/raid1/www/Hosts/bankrupt/TCRLA_Public/051018.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, October 18, 2005, Vol. 6, Issue 206
Headlines
A R G E N T I N A
AEROSOLES Y SERVICIOS: Court Authorizes Reorganization
ALPARGATAS: Note Holders' Meeting Set For October 24
ALPARGATAS: Updates Exchange on Reorgornization Proceedings
COMPANIA ELABORADORA: Reorganization Proceeds to Bankruptcy
COOPERATIVA DE TRABAJO: Court Declares Company Bankrupt
DANTE ZUNINO: Enters Bankruptcy Following Court Decree
FEHU S.R.L.: Involuntary Bankruptcy Motion Wins in Court
GAS ARGENTINO: Fitch Confirms `D(arg)' Rating on $130M Bonds
INDUSTRIAS WILMAX: Judge Approves Bankruptcy
INHEA S.A.: Liquidates Assets to Pay Debts
METROGAS: Responds to SEC Comment Letter
SIDERAR: CMA Assigns Market Performer Rating
SUROIL S.A.: Court Mandates Liquidation
TOBI S.R.L.: Enters Bankruptcy on Court Orders
YEARLING S.A.: Court Authorizes Reorganization
B E R M U D A
CATEL LIMITED: Appoints Robin J Mayor as Liquidator
ENZO LIMITED: Enters Voluntary Liquidation
PACIFIC SURETY: Hires Robin J Mayor as Liquidator
REGENT INTERNATIONAL: To be Wound Up Voluntarily
B R A Z I L
BANCO BRADESCO: Fitch Upgrades Ratings Outlook
BANCO DO BRASIL: Fitch Changes `BB-' LTFC Rating Outlook to Pos.
BANCO ITAU: Situation Improves, Fitch Revises Rating Outlook
BANCO PACTUAL: Fitch Outlook Goes Positive
BANCO SAFRA: Outlook Improves According to Fitch
BANCO SANTANDER: `BB+' LTLC Rating Outlook Revised to Positive
BANCO SCHAHIN: Rating Affirmed, Outlook Stable
BANCO UNIBANCO: Fitch Revises Outlook on `BB-' LTFC Rating
BANCO VOTORANTIM: Fitch Changes Outlook on `BB-' LTFC Rating
BANESPA: `BB-' LTFC Rating Outlook Revised to Positive
COSAN: Moody's Ups Ba3 Foreign Currency Bond Rating Outlook
EMBRATEL PARTICIPACOES: Submits Valuation Appraisal to CVM
ZARCAN INTERNATIONAL: Cancels Shares-for-Debt Agreement
C A Y M A N I S L A N D S
ALTS HOLDINGS: Liquidation Update Set for November 3
CASTLE HARBOR: Final General Meeting Set for Nov. 3
EMPLOYEE LLC: Liquidation Meeting Set for Nov. 3
HECTOR FUNDING: General Meeting Scheduled for Nov. 3
MADA LIMITED: Final Meeting to be Held Oct. 24
MONTPELLIER VALUE: Shareholders Final Meeting Set for Nov. 7
SALISBURY GLOBAL: Final General Meeting to be Held Nov. 3
SKLA II: Shareholders Elect to Liquidate Firm
SONG OF ROLAND: Creditors to Send Proofs of Claim Before Nov. 3
STHENOS EUROPEAN: Voluntary Liquidation Initiated
TECTONIC INTERNATIONAL: Shareholders' Final Mtg. Set for Nov. 3
C H I L E
ENERSIS: Moody's Revises Outlook to Positive from Stable
C O L O M B I A
FGM: Analysis Values Company at $160M
E L S A L V A D O R
* EL SALVADOR: Successful Dollarization Prompts Baa3 Ratings
M E X I C O
AEROMEXICO/MEXICANA: Iberia Decides Against Airline Bid
IMSS: Workers Accept Government Proposal, Call Off Strike
P E R U
* PERU: IMF Approves $416M Stand-By Arrangement
U R U G U A Y
ANCAP: Agrees to Manage Argentine Unit for 12 Months
V E N E Z U E L A
ALIMENTOS POLAR: Appeals Government's Asset Takeover
PDVSA: Moves Forward on Citgo Units' Sale
- - - - - - - - - -
=================
A R G E N T I N A
=================
AEROSOLES Y SERVICIOS: Court Authorizes Reorganization
------------------------------------------------------
Aerosoles y Servicios S.A. will begin reorganization following
the approval of its petition by the 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. Alejandro Eduardo Pintor will oversee the reorganization
proceedings as the court-appointed trustee. He will verify
creditors' claims until Nov. 21, 2005. The validated claims will
be presented in court as individual reports.
Mr. Pintor 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.
CONTACT: Mr. Alejandro Eduardo Pintor, Trustee
25 de Mayo 651
Ciudad de San Luis (San Luis)
ALPARGATAS: Note Holders' Meeting Set For October 24
----------------------------------------------------
Alpargatas S.A.I.C. ("Alpargatas"), Alpargatas Textil S.A.,
Alpargatas Calzados S.A., Alpaline S.A., Textil Catamarca S.A.,
Calzado Catamarca S.A., and Confecciones Textiles S.A.
(Alpargatas and the other named corporations, the "Debtors"), in
compliance with resolutions issued on September 21, 2004,
September 29, 2004 and August 26, 2005 in the case entitled
"Alpargatas S.A.I.C s/Concurso Preventivo" (Expte. No. 40 722)
pending before the National Court of First Instance on
Commercial Matters No. 19, where Judge Adela N. Fernandez sits,
Clerk's Office No. 37, in the care of Maria Fernanda Mazzoni,
attorney-at-law, as clerk of the court, located at Marcelo T. de
Alvear 1840 P.B., City of Buenos Aires, Argentina, (the
"Court"), and the cases pending before the same court - as per
Section 67 and related provisions of the Reorganization and
Bankruptcy Proceedings Law No. 24522 ("LCQ")- "Alpaline S.A.
s/Concurso Preventivo" (Expte. No. 42.015), "Alpargatas Calzados
S.A. s/Concurso Preventivo" (Expte. Nro. 42.008), "Alpargatas
Textil S.A. s/Concurso Preventivo" (Expte. Nro. 42.007), "Textil
Catamarca S.A. s/Concurso Preventivo" (Expte. Nro. 42.123),
"Calzado Catamarca S.A. s/Concurso Preventivo" (Expte. Nro.
42.202), and "Confecciones Textiles S.A. s/Concurso Preventivo"(
Expte. No. 42.034), hereby for a period of five (5) days notify
the holders of outstanding Notes issued in Series by Alpargatas
guaranteed, where applicable, by Alpargatas Textil S.A. and
Alpargatas Calzados S.A. (the "Guarantors"), whose claims - for
purposes of calculating the required voting majorities - have
been allowed or admitted following an individual filing of
claims or a filing by their respective trustees, and which Notes
include:
- Series "B" Notes due March 15, 2010 (CUSIP 020545AF6 and
020545AD1; ISIN Codes US020545AD13 and US020545AF60);
- Series "A" Notes due March 15, 2015 (CUSIP 020545AC3 and
020545AE9, ISIN Codes US020545AC30 and US020545AE95), 9%
Convertible Notes due March 15, 1998 (CUSIP 02054AA7; ISIN
Code US020545AA73);
- 11.75% Series 10 Notes due August 18, 1998 (CUSIP 02054RAD3
and 02054QAD5;
- ISIN Codes US02054RAD35 and US02054QAD51);
- 12.75% Notes due July 30, 2003 (CUSIP PO176BAA4; ISIN Code
USP0176BAA46);
- Promissory Notes due April 21, 1998 (ISIN Code
XS0080059404);
- Promissory Notes due June 8, 1998 (ISIN Code XS0077166303),
and
- Promissory Notes due August 13, 1998 (ISIN Code
XS0078587010) (the "Notes")
the resolution to call a meeting of Holders of Notes (the
"Meeting"), as per Section 45 bis of Law No. 24522, for each
series of Notes, to be held on October 24, 2005, at 10:00 AM,
Buenos Aires time, at Alpargatas' registered offices, located at
Azara 841, 6th Floor, City of Buenos Aires, Argentina, to
consider the following Agenda:
"Consideration of a Single Proposal for Arrangement with the
Debtors'Creditors (the "Proposal"). Acceptance or rejection of
the Proposal, indicating the elected Option, if applicable."
See Alpargatas' Proposal free of charge at:
http://bankrupt.com/misc/Alpargatas_debt_proposal.htm
CONTACT: Alpargatas
Azara 841
Buenos Aires, Argentina
ALPARGATAS: Updates Exchange on Reorgornization Proceedings
-----------------------------------------------------------
Below is a copy of a letter, dated August 29, 2005, and sent by
Ricardo J. Lopez to the Buenos Aires Stock Exchange informing
the bourse of New Statutory Time Limits in Alpargatas'
Reorganization Proceedings:
This letter is addressed to you in order to inform that on the
26 th of August 2005 the National Court of First Instance on
Commercial Matters No. 19, where Judge Adela N. Fernandez sits,
Clerk's Office No. 37, established the new statutory time limits
according to Section 43 (end of the exclusivity period) and
Section 14 paragraph 10 and Section 45 (information audience)
under the Reorganization and Bankruptcy Proceedings Law No.
24522 ("LCQ") entitled " Alpargatas S.A.I.C s/Concurso
Preventivo " and The Reorganization of its Subsidiaries.
The Court resolved that the information audience will take place
on November 11, 2005 at 12:00 p.m. and the end of the
exclusivity period on the November 18, 2005.
The company will inform once the date of the Bondholders
meetings is established according to Section 45 bis of the
Reorganization and Bankruptcy Proceedings Law No. 24522.
COMPANIA ELABORADORA: Reorganization Proceeds to Bankruptcy
-----------------------------------------------------------
The reorganization of Compania Elaboradora de Productos
Alimenticios S.A. has progressed into bankruptcy. Argentine news
source Infobae relates that the court ruled that the Company is
"Quiebra Decretada".
The report adds that the court-appointed trustee will verify
creditors' proofs of claim until March 24, 2006. The trustee
will also prepare the individual reports as well as the general
report for submission.
COOPERATIVA DE TRABAJO: Court Declares Company Bankrupt
-------------------------------------------------------
Court No. 25 of Buenos Aires' civil and commercial tribunal
declared local company Cooperativa de Trabajo Fletes Argentina
Ltda. "Quiebra", relates La Nacion. The court approved the
bankruptcy petition filed by Ms. Maria Neira, whom the Company
has debts amounting to $7,900.
The Company will undergo the bankruptcy process with Mr.
Bartolome Bavio as trustee. Creditors are required to present
proof of their claims to Mr. Bavio for verification before Nov.
23, 2005. Creditors who fail to submit the required documents by
the said date will not qualify for any post-liquidation
distributions.
Clerk No. 49 assists the court on the case.
CONTACT: Cooperativa de Trabajo Fletes Argentina Ltda.
La Rosa 6080
Buenos Aires
Mr. Bartolome Bavio, Trustee
Avenida de Mayo 1324
Buenos Aires
DANTE ZUNINO: Enters Bankruptcy Following Court Decree
------------------------------------------------------
Dante Zunino S.A. enters bankruptcy protection after the Buenos
Aires' 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 Ms. Beatriz del Carmen Muruaga as trustee. Ms. Muruaga
will be verifying creditors' proofs of claim until the end of
the verification phase on Nov. 21, 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 individual reports will be submitted
on Feb. 1, 2006 followed by the general report, which is due on
March 15, 2006.
CONTACT: Ms. Beatriz del Carmen Muruaga, Trustee
Aguero 1290
Buenos Aires
FEHU S.R.L.: Involuntary Bankruptcy Motion Wins in Court
--------------------------------------------------------
Court No. 15 of Buenos Aires' civil and commercial tribunal
declared Fehu S.R.L. bankrupt, says La Nacion. The ruling comes
in approval of the petition filed by the Company's creditor,
Obra Social de Empleados de Comercio y Actividades Civiles, for
nonpayment of $1,607 in debt.
Trustee Pedro Mazzola will examine and authenticate creditors'
claims until Dec. 5, 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. 30 assists the court on the case, which will conclude
with the liquidation of the Company's assets.
CONTACT: Fehu S.R.L.
Castillo 246
Buenos Aires
Mr. Pedro Mazzola, Trustee
Cramer 1859
Buenos Aires
GAS ARGENTINO: Fitch Confirms `D(arg)' Rating on $130M Bonds
------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. has confirmed its
`D(arg)' rating on US$130 million (US$70 million currently
outstanding) of bonds issued by Gas Argentino S.A., reports
Business News Americas.
Gas Argentino has been in default since April 2002 after its
only source of income, natural gas distributor Metrogas (NYSE:
MGS), suspended its payments to the holding in March that year.
Until Metrogras restructures its debt, Gas Argentino is not
expected to receive any funds.
There have not been significant improvements in Metrogas' debt
restructuring. However, its cash flow has increased 30% to
ARS70.7 million (US$23.8mn) in the first half of 2005 thanks
mainly to increased gas prices for large consumers including
thermoelectric power generators.
Gas Argentino posted a ARS61.9-million profit in the first half
of 2005. Gas Argentino S.A, of which 54.67% is owned by British
Gas and 45.33% by YPF S.A., controls 70% of Metrogas.
CONTACT: Gas Argentino S.A.
Ruta 16 - km. 23,7
(3505) - Puerto Tirol
INDUSTRIAS WILMAX: Judge Approves Bankruptcy
--------------------------------------------
Industrias Wilmax S.A., a plastic industry, was declared
bankrupt after Court No. 3 of Buenos Aires' civil and commercial
tribunal endorsed the petition of Union Obreros y Empleados
Plasticos for the Company's liquidation. Argentine daily La
Nacion reports that Union Obreros y Empleados Plasticos has
claims totaling $4,363.75 against Industrias Wilmax S.A.
The court assigned Mr. Oscar Scally to supervise the liquidation
process as trustee. Mr. Scally will validate creditors' proofs
of claim until Feb. 7, 2006.
The city's Clerk No. 5 assists the court in resolving this case.
CONTACT: Industrias Wilmax S.A.
Corrientes 327
Buenos Aires
Mr. Oscar Scally, Trustee
Arenales 875
Buenos Aires
INHEA S.A.: Liquidates Assets to Pay Debts
------------------------------------------
Buenos Aires-based Inhea S.A. will begin liquidating its assets
following the pronouncement of the city's civil and commercial
court that the Company is bankrupt, reports Infobae.
The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Benjamin Eduardo Rapoport. The
trustee will verify creditors' proofs of claim until Nov. 22,
2005. The validated claims will be presented in court as
individual reports on Feb. 3, 2006.
Mr. Rapoport will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, on March 17, 2006.
The bankruptcy process will end with the disposal of the
Company's assets in favor of its creditors.
CONTACT: Mr. Benjamin Eduardo Rapoport, Trustee
Avda. Cordoba 1367
Buenos Aires
METROGAS: Responds to SEC Comment Letter
----------------------------------------
Metrogas, Inc. acknowledged on September 16, 2005 the receipt of
the Comment Letter from the Staff of the Securities and Exchange
Commission concerning the Form 20-F for the Fiscal Year Ended
December 31, 2004 and Forms 6-K for the Fiscal Quarters Ended
June 30, 2005 and March 31, 2005. The Company wrote:
We submit this letter in response to the Comment Letter on
behalf of the Company. For ease of reference, we have reproduced
the text of the Staff's comment in bold-face type below,
followed by the Company's response.
The Company has filed on October 14, by way of EDGAR, this
response letter ("Response Letter"). Under separate cover, we
will send three copies of the Response Letter by courier to you.
RESPONSES TO STAFF COMMENTS
Operating and Financial Review and Prospects
Critical Accounting Policies and Estimates
1. In future filings, include quantification of the underlying
accounts and a discussion of changes and trends associated with
the underlying accounts in your discussion of critical
accounting policies. For example, quantify the amount of
expenses that you recorded in each period for allowances and
discuss any trends or significant changes in your discussion of
revenue recognition and accounts receivable. Also, discuss any
asset impairments incurred as well as the reasons for
significant changes and trends.
The Company notes the Staff's comment and advises the Staff that
it will revise the disclosure in future filings as requested by
the Staff.
Disclosure of Contractual Obligations
2. We note that you did not include an amount in the contractual
obligations schedule for financial debt. All debt is classified
as current on the balance sheet; therefore please include as
such in future filings.
The Company notes the Staff's comment and advises the Staff that
it will revise the disclosure in future filings as requested by
the Staff.
3. We note from Note 15.2 that you are obligated to pay Ps.
1,049 million for the entire period between 2009 and 2020 for
firm transportation capacity under firm contracts. You only
include transportation capacity obligations through 2009 on the
table of contractual obligations and commercial commitments.
Please include in future filings, payments due by period more
than 5 years for all obligations as of the latest fiscal year
end balance sheet in accordance with Item 5.F of Form 20-F.
The Company notes the Staff's comment and advises the Staff that
it will revise the disclosure in future filings as requested by
the Staff.
Quantitative and Qualitative Disclosures About Market Risk
4. Revise your discussion of interest rate risk related to debt
obligations to comply with one of the three disclosure
alternatives permitted by Item 11(a) of Form 20-F. These
disclosure alternatives include a tabular presentation, a
sensitivity analysis, or value at risk disclosures.
The Company notes the Staff's comment and advises the Staff that
it will revise the disclosure in future filings as requested by
the Staff.
Summary of Significant Differences Between Argentine GAAP and
United States GAAP
5. Statements of comprehensive income prepared using either U.S.
GAAP or home-country GAAP are required for both Item 17 and Item
18 issuers. These statements may be presented in any format
permitted by FAS 130. Reconciliation to U.S. GAAP is encouraged,
but not required. Please revise or advise us otherwise.
The Company notes the Staff's comment and advises the Staff that
no statement of comprehensive income was included in Note 18 to
the financial statements as the Company did not report any other
comprehensive income gains or losses under both Argentine GAAP
and US GAAP.
6. U.S. GAAP requires separate presentation of shareholders'
equity components on the face of the balance sheet. Please
include the following as a reconciling item:
- For each class of common shares state the number of shares
issued or outstanding, as appropriate, and the dollar amount
thereof, See Rule 5-02.30 of Regulation S-X;
- For other shareholders' equity items, separate captions shall
be shown for: (1) additional paid in capital, (2) other
additional capital, (3) retained earnings, and (4) prepaid
dividends. See Rule 5-02.31 of Regulation S-X.
The Company notes the Staff's comment and advises the Staff that
it will include the disclosure in future filings as requested by
the Staff.
1. We note that you recorded an adjustment to the nominal value
of long-term receivables and liabilities for Argentine GAAP
purposes, but reversed for US GAAP purposes. Please further
explain the components of the adjustment, if the adjustment
relates to an impairment of long-lived assets, and why this
adjustment was reversed for US GAAP purposes. See FAS 144. In
addition, in Appendix B to the AICPA International Practices
Task Force meeting by telephone on March 6, 2002, the Task Force
determined that receivable and loan balances of Argentine
companies should be assessed for impairment based on current
information and events.
The Company notes the Staff's comment and advises the Staff that
this reconciling item relates to an asset tax credit available
in Argentina which is similar to the alternative minimum tax
credit in the United States. Under Argentine GAAP this asset tax
credit is discounted to its present value. Under US GAAP this
accounting is not permitted. The Company further advises the
Staff that it will revise and clarify such disclosure in future
filings.
Please send us your response to these comments within 10
business days or tell us when you will provide us with a
response. Please furnish a cover letter keying your responses to
our comments and provide any requested supplemental information.
Please file your response letter on EDGAR. Please understand
that we may have additional comments after reviewing your
responses to our comments.
We urge all persons who are responsible for the accuracy and
adequacy of the disclosure in the filing to be certain that the
filing includes all information required under the Securities
Exchange Act of 1934 and that they have provided all information
investors require for an informed investment decision. Since the
company and its management are in possession of all facts
relating to a company's disclosure, they are responsible for the
accuracy and adequacy of the disclosures they have made.
In connection with responding to our comments, please provide,
in writing, a statement from the company acknowledging that:
- the company is responsible for the adequacy and accuracy of
the disclosure in the filing;
- staff comments or changes to disclosure in response to staff
comments do not foreclose the Commission from taking any action
with respect to the filing; and
- the company may not assert staff comments as a defense in any
proceeding initiated by the Commission or any person under the
federal securities laws of the United States.
In addition, please be advised that the Division of Enforcement
has access to all information you provide to the staff of the
Division of Corporation Finance in our review of your filing or
in response to our comments on your filing.
You may contact Dave Irving, Staff Accountant, at (202) 551-3321
or, in his absence, Donna Di Silvio, at (202) 551-3202, if you
have questions regarding comments on the financial statements
and related matters. Please contact me at (202) 551-3841 with
any other questions.
The Company acknowledges the Staff's response protocol and has
filed this response letter by way of EDGAR. The Company
acknowledges that the Staff may have additional comments after
reviewing this letter.
The Company has noted the Staff's contact information and wishes
to thank these contacts for their assistance.
We appreciate your assistance in reviewing this response letter.
Please direct questions or comments regarding this filing to me
at (212) 848-7028.
CONTACT: MetroGAS S.A.
Gregorio Araoz de Lamadrid 1360
C 1267 AAB Buenos Aires, Argentina
Phone: 5411-4309-1000
SIDERAR: CMA Assigns Market Performer Rating
--------------------------------------------
Investment company Capital Markets Argentina (CMA) gave
Argentine steelmaker Siderar a market performer rating, reports
Business News Americas. Concurrently, CMA set a 12-month target
share price of ARS35.70 (US$12) for the Company against its
October 7 close of ARS29.80.
The action reflects CMA's expectation that increased economic
activity in Argentina and higher metals prices will boost
Siderar despite high input costs for steelmakers and the risk of
an oversupply of steel on the global market.
Moreover, CMA is upbeat over Siderar's acquisition earlier this
year of Mexican steelmaker Hyslamex, which along with Siderar
and Venezuelan steelmaker Sidor will make up Techint's new
Ternium steelmaking group for Latin America.
SUROIL S.A.: Court Mandates Liquidation
---------------------------------------
Buenos Aires' civil and commercial court ordered the liquidation
of Suroil 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 Ms. Angel Vello Vazquez, the court-appointed trustee.
Ms. Vazquez will verify creditors' proofs of claim until Nov.
22, 2005. The verified claims will serve as basis for the
individual reports to be submitted in court on Dec. 22, 2005.
The submission of the general report follows on Feb. 22, 2006.
The case will end with the disposal of the Company's assets in
favor of its creditors.
CONTACT: Suroil S.A.
Osvaldo Cruz 1936
Buenos Aires
Ms. Angel Vello Vazquez, Trustee
Parana 275
Buenos Aires
TOBI S.R.L.: Enters Bankruptcy on Court Orders
----------------------------------------------
Rosario's civil and commercial court declared Tobi S.R.L.
bankrupt after the Company defaulted on its debt payments. The
bankruptcy order effectively places the Company's affairs as
well as its assets under the control of court-appointed trustee,
Edgar Alfredo Serrano. As the trustee, Mr. Serrano is tasked
with verifying the authenticity of claims presented by the
Company's creditors. Out of the verified claims, the trustee
will prepare individual reports. He will also submit a general
report on the Company's bankruptcy case.
CONTACT: Mr. Edgar Alfredo Serrano, Trustee
Cordoba 836
Rosario (Santa Fe)
YEARLING S.A.: Court Authorizes Reorganization
----------------------------------------------
Yearling S.A. successfully petitioned for reorganization after
the Buenos Aires' civil and commercial court issued a resolution
opening the Company's insolvency proceedings. Under insolvency
protection, the Company will continue to manage its assets
subject to certain conditions imposed by Argentine law and the
oversight of a court-appointed trustee.
Infobae relates that Ms. Cecilia Beatriz Montelvetti will serve
as trustee during the course of the reorganization. The trustee
will be accepting creditors' proofs of claim for verification
until Dec. 5, 2005.
After verifications, the trustee will prepare the individual
reports and submit it in court on Feb. 16, 2006. She will also
present a general report for court review on March 30, 2006.
The Company will endorse the settlement proposal, drafted from
the submitted claims, for approval by the creditors during the
informative assembly scheduled on Sep. 8, 2006.
CONTACT: Ms. Cecilia Beatriz Montelvetti, Trustee
General Urquiza 2134
Buenos Aires
=============
B E R M U D A
=============
CATEL LIMITED: Appoints Robin J Mayor as Liquidator
---------------------------------------------------
IN THE MATTER OF THE COMPANIES ACT 1981
And
IN THE MATTER OF Catel Limited
The Member of Catel Limited, acting by written consent without a
meeting on October 10, 2005 passed the following resolutions:
1) THAT the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and
2) THAT Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.
The Liquidator informs that:
- Creditors of Catel Limited, which is being voluntarily wound
up, are required, on or before October 28, 2005 send their full
Christian and Surnames, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their lawyers (if any) to Robin J Mayor, the
Liquidator of the Company, and if so required by notice in
writing from the said Liquidator, and personally or by their
lawyers, to come in and prove their debts or claims at such time
and place as shall be specified in such notice. In default
thereof they will be excluded from the benefit of any
distribution made before such debts are proved.
- A final general meeting of the Member of Catel Limited will be
held at the offices of Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, Bermuda on November 29, 2005 at
9:30 a.m., or as soon as possible thereafter, for the purposes
of:
1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;
2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and
3) by resolution dissolving the Company.
CONTACT: Mr. Robin J Mayor, Liquidator
Messrs. Conyers Dill & Pearman
Clarendon House, Church Street
Hamilton, HM DX, Bermuda
ENZO LIMITED: Enters Voluntary Liquidation
------------------------------------------
IN THE MATTER OF THE COMPANIES ACT 1981
And
IN THE MATTER OF Enzo Limited
The Member of Enzo Limited, acting by written consent without a
meeting on October 10, 2005 passed the following resolutions:
1) THAT the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and
2) THAT Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.
The Liquidator informs that:
- Creditors of Enzo Limited, which is being voluntarily wound
up, are required, on or before October 28, 2005 send their full
Christian and Surnames, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their lawyers (if any) to Robin J Mayor, the
Liquidator of the Company, and if so required by notice in
writing from the said Liquidator, and personally or by their
lawyers, to come in and prove their debts or claims at such time
and place as shall be specified in such notice, or in default
thereof they will be excluded from the benefit of any
distribution made before such debts are proved.
- A final general meeting of the Member of Enzo Limited will be
held at the offices of Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, Bermuda on November 29, 2005 at
9:30 a.m., or as soon as possible thereafter, for the purposes
of:
1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;
2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and
3) by resolution dissolving the Company.
CONTACT: Mr. Robin J Mayor, Liquidator
Messrs. Conyers Dill & Pearman
Clarendon House, Church Street
Hamilton, HM DX, Bermuda
PACIFIC SURETY: Hires Robin J Mayor as Liquidator
-------------------------------------------------
IN THE MATTER OF THE COMPANIES ACT 1981
And
IN THE MATTER OF Pacific Surety Reinsurance Ltd.
The Members of Pacific Surety Reinsurance Ltd., acting by
written consent without a meeting on October 6, 2005 passed the
following resolutions:
1) THAT the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and
2) THAT Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.
The Liquidator informs that:
- Creditors of Pacific Surety Reinsurance Ltd., which is being
voluntarily wound up, are required, on or before October 28,
2005, to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J
Mayor, the Liquidator of the Company, and if so required by
notice in writing from the said Liquidator, and personally or by
their lawyers, to come in and prove their debts or claims at
such time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.
- A final general meeting of the Members of Pacific Surety
Reinsurance Ltd. will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on November 18, 2005 at 9:30 a.m., or as soon as
possible thereafter, for the purposes of:
1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;
2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and
3) by resolution dissolving the Company.
CONTACT: Mr. Robin J Mayor, Liquidator
Messrs. Conyers Dill & Pearman
Clarendon House, Church Street
Hamilton, HM DX, Bermuda
REGENT INTERNATIONAL: To be Wound Up Voluntarily
------------------------------------------------
IN THE MATTER OF THE COMPANIES ACT 1981
And
IN THE MATTER OF Regent International Insurance Company Ltd.
The Members of Regent International Insurance Company Ltd.,
acting by written consent without a meeting on October 13, 2005
passed the following resolutions:
1) THAT the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and
2) THAT David Brietling be and is hereby appointed Liquidator
for the purposes of such winding-up, such appointment to be
effective forthwith.
The Liquidator informs that:
- Creditors of Regent International Insurance Company Ltd.,
which is being voluntarily wound up, are required, on or before
October 28, 2005, to send their full Christian and Surnames,
their addresses and descriptions, full particulars of their
debts or claims, and the names and addresses of their lawyers
(if any) to David Brietling, the Liquidator of the Company, and
if so required by notice in writing from the said Liquidator,
and personally or by their lawyers, to come in and prove their
debts or claims at such time and place as shall be specified in
such notice, or in default thereof they will be excluded from
the benefit of any distribution made before such debts are
proved.
- A final general meeting of the Members of Regent International
Insurance Company Ltd. will be held at the offices of Three
Parkway, Philadelphia, PA 19102-1376, USA on November 18, 2005
at 9:30 a.m., or as soon as possible thereafter, for the
purposes of:
1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;
2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and
3) by resolution dissolving the Company.
CONTACT: Mr. David Brietling, Liquidator
c/o Messrs. Conyers Dill & Pearman
Clarendon House, Church Street
Hamilton, HM DX, Bermuda
===========
B R A Z I L
===========
BANCO BRADESCO: Fitch Upgrades Ratings Outlook
----------------------------------------------
Fitch Ratings revised the Rating Outlook to Positive from Stable
the following ratings of Banco Bradesco:
--Long-term foreign currency 'BB-'
--Long-term local currency 'BB+'.
The rating action follows a similar action taken recently with
Brazil's sovereign rating.
CONTACT: Rafael Guedes, +5511 4504 2600, Sao Paulo
Maria Rita Goncalves +5521 4503 2600, Rio de Janeiro
Peter Shaw +1-212-908-0553, New York
MEDIA RELATIONS: Chris Kimble +1-212-908-0226, New York
BANCO DO BRASIL: Fitch Changes `BB-' LTFC Rating Outlook to Pos.
----------------------------------------------------------------
Fitch Ratings revised the Rating Outlook to Positive from Stable
the following ratings of Banco do Brasil:
--Long-term foreign currency 'BB-';
--Long-term local currency 'BB'.
The rating action follows a similar action taken recently with
Brazil's sovereign rating.
CONTACT: Rafael Guedes, +5511 4504 2600, Sao Paulo
Maria Rita Goncalves +5521 4503 2600, Rio de Janeiro
Peter Shaw +1-212-908-0553, New York
MEDIA RELATIONS: Chris Kimble +1-212-908-0226, New York
BANCO ITAU: Situation Improves, Fitch Revises Rating Outlook
------------------------------------------------------------
Fitch Ratings revised the Rating Outlook to Positive from Stable
Banco Itau's ratings:
Affected Ratings:
Banco Itau Holding Financeira:
--Long-term foreign currency 'BB-';
--Long-term local currency 'BB+'.
Banco Itau:
--Long-term foreign currency 'BB-'
--Long-term local currency 'BB+'.
Banco Itau BBA:
--Long-term foreign currency 'BB-'
--Long-term local currency 'BB+'.
The rating action follows a similar action taken recently with
Brazil's sovereign rating.
CONTACT: Rafael Guedes, +5511 4504 2600, Sao Paulo
Maria Rita Goncalves +5521 4503 2600, Rio de Janeiro
Peter Shaw +1-212-908-0553, New York
MEDIA RELATIONS: Chris Kimble +1-212-908-0226, New York
BANCO PACTUAL: Fitch Outlook Goes Positive
------------------------------------------
Fitch Ratings revised the Rating Outlook to Positive from Stable
the following ratings:
Banco Pactual:
--Long-term foreign currency 'BB-';
--Long-term local currency 'BB-'.
Pactual Overseas Corporation
--Long-term foreign currency 'BB-'
--Long-term local currency 'BB-'.
The rating action follows a similar action taken recently with
Brazil's sovereign rating.
CONTACT: Rafael Guedes, +5511 4504 2600, Sao Paulo
Maria Rita Goncalves +5521 4503 2600, Rio de Janeiro
Peter Shaw +1-212-908-0553, New York
MEDIA RELATIONS: Chris Kimble +1-212-908-0226, New York
BANCO SAFRA: Outlook Improves According to Fitch
------------------------------------------------
Fitch Ratings revised the Rating Outlook to Positive from Stable
the following ratings of Banco Safra:
--Long-term foreign currency 'BB-';
--Long-term local currency 'BB'.
The rating action follows a similar action taken recently with
Brazil's sovereign rating.
CONTACT: Rafael Guedes, +5511 4504 2600, Sao Paulo
Maria Rita Goncalves +5521 4503 2600, Rio de Janeiro
Peter Shaw +1-212-908-0553, New York
MEDIA RELATIONS: Chris Kimble +1-212-908-0226, New York
BANCO SANTANDER: `BB+' LTLC Rating Outlook Revised to Positive
--------------------------------------------------------------
Fitch Ratings revised the Rating Outlook to Positive from Stable
the following ratings of Banco Santander:
Banco Santander Brasil:
--Long-term foreign currency 'BB-'
--Long-term local currency 'BB+'.
Banco Santander Meridional:
--Long-term foreign currency 'BB-';
--Long-term local currency 'BB+'.
The rating action follows a similar action taken recently with
Brazil's sovereign rating.
CONTACT: Rafael Guedes, +5511 4504 2600, Sao Paulo
Maria Rita Goncalves +5521 4503 2600, Rio de Janeiro
Peter Shaw +1-212-908-0553, New York
MEDIA RELATIONS: Chris Kimble +1-212-908-0226, New York
BANCO SCHAHIN: Rating Affirmed, Outlook Stable
----------------------------------------------
Standard & Poor's Ratings Services said Friday that it affirmed
its 'B/B' counterparty credit rating on Banco Schahin S.A.
(Schahin). The outlook is stable.
The ratings on Schahin reflect the intrinsic risks of a small
bank facing the challenge of growing its business while
maintaining adequate funding in the increasingly competitive
banking market; the weak credit quality of its remaining
wholesale portfolio (mainly credits to small and midsize
companies) that, despite improvement, is still worse than that
of its major peers; and like all the banks that operate in the
same market, the margins pressure related to retail lending.
"These risk factors are offset by the bank's coherent strategy
to generate more retail business while gradually reducing the
weight of loans to small and midsize companies; the improvement
in credit quality and profitability through the increase of its
retail operations; and the conservative approach of its Treasury
activity," said Standard & Poor's credit analyst Tamara
Berenholc.
With total assets of Brazilian reais (BrR) 1.034 million ($440
million at an exchange rate of BrR2.35 to $1.0) as of June 2005,
Schahin is a small bank positioned as the 41st largest private
financial institution in Brazil. The bank is part of a
conglomerate with operations in several areas, including oil-
related services, engineering, and utilities. We do not assign
ratings to any industrial or service company part of Schahin's
conglomerate, and the ratings assigned to the bank do not
incorporate potential support from shareholders.
The bank changed its strategy three years ago to increase its
competitiveness in the Brazilian market and reduce its
concentration risk. Its major objective has been to move away
from wholesale banking with middle-market companies, and focus
on loans to individuals. Schahin has built extensive
relationships with representatives and correspondent banking
units (mainly through partnership with documentation agents,
driving schools, and car repairs), to position itself more as a
niche bank focused on consumer finance and payroll discount
lending mainly to public employees. In addition, the partnership
with HSBC Bank Brasil allowed for the growth in loan portfolio
of payroll discount loans to pensioners and INSS beneficiaries.
Different from other agreements in the market, this is a profit-
sharing agreement in which revenues and costs are split between
both institutions, and HSBC provides funding and books the
loans. The agreement estimates the generation of minimum BrR3
billion in loans in five years.
The bank's key success factors include the agreements and
relationship established with several representatives and
correspondent banking units, as well as constant investments in
IT, meaningful for its size. Despite having two branches, the
bank made agreements with documentation agents and car dealers
to finance the clientele debt (fines, taxes, etc.), auto
financing, and payroll discount lending. Its market position
allowed the bank to be one of the largest financial agents in
the collection of fines and taxes in the State of Sao Paulo. Its
IT and internal system bases are important factors in an
increasingly competitive environment.
Banco Schahin has been successfully implementing its strategy to
move away from wholesale banking with middle-market companies
and focus on loans to individuals. Retail lending increased its
weight over total lending to 56% in June 2005 from 38% in
December 2004, improving its risk profile and profitability. In
the future, we expect individual loans to replace lending to
midsize banks.
The stable outlook on both local and foreign currency ratings
assigned to Schahin incorporates our expectation that the bank
will be able to maintain stability in its consumer finance and
payroll discount lending to support its growth strategy while
maintaining its profitability and asset quality indicators. The
stable outlook also incorporates the maintenance of a BIS ratio
above 13%.
The outlook may be changed to positive or ratings may be raised
if the bank (consolidated figure) shows sustainable growth and
stronger returns, a significant improvement in asset quality
indicators (with NPL ratio below 2%), higher liquidity, and
better capital ratios. On the other hand, the outlook could be
changed to negative or ratings could be lowered if there is a
significant deterioration in Schahin's asset quality ratios
(vis-a-vis its current levels), or if the bank is unable to
sustain its operations, thus reducing its profitability.
Primary Credit Analyst: Tamara Berenholc, Sao Paulo (55) 11-
5501-8950; tamara_berenholc@standardandpoors.com
Secondary Credit Analyst: Milena Zaniboni, Sao Paulo (55) 11-
5501-8945; milena_zaniboni@standardandpoors.com
BANCO UNIBANCO: Fitch Revises Outlook on `BB-' LTFC Rating
----------------------------------------------------------
Fitch Ratings revised the Rating Outlook to Positive from Stable
the following ratings of Banco Unibanco:
--Long-term foreign currency 'BB-';
--Long-term local currency 'BB'.
The rating action follows a similar action taken recently with
Brazil's sovereign rating.
CONTACT: Rafael Guedes, +5511 4504 2600, Sao Paulo
Maria Rita Goncalves +5521 4503 2600, Rio de Janeiro
Peter Shaw +1-212-908-0553, New York
MEDIA RELATIONS: Chris Kimble +1-212-908-0226, New York
BANCO VOTORANTIM: Fitch Changes Outlook on `BB-' LTFC Rating
------------------------------------------------------------
Fitch Ratings revised the Rating Outlook to Positive from Stable
the following ratings of Banco Santander:
Banco Votorantim:
--Long-term foreign currency 'BB-';
--Long-term local currency 'BB+'.
The rating action follows a similar action taken recently with
Brazil's sovereign rating.
CONTACT: Rafael Guedes, +5511 4504 2600, Sao Paulo
Maria Rita Goncalves +5521 4503 2600, Rio de Janeiro
Peter Shaw +1-212-908-0553, New York
MEDIA RELATIONS: Chris Kimble +1-212-908-0226, New York
BANESPA: `BB-' LTFC Rating Outlook Revised to Positive
------------------------------------------------------
Fitch Ratings revised the Rating Outlook to Positive from Stable
the following ratings of Banco do Estado de Sao Paulo (Banespa):
--Long-term foreign currency 'BB-';
--Long-term local currency 'BB+'.
The rating action follows a similar action taken recently with
Brazil's sovereign rating.
CONTACT: Rafael Guedes, +5511 4504 2600, Sao Paulo
Maria Rita Goncalves +5521 4503 2600, Rio de Janeiro
Peter Shaw +1-212-908-0553, New York
MEDIA RELATIONS: Chris Kimble +1-212-908-0226, New York
COSAN: Moody's Ups Ba3 Foreign Currency Bond Rating Outlook
-----------------------------------------------------------
Approximately US$200 Million of Foreign Currency Bonds Affected
Moody's Investors Service ("Moody's") affirmed Friday the Ba3
foreign currency bond rating of Cosan S.A. Industria e Comercio
("Cosan") and changed the rating outlook from stable to
positive. The rating action was prompted by Moody's upgrade of
Brazil's long-term foreign currency ceiling for bonds and notes
to Ba3 from B1, while maintaining the positive outlook. The Ba2
global local currency rating and A1.br national scale rating of
Cosan's corporate family rating and its stable outlook were not
affected by this rating action.
Cosan's Ba3 foreign currency bond rating and positive outlook
reflect both the company's Ba2 global local currency corporate
family rating and the degree of sovereign interference
anticipated in times of stress. Please refer to Moody's January
2005 Special Comment entitled "Piercing the Country Ceiling: An
Update".
Cosan S.A. Industria e Comercio, headquartered in Sao Paulo,
Brazil, is the second largest sugar producer in the world. In
2004/2005 it crushed more than 28 million tons of sugar cane in
thirteen mills located in the Central South region of Brazil,
with sugar production of 2.4 million tons and alcohol production
of 946 million liters.
EMBRATEL PARTICIPACOES: Submits Valuation Appraisal to CVM
----------------------------------------------------------
Embratel Participacoes S.A. in a letter dated October 14, 2005
informed that it forwarded to the Brazilian Securities and
Exchange Commission - CVM the valuation appraisal in reference
with the request for confidential treatment. Investor Relations
Director Isaac Berensztejn wrote:
Through the document CVM/SEP/GEA-2 n. 0518/05, we learnt that
the President of CVM in a decision made on October 10, 2005,
agreed to the confidential treatment, based on the d 2 of
article 7 of CVM's Instruction # 358/02, of the documents
submitted among them the "Valuation Appraisal: Embratel
Participacoes S.A., Latam do Brasil S.A. and Atlantis Holdings
do Brasil Ltda."
Additionally, we inform that the documents referred to in
article #3 of CVM's Instruction n. 319 have been available since
October 4, 2005 at the company head office located at Av.
Presidente Vargas, n. 1012, in the City and State of Rio de
Janeiro; where shareholders must appear in person with proof of
their status as shareholder or through a duly assigned attorney
on working days between 10:00 a.m. and 5:00 p.m. Shareholders
from the Fungible Custody of Registered Shares of the Stock
Exchange who wish to visit must present a statement issued at
most two days prior to their visit, containing the respective
stock holding.
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
ZARCAN INTERNATIONAL: Cancels Shares-for-Debt Agreement
-------------------------------------------------------
In addition to the Company's news release dated September 20,
2005, Zarcan International Resources Inc. wishes to announce
that it has canceled its previously announced Shares for Debt
Agreement. This was done because some of the debt holders
changed their mind in regard to this transaction.
The Company is pleased to announce that it has negotiated a non-
brokered Private Placement whereby the Company will issue up to
3,000,000 units at a deemed price of $0.22 per unit for total
proceeds of $660,000. Each unit consists of one share and one
share purchase warrant exercisable for two years at a price of
$0.27. Proceeds from this Private Placement will be used for
repayment of debt and general working capital.
The Company received notice on October 12th that three of the
exploration licenses that the Company held in Sistan va
Baluchestan, Iran, have expired. The Company's largest creditors
have agreed to accept payment of the principle amount of
$559,632.26 Cdn, and also have agreed that in lieu of interest
of $99,804.22 Cdn and incurred legal fees as well as an
Agreement to release Zarcan from any claim they might have in
respect of this debt, they will accept a transfer of a 6.4%
interest in Pouya Aghdarreh (PZA), an Iranian corporation. The
Company's Board of Directors feel that this transaction is in
the best interest of the Company as it will clear a substantial
amount of the Company's debt problems. The Board of Directors
have reviewed the political situation in the Middle East and it
is with this political situation in mind and the Company's
inability to raise funds for the Company's Middle Eastern
projects, has signed this Agreement. The Company has decided it
will focus its attention on North America and other parts of the
world.
The Company continues to retain a royalty interest in a mining
property in Brazil.
The Company has agreed to a transaction whereby the Company will
acquire a 2.5% gross overriding royalty in an oil and gas
project in North Eastern British Columbia by issuing 100,000
shares of the Company's stock at a deemed price of $0.29 per
share.
Also further to the Company's news release dated September 20,
2005 and with the Board of Directors plan to clear the Company's
debts, Zarcan International Resources Inc. signed an Agreement
with Naseem Commercial Brokerage LLC whereby Naseem pre-paid
royalties of $450,000 USD for the account of Zarcan. The Company
is pleased to announce that Naseem Commercial Brokerage and
Zarcan International Resources Inc. has signed an Agreement
whereby Zarcan does not have to pay back the monies advanced by
Naseem nor does Naseem have to pay any royalties to Zarcan. By
signing this Agreement, both parties have agreed there are no
further obligations between the two parties. The Company will
seek shareholder and regulatory approval where required for the
above noted transactions.
CONTACT: Zarcan International Resources Inc.
Farrokh Elmieh, President
TEL: (604) 683-7837
FAX: (604) 683-7881
===========================
C A Y M A N I S L A N D S
===========================
ALTS HOLDINGS: Liquidation Update Set for November 3
----------------------------------------------------
ALTS HOLDINGS LIMITED
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Section 145
NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of the Company 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 Liquidator
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands.
CASTLE HARBOR: Final General Meeting Set for Nov. 3
---------------------------------------------------
CASTLE HARBOR CLO LIMITED
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Section 145
NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of the Company 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: Ms. Phillipa White and Mr. Jon Roney
Joint Voluntary Liquidators
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
EMPLOYEE LLC: Liquidation Meeting Set for Nov. 3
------------------------------------------------
EMPLOYEE LLC MEMBER LTD
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Section 145
NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of the Company 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. Jon Roney, Joint Voluntary Liquidator
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands.
HECTOR FUNDING: General Meeting Scheduled for Nov. 3
----------------------------------------------------
HECTOR FUNDING LIMITED
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Section 145
NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of the Company 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: Ms. Helen Allen and Mr. Jon Roney
Joint Voluntary Liquidators
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands.
MADA LIMITED: Final Meeting to be Held Oct. 24
----------------------------------------------
MADA LIMITED
(In Voluntary Liquidation)
("The Company")
The Companies Law (2004 Revision)
Section 145
NOTICE IS HEREBY GIVEN pursuant to Section 145 of the Companies
Law (2004 Revision) that the FINAL MEETING of MADA LIMITED will
be held at Citco Trustees (Cayman) Limited, Regatta Office Park,
West Bay Road, Windward One, Grand Cayman, Cayman Islands, on
the 24th October 2005, for the purpose of presenting to the
members an account of the winding up of the company and giving
an explanation thereof.
CONTACT: CDL COMPANY LTD., Voluntary Liquidator
P.O. Box 31106 SMB
Grand Cayman
MONTPELLIER VALUE: Shareholders Final Meeting Set for Nov. 7
------------------------------------------------------------
MONTPELLIER VALUE ASSETS LTD.
(The "Company")
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the final meeting of shareholders of
the Company will be held at the offices of Q & H Nominees Ltd.,
Third Floor, Harbour Centre, P.O. Box 1348 GT, Grand Cayman,
Cayman Islands, on 7th November 2005, at 10:30 a.m., to consider
the following matters:
1. The Liquidator's account showing the manner in which the
winding up of the company has been conducted and the property of
the Company disposed of;
2. The hearing of any explanation that may be given by the
Liquidator in respect of the winding up of the Company; and
3. The manner in which the books, accounts and documentation of
the Company and of the Liquidator should be maintained and
subsequently disposed.
NOTE: Any Member unable to attend may appoint a proxy by
completing, signing and returning the Form of Proxy before the
start of the Meeting. A proxy need not be a Member or creditor
of the Company.
CONTACT: Q & H NOMINEES LTD., Voluntary Liquidator
Q & H Nominees Ltd.
Third Floor, Harbour Centre
P.O. Box 1348 GT, Grand Cayman
Cayman Islands
SALISBURY GLOBAL: Final General Meeting to be Held Nov. 3
---------------------------------------------------------
SALISBURY GLOBAL INVESTMENT LIMITED
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Section 145
NOTICE is hereby given pursuant to section 145 of the Companies
Law that the final general meeting of the Company 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 Liquidator
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands.
SKLA II: Shareholders Elect to Liquidate Firm
---------------------------------------------
SKLA II CAYMAN 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 the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 20th
September 2005:
THAT the Company be placed into voluntary liquidation forthwith.
THAT Suzan Merren and Jon Roney be appointed as liquidators of
the Company.
Creditors of the above-named company are to prove their debts or
claims on or before 3rd November 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the said 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: SUZAN MERREN and JON RONEY
Joint Voluntary Liquidators
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
SONG OF ROLAND: Creditors to Send Proofs of Claim Before Nov. 3
---------------------------------------------------------------
SONG OF ROLAND 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 the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 14th
September 2005:
THAT the Company be placed into voluntary liquidation forthwith.
THAT Mark Wanless and Tun Win be appointed as liquidators of the
Company.
Creditors of the above-named company are to prove their debts or
claims on or before 3rd November 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the said company. In default thereof, they will be excluded from
the benefit of any distribution made before the debts are
proved.
CONTACT: MARK WANLESS, Joint Voluntary Liquidator
Maples Finance Jersey Limited, 2nd Floor
Le Masurier House, La Rue Le Masurier
St. Helier, Jersey JE2 4YE
STHENOS EUROPEAN: Voluntary Liquidation Initiated
-------------------------------------------------
STHENOS EUROPEAN OPPORTUNITY MASTER FUND
(In Voluntary Liquidation)
The Companies Law (2004 revision)
Section 135
TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 1st
September 2005:
THAT the Company be placed into voluntary liquidation forthwith.
THAT Johann LeRoux and Jon Roney be appointed as liquidators of
the Company.
Creditors of the above-named company are to prove their debts or
claims on or before 3rd November 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the said 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: JOHANN LE ROUX and JON RONEY
Joint Voluntary Liquidators
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
TECTONIC INTERNATIONAL: Shareholders' Final Mtg. Set for Nov. 3
---------------------------------------------------------------
TECTONIC INTERNATIONAL LIMITED
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
NOTICE IS HEREBY GIVEN, pursuant to section 145 of Companies
Law, that the extraordinary final meeting of the shareholders of
Tectonic International Limited will be held on November 3, 2005.
The purpose of said extraordinary meeting of the shareholders is
to have laid before them the report of the liquidator, showing
the manner in which the winding-up of the Company has been
conducted, the property of the Company distributed and the debts
and obligations of the Company discharged and giving any
explanation thereof.
CONTACT: Mr. Tomas Olsson, Voluntary Liquidator
11 David Mews
London, W1U 6EG, UK
Telephone: (44) 20 7434 4131
Facsimile: (44) 20 7287 6059
=========
C H I L E
=========
ENERSIS: Moody's Revises Outlook to Positive from Stable
--------------------------------------------------------
Approximately U.S. $3.5 billion of Securities Affected
Moody's Investors Service affirmed the ratings of Enersis S.A.
(Enersis), Empresa Nacional de Electricidad S.A. (Endesa Chile),
and Endesa Chile Overseas Co., all Ba1 senior unsecured, and
revised the rating outlook for all three issuers to positive
from stable. Endesa Chile is a 60% subsidiary of Enersis. Endesa
Chile Overseas Co. is a subsidiary of Endesa Chile and its
ratings are based upon the guarantee of timely payment by Endesa
Chile.
The change in outlook reflects improving financial performance,
changes in the regulatory framework in Chile that are favorable
for the company, and stronger demand growth for electricity in
several of the countries in which Enersis and Endesa Chile have
operations.
Enersis' financial performance is on an improving trend, with
higher earnings and cash flow in each of the past two years. Due
to strong markets and favorable regulatory changes, Moody's
believes that additional improvement is likely in its 2005
results. Amendments to the Electricity Law in Chile in March
2004 and June 2005 have established more favorable operating
conditions for Enersis' electricity business. The Short Law 1
passed in March 2004 provides more clarity with respect to the
sharing of transmission costs between generation companies and
end-users, and tightens the node price band to within 5% of
average unregulated long term contracts, thereby more closely
linking regulated and unregulated power prices. It also
establishes a Board of Experts to help arbitrate conflicts
within the Chilean electric industry. The more recent Short Law
2 passed in June 2005 was designed to encourage greater long
term investment in the generation sector. It relaxed the six-
month node price adjustment model by allowing higher node price
resets during periods when average unregulated long term
contract prices and the theoretical costs of the system diverge
more than 30%, as has happened since the Argentine natural gas
delivery restrictions were put into place beginning last year.
As a result of this new legislation, the last regulated node
price was reset at U.S. $55 per MWh, which is a substantial
increase from the last reset at U.S. $45 per MWh. The Short Law
2 also allows generation companies to sign long term contracts
with distribution companies for up to 15 years beginning in
2008/2009 at a fixed price 20% to 30% above the current node
prices. These legislative amendments have created structural
changes in Chile's electricity model that should reduce the
volatility of the financial performance of Enersis and Endesa
Chile.
In addition to the structural changes caused by the two Short
Laws, Chile and other Latin American countries in which Enersis
and Endesa Chile operate have experienced stronger growth in
demand for electricity. Growth in 2004 averaged 5.7% among
Chile, Argentina, Brazil, Colombia and Peru, with the strongest
demand growth in Chile at 8%. The operating performance of
Enersis in 2004 reflected significant improvement over the
previous year. One of the factors underlying Endesa Chile's
improved performance is the contribution of the new Ralco
hydroelectric power plant, which began operations in the second
half of 2004. With total installed capacity of 12,333 MW and
over 11 million distribution customers in the five countries in
which Enersis and Endesa Chile operate - Chile, Argentina,
Colombia, Brazil and Peru - both companies stand to benefit from
any continuing improvements in the regional economies as well as
the structural changes resulting from the Chilean Electricity
Law.
Further improvements in the companies' credit profile could
result from sustainable improvements in financial performance
due to the benefits of higher node prices, lower transmission
expenses, the contribution of Ralco, continued gradual reduction
of debt, and improvements in the regional economies in which
Enersis and Endesa Chile operate. An upgrade of the ratings
could result if Enersis can achieve stronger, sustainable
improvements in financial performance while maintaining or
reducing its current level of business risk, and the risk posed
by cross default provisions with subsidiaries of significantly
lower credit quality is eliminated. For example, certain current
indentures of Endesa Chile include cross default provisions that
could be triggered by a default at a subsidiary in Argentina
(foreign currency sovereign ceiling of B3). Enersis in turn has
indenture provisions that could trigger a cross default in the
event of a default at Endesa Chile.
While negative rating action is considered to be unlikely in the
near term, a downgrade of the ratings could result from
sustained weaker financial performance, capital investments that
increase business risk, substantially higher dividend pay-out
strategies, and subsidiary credit deterioration that would
increase the risk of cross default.
Based in Santiago, Chile, Enersis S.A. is owned 60% by Endesa,
Spain, one of the largest integrated Spanish utilities in the
world. Endesa Chile S.A., the largest electric generation
company in Chile, is owned 60% by Enersis S.A.
===============
C O L O M B I A
===============
FGM: Analysis Values Company at $160M
-------------------------------------
Frontino Gold Mines (FGM), which is currently under
administration, is worth approximately US$160 million, the head
of the Company's restructuring process Jose David Castellanos
said, citing an analysis certified by Colombia's national
university.
Determining the value of Frontino is part of a restructuring
process, which would transform the Company from a publicly
listed corporation to a limited partnership in which ownership
would be divided among workers and retired staff.
The valuation still requires approval from the country's
regulator, Castellanos said.Once the regulator approves the
calculation, workers will have 90 days to decide if they want to
accept the Company shares as payment or proceed with the sale.
"If workers do not reach agreement to accept the stake as
payment within this period, Frontino will enter into a public
tender offer so that interested investors can buy it out," the
official said. But according to him, workers are open to accept
shares and later decide if they want keep or sell them.
=====================
E L S A L V A D O R
=====================
* EL SALVADOR: Successful Dollarization Prompts Baa3 Ratings
------------------------------------------------------------
In its annual report on El Salvador, Moody's Investors Service
says the country's Baa3 foreign-currency country ceilings are
supported by low, albeit higher, government debt ratios and the
government's commitment to macroeconomic stability in the
context of a dollarized economy.
"The adoption of the US dollar by El Salvador as its official
currency, beginning in 2001, has shown itself to be sustainable
and credible and has become an integral element of the stable
outlook for the country's investment-grade rating," said Moody's
Senior Vice President Mauro Leos-Lopez, author of the report.
He explained that the analysis of a dollarized economy calls for
more of a focus on fiscal indicators as creditworthiness tends
to be more closely associated with the trends observed in
government debt than to conventional external debt ratios in a
dollarized economy.
"While El Salvador has a favorable external debt profile,
government debt has been on the rise," said "The ratio of
government debt to GDP increased from 26% in the mid-1990s to
39%, coming in slightly above the mean for Baa-rated countries."
In the political sphere, Mr. Leos-Lopez characterized the
performance of the administration of President Antonio Saca as
"better-than-expected."
President Saca continues to enjoy high approval ratings, and his
government has earned high marks for effectively working with
the Legislative Assembly, which has approved this year's budget
and a series of tax measures.
Another recent development which may have potential benefits
over the medium term for El Salvador was the approval of the
Central American Free Trade Agreement (CAFTA) by the US
Congress. "While CAFTA may lessen the threat posed by China to
El Salvador's maquiladora exports, it will not eliminate it,"
said Mr. Leos.
The country also continues to benefit from comprehensive
structural reforms undertaken during the 1990's.
Negative pressure can be found in El Salvador's persistently low
economic growth indicators and the significant fiscal challenges
confronting the government, including the need to finance the
costs of pension reform.
"Maintaining a stable outlook will require a continued
improvement in the fiscal accounts that translate into declining
government deficit," said Mr. Leos. "A sustained increase in the
tax burden would seem necessary to assure that primary balances
will be consistent with a declining trend in the government debt
ratios."
The rating agency's report, "El Salvador: 2005 Credit Analysis,"
is a yearly update to the markets and is not a rating action.
===========
M E X I C O
===========
AEROMEXICO/MEXICANA: Iberia Decides Against Airline Bid
-------------------------------------------------------
Spain's largest airline, Iberia Lineas Aereas de Espana SA, has
cancelled plans to participate in the privatization of Mexico's
two main airlines, according to Andres Conesa, the director of
state-owned airline holding company Cintra SA.
The reason for the cancellation was not given. However, Iberia
chairman Fernando Conte hinted last month in Spain that Mexican
regulations could hamper investor interest.
Cintra is in the process of selling Aeromexico and its sister
carrier, Mexicana. No single bidder will be able to take over
both carriers, which together control about 80% of the domestic
market. Foreign investors can purchase minority stakes in the
carriers only by partnering with Mexicans.
Credit Suisse First Boston (CSF.YY) is managing the sale.
Meanwhile, Reuters reports that Spanish tour group Globalia has
joined with privately-owned Mexican firm Grupo Angeles to bid in
the privatization of Aeromexico and Mexicana.
A Globalia spokeswoman said the unlisted owner of Air Europa had
joined with a Mexican partner, but would not name the firm. She
said the Mexican group would take 75% of the consortium, and
Globalia 25%.
Grupo Angeles operates private hospitals in Mexico. It also owns
a hotel chain and has a concession to operate some regional
airports in Mexico.
IMSS: Workers Accept Government Proposal, Call Off Strike
---------------------------------------------------------
Mexico's Social Security Institute (IMSS), which provides health
services for more than 40 million Mexicans, avoided a
potentially crippling strike by reaching an agreement with
unionized workers, the Associated Press reports.
IMSS Director, Fernando Flores, revealed union leaders accepted
a government proposal to increase wages by 6% and ease
restrictions on the hiring of new employees at the institute.
An estimated 370,000 workers at IMSS had threatened to go on
strike at midnight Saturday to block reforms to their pension
system.
The government of conservative President Vicente Fox, who in the
first five years of his six-year term has failed to live up to
his campaign pledge of modifying the IMSS, is spearheading an
attempt to reform the social security system. He is supported by
legislators, who passed a law last year introducing changes in
the IMSS to make it financially viable in the long term.
At present, the IMSS workers, who contribute 3% of their wages
to their pensions, can retire after 28 years of service
regardless of their age, and draw pensions that are higher than
their last paycheck. No other worker in Mexico enjoys similar
conditions, which are made possible by a state subsidy.
When the wages of IMSS workers increase, pensions rise
accordingly. The average age of retirement among workers in the
institute is 53, and the average monthly pension is more than
$1,000. Conditions are very different for the majority of
pensioners who never worked in the IMSS but paid part of their
wages to obtain health services and a retirement pension. None
of them can retire before the age of 65, and they receive a
monthly pension of no more than $200.
If the reforms go into effect, new IMSS workers will only be
hired after strict evaluations of their capacity and skills, and
they will not enjoy the same pensions and early retirement
benefits as the current workers and pensioners. Their payments
towards the pension plan will also be higher.
But the IMSS employees opposed these changes, even though they
will only affect new hires. Roberto Vega, an IMSS union leader
and a PRI legislator, had argued that it would mark the start of
privatization.
=======
P E R U
=======
* PERU: IMF Approves $416M Stand-By Arrangement
-----------------------------------------------
A mission of the IMF visited Lima during the past ten days, for
discussions in the context of the third review under Peru's 26-
month Stand-By Arrangement (SBA). The SDR 287 million (US$416
million) SBA, which is being treated as precautionary, was
approved by the Executive Board of the IMF on June 9, 2004.
The International Monetary Fund (IMF) staff mission said:
"The mission welcomed the strong performance of the Peruvian
economy in 2005, which reflects the continued implementation of
the authorities' economic program and a favorable external
environment. Output growth, expected to be close to 6 percent in
2005, has been broad-based, driven by surging exports and
private investment and a greater dynamism in consumption.
Twelve-month inflation was 1.1 percent in September and is
expected to be within the target band of the central bank (1.5-
3.5 percent) by year-end. The trade surplus is estimated at over
5 percent of GDP and net official international reserves have
increased and reached comfortable levels, helping mitigate risks
associated with existing global imbalances or a possible
downturn in commodity prices. The mission commended the
authorities for their progress in the structural reform area,
including in the legal fiscal framework.
"The mission supported the authorities' commitment to a fiscal
deficit ceiling of 1 percent of GDP in both 2005 and 2006, in
line with the Fiscal Responsibility and Transparency Law. It
welcomed efforts to prioritize public expenditure and avoid
boosting government spending on a permanent basis. The
authorities reaffirmed their commitment to continue implementing
reforms to achieve high and sustainable output and employment
growth over the medium-term. In 2006, reforms would focus on the
institutional framework for Private-Public-Partnerships, further
enhancing public financial management, and strengthening banking
supervision and regulation to help reduce the risks associated
with dollarization.
"The mission has returned to headquarters in Washington D.C.,
where it will continue to work closely with the authorities with
a view toward concluding the review."
CONTACT: International Monetary Fund - IMF
External Relations Department
Public Affairs
Phone: 202-623-7300
Fax: 202-623-6278
Media Relations
Phone: 202-623-7100
Fax: 202-623-6772
=============
U R U G U A Y
=============
ANCAP: Agrees to Manage Argentine Unit for 12 Months
----------------------------------------------------
Uruguayan state oil company Ancap has reached an accord with its
Argentine subsidiary, Petrolera del Conosur, under which it will
provide administration and technical support services to the
fuels distributor unit for 12 months. According to Business News
Americas, the contract, retroactive from August 1, 2005, can be
renewed for successive one-year periods. Petrolera will pay
Ancap US$72,000 a year for its services.
Petrolera was spun off from Ancap's subsidiary Sol Petroleo in
2000 to manage the company's service stations, while Sol
Petroleo remains in control of the company's petrochemicals
business. Petrolera owns approximately 300 service stations in
Argentina.
=================
V E N E Z U E L A
=================
ALIMENTOS POLAR: Appeals Government's Asset Takeover
----------------------------------------------------
Food giant Alimentos Polar brought before the Supreme Court
Thursday its challenge against the government's decision to
seize its grain storage facilities, reports Dow Jones Newswires.
In late August, Hugo de los Reyes Chavez, father of Venezuelan
President Hugo Chavez and governor of the southwestern state of
Barinas, decreed an order to assume control of silos belonging
to Polar. He said the order was justified because productive
activities had ceased in 2002.
But Polar's legal counsel, Guillermo Bolinaga, argued, saying:
"This expropriation decree is unjust, unwarranted and
unconstitutional. We are operating those assets."
In a statement, Polar said the government's decision to declare
Polar's grain silos as "of public interest" violates five
statutes of the constitution designed by the government of
President Chavez.
As part of the appeal, Polar has asked the Supreme Court to
place a hold on the governor's attempt to confiscate the assets
while a final decision is made.
PDVSA: Moves Forward on Citgo Units' Sale
-----------------------------------------
State oil company Petroleos de Venezuela (PDVSA) will proceed
with a plan to sell parts of its Citgo refining system in the
United States, Latin Petroleum reports. Though the units on sale
are currently producing profits from high oil prices, PDVSA
still insists on selling.
"We know once the market stabilizes and there is enough capacity
we'll go back to the story of the last 15 years of consecutive
losses in these businesses," Energy Minister Rafael Ramirez said
without specifying to which units he was referring.
Earlier this year, Ramirez revealed that Venezuela was in talks
for the sale of two Citgo refineries as part of efforts to
divest PDVSA of unprofitable assets in the United States and
Europe.
In late September, Ramirez announced that Venezuela was
considering selling its share in the Lyondell plant as part of
the wider review of the operations of PDVSA and Citgo.
Mr. Ramirez expected PDVSA to register profits of around $9
billion for 2005. Critics believe the government has not
invested enough to maintain domestic production or reach its new
output target.
Analysts say that Venezuela's current production is around 2.7
million bpd, lower than the 3.3 million bpd the government says
it is producing in the world's No. 5 oil exporter.
Venezuela is aiming to ramp up its production to more than 5
million barrels per day (bpd) by 2012 and increase its refining
capacity with three new refineries and an overhaul of its
current operations as part of a broad investment plan.
***********
S U B S C R I P T I O N I N F O R M A T I O N
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Copyright 2005. All rights reserved. ISSN 1529-2746.
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