/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/050927.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, September 27, 2005, Vol. 6, Issue 191 Headlines A R G E N T I N A AEROLINEAS ARGENTINAS: Registers $1M Loss From Two-Day Strike AGUAS ARGENTINAS: Banco Galicia Opposes Contract Cancellation ALUPEL S.R.L.: General Report Due for Submission Sep. 28 ANTU APLICACIONES: Trustee to Submit General Report Sept. 28 BANCO MACRO: Moody's Maintains 'BB' Rating on $23M Bonds CAPEX: S&P Ups CCR to 'B-' After Debt Restructuring COLORIN INDUSTRIA: Evaluadora Reiterates `D' Rating on Bonds COMANDU Y LUFIEGO: Court Grants Reorganization Plea METROGAS: Moody's Reiterates `D' Ratings on Corporate Bonds PRODUCTOS MAGUS: Court Approves Concurso Motion RECIPRO S.A.: Reorganization Proceeds to Bankruptcy * ARGENTINA: May Seek Aid from IMF for its Economic Program B E R M U D A ARGENTANK LTD: To Wind Up Voluntarily, Appoints Liquidator BUNGE FIRST CAPITAL: Members Volunteer to Wind Up Company JCH GLOBAL FUTURES: Members Appoint Liquidator for Company OAK STREET FSC: Appoints Mr. Robin J Mayor as Liquidator TRA INSURANCE COMPANY: Liquidators Intend to Apply For Release TRINITY DIRECTOR: Liquidation Commences ZUMIKON CORPORATION: Mr. Robin J Mayor Appointed as Liquidator B R A Z I L GERDAU: Reveals $810M Investment Plan for Rio Grande Do Sul LIGHT SERVICOS: EDF Taps Goldman Sachs to Advise on Stake Sale NET SERVICOS: Board Authorizes Amendment of Private Deed VARIG: Reports Lower Net Loss for Jan-Aug 2005 Period M E X I C O AOL LATIN AMERICA: Board OKs Job Cuts in Mexico, Argentina ASARCO: Final Hearing on Cash Collateral Usage Set for Sept. 30 AVIA DE MEXICO: Court OKs Scheef & Stone as Special Counsel HYLSA: Moody's Withdraws Ratings N I C A R A G U A * NICARAGUA: IMF Urges Govt to Tighten Control Over Expenditures P U E R T O R I C O CENTENNIAL COMMUNICATIONS: Names Carlos Blanco as President T R I N I D A D & T O B A G O BWIA: Cabinet Fails to Deliver Final Decision as Scheduled V E N E Z U E L A PDVSA: CITGO Ops at Corpus Christi Refinery Near Normal Level PDVSA: Lawmaker Criticizes PDVSA's $4M Housing Project in Cuba SIDEROCA: National Assembly to Deliver Decree to Exec Branch - - - - - - - - ================= A R G E N T I N A ================= AEROLINEAS ARGENTINAS: Registers $1M Loss From Two-Day Strike ------------------------------------------------------------- Aerolineas Argentinas technicians and pilots staged a strike last week in support of demands for wage hikes, the rehiring of fired employees and the addition of contractual personnel to the regular staff. The strike, which began Thursday without prior notice, ended the next day after a long meeting between management and union representatives at the Labor Ministry. The strike cost the airline nearly US$1 million as it was forced to cancel 171 local and international flights on which 11,000 passengers had been booked. CONTACT: AEROLINEAS ARGENTINAS Torre Bouchard 547, 1106 Buenos Aires, ARGENTINA Phone: (54-11) 4310-3000 Fax: (54-11) 4310-3585 E-mail: volar@aerolineas.com.ar Web site: www.aerolineas.com.ar AGUAS ARGENTINAS: Banco Galicia Opposes Contract Cancellation ------------------------------------------------------------- Shareholders of Aguas Argentinas met Thursday to vote on the cancellation of the water utility concession. According to Business News Americas, Aguas Argentinas' majority shareholder and operator, French firm Suez, along with partners Aguas de Barcelona, Vivendi, Anglian Water, and the International Finance Corporation, voted to cancel the firm's 1993 contract for the concession. However, Argentine bank Banco Galicia, which holds an 8.26% stake in Aguas Argentinas, voted against the cancellation and is now pushing for negotiations to continue as it considers it "the best means of defense of social interest and the continuity of the concession." Aguas Argentinas and the government began talks in late 2003 on revisions to the franchise, but Suez recently announced it was abandoning the negotiations in the face of what it saw as unbridgeable differences on a new rate schedule. Meanwhile, the Argentine government said Friday it is confident it will find companies interested in providing water and sewer service to Greater Buenos Aires. Cabinet Chief Alberto Fernandez said that both local and foreign firms have expressed interest in filling the breach left by the exit of Aguas Argentinas. ALUPEL S.R.L.: General Report Due for Submission Sep. 28 -------------------------------------------------------- The submission of the general report on the Alupel S.R.L. bankruptcy will be tomorrow, Sep. 28, 2005. The Company was declared "Quiebra" by Court No. 9 of Buenos Aires' civil and commercial tribunal The court selected Mr. Ruben Hugo Faure as trustee. He verified creditors' proofs of claims until the end of the verification phase, which was on May 31, 2005. Mr. Faure also prepared individual reports on the forwarded claims and submitted them on Aug. 5, 2005. CONTACT: Mr. Ruben Hugo Faure, Trustee Avda Rivadavia 1227 Buenos Aires ANTU APLICACIONES: Trustee to Submit General Report Sept. 28 ------------------------------------------------------------ Court-appointed trustee Oscar Reynaldo Paez will submit the general report on the liquidation of Antu Aplicaciones Industriales Integradas S.A. tomorrow, Sep. 28, 2005. Mr. Paez reviewed creditors' proofs of claim until June 21, 2005 and presented them in court as individual reports on Aug. 16, 2005. The Company was declared bankrupt by Court No. 10 of Buenos Aires' civil and commercial tribunal. Clerk No. 19 assists the court on this case that will end with the sale of the Company's assets. Proceeds from the sale will be used to repay the Company's debts. CONTACT: Mr. Oscar Reynaldo Paez, Trustee Juana Manso 1666 Buenos Aires BANCO MACRO: Moody's Maintains 'BB' Rating on $23M Bonds --------------------------------------------------------- Moody's Latin America Calificadora de Riesgo S.A. reaffirmed its 'BB' rating on the bonds issued by Banco Macro S.A, says Comision Nacional de Valores (CNV). The affected bonds are: - US$5 million worth of bonds described as "Obligaciones Negociables Subordinadas - Serie 4" maturing on December 31, 2005; and - US$18 million worth of bonds described as "Obligaciones Negociables Subordinadas - Serie V" maturing on December 29, 2006. A 'BB' rating indicates that the future of these bonds cannot be well assured. Moody's took the action based on the bank's financial status as of June 30, 2005. CONTACT: Banco Macro S.A. Sarmiento 735 (1041) Buenos Aires Argentina Phone: (54-11) 4323-6300 Fax: (54-11) 4325-6935 Telex: 18343 MacroAr - 4260 Macro Ar Web Site: http://www.grupomacro.com.ar/ CAPEX: S&P Ups CCR to 'B-' After Debt Restructuring --------------------------------------------------- Standard & Poor's Ratings Services raised its long-term corporate credit rating on Argentinian electricity generator CAPEX S.A. to 'B-' from 'D' after it completed restructuring its financial debt through the effective exchange of defaulted notes. The outlook is stable. At the same time, Standard & Poor's affirmed its 'B-' rating on the following notes issued by CAPEX under the restructuring process: US$18.0 million listed floating step-up rate secured notes (Series I), US$33.2 million listed fixed step-up rate secured notes (Series II), and US$27.2 million floating step-up rate secured notes (Series V). All the notes are due quarterly starting in September 2007, with final maturity in 2014. The ratings on CAPEX reflect the company's weak business and financial profile, which derive from the high political and regulatory risk in Argentina and also from the company's relatively high foreign-exchange risk and limited financial flexibility. "The ratings also incorporate CAPEX's low cost position for electricity generation in Argentina and favorable debt maturity schedule after its debt restructuring," said Standard & Poor's credit analyst Sergio Fuentes. Standard & Poor's expects CAPEX to benefit from a debt reduction of about 14%, or about US$40 million, to about US$260 million, and a smooth debt maturity profile (CAPEX will not face debt maturities in the next two years), which represents a positive credit factor. As a result, CAPEX's leverage should improve to about 50% to 60% if measured by total debt to total capitalization compared with 74.5% as of April 2005. In addition, CAPEX's cash generation significantly improved in the fiscal years ending April 2004 and April 2005 mainly because of higher electricity prices and, to a lesser extent, of higher oil and liquefied natural gas prices. The higher electricity prices in fiscal 2005 mainly reflect the higher variable cost of natural gas plants as a result of the natural gas price increases set by the Argentine government in 2004. Standard & Poor's expects CAPEX's funds from operations to represent between 15% and 20% of total debt in the next four years under a conservative scenario, assuming a relatively stable foreign exchange rate. In that scenario, CAPEX should prepay long-term debt in accordance with mandatory cash-sweep clauses included in the terms and conditions of the new debt, which should result in better debt-service coverage ratios and financial flexibility. The stable outlook reflects Standard & Poor's expectation that CAPEX will generate excess cash flow during the next three years that will be partly applied to reduce its outstanding debt, resulting in better debt-service coverage ratios. This scenario assumes a relatively stable foreign exchange rate and some recovery of electricity prices in the spot market in U.S. dollar terms. The ratings on the company could be raised if debt- service coverage ratios and financial flexibility significantly improve. Nevertheless, the ratings could be lowered if the company's cash flow generation is significantly affected by further government intervention resulting in lower electricity prices in U.S. dollar terms. Primary Credit Analyst: Sergio Fuentes, Buenos Aires (54) 114-891-2131; sergio_fuentes@standardandpoors.com Secondary Credit Analyst: Luciano Gremone, Buenos Aires (54) 11-4891-2143; luciano_gremone@standardandpoors.com COLORIN INDUSTRIA: Evaluadora Reiterates `D' Rating on Bonds ------------------------------------------------------------ Evaluadora Latinoamericana S.A. Calificadora de Riesgo reaffirmed its 'D' rating on US$47 million worth of bonds issued by Colorin Industria de Materiales Sintet. According to the CNV, the affected bonds, described as "Obligaciones Negociables" and classified under "Simple Issue," will mature on March 31, 2006. A 'D' rating is issued to bonds that are in default, said the ratings agency. Evaluadora's rating action is based on Colorin's Financial Position as of June 30, 2005 CONTACT: Colorin Industria de Materiales Sinteticos S.A. Av del Libertador 7400 Buenos Aires COMANDU Y LUFIEGO: Court Grants Reorganization Plea --------------------------------------------------- Comandu y Lufiego S.H. (Transporte Ale) successfully petitioned for bankruptcy reorganization after Rafaela's civil and commercial Court No. 1 issued a resolution opening the proceedings. As such, 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 Mr. Fernando Jose Izquierdo will serve as trustee during the course of the reorganization. The trustee will be accepting creditors' proofs of claim for verification until Oct. 28, 2005. After verifications, the trustee will prepare the individual reports and submit it in court on Feb. 17, 2006. He will also present a general report for court review on April 21, 2006. The Company will endorse the settlement proposal, drafted from the submitted claims, for approval by the creditors during the informative assembly scheduled on June j29, 2006. CONTACT: Comandu y Lufiego S.H. (Transporte Ale) Pbtro. Cerdan 2335 Rafaela (Santa Fe) Mr. Fernando Jose Izquierdo, Trustee Liniers 95 Rafaela (Santa Fe) METROGAS: Moody's Reiterates `D' Ratings on Corporate Bonds ----------------------------------------------------------- Moody's Latin America Calificadora de Reisgo S.A. maintains a 'D' rating on corporate bonds issued by Metrogas S.A., according to data revealed by the CNV. The action, which was based on Metrogas' financial health as of June 30, 2005, applies to these bonds: - US$600 million worth of "obligaciones negociables simples", classified under "program." The maturity of the bonds was not disclosed; - US$100 million worth of "Serie A por U$S 100.000.000 dentro del Programa Global de U$S 600 millones." These bonds, classified under "series and/or class", matured on April 1, 2003; - EUR110 million worth of "Serie B por euros 110 millones." These bonds classified under "Series and/or Class," matured on September 27, 2002; - US$130 million worth of "Serie C por U$S 130.000.000 dentro del Programa Global de U$S 600 millones." These bonds, which are classified under "Series and/or Class," will mature on May 7, 2004. CONTACT: Metrogas S.A. Gregorio Araoz de Lamadrid 1360 Buenos Aires, CPA C 1267 Argentina Phone: +54 11 4309 1010 +54 11 4309 1025 PRODUCTOS MAGUS: Court Approves Concurso Motion ----------------------------------------------- Court No. 21 of Buenos Aires' civil and commercial tribunal approved a petition for reorganization filed by Productos Magus S.R.L., according to a report released by Argentine daily La Nacion. The Company disclosed debts amounting to $1,173,873.50. Ms. Liliana Rodriguez will supervise the reorganization as trustee. She will verify the forwarded claims of the Company's creditors and prepare individual reports out of the verified claims. She will also submit a general on the case. Dates for the end of verification as well as the submission of the individual and general reports are yet to be disclosed. The city's Clerk No. 41 assists the court on the case. CONTACT: Productos Magus S.R.L. Ibera 4560 Buenos Aires Ms. Liliana Rodriguez, Trustee Viamonte 2359 Buenos Aires RECIPRO S.A.: Reorganization Proceeds to Bankruptcy --------------------------------------------------- The reorganization of Recipro S.A. has progressed into bankruptcy. Argentine news source La Nacion relates that Buenos Aires' civil and commercial Court No. 21 ruled that the Company is "Quiebra Decretada". The report adds that the court assigned Ms. Maria Barbieri as trustee, who will verify creditors' proofs of claim until Nov. 4, 2005. Clerk No. 42 assists the court with the proceedings. CONTACT: Recipro S.A. Juramento 2767 Buenos Aires Ms. Maria Barbieri, Trustee Cabildo 2040 Buenos Aires * ARGENTINA: May Seek Aid from IMF for its Economic Program ----------------------------------------------------------- Argentina is willing to seek a new International Monetary Fund loan program, according to a joint statement by Mr. Nicolas Eyzaguirre, Minister of Finance of Chile, and Mr. Vittorio Corbo, Governor of the Central Bank of Chile. Eyzaguirre and Corbo spoke on behalf of Argentina at the International Monetary and Financial Committee meeting held Saturday, September 24, 2005 in Washington D.C. Below is an excerpt of their joint statement: "In May of this year, Argentina successfully completed the largest and most complex sovereign debt restructuring in history. This has represented a very significant stride towards the consolidation of the economic model in place since mid-2002, which has allowed, after 12 consecutive quarters of positive real GDP growth and a 28 percent accumulated increase, reaching, and already overtaking, the highest GDP level before the crisis. The consequences of the 1990's experiment leading to the 2001- 2002 crisis have been so serious, however, that many more years of sustained, non-inflationary growth accompanied by prudent income policies will be needed to bring poverty and income distribution indicators to the more equitable levels typical of Argentina in the past. It is worth highlighting that both the sustained growth of the economy achieved so far and the successful debt restructuring were attained without net financial support from the international financial institutions (IFIs). In fact, since January 1, 2002 Argentina has made net payments to the IFIs in the amount of US$13.5 billion equivalent to more than 8 percent of its actual GDP and 53 percent of the present level of international reserves. In turn, Argentina's financial obligations to the Fund were reduced by more than 30 percent during that period. The Argentine government aspires to attain Fund financial support for its economic program and expects to formulate a forward-looking strategy to address the issue of the hold-outs within the context of a Fund program. Strong fiscal and monetary policies supported by a competitive exchange rate have been the pillars of the Argentine economic model. The different views often heard on what the proper level of the primary surplus should be downplays what is indeed the fundamental fact: that Argentina is now in its fourth consecutive year of unprecedented fiscal surplus, larger than those projected in the Fund program, and accomplished, inter alia, through disciplined expenditure policies and full-fledged structural reforms in the area of tax evasion. On the monetary front, notwithstanding the substantial interventions in the foreign exchange market, the monetary aggregates have been kept close to those of the monetary program due to the extensive sterilization policy followed by the Central Bank. Strong fiscal performance and prudent monetary policy have allowed for an inflation rate, that despite some upsurge in the first half of the year, is within the range contemplated in the 2005 budget. The continued sound macroeconomic performance is, and will be, the best anchor to control inflationary expectations. It will also be the best guarantor for creating a favorable investment climate. In this respect, a Business Advisory Council has recently been formed with the participation of leading foreign investors so as to boost investment in general and Foreign Direct Investment in particular." ============= B E R M U D A ============= ARGENTANK LTD: To Wind Up Voluntarily, Appoints Liquidator ---------------------------------------------------------- IN THE MATTER OF THE COMPANIES ACT 1981 And IN THE MATTER OF Argentank Ltd The Members of Argentank Ltd, acting by written consent without a meeting on September 21, 2005 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 Liquidators informs that: - Creditors of Argentank Ltd, which is being voluntarily wound up, are required, on or before October 7, 2005 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 of the said Company, and if so required by notice in writing from the said 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, or 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 the above named Company will be held at the offices of Messrs. Conyers Dill & Pearman, Clarendon House, Church Street, Hamilton, Bermuda on October 26, 2005 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 Messrs. Conyers Dill & Pearman Clarendon House Church Street Hamilton HM DX Bermuda BUNGE FIRST CAPITAL: Members Volunteer to Wind Up Company --------------------------------------------------------- IN THE MATTER OF THE COMPANIES ACT 1981 And IN THE MATTER OF Bunge First Capital Limited The Members of Bunge First Capital Limited, acting by written consent without a meeting on September 20, 2005, 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 Bunge First Capital Limited, which is being voluntarily wound up, are required, on or before October 7, 2005, 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 solicitors (if any) to Robin J Mayor, the Liquidator of the Company, and if so required by notice in writing from the said Liquidator, and personally or by their solicitors, 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(s) of Bunge First Capital Limited will be held at the offices of Messrs. Conyers Dill & Pearman, Clarendon House, Church Street, Hamilton, Bermuda on October 28, 2005 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 Messrs. Conyers Dill & Pearman Clarendon House Church Street Hamilton HM DX Bermuda JCH GLOBAL FUTURES: Members Appoint Liquidator for Company ---------------------------------------------------------- IN THE MATTER OF THE COMPANIES ACT 1981 And IN THE MATTER OF JCH Global Futures Fund Limited The Members of JCH Global Futures Fund Limited held a Special General Meeting on September 19, 2005 and passed the following Resolutions: 1. THAT the Company be wound up voluntarily pursuant to the provisions of the Companies Act 1981; 2. THAT Michael W Morrison be appointed Liquidator for the purposes of such winding-up, such appointment to be effective forthwith; 3. THAT the Liquidator be and he is hereby authorized to distribute the surplus assets in cash or specie as he may determine; and 4. THAT the Liquidator be and is hereby authorized to appoint Attorneys-in-Fact to act on his behalf in his absence from Bermuda. The Liquidator informs that: - Creditors of JCH Global Futures Fund Limited, which is being voluntarily wound up, are required, on or before October 26, 2005 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 solicitors (if any) to Mike Morrison, the Liquidator of the said Company, and if so required by notice in writing from the Liquidator, and personally or by their solicitors, to come in and prove their debts or claims at such time 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. - Final General Meeting of JCH Global Futures Fund Limited will be held at KPMG Financial Advisory Services Limited, Crown House, 4 Par-la- Ville Road, Hamilton Bermuda on November 2, 2005 at 10:00 a.m. for the following purposes: 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. Mike Morrison, Liquidator KPMG Financial Advisory Services Limited Crown House 4 Par-La-Ville Road Hamilton HM 08 Bermuda OAK STREET FSC: Appoints Mr. Robin J Mayor as Liquidator -------------------------------------------------------- IN THE MATTER OF THE COMPANIES ACT 1981 And IN THE MATTER OF Oak Street Fsc, Ltd. The Member of Oak Street Fsc, Ltd., acting by written consent without a meeting on September 21, 2005 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 Oak Street Fsc, Ltd., which is being voluntarily wound up, are required, on or before October 7, 2005 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 of the Company, and if so required by notice in writing from the said 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 Oak Street Fsc, Ltd. will be held at the offices of Messrs. Conyers Dill & Pearman, Clarendon House, Church Street, Hamilton, Bermuda on October 24, 2005 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 Messrs. Conyers Dill & Pearman Clarendon House Church Street Hamilton HM DX Bermuda TRA INSURANCE COMPANY: Liquidators Intend to Apply For Release -------------------------------------------------------------- IN THE MATTER OF THE COMPANIES ACT, 1981 And IN THE MATTER OF Tra Insurance Company Limited - In Liquidation NOTICE TO CREDITORS AND CONTRIBUTORIES OF LIQUIDATORS' INTENTION TO APPLY FOR RELEASE NOTICE IS HEREBY GIVEN that the Liquidators of Tra Insurance Company Limited - In Liquidation, intend to apply to the Court for their release, and further take notice that any objection you may have to the granting of the release must be notified to the Court within twenty-one days of the date hereof. Peter C.B. Mitchell Joint Liquidator September 21, 2005 TRINITY DIRECTOR: Liquidation Commences --------------------------------------- NOTICE is hereby given that the liquidation of Trinity Director Services Limited commenced on August 11, 2005 and that Mr. Timm- Arno Bergold of, has been appointed Liquidator of the Company. CONTACT: Mr. Timm-Arno Bergold, Liquidator 9 Bd de Suisse Villa Hermosa MC 98000 Monaco ZUMIKON CORPORATION: Mr. Robin J Mayor Appointed as Liquidator -------------------------------------------------------------- IN THE MATTER OF THE COMPANIES ACT 1981 And IN THE MATTER OF Zumikon Corporation Limited The Members of Zumikon Corporation Limited, acting by written consent without a meeting on September 21, 2005 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 Zumikon Corporation Limited, which is being voluntarily wound up, are required, on or before October 7, 2005 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 of the said Company, and if so required by notice in writing from the said 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, or 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 Zumikon Corporation Limited will be held at the offices of Messrs. Conyers Dill & Pearman, Clarendon House, Church Street, Hamilton, Bermuda on October 26, 2005 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 Messrs. Conyers Dill & Pearman Clarendon House Church Street Hamilton HM DX Bermuda =========== B R A Z I L =========== GERDAU: Reveals $810M Investment Plan for Rio Grande Do Sul ----------------------------------------------------------- Rio Grande do Sul will receive an additional R$810 million directed at the continuous modernization of the Gerdau Acos Especiais Piratini and Gerdau Riograndense (Sapucaia do Sul) units over the next eight years. On September 21, the Gerdau Group inaugurated a new phase of expansion at the Gerdau Acos Especiais Piratini steel mill. The unit's annual installed capacity has grown to 500,000 metric tons of finished products. Located in the city of Charqueadas (Rio Grande do Sul), Gerdau Acos Especiais Piratini produces specialty long steel primarily for the automotive industry, which consumes approximately 80% of its production. The Group invested R$448 million, installing new equipment in the melt shop, rolling mill and in product finishing and shipping, a sum that is part of the investment program planned for Rio Grande do Sul previously announced by the Group. This represents the second time the steel mill's capacity has doubled. The first instance occurred in 1997, when the mill's annual installed capacity for finished products reached 240,000 metric tons. The installed capacity for steel production also increased: from 300,000 metric tons in 1997 to the current 400,000 metric tons. Over the next eight years, the state will receive an additional R$810 million directed at the continuous modernization of the Gerdau Acos Especiais Piratini and Gerdau Riograndense (Sapucaia do Sul) units. Of this total, R$260 million will be invested in the Charqueadas mill and R$550 million in the Sapucaia do Sul plant. In the environmental area, investments in new air, water and soil protection technologies total R$90 million. In less than two years, the Gerdau Group has already generated more than 600 new jobs in Rio Grande do Sul, in addition to the 1,400 new job openings for the different production process phases. Gerdau Acos Especiais Piratini One of the highlights is the new billet reheating furnace The Gerdau Group has made continuous investments in the Charqueadas unit to keep up to pace with automotive industry demands. A new electric arc furnace was installed in the melt shop. The equipment, which uses Arcos NT Systems technology, allows operators to regulate the electrodes digitally, reducing the processing time by 10% and energy consumption by 5%. In the melt shop, steel is produced by melting steel scrap with pig iron. The Group also upgraded rolling mill 1, which transforms steel into medium and heavy bars with gauges over 45 mm. This investment improved the finish of the steel products and a dimensional precision higher than that required by the rigorous German DIN quality norm. Another highlight is the new billet reheating furnace in rolling mill 1 that operates at 60 metric tons per hour. The equipment is used to increase the temperature of the billets (solidified steel in square sections that serves as the raw material for long steel rolling) that leave the melt shop at 1200�C (2190�F) and allow for hot rolling. The mill is equipped with walking beam, top-of-the-line technology for specialty steel production that ensures more uniform billet reheating. The technology results in greater productivity gains and fewer by-products. The new furnace also uses natural gas as fuel to guarantee more efficient energy consumption and the preservation of the environment. With the increased installed capacity, Gerdau Acos Especiais Piratini also invested in improvements to the production inspection line - the fourth performed by the unit - as 100% of the products are delivered to customers fully inspected, ensuring superior quality. The Group constructed a 6,000-square meter industrial building to install the equipment. Investments in the environmental area also involved the expansion of the dust removal system based on the new production capacity. The system efficiently filters the solid particles generated during the steel production process. In upcoming years, one of the main investments will be in the modernization of rolling mill 2 to allow it to receive larger billets (from 150 mm to 180 mm billets). In the industrial process, the use of billets improves productivity and product quality while increasing the steel yield. A new continuous casting system will also be installed to expand the mill's production capacity, adjusting it to the new electric arc furnace. Finally, the Group will complete the replacement of the rolling mill and forging heat treatment furnaces, which will use natural gas instead of fuel oil to ensure improved air quality. Gerdau Riograndense R$ 200 million in investments already underway New equipment valued at R$200 million is currently being installed in different areas of the unit, a portion of which will begin operating in 2006. One of these will be a set of wire drawing machines for agricultural wire production. In 2006, the unit will also begin to produce a new galvanizing line designed to meet agricultural business demands. Both processes, galvanizing and wire drawing, add value to the final product. The Group has also ordered new rolling mill equipment to increase productivity and product quality. Another highlight is the installation of the Mega Shredder, the largest piece of scrap recycling equipment in the world with a capacity to process some 2,000 metric tons per day, equivalent to approximately 3,000 vehicles. The unit will also modernize its electric system completely with the installation of new electricity sub-stations. CONTACT: Gerdau S.A. Press Office Phone: 55(51) 3323-2170 E-mail: imprensa@gerdau.com.br URL: www.gerdau.com.br LIGHT SERVICOS: EDF Taps Goldman Sachs to Advise on Stake Sale -------------------------------------------------------------- French state-owned power company Electricite de France (EDF) has hired investment bank Goldman Sachs to analyze options for its Brazilian power distribution unit Light Servicos. "We have mandated Goldman Sachs to study all possible options for Light's future...including the partial or total disposal of our stake in Light," an EDF spokeswoman said. EDF has a 95% stake in Light. In July, Light CEO Jean-Pierre Bel said EDF would seek to sell a stake to a strategic partner to inject cash in the unit but did not rule out selling control. The preference is for a local partner that knows the Brazilian market, the executive said at the time. The sale announcement was made when Light came out of two years of default after signing a US$742-million debt restructuring agreement with 12 creditor banks and obtaining a US$400-million capital injection from EDF. The refinancing agreement also paved the way for a BRL727- million (US$300 million) loan from national development bank BNDES to allow Light to pay down BRL320 million in debts with federal power holding company Eletrobras and bolster its cash flow. Light has big debts and has lost revenue due to power theft in Rio's slums and low-income neighborhoods. The unit loses 17% of its energy from power theft and its revenue losses total about BRL500 million (US$217 million) annually. Analysts say EDF has not sold Light so far because no one was willing to buy a utility so exposed to power piracy. "It's not really new (that they want to sell) but people will take advantage of the news to play on the paper. It's going to be a long process," said Victor Souza, an analyst with BES brokerage in Rio. CONTACT: LIGHT SERVICOS DE ELETRICIDADE S.A. Avenida Marechal Floriano, 168 20080-002 Rio de Janeiro, Brazil Phone: +55-21-2211-2794 Fax: +55-21-2211-2993 Home Page: http://www.lightrio.com.br Contact: Bo Gosta Kallstrand, Chairman Michel Gaillard, President and CEO Joel Nicolas, Executive Director, Operation Paulo Roberto Ribeiro Pinto, Executive Director, Investor Relations and CFO NET SERVICOS: Board Authorizes Amendment of Private Deed -------------------------------------------------------- The board members of Net Servicos de Comunicacao S.A. authorized in a board of directors' meeting held on September 9, 2005 the amendment of section 4.9.3 of the Private Deed of the 5th Public Issue of Unsecured, Subordinated, Non-convertible Debentures in one single Series of Net Servicos de Comunicacao S.A ("Deed"), which shall come into effect with the following wording: "4.9.3. MINUTES OF THE BOARD OF DIRECTORS' MEETING HELD ON SEPTEMBER 9, 2005 DATE, TIME AND VENUE: September 9, 2005, at 1:00 p.m, at Net Servicos de Comunicacao S.A. ("Company") headquarters, in the city and state of Sao Paulo, at Rua Verbo Divino, n 1.356. CALL NOTICE: Accomplished as provided for by the article 13 of the Company's Bylaws. ATTENDANCE: Board members representing the necessary quorum attended the meeting, as substantiated by their signatures affixed infra. PRESIDING BOARD: Chairman: Jorge Luiz de Barros Nobrega; Secretary: Andre Muller Borges. DELIBERATIONS: In view of the result of the bookbuilding procedure carried out on this date regarding the 5th Public Issue of Unsecured, Subordinated, Simple and Non-convertible debentures in one single Series of Net Servicos de Comunicacao S.A. ("5th Issue"), the board members attending unanimously and unconditionally discussed and approved as follows: 1. Authorize the amendment of section 4.9.3 of the Private Deed of the 5th Public Issue of Unsecured, Subordinated, Non- convertible Debentures in one single Series of Net Servicos de Comunicacao S.A ("Deed"), which shall come into effect with the following wording: "4.9.3. Remunerative Interest: The Debentures shall yield interest corresponding to 100% (one hundred percent) of the accumulated variation in the daily average rates of one- day interbank deposits, "over extra group", calculated and published by CETIP ("DI Rate"), and in addition, using the formula in section 4.9.6 below, a spread of 1.50% (one point five percent) a year, based on 252 (two hundred and fifty-two) business days, on the Unit Face Value, as of the Date of Issue or the last Date of Payment of Remuneration, whichever is applicable, and to be paid at the end of each Capitalization Period, as defined in section 4.9.4 below." 2. Authorize the officers of the Company to take all measures required to conclude the 5th Issue, including, but not only, amending the Deed to reflect the above decision, and take all other steps required to formalize and implement the resolutions of this meeting. 3. Ratify the decisions taken by the Board Meeting held at 3:00 p.m. on September 2, 2005, in relation to the exclusion of warranties and covenants stipulated in the issue deed (Indenture) of US$ 32,494,427 7.0% Senior Secured Notes expiring in 2009 and US$ 9,683,910 Senior Secured Floating Rate Notes expiring in 2009, both issued by Net Sul Comunicacoes LTDA. (Notes), dated March 22, 2005, and authorize the Company (i) to implement the request for approval (Consent Solicitation) for holders of the Notes for the exclusion of warranties and covenants from the Notes, (ii) to hire the agents required to implement this decision, (iii) to sign an endorsement to the Indenture (Supplemental Indenture) reflecting the Consent Solicitation terms, (iv) to sign all and any documents required, such as the Solicitation Agent Agreement, Tabulation Agent Agreement, Information Agent Agreement and Pledge Agreement, (v) to take all measures and sign all the necessary documents for the execution and implementation of the Consent Solicitation in question. CLOSING AND SIGNATURES: Closing: There being nothing else to discuss, the meeting was adjourned, these minutes were drawn up, which, after being read, were approved and signed by all attending board members, as well as the Secretary and participant invited. CONTACT: Net Servicos de Comunicacao S.A. Investor Relations Marcio Minoru Phone: 011-5511-2111-2811 or E-mail: minoru@netservicos.com.br or Sandro Pina Phone: 011-5511-2111-2721 or E-mail: sandro.pina@netservicos.com.br URL: http://www.ir.netservicos.com.br VARIG: Reports Lower Net Loss for Jan-Aug 2005 Period ----------------------------------------------------- Casho-strapped airline Viacao Aerea Riograndense SA (Varig) ended the first eight months of 2005 with a net loss of BRL594.2 million ($1=BRL2.276), reports Dow Jones Newswires. The figure is lower than BRL547.8-million loss in the same period of 2004. During the eight months ended August, Varig said that its net operational revenue is up slightly at BRL4.67 billion, compared to BRL4.62 billion a year ago, while costs rose to BRL3.8 billion in the period, up from BRL3.5 billion seen in the comparable period a year ago. Varig will be reporting financial results on a monthly basis as part of the court-managed financial restructuring process that began on June 17. Varig filed for a judicial reorganization proceeding under the New Bankruptcy and Restructuring Law of Brazil on June 17, 2005, due to a competitive landscape, high fuel costs, cash flow deficit, and high operating leverage. Earlier this month, the airline, which has total debts of BRL7.7 billion, presented a business plan to a Rio de Janeiro bankruptcy judge designed to reorganize the Company and attract new investors. =========== M E X I C O =========== AOL LATIN AMERICA: Board OKs Job Cuts in Mexico, Argentina ---------------------------------------------------------- The Board of Directors of America Online Latin America, Inc. (AOLA") has approved a plan to cut 72 employees in Mexico and Argentina as part of its restructuring efforts. AOLA expects to incur severance charges of roughly US$1.9 million as a result of the cuts. The severance charges will be recorded in the Company's fiscal 2005 third quarter, which ends Sept. 30. The job cuts should be complete by the end of September. AOLA filed for Chapter 11 protection June 24 in Wilmington, Del., listing assets of US$28.5 million and debts of US$181.8 million. CONTACT: AOL Latin America 6600 N. Andrews Ave. Suite 400 Ft. Lauderdale FL 33309 Phone:(954) 233-1803 ASARCO: Final Hearing on Cash Collateral Usage Set for Sept. 30 --------------------------------------------------------------- As previously reported in the Troubled Company Reporter on Aug. 15, 2005, Judge Schmidt of the U.S. Bankruptcy Court for the Southern District of Texas granted ASARCO LLC authority to use its cash collateral on an interim basis. The Court directs ASARCO to deposit $1,280,000 of proceeds of Mitsui & Co. (U.S.A.), Inc.'s collateral in a newly established separate segregated bank account. As ASARCO sells its copper inventory, the Debtor is directed to continue allocating the proceeds to silver inventory in the same manner that it has done previously. As proceeds of Mitsui's collateral are received, the Debtor will promptly deposit into the Mitsui Cash Collateral Account that portion of the proceeds that the Debtor has allocated to silver inventory. In the event that the Debtor determines that it needs to use funds in the Mitsui Cash Collateral Account, the Debtor may request an emergency hearing, on at least three business days' notice to Mitsui and its counsel, before the Court, provided however, that Mitsui will be entitled to seek further protection, including adequate protection, at the hearing. The Court directs the Debtor to provide Mitsui with reports of the amount of silver inventory on a bi-weekly basis and of the amount of the Cash Collateral that is segregated in the Mitsui Cash Collateral Account on a weekly basis pending a final hearing. Court's Ruling Judge Schmidt authorizes ASARCO LLC to continue to maintain the proceeds of Mitsui & Co. (USA), Inc.'s collateral in the separate segregated bank account. The Court will convene a final hearing to consider the Debtors' request on Sept. 30, 2005, at 2:00 p.m. in Corpus Christi. Headquartered in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/-- is an integrated copper mining, smelting and refining company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The Company filed for Chapter 11 protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors,it listed $600 million in total assets and $1 billion in total debts. The Debtor has five affiliates that filed for Chapter 11 protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05- 20521 through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about their asbestos-driven Chapter 11 filings have appeared in the Troubled Company Reporter since Apr. 18, 2005. Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-21346) also filed for Chapter 11 protection, and ASARCO has asked that the three subsidiary cases be jointly administered with its Chapter 11 case. (ASARCO Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc., 215/945-7000). AVIA DE MEXICO: Court OKs Scheef & Stone as Special Counsel ----------------------------------------------------------- The Honorable Barbara J. Houser of the U.S. Bankruptcy Court for the Northern District of Texas gave Avia Energy Development, LLC, and Avia de Mexico S. de R.l. de CV permission to employ Scheef & Stone, LLP, as their special bankruptcy counsel. As previously reported in the Troubled Company Reporter on Aug. 22, 2005, Scheef & Stone will represent the Debtors in two litigation matters in Dallas County, Texas and two in Starr County, Texas. Kimberly A. Elkjer, Esq., a partner at Scheef & Stone, LLP, discloses that the Firm received a $65,544 prepetition retainer. As of Aug. 17, 2005, the Debtor still owes $19,576 to the Firm. James C. Musselman, the Debtors' president, assures the Firm that it will be paid before the end of August 2005. The current hourly rates of the Firm's professionals are: Designation Hourly Rate ----------- ----------- Partners $250 - $300 Associates $170 - $250 Paralegals $90 - $120 Headquartered in Dallas, Texas, Avia Energy Development, LLC, and Avia de Mexico S. de R.l. de CV filed for chapter 11 protection on August 18, 2005 (Bankr. N.D. Tex. Case No. 05- 39339). Kimberly A. Elkjer, Esq., Scheef & Stone, LLP, and Marvin R. Mohney, Esq., in Dallas, Texas, represent the Debtors. When the Debtors filed for protection from their creditors, they listed $2,298,509 in consolidated assets and $11,768,065 in consolidated debts. (Troubled Company Reporter, Sep. 22, 2005, Vol. 9, No. 225) HYLSA: Moody's Withdraws Ratings -------------------------------- Moody's Investors Service has withdrawn all of its ratings for Hylsa S.A. de C.V. (Hylsa). On September 23, 2005, Hylsa retired the entire outstanding amount of its 10.5% sernior unsecured notes due December 2010. As this was the only debt that Moody's rated for Hylsa, Moody's has withdrawn all of its ratings for the company in accordance with Moody's ratings withdrawal policy. The ratings withdrawn include: - Hylsa's B1 corporate family rating, - B1 for the US$161 million of 10.5% senior unsecured notes due 2010, and - B1 issuer rating. Hylsa used proceeds from a new syndicated credit facility to repay the senior notes and accrued interest. Hylsa, headquartered in Monterrey, Mexico, is a wholly-owned steel making subsidiary of Hylsamex, S.A. de C.V. The Techint Group recently acquired Hylsamex. ================= N I C A R A G U A ================= * NICARAGUA: IMF Urges Govt to Tighten Control Over Expenditures ---------------------------------------------------------------- The Nicaraguan economy has grown and poverty has fallen in the context of a macroeconomic stability that has supported real incomes of the poor and created more jobs, International Monetary Fund (IMF) Mission said Friday in Managua. To maintain a stable macroeconomic framework, while reinvigorating the economic reform program that has delivered such positive results for Nicaragua, it will be crucial to hold the line on the fiscal deficit in 2006. This will require tight control over total expenditures while protecting poverty- reducing spending. The IMF Mission said by an IMF mission said: "An IMF staff mission led by Vikram Haksar visited Managua, Nicaragua during September 7-22, 2005 for discussions with the authorities on the 2005 Article IV Consultation. The mission had the privilege of meeting with President Enrique Bolanos, Finance Minister Mario Arana and central bank President Mario Alonso; members of the Economic Committee of the National Assembly, and members of the business community and civil society. The mission reviewed the medium term prospects for the economy as well as the policy requirements for resumption of the PRGF arrangement with the Fund, which is otherwise set to expire in December this year. "Nicaragua has made many important advances in the last years. The economy has grown and poverty has fallen in the context of a macroeconomic stability that has supported real incomes of the poor and created more jobs. Several key reforms have advanced in the areas of boosting revenues, and strengthening governance and the financial sector framework. Macroeconomic developments this year remain broadly positive, despite the oil shock and rising inflation. The economy and employment continue to expand, fiscal developments are generally as expected and the international reserves have remained stable. "The central challenge now is to maintain a stable macroeconomic framework, while reinvigorating the economic reform program that has delivered such positive results for Nicaragua. This will require a renewed commitment to the core elements of prudent macroeconomic policies and structural reforms to entrench financial stability and achieve sustained growth. We hope that a domestic consensus can be found on the economic policies and reforms for the period ahead, which would allow the PRGF arrangement to be resumed. "In this regard, it will be crucial to hold the line on the fiscal deficit in 2006. This will require tight control over total expenditures while protecting poverty-reducing spending. To this end, it will be important to avoid a rise in public sector real wages which are now on average above those in the private sector. Another area of concern is the fiscal cost of the energy crisis. Electricity tariffs need to be raised as soon as possible while putting in place a mechanism to protect the poor through the proposed subsidy to low-usage consumers. Moreover, it will also be important to find a way to ensure continuing adjustments of tariffs with fluctuations in oil costs to avoid a repetition of the current electricity crisis. "The mission also discussed steps to consolidate progress on the structural reform agenda. In this regard, progress is needed in the area of fiscal decentralization by devolving expenditure functions to municipalities. Also, the laws on financial administration, the superintendency of banks and on FOGADE, are steps in the right direction, but require further strengthening in a number of key aspects. Moreover, the banking law and the tax code are still under consideration by the assembly. "The mission discussed these concerns with the authorities who agreed that time was of the essence, especially with regards to building a consensus for passage of these economic reforms and for a 2006 budget in line with the program. The mission will remain in close contact with the authorities and plans to return to Nicaragua in November, before the expiry of the program, to evaluate if the conditions to bring the program back on track are in place." CONTACT: International Monetary Fund External Relations Department Public Affairs Phone: 202-623-7300 Fax: 202-623-6278 Or Media Relations Phone: 202-623-7100 Fax: 202-623-6772 ===================== P U E R T O R I C O ===================== CENTENNIAL COMMUNICATIONS: Names Carlos Blanco as President ----------------------------------------------------------- Centennial Communications Corp. (NASDAQ: CYCL) ("Centennial") announced Friday that Carlos T. Blanco has been named President of Centennial de Puerto Rico. Blanco will have operational responsibility for Puerto Rico's wireless and broadband businesses, leading the customer service, marketing, network engineering and sales teams. Blanco, a telecommunications industry veteran, was previously Chief Operating Officer for Telefonica Moviles de Venezuela, an operation with over 5 million customers, where he oversaw customer service, engineering, network operations and sales. "We remain committed to recruiting and retaining experienced local talent, and are delighted to welcome Carlos to the Centennial family," said Michael J. Small, Centennial's chief executive officer. "We've learned that a strong local management team is critical to the success of our local market strategy, and look forward to Carlos's leadership as we continue to build a strong wireless and broadband franchise in Puerto Rico." Blanco said, "Centennial is a world-class company that has developed a powerful brand that connects with the local market. I look forward to strengthening Centennial's competitive advantage in Puerto Rico, with many great opportunities to extend our leadership in the years to come." Prior to his tenure at Telefonica, Blanco was Chief Executive Officer, Bellsouth Ecuador, responsible for strategy development and execution for a 700,000 customer wireless operation. He also served as Chief Operating Officer, Bellsouth Ecuador where he led the customer service, marketing, network and sales organizations. Prior to Bellsouth Ecuador, Blanco's telecom experience included various sales, marketing and independent consulting roles for global telecom equipment vendors. Blanco holds an MBA from New York University in Management Information Systems and International Business, and a BSEE in telecom engineering from Universidad Metropolitana in Caracas, Venezuela. Centennial Communications (NASDAQ: CYCL), based in Wall, NJ, is a leading provider of regional wireless and integrated communications services in the United States and the Caribbean with approximately 1.2 million wireless subscribers and 300,000 access lines and equivalents. The U.S. business owns and operates wireless networks in the Midwest and Southeast covering parts of six states. Centennial's Caribbean business owns and operates wireless networks in Puerto Rico, the Dominican Republic and the U.S. Virgin Islands and provides facilities- based integrated voice, data and Internet solutions. Welsh, Carson, Anderson & Stowe and an affiliate of the Blackstone Group are controlling shareholders of Centennial. CONTACT: Centennial Communications Corp. Steve E. Kunszabo Director, Investor Relations Phone: 732-556-2220 URL: http://www.centennialwireless.com/ http://www.centennialpr.com/ http://www.centennialrd.com/ ================================= T R I N I D A D & T O B A G O ================================= BWIA: Cabinet Fails to Deliver Final Decision as Scheduled ---------------------------------------------------------- Cabinet's subcommittee on BWIA did not deliver its final decision on the embattled state-owned airline Thursday. The Trinidad Express recalls that Public Administration Minister Lenny Saith, who chairs the subcommittee, told the media last week that Cabinet will deliver the decision Thursday. Trade & Industry Minister Kenneth Valley also said earlier that once the Cabinet reaches a decision, there's going to be a press conference. A press conference was held Thursday. However, Works Minister Colm Imbert, Finance Minister Christine Sahadeo and Public Utilities Minister Pennelope Beckles showed up with no intention of speaking about the airline. At the post-Cabinet press conference, Imbert revealed that the matter about BWIA was discussed but no decision has been made. "The matter has been discussed and I can confidently say a decision will be made next week," said Imbert. For months now, Government has been delaying the fate of the cash-strapped airline. A committee had been set up under the chairmanship of businessman Arthur Lok Jack and a report was given to the Cabinet. CONTACT: BRITISH WEST INDIES AIRWAYS (BWIA) Phone: + 868 627 2942 E-mail: mail@bwee.com Home Page: http://www.bwee.com ================= V E N E Z U E L A ================= PDVSA: CITGO Ops at Corpus Christi Refinery Near Normal Level ------------------------------------------------------------- An assessment of CITGO Petroleum Corporation's Lake Charles Manufacturing Complex is still underway and a restart of that facility will be initiated as soon as possible, while operations at the Corpus Christi Refinery are nearing normal levels of operation Sunday. "CITGO is doing everything it can to alleviate the impact of Hurricane Rita on the energy market and to reassure all market players, thus helping to contain any price speculation," said Felix Rodriguez. Meanwhile, CITGO's corporate headquarters facility in Houston was not impacted by the hurricane. The facility will reopen beginning Wednesday, Sept. 28. "The reopening of headquarters is contingent upon the availability of public thoroughfares in the Houston area, and in agreement with the recommendations of local government authorities," added Rodriguez. "Until the Houston headquarters facility is fully operational, the business activities temporarily relocated to Tulsa, Okla. will remain there." CITGO, based in Houston, is a refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals, refined waxes, asphalt and other industrial products. The Company is owned by PDV America, Inc., an indirect wholly owned subsidiary of Petroleos de Venezuela, S.A., the national oil company of the Bolivarian Republic of Venezuela. CONTACT: CITGO Petroleum Corporation Investor Relations Ms. Kate Robbins Public Affairs Manager Phone: (832) 486-5764 E-Mail: InvRel@citgo.com URL: www.citgo.com PDVSA: Lawmaker Criticizes PDVSA's $4M Housing Project in Cuba -------------------------------------------------------------- Opposition lawmaker Julio Montoya criticized the PDVSA-financed housing project in Cuba's Pinar del Rio province, Business News Americas reports. Mr. Montoya denounced the project, which cost US$4 million, as scandalous considering the misery in which millions of Venezuelans live. "I showed pictures of the collapse of Venezuela's oil infrastructure, how the oil pipelines of the industry are deteriorating. In the case of eastern Venezuela, many pipelines are 85% corroded," Montoya said. Montoya, who is a long-standing critic of President Hugo Chavez's energy policy, stated that the money should be invested in Venezuela rather than Cuba. The lawmaker also complained about Venezuela's giving away of 200,000 barrels a day of oil and products through PetroCaribe and similar regional energy cooperation schemes, calling it a disgrace to the country's economy. Montoya is a member of the Movimiento al Socialismo, a center- left party that backed Chavez in the 1999 presidential elections as well as during the first couple of years of his administration. SIDEROCA: National Assembly to Deliver Decree to Exec Branch ------------------------------------------------------------ The national assembly will send to the executive branch this week a decree to expropriate Sideroca, which produces tubes for the oil industry, reports Business News Americas. The move came at the request of Sideroca workers, who have sought for the expropriation of the Company. Expropriation, which would give more company control to workers, is designed to pull companies out of difficult financial situations and to create "equality [and] justice," said Jose Khan, a national assembly representative. *********** 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, Edem Psamathe P. Alfeche and Sheryl Joy P. Olano, Editors. Copyright 2005. 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 re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is $575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *