George
Town, Grand Cayman, Cayman Islands.

Ms. Helen Allen and Mr. Richard Gordon, the joint voluntary
liquidators, can be reached at:

         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


WMC CAYMAN I: Final General Meeting Set on February 24
------------------------------------------------------
The final general meeting of WMC Cayman I will be on Feb. 24,
2006.  The meeting will be held at the offices of Maples Finance
Limited, Queensgate House, George Town, Grand Cayman, Cayman
Islands for the presentation of the report on the wind up
process of the company.

As reported by Troubled Company Reporter on Jan. 5, 2006, WMC
Cayman I entered voluntary liquidation on Dec. 12, 205 and
appointed Ms. Wendy Ebanks and Mr. Mike Hughes.

Creditors were given until Jan. 28, 2006, to present proofs of
claim to the liquidators.

Mr. Mike Hughes, the joint voluntary liquidator, can be reached
at:

         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


WMC CAYMAN II: Wind Up Process to be Reported on February 24
------------------------------------------------------------
The wind up process of WMC Cayman I -- company in voluntary
liquidation -- will be reported on Feb. 24, 2006, during the
final general meeting.  The meeting will be held at the offices
of Maples Finance Limited, Queensgate House, George Town, Grand
Cayman, Cayman Islands

As reported by the Troubled Company Reporter on Jan. 5, 2006,
WMC Cayman II started winding up operations on Dec. 12, 2005.  
Ms. Wendy Ebanks and Mr. Mike Hughes were appointed as joint
liquidators of the company.

Creditors of WMC Cayman II were given until Jan. 28, 2006, to
prove their debts or claims against the company.

Mr. Mike Hughes, the joint voluntary liquidator, can be reached
at:

         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


WHITE TOWER: Schedules Final General Meeting on February 24
-----------------------------------------------------------
White Tower Holdings Limited's final general meeting is
scheduled on Feb. 24, 2006, at the offices of Maples Finance
Limited, Queensgate House, George Town, Grand Cayman, Cayman
Islands.  An account on the liquidation process will be
presented during the meeting.

Ms. Helen Allen and Mr. Richard Gordon, the joint voluntary
liquidators, can be reached at:

         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


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


BBVA COLOMBIA: Ups 2005 Online Transactions by 41.5%
----------------------------------------------------
BBVA Colombia saw the number of online banking transactions rise
41.5% in 2005 to 7.69 million, a bank source told Business News
Americas.

Total transactions rose 22% to 281.185 billion pesos (US$125
million), with the number of online banking customers growing
50% to 122,000 at year-end, Business News reports.

BBVA Colombia posted 107 billion pesos in profits for 2005, a 2%
increase compared to 2004 due to extraordinary provisions.

BBVA Colombia is the country's second largest bank in terms of
overall market share after Bancolombia.

                        *    *    *

As previously reported on Nov. 9, 2005, Fitch Ratings, the
international rating agency, took these actions on the ratings
assigned to BBVA Colombia:

   -- long-term foreign currency rating affirmed at BB; and       
   -- short-term foreign currency rating affirmed at B.

Fitch said the outlook was stable;


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


AUTOPISTAS DEL NORDESTE: Fitch Puts B Rating on US$163-Mil Notes
----------------------------------------------------------------
Fitch Ratings has assigned a preliminary 'B' rating to the $163
million series 2006 senior notes from Autopistas del Nordeste
Ltd.  AdN is a toll road securitization originating from the
Dominican Republic that benefits from a partial political risk
guarantee provided by the Multilateral Guarantee Investment
Agency.

Proceeds from the notes will be used to help fund the
construction of the Santo Domingo-Samana toll road.  The
preliminary rating of the senior notes reflects Fitch's opinions
of both the probability of default on timely payment of interest
and ultimate payment of principal by the legal maturity date, as
well as the prospects for recovery in the event of default.

The issuance is a securitization of future toll revenues and
benefits from a minimum revenue guarantee provided by the
government of the Dominican Republic.  The preliminary rating of
the senior notes also reflects the enhanced recovery in the
event of default derived from a partial political risk guarantee
provided by MIGA in an amount equal to 51% of the face value of
outstanding notes.

The road is expected to stimulate development of beach resorts
on the northern Samana peninsula of the Dominican Republic.
Significant time and cost savings over existing alternatives
should enhance the road's economic viability.
For more detailed information on this transaction, see the
presale report dated Feb. 10, 2006, titled 'Autopistas del
Nordeste (Cayman) Limited' available on the Fitch Ratings web
site at http://www.fitchratings.com/


=====================
E L   S A L V A D O R
=====================


AES CLESA: Fitch Withdraws BB+ Foreign & Local Currency Ratings
---------------------------------------------------------------
Fitch has affirmed the 'BBB-' rating assigned to the AES El
Salvador Trust issuance of 10-year, US$300 million Political
Risk Protected notes.  Simultaneously, Fitch has withdrawn the
'BB+' foreign and local currency ratings of AES Clesa and its
PRI outstanding notes.

These rating actions follow the final settlement of the AES El
Salvador Trust issuance and the full payment of AES Clesa's
outstanding notes.  The rating of the trust reflects the
combined credit quality of AES El Salvador's four operating
companies, Compania de Alumbrado Electrico de San Salvador S.A.
de C.V., AES CLESA y Compania, S. en C. de C.V., Empresa
Electrica de Oriente, S.A. de C.V., and Distribuidora Electrica
de Usulutan, S.A. de C.V.  A portion of the proceeds of the
trust's issuance have been used to repay existing debt at CAESS,
CLESA, and EEO.  After repayment of the existing debt, remaining
proceeds are expected to be used to pay dividends to the
shareholders of CAESS and CLESA, and for general corporate
purposes.  The payment of principal and interest on the new
notes will be fully and unconditionally guaranteed on a senior
unsecured, joint and several basis by CAESS, CLESA, EEO and
DEUSEM.

The new notes are rated above the 'BB+' foreign currency rating
of the company and country because they benefit from external
liquidity facilities totaling 12 months of interest payments.  A
six-month debt service reserve account coupled with a six-month
letter of credit provided by Credit Suisse (CS; acting through
its Cayman Islands branch) help protect against a potential
currency inconvertibility/non-transfer event and allow for the
rating of the notes to breach the sovereign ceiling.  The
facilities will remain available for the life of the notes as
long as certain criteria are met.  While the stated maturity of
the notes is 2016, the notes can be extended by 12 months during
an event of transfer and convertibility restrictions.


MILLICOM INTERNATIONAL: Posts 15% Boost in Revenues for 4Q05
------------------------------------------------------------
Millicom International Cellular S.A. announced its results for
the quarter and year ended December 31, 2005.

Marc Beuls, Chief Executive, comments on outlook:

   "The outlook for Millicom is excellent.  We decided in 2005   
   to increase substantially our investments in existing markets
   resulting in record pro forma revenue and EBITDA growth in
   Q4. Our capital expenditure planned in 2006, including the
   new markets started in 2005, will again be at least 50%
   higher than the previous year.  Capital expenditure will
   continue to be an important driver behind this accelerating
   growth pattern, but we expect the capex/sales ratio to reduce
   year on year post 2006.
   
   "Another driver of growth has been the launch of Tigo in
   Latin America on the back of our new GSM networks.  Tigo is
   the price leading product, a customer friendly brand which
   exploits our tried and tested, mass distribution and low cost
   model.  Building on Tigo's success, we are rolling out Tigo
   in our African markets today.  The Tigo model has allowed us
   to grow both revenues and EBITDA in Latin America by over 50%
   in Q4 2005.  Africa grew its subscriber base by approximately
   80% in 2005 and we expect the region to continue to be the
   fastest growing in 2006 with two new operations added in the
   second half of 2005.  Tigo in Chad set a new record for
   countries with a similar population in Millicom's portfolio
   by adding over 90,000 subscribers in less than three months
   in Q4 2005.
      
   "Revenues in South Asia have been under pressure as a result
   of the increased competition in Pakistan.  Our plan for
   Paktel, our GSM operation in Pakistan, is to improve the
   quality of the network and focus on revenue generating
   subscribers.  Our target is to break even at the EBITDA level
   on a monthly basis by the end of the year.  Negotiations
   regarding the sale of Pakcom are ongoing and we expect to
   finalise the sale in the first half of 2006.
   
   On January 19, 2006, Millicom appointed Morgan Stanley to
   conduct a review of strategic options following the receipt
   of a high number of unsolicited approaches.  A further
   announcement will be made when the review is complete."

                     Financial Highlights

   -- Strong subscriber growth with total cellular subscribers
      at 8.9 million, an increase of 16% compared to last year,
      or 52% on a pro forma basis.

   -- Millicom surpassed 9 million subscribers in mid January
      2006.

   -- 1,016,446 net new total subscribers added in Q4 2005.
   
   -- Revenue of $294 million in Q4 2005, exceeding Q1 2005
      revenue of which Vietnam accounted for 18%.

   -- Revenue for Q4 2005 up 15% vs Q4 2004, or 36% on a pro
      forma basis.

   -- Record EBITDA of $130 million in Q4 2005.

   -- EBITDA for Q4 2005 up 5% vs Q4 2004, or 34% on a proforma
      basis.

   -- Cash generated from operations for the twelve months to
      December 2005 of $580 million, funding significantly
      higher investments of $444 million versus $187 million
      last year.

   -- Included in investments are Capex of $170 million for the
      fourth quarter and $354 million for the twelve months
      ended December 31, 2005.

   -- Net debt excluding the 5% mandatory exchangeable notes of
      $321 million with a Net Debt to EBITDA ratio below 1:1
      enabling significant future investment.

   -- Cash and cash equivalents of $597 million at end of Q4
      2005.

   -- Total cellular minutes increased by 20% for the three
      months ended December 31, 2005, from the same quarter in
      2004 and prepaid minutes increased by 37% in the same
      period.  Total pro forma minutes increased by 53% and pro
      forma prepaid minutes by 64%.

   -- At December 31, 2005, managed active subscribers in Iran
      amounted to 450,000.

   -- Millicom launched state-of-the-art GSM services including
      GPRS, EDGE, MMS and E-pin under the brand name Tigo in
      Chad in October 2005 and in Bolivia in December 2005.  All
      of Millicom's 16 operations now operate GSM networks.

   -- On January 19, 2006, Millicom announced that, following
      receipt of a high number of unsolicited approaches, the
      Board has decided to conduct a review of strategic options
      for the Company and has appointed Morgan Stanley as
      financial advisor.

   -- On February 1, 2006, Millicom announced the completion of
      the buyout of its minority partners in MIC Tanzania
      Limited and Millicom Sierra Leone Limited.  Millicom also
      reached agreement to cancel a call option on an equity
      interest in Millicom Ghana Limited.  Following these
      transactions, Millicom has 100% ownership in all three
      operations.

               Financial Results for the Three
                Months Ended December 31, 2005

Total revenues for the three months ended December 31, 2005,
were $294.1 million, an increase of 15% from the fourth quarter
of 2004.  The pro forma increase in revenues was 36% over the
same period.  The Central American market continued to perform
strongly, producing a 62% increase in revenues from $87.8
million for the fourth quarter of 2004 to $142.0 million for the
fourth quarter of 2005, with Guatemala producing growth of 82%.  
In South America, revenues increased by 24% to $40.0 million,
with Bolivia and Paraguay producing revenue increases of 23% and
25% respectively compared to the fourth quarter of 2004.  In
2005 the roll-out of GSM in Latin America was completed with the
launch of GSM services in Bolivia, enabling Millicom to pursue
higher value customers with value-added services, which have led
to strong levels of ARPU across Latin America.  Furthermore, the
Tigo brand has been an outstanding success as it has established
its position as a price leading product and is the main driver
in bringing new customers onto the network.

Millicom has begun to spend significant capex across its African
operations to grow its networks in terms of capacity and
coverage.  The fourth quarter revenues for Africa were $58.1
million compared to $44.3 million in the fourth quarter of 2004,
an increase of 31%.  The strongest markets were Ghana and
Tanzania which grew by 28% and 24% respectively.  Revenues for
South East Asia declined to $23.9 million over the same period,
due to the end of the BCC in Vietnam in May 2005.

In South Asia, Millicom recorded revenue growth of 16% to $28.9
million, from $24.9 million in the fourth quarter of 2004.
Paktel's GSM operation has faced technical network issues and in
such a competitive market, this has held back growth.  Added
investment in the network will solve these issues in the coming
months and will enable Paktel to recover market share.  The
number of active GSM subscribers grew from 747,146 at the end of
the third quarter of 2005 to 871,809 at the end of the fourth
quarter, representing 87% of Paktel's total subscriber base,
with a monthly ARPU of approximately $5.

EBITDA for the three months ended December 31, 2005, was $130.2
million, a 5% increase from the fourth quarter of 2004
representing a 44% margin.  On a pro forma basis EBITDA
increased by 34% from the fourth quarter of 2004.  Central
America recorded growth in EBITDA of 68% from the fourth quarter
of 2004 to $75.1 million and the equivalent increase for South
America was 29%, giving EBITDA of $16.6 million.  EBITDA for
Africa decreased by 2% to $21.4 million in the fourth quarter of
2005, from $21.8 million in the fourth quarter of 2004, mainly
due to start-up costs in Chad and the Democratic Republic of
Congo.

EBITDA for South Asia increased by 56% to $7.6m in the fourth
quarter of 2005 from $4.9m in the fourth quarter of 2004, when
sales and marketing costs associated with the launch of GSM
services impacted EBITDA.  For South East Asia, EBITDA for the
fourth quarter of 2005 was lower at $11.0m, due to the end of
the ten-year BCC in Vietnam in May 2005.

The EBITDA margin in the fourth quarter of 2005 was 44%.  For
South Asia it was 26% and for South East Asia it was 46%.  
Central America and South America recorded EBITDA margins of 53%
and 42% respectively in the fourth quarter of 2005.  The EBITDA
margin for Africa was 37%.

               Financial Results for the
              Year Ended December 31, 2005

Total revenues for the year ended December 31, 2005 were
$1,083.7 million, an increase of 18% over 2004, or 32% on a pro
forma basis. Revenues for Central America were $452.6 million,
an increase of 48%, and for South America, revenues were $141.1
million, up 24%.  Revenues for Africa were $204.4 million,
increasing by 36%.  In South East Asia revenues were $161.5
million and for South Asia, revenues were up 7% to $120.7
million.

EBITDA was $489.8 million for the year ended December 31, 2005,
an increase of 8% over 2004, or 25% on a pro forma basis.  Most
notably Central America recorded a 50% increase to $233.0
million for the year.  EBITDA for South America was $57.0
million, up 28% from 2004.  EBITDA for Africa increased by 34%
from 2004 to $88.2 million for the year ended December 31, 2005.  
EBITDA for South East Asia and South Asia for the year ended
December 31, 2005, was respectively $88.7 million and $25.1
million.

The Group EBITDA margin for the year ended December 31, 2005,
was 45%, for Central America it was 51%, for South America 40%,
for South East Asia 55%, for South Asia 21% and for Africa 43%.

Total cellular minutes increased by 28% for the year ended
December 31, 2005, compared with 2004.

Annual increases in revenue and EBITDA were due to similar
factors noted in the previous section.

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

Millicom has assets amounting to US$1,522,900,000 and
liabilities reaching US$1,608,200,000.

                        *    *    *

As reported by Troubled Company Reporter on Jan. 24, 2006,
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating and 'B-' senior unsecured debt ratings
on telecommunications operator Millicom International Cellular
S.A. on CreditWatch with developing implications.


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


CELLSTAR CORP: Reports US$24.6 Million of Net Loss for 2005
-----------------------------------------------------------
CellStar Corporation (OTC Pink Sheets: CLST) disclosed results
for fourth quarter and fiscal 2005.  

                   Fourth Quarter 2005

The Company reported revenues in the fourth quarter of 2005 of
$221.0 million, compared to $233.8 million in 2004.  Revenues in
Latin America declined $27.4 million and were partially offset
by an increase of $14.6 million in the U.S. compared to the
fourth quarter of 2004.  

For the quarter ended November 30, 2005, the Company reported a
net loss from continuing operations of $0.1 million, or $0.01
per share, compared to a loss of $32.2 million, or $1.58 per
share in 2004.  The net loss from continuing operations in 2004
included a tax expense of $26.0 million primarily associated
with an increase in the valuation allowance for deferred tax
assets in the U.S. The Company reported a consolidated net loss
of $3.2 million for the fourth quarter of 2005, or $0.16 per
share, compared to a net loss of $65.7 million, or $3.22 per
share, in 2004.  The net losses in 2004 and 2005 included losses
from discontinued operations of $33.4 million and $3.1 million,
respectively, related primarily to the Company's operations in
the Asia-Pacific Region.

Revenues for the fourth quarter of 2005 in the North American
Region were $126.5 million, compared to $112.0 million in 2004.
The increase in revenues was primarily due to growth in the
regional carrier group, which was partially offset by a decline
in revenues in the region's indirect channel as a result of a
major carrier customer's decision to change its distribution
strategy.  The North American Region represented 57% of the
Company's total revenues compared to 48% in the fourth quarter
of 2004.  The Company's North American Region generated
operating income of $4.0 million in the fourth quarter, compared
to an operating loss of $2.1 million for the same period of
2004.  The increase in operating income was due primarily to
lower inventory obsolescence, higher overall gross margins in
2005 and a reduction in selling, general and administrative
expenses.

The Company's operations in the Latin American Region provided
$94.4 million of revenues in the fourth quarter of 2005,
compared to $121.8 million in 2004.  Revenues in Mexico declined
to $48.0 million compared to $72.5 million in 2004.  Beginning
in 2005, companies in Mexico are required to pay taxes on any
unsold inventory at the end of the year.  Consequently, one of
the Company's largest carrier customers in Mexico purchased less
inventory in the fourth quarter than they had historically.
Revenues from the Company's Miami export operations were $43.7
million in the fourth quarter compared to $46.9 million in 2004.
Revenues in the Company's operations in Chile were $2.7 million
in the fourth quarter of 2005 compared to $2.5 million in 2004.
The Latin American Region represented 43% of the Company's total
revenues in the fourth quarter, compared to 52% in 2004.
Operating income in the Company's Latin American Region was $0.3
million in the fourth quarter of 2005, compared to $2.0 million
in 2004.  The decline in operating income in the fourth quarter
of 2005 was primarily attributable to the Mexico operations.  In
addition to lower revenues, operating income in the Mexico
operations was impacted by over $1.0 million in vendor credits
related to 2005 which, due to the timing of the receipt of the
credits, the Company will not be able to recognize until the
first quarter of 2006.

"Operating income in North America and Latin America improved
56% in fiscal 2005 compared to fiscal 2004, despite the
reporting delays and issues in the Asia-Pacific Region in 2005,"
said Robert Kaiser, Chairman of the Board and Chief Executive
Officer. "Now that we have completed the Asia-Pacific exit, our
primary focus for the last several months has been improving
results in North America and reducing corporate overhead. We
have made significant progress in both areas. We have completed
our consolidation plan of the corporate and North American
Region offices and expect to realize considerable savings. We
sold our corporate headquarters building and realized $1.7
million from the sale. Our vendor credit lines have been
restored and this should position us well for 2006."

Consolidated gross profit increased to $13.7 million in the
fourth quarter of 2005 compared to $10.2 million in 2004.  Gross
profit as a percentage of revenues was 6.2% compared to 4.4% in
the fourth quarter of 2004.  The increase in gross profit was in
the North American Region, partially offset by a decrease in the
Latin American Region.

Consolidated selling, general and administrative expenses
decreased $3.1 million in the fourth quarter to $12.3 million
compared to $15.4 million in 2004.  The decrease in expenses was
due primarily to a reduction in the Company's work force and
professional fees.

Interest expense in the fourth quarter was $1.1 million compared
to $1.0 million in the prior year period.  The cost of factoring
accounts receivable was $0.5 million compared to $0.2 million in
2004.

                       Fiscal 2005

The Company recorded revenues of $987.3 million in fiscal 2005
compared to $821.5 million in 2004.  Revenues in Latin America
increased $142.7 million and revenues in the U.S. increased
$23.2 million compared to 2004.  For fiscal 2005, the Company
reported losses from continuing operations of $7.3 million, or
$0.35 per share, compared to $37.0 million, or $1.82 per share,
in 2004. The net loss from continuing operations in 2004
included a tax expense of $23.0 million primarily associated
with an increase in the valuation allowance for deferred tax
assets in the U.S.

The Company reported a consolidated net loss of $24.6 million,
or $1.20 per share, in fiscal 2005, compared to a net loss of
$118.1 million, or $5.80 per share, in 2004.  The net losses in
2004 and 2005 included losses from discontinued operations of
$81.1 million and $17.3 million, respectively, related to the
Company's operations in the Asia-Pacific Region.  On September
2, 2005, the Company sold its operations in the People's
Republic of China and Hong Kong to Fine Day Holdings Limited, a
Company formed by Mr. A.S. Horng, former Chairman and Chief
Executive Officer of CellStar Asia Corporation Limited.  In
November 2005, the Company sold its operations in Taiwan to a
former employee of the operations, completing the Company's exit
of the Asia-Pacific Region.

Revenues in the North American Region for fiscal 2005 were
$462.6 million compared to $439.4 million in 2004.  The increase
was due primarily to an increase in the region's regional
carrier business as a result of new handset model promotions and
the introduction of new service programs.  The region reported
record revenues in its regional carrier channel in 2005.  
Despite attrition due to carrier consolidations, revenues from
this channel have almost doubled over the last several years.  
The region also reported an increase in its insurance
replacement business.  These increases in revenue were partially
offset by a decline in the region's indirect channel business as
a result of a major carrier customer's decision to change its
distribution strategy, and the Company's decision in January of
2004 to discontinue its business with Cricket Communications and
its indirect sales channel.  The North American Region
represented 47% of the Company's total revenues compared to 53%
for fiscal 2004.  The Company's North American Region generated
operating income of $5.5 million in fiscal 2005, compared to
$1.5 million in 2004.

Revenues in the Latin American Region increased 37% in fiscal
2005 compared to 2004.  The region provided $524.8 million of
revenues in fiscal 2005, compared to $382.1 million in 2004.
Revenues in the Company's Miami export operations were the
highest reported in the last seven years, $272.4 million
compared to $159.9 million in fiscal 2004, a 70% increase.  The
increase in revenues was primarily due to increased business
with a major carrier customer in Colombia and the Company's
expanded relationship with the carrier in support of its
technology transition from CDMA to GSM during 2005.  The Company
believes that the transition to GSM in Colombia is substantially
complete and anticipates that revenues from this customer will
decline from 2005 levels in future periods.  Revenues in Mexico
increased 30% to $234.4 million in 2005 from $179.7 million in
2004 primarily due to the Company's efforts to reposition its
operations in Mexico and focus on the largest wireless carrier
in the country, Telcel.  Revenues from the Company's Colombia
operations were $16.3 million in 2004.  During the second
quarter of 2004, the Company completed the divestiture of its
operations in Colombia to a group that included local
management.  Revenues in the Company's operations in Chile
declined to $18.0 million in fiscal 2005 compared to $26.2
million in 2004 due to a decrease in spot sales.  The Latin
American Region represented 53% of the Company's total revenues
compared to 47% in fiscal 2004. Operating income in the
Company's Latin American Region has continued to improve,
increasing to $8.7 million in fiscal 2005 compared to $7.6
million in 2004.

Consolidated gross profit in fiscal 2005 increased to $50.0
million from $48.6 million in 2004.  Gross profit as a
percentage of revenues was 5.1% in fiscal 2005, compared to 5.9%
in 2004. Gross profit was up in the North American Region and
relatively flat in the Latin American Region.  The margin
percentage in the Latin American Region, however, was negatively
impacted as a large percentage of the revenues in the region
were from high volume sales with relatively low margins.

Consolidated selling, general and administrative expenses
decreased $7.7 million from $58.6 million in fiscal 2004 to
$50.9 million in 2005.  The decrease in expenses resulted
primarily from a reduction in professional fees associated with
compliance with the Sarbanes-Oxley Act of 2002, a reduction in
legal fees and an overall decline in payroll and benefits as the
Company continues its efforts to adjust its current overhead and
bring it more in line with its current business model.

Interest expense in fiscal 2005 increased to $3.8 million
compared to $3.4 million in the prior year period primarily due
to an increase in the borrowing rate.  The cost to factor
accounts receivable increased to $2.4 million compared to $0.4
million in 2004.  The Company increased its factoring of
accounts receivable as a result of vendors tightening the
Company's credit lines and to support the growth in the Latin
American Region in 2005.  The tightening of credit by the
Company's vendors resulted from the issues in the Company's
Asia-Pacific Region and delayed reporting in 2005.

                Consolidated Balance Sheet

Cash and cash equivalents at November 30, 2005, were $10.7
million, compared to $13.2 million at November 30, 2004.

Compared to November 30, 2004, accounts receivable decreased
from $116.9 million to $98.4 million at November 30, 2005.  The
decrease in accounts receivable was largely due to lower
revenues in Mexico in the fourth quarter of 2005 compared to
2004. Accounts receivable days sales outstanding for the year
ended November 30, 2005, based on monthly accounts receivable
balances, were 36.7, compared to 38.5, for the year ended
November 30, 2004.

Inventory decreased to $81.5 million at November 30, 2005, from
$87.3 million at November 30, 2004.  The decrease in inventory
was primarily in the Company's Latin American operations offset
by increases in North America.  Inventory turns for the year
ended November 30, 2005, based on monthly inventory balances,
were 10.8 turns, compared to 8.7 for the year ended November 30,
2004.

Accounts payable decreased to $146.3 million at November 30,
2005, compared to $162.9 million at November 30, 2004, primarily
in the Company's Latin America operations.

                        Liquidity

The Company's continuing operations generated net cash from
operating activities of $4.1 million for the year ended November
30, 2005, compared to a cash usage of $22.5 million for the year
ended November 30, 2004.  The AsiaPacific Region generated net
cash of $42.8 million from operating activities during 2005 as a
result of a reduction in working capital as the revenue base was
drastically decreased.  The cash was used primarily in the Asia-
Pacific Region to pay down notes payable and to fund the
operating losses in the region.  All debt and corporate
guarantees associated with the Asia-Pacific Region have been
satisfied.

As of November 30, 2005, the Company had borrowed $30.5 million
under its domestic revolving credit facility compared to $35.8
million at November 30, 2004.  The Company had additional
borrowing availability under the credit facility of $18.2
million at November 30, 2005.

On February 12, 2006, the Company and its primary lender, Wells
Fargo Foothill, signed a binding commitment in which the lender
has committed to either:

       (i) extend the termination date of the existing revolving
           credit facility to Sept. 27, 2009, or

      (ii) provide a new revolving credit facility on the same
           terms and conditions with the exception of the
           extension of the maturity date.

At November 30, 2005, the Company had outstanding $12.4 million
of 12% Senior Subordinated Notes due in January 2007.

               About CellStar Corporation

CellStar Corporation -- http://www.cellstar.com-- is a leading  
provider of logistics and distribution services to the wireless
communications industry.  CellStar has operations in North
America and Latin America, and distributes handsets, related
accessories and other wireless products from leading
manufacturers to an extensive network of wireless service
providers, agents, MVNO's, insurance/warranty providers and big
box retailers.  CellStar specializes in completely integrated
forward and reverse logistics solutions, repair and
refurbishment services, and in some of its markets, provides
activation services that generate new subscribers for wireless
service providers.

                        *    *    *

Moody's Investor Service rates assigns these ratings to CellStar
Corporation:

      * subordinated debt -- Ca; and
      * long-term corporate family rating -- B3.


GRUPO IUSACELL: Sets US$50 Mil. to Boost Postpaid, 3G Services
--------------------------------------------------------------
Grupo Iusacell S.A. de CV disclosed in a press conference that
it plans capital expenditure of US$50 million in 2006 as the
company intensifies its focus on boosting its postpaid
subscriber base
and offering 3G services.

Among the company's offerings this year is TV over mobile which
will be launched in March.  Iusacell will team up with Elektra
and Banco Azteca to help the project become successful.  Banco
Azteca will offer lower income subscribers consumer credit to
help pay for more expensive phones.

Grupo Iusacell provides cellular services reaching about 90% of
Mexico's population, including Mexico City. It has 1.3 million
subscribers (75% are prepaid). It also offers local and long-
distance telephony, paging, and data transport services. Verizon
Communications and Vodafone Group together acquired 74% of the
Company in 2001 from the Peralta family, which founded Iusacell
in 1989. But following its default on debts, the two companies
in 2003 sold their stake to Ricardo Salinas Pliego's Movil@ccess
in a deal valued at $7.4 million. It agreed to sell more than
140 signal towers to US-based American Tower.

                        *    *    *

As reported by the Troubled Company Reporter on May 5, 2005,
Grupo Iusacell received on April 29, 2005, a notice from The
Bank of New York, acting as trustee for the $350 million 14 1/4
% notes due December 2006, reminding Grupo Iusacell of its non-
payment of interest since June 1, 2003, an unspecified
percentage of noteholders had requested the acceleration of
principal and accrued interest on the notes.

In Jan. 2006, the company has reached a deal with its creditors
to restructure its debt.  The US$350 million bond due 2006 with
a coupon of 14.25% was exchanged by the Company for a new bond
worth US$175 million with a 10% interest rate that matures in
December 2013.


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


TELEFONICA DEL PERU: Osiptel Lowering Rates by 20%
--------------------------------------------------
Telefonica del Peru's rates will be lowered by 20% throughout
2006, Business News Americas reports.  The reduction, implement
quarterly, was ordered by telecom regulator, Osiptel.

Osiptel regional coordinator Ruben Guardamino was quoted as
saying,"In accordance with the regulations for fixed telephony,
[Telefonica del Peru] must reduce its rates by 30% starting in
2004."

Between September 2004 and September 2005 the company's rates
were reduced by 10%.

The next rate reduction will come into effect on March 1, and
will affect all of Telefonica del Peru's services, from
telephony to prepaid cards and installation charges, Business
News relates.

                        *    *    *

As previously reported on Sept. 22, 2005, Fitch Ratings affirmed
Telefonica del Peru S.A.A.'s international scale local currency
unsecured debt rating at 'BBB+' and foreign currency unsecured
debt rating at 'BB', and has assigned a 'BB' rating to its
proposed US$200 million senior unsecured notes to be issued in
PEN currency and paid in USD currency.  Fitch said the rating
outlook is stable.


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


G+G RETAIL: Max Rave & Guggenheim Win Bid at $35 Million
--------------------------------------------------------
Max Rave, LLC, an entity to be owned by BCBG Max Azria Group,
Inc., and Guggenheim Corporate Funding LLC, has emerged as the
successful bidder in the auction for the assets of G+G Retail,
Inc.  The winning bid of $35 million cash was approved on Feb.
15, 2006, in the U.S. Bankruptcy Court for the Southern District
of New York.  The purchase transaction is expected to be
completed on or before Feb. 21, 2006.

GCF provided equity and loan commitments to Max Rave in order:

     * to fund the purchase of the company,
     * to provide fresh inventory for stores, and
     * to provide operating working capital for operations.

In addition, BCBG committed to provide equity capital to Max
Rave.  Max Rave will be operated as a separate entity from BCBG
and it is anticipated that later in 2006, subject to the
approval of BCBG's lenders, it will be merged into BCBG.

Created in 1989, BCBG Max Azria -- http://www.bcbg.com/-- was  
named for the Parisian phrase "bon chic, bon genre", meaning
"good style, good attitude".  BCBG Max Azria Group, Inc.
designs, develops, produces and markets complete collections of
women's ready-to-wear and accessories, and select categories for
men, each known for being at the forefront of creativity,
quality and style.  The Group is one of the worldwide leaders in
ready-to-wear, encompassing a portfolio of 15 brands including
BCBG Max Azria, Max Azria Collection, Max Azria Atelier,
BCBGirls, BCBG//Attitude, To The Max, Herve Leger Paris, Herve
Leger Couture, Parallel, Max and Cleo, Noun, Maxime, Dorothee
Bis, Don Algodon and Alain Manoukian, and a retail and wholesale
network that includes more than 5,200 points of sale throughout
the world.

Headquartered in New York, New York, G+G Retail Inc. retails
ladies wear and operates 566 stores in the United States and
Puerto Rico under the names Rave, Rave Girl and G+G.  The Debtor
filed for Chapter 11 protection on Jan. 25, 2006 (Bankr.
S.D.N.Y. Case No. 06-10152).  William P. Weintraub, Esq., Laura
Davis Jones, Esq., David M. Bertenthal, Esq., and Curtis A.
Hehn, Esq., at Pachulski, Stang, Ziehl, Young & Jones P.C.
represent the Debtor in its restructuring efforts.  When the
Debtor filed for protection from its creditors, it estimated
assets of more than $100 million and debts between $10 million
to $50 million.


MUSICLAND HOLDING: Court Fixes May 1 as Claims Bar Date
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
set May 1, 2006, as the last day for all creditors, other than
governmental units, to file prepetition claims against Musicland
Holding Corp. and its debtor-affiliates.

The Court also set July 12, 2006, as last day for all
governmental units to file prepetition claims.

                           Claims Filing

As previously reported in the Troubled Company Reporter on
Feb. 3, 2006, the Debtors require these persons or entities to
file a Proof of Claim on or before the Bar Date:

   (a) any entity whose claim is listed as disputed, contingent,
       or unliquidated in the Debtors' Schedules and that
       desires to participate in any of the Debtors' Chapter 11
       cases or share in any distribution in those chapter 11
       cases;

   (b) any entity whose claim is improperly classified in the
       Debtors' Schedules or is listed in an incorrect amount
       and that desires to have its claim allowed in a
       classification or amount other than that listed in the
       Schedules; or

   (c) any entity whose claim against a Debtor is not listed in
       the applicable Debtors' Schedules.

Entities holding these claims need not file a proof of claim:

   * claims listed in the Debtors' Schedules as contingent,
     unliquidated or disputed, and which are not disputed by the
     creditor holding that claim as to nature, amount, or
     classification;

   * claims on account of which a proof of claim has already
     been properly filed with the Court;

   * claims previously allowed by the Court;

   * claims allowable under Sections 503(b) and 507(a)(1) of the
     Bankruptcy Code as administrative expenses of the chapter
     11 cases;

   * claims made by any of the Debtors or any direct or indirect
     subsidiary of any of the Debtors against one or more of the
     other Debtors; or

   * claims for which specific deadlines have previously been
     fixed by the Court.

Entities asserting Claims against more than one Debtor are
required to file a separate proof of claim form with respect to
each Debtor.  Each proof of claim must identify the particular
Debtor against which the Claim is asserted.

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. 5; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


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


* Trinidad and Tobago May Soon Resume Oil Talks with Venezuela
--------------------------------------------------------------
The Trinidad Express states that the governments of Trinidad and
Tobago and Venezuela will soon resume negotiations on how to
divide and develop South America's largest natural-gas field in
the Deltana Platform.  Prime Minister Patrick Manning of
Trinidad and Tobago made the announcement during a news
conference.   

Talks were stalled after Trinidad declined Venezuelan President
Hugo Chavez's invitation to join the PetroCaribe initiative.

                        *    *    *

As reported by Troubled Company Reporter on Nov. 29, 2005, Fitch
Ratings assigned expected 'BB-' ratings to the pending issues of
Venezuelan government bonds maturing Feb. 6, 2016, and Dec. 9,
2020.  

Fitch Ratings also upgraded on Nov. 14, 2006, the long-term
foreign currency and long-term local currency ratings of the
Bolivarian Republic of Venezuela to 'BB-' from 'B+'.  At the
same time, Fitch upgraded the country ceiling to 'BB-'.  The
short-term foreign currency rating is affirmed at 'B', and the
Outlook is Stable.  


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


CITGO PETROLEUM: Selling 150,000 Gallons of Oil to Delaware
-----------------------------------------------------------
Citgo Petroleum Corporation continued its effort to provide
affordable fuel to low-income families in the United States.  
Citgo said in a statement that it will sell 150,000 gallons of
discounted heating oil to 5,000 low-income households in
Delaware.  Twenty homeless shelters will receive free heating
fuel.

According to Business News Americas, Massachusetts, New York,
Maine, Rhode Island, Vermont, Delaware and Connecticut are
participating in the Citgo programme.  Venezuela's ambassador to
the United States, Bernardo Alvarez, said last week that New
Jersey has expressed an interest in participating.  The
programme, which was first launched two months ago in
Massachusetts, has covered at least a million people.  

Citgo is one of the largest independent crude oil refiners in
the United States, with three modern, highly complex crude oil
refineries and two asphalt refineries.  With the expansion of
the Lake Charles refinery to 425,000 bpd of capacity, Citgo now
owns 970,000 bpd of crude refining capacity, including the
company's 41.25% interest in LYONDELL-CITGO Refining L.P.  LCR
owns and operates a 265,000-bpd crude oil refinery in Houston,
Texas.  Citgo branded fuels are marketed through more than
13,000 independently owned and operated retail sites.

Citgo is owned by PDV America, an indirect, wholly owned
subsidiary of Petroleos de Venezuela S.A., the state-owned oil
company of Venezuela.

                        *    *    *

As previously reported on Feb. 16, 2006, Standard and Poor's
Ratings Services assigned a 'BB' rating on CITGO Petroleum Corp.

The ratings on CITGO Petroleum Corp. reflect a satisfactory
business risk profile and an aggressive financial risk profile,
limited by the ratings of the company's parent, Petroleos de
Venezuela S.A. aka PDVSA.  

CITGO's credit strength as a stand-alone entity is based on the
scale and complexity of its refining operations, which have net
crude processing capacity of 970,000 barrels per day through
three wholly owned fuel refineries, two asphalt refineries, and
-- in a nonoperating position -- a 41% interest in the Lyondell-
CITGO Refining L.P. joint venture.  

The company's throughput places it among the largest refiners in
the US CITGO gains substantial competitive advantage from its
ability to process large volumes of heavy, sour crude oils --
which trade at sharp discounts to better-quality crude oil --
into high-margin products, and large average unit sizes that
translate into economies of scale.

The refiner's profitability is limited by the concentration of
its operations in the highly competitive Gulf Coast market,
which usually has the lowest margins in the US Geographic
concentration also exposes the company to the risk of regional
disruption, as demonstrated by recent hurricanes.  The credit
effect of interrupted operations at the Lake Charles refinery
was offset somewhat by strong refining margins realized at
CITGO's other facilities.

Standard & Poor's 'BB' rating on CITGO is higher than the 'B+'
corporate credit rating on PDVSA, because of the relative
strength of the refiner's financial profile and the asset
protection afforded to CITGO creditors, if CITGO defaults for
PDVSA-specific reasons -- for example, a Venezuela sovereign
default.  Nevertheless, CITGO could be challenged by events
surrounding PDVSA.


* Venezuela Abolishes 0.5% Financial Transactions Tax
-----------------------------------------------------
The 0.5% financial transactions tax that the Venezuelan
government began in 2002 has been abolished, reports Business
News Americas.  

The congress decided to scrap the tax for reasons of lowering
companies' costs, boosting the economy and easing inflationary
pressures, relates Business News.  The tax was created for the
purpose of narrowing a budget deficit in 2002.

                        *    *    *

As reported by Troubled Company Reporter on Nov. 29, 2005, Fitch
Ratings assigned expected 'BB-' ratings to the pending issues of
Venezuelan government bonds maturing Feb. 6, 2016, and Dec. 9,
2020.  

Fitch Ratings also upgraded on Nov. 14, 2006, the long-term
foreign currency and long-term local currency ratings of the
Bolivarian Republic of Venezuela to 'BB-' from 'B+'.  At the
same time, Fitch upgraded the country ceiling to 'BB-'.  The
short-term foreign currency rating is affirmed at 'B', and the
Outlook is Stable.  


* Venezuela May Soon Resume Oil Talks with Trinidad and Tobago
--------------------------------------------------------------
The Trinidad Express states that the governments of Trinidad and
Tobago and Venezuela will soon resume negotiations on how to
divide and develop South America's largest natural-gas field in
the Deltana Platform.  Prime Minister Patrick Manning of
Trinidad and Tobago made the announcement during a news
conference.   

Talks were stalled after Trinidad declined Venezuelan President
Hugo Chavez's invitation to join the PetroCaribe initiative.

                        *    *    *

As reported by Troubled Company Reporter on Nov. 29, 2005, Fitch
Ratings assigned expected 'BB-' ratings to the pending issues of
Venezuelan government bonds maturing Feb. 6, 2016, and Dec. 9,
2020.  

Fitch Ratings also upgraded on Nov. 14, 2006, the long-term
foreign currency and long-term local currency ratings of the
Bolivarian Republic of Venezuela to 'BB-' from 'B+'.  At the
same time, Fitch upgraded the country ceiling to 'BB-'.  The
short-term foreign currency rating is affirmed at 'B', and the
Outlook is Stable.  

                            ***********


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
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