/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/051013.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 Thursday, October 13, 2005, Vol. 6, Issue 203 Headlines A N T I G U A & B A R B U D A LIAT: Revamped as Discount Carrier to Stay Afloat A R G E N T I N A ALTO PALERMO: Board to Propose Cash Payment of Dividends BHEL S.R.L.: Bankruptcy Initiated on Court Orders BODEGA DEL OESTE: Liquidates Assets to Pay Debts IAMBI S.R.L.: Judge Approves Creditor's Bankruptcy Petition LOMA NEGRA: Government Approves Acquisition by Brazilian Firm PROAMAR S.A.: Proceeds With Liquidation RENAUTO TUCUMAN: Court Approves Reorganization Request RESPUESTA MEDICA: Court Declares Company Bankrupt NARCON CONSTRUCCIONES: Liquidation Process Initiated SATEGNA COSTA: Seeks Court Approval to Reorganize STOP CAR: Court Authorizes Plan, Concludes Reorganization TELECOM ARGENTINA: Initiates Global Debt Issue TRANSPORTES AUTOMOTORES: Court Declares Company "Quiebra" * ARGENTINA: IDB Approves $800,000 Grant B E R M U D A GLOBAL CROSSING: Expanded Mexican License Includes Voice RICHMOND INSURANCE: Dissolution Proceeds As Planned B O L I V I A AGUAS DEL ILLIMANI: Auditor Search Initiated B R A Z I L BANCO BRADESCO: Treasury, Preferred Share Votes on Tap BANCO BRADESCO: Payment of Complementary Interest Proposed EMBRATEL PARTICIPACOES: Clarifies Report on Accounting LIGHT SERVICOS: Six Firms Eyeing Part of EDF's Stake ROYAL SHELL: Responds to Lawmaker's Allegations TELEMAR: Commences Debt Tender Offer UNIBANCO: Proposing Dividend Payment on Capital Stock VARIG: Brazilian Court Refers GCAS Dispute to U.S. Court VASP: Local Court Grants Bankruptcy Request * BRAZIL: Fitch Revises Sovereign Rating Outlook to Positive C A Y M A N I S L A N D S ACROPOLE LIMITED: Buchanan Limited Appointed as Liquidator ALMOND LIMITED: Appoints Buchanan Limited as Liquidator ARAMANDA HOLDINGS: Company Enters Liquidation BCS GLOBAL: Tammy Seymour Appointed as Liquidator CAPTIVA FINANCE: Shareholder Resolves to Wind Up Company CLARE IV: David Dyer Named Liquidator CONTINUITY ASIAN: Taps Q&H Nominees Ltd. as Liquidator COROMANDEL TREND: Selects Krys, Tomkins as Liquidators CORONATION GATEHOUSE: Shareholder Voluntarily Winds Up Company CORONATION SABATON: Q & H Nominees Named Liquidator DB HEDGE: Creditors Called to Prove Debt Claims Before Nov. 3 HAWTHORNE LTD: Creditors' Claims to be Submitted Nov. 3 HUON HOLDINGS: Appoints Lawrence Edwards as Liquidator IRU HOLDINGS: Liquidator Selected for Wind Up Process IRON ORE: Wind Up Process to be Explained to Members Nov. 3 KIRTLAND PDM: To Present Account of Wind Up Process to Members LMCG MEDSCIENCE: To Authorize Liquidators to Retain Records MCCONNELL ENTERPRISES: Shareholder Voluntarily Winds Up Firm OSCAR FUNDING: Shareholder Decides on Voluntary Liquidation ROXIO CI: Account Liquidation Set for Final Meeting ROYAL TRUST: Shareholder Decides to Wind Up Affairs SECOND REBECCA: Shareholders Voluntarily Wind Up Company SOUTHBRIDGE INVESTMENTS: Claims Verification Ends Nov. 3 SWEETPEA LIMITED: Selects Liquidator TENET OFFSHORE: Creditors to Submit Claims Before Nov. 5 THE MACRO (MASTER): Debt Filings Due Before Nov. 3 TRANSPORT COMMUNITY: Taps Le Roux, Jon Roney as Liquidators VINTAGE PETROLEUM: Proof of Claims Due by October 22 WILSHIRE FUND: Shareholders Resolve to Wind Up Firm ZAIS MATRIX: To Hold Final Meeting at Deutsche Bank Nov. 3 E L S A L V A D O R BANCO AMERICANO: Liquidity Pressures Keep Ratings Negative M E X I C O AEROMEXICO: Warns of Rising Fuel Price Complications ASARCO: Seeks Extension to to File Schedules BANCO MERCANTIL: Ratings Reflect Various Efficiency Challenges VITRO: Puts Corporate Headquarters on the Block V E N E Z U E L A BANPLUS: Regulator Seeks to Sell Bank to Private Investor PDVSA: Files 2003 Annual Report With U.S. SEC - - - - - - - - - - ================================= A N T I G U A & B A R B U D A ================================= LIAT: Revamped as Discount Carrier to Stay Afloat ------------------------------------------------- Embattled Antigua-based regional airline LIAT relaunched itself as a low-cost carrier on Tuesday, the Associated Press reports. To keep flying despite soaring operational costs and increased competition, LIAT is offering fares as low as $22 on some routes for passengers who book early. Airline marketing manager Danny Oliver said LIAT will also introduce an e-ticketing system throughout its 18-island network. The airline received a $16.2 million pledge from its owners as aid in leasing new aircraft and in changing its operational structure, according to LIAT Chairman Jean Holder. LIAT is jointly owned by the governments of Barbados, St. Vincent, Trinidad and Antigua. Nonstop service is now being offered to those destinations. The airline's CEO Gary Cullen said LIAT's commercial and financial results continue to improve after a slump in travel resulting from the 2001 terror attacks in the United States. In 2002 LIAT laid off 241 employees, about one-third of its work force. Over the last three years it has received several bailout packages. The airline has also struggled with high fuel costs and competition from rival carriers. ================= A R G E N T I N A ================= ALTO PALERMO: Board to Propose Cash Payment of Dividends -------------------------------------------------------- The Board of Directors of Alto Palermo S.A. (APSA) will propose to the shareholders the cash payment of dividends in the amount of ARS29,000,000. In a letter sent to the Comision Nacional de Valores on October 6, 2005 the Company reported that the Board of Directors called an Ordinary and Extraordinary Shareholder's Meeting to be held on November 1, 2005 in the Company's premises at 3:00 p.m., Buenos Aires time. In addition of the deliberation over the ordinary shareholder's meeting proper matters, the Board of Directors will propose for shareholders approval: - The cash payment of dividends for the amount of Argentinean pesos $29,000,000; - The analysis of the last period, which result in a profit of Argentinean pesos $33,255,400; - The payment of the Directors' remuneration for the amount of Argentinean pesos $4,656,999; - The merge of the Company with Alto Research Development S.A. CONTACT: Alto Palermo S.A. (APSA) 2/F 476 Hipolito Yrigoyen Buenos Aires Argentina Phone: +54 11 4344 4600 Web site: http://www.altopalermo.com.ar BHEL S.R.L.: Bankruptcy Initiated on Court Orders ------------------------------------------------- Bhel S.R.L. enters bankruptcy protection after La Plata's civil and commercial court ordered the Company's liquidation. The order effectively transfers control of the Company's assets to a court-appointed trustee who will supervise the liquidation proceedings. Infobae reports that the court selected Mr. Jaime Jose Tocho as trustee. Mr. Tocho will be verifying creditors' proofs of claim until the end of the verification phase on Nov. 18, 2005. Argentine bankruptcy law requires the trustee to provide the court with individual reports on the forwarded claims and a general report containing an audit of the Company's accounting and business records. The submission for the said reports are yet to be disclosed. CONTACT: Bhel S.R.L. Calle 44 Nro. 2215 La Plata Mr. Jaime Jose Tocho, Trustee Calle 63 Nro. 1721 y 1/2 La Plata BODEGA DEL OESTE: Liquidates Assets to Pay Debts ------------------------------------------------ Buenos Aires-based Bodega del Oeste S.A. will begin liquidating its assets following the pronouncement of the city's court that the Company is bankrupt, reports Infobae. The bankruptcy ruling places the Company under the supervision of court-appointed trustee, Miguel Angel Troisi. The trustee will verify creditors' proofs of claim until Nov. 14, 2005. The validated claims will be presented in court as individual reports on Feb. 7, 2006. Mr. Troisi will also submit a general report, containing a summary of the Company's financial status as well as relevant events pertaining to the bankruptcy, April 10, 2006. The bankruptcy process will end with the disposal of the Company's assets in favor of its creditors. CONTACT: Mr. Miguel Angel Troisi, Trustee Cerrito 146 Buenos Aires IAMBI S.R.L.: Judge Approves Creditor's Bankruptcy Petition ----------------------------------------------------------- Iambi S.R.L. was declared bankrupt after Court No. 12 of Buenos Aires' civil and commercial tribunal endorsed the petition of Banco Rio de la Plata S.A. for the Company's liquidation. Argentine daily La Nacion reports that Banco Rio de la Plata S.A. has claims totaling $69,048.92 against Iambi S.R.L. The court assigned Mr. Luis Chelala to supervise the liquidation process as trustee. Mr. Chelala will validate creditors' proofs of claim until Dec. 7, 2005. The city's Clerk No. 24 assists the court in resolving this case. CONTACT: Iambi S.R.L. Senillosa 370 Buenos Aires Mr. Luis Chelala, Trustee Avenida Corrientes 2335 Buenos Aires LOMA NEGRA: Government Approves Acquisition by Brazilian Firm ------------------------------------------------------------- Brazilian engineering company Camargo-Correa's (CCG) purchase of Argentine cement producer Loma Negra's holding company has gained authorization from the Argentine government. According to Dow Jones Newswires, Argentina's secretary of technical coordination, the agency that oversees the country's antitrust regulatory body, approved CGC's purchase of Holdtotal for US$1.025 billion. Loma Negra is Argentina's largest cement maker, with nine plants and 1,850 employees. The Company formerly belonged to Amalia Lacroze de Fortabat, the country's richest woman. PROAMAR S.A.: Proceeds With Liquidation --------------------------------------- Liberty Aseguradora de Riesgos de Trabajo S.A. successfully sought for the bankruptcy of Proamar S.A. after Buenos Aires' civil and commercial Court No. 12 declared the Company "Quiebra," reports La Nacion. As such, Proamar S.A. will now start the process with Mr. Leandro Villari as trustee. Creditors must submit proofs of their claim to the trustee by Dec. 7, 2005 for authentication. Failure to comply with this requirement will mean a disqualification from the payments that will be made after the Company's assets are liquidated. The creditor sought for the Company's liquidation after the latter failed to pay debts amounting to $9,577.84. The city's Clerk No. 24 assists the court on the case that will close with the sale of all of its assets. CONTACT: Proamar S.A. Gualeguay 1255 Buenos Aires Mr. Leandro Villari, Trustee Talcahuano 316 Buenos Aires RENAUTO TUCUMAN: Court Approves Reorganization Request ------------------------------------------------------ Renauto Tucuman S.A. will begin reorganization following the approval of its petition by San Miguel Tucuman's civil and commercial court. The opening of the reorganization will allow the Company to negotiate a settlement with its creditors in order to avoid a straight liquidation. Mr. Julio Cesar Vera will oversee the reorganization proceedings as the court-appointed trustee. He will verify creditors' claims until Oct. 27, 2005. The validated claims will be presented in court as individual reports on Dec. 9, 2005. Mr. Vera is also required by the court to submit a general report essentially auditing the Company's accounting and business records as well as summarizing important events pertaining to the reorganization. The report will be presented in court on Feb. 21, 2006. CONTACT: Mr. Julio Cesar Vera, Trustee San Juan 290 San Miguel de Tucuman (Tucuman) RESPUESTA MEDICA: Court Declares Company Bankrupt ------------------------------------------------- Court No. 12 of Buenos Aires' civil and commercial tribunal declared local company Respuesta Medica Emergencias S.R.L. "Quiebra", relates La Nacion. The court approved the bankruptcy petition filed by Congregacion Hijas de San Camilo, whom the Company has debts amounting to $93,827.75. The Company will undergo the bankruptcy process with Mr. Juan Fontecha as trustee. Creditors are required to present proofs of their claim to Mr. Fontecha for verification before Dec. 21, 2005. Creditors who fail to submit the required documents by the said date will not qualify for any post-liquidation distributions. Clerk No. 23 assists the court on the case. CONTACT: Respuesta Medica Emergencias S.R.L. Virgilio 2664 Buenos Aires Mr. Juan Fontecha, Trustee Parana 785 Buenos Aires NARCON CONSTRUCCIONES: Liquidation Process Initiated ---------------------------------------------------- Buenos Aires' civil and commercial court ordered the liquidation of Narcon Construcciones y Servicios S.A. after the Company defaulted on its obligations, Infobae reveals. The liquidation pronouncement will effectively place the Company's affairs as well as its assets under the control of Mr. Enrique Carlos Quadraroli, the court-appointed trustee. Mr. Quadraroli will verify creditors' proofs of claim until Nov. 21, 2005. The verified claims will serve as basis for the individual reports to be submitted in court on Feb. 3, 2006. The submission of the general report follows on March 17, 2006. The case will end with the disposal of the Company's assets in favor of its creditors. CONTACT: Mr. Enrique Carlos Quadraroli, Trustee Parana 425 Buenos Aires SATEGNA COSTA: Seeks Court Approval to Reorganize ------------------------------------------------- Sategna Costa Afuera S.A., a company operating in Buenos Aires, has requested for reorganization after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow the Company to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending before Court No. 20 of the city's civil and commercial tribunal. Clerk No. 40 assists on this case. CONTACT: Sategna Costa Afuera S.A. Reconquista 559 Buenos Aires STOP CAR: Court Authorizes Plan, Concludes Reorganization --------------------------------------------------------- Buenos Aires-based company Stop Car S.A. concluded its reorganization process, according to data released by Infobae on its Web site. The conclusion came after the city's court homologated the debt plan signed between the Company and its creditors. CONTACT: Stop Car S.A. Buenos Aires TELECOM ARGENTINA: Initiates Global Debt Issue ---------------------------------------------- Telecom Argentina S.A. has resolved in an Ordinary and Extraordinary Shareholders Meeting of the controlled subsidiary Telecom Personal S.A. held on October 6 the creation of a Global Program for the issuance of Simple, Unsecured Notes, up to the maximum outstanding at any time of US$500,000,000 or its equivalent in other currencies ("The Global Program"). Mr. Pedro Gaston Insussarry, Responsible for Market Relations of the Company, wrote that the shareholders also resolved the request to the Comision Nacional de Valores the authorization for Telecom Personal to enter in the public offer regime, and the authorization of the Global Program, in order to be in condition to obtain the authorization of public offer of Notes that will be issued under such program. As expressed by the representative of Telecom Argentina in the above mentioned Meeting, and the commitments assumed by the Board of Directors of Telecom Personal in the meeting held today, the issuances under the Global Program and up to the maximum amount, will be made in strict compliance with the commitments assumed by Telecom Personal and Telecom Argentina with its financial creditors in the respective debt restructuring documents. CONTACT: TELECOM ARGENTINA S.A. Pedro Insussarry Phone: (54-11) 4968-3743 Moira Colombo Phone: (54-11) 4968-3627 Gaston Urbina Phone: (54-11) 4968-3628 Morgan Stanley & Co. Incorporated Carlos Medina Phone: (1-212) 761-6520 MBA Banco de Inversiones S.A. Diego Steverlynck Phone: (54-11) 4319-5865 TRANSPORTES AUTOMOTORES: Court Declares Company "Quiebra" --------------------------------------------------------- Court No. 21 of Buenos Aires' civil and commercial tribunal declared Transportes Automotores Riachuelo S.A. bankrupt, says La Nacion. The ruling comes in approval of the petition filed by the Company's creditor, Ms. Rita Lezcano, for nonpayment of $24,759.85 in debt. Trustee Maximo Piccinelli will examine and authenticate creditors' claims until Dec. 28, 2005. This is done to determine the nature and amount of the Company's debts. Creditors must have their claims authenticated by the trustee by the said date in order to qualify for the payments that will be made after the Company's assets are liquidated. Clerk No. 42 assists the court on the case, which will conclude with the liquidation of the Company's assets. CONTACT: Transportes Automotores Riachuelo S.A.: Pichincha 1765 Buenos Aires Mr. Maximo Piccinelli, Trustee Montevideo 666 Buenos Aires * ARGENTINA: IDB Approves $800,000 Grant ---------------------------------------- - MIF resources to support Fondo de Capital Social S.A. The Multilateral Investment Fund announced Tuesday the approval of a $800,000 grant to help consolidate the microfinance system in Argentina by supporting Fondo de Capital Social S.A. (FONCAP). "In Argentina there is a pressing need to expand the credit frontier and design new financial services geared to the microenterprise sector," said MIF team leader Susana Garc�a- Robles. "The economic crisis at the beginning of this decade saw unemployment climb, generating a sharp increase in informal sector activity both in social terms and in terms of this sector's contribution to gross domestic product." There are nearly two million microentrepreneurs in Argentina, of which approximately 72 percent could theoretically qualify for credit. Around 40 percent of them do not have access to formal lending and to the payments system. FONCAP is a second-tier microfinance institution that provides technical and credit support to organizations and groups of micro and small entrepreneurs that wish to develop sustainable operations, eliminating barriers in access to lending particularly to those with less financial resources. FONCAP is an initiative of the Argentine Ministry of Social Development, created in 1997 as a private law company to manage trust funds for developing microfinance institutions. Accion International, a non-governmental organization with a recognized record of providing financial support to the microenterprise sector in Latin America, was a founding shareholder of FONCAP with 45 percent of the shares, increasing its equity to 51 percent of total shares in 2002. Accion International has 30 years experience working in Latin America as a provider of technical assistance, credit and equity to microenterprise. FONCAP has recently implemented a program with the Spanish International Cooperation Agency (AECI) that will provide a loan of 3 million euros to respond to the institutional demand for microfinance. Through a coordinated effort with AECI, FONCAP will be endowed with stability and financial resources so that it can grow, train new technical personnel in microfinance methodology, expand its coverage, considerably increase its portfolio and be sustainable. The design of the program enables coordination of the two FONCAP operations with AECI and the IDB, and it also enables MIF to have a major impact on strengthening several first-tier entities with the potential to expand the channeling of resources for microfinance in an efficient manner. As a second- tier institution FONCAP can obtain major economies of scale. The IDB-financed project will consolidate and strengthen FONCAP technically at an institutional level as a leading second-tier microfinance institution, which will provide technical assistance and training to first-tier microfinance institutions. The project will also disseminate information and create awareness of opportunities in the microfinance industry. The Multilateral Investment Fund, a member of the Inter- American Development Bank Group, provides grants and investments to promote development of the private sector in Latin America and the Caribbean. CONTACT: Inter-American Development Bank Website: http://www.iadb.org/ ============= B E R M U D A ============= GLOBAL CROSSING: Expanded Mexican License Includes Voice -------------------------------------------------------- Global Crossing (Nasdaq: GLBC - News) announced Tuesday that the Mexican Ministry of Communications and Transportation has granted its Mexican subsidiary, Global Crossing Landing Mexicana, S. de R.L. ("GCLM"), an amendment to its public telecommunications network concession, allowing it to provide voice services in Mexico. The company will now be permitted to sell voice services directly to Mexican-based businesses and carriers. The new services will enhance Global Crossing's portfolio of products for new and existing customers in the country. Global Crossing has been providing data services in Mexico since 1999. "Global Crossing's IP network already provides Mexican businesses with top-quality data services, and we're delighted to offer voice as well," commented Jose Antonio Rios, chief administrative officer and international president of Global Crossing. "Mexico is a key market for Global Crossing, and we're committed to serving our Mexican customers with our state-of-the-art network and product portfolio." "Mexican businesses are looking forward to accessing all of the benefits voice over IP has to offer," said Adrian Gonzalez, managing director of Global Crossing Landing Mexicana. "I'm pleased that we now have the license to offer technology such as VoIP at a local level." Global Crossing's significant Mexican operations are headquartered in Mexico City, with a terrestrial network connecting Mexico City, Monterrey, Guadalajara and Mazatlan. Through its subsea system, Global Crossing connects facilities in Tijuana and the rest of its global network, delivering services to 500 cities in 50 countries around the world. ABOUT GLOBAL CROSSING Global Crossing (Nasdaq: GLBC - News) provides telecommunications solutions over the world's first integrated global IP-based network. Its core network connects more than 300 cities and 30 countries worldwide, and delivers services to more than 500 major cities, 50 countries and 6 continents around the globe. The company's global sales and support model matches the network footprint and, like the network, delivers a consistent customer experience worldwide. Global Crossing IP services are global in scale, linking the world's enterprises, governments and carriers with customers, employees and partners worldwide in a secure environment that is ideally suited for IP-based business applications, allowing e-commerce to thrive. The company offers a full range of managed data and voice products including Global Crossing IP VPN Service, Global Crossing Managed Services and Global Crossing VoIP services, to more than 40 percent of the Fortune 500, as well as 700 carriers, mobile operators and ISPs. CONTACT: GLOBAL CROSSING Press Contact Kendra Langlie +1 305 808 5912 LatAmPR@globalcrossing.com Analysts/Investors Contact Laurinda Pang +1 800 836 0342 glbc@globalcrossing.com URL: http://www.globalcrossing.com RICHMOND INSURANCE: Dissolution Proceeds As Planned --------------------------------------------------- Richmond Insurance Company Ltd., a Bermuda holding company whose biggest shareholder is American International Group Inc., is close to being wound up, the Royal Gazette suggests. Last month, Richmond sold its European rent-a-captive, Euroguard, to Guardrisk Insurance Company Limited, a South African company for a "fair price." The operation follows the sale of its Bermuda unit, Norfolk Reinsurance Co. Ltd. AIG did not disclose the price or the buyer of the unit. Both Euroguard and Norfolk were set up as rent-a-captive companies. Under this type of structure the insured gets to 'rent' space in the company, forming, in effect, a mini- captive. It is common for the structure to be designed as a segregated cell, which legally separates each 'mini-captive' from the liabilities of any other cells. The sale of both operations leaves Richmond with only its Dublin and Barbados units. Earlier this year, Richmond, a holding company that counted AIG as a large customer, surrendered its insurance license to financial services regulator, the Bermuda Monetary Authority. At the time, an AIG official in Bermuda said Richmond was winding up operations by putting its four units on the block or into run off. An insurance company in run off remains open for a time to honor claims from policies still in effect, but does not sell any new policies. AIG at first hid the truth from regulators about its relationship with Richmond, saying it was only a minority stakeholder, and did not have control over the Company. It was only in May that AIG admitted to hiding its control of offshore reinsurers, including Richmond, after US authorities began probing AIG's offshore structure. In June, AIG had to increase its 19.9% stake in Richmond after its largest shareholder, Germany's Munich Re, exercised its put option. AIG bought out Munich's 49.9% stake for $12.2 million. The Gazette reveals Richmond is based at AIG's Bermuda office on Richmond Road, its management agreement was with an AIG company, and AIG was the only investor at risk because other shareholders held put options to sell back shares at any time, at cost. The put options were guaranteed by former chief executive Maurice (Hank) Greenberg. ============= B O L I V I A ============= AGUAS DEL ILLIMANI: Auditor Search Initiated -------------------------------------------- The process of hiring a consultancy to carry out an audit on waterworks concessionaire Aguas del Illimani (Aisa) has started, reports Business News Americas. A spokesperson from the basic services regulator, Sisab, said the regulator has "sent invitations along with the terms of reference and the specifications of the audit to four major international auditing specialists." The auditing firms, whose names have not been released, have until October 28 to prepare and present proposals. The audit will cover technical, commercial, financial and economic, environmental and legal aspects of Aisa's performance of its concession to operate potable water and sanitation services in capital La Paz and its satellite city El Alto. AISA, a subsidiary of French energy company Suez, was notified by the government last year that its contract has been rescinded after residents complained about lack of services in parts of the city. =========== B R A Z I L =========== BANCO BRADESCO: Treasury, Preferred Share Votes on Tap ------------------------------------------------------ The stockholders of Banco Bradesco S.A. will gather in a Special Stockholders' Meeting on November 11, 2005 to examine the Board of Directors' proposal to cancel the shares held in treasury, existing on the date of the Meeting, representatives of its own Capital Stock, without reduction thereof. The Board of Directors will also propose to: 1. Increase the capital stock in the amount of R$3,000,000,000.00, from R$10,000,000,000.00 to R$13,000,000,000.00, by using a portion of the balance in the "Profit Reserve - Statutory Reserve" account, attributing to the Company's stockholders, on a free basis, as bonus stock held, 1 (one) new stock, of the same type, for each stock possessed. The bonus stock held on a date to be announced to the market by the Company, after the process is approved by the Central Bank of Brazil. Simultaneously to the operation in the Brazilian Market, and in the same proportion, the bonus stock will benefit the DRs holders - Depositary Receipts in the U.S. (NYSE) and European (Latibex) Markets, as investors will receive one (1) new DR for each DR held, which will continue to be traded at the ratio of one (1) preferred stock for one (1) DR, in the respective markets. The operation aims at providing an improved liquidity to the shares, with the subsequent adjustment to the quote value on the market to a more attractive level for trading, not implying an increase in the distribution of monthly dividends and/or interest on own capital. Thus, the monthly interest on own capital to be declared after including the bonus stock in stockholders' positions, will have its value adjusted, from R$0.057000 to R$0.028500 per common stock and from R$0.062700 to R$0.031350 per preferred stock, so that the stockholders will continue receiving equal amount of Interests. Current stocks issued by the Company will continue to be traded, entitled to bonus stock, and new stocks will be made available for trading after the approval of respective process by the Central Bank of Brazil and included in the stockholders' position, which will be purpose of announcement to the market. The unit price to be attributed to the bonus stock, pursuant to the provisions in the Paragraph 1st of Article 25 of the Normative Ruling of the Brazilian Internal Revenue Service 25, as of 3.6.2001, will be informed on the date of the Meeting. Dividends - Stocks resulting from the bonus stock will be entitled to monthly dividends and/or interest on own capital, and possibly complementary dividends and/or interests to be declared from the date the new stocks are included in the stockholders' position. They also will be fully entitled to possible attributed advantages to other stocks from the referred date. 2. Ammend the "caput" of Article 6, of the Company's Bylaws, as a result of the previous items. The meeting will be held at 4:00 p.m., at the Company's head office, located at Cidade de Deus, Vila Yara, Osasco, Sao Paulo, in the "Salao Nobre", on the 5th floor of Predio Novo. CONTACT: Banco Bradesco S.A. Stock and Custody Department Email: 4010.acoes@bradesco.com.br Phone: (55 11) 3684-9281 BANCO BRADESCO: Payment of Complementary Interest Proposed ---------------------------------------------------------- The Management Bodies of Banco Bradesco S.A., gathered in meetings held on October 10, 2005, decided that the Board of Executive Officers will propose to the Company's Board of Directors, in a meeting of this body to be held on November 11, 2005, the payment to the Company's stockholders of Complementary Interest on Own Capital relating to the fiscal year of 2005, in the amount of R$1.755955872 per common stock and R$1.931551459 per preferred stock, which represent approximately 30.8 times the monthly interest paid, benefiting the stockholders registered in the Bank's books on that date (November 11, 2005). Upon approval of this proposal, the payment will be settled on April 28th, 2006, in the net amount of R$1.492562491 per common stock and R$1.641818741 per preferred stock, already deducting fifteen percent (15%) withholding Income Tax, except for corporate entities stockholders, which are exempted from this taxation, and thus will receive the declared amount. The Interest on Own Capital related to the stocks deposited at CBLC (Brazilian Clearing and Depositary Corporation) shall be paid to the referred CBLC, which will transfer this interest to the stockholders by means of depositor Brokerage Houses. The capital remuneration policy adopted by Bradesco aims the distribution of Interest on Own Capital in the maximum calculated amount in conformity with the current legislation, which are determined, net of withholding Income Tax, in the calculation of mandatory dividends of the fiscal year as provided in the Company's Bylaws. The Board of Executive Officers, based on the net income posted in the fiscal year of 2005, may propose to the Board of Directors the distribution of Dividends to the Company's stockholders, complementing Interest paid and declared in the fiscal year. CONTACT: Banco Bradesco S.A. Stock and Custody Department Email: 4010.acoes@bradesco.com.br Phone: (55 11) 3684-9281 EMBRATEL PARTICIPACOES: Clarifies Report on Accounting ------------------------------------------------------ Embratel Participacoes S.A. requested clarification on the news published by Newspaper Valor Economico on October 6, 2005, under the title "Embratel and Telefonica solve interconnection dispute" and any further clarification thought to be of relevance, particularly accounting impacts that may result. Investor Relations Director Isaac Berensztejn wrote: Reference is made to the above correspondence. We clarify that the article published in the October 6, 2005 edition of newspaper Valor Economico relates to several historical disputes between the companies that were part of an agreement. As a result of the agreement, some income statement and balance sheet accounts in the third quarter 2005 will be impacted, but the net impact on the company's cash is insignificant. Embratel is the premier communications provider in Brazil offering a wide array of advanced communications services over its own state of the art network. It is the leading provider of data and Internet services in the country and is well positioned to be the country's only true national local service provider for corporate customers. Service offerings include: telephony, advanced voice, high-speed data communication services, Internet, satellite data communications, corporate networks and local voice services for corporate clients. Embratel is uniquely positioned to be the all-distance telecommunications network of South America. The Company's network has countrywide coverage with 32,466 km of fiber cables. CONTACT: Embratel Participacoes S.A. Silvia M.R. Pereira Investor Relations Phone: (55 21) 2121-9662 Fax: (55 21) 2121-6388 E-mail: silvia.pereira@embratel.com.br invest@embratel.com.br LIGHT SERVICOS: Six Firms Eyeing Part of EDF's Stake ---------------------------------------------------- There are at least six companies interested in buying struggling Rio de Janeiro distributor Light Servicos de Eletricidade SA, Business News Americas. Among the companies reportedly interested are: - Minas Gerais state power company Cemig - Power group CPFL Energia - Rio de Janeiro power distributor Ampla - Telecommunications company Telemar - Investment group GP Investimentos - Engineering company Andrade Gutierrez In September, French state-owned power company EDF authorized US investment bank Goldman Sachs to start a process to sell part of its 95% stake in Light. EDF has a preference for a local partner that knows the Brazilian market. Light, which distributes power in city of Rio de Janeiro and surrounding towns, recently 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. ROYAL SHELL: Responds to Lawmaker's Allegations ----------------------------------------------- Anglo-Dutch oil company Royal Shell denied allegations by a local lawmaker that the Company is not declaring to government authorities part of the oil produced at the Bijupira-Salema field in the Campos basin, reports Business News Americas. Earlier this week, Luciano Zica, a left-wing congressman in Brazil's ruling Workers Party (PT), alleged that while Shell declares to export some 70,000 barrels of oil a day from these oil fields, the Company may be exporting as much as 100,000 b/d. The congressman said his suspicion was based on observations by oil workers at Brazil's state oil company Petrobras SA (PBR) of movements of oil shipments at the field above those necessary for the smaller, declared production. Zica did not say, who those oil workers were. But Shell denied the accusation, saying production monitoring is performed by high-precision devices submitted to regular inspection by Brazil's hydrocarbons regulator ANP. The ANP backed Shell's assertion. ANP director John Forman said the regulator carries out regular inspection of Shell's production monitoring devices and did not find anything suspicious. TELEMAR: Commences Debt Tender Offer ------------------------------------ Tele Norte Leste Participacoes S.A. ("TNL") has commenced a cash tender offer for up to US $150,000,000 of its US $300,000,000 8.00% notes due December 18, 2013 (the "Notes"). Rationale for the transaction: TNL is taking advantage of its strong cash flow generation, solid balance sheet and financial position to repurchase up to US $150,000,000 of its outstanding Notes. With this transaction, TNL is seeking to decrease its average cost of funding and once again demonstrate to the market that it is capable of efficiently managing its assets and liabilities. Information pertaining to the repurchase: TNL has commenced a cash tender offer for up to US $150,000,000 outstanding aggregate principal amount of TNL's US $300,000,000 8.00% Notes due 2013 (CUSIP Nos.: 879246AB2, 879246AA4 and P90369AA0; ISIN Nos. US879246AB24, US879246AA41 and USP90369AA07; Common Code Nos. 020292709 and 018258609). The offer is made upon the terms, and subject to the conditions, set forth in the Offer to Purchase, dated October 11, 2005 (the "Offer to Purchase"). The purchase price for each US $1,000 principal amount of Notes validly tendered and not properly withdrawn pursuant to the offer, shall be the price (calculated as described in the Offer to Purchase) equal to (i) the present value on the settlement date of US $1,040 (the amount payable on December 18, 2008, which is the next call date for the Notes (the "Next Call Date")) and the present value of the interest that would be payable on, or accrue from, the last interest payment date until the Next Call Date, in each case determined on the basis of a yield to the Next Call Date equal to the sum of (x) the bid-side yield (as quoted on Bloomberg Page PX5 at 2:00 p.m., New York City time, on the price determination date) on the 3- 3/8 % U.S. Treasury note due December 15, 2008, plus (y) 190 basis points (such price being rounded to the nearest cent), minus accrued and unpaid interest from the last interest payment date to, but not including, the settlement date, minus (ii) US $20 per US $1,000 principal amount of Notes (the "Early Tender Premium"). Each noteholder who validly tenders and does not properly withdraw its Notes prior to 5:00 p.m., New York City time, on Wednesday, October 26, 2005, will receive the Early Tender Premium. In addition, registered holders of the Notes who validly tender and do not properly withdraw their Notes in the offer will also receive accrued and unpaid interest from the last interest payment date to, but not including, the settlement date. The price determination date is expected to be Monday, November 7, 2005. The offer is scheduled to expire at 5:00 p.m., New York City time, on Wednesday, November 9, 2005, unless extended or earlier terminated (such date and time, as the same may be extended or earlier terminated, the "Expiration Date"). Settlement of the offer is expected to occur on the second business day following the Expiration Date. TNL has retained Citigroup Corporate and Investment Banking to act as Dealer Manager for the offer and Global Bondholder Services Corporation to act as the depositary and information agent for the offer. Requests for documents may be directed to: Global Bondholder Services Corporation Tel: +1 (866) 470-4200 (in the United States) +1 (212) 430-3774 or in writing at: Global Bondholder Services Corporation 65 Broadway - Suite 704 New York, New York 10006 Attn. Corporate Actions These documents contain important information, and holders should read them carefully before making any investment decision. Questions regarding the offer may be directed: Citigroup Corporate and Investment Banking Tel: +1 (800) 558-3745 (in the United States) +1 (212) 723-6108 (outside the United States, call collect) or in writing at: Citigroup Corporate and Investment Banking Liability Management Group 390 Greenwich Street, 4th Floor New York, New York 10013 UNIBANCO: Proposing Dividend Payment on Capital Stock ----------------------------------------------------- The Board of Officers of UNIBANCO - Uniao de Bancos Brasileiros S.A ("Unibanco") and of UNIBANCO HOLDINGS S.A. ("Unibanco Holdings") have decided to propose to their respective Boards of Directors to hold meetings on October 20, 2005 in order to discuss: The payment of Quarterly Interests, related to the third quarter of 2005, in the gross total amount of R$56.7 millions and R$27.4 millions, and net total amount of R$48.2 millions and R$23.3 millions, respectively to Unibanco and Unibanco Holdings, to be made on October 31, 2005. This payment shall be considered as part of the mandatory dividend corresponding to the fiscal year of 2005, in accordance with the provisions of paragraph 7th article 9th of Federal Law 9,249/95, paragraph 8th of article 44 of the by- laws of Unibanco and the sole paragraph of article 35 of the bylaws of Unibanco Holdings. Should the Quarterly Interest proposals described herein be approved by the respective Boards of Directors, the shareholders of Unibanco and/or Unibanco Holdings shall have the right to receive the interest on capital stock in accordance with the gross and net amounts set forth in the table below. Such values correspond to one (1) share, one (1) Share Deposit Certificate ("Unit")*, or one (1) "Global Depositary Share" ("GDS")**, as the case may be. An income tax rate of fifteen percent (15%) shall apply, resulting in the net values. To see net values: http://bankrupt.com/misc/UNIBANCO.htm Should the proposals above of the Board of Officers be approved: In Brazil, October 20, 2005 will be considered as "Record Date" for the purpose of determining the right to receive the payment of interest on capital stock, on October 31, 2005. Unibanco's and Unibanco Holdings' shares and Units will trade ex-interest on capital stock from October 21, 2005. In the United States of America, October 25, 2005 will be considered as "Record Date" for the purpose of attending the obligations assumed by the GDS program maintained by the Companies. The GDSs will trade ex-interest on capital stock from October 21, 2005. CONTACT: UNIBANCO - UNIAO DE BANCOS BRASILEIROS S.A. Investor Relations Area Unibanco - Uniao de Bancos Brasileiros S.A. Av. Eusebio Matoso, 891 - 15th floor Sao Paulo, SP 05423-901- Brazil Phone: (55 11) 3097-1980 Fax: (55 11) 3813-6182 E-mail: investor.relations@unibanco.com URL: www.ir.unibanco.com VARIG: Brazilian Court Refers GCAS Dispute to U.S. Court -------------------------------------------------------- The Hon. Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York, at the request of Vicente Cervo and Eduardo Zerwes, the Foreign Representatives appointed in the reorganization proceedings of VARIG S.A. and its debtor- affiliates, directs GE Commercial Aviation Services, LLC, and JPMorgan Chase Bank to show cause before the U.S. Court in New York, on Oct., 2005, why an order should not be issued compelling them to deliver certain property of the Foreign Debtors' estate, or the proceeds of the property, to the Foreign Representatives. The Bankruptcy Court had previously denied the Debtors' request to direct GE Commercial Aviation Services, LLC, to turn over the Debtors' receivables in its possession. Judge Drain said he recognizes the jurisdiction of the Brazilian courts to decide issues involving VARIG and GE Commercial Aviation Services, LLC, regarding the Judicial Recovery Plan. As reported in the Troubled Company Reporter, Mr. Cervo and Mr. Zerwes alleged that GE Commercial wrongfully instructed JPMorgan Chase Bank, N.A., to distribute funds out of the Foreign Debtors' JPMorgan account as accelerated payment of a prepetition debt. GE Commercial had served a notice on JPMorgan declaring a default -- as a result of the Foreign Debtors' bankruptcy in Brazil and the Section 304 Proceedings. In accordance with the instructions in the Default Notice, yet without notice to the Foreign Debtors, JPMorgan wired $5,076,961 to GE Commercial. The total amount disbursed by JPMorgan constituted the proceeds of the Foreign Debtors' accounts receivable GECAS Defends Case The Foreign Debtors' submitted their request before the 8th Corporate Court of the District of Rio de Janeiro following Judge Drains' denial. Joao Luiz Aguiar de Medeiros and Luiz Fernando Valente de Paiva, counsel to GECAS in Rio Janeiro, tell the Brazilian Court that VARIG omitted a relevant fact. The debt VARIG assumed was already due when they entered into a settlement agreement with the Lessors. The Lessors only agreed to grant a new time limit to pay it off and to pardon part of the debt if VARIG complied with certain obligations and if they abstained from committing certain acts -- it being certain that any failure to comply with the obligations would make the debt immediately and fully due and payable. Mr. Aguiar argues that GECAS and the Lessors' exercise of their contractual rights does not violate any material Brazilian law or infringe any procedure rules and principles of the Code of Civil Procedure or the New Bankruptcy Law of Brazil. Mr. Aguiar explains that under the Settlement Agreement, the Lessors agreed to reschedule the debt in monthly payments beginning in March 2004 and terminating in December 2009. If and only if there were no occurrence of an event of default and VARIG and Rio Sul paid $83,000,000 of the total debt within a certain time, the Lessors would pardon the remaining $38,471,000. "The Lessors granted VARIG and Rio Sul a clear, effective and unquestionable commercial benefit, which today could amount to approximately BRL90,000,000," Mr. Aguiar says. Mr. Aguiar notes that VARIG granted the Lessors a real guarantee for a portion of the debt, a guarantee that is constituted and governed by the laws of New York. The guarantee includes a bank account held by VARIG with JPMorgan Chase Bank. Mr. Aguiar also points out that VARIG notified the International Air Transport Association of the terms of the Settlement Agreement and a related Security Agreement that VARIG granted the Lessors and GECAS, all rights to withhold, in an event of default, payments owed by IATA or by its ticketing system, reports, currency remittance and compensation in VARIG's name in relation to the sale of airfares and correlated services effected in France and the United Kingdom. VARIG agreed that in the event of default, the Lessors could, without the need for notice of any type to the Lessees, declare early call-in of the debt. GECAS also questions the jurisdiction of the Brazilian Court to act on the issue, considering that the governing law of the Agreement is New York law. Brazilian Court Sides with VARIG Judge Luiz Roberto Ayoub of the 8th Corporate Court of the District of Rio de Janeiro, Brazil, directs GECAS to abstain from transferring the amounts derived from the liquidation of the VARIG group's receivables generated by the BSP/IATA system and to return the amounts transferred as of the Petition Date. "I feel that I must grant the request submitted by VARIG in its entirety," says Judge Ayoub in his six-page decision. Judge Ayoub explains that the provisions of article 50 of Law no. 11.101/2005 render GECAS' actions abusive. Under article 50, "all the credits existing on the date of the request, even if not yet due, are subject to the Judicial Recovery." Thus, it is not conceivable that, after the Judicial Recovery was authorized, any creditor could -- no matter what its reason may be -- take possession of funds earmarked for the company's recovery, according to Judge Ayoub. The conclusion to accelerate the debt's payment date does not have the power to affect funds constituted after the recovery process has commenced. Judge Ayoub says accelerating the debt frustrates VARIG's restructuring plan. The legal purpose of guaranteeing the protection of the debtor and its property, starting on the filing date of the request for judicial recovery, is clear and enough reason to recognize that GECAS abused a right when it took possession of funds earmarked for the company's recovery plan. Judge Ayoub further notes that that the issue is of the public interest, insofar as the principle of preservation of the business is the basis for the entire system initiated by Law no. 11.101/05, which went into effect as of June 9, 2005. In addition, Judge Ayoub says the transcript of the hearing held in the U.S. Court shows that the Bankruptcy Court of the Southern District of New York recognizes the jurisdiction of the Brazilian courts to decide issues involving VARIG and GECAS regarding the Judicial Recovery Plan. Judge Ayoub maintains that under Section 552(a) and (b) of the U.S. Bankruptcy Code, "property generated after the request for restructuring was filed must be free from any lien so that the debtor can use it to effectively reorganize." Due to identical reasons for justifying the concern for protecting the debtor and the debtor's estate, Judge Ayoub says the Brazilian legislation grants the same treatment as the U.S. legislation, aimed at making the company's recovery feasible. Judge Ayoub orders that notification of the requests and the decision be given to Judge Drain of the U.S. Bankruptcy Court, which has jurisdiction to enforce the decision. Headquartered in Rio de Janeiro, Brazil, VARIG S.A. is Brazil's largest air carrier and the largest air carrier in Latin America. VARIG's principal business is the transportation of passengers and cargo by air on domestic routes within Brazil and on international routes between Brazil and North and South America, Europe and Asia. VARIG carries approximately 13 million passengers annually and employs approximately 11,456 full-time employees, of which approximately 133 are employed in the United States. The Company, along with two affiliates, 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. The Debtors may be the first case under the new law, which took effect on June 9, 2005. Similar to a chapter 11 debtor-in-possession under the U.S. Bankruptcy Code, the Debtors remain in possession and control of their estate pending the Judicial Reorganization. Sergio Bermudes, Esq., at Escritorio de Advocacia Sergio Bermudes, represents the carrier in Brazil. Each of the Debtors' Boards of Directors authorized Vicente Cervo as foreign representative. In this capacity, Mr. Cervo filed a Sec. 304 petition on June 17, 2005 (Bankr. S.D.N.Y. Case Nos. 05-14400 and 05-14402). Rick B. Antonoff, Esq., at Pillsbury Winthrop Shaw Pittman LLP represents Mr. Cervo in the United States. As of March 31, 2005, the Debtors reported BRL2,979,309,000 in total assets and BRL9,474,930,000 in total debts. (VARIG Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service, Inc., 215/945-7000) VASP: Local Court Grants Bankruptcy Request ------------------------------------------- Another Brazilian airline will undergo bankruptcy protection under the new bankruptcy legislation, which took effect in June. Dow Jones Newswires reports that a local court approved late Monday a bankruptcy protection petition filed earlier this year by grounded airline Viacao Aerea de Sao Paulo SA (VASP). VASP, which has total debts of BRL3 billion (US$1.33 billion), will have 60 days to present a recovery plan to creditors under the new bankruptcy law. "Our idea is to transform VASP into a low-cost company," said VASP's government-appointed manager, Raul de Medeiros. VASP has been experiencing financial difficulties since the 2001 recession that hit the industry and suffered a dramatic loss of market share in 2004. In January, the carrier stopped flying passenger routes. However, it continued to operate a cargo transport unit until Brazil's Civil Aviation Department, or DAC, closed the Company completely in March. * BRAZIL: Fitch Revises Sovereign Rating Outlook to Positive ------------------------------------------------------------ Fitch Ratings has revised the Outlook on Brazil's 'BB-' sovereign ratings (long-term foreign currency and long-term local currency) to Positive from Stable. This reflects the country's favorable trends in the balance of payments and external debt dynamics, as well as substantial progress in moderating inflationary pressures, holding out the prospect of lower real interest rates and underpinning future growth prospects. In addition, the Outlook revision is supported by the fact that the recent turmoil in Brazilian politics has not compromised the country's commitment to sound macro policy settings. 'The improvement in Brazil's external solvency indicators has been impressive and is expected to continue. And, in spite of a strong currency, Brazilian exports continue to expand at a nice pace,' said Roger Scher, head of Latin American Sovereign Ratings at Fitch. Exports were up 23.4% in the year to September to US$86.7 billion, compared with a 19.6% increase in imports to US$54 billion, for a US$32.7 billion nine-month trade surplus, or US$41 billion over the last 12 months. Fitch has raised its forecasted trade surplus for year-end 2005 to US$40 billion from US$33.3 billion in July 2005, when the agency issued a report on the Brazilian sovereign. The current account surplus is forecast at US$11.5 billion (or 1.4% of GDP) this year. Net external debt (NXD) to current external receipts (CXR), a key external solvency indicator monitored by Fitch, should fall below 100% this year from 128% last year and a high of 308% in 1999. Still, Brazil's ratio compares unfavorably to the 'BB' median of 56.1%, though Brazil's NXD relative GDP compares favorably against peers. Even so, Fitch warns that despite the government's adherence to its primary budget surplus targets, the public debt burden remains high and of short duration and remains a constraint on Brazil's sovereign ratings. Central to reducing the public debt and firmly anchoring public finances on a sustainable path is a reduction in real interest rates, which remain very high by international standards and impose large fiscal costs. In Fitch's opinion, establishing a consistent track record on appropriate monetary policy actions to meet the central bank's stated inflation target, including in the run-up to the presidential elections, would further enhance the credibility of the macroeconomic policy framework. This would support a sustained reduction in inflation expectations and real interest rates that would be beneficial both for growth and public finances. Likewise, central bank autonomy reform would underpin monetary policy credibility and therefore lower real rates. 'GDP growth should be higher next year than originally expected,' said Scher, 'due to lower real interest rates'. Fitch revised its 2006 GDP growth forecast to 3.5% from 3.2%. Finally, while the corruption scandals that have rocked Brazilian politics since June of this year are far from resolved, there have been signs of late that Brazil's political leaders are not willing to compromise sound macro policy settings and economic performance as a result of pre-election power struggles. The Lula administration passed the LDO multi- year budget guidelines law in August, albeit two months later than is customary, with the budgetary spending and tax ceilings intact. Moreover, President Lula vetoed amendments to the LDO that would constitute policy slippage. Congress will ultimately vote on whether to uphold or override his vetoes. While the president may have difficulty putting through a 2006 budget this year, signs of his ability to govern have emerged, in spite of the corruption allegations. Such signs include the recent victory of his allies in the election for the leadership of the Chamber of Deputies. 'Fitch will closely watch whether President Lula can uphold his vetoes and pass a sound budget,' said Scher, 'or whether there will be fiscal policy slippage as a result of the current political crisis.' Factors that could trigger an upgrade of Brazil's sovereign ratings include: exports and the balance of payments continuing to weather a strong Real, slower global growth and the possibility of increased risk aversion in the international capital markets; a fall in real interest rates underpinning sustained GDP growth rates of at least 3.5% per year; governability maintained in spite of the corruption investigations and the 2006 elections (underscored in the near term by passage of the Lula LDO vetoes and the 2006 budget), as well as continued fiscal restraint; and finally, greater certainty about the continuity of macro policies in the incoming administration. CONTACT: Roger M. Scher +1-212-908-0240 Morgan Harting +1-212-908-0820, New York MEDIA RELATIONS: Chris Kimble +1-212-908-0226, New York =========================== C A Y M A N I S L A N D S =========================== ACROPOLE LIMITED: Buchanan Limited Appointed as Liquidator ---------------------------------------------------------- ACROPOLE LIMITED (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the shareholders of Acropole Limited. at an extraordinary general meeting of the shareholders held on September 22, 2005: "THAT the Company be voluntarily wound up under the Companies Law (2004) Revision);" and "THAT Buchanan Limited be appointed as liquidator, and that the liquidator be authorized, if it thinks fit, to distribute specific assets to members." Creditors of Acropole Limited., which is being wound up voluntarily, are required on or before November 3, 2005 to send in their names and addresses and the particulars of their debts or claims and the names and addresses of their attorneys-at-law (if any) to the undersigned, the liquidator of the Company, and if so required by notice in writing from the said liquidator either by their attorneys-at-law or personally to come in and prove the said 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. CONTACT: Buchanan Limited, Voluntary Liquidator Timothy Haddleton P.O. Box 1170 GT, Grand Cayman Telephone: (345) 949-0355 Facsimile: (345) 949-0360 ALMOND LIMITED: Appoints Buchanan Limited as Liquidator ------------------------------------------------------- ALMOND LIMITED (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the shareholders of Almond Limited an extraordinary general meeting of the shareholders held on September 22, 2005: "THAT the Company be voluntarily wound up under the Companies Law (2004) Revision);" and "THAT Buchanan Limited be appointed as liquidator, and that the liquidator be authorized if it thinks fit, to distribute specific assets to members." Creditors of Almond Limited, which is being wound up voluntarily, are required on or before November 3, 2005 to send in their names and addresses and the particulars of their debts or claims and the names and addresses of their attorneys-at-law (if any) to the undersigned, the liquidator of the Company, and if so required by notice in writing from the said liquidator either by their attorneys-at-law or personally to come in and prove the said 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. CONTACT: Buchanan Limited, Voluntary Liquidator Timothy Haddleton P.O. Box 1170 GT, Grand Cayman Telephone: (345) 949-0355 Facsimile: (345) 949-0360 ARAMANDA HOLDINGS: Company Enters Liquidation --------------------------------------------- ARAMANDA HOLDINGS LIMITED (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the shareholders of Aramanda Holdings Limited at an extraordinary general meeting of the shareholders held on September 22, 2005: "THAT the Company be voluntarily wound up under the Companies Law (2004) Revision);" and "THAT Buchanan Limited be appointed as liquidator, and that the liquidator be authorized, if it thinks fit, to distribute specific assets to members." Creditors of Aramanda Holdings Limited, which is being wound up voluntarily, are required on or before November 3, 2005 to send in their names and addresses and the particulars of their debts or claims and the names and addresses of their attorneys-at-law (if any) to the undersigned, the liquidator of the said company and if so required by notice in writing from the said liquidator either by their attorneys-at-law or personally to come in and prove the said 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. CONTACT: Buchanan Limited, Voluntary Liquidator Timothy Haddleton P.O. Box 1170 GT, Grand Cayman Telephone: (345) 949-0355 Facsimile: (345) 949-0360 BCS GLOBAL: Tammy Seymour Appointed as Liquidator ------------------------------------------------- BCS GLOBAL FUND LTD. (In Voluntary Liquidation) The Companies Law (2004 Revision) TAKE NOTICE that the following special resolution was passed by the sole shareholder of the above-named Company on 19th of September 2005: "THAT Tammy Seymour, of dms Corporate Services Ltd., P.O. Box 31910 SMB, Grand Cayman, be and is hereby appointed liquidator of the Company and is authorized to take all necessary steps for the purposes of such winding up." Creditors of the above-named Company are to prove their debts or claims on or before 3rd November 2005, and to establish any title they may have under the Companies Law (2004 Revision), or to be excluded from the benefit of any distribution made before the debts are proved or from objecting to the distribution. CONTACT: dms CORPORATE SERVICES LTD., Voluntary Liquidator For enquiries: Tammy Seymour Telephone: (345) 946 7665 Facsmilie: (345) 946 7666 Address for service: Ansbacher House P.O. Box 31910 SMB, Grand Cayman CAPTIVA FINANCE: Shareholder Resolves to Wind Up Company -------------------------------------------------------- CAPTIVA FINANCE II LTD. (In Voluntary Liquidation) The Companies Law (2004 Revision) Take notice that the following special resolutions were passed by the sole shareholder of the abovementioned company at an extraordinary general meeting held on 23rd September 2005: "THAT the company be placed into voluntary liquidation forthwith;" and "THAT David Dyer be appointed liquidator for the purposes thereof." Creditors of the company are to prove their debts or claims on or before 3rd November 2005, and to establish any title they may have under the Companies Law (2004 Revision), or to be excluded from the benefit of any distribution made before such debts are proved or from objecting to the distribution. CONTACT: DAVID DYER, Voluntary Liquidator Deutsche Bank (Cayman) Limited P.O. Box 1984 GT, George Town Grand Cayman CLARE IV: David Dyer Named Liquidator ------------------------------------- CLARE IV FUNDING CORP. (In Voluntary Liquidation) The Companies Law (2004 Revision) Take notice that the following special resolutions were passed by the sole shareholder of the above-mentioned company at an extraordinary general meeting held on 23rd September 2005: "THAT the company be placed into voluntary liquidation forthwith;" and "THAT David Dyer be appointed liquidator, for the purposes thereof." Creditors of the company are to prove their debts or claims on or before 3rd November 2005, and to establish any title they may have under the Companies Law (2004 Revision), or to be excluded from the benefit of any distribution made before such debts are proved or from objecting to the distribution. CONTACT: DAVID DYER, Voluntary Liquidator Deutsche Bank (Cayman) Limited P.O. Box 1984GT, George Town, Grand Cayman CONTINUITY ASIAN: Taps Q&H Nominees Ltd. as Liquidator ------------------------------------------------------ CONTINUITY ASIAN TECHNOLOGY FUND LTD. (In Voluntary Liquidation) The Companies Law (Revised) The following special resolution was passed by the shareholder of this Company at an extraordinary general meeting held on 14th September 2005: "That the company be voluntarily wound up and that Q&H Nominees Ltd. be appointed liquidator of the company for that purpose." Creditors of the company are to prove their debts or claims on or before the 4th November 2005 and to establish any title they may have under the Companies Law (Revised), or to be excluded from the benefit of any distribution made before the debts are proved or from objecting to the distribution. CONTACT: Q & H NOMINEES LTD., Voluntary Liquidator For enquiries: Greg Link Telephone: 949 4123 Facsimile: 949 4647 P O Box 1348, George Town, Grand Cayman COROMANDEL TREND: Selects Krys, Tomkins as Liquidators ------------------------------------------------------ COROMANDEL TREND FUND LIMITED (In Voluntary Liquidation) The Companies Law (2004 Revision) Take notice that the following special resolution was passed by the shareholder of Coromandel Trend Fund Limited by special resolution dated on September 15, 2005: "THAT the company be placed into voluntary liquidation. "THAT Kenneth Krys and Simone Tomkins, of RSM Cayman, P.O. Box 1370 GT, Commerce House, 2nd Floor, 7th Dr. Roy's Drive, George Town, be appointed joint liquidators of the Company each with the power to act jointly or singly for the purposes of winding up the affairs of the company." Creditors of the Company are to prove their debts or claims on or before November 3, 2005, and to establish any title they may have under the Companies Law (2004 Revision), or to be excluded from the benefit of any distribution made before such debts are proved or from objecting to the distribution. Dated this 22nd day of September 2005. CONTACT: KENNETH KYRS and SIMONE TOMKINS Joint Voluntary Liquidators c/o RSM Cayman Islands, P.O. Box 1370 Grand Cayman, Cayman Islands CORONATION GATEHOUSE: Shareholder Voluntarily Winds Up Company -------------------------------------------------------------- CORONATION GATEHOUSE COMPANY (In Voluntary Liquidation) The Companies Law (Revised) The following special resolution was passed by the shareholder of this Company at an extraordinary general meeting held on 26th August 2005. "That the company be voluntarily wound up and that Q & H Nominees, Ltd., be appointed liquidator of the company for that purpose." Creditors of the company are to prove their debts or claims on or before the 4th November 2005 and to establish any title they may have under the Companies Law (Revised), or to be excluded from the benefit of any distribution made before the debts are proved or from objecting to the distribution. CONTACT: Q & H NOMINEES, LTD., Voluntary Liquidator For enquiries: Greg Link Telephone: 949 4123 Facsimile: 949 4647 P O Box 1348, George Town, Grand Cayman CORONATION SABATON: Q & H Nominees Named Liquidator --------------------------------------------------- CORONATION SABATON COMPANY (In Voluntary Liquidation) The Companies Law (Revised) The following special resolution was passed by the shareholder of this Company at an extraordinary general meeting held on 26th August 2005: "That the company be voluntarily wound up and that Q & H Nominees, Ltd. be appointed liquidator of the company for that purpose." Creditors of the company are to prove their debts or claims on or before the 4th November 2005 and to establish any title they may have under the Companies Law (Revised), or to be excluded from the benefit of any distribution made before the debts are proved or from objecting to the distribution. CONTACT: Q & H NOMINEES, LTD. Voluntary Liquidator For enquiries: Greg Link Telephone: 949 4123 Facsimile: 949 4647 P O Box 1348, George Town, Grand Cayman DB HEDGE: Creditors Called to Prove Debt Claims Before Nov. 3 ------------------------------------------------------------- DB HEDGE LIMITED (In Voluntary Liquidation) The Companies Law (2004 Revision) Take notice that the following special resolutions were passed by the sole shareholder of the abovementioned company at an extraordinary general meeting held on 23rd September 2005: "THAT the company be placed into voluntary liquidation forthwith;" and "THAT David Dyer be appointed liquidator, for the purposes thereof." Creditors of the company are to prove their debts or claims on or before 3rd November 2005, and to establish any title they may have under the Companies Law (2004 Revision), or to be excluded from the benefit of any distribution made before such debts are proved or from objecting to the distribution. CONTACT: DAVID DYER, Voluntary Liquidator C/O Deutsche Bank (Cayman) Limited P.O. Box 1984GT, George Town, Grand Cayman HAWTHORNE LTD: Creditors' Claims to be Submitted Nov. 3 ------------------------------------------------------- HAWTHORNE LTD (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the shareholders of Hawthorne Ltd at an extraordinary general meeting of the shareholders held on September 22, 2005: "THAT the Company be voluntarily wound up under the Companies Law (2004) Revision);" and "THAT Buchanan Limited be appointed as liquidator, and that the liquidator be authorized if it thinks fit, to distribute specific assets to members." Creditors of Hawthorne Ltd, which is being wound up voluntarily, are required on or before November 3, 2005 to send in their names and addresses and the particulars of their debts or claims and the names and addresses of their attorneys-at-law (if any) to the undersigned, the liquidator of the Company and if so required by notice in writing from the liquidator either by their attorneys-at-law or personally to come in and prove the debts or claims at such time and place as shall be specified in such notice or, in default thereof, they will be excluded from the benefit of any distribution made before such debts are proved. CONTACT: Buchanan Limited, Voluntary Liquidator Timothy Haddleton P.O. Box 1170 GT, Grand Cayman Telephone: (345) 949-0355 Facsimile: (345) 949-0360 HUON HOLDINGS: Appoints Lawrence Edwards as Liquidator ------------------------------------------------------ HUON HOLDINGS LIMITED (In Voluntary Liquidation) The Companies Law (2004 Revision) The following written resolution was passed by the sole shareholder of the Company on June 8, 2005: THAT the Company be wound-up voluntarily and that David A.K. Walker and Lawrence Edwards, of PricewaterhouseCoopers, Strathvale House, George Town, Grand Cayman, Cayman Islands, be and are hereby appointed Joint Liquidators for the purposes of winding-up the Company and that either of them shall have the power to act alone in the winding-up. Creditors of the company are to prove their debts or claims on or before October 28, 2005 and to establish any title they may have under the Companies Law (2004 Revision), or to be excluded from the benefit of any distribution made before the debts are proved or from objecting to the distribution. CONTACT: Mr. Lawrence Edwards, Joint Voluntary Liquidator Jodi Smith PO Box 219GT, Grand Cayman, Cayman Islands Telephone: (345) 914 8694 Facsimile: (345) 949 4590 IRU HOLDINGS: Liquidator Selected for Wind Up Process ----------------------------------------------------- IRU HOLDINGS LIMITED (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the shareholders of IRU Holdings Limited at an extraordinary general meeting of the shareholders held on September 22, 2005: "THAT the Company be voluntarily wound up under the Companies Law (2004) Revision);" and "THAT Buchanan Limited be appointed as liquidator, and that the liquidator be authorized if it thinks fit, to distribute specific assets to members." Creditors of IRU Holdings Limited, which is being wound up voluntarily, are required on or before November 3, 2005 to send in their names and addresses and the particulars of their debts or claims and the names and addresses of their attorneys-at-law (if any) to the undersigned, the liquidator of the said company and if so required by notice in writing from the said liquidator either by their attorneys-at-law or personally to come in and prove the said 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. CONTACT: Buchanan Limited, Voluntary Liquidator Timothy Haddleton P.O. Box 1170 GT, Grand Cayman Telephone: (345) 949-0355 Facsimile: (345) 949-0360 IRON ORE: Wind Up Process to be Explained to Members Nov. 3 ----------------------------------------------------------- IRON ORE OFFSHORE LTD. (In Voluntary Liquidation) The Companies Law (2004 Revision) Section 145 NOTICE is hereby given pursuant to section 145 of the Companies Law that the final general meeting of Iron Ore Offshore Ltd. will be held at the offices of Maples Finance Limited, Queensgate House, George Town, Grand Cayman, Cayman Islands, on November 3, 2005, for the purpose of presenting to the members an account of the winding up of the Company and giving any explanation thereof. CONTACT: Mr. Johann Le Roux, Joint Voluntary Liquidators Maples Finance Limited, P.O. Box 1093GT Grand Cayman, Cayman Islands. KIRTLAND PDM: To Present Account of Wind Up Process to Members -------------------------------------------------------------- KIRTLAND PDM BRIDGE LLC (In Voluntary Winding Up) The Companies Law (2004 Revision) Section 145 NOTICE is hereby given pursuant to section 145 of the Companies Law that the final general meeting of the Company will be held at 3201 Enterprise Parkway, Suite 200, Beachwood, OH 44122, USA, on November 25, 2005 for the purpose of presenting to the members an account of the winding up of the Company and giving any explanation thereof. CONTACT: Mr. Michael T. Degrandis, Voluntary Liquidator c/o Maples and Calder, Attorneys-at-law PO Box 309GT, Ugland House South Church Street, George Town Grand Cayman, Cayman Islands LMCG MEDSCIENCE: To Authorize Liquidators to Retain Records ----------------------------------------------------------- LMCG MEDSCIENCE PARTNERS, LTD (The "Company") (In Voluntary Liquidation) The Companies Law (As Amended) Pursuant to section 145 of the Companies Law (as amended), the Final Meeting of the Shareholders of the Company will be held at the registered office of the Company on November 4, 2005 at 2:30 p.m. Business: 1. To lay accounts before the meeting, showing how the winding up has been conducted and how the property has been disposed of, as at final winding up on November 4, 2005. 2. To authorize the Liquidators to retain the records of the Company for a period of five years from the dissolution of the Company, after which they may be destroyed. Proxies: Any person who is entitled to attend and vote at this meeting may appoint a proxy to attend and vote in his stead. A proxy need not be a member or a creditor. CONTACT: JOHN CULLINANE and DERRIE BOGGESS Joint Voluntary Liquidators c/o Walkers SPV Limited, Walker House P.O. Box 908, George Town, Grand Cayman MCCONNELL ENTERPRISES: Shareholder Voluntarily Winds Up Firm ------------------------------------------------------------ MCCONNELL ENTERPRISES LTD. (In voluntary Liquidation) The Companies Law (2004 Revision) TAKE NOTICE THAT the following special resolution was passed by the sole shareholder of McConnell Enterprises Ltd. (the "Company") on the 20th day of September 2005: RESOLVED THAT the Company be wound up voluntarily and that Mr. Andre Voizard be and is appointed as liquidator of the Company for the purposes of the winding up. NOTICE IS HEREBY GIVEN that creditors of the Company are required to provide details of and prove their debts or claims to the liquidator of the Company by 4th November 2005 and, in default thereof, will be excluded from the benefit of any distribution made before such debts or claims are proved or from objecting to any distribution. CONTACT: ANDRE VOIZARD Voluntary Liquidator For enquiries: Voizard, Voizard, Steenackers, Vallee 1080, rue Valiquette, Saint-Adele Quebec, J8B 2M3, Canada Tel: 450 229 3551 Fax: 450 229 9062 OSCAR FUNDING: Shareholder Decides on Voluntary Liquidation ----------------------------------------------------------- OSCAR FUNDING CORP. VIII (In Voluntary Liquidation) The Companies Law (2004 Revision) Take notice that the following special resolutions were passed by the sole shareholder of the abovementioned company at an extraordinary general meeting held on 23rd September 2005: "THAT the company be placed into voluntary liquidation forthwith;" and "THAT David Dyer be appointed liquidator, for the purposes thereof." Creditors of the company are to prove their debts or claims on or before 3rd November 2005, and to establish any title they may have under the Companies Law (2004 Revision), or to be excluded from the benefit of any distribution made before such debts are proved or from objecting to the distribution. CONTACT: DAVID DYER, Voluntary Liquidator Deutsche Bank (Cayman) Limited P.O. Box 1984GT, George Town, Grand Cayman ROXIO CI: Account Liquidation Set for Final Meeting --------------------------------------------------- ROXIO CI LTD. (In Voluntary Liquidation) The Companies Law (As Amended) Pursuant to section 145 of the Companies Law (as amended), the Final Meeting of the Shareholders of the Company will be held at the registered office of the Company on November 4, 2005 at 1:30 p.m. Business: 1. To lay accounts before the meeting, showing how the winding up has been conducted and how the property has been disposed of, as at final winding up on November 4, 2005. 2. To authorize the Liquidators to retain the records of the Company for a period of five years from the dissolution of the Company, after which they may be destroyed. Proxies: Any person who is entitled to attend and vote at this meeting may appoint a proxy to attend and vote in his stead. A proxy need not be a member or a creditor. CONTACT: JOHN CULLINANE and DERRIE BOGGESS Joint Voluntary Liquidators c/o Walkers SPV Limited, Walker House P.O. Box 908, George Town, Grand Cayman ROYAL TRUST: Shareholder Decides to Wind Up Affairs --------------------------------------------------- ROYAL TRUST (BERMUDA) LIMITED (The "Company") (In Voluntary Liquidation) The Companies Law (2004 Revision) TAKE NOTICE that the following Special Resolutions were adopted in writing by the Sole Shareholder of the Company on 23rd September 2005: "THAT the Company's affairs be wound up and that the Company be placed in voluntary liquidation forthwith;" and "THAT Simon Garnett and Candace L. Ebanks be appointed as joint liquidators of the Company." Creditors of the Company are to prove their debts or claims on or before 24th October 2005, and to establish any title they may have under the Companies Law (2004 Revision), or to be excluded from the benefit of any distribution made before the debts are proved or from objecting to the distribution. CONTACT: SIMON GARNETT and CANDACE L. EBANKS Joint Voluntary Liquidators P.O. Box 1586 GT, Grand Cayman For enquiries: Candace L. Ebanks Royal Bank of Canada Trust Company (Cayman) Limited P.O. Box 1586 GT, Grand Cayman Telephone: (345) 949-9107 Facsimile: (345) 949-5777 SECOND REBECCA: Shareholders Voluntarily Wind Up Company -------------------------------------------------------- SECOND REBECCA CORPORATION (The "Company") (In Voluntary Liquidation) Companies Law (As Amended) TAKE NOTICE THAT the following resolution was passed by the Shareholders of the Company by written resolution dated 21st September 2005: "RESOLVED that the Company be voluntarily wound up and John Cullinane and Derrie Boggess, c/o Walkers SPV Limited, P.O. Box 908, George Town, Grand Cayman, Cayman Islands, be appointed as Joint Liquidators to act for the purposes of such winding up." NOTICE IS HEREBY GIVEN that the creditors of the Company which is being wound up voluntarily are required within 30 days of the publication of this notice, to send in their names and addresses and the particulars of their debts and claims and the names and addresses of their attorneys-at-law (if any) to the undersigned. In default thereof, they will be excluded from the benefit of any distribution made before such debts are proved. CONTACT: JOHN CULLINANE and DERRIE BOGGESS Joint Voluntary Liquidators For enquiries: John Cullinane Telephone: (345) 914-6305 c/o Walkers SPV Limited, Walker House P.O. Box 908, George Town, Grand Cayman SOUTHBRIDGE INVESTMENTS: Claims Verification Ends Nov. 3 -------------------------------------------------------- SOUTHBRIDGE INVESTMENTS LIMITED (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the shareholders of Southbridge Investments Limited at an extraordinary general meeting of the shareholders held on September 22, 2005: "THAT the Company be voluntarily wound up under the Companies Law (2004) Revision);" and "THAT Buchanan Limited be appointed as liquidator, and that the liquidator be authorized if it thinks fit, to distribute specific assets to members." Creditors of Southbridge Investments Limited, which is being wound up voluntarily, are required on or before November 3, 2005 to send in their names and addresses and the particulars of their debts or claims and the names and addresses of their attorneys-at-law (if any) to the undersigned, the liquidator of the Company and if so required by notice in writing from the said liquidator either by their attorneys-at-law or personally to come in and prove the said 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. CONTACT: Buchanan Limited, Voluntary Liquidator Timothy Haddleton P.O. Box 1170 GT, Grand Cayman Telephone: (345) 949-0355 Facsimile: (345) 949-0360 SWEETPEA LIMITED: Selects Liquidator ------------------------------------ SWEETPEA LIMITED (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the shareholders of Sweetpea Limited at an extraordinary general meeting of the shareholders held on September 22, 2005: "THAT the Company be voluntarily wound up under the Companies Law (2004) Revision);" and "THAT Buchanan Limited be appointed as liquidator, and that the liquidator be authorized if it thinks fit, to distribute specific assets to members." Creditors of Sweetpea Limited, which is being wound up voluntarily, are required on or before November 3, 2005 to send in their names and addresses and the particulars of their debts or claims and the names and addresses of their attorneys-at-law (if any) to the undersigned, the liquidator of the said company, and if so required by notice in writing from the said liquidator either by their attorneys-at-law or personally to come in and prove the said 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. CONTACT: Buchanan Limited, Voluntary Liquidator Timothy Haddleton P.O. Box 1170 GT, Grand Cayman Telephone: (345) 949-0355 Facsimile: (345) 949-0360 TENET OFFSHORE: Creditors to Submit Claims Before Nov. 5 -------------------------------------------------------- TENET OFFSHORE CAPITAL PARTNERS, LTD. (In Voluntary Liquidation) ("The Company") The Companies Law (2004 Revision) Notice is hereby given that the creditors of the above-named company, which is being wound up voluntarily, are required on or before 3rd November 2005 to send in their names and addresses and particulars of their debts or claims and the names and addresses of their attorneys-at-law (if any) to the undersigned, the liquidator of the said company, and if so required by notice in writing from the said liquidator, either by their attorneys-at-law or personally, to come in and prove the said 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. CONTACT: S.L.C. WHICKER, Joint Voluntary Liquidator P.O. Box 493 GT, Grand Cayman Cayman Islands Merrin Hodge Telephone: 345-914-4362 Facsimile: 345-949-7164 THE MACRO (MASTER): Debt Filings Due Before Nov. 3 -------------------------------------------------- THE MACRO (MASTER) FUND LIMITED (In Voluntary Liquidation) (The "Company") The Companies Law (2004 Revision) Take notice that the following special resolutions were passed by the shareholders of this Company on 16th September 2005: THAT the Company be placed into voluntary liquidation forthwith; and THAT Ian Wight and Stuart Sybersma, of Deloitte, be appointed liquidators, jointly and severally, for the purposes thereof. Creditors of the Company are to prove their debts or claims on or before 3rd November 2005, and to establish any title they may have under the Companies Law (2004 Revision), or to be excluded from the benefit of any distribution made before the debts are proved or from objecting to the distribution. CONTACT: STUART SYBERSMA Joint Voluntary Liquidator For enquiries: Nicole Ebanks, Deloitte P.O. Box 1787 GT, Grand Cayman Cayman Islands Telephone: (345) 949 7500 Facsimile: (345) 949 8258 TRANSPORT COMMUNITY: Taps Le Roux, Jon Roney as Liquidators ----------------------------------------------------------- TRANSPORT COMMUNITY LIMITED (In Voluntary Liquidation) The Companies Law (2004 revision) Section 135 TAKE NOTICE that the following special resolution was passed by the shareholder(s) of Transport Community at an extraordinary general meeting of the shareholder(s) held on August 30, 2005: THAT the Company be placed into voluntary liquidation forthwith. THAT Johann Le Roux and Jon Roney be appointed as liquidators of the Company. Creditors of Transport Community are to prove their debts or claims on or before November 3, 2005, and to send full particulars of their debts or claims to the joint liquidators of the Company. In default thereof, they will be excluded from the benefit of any distribution made before the debts are proved or from objecting to the distribution. CONTACT: Messrs. Johann Le Roux and Jon Roney Joint Voluntary Liquidators Maples Finance Limited, P.O. Box 1093GT Grand Cayman, Cayman Islands VINTAGE PETROLEUM: Proof of Claims Due by October 22 ---------------------------------------------------- VINTAGE PETROLEUM ECUADOR, INC. (The "Company") (In Voluntary Liquidation) Companies Law (As Amended) TAKE NOTICE THAT the following resolution was passed by the Shareholders of the Company by written resolution dated 9th September 2005: "RESOLVED that the Company be voluntarily wound up and John Cullinane and Derrie Boggess, c/o Walkers SPV Limited, P.O. Box 908, George Town, Grand Cayman, Cayman Islands, be appointed as Joint Liquidators to act for the purposes of such winding up." NOTICE IS HEREBY GIVEN that the creditors of the Company which is being wound up voluntarily are required within 30 days of the publication of this notice, to send in their names and addresses and the particulars of their debts and claims and the names and addresses of their attorneys-at-law (if any) to the undersigned. In default thereof, they will be excluded from the benefit of any distribution made before such debts are proved. Dated this 22nd September 2005 CONTACT: JOHN CULLINANE and DERRIE BOGGESS Joint Voluntary Liquidators Telephone: (345) 914-6305 c/o Walkers SPV Limited Walker House, P.O. Box 908 George Town, Grand Cayman WILSHIRE FUND: Shareholders Resolve to Wind Up Firm --------------------------------------------------- WILSHIRE FUND LTD. ("The Company") (In Voluntary Liquidation) The Companies Law (2004 Revision) The following resolution of the members of the Company was passed at an Extraordinary General Meeting of the shareholders of the Company held on 14th September 2005: That the Company be wound up voluntarily" That Lawrence Winfield Sifton, of PO Box 2255 GT, Grand Cayman, Cayman Islands, British West Indies, be and is hereby appointed sole Liquidator of the Company. Creditors of the Company are required on or before Friday, 13th January 2006, to send in their names and addresses and the particulars of their debts or claims and the names and addresses of their attorneys-at-law (if any) to the Liquidator of the said Company as set out below, and if so required by notice in writing from the said Liquidator either by their attorneys-at-law or personally to come in and prove the said 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. CONTACT: LAWRENCE WINFIELD SIFTON Voluntary Liquidator For enquiries: Lawrence Winfield Sifton c/o Woodward Terry & Company Address for service: Suite #102nd Floor, Jack & Jill Building 19 Fort Street, c/o P.O. Box 822GT Grand Cayman, Cayman Islands Telephone: 345-945-2800 Facsimile: 345-945-2727 ZAIS MATRIX: To Hold Final Meeting at Deutsche Bank Nov. 3 ---------------------------------------------------------- ZAIS MATRIX IV FUND, LTD. (In Voluntary Liquidation) The Companies Law (2004 Revision) NOTICE is hereby given pursuant to section 145 of the Companies Law (2004 Revision) that the extraordinary final meeting of the Company will be held at the offices of Deutsche Bank (Cayman) Limited, Elizabethan Square, George Town, Grand Cayman, on November 3, 2005, for the purpose of presenting to the members an account of the winding up of the Company and giving any explanation thereof. CONTACT: Mr. David Dyer, Voluntary Liquidator P.O. Box 1984GT, Grand Cayman Telephone: (345) 949 8244 Facsimile: (345) 949 5223 ===================== E L S A L V A D O R ===================== BANCO AMERICANO: Liquidity Pressures Keep Ratings Negative ---------------------------------------------------------- Fitch Ratings affirmed Banco Americano's long-term national scale B-(slv) and short-term B(slv) ratings with a negative outlook, reports Business News Americas. Fitch said the ratings reflect liquidity pressures on Americano's balance sheet due to the outflow of deposits during the first half, exacerbated by the high concentration of deposits. The ratings also take into account the high concentration of Americano's loan portfolio. Earlier this year, Americano, which specializes in commercial lending, put itself up for sale due to competitive pressures in a banking industry that is increasingly dominated by a handful of big players. Banco Industrial, Guatemala's largest bank, has shown an interest in acquiring Americano. Unnamed sources say Industrial, which is also active in the commercial and family remittance space with a network of remittance agencies in the US, is currently negotiating Americano's purchase. Americano's assets fell 35% year-over-year to US$71.6 million at June 30, while deposits plunged nearly 50% to US$21.6 million. =========== M E X I C O =========== AEROMEXICO: Warns of Rising Fuel Price Complications ---------------------------------------------------- AeroMexico expects to pay about US$100 million more for jet fuel this year than in recent years, Dow Jones Newswires reports, citing a company official. Jose Manuel Diaz de Rivera, executive vice president for sales and marketing at AeroMexico, disclosed that the carrier's fuel costs soared nearly 41% between January and September. "Aviation is definitely living in a complicated moment," Mr. Diaz said, citing recent bankruptcies of major carriers as proof that the industry model needs to be reshaped. Aeromexico and its sister carrier, Mexicana, are in the process of being sold by controller government holding company Cintra. Credit Suisse First Boston (CSF.YY) is managing the sale. Five investor groups are expected to submit offers for the carriers in November. Cintra Chairman Andres Conesa said that if for some reason the sale is postponed, the airlines are likely to continue losing market share "for lack of funds to invest." ASARCO: Seeks Extension to to File Schedules -------------------------------------------- Jack L. Kinzie, Esq., at Baker Botts, L.L.P., in Dallas, Texas, tells the U.S. Bankruptcy Court for the Southern District of Texas, Corpus Christi Division, that ASARCO, LLC, has been working diligently to compile the information needed to complete its schedules of assets and liabilities, statement of financial affairs, list of equity security holders, and lists of executory contracts and unexpired leases required by Rule 1007 of the Federal Rules of Bankruptcy Procedure. However, due to the complexity and size of the business, the fact that some of the information is scattered in facilities throughout the country, and the fact that the company's attention has been required to attend to many other urgent issues, ASARCO will not be able to complete its Schedules in time for filing on Oct. 10, 2005, as it had expected. By this motion, ASARCO asks Judge Schmidt to extend the deadline for filing the Schedules until Nov. 9, 2005. 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. 7; Bankruptcy Creditors' Service, Inc., 215/945-7000). BANCO MERCANTIL: Ratings Reflect Various Efficiency Challenges -------------------------------------------------------------- CREDIT RATING: BB+/Positive/B Outstanding Rating(s) Counterparty Credit: BB+/Positive/B Certificate of deposit: BB+/B Rationale The ratings assigned to Banco Mercantil del Norte S.A. (Banorte) consider challenges to successfully leverage its branch network, to continue its loan portfolio growth with adequate asset quality in a very competitive environment, to further build up loans to replace IPAB notes with higher-margin assets, and to improve efficiency and capitalization to peer levels. The ratings are underpinned by the bank's strong presence in the north of the country, its strengthened financial condition, particularly with regards to asset quality, and its improved profitability and coverage. Although Banorte has exhibited double-digit growth in its loan portfolio in the past two years and credit demand in the Mexican market has shown recovery, the bank still faces the challenge of confronting strong foreign large banks, which are receiving strong support from their parents and are implementing strategies to penetrate the market. In addition, Banorte faces competition from midsize and small banks that are willing to gain market share. Banorte has the challenge to build up loans to replace IPAB notes with higher-margin assets and to increase cross selling. Banorte has a strong presence in the north and central regions that provides the basis for future growth; however, its market share and penetration of the Mexico City region is below that of peers. It is a challenge for Banorte to continue strengthening capitalization because even when the adjusted common equity-to-asset ratio increased to 6.6% as of June 2005, compared to 3.3% in June 2004, it remains below those of main peers. Significant improvements were achieved in efficiency, asset quality, net interest margin, and profitability in the past 12 months. This positive trend is expected to continue during 2005, thus addressing the main vulnerabilities that constrain the bank's credit quality. The efficiency program announced during the second half of 2004, which included staff and branch rationalization, has already borne fruit. The bank's efficiency ratio during first-half 2005 dropped to 57% from a high 77% the prior year. Banorte's target efficiency levels are around 55%- 60%, which should be achieved by additional savings, but more importantly by higher volume of revenues. The Mexican pesos 47 billion securitization of the bank's IPAB note done in December 2004 is producing a stronger net interest margin and is expected to continue during 2005. The securitization allowed the bank to pay down expensive funding and should reduce the net interest income (NII) exposure to rising interest rates. Additionally, NII has increased as a consequence of growth in higher-margin loans, and Standard & Poor's Ratings Services expects this margin to remain similar to current levels. Further reductions in funding and operating costs are also expected to enhance Banorte's profitability. Banorte's loan portfolio has grown quickly in the past two years, but asset quality has not deteriorated. Banorte has increased its loan portfolio in real terms, mainly in consumer and mortgage lending, without breaching conservative loans underwriting and maintaining adequate asset quality figures. Additionally, during fourth-quarter 2004, the bank took charge- offs of around 1.5%, bringing down its nonperforming asset (NPA) ratio to 2% of total loans as of June 2005 from 3% in 2004 and 6.3% in 2003. We do not anticipate significant charge- offs going forward, and expect the NPA ratio to remain relatively unchanged. Banorte has also achieved steady loan growth, particularly in consumer loans and mortgages. Future performance of newly originated loans will be mitigated by management's focus on risk, and the good economic prospect for Mexico. It is expected that the bank will maintain NPAs around 2% and coverage of NPAs at 1.2x, which are in line with those of most Mexican banks. Although the bank has been able to improve its asset quality indicators, it still has the challenge of maintaining good asset quality as loans granted during the past couple of years mature. Outlook The positive outlook is based on the expectation that the bank will maintain its financial profile, with good asset quality indicators, while increasing its loan portfolio, achieving efficiency and profitability similar to other Mexican banks' level. Good performance is expected to be maintained in the coming years, reflected in better operating profitability. The bank is challenged to keep its growth pace through better cross-selling opportunities. The ratings could improve if the bank maintains its positive performance trend, including good asset quality, profitability, and capitalization. Should the bank be unsuccessful in maintaining its positive performance trend, good asset quality indicators, and adequate capitalization, its creditworthiness could be negatively affected. Primary Credit Analyst: Leonardo Bravo, Mexico City (52)55- 5081-4406; leonardo_bravo@standardandpoors.com Secondary Credit Analyst: Francisco Suarez, Mexico City (52) 55-5081-4474; francisco_suarez@standardandpoors.com VITRO: Puts Corporate Headquarters on the Block ----------------------------------------------- Vitro, S.A. de C.V. announced Tuesday that it is offering for sale its corporate headquarters located in San Pedro Garza Garcia, Mexico. The Company has entered into a formal process to sell two corporate office buildings and their surrounding undeveloped land. One building covers 119,000 square feet built on a property of 4.7 acres and the other covers 67,000 square feet built on a property of 3.8 acres. The offer also includes 26.6 acres of undeveloped land. This sale is in line with Vitro's Strategic Plan aimed at reducing the Holding Company's debt. Vitro, through its subsidiary companies, is one of the world's leading glass producers. Vitro is a major participant in three principal businesses: flat glass, glass containers and glassware. Vitro serves multiple product markets, including construction and automotive glass; food and beverage, wine, liquor, cosmetics and pharmaceutical glass containers; glassware for commercial, industrial and retail uses. Founded in 1909 in Monterrey, Mexico-based Vitro has joint ventures with major world-class partners and industry leaders that provide its subsidiaries with access to international markets, distribution channels and state-of-the-art technology. Vitro's subsidiaries have facilities and distribution centers in eight countries, located in North, Central and South America, and Europe, and export to more than 70 countries worldwide. CONTACT: Vitro S.A. de C.V. Investor Relations Adrian Meouchi / Leticia Vargas Phone: (52) 81-8863-1350 / 1219 E-mail: ameouchi@vitro.com lvargasv@vitro.com URL: http://www.vitro.com Media Relations Albert Chico Phone: (52) 81-8863-1335 E-mail: achico@vitro.com U.S. agency Susan Borinelli / Michael Fehle Breakstone Group Phone: (646) 452-2333/2336 E-mail: sborinelli@breakstone-group.com mfehle@breakstone-group.com ================= V E N E Z U E L A ================= BANPLUS: Regulator Seeks to Sell Bank to Private Investor --------------------------------------------------------- Banking regulator Sudeban is planning to privatize Banplus, which was intervened last week after Sudeban detected irregularities in its loan portfolio and poor solvency indicators. According to Business News Americas, banking regulator Trino Alcides Diaz prefers privatization for the institution, whose equity totals some VEB18.9 billion (US$6.71mn). Banplus operates through 10 branches in Venezuela, seven of which are located in the capital Caracas. PDVSA: Files 2003 Annual Report With U.S. SEC --------------------------------------------- State-owned oil conglomerate Petroleos de Venezuela, S.A. (PDVSA) has filed its annual report for the year ended December 31, 2003 with the U.S. Securities and Exchange Commission. In its filing, the Company revealed that Venezuela's oil production fell to 2.60 million barrels a day in 2003, down from 2.83 million in 2002, and 3.27 million in 2001. Venezuela, the world's fifth-largest oil exporter, saw production plummet in 2002-2003 because of a two-month long nationwide strike. PDVSA fired more than half of its workforce to end the strike. The Company's former managers have repeatedly said that the Company doesn't have enough experienced personnel on hand to manage the company's oil fields, which has resulted in falling output. Chavez and Venezuela's Energy and Oil Minister Rafael Ramirez have said the country's current output is about 3.3 million barrels a day. Former managers say it is closer to 2.5 million barrels a day, a figure backed by most international analysts. The Company said it was more than a year late in filing its 2003 report because of the strike and sabotage. PDVSA said it has yet to submit its 2004 report to the SEC. But in a press release, the Company said it is working hard to complete financial closure of 2004 and 20-F forms as soon as possible to return to normalcy in financial reporting. *********** 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. 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