/raid1/www/Hosts/bankrupt/TCRLA_Public/051118.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Friday, November 18, 2005, Vol. 6, Issue 229
Headlines
A R G E N T I N A
BANCO HIPOTECARIO: S&P Assigns `B-' to Senior Unsecured Notes
CLINICA PRIVADA: Liquidates Assets to Pay Debts
DROGUERIA PATAGONICA: Enters Bankruptcy on Court Orders
GRAFICA TORBELLINO: Judge Approves Bankruptcy
MANFISA MANDATARIA: Gets Court Approval for Reorganization
MOPAL S.A.: Court Converts Reorganization to Bankruptcy
PERIODISMO UNIVERSITARIO: Court Approves Reorganization
PROVINDER S.A.: Proceeds With Liquidation
STAMPA E DESIGNO: Court Declares Company Bankrupt
B E R M U D A
FOSTER WHEELER: Equity-for-debt Exchange Offer Expires
INTELSAT: Replaces Siebel SA Enterprise With RightNow CRM
B R A Z I L
BANCO BRADESCO: Central Bank OKs Increase of Capital Stock
BANCO BRADESCO: Approves Common Stock Cancellation
BANCO BRADESCO: Complementary Interest Payment Approved
CESP: Posts Positive Results in the Jan-Sept 2005 Period
COPEL: Reports R$309.1 Mln Net Income in 3Q05
COPEL: Bid for Two Hydropower Projects Likely
CP CIMENTO: Taps Goldman Sachs to Find Buyer
GERDAU: Current President to Leave Post by End 2006
TELEMAR: Modifies Broadband Contracts to Allow IP Telephony
C A Y M A N I S L A N D S
AC SHIPHOLDING: Creditors Must Prove Debts, Claims by Dec. 15
ADA FUNDING: Shareholders Request Company's Liquidation
AJAX MANE: Taps Bunton, Gordon as Liquidators
ALL BUDGET: Creditors Have Until Dec. 16 to Prove Claims, Debts
ALTUS FUND: DMS Corporate Services Named Liquidator
ANKORA INVESTMENTS: Shareholders Volunteer to Wind Up Firm
AQUILA OFFSHORE: Placed Into Voluntary Liquidation
ARABIAN OIL: S.L.C. Whicker, K.D. Blake Named Joint Liquidators
ASHCROFT HOLDINGS: Shareholders Volunteer to Wind Up Firm
BFC BANK: Creditors Must Prove Debts, Claims by Dec. 31
BLUE HORSE: To be Wound Up Voluntarily
BONHEUR INVESTMENTS: Creditors Must Prove Debts By Dec. 15
CALABASSAS LIMITED: Shareholders Decide on Wind Up
CANADA ZERO: Guy Major, Jon Roney to Oversee Liquidation
CASCADE SVP: Faces Liquidation
CHANNEL CDO: Wendy Ebanks, Jon Roney Selected as Liquidators
CHOICE 1999: Begins Voluntary Wind Up
CLT 2005-1: To be Placed into Voluntary Liquidation
CRYSTAL LAKE: To be Wound Up Voluntarily
DANA PETROLEUM: Appoints Joint Voluntary Liquidators
DANA PETROLEUM: Creditors to Prove Claims to Liquidators
DANA PETROLEUM: Joint Liquidators to Verify Creditors' Claims
DUPLEX THIRD: Resolves to Liquidate
EMERGING MARKETS: Claims Verification Ends on Nov. 30
FFTW DIVERSIFED (CLASS B): Appoints Liquidators
FFTW DIVERSIFIED (CLASS M): To Undergo Liquidation
FFTW DIVERSIFIED (CLASS D): To Start Wind Up Process
FFTW DIVERSIFED (CLASS Z): To Wind Up Voluntarily
FORT VENTURE: Claims Verification Ends Dec. 15
GCM INCORPORATED: Shareholder Resolves to Wind Up
C H I L E
SR TELECOM: Widens Net Loss to $14.1M in 3Q05
M E X I C O
EL POLLO: Prices Tender Offer for '09, 9 1/4% Sr. Sec. Notes
U R U G U A Y
* URUGUAY: Fitch Rates $200M Issue 'B+'; Outlook Stable
V E N E Z U E L A
PDVSA: Ramirez Warns of Immediate Takeover on Holdout Operators
SIDOR: To Partner with Mibam on New Steel Projects
- - - - - - - -
=================
A R G E N T I N A
=================
BANCO HIPOTECARIO: S&P Assigns `B-' to Senior Unsecured Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' foreign
currency senior unsecured debt rating to Banco Hipotecario
S.A.'s $150 million notes due Nov. 16, 2010, to be issued under
the $1.2 billion senior unsecured global MTN program. This
issue is the extension of the $100 million note rated 'B-' Oct.
24, 2004.
The outlook is stable. "The proceeds from the upcoming issuance
will be used for liability management and to increase lending
activities to the private sector," said Standard & Poor's
credit analyst Federico Rey-Marino.
Primary Credit Analyst: Federico Rey-Marino, Buenos Aires
(54) 114-891-2130; federico_rey-marino@standardandpoors.com
Secondary Credit Analyst: Carina Lopez, Buenos Aires
(54) 11-4891-2118
CLINICA PRIVADA: Liquidates Assets to Pay Debts
-----------------------------------------------
Quilmes-based Clinica Privada del Plata 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, Ignacio Etcheguia. The trustee will
verify creditors' proofs of claim and prepare individual
reports out of the validated claims.
Mr. Etcheguia will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy.
Dates for the end of the verification phase and for the
submission of the reports are yet to be disclosed.
The bankruptcy process will end with the disposal of the
Company's assets in favor of its creditors.
CONTACT: Clinica Privada del Plata S.A.
Craviotto 3540
Quilmes Oeste
Mr. Ignacio Etcheguia, Trustee
Alsina 180
Quilmes
DROGUERIA PATAGONICA: Enters Bankruptcy on Court Orders
-------------------------------------------------------
Drogueria Patagonica S.R.L. enters bankruptcy protection after
a Buenos Aires 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. Eduardo Hugo
Caggiano as trustee. Mr. Caggiano will be verifying creditors'
proofs of claim until the end of the verification phase on Feb.
7, 2006.
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 March 21, 2006 followed by the general report, which is due
on May 8, 2006.
CONTACT: Drogueria Patagonica S.R.L.
Venezuela 2346
Buenos Aires
Mr. Eduardo Hugo Caggiano, Trustee
Cramer 2175
Buenos Aires
GRAFICA TORBELLINO: Judge Approves Bankruptcy
---------------------------------------------
Grafica Torbellino S.A. was declared bankrupt after Court No.
14 of Buenos Aires' civil and commercial tribunal endorsed the
petition of Obra Social del Personal Grafico for the Company's
liquidation. Argentine daily La Nacion reports that Obra Social
del Personal Grafico has claims totaling $8,802.86 against
Grafica Torbellino S.A.
The court assigned Mr. Fernando Altare to supervise the
liquidation process as trustee. Mr. Altare will validate
creditors' proofs of claim until Feb. 16, 2006.
The city's Clerk No. 28 assists the court in resolving this
case.
CONTACT: Grafica Torbellino S.A.
Pje. Virasoro 2306
Buenos Aires
Mr. Fernando Altare, Trustee
Piedras 153
Buenos Aires
MANFISA MANDATARIA: Gets Court Approval for Reorganization
----------------------------------------------------------
Manfisa Mandataria y Financiera S.A. will begin reorganization
following the approval of its petition by a Buenos Aires court.
The opening of the reorganization will allow the Company to
negotiate a settlement with its creditors in order to avoid a
straight liquidation.
Ms. Angel Miragaya will oversee the reorganization proceedings
as the court-appointed trustee. She will verify creditors'
claims until Dec. 29, 2005. The validated claims will be
presented in court as individual reports on March 13, 2006.
Ms. Miragaya 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 April 26, 2006.
An Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the Company's
creditors for approval, is yet to be scheduled.
CONTACT: Manfisa Mandataria y Financiera S.A.
Viamonte 308
Buenos Aires
Ms. Angel Miragaya, Trustee
Parana 774
Buenos Aires
MOPAL S.A.: Court Converts Reorganization to Bankruptcy
-------------------------------------------------------
Mopal S.A., which was undergoing reorganization, entered
bankruptcy on orders from Mar del Plata's civil and commercial
court, according to Infobae. The court assigned Mr. Juan C.
Codagnone as the Company's receiver.
The credit verification process will be done "por via
incidental", says the report.
CONTACT: Mopal S.A.
Entre Rios 1648
Mar del Plata
Mr. Juan C. Codagnone, Trustee
Rawson 2970
Mar del Plata
PERIODISMO UNIVERSITARIO: Court Approves Reorganization
-------------------------------------------------------
Buenos Aires' civil and commercial Court No. 23 approved the
"Concurso Preventivo" petition filed by Periodismo
Universitario S.A., reports local news source La Nacion.
The Company, which listed assets of $375,508.28 and liabilities
of $1,124,081.97, will undergo a reorganization process, with
Mr. Hector Calle as trustee.
The court-appointed receiver will verify creditors' proofs of
claim until Feb. 20, 2006. Verifications are done to ascertain
the nature and amount of the Company's debts. The receiver will
also prepare the individual and general reports on the case.
The informative assembly will be held on Oct. 25, 2006. This is
one of the last parts of the reorganization process.
Clerk No. 45 assists the court on the case.
CONTACT: Periodismo Universitario S.A.
Pte. Roque Saenz Pena 615
Buenos Aires
Mr. Hector Calle, Trustee
Lavalle 1528
Buenos Aires
PROVINDER S.A.: Proceeds With Liquidation
-----------------------------------------
Mr. Enrique Nanni successfully sought the bankruptcy of
Provinder S.A. after Court No. 14 of Buenos Aires' civil and
commercial tribunal declared the Company "Quiebra," reports La
Nacion.
As such, Provinder S.A. will now start the process with Mr.
Abel Latendorf as trustee. Creditors must submit proofs of
their claim to the trustee by Feb. 16, 2006 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 $8,802.86.
The city's Clerk No. 28 assists the court on the case that will
close with the sale of all of its assets.
CONTACT: Provinder S.A.
Lavalle 1118
Buenos Aires
Mr. Abel Latendorf, Trusteee
Piedras 153
Buenos Aires
STAMPA E DESIGNO: Court Declares Company Bankrupt
-------------------------------------------------
Court No. 25 of Buenos Aires' civil and commercial tribunal
declared local company Stampa e Designo S.A. "Quiebra", relates
La Nacion. The court approved the bankruptcy petition filed by
Union Cortadores de la Indumentaria, whom the Company has debts
amounting to $5,819.81.
The Company will undergo the bankruptcy process with Mr. Oscar
Epstein as trustee. Creditors are required to present proofs of
claim to Mr. Epstein for verification before Feb. 6, 2006.
Creditors who fail to submit the required documents by the said
date will not qualify for any post-liquidation distributions.
Clerk No. 50 assists the court on the case.
CONTACT: Stampa e Designo S.A.
Santa Fe 1193
Buenos Aires
Mr. Oscar Epstein, Trustee
Viamonte 1620
Buenos Aires
=============
B E R M U D A
=============
FOSTER WHEELER: Equity-for-debt Exchange Offer Expires
------------------------------------------------------
Foster Wheeler Ltd. (Nasdaq: FWLT) announced on November 11,
2005 the expiration of its equity-for-debt exchange offer for
up to $150 million of aggregate principal amount of its
outstanding Senior Secured Notes due September 2011, Series A.
Foster Wheeler also announced its acceptance of certain Senior
Notes in connection with the expiration of the Exchange Offer.
The Company has accepted for payment an additional $16,515,000
of aggregate principal amount of its Senior Secured Notes due
September 2011, Series A. The tendered Senior Notes were
accepted in connection with Foster Wheeler's Exchange Offer and
brings the aggregate principal amount of Senior Notes accepted
up to $150,003,250. The number of new common shares issued
pursuant to Senior Notes accepted today will be 663,556.185. As
of November 10, 2005, Foster Wheeler had 56,219,650 outstanding
common shares. The Exchange Offer expired at 5:00 p.m., New
York City time, on November 10, 2005 and, as of such date,
approximately $111.5 million of aggregate principal amount of
Senior Notes remains outstanding.
Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of design, engineering,
construction, manufacturing, project development and
management, research and plant operation services. Foster
Wheeler serves the refining, upstream oil and gas, LNG and gas-
to-liquids, petrochemical, chemicals, power, pharmaceuticals,
biotechnology and healthcare industries. The corporation is
based in Hamilton, Bermuda, and its operational headquarters
are in Clinton, New Jersey, USA.
CONTACT: Foster Wheeler Ltd.
Media
Maureen Bingert
Phone: 908-730-4444
E-mail: maureen_bingert@fwc.com
or
Investor Relations
John Doyle
Phone: 908-730-4270
E-mail: john_doyle@fwc.com
or
Other Inquiries
Phone: 908-730-4000
E-mail: fw@fwc.com
URL: www.fwc.com
INTELSAT: Replaces Siebel SA Enterprise With RightNow CRM
---------------------------------------------------------
RightNow(R) Technologies (Nasdaq: RNOW) announced Wednesday
communications operator Intelsat has decided to replace Siebel
SA Enterprise with RightNow CRM(TM). The decision was driven
by Intelsat's desire to enhance its real-time visibility into
its sales pipeline.
In addition to addressing Intelsat's sales management
requirements, RightNow is providing the company with automated
marketing functionality. RightNow Marketing(TM) simplifies and
automates the execution and management of opt-in email
campaigns. It empowers marketing organizations to create and
test trial messages; closely track delivery, open and response
rates; and engage respondents in multi-stage online
interactions. It also allows leads to be automatically and
seamlessly passed along to the sales organization -- based on
customized workflow rules -- to ensure they are converted into
active sales opportunities.
Intelsat selected RightNow after an extensive evaluation of
offerings from several vendors. Key factors in Intelsat's
decision included RightNow's integrated sales and marketing
functionality, the ease of implementation and cost-efficiency
of RightNow's on demand model and RightNow's proven track
record of customer success.
"RightNow's native functionality is a much closer fit than
other proposed solutions and won't require extensive, slow and
costly software deployment cycles as we respond to our rapidly
changing markets," Paul Haines, Intelsat's information
architect, said.
RightNow's intuitive design, customizable workflow and built-in
reporting intelligence enable its customers to quickly achieve
their sales management goals, which typically include improved
pipeline visibility and more predictable performance. By
offering marketing and customer service functionality that
fully complements its sales management capabilities, RightNow
also provides a more complete and effective total CRM solution
than any other vendor.
"If technology is too difficult or expensive for an
organization to adopt, its business value is vastly
diminished," Peter Dunning, RightNow's president of field
operations, said. "Companies like Intelsat are embracing
RightNow as their CRM partner because, in addition to
delivering extremely powerful CRM technology, we make it easy
to apply that technology to your company's specific business
objectives."
About Intelsat
Intelsat is a global communications provider offering flexible
and secure services to customers in over 200 countries and
territories. Intelsat has maintained a leadership position for
over 40 years by distributing video, voice, and data for
television and content providers, government and military
entities, major corporations, telecommunications carriers, and
Internet service providers. Intelsat's reach, power and
expanding solutions portfolio deliver information reliably and
quickly to every corner of the globe.
About RightNow Technologies
RightNow (Nasdaq: RNOW) provides organizations with industry-
leading on-demand CRM solutions to build customer-focused
businesses. RightNow's acclaimed technology, comprehensive
services and commitment to customer success deliver high
returns on investment for its customers. More than 1,400
organizations worldwide use RightNow solutions including
British Airways, British Telecom, Cisco Systems, Continental
Tire North America, John Deere, Nikon and the Social Security
Administration. Founded in 1997, RightNow is headquartered in
Bozeman, Montana, with additional offices in North America,
Europe and Asia.
===========
B R A Z I L
===========
BANCO BRADESCO: Central Bank OKs Increase of Capital Stock
----------------------------------------------------------
Banco Bradesco S.A. announced in a letter sent on November 14,
2005 to the Securities and Exchange Commission that the Central
Bank of Brazil approved on the same day the process of Increase
of the Company's Capital Stock, with 100% bonus stock, approved
on the Special Stockholders' Meeting on November 11, 2005,
benefiting the stockholders registered in the Company's records
on November 22, 2005. The Company wrote:
Therefore, from November 23, 2005 on, the stocks will be traded
as ex-bonus stocks.
The monthly interests on own capital to be declared after
November 22, 2005 will have their value adjusted to BRL0.028500
per common stock and BRL0.031350 per preferred stock, so that
the stockholders continue receiving equal amount of Interests.
CONTACT: Banco Bradesco
Investor Relations
Jean Philippe Leroy
Phone: 55-11-3684-9229
or
Luiz Osorio Leao Filho
Phone: 55-11-3684-9302
URL: http://www.bradesco.com.br/ir
BANCO BRADESCO: Approves Common Stock Cancellation
--------------------------------------------------
The Board of Directors' proposal to cancel 2,367,000 common
stocks acquired by Banco Bradesco S.A. was approved at the
Special Stockholders' Meeting held on November 11, 2005.
In a letter sent to the Securities and Exchange Commission, the
Company wrote:
We hereby inform you that all the matters examined at the
Special Stockholders' Meeting held on this date were approved,
as follows:
- Board of Directors' proposals to:
1. Cancel 2,367,000 common stocks, acquired by the Company by
means of stock buyback programs authorized by the Board of
Directors, and 1,538 common stocks and 1,287 preferred stocks
derived from the incorporation of the stockholders of Bradesco
Seguros S.A., amounting to 2,368,538 common stocks and 1,287
preferred stocks, all of them are non-par, registered and book-
entry stocks, held in treasury, representing its own capital
stock, without reducing thereof;
2. Increase the capital stock in the amount of
BRL3,000,000,000.00, increasing it from BRL10,000,000,000.00 to
BRL13,000,000,000.00, by using a portion of the balance in the
"Profit Reserve - Statutory Reserve" account, attributing to
the Company's stockholders, as bonus stock, on a free basis,
one (1) new stock, of the same type, for each stock held.
It will be issued 489,926,571 non-par, registered, book-entry
stocks, of which 244,957,152 are common stocks and 244,969,419
are preferred stocks, already taking into account the
cancellation mentioned in item "1" above.
Simultaneously to the Brazilian Market operation, and in the
same proportion, the bonus stock will occur in the form of DRs
- Depositary Receipts in the U.S. (NYSE) and European (Latibex)
Markets, attributing to the DRs holders, on a free basis, one
(1) new DR for each DR held, which will continue to be traded
at the ratio of one (1) preferred stock to each DR, in the
respective markets.
The stocks issued by the Company will continue to be traded,
entitled to stock bonus until the Company announces the record
date of such right, which will occur after the Central Bank of
Brazil approves the process.
The stocks resulting from the stock bonus will not imply an
increase in the distribution of monthly dividends and/or
interests on own capital, since this only aims at improving
their liquidity. Thus, monthly interests on own capital to be
distributed after including the stock bonus in the
stockholders' position will have their amounts adjusted from
BRL0.057000 to BRL0.028500 per common stock and from
BRL0.062700 to BRL0.031350 per preferred stock, so that the
stockholders continue receiving equal amount of Interests.
The unit cost attributed to the stock bonus, is BRL6.123366597
pursuant to the provisions in Paragraph 1 of Article 25 of the
Brazilian Internal Revenue Service Regulatory Instruction No.
25, as of 3.6.2001.
Dividends - Stocks resulting from the bonus stock will be
entitled to monthly dividends and/or interests on own capital,
and possibly complementary dividends and/or interests to be
distributed from the date the stocks are included in the
stockholders' position. They will also be fully entitled to
eventual advantages attributed to other stocks from the
referred date.
3. Amend the "caput" of Article 6 of the Company's Bylaws, as a
result of previous items.
These resolutions will come into force and become effective to
third parties after they are ratified by the Central Bank of
Brazil and after all the legal requirements for filing at the
Board of Trade and publication are met.
CONTACT: Banco Bradesco
Investor Relations
Jean Philippe Leroy
Phone: 55-11-3684-9229
or
Luiz Osorio Leao Filho
Phone: 55-11-3684-9302
URL: http://www.bradesco.com.br/ir
BANCO BRADESCO: Complementary Interest Payment Approved
-------------------------------------------------------
The Board of Directors of Banco Bradesco S.A. accepted in a
meeting held on November 11, 2005 the Board of Executive
Officer's proposal for the payment to the Company's
Stockholders of Complementary Interests on Own Capital relating
to the fiscal year 2005.
The payment would be in the amount of BRL1.755955872 per common
stock and BRL1.931551459 per preferred stock, which represent
approximately 30.8 times the monthly interests paid, benefiting
the stockholders registered in the Bank's books on November 11,
2005.
Banco Bradesco wrote in a letter sent to the Securities and
Exchange Commission:
The payment will be settled on April 28, 2006, in the net
amount of BRL1.492562491 per common stock and BRL1.641818741
per preferred stock, already deducted fifteen percent (15%) of
withholding Income Tax, except for corporate entities
stockholders, which are exempted from this taxation, and thus
will receive the declared amount.
The Interests 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 interests
to the stockholders by means of depositor Brokerage Houses.
The capital remuneration policy adopted by Bradesco aims at
distributing Interests on Own Capital in the maximum amount
calculated 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 2005, may propose to the Board of Directors
the distribution of Dividends to the Company's stockholders,
Interests on Own Capital of the fiscal year.
CONTACT: Banco Bradesco
Investor Relations
Jean Philippe Leroy
Phone: 55-11-3684-9229
or
Luiz Osorio Leao Filho
Phone: 55-11-3684-9302
URL: http://www.bradesco.com.br/ir
CESP: Posts Positive Results in the Jan-Sept 2005 Period
--------------------------------------------------------
Power generation company Companhia Energetica de Sao Paulo
(CESP) ended the first nine months of 200t with a net profit of
BRL146 million (US$66.5 million), a turnaround from a net loss
of BRL238 million in the same period last year, reports
Business News Americas.
During the Jan-Sep 2005 period, the Company reported gross
operating revenue of BRL1.55 billion, up from BRL1.51 billion
in the same period a year earlier.
Operating profits rose to BRL383 million in the first nine
months of 2005, reversing an operating loss of BRL206 million
in the same period last year.
CESP, which is controlled by the Sao Paulo state government, is
burdened by a BRL10-billion debt, 39% of which is denominated
in foreign currencies, mainly the US dollar and the euro. The
state plans to sell CESP's sister company, power transmission
company CTEEP, in February 2006 and use the proceeds to bolster
CESP's finances.
Sao Paulo Water Resources and Energy Secretary Mauro Arce
recently revealed that the government is also planning to sell
control of CESP next year.
CONTACT: Companhia Energetica De Sao Paulo
Rua da ConsolaO o, 1.875
CEP 01301 -100 S o Paulo, Brazil
Phone: +55-11-234-6322
Fax: +55-11-287-0871
Home Page: http://www.CESP.com.br/
Contact:
Mauro G. Jardim Arce, Chairman
Ruy M. Altenfelder Silva, Vice Chairman
Vicente Kazuhiro Okazaki, Finance Director
COPEL: Reports R$309.1 Mln Net Income in 3Q05
---------------------------------------------
Companhia Paranaense de Energia-COPEL (NYSE: ELP / LATIBEX:
XCOP / BOVESPA: CPLE3, CPLE5, CPLE6), company that generates,
transmits, and distributes electrics power to the State of
Parana, today announces its operating results for the third
quarter of 2005. All figures included in this report are in
thousand of Reais (R$1,000) and were prepared in accordance
with Brazilian GAAP (corporate law).
3Q05 MAIN EVENTS
- Net income: In the third quarter of 2005, COPEL recorded a
profit of R$ 309.1 million, corresponding to R$ 1.13 per lot of
one thousand shares.
- Gas supply contract: As of June 1st 2005, COPEL has no longer
been recording provisions for payments under the gas supply
contract with Compagas, since the agreements between Petrobras,
Compagas, and COPEL have been terminated.
- Market expansion: Total power consumption throughout COPEL's
concession area - which includes sales both to captive
customers and to "unregulated free customers" within the State
of Parana -- grew by 3.3% from January through September 2005
compared to the same period in 2004. If the contracts with
Carbocloro and Volkswagen, which expired at the end of 2004,
were taken into account, consumption would have decreased 1.3%
in the period.
Residential, commercial, and rural consumer segments grew by
4.1%, 6.7%, and 6.2%, respectively. The expansion in the
residential segment was due to a 2.8% increase in the number of
customers supplied and to an increase in average consumption
(1.3% over the third quarter of 2004). The good performance of
the commercial segment resulted from the modernization of the
sector and the opening of new businesses. The growth in the
rural segment was due mainly to the increase in exports of
agricultural, livestock, and agro-industrial products, which
resulted in higher income for the producers, enabling them to
invest in electric machinery. Total industrial consumption
within COPEL's concession area increased by 1.0% (taking into
account the free customers supplied by COPEL Generation in
Parana).
- Inauguration of the Santa Clara Power Plant: On September
30th 2005, the Santa Clara Power Plant was inaugurated. Located
on the Jordao River, in the central-southern region of Parana,
the facility adds 120 MW of installed capacity to the power
generation complex which also comprises the Fundao Power Plant
and two small hydropower units, for a total of 245.6 MW.
- UEG Araucaria: On August 14th 2003, COPEL filed a lawsuit
against UEG Araucaria ("Acao Cautelar de Producao Antecipada de
Provas"), which is currently at its final stage: the court-
ordered expert investigation has already been concluded, and
the resulting report has been submitted to court. The
investigation has concluded that the facility can't be operated
in an automatic, safe, and continuous manner. It has also found
design and construction flaws in the power generating units, in
the natural gas processing unit, and in the integration between
facilities. Once the statements of the parties' technical
assistants are submitted, the court shall validate the findings
of the investigation. It is likely that Araucaria will appeal
against such validation. Such measure, however, will not
prevent COPEL from using those results as evidence. The
findings contained in the final report will help COPEL prove
the technical impossibility of operating the power plant in an
automatic, safe, and continuous manner.
In July 2004, another hearing took place before the Chamber of
International Trade in Paris, and COPEL again restated its
refusal to accept arbitration, pointing out to the fact that a
Brazilian court had judged to be null and void the clause
providing for arbitration in the disputed contract, which, in
UEG Araucaria's understanding, supported the procedures before
the CIT.
On December 6th 2004, the Arbitration Court ruled by majority
vote that it had jurisdiction over the issues at hand, but
assured that it would not consider administrative decisions
already taken by the National Electric Energy Agency (ANEEL),
such as the refusal to ratify the agreement between UEG
Araucaria and COPEL. This ruling, however, will not influence
or change the decisions of the Brazilian courts regarding the
same matter.
Even though COPEL will not recognize the jurisdiction of the
Arbitration Court over this matter, it will continue to defend
its interests before it, lest the proceedings go on in
absentia. On May 30th 2005, the Company submitted a statement
justifying its counterclaims against UEG Araucaria and listing
the pieces of evidence it intends to submit before the
Arbitration Court. As part of its defense strategy , COPEL is
demanding payment of all expenses incurred by the Company since
October 2002 for maintenance of the facility and of all losses
suffered due to the technical impossibility of operating the
power plant.
In early 2005, a committee was assembled with representatives
from COPEL, Petrobras, and El Paso in order to negotiate a
settlement regarding the issues related to UEG Araucaria.
In July 2005, COPEL hired an external consulting company to
appraise its stake in UEG Araucaria.
- Electricity Auction: COPEL participated in the 4th auction of
existing electricity, which took place on October 11th 2005. At
this event, COPEL Generation sold 245 MW/year for the 2009-2016
period for R$ 95.95/MWh.
FINANCIAL AND OPERATING PERFORMANCE
MARKET EXPANSION
From January to September 2005, total power consumption at
COPEL's concession area (captive market plus free consumers
served by COPEL) reached 14,007 GWh, up by 3.3% versus the
volume recorded in the same period of 2004. Taking into account
the contracts with Carbocloro and Volkswagen which expired at
the end of 2004, consumption decreased 1.3% in the period. This
consumption growth reflects, mainly, the increase in the
residential, commercial and rural segments, with variations of
4.1%, 6.7% and 6.2% respectively.
Residential consumption recorded a recovery, reaching growth
levels similar to those presented before the 2001 rationing.
This improvement is due to the 2.8% increase in the number of
customers, as well as to the increase in the average
consumption level in the period (1.3% over the same period of
2004). This increase in the segment is due to the purchase of
electric appliances, thanks to the increasing availability of
credit since last year.
The commercial segment growth in the first nine months of the
year maintained 9M04 levels, mainly due to the modernization of
the sector and to the increase in the number of connections,
which recorded the highest numbers in the last few years.
The good performance of the rural segment is mainly due to the
increase in exports of agricultural, livestock and agribusiness
products, that resulted in higher income for rural producers,
enabling them to invest in electric machinery.
Consumption by the industrial segment (including only Copel
Distribuicao customers), dropped by 8.4% due to the transfer of
free consumers to Copel Geracao, occurred in April 2005.
However, the total industrial consumption at Copel's concession
area recorded a 1.0% growth, when including free customers
supplied by Copel Geracao in the State of Parana.
In September 2005, COPEL's number of consumers amounted to
3,239,293, up by 2.6% if compared to September 2004,
corresponding to 81,959 new consumers.
Copel Distribuicao's grid market (TUSD), composed by Copel's
captive customers and the totality of free customers in the
company's concession area, increased by 3.4% in the first nine
months of 2005 (14,898 GWh).
REVENUES
Net operating revenues in the first nine months of 2005 reached
R$ 3,583 million, up by 26.6% the R$2,831 recorded in the same
period of 2004.
This increase mainly reflects: (i) the lower discount granted
to consumers who pay their electricity bill when due, resulting
in a 9% average adjustment as from June 24, 2004, a 5% average
adjustment as from February 1, 2005 and a 4.41% average
adjustment as from August 1, 2005; (ii) higher supply revenue,
due to the 75% reduction of the first contract between COPEL
Geracao and COPEL Distribuicao and the consequent sale of
energy from COPEL Geracao to the first old energy auction (980
MW in average for the period between 2005-2012 at R$57.50/MWh);
(iii) the increase in revenue from the availability of the grid
due to transmission tariff readjustments confirmed by ANEEL
Resolution 71/2004 of June 30, 2004 and 15/2005 of July 1,
2005, in addition to the incorporation of new transmission
assets at the Basic Network and to transmission grid - TUSD
revaluation, after COPEL's tariff revision.
The "Piped Gas Distribution" line refers to revenues from
Compagas' gas distribution to third-parties.
In the first nine months of 2005, total operating expenses
reached R$ 3,023 million, versus the R$2,297 million recorded
in the same period of 2004. The main variations were:
- The 58.4% increase in the "energy purchased for resale"
line, due to the 75% reduction of the initial contract between
COPEL Geracao and COPEL Distribuicao and the consequent
purchase of energy by Copel Distribuicao in the 1 St old energy
auction (992 MW in average for the period between 2005 - 2012
at R$57.51/MWh). The main amounts booked are: R$357.1 million
from ITAIPU, R$232.8 million from CIEN, R$59.8 million from
ITIQUIRA and R$332.1 million from energy auction. Also, R$65.4
million were booked as passive CVA - energy purchased for
resale.
- The increase in the "use of transmission grid" line is due
to: tariff readjustment confirmed by ANEEL Resolution 71, of
June 30, 2004 and 150/2005 of July 1, 2005, in addition to the
amortization of R$80.6 million from CVA ("Parcel A") costs.
Another important factor was the deferral reversion from CVA
occurred in 9M05, R$398 thousand, while in 9M04 it was deferred
R$78.4 million.
- The 20.6% variation in the "personnel" line was chiefly due:
(i) to wage raises of 1.26% in July 2004 and of 6.5% in October
2004; (ii) to the increase in the number of employees (533
employees); and (iii) to the agreement on the bonus for
hazardous working conditions (R$22.2 million) in March and May
2005. Disregarding this last expense, which is non- recurring,
personnel expenses would have increased by 13.5%.
The increase in personnel was stronger in COPEL Distribuicao,
especially in telemarketer and electrician, aiming at adjusting
and improving direct customer service and the reduction of
outsourced labor in the front line, as these agreements expire.
- As a result of the consolidation of Compagas, "the raw
material and supply for electric power production" line
reflects only the amount regarding the purchase of fuels and
other supply payable to third partied. This rise is primarily
due to the purchase of gas for UEG Araucaria, which was no
longer eliminated in this quarter, as result of the
terminations of the contracts between Copel Geracao and
Compagas. The registered figure refers to period between
January to May 2005.
- The "natural gas and supplies for the gas business" line
refers to the total natural gas acquired by Compagas from
Petrobras. The fall recorded in this period is a result of the
termination of the contract for the purchase of gas for UEG
Araucaria. As from June 1 st , 2005, COPEL has no longer been
recording provisions for payments under the gas supply contract
with Compagas, due to the contract's termination.
- The 31.1% increase in "regulatory charges", under which
were booked R$167.2 million as Fuel Consumption Account - CCC,
R$44.4 as financial compensation for the use of water
resources, R$111.4 million as Energy Development Account - CDE,
and R$8.7 million as ANEEL's oversight fees and other services.
- The increase in "taxes" resulted from R$ 32.8 million in
penalties imposed by the State Finance Department on COPEL for
having wrongfully classified customers under the rural
category, which is entitled to deferment of value- added tax
("ICMS"), during the period from January 2000 through December
2004. This amount will be paid off in 60 monthly installments
starting July 2005.
- The increase in "other operating expenses" mainly due to the
booking of provision for doubtful accounts. This provision was
calculated in accordance with the ANEEL's Electric Power Public
Providers Booking Manual and, in this period, amounted to
R$52.7 million.
EBITDA
Earnings before interest, taxes, depreciation and amortization
- EBITDA reached R$803.4 million in the first nine months of
2005, up 5.1% over the figure posted in the same period of the
previous year (R$764.6 million).
Financial Result
Financial income from January to September, 2005 decreased 2.5%
in comparison to the same period of 2004. The main variations
were: (i) higher interest from financial applications due to a
higher cash position in the period; (ii) increase of interest
and fees due to the appropriation of interest from the mutual
contract with Elejor; (iii) monetary variation drop due to the
decrease of in IGP-DI index used for readjusting CRC
transferred to the State Government; and (iv) increase in the
interest on arrears over electricity bills.
Financial expenses went up by 5.9% as a result, mainly, of the
booking of fines referring to the gas purchase contract
(R$136.2 million) and penalties imposed by the State Finance
Department (R$ 30.2 million).
Operating Result
COPEL's operating result recorded in the third quarter of 2005
totaled R$501.3 million, 0.4% above the same period of the
previous year.
Non-Operating Result
The non-operating result recorded in the period reflects mainly
the net effect of the write-offs of assets and rights
registered under permanent assets.
Net Income
Between January and September 2005, COPEL recorded net income
of R$309.1 million, 3.8% above the same period of the previous
year (R$297.7 million). In the third quarter of 2005, the
Company's net income was R$112.4 million.
BALANCE SHEET AND CAPEX (ASSETS)
On 09.30.2005, COPEL's total assets amounted to R$10,319.6
million.
COPEL's capex in the first nine months of 2005 was R$304.2
million, of which R$13.3 million were allocated to power
generation projects, R$95.0 million to transmission projects,
R$173.6 million to distribution improvement works, R$12.9
million to telecommunications, R$ 2.5 million to corporate
partnership and R$6.9 million to gas plumbing (Compagas).
BALANCE SHEET (LIABILITIES)
As of September, 30, 2005, COPEL's total debt amounted to
R$1,680.3 million, representing a debt/shareholders' equity
ratio of 30.9%
COPEL's shareholders' equity was R$5,445.4 million,
representing a 2.1% increase over September 2004 and equivalent
to R$19.90 per thousand shares.
CONTACT: Copel
Solange Maueler Gomide, Investor Relations
ri@copel.com
Ricardo Portugal Alves
Tel: (5541) 3331-4359
(5541) 3331-4311
URL: www.copel.com/ri
COPEL: Bid for Two Hydropower Projects Likely
---------------------------------------------
Power company Copel (NYSE: ELP) remains interested in bidding
for two of the 13 hydroelectric power projects the federal
government will offer at the December 16 tender, Business News
Americas reports.
Copel CEO Rubens Ghilardi said the Company, which is controlled
by the state government of Parana, is maintaining its stance
despite a price cap of BRL116/MWh (US$52.64), which several
companies considered low.
"We are interested in bidding to supply the demand for power in
the state of Parana [where we operate]," Mr. Ghilardi said.
"We will do sums back to front. If the resulting amount left
over after deducting our profits and costs is enough for
engineering companies to build the projects, we will go ahead,"
he added.
The executive revealed Copel has already signed a memorandum of
understanding with federal power company Eletrosul to form a
joint venture to bid for the two projects - the 388MW Maua and
the 53MW Salto Grande.
"Eletrosul is a very good partner," he said. "It cannot be a
majority owner of a specific purpose company for the tender and
we have to be the controller."
Mr. Ghilardi further said the federal government could allow
state-controlled companies such as Eletrosul and Copel to
obtain financing from government banks in case private
companies decide not to take part in the tender because of the
low starting price of BRL116/MWh.
CP CIMENTO: Taps Goldman Sachs to Find Buyer
--------------------------------------------
Cement producer CP Cimento will sell a part of its business to
raise money to cover short-term debts, which at June this year
reached BRL500 million (US$228mn).
According to Business News Americas, the Rio-based Company,
which is believed to be worth US$500mn-600mn, has hired
investment bank Goldman Sachs to find a buyer.
CP Cimento is a non-operational holding company created in 1999
to control and manage two cement producers: Cimento Tupi and
Companhia de Cimento Ribeirao Grande. Analysts expect CP to put
Ribeirao Grande up for sale.
Possible buyers for the CP Cimento unit are Camargo Correa
Cimentos (CCC), Lafarge, Holcim and Cemex.
CCC, the third-largest Brazilian cement company in terms of
installed capacity and fourth largest in terms of production,
recently purchased Argentine firm Loma Negra for US$1 billion.
CCC has expressed interest in expanding locally.
The local unit of Lafarge - Brazil's sixth largest cement
producer - seems to top the list as it is already a minority
partner in Tupi since 1998.
Holcim Brasil is the country's fourth largest producer and may
also be considering to buy, while Mexican company Cemex - which
does not exist in Brazil - may see this as an opportunity to
penetrate the South American giant's market.
In October, Standard & Poor's slashed its rating on CP
Cimento's corporate credit to brBB+ from brBBB, with a negative
outlook.
The move reflected CP Cimento's reduced profitability and cash
flow generation in the last few quarters, as well as a moderate
recovery perspective in the medium term and increasing pressure
from maturing loans in the short term.
The Company's EBITDA margin decreased to 17.8% in the first
half of this year, compared to an average of 30% in the last
three years, S&P said.
GERDAU: Current President to Leave Post by End 2006
---------------------------------------------------
Jorge Gerdau Johannpeter will relinquish his post as president
of steelmaker Gerdau by the end of 2006, reports Business News
Americas.
"We are working on a transition process and I will remain
president until the end of the next year," he said. "Afterwards
I might continue to serve on the Gerdau board."
Mr. Johannpeter would not comment on possible candidates to
replace him. "A name will be announced during 2006," he said.
CONTACT: Gerdau
Press Office
Phone: 55(51) 3323-2170
E-mail: imprensa@gerdau.com.br
URL: www.gerdau.com.br
TELEMAR: Modifies Broadband Contracts to Allow IP Telephony
-----------------------------------------------------------
Fixed line operator Telemar has eliminated a clause in the
contracts signed with broadband subscribers that expressly
prohibits the use of IP telephony programs.
Business News Americas reveals that Telemar originally included
that clause on grounds that its broadband service Velox is a
private service, where it does not have to ensure the client-
client connectivity required of a public telephony service, and
as such the Company has the right to impose contractual
restrictions.
However, Velox users, as well as rival operator GVT, complained
about the clause, prompting regulator Anatel to issue a
statement reminding operators that broadband services are
multimedia by definition and operators may not restrict the way
in which customers put it to use.
Now, Velox's contracts state that IP telephony is permitted as
long as it does not infringe upon regulations and as long as
calls to telephony networks result in payment of
interconnection fees.
===========================
C A Y M A N I S L A N D S
===========================
AC SHIPHOLDING: Creditors Must Prove Debts, Claims by Dec. 15
-------------------------------------------------------------
AC SHIPHOLDING INC.
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Take notice that the following special resolution was passed by
the shareholders of the abovementioned company on 2nd November
2005.
"THAT the company be wound up voluntarily and that Piccadilly
Cayman Limited of PO Box 10632 APO, Grand Cayman, be and is
hereby appointed as liquidator for the purposes of winding up
the Company and that Piccadilly Cayman Limited shall have the
power to bind the company for the purposes of such winding up".
Creditors of the Company are to prove their debts or claims on
or before 15th December 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: DARREN RILEY
For and on behalf of
PICCADILLY CAYMAN LIMITED, Voluntary Liquidator
For enquiries: Ellen J. Christian
Telephone: 345 945 9208
Fax: 345 945 9210
3rd Floor Royal Bank House
Shedden Road
George Town, Grand Cayman
ADA FUNDING: Shareholders Request Company's Liquidation
-------------------------------------------------------
ADA FUNDING, LTD.
(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 2nd
November 2005:
THAT the Company be placed into voluntary liquidation
forthwith.
THAT Phillip Hinds and Jon Roney be appointed, jointly and
severally, as liquidators of the Company.
Creditors of the above-named company are to prove their debts
or claims on or before 16th December 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: PHILLIP HINDS and JON RONEY
Joint Voluntary Liquidators
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
AJAX MANE: Taps Bunton, Gordon as Liquidators
---------------------------------------------
AJAX MANE LTD.
(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
31st
October 2005:
THAT the Company be placed into voluntary liquidation
forthwith.
THAT Carrie Bunton and Richard Gordon be appointed, jointly and
severally, as liquidators of the Company.
Creditors of the above-named company are to prove their debts
or claims on or before 16th December 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: CARRIE BUNTON and RICHARD GORDON
Joint Voluntary Liquidators
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
ALL BUDGET: Creditors Have Until Dec. 16 to Prove Claims, Debts
---------------------------------------------------------------
ALL BUDGET CORPORATION 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 2nd
November 2005:
THAT the Company be placed into voluntary liquidation
forthwith.
THAT Martin Couch and Johann Le Roux be appointed, jointly and
severally, as liquidators of the Company.
Creditors of the above-named company are to prove their debts
or claims on or before 16th December 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: MARTIN COUCH and JOHANN LE ROUX
Joint Voluntary Liquidators
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
ALTUS FUND: DMS Corporate Services Named Liquidator
---------------------------------------------------
ALTUS FUND OVERSEAS 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 21st October
2005:
"THAT 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 15th December 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
Facsimile: (345) 946 7666
Ansbacher House
P.O. Box 31910 SMB, Grand Cayman
ANKORA INVESTMENTS: Shareholders Volunteer to Wind Up Firm
----------------------------------------------------------
ANKORA INVESTMENTS LIMITED
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
The following special resolution was passed by the shareholders
of the above-mentioned company at an extraordinary general
meeting of the shareholders held on the 4th November 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 think
fit, to distribute specific assets to members."
Creditors of the above named company, which is being wound up
voluntarily, are required on or before 15th December 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
For enquires: Timothy Haddleton
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
P.O. Box 1170GT, Grand Cayman
AQUILA OFFSHORE: Placed Into Voluntary Liquidation
--------------------------------------------------
AQUILA OFFSHORE FUND, LTD.
(The "Company")
(In Voluntary Liquidation)
The Companies Law (As Amended)
TAKE NOTICE THAT the following resolution was passed by the
shareholders of the abovementioned company by written special
resolution dated 26th October 2005:
"RESOLVED AS A SPECIAL RESOLUTION that the Company be and
hereby is placed into voluntary liquidation and that dms
Corporate Services Ltd of Ansbacher House, 20 Genesis Close,
2nd Floor, P.O. Box 31910 SMB, Grand Cayman, Cayman Islands, be
and is hereby appointed liquidator for the purposes of such
liquidation."
NOTICE IS HEREBY GIVEN that the creditors of the above-named
Company which is being wound up voluntarily are required within
21 days of this notice, to send in their names and addresses
and the particulars of their debts and claims and the names and
addresses of their attorneys-at-law (if any) to the
undersigned. In default thereof, they will be excluded from the
benefit of any distribution made before such debts are proved.
Dated this 15th day of November 2005.
CONTACT: DMS CORPORATE SERVICES LTD., Voluntary Liquidator
c/o Walkers
Walker House, Mary Street
PO Box 265GT
George Town, Grand Cayman
FAO: Caroline Chaloner
ARABIAN OIL: S.L.C. Whicker, K.D. Blake Named Joint Liquidators
---------------------------------------------------------------
ARABIAN OIL COMPANY (CAYMAN) LTD.
(In Voluntary Liquidation)
("The Company")
The Companies Law (2004 Revision)
The following special resolution was passed by the sole
shareholder of the Company at an extraordinary meeting held on
2nd November 2005:
"RESOLVED THAT the Company be placed into voluntary liquidation
and that S.L.C. Whicker and K.D. Blake of KPMG, Grand Cayman,
Cayman Islands, be and are hereby appointed Joint Voluntary
Liquidators of the Company to act jointly or severally for the
purposes of such liquidation."
Creditors of the Company are to prove their debts or claims on
or before 15th December 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: K.D. BLAKE
Joint Voluntary Liquidator
PO Box 493 GT, Grand Cayman
Cayman Island
For enquiries: Peter de Vere
Telephone: 345-914-4334
Facsimile: 345-949-7164
Address for service:
P.O. Box 493 GT, Grand Cayman
Cayman Islands
Telephone: 345-949-4800
Facsimile: 345-949-7164
ASHCROFT HOLDINGS: Shareholders Volunteer to Wind Up Firm
---------------------------------------------------------
ASHCROFT HOLDINGS LIMITED
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
The following special resolution was passed by the shareholders
of the above-mentioned company at an extraordinary general
meeting of the shareholders held on the 4th November 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 think
fit, to distribute specific assets to members."
Creditors of the above named company, which is being wound up
voluntarily, are required on or before 15th December 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
For enquires: Timothy Haddleton
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
P.O. Box 1170GT, Grand Cayman
BFC BANK: Creditors Must Prove Debts, Claims by Dec. 31
-------------------------------------------------------
BFC BANK (CAYMAN) LTD.
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
NOTICE IS HEREBY GIVEN that the following resolutions were
passed by the shareholders of this company on 31 October 2005:
THAT the Company be placed into Voluntary Winding Up pursuant
to Section 132 of the Cayman Islands Companies Law with effect
from
31st October 2005.
THAT Mr. Chris Johnson of Chris Johnson Associates Ltd. be and
is hereby appointed as voluntary liquidator with effect from
31st October 2005.
Creditors of the Company are to prove their debts or claims on
or before 31st December 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: CHRISTOPHER D. JOHNSON
Voluntary Liquidator
For enquiries: Michelle Cullen
Telephone: (345) 943-6200
Facsimile: (345) 946-0864
Address for Service:
P.O. Box 2499 GT, Grand Cayman
Cayman Islands
BLUE HORSE: To be Wound Up Voluntarily
--------------------------------------
BLUE HORSE LIMITED
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
TAKE NOTICE THAT the following special resolution was passed by
the shareholders of Blue Horse Limited (the "Company") by way
of written resolution on the 14th October 2005:
"RESOLVED THAT the Company be wound up voluntarily and that Mr.
James P. Carroll be appointed liquidator for 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 17th 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: MR. JAMES P. CARROLL, Voluntary Liquidator
For enquiries: Mr. James P. Carroll
c/o Willis Management (Cayman) Ltd.
PO Box 30600 Seven Mile Beach
Grand Pavilion Commercial Centre
Grand Cayman, Cayman Islands
Tel: 345 949 3039
Fax: 345 949 6621
BONHEUR INVESTMENTS: Creditors Must Prove Debts By Dec. 15
----------------------------------------------------------
BONHEUR INVESTMENTS, LTD.
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
The following special resolution was passed by the shareholders
of the above-mentioned company at an extraordinary general
meeting of the shareholders held on the 4th November 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 think
fit, to distribute specific assets to members."
Creditors of the above named company, which is being wound up
voluntarily, are required on or before 15th December 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
For enquires: Timothy Haddleton
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
Address for service:
P.O. Box 1170GT, Grand Cayman
CALABASSAS LIMITED: Shareholders Decide on Wind Up
--------------------------------------------------
CALABASSAS LIMITED
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
The following special resolution was passed by the shareholders
of the above-mentioned company at an extraordinary general
meeting of the shareholders held on the 4th November 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 think
fit, to distribute specific assets to members."
Creditors of the above named company, which is being wound up
voluntarily, are required on or before 15th December 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
For enquires: Timothy Haddleton
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
P.O. Box 1170GT, Grand Cayman
CANADA ZERO: Guy Major, Jon Roney to Oversee Liquidation
--------------------------------------------------------
CANADA ZERO 2005
(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
November 2005:
THAT the Company be placed into voluntary liquidation
forthwith.
THAT Guy Major and Jon Roney be appointed, jointly and
severally, as liquidators of the Company.
Creditors of the above-named company are to prove their debts
or claims on or before 16th December 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: JON RONEY
Joint Voluntary Liquidator
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
CASCADE SVP: Faces Liquidation
------------------------------
CASCADE SVP (CAYMAN) CO. LTD
(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 3rd
November 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 15th December 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 and TUN WIN
Joint Voluntary Liquidators
Maples Finance Jersey Limited, 2nd Floor
Le Masurier House, La Rue Le Masurier
St. Helier, Jersey JE2 4YE
CHANNEL CDO: Wendy Ebanks, Jon Roney Selected as Liquidators
------------------------------------------------------------
Channel CDO, 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 Channel CDO, Limited at an extraordinary
general meeting of the shareholder(s) held on November 3, 2005:
THAT the Company be placed into voluntary liquidation
forthwith.
THAT Wendy Ebanks and Jon Roney be appointed, jointly and
severally, as liquidators of the Company.
Creditors of Channel CDO, Limited are to prove their debts or
claims on or before December 16, 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: Ms. Wendy Ebanks and Mr. Jon Roney
Joint Voluntary Liquidators
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
CHOICE 1999: Begins Voluntary Wind Up
-------------------------------------
Choice 1999 Investments Ltd.
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
The following special resolution was passed by the shareholders
of Choice 1999 Investments Ltd. at an extraordinary general
meeting of the shareholders held on November 4, 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 think fit, to distribute
specific assets to members."
Creditors of Choice 1999 Investments Ltd., which is being wound
up voluntarily, are required on or before December 15, 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 1170GT, Grand Cayman
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
CLT 2005-1: To be Placed into Voluntary Liquidation
---------------------------------------------------
CLT 2005-1 Holdings Ltd
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Section 135
TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of CLT 2005-1 Holdings Ltd at an
extraordinary general meeting of the shareholder(s) held on
October 28, 2005:
THAT the Company be placed into voluntary liquidation
forthwith.
THAT Murray McGregor and Richard Gordon be appointed, jointly
and severally, as liquidators of the Company.
Creditors of CLT 2005-1 Holdings Ltd are to prove their debts
or claims on or before December 16, 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. Murray Mcgregor and Richard Gordon
Joint Voluntary Liquidators
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
CRYSTAL LAKE: To be Wound Up Voluntarily
----------------------------------------
Crystal Lake Limited
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
The following special resolution was passed by the shareholders
of Crystal Lake Limited at an extraordinary general meeting of
the shareholders held on November 4, 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 think fit, to distribute
specific assets to members."
Creditors of Crystal Lake Limited, which is being wound up
voluntarily, are required on or before December 15, 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 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
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: Mr. Buchanan Limited, Voluntary Liquidator
Timothy Haddleton
P.O. Box 1170GT, Grand Cayman
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
DANA PETROLEUM: Appoints Joint Voluntary Liquidators
----------------------------------------------------
Dana Petroleum (Halmahera) LLC
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Section 135
TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Dana Petroleum (Halmahera) LLC at an
extraordinary general meeting of the shareholder(s) held on
October 28, 2005:
THAT the Company be placed into voluntary liquidation
forthwith.
THAT Johann Le Roux and Jon Roney be appointed, jointly and
severally, as liquidators of the Company.
Creditors of Dana Petroleum (Halmahera) LLC are to prove their
debts or claims on or before December 16, 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: Johann Le Roux and Jon Roney
Joint Voluntary Liquidators
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
DANA PETROLEUM: Creditors to Prove Claims to Liquidators
--------------------------------------------------------
Dana Petroleum (NW Natuna) LLC
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Section 135
TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Dana Petroleum (NW Natuna) LLC at an
extraordinary general meeting of the shareholder(s) held on
October 28, 2005:
THAT the Company be placed into voluntary liquidation
forthwith.
THAT Johann Le Roux and Jon Roney be appointed, jointly and
severally, as liquidators of the Company.
Creditors of Dana Petroleum (NW Natuna) LLC are to prove their
debts or claims on or before December 16, 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
DANA PETROLEUM: Joint Liquidators to Verify Creditors' Claims
-------------------------------------------------------------
Dana Petroleum (Spain) LLC
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Section 135
TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Dana Petroleum (Spain) LLC at an
extraordinary general meeting of the shareholder(s) held on
October 28, 2005:
THAT the Company be placed into voluntary liquidation
forthwith.
THAT Johann Le Roux and Jon Roney be appointed, jointly and
severally, as liquidators of the Company.
Creditors of Dana Petroleum (Spain) LLC are to prove their
debts or claims on or before December 16, 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
DUPLEX THIRD: Resolves to Liquidate
-----------------------------------
Duplex Third
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Section 135
TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Duplex Third at an extraordinary general
meeting of the shareholder(s) held on November 1, 2005:
THAT the Company be placed into voluntary liquidation
forthwith.
THAT Phillipa White and Richard Gordon be appointed, jointly
and severally, as liquidators of the Company.
Creditors of Duplex Third are to prove their debts or claims on
or before December 16, 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: Ms. Phillipa White and Richard Gordon
Joint Voluntary Liquidators
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
EMERGING MARKETS: Claims Verification Ends on Nov. 30
-----------------------------------------------------
Emerging Markets (Cayman) Ltd.
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Take notice that the following special resolutions were passed
by the sole shareholder of Emerging Markets (Cayman) Ltd. at an
extraordinary general meeting held on November 4, 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 November 30, 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: Mr. David Dyer, Voluntary Liquidator
Deutsche Bank (Cayman) Limited
P.O. Box 1984GT, George Town, Grand Cayman
FFTW DIVERSIFED (CLASS B): Appoints Liquidators
-----------------------------------------------
FFTW Diversifed Alpha Class B Ltd.
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
The following special resolution was passed at an extraordinary
general meeting of the shareholders of FFTW Diversifed Alpha
Class B Ltd. on October 17, 2005:
RESOLVED that the Company be voluntarily wound up and that
William E. Vastardis of EOS Fund Service LLC, 41 Madison
Avenue, 30th Floor, New York, New York, New York, 10010, USA,
be appointed liquidator of the Company for that purpose.
CONTACT: Mr. William E. Vastardis, Voluntary Liquidator
EOS Fund Services LLC
41 Madison Avenue, 30th Floor, New York
New York 10010, USA
FFTW DIVERSIFIED (CLASS M): To Undergo Liquidation
--------------------------------------------------
FFTW Diversifed Alpha Class M Ltd.
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
The following special resolution was passed at an extraordinary
general meeting of the shareholders of the Company on October
17, 2005:
RESOLVED that the Company be voluntarily wound up and that
William E. Vastardis of EOS Fund Service LLC, 41 Madison
Avenue, 30th Floor, New York, New York, New York, 10010, USA,
be appointed liquidator of the Company for that purpose.
CONTACT: Mr. William E. Vastardis, Voluntary Liquidator
EOS Fund Services LLC
41 Madison Avenue, 30th Floor, New York
New York 10010, USA
FFTW DIVERSIFIED (CLASS D): To Start Wind Up Process
----------------------------------------------------
FFTW Diversified Alpha Class D Ltd.
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
The following special resolution was passed at an extraordinary
general meeting of the shareholders of FFTW Diversified Alpha
Class D Ltd. on October 17, 2005:
RESOLVED that the Company be voluntarily wound up and that
William E. Vastardis of EOS Fund Service LLC, 41 Madison
Avenue, 30th Floor, New York, New York, New York, 10010, USA,
be appointed liquidator of the Company for that purpose.
CONTACT: Mr. William E. Vastardis, Voluntary Liquidator
EOS Fund Services LLC
41 Madison Avenue, 30th Floor, New York
New York 10010, USA
FFTW DIVERSIFED (CLASS Z): To Wind Up Voluntarily
-------------------------------------------------
FFTW Diversifed Alpha Class Z Ltd.
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
The following special resolution was passed at an extraordinary
general meeting of the shareholders of FFTW Diversifed Alpha
Class Z Ltd. on October 17, 2005:
RESOLVED that the Company be voluntarily wound up and that
William E. Vastardis of EOS Fund Service LLC, 41 Madison
Avenue, 30th Floor, New York, New York, New York, 10010, USA,
be appointed liquidator of the Company for that purpose.
CONTACT: William E. Vastardis, Voluntary Liquidator
EOS Fund Services LLC
41 Madison Avenue, 30th Floor, New York
New York 10010, USA
FORT VENTURE: Claims Verification Ends Dec. 15
----------------------------------------------
Fort Venture Ltd.
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
The following special resolution was passed by the shareholders
of Fort Venture Ltd. at an extraordinary general meeting of the
shareholders held on November 4, 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 think fit, to distribute
specific assets to members."
Creditors of Fort Venture Ltd., which is being wound up
voluntarily, are required on or before December 15, 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 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 1170GT, Grand Cayman
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
GCM INCORPORATED: Shareholder Resolves to Wind Up
-------------------------------------------------
GCM Incorporated
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
TAKE NOTICE that the following special written resolution
(resolution 1) and ordinary resolution (resolution 2) were
passed by the shareholder of GCM Incorporated at an
extraordinary general meeting on November 3, 2005:
"THAT the Company be placed in voluntary winding up;
"THAT Commerce Corporate Services Limited be appointed as
liquidator of the Company."
Date of Liquidation: December 16, 2005.
CONTACT: Commerce Corporate Services Limited
Voluntary Liquidator
Commerce Corporate Services Limited
P.O. Box 694, Grand Cayman, Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
=========
C H I L E
=========
SR TELECOM: Widens Net Loss to $14.1M in 3Q05
---------------------------------------------
SR Telecom Inc. (TSX: SRX, Nasdaq: SRXA), a leading vendor of
licensed OFDM solutions for broadband access networks with its
symmetry(R) products, announced Wednesday its results for the
third quarter and nine months ended September 30, 2005.
The third quarter was one of transition for SR Telecom as the
Corporation's revenue grew 5% to $38.3 million from the same
period one year ago, as the result of increased shipments of
orders delayed in the first half of the year. Net loss for the
most recent quarter was $14.1 million, up from $4.0 million in
the corresponding period a year ago, due primarily to
restructuring charges and professional fees related to the
convertible debentures. The net loss improved significantly
over the second quarter of this year due in large part to the
Corporation recent cost-saving initiatives and restructuring
initiatives.
"SR Telecom has experienced a very difficult period and we are
beginning to see some tangible results thanks to the dedicated
efforts of our employees, the renewed support of the
Corporation's supplier network and the loyalty of our customer
base," said William Aziz, SR Telecom's Interim President and
Chief Executive Officer. "We have empowered a new executive
management team to create a more agile organization. To this
end, we have initiated aggressive cost cutting measures which
are continuing, have dealt proactively with procurement issues
and have adopted a customer-centric approach."
Consolidated Third Quarter Results
Consolidated revenue for the third quarter totalled $38.3
million, representing a quarter-over-quarter increase of 116%
and an increase of 5% from $36.4 million in the third quarter
of fiscal 2004. The revenue increase is primarily as a result
of delayed shipments in the first half of 2005 due to a longer-
than-anticipated period to finalize the credit facility, as
well as the effects of reduced supplier credit and production
slow-down. The consolidated operating loss for the third
quarter was $7.7 million, down significantly from $27.7 million
in the previous quarter and compared to an operating loss of
$10.4 million in the same period in 2004. Third quarter
consolidated net loss was $14.1 million, or $0.80 net loss per
share, compared to consolidated net losses of $30.7 million, or
$1.74 net loss per share, and $4.0 million, or $0.23 net loss
per share, in the previous quarter and the corresponding period
a year ago, respectively.
Year-to-date, consolidated revenue was $73.8 million, compared
to $99.2 million in the first nine months last year. The
consolidated operating loss for the first nine months of the
year reached $46.1 million, compared to $44.9 million in the
same period a year ago. The year-to-date consolidated net loss
totalled $58.5 million, or $3.32 net loss per share, compared
to a consolidated net loss $44.2 million, or $2.71 net loss per
share, in the prior period.
Net losses for the third quarter and first nine months of
fiscal 2005 were impacted by one-time restructuring charges of
$2.3 million, fees related to the convertible debentures of
$4.4 million and provision of the Haiti receivable of $3.7
million. Without these items, consolidated earnings before
interest, taxes, depreciation and amortization (EBITDA) was a
positive $3.9 million for the third quarter of 2005.
Core Wireless Solutions Segment
Third quarter revenue in SR Telecom's core wireless solutions
business was $33.5 million, compared to $31.7 million reported
during the same period in 2004. Net loss for the third quarter
totalled $14.1 million, compared to a $5.5 million net loss in
the corresponding period last year. For the first nine months
of 2005, revenue in the core wireless solutions business was
$59.2 million, compared to $84.9 million in the same period
last year. Net loss for the first nine months of fiscal 2005
totalled $55.4 million, compared to a net loss of $42.0 million
in the prior period.
Selling, general and administrative (SG&A) expenses in the
segment were $11.2 million for the third quarter of 2005, a
$1.0 million increase compared to $10.2 million for the same
period in 2004. For the nine-month period of fiscal 2005, SG&A
expenses decreased to $30.6 million, versus $35.5 million in
the first nine months of fiscal 2004. This was primarily due to
the effects of the restructuring that was implemented in 2004
and 2005 offset, in part, by the provision for the Haiti
receivable of $3.7 million.
As previously indicated, the Company has consolidated its
research and development facilities. Principally as a result of
this consolidation and a focus on developing WiMAX-ready and
WiMAX products under the symmetry(R) brand while reducing
development activities for legacy products, these expenses in
the core wireless business decreased significantly from $6.2
million in the third quarter of 2004 to $3.2 million in the
third quarter of 2005. For the first nine months of fiscal
2005, R&D expenses were reduced to $9.7 million, compared to
$21.0 million in the corresponding period in fiscal 2004. The
decreases were also attributable to the restructuring
initiative that was implemented by the Company in 2004.
Telecommunications Service Provider Segment (CTR)
Revenue in Canadian dollars in the Corporation's Chilean
service provider, CTR, was basically flat at $4.8 million for
the three months ended September 30, 2005, compared to $4.7
million for the three months a year ago. Net revenue in Chilean
pesos was 2,191 million pesos for the third quarter of 2005 and
2,226 million pesos for the third quarter of 2004, a decrease
of 35 million pesos or 1.5%. The decrease is partly
attributable to the loss of a contract for the provision of
data services to a competitor and an unfavourable change in the
mix of access charges relating to higher-cost prepaid and long-
distance traffic.
For the first nine months of fiscal 2005, CTR revenue increased
slightly to $14.6 million, up from the $14.3 million reported
for the first nine months of 2004. Net revenue in Chilean pesos
was 6,810 million pesos for the first nine months of 2005 and
6,641 million pesos for the first nine months of 2004, an
increase of 169 million pesos or 3%. The increase is
attributable to the new access tariffs approved by the Chilean
regulator, Subtel, which took effect March 1, 2004 as well as
the expansion of urban wireless telecommunications services in
several cities in Chile.
The CTR operating loss totalled $0.8 million in the third
quarter of fiscal 2005, compared to operating earnings of
$14,000 in the same period last year. The loss is the result of
an increase to $5.6 million in operating expenses for the
quarter, from $4.6 million for the three months the previous
year. The increase is primarily due to higher tariffs for wire
support as part of a new governmental decree. The net loss for
the third quarter of 2005 was $8,000, compared to a net income
of $1.5 million in the corresponding period in 2004.
For the first nine months of fiscal 2005, the CTR operating
loss totalled $1.7 million, compared to operating earnings of
$34,000 in the corresponding period in 2004. CTR's net loss for
the first nine months increased to $3.1 million, compared to a
net loss of $2.3 million in the same period in 2004. The
increase in net loss is primarily due to professional and legal
fees of approximately $1.0 million related to the renegotiation
of the CTR loans, which were extended for a period of three
years as well as the new urban initiative.
EBITDA at CTR was $2.6 million for the third quarter and $4.1
million year-to-date, down from $3.7 million and $4.5 million,
respectively, for the same periods in 2004.
Financial Position
The Corporation's consolidated cash, including restricted cash,
increased to $6.6 million at September 30, 2005, compared to
$6.4 million at December 31, 2004. On May 19, 2005, an
agreement was reached with certain debenture holders to provide
up to $46.5 million (US$39.6 million) by way of a five-year
secured credit facility. An amount of $39.6 (US$33.7 million)
million was made available to the Corporation as at September
30, 2005. The remainder of the facility will be available to
the Corporation, subject to approval of budgets and financial
covenants when finalized with the lenders.
Further, the Corporation and the debenture holders have also
exchanged all but $270,000 of the face value of the $71.0
million of the 8.15% debentures and approximately $4.6 million
of accrued new interest into new 10% convertible redeemable
secured debentures due October 15, 2011.
The Corporation still intends to file a preliminary prospectus
relating to a rights offering to shareholders to subscribe for
new common shares, subject to market conditions.
With the refinancing arrangements in place in relation to the
credit facility, the debenture exchange and the potential
rights offering, SR Telecom will have sufficient cash and cash
equivalents, short-term investments, and cash from operations
going forward to satisfy its working capital requirements and
continue operations as a going concern for the next twelve
months.
Outlook
"Progress is being made on several fronts but there remains
much to be done to solidify operations and deliver the desired
results. As the global marketplace continues to embrace
emerging broadband wireless technologies such as ours, we are
continuing to position ourselves to capitalize on our strong
technology and our reputation among carriers and operators
around the globe. We are working diligently with these
customers to bring in new orders. It is anticipated that a
portion of the expected fourth quarter revenues will now be
pushed out to the first quarter of 2006," commented Mr. Aziz.
Detailed financial results for SR Telecom's third quarter of
fiscal 2005 are filed with SEDAR and EDGAR and are also
available on the Company's website at www.srtelecom.com .
About SR Telecom
SR TELECOM designs, builds and deploys versatile, field-proven
Broadband Fixed Wireless Access solutions. SR Telecom products
are used by large telephone and Internet service providers to
supply broadband data and carrier- class voice services to end-
users in both urban and remote areas around the globe. With its
principal offices in Montreal, Mexico City and Bangkok, SR
Telecom products have been deployed in over 110 countries,
connecting nearly two million people.
With its widely deployed symmetry(R) WiMAX-ready solution, SR
Telecom provides fixed wireless access solutions for voice,
data and Internet access applications.
SR Telecom is a principal member of WiMAX Forum, a cooperative
industry initiative which promotes the deployment of broadband
wireless access networks by using a global standard and
certifying interoperability of products and technologies.
To see financial statements:
http://bankrupt.com/misc/SR_Telecom.txt
CONTACT: SR TELECOM INC.
William E. Aziz, Interim President and CEO
Tel: (514) 335-2429, Extension 4613
Rick Leckner, Maison Brison
Tel: (514) 731-0000
URL: http://www.srtelecom.com
===========
M E X I C O
===========
EL POLLO: Prices Tender Offer for '09, 9 1/4% Sr. Sec. Notes
-------------------------------------------------------------
El Pollo Loco Inc. (the "Company") announced Wednesday that it
has determined the price for its previously announced tender
offer and consent solicitation for any and all of its
outstanding $110,000,000 aggregate principal amount of 9 1/4%
Senior Secured Notes due 2009 (the "Notes").
As of Nov. 15, 2005, 97.95% of the outstanding aggregate
principal amount of the Notes have been tendered. Holders who
have already tendered their Notes and delivered their consents
may no longer withdraw their Notes or revoke their consents.
The total consideration for the Notes validly tendered and not
revoked by 5 p.m., New York City time, on Oct. 25, 2005, and
accepted for payment will be $1,088.37 per $1,000 principal
amount of the Notes. In addition to the total consideration
payable in respect of the Notes purchased in the tender offer
and consent solicitation, the Company will pay accrued and
unpaid interest to, but not including, the payment date.
The total consideration was determined as of 2 p.m., New York
City time, on Nov. 16, 2005, by reference to a fixed spread of
50 basis points above the bid side yield on the 3.00% U.S.
Treasury Note due Dec. 31, 2006.
The tender offer and consent solicitation will expire at 8
a.m., New York City time, on Nov. 18, 2005, unless extended.
The payment date for Notes validly tendered and accepted for
payment is expected to be Friday, Nov. 18, 2005.
Except as set forth above, all other provision of the tender
offer and consent solicitation with respect to the Notes are as
set forth in the Offer to Purchase and Consent Solicitation
Statement dated Oct. 12, 2005 (the "Offer to Purchase"). The
Company reserves the right to further amend the tender offer
and the consent solicitation in its sole discretion.
The Company has retained Merrill Lynch & Co. to act as sole
Dealer Manager for the tender offer and as the Solicitation
Agent for the consent solicitation and can be contacted at 212-
449-4914 (collect) or 888-ML4-TNDR (toll-free). Global
Bondholder Services Corp. is the Information Agent and can be
contacted at 212-430-3774 (collect) or 866-387-1500 (toll-
free). Copies of the Offer to Purchase and other related
documents may be obtained from the Information Agent.
The tender offer and consent solicitation are being made solely
on the terms and conditions set forth in the Offer to Purchase.
Under no circumstances shall this press release constitute an
offer to buy or the solicitation of an offer to sell the Notes
or any other securities of the Company. This press release also
is not a solicitation of consents to the proposed amendments to
the indenture. None of the Company, the Dealer Manager or the
Information Agent makes any recommendation as to whether
holders of the Notes should tender their Notes or consent to
the proposed amendments to the indenture and no one has been
authorized by any of them to make such recommendations. Holders
must make their own decisions as to whether to consent to the
proposed amendments to the indenture and to tender the Notes.
About El Pollo Loco
El Pollo Loco, pronounced "L Po-yo Lo-co" and Spanish for "The
Crazy Chicken," is the nation's leading quick-service
restaurant chain specializing in flame-grilled chicken and
Mexican-inspired entrees. Founded in Guasave, Mexico, in 1975,
El Pollo Loco's long-term success stems from the unique
preparation of its award-winning "pollo" - fresh chicken
marinated in a special recipe of herbs, spices and citrus
juices passed down from the founding family. The marinated
chicken is then flame-grilled, hand-cut and served hot off the
grill with warm tortillas, a wide assortment of side dishes and
salsas prepared fresh every day. Rounding out the menu are
fresh flavorful entrees inspired by the kitchens of Mexico,
including grilled burritos, the original Pollo Bowl(R), Pollo
Salads, Tacos al Carbon and Quesadillas. For more information,
visit www.elpolloloco.com.
CONTACT: El Pollo Loco Inc.
Joseph Stein
Tel: 949-399-2155
E-mail: jstein@elpolloloco.com
=============
U R U G U A Y
=============
* URUGUAY: Fitch Rates $200M Issue 'B+'; Outlook Stable
-------------------------------------------------------
Fitch Ratings, the international rating agency, has assigned a
'B+' rating to Uruguay's US$200 million in global bonds due
Nov. 18, 2022. The Rating Outlook is Stable. Proceeds from the
bond issue will be used for general budgetary purposes.
Uruguay's sovereign ratings reflect its improving debt dynamics
underpinned by currency strength, economic growth, and fiscal
prudence. On the other hand, public and external debt ratios
are still higher than peers, concerns about long-term economic
growth persist, and the highly dollarized financial system
remains vulnerable.
CONTACT: Roger M. Scher +1-212-908-0240, New York
Theresa Paiz Fredel +1-212-908-0534, New York
MEDIA RELATIONS: Chris Kimble +1-212-908-0226, New York
=================
V E N E Z U E L A
=================
PDVSA: Ramirez Warns of Immediate Takeover on Holdout Operators
---------------------------------------------------------------
Venezuela's Energy and Oil Minister Rafael Ramirez warned that
private oil field operators that fail to convert their
operating agreements to joint ventures with state oil firm
PDVSA by Jan. 1 will be taken over by PDVSA immediately.
To date, five oil operators have yet to agree to form new JVs
with PDVSA. These operators, according to Ramirez, who is also
PDVSA's president, have reduced their oil output to try and
pressure the government to modify the JV terms.
"We have seen, with great distress, that the companies are
trying to pressure us by lowering production, that's why we are
rapidly going to take control of production in those fields and
foster an increase in production," Mr. Ramirez said.
"There will be no extension of the deadline, we will have crews
standing by December 31" to take over the oil fields, he added.
Meanwhile, oil industry experts say production from 32 foreign-
operated oil fields has fallen this year as companies curtail
investment ahead of the government-ordered contract changes set
for Jan. 1.
"No company is going to invest money now to increase production
rates because at the end of the year the contracts are going to
change and we don't know if any of the investments carried out
at this moment will be compensated by PDVSA," said one local
oil sector expert.
SIDOR: To Partner with Mibam on New Steel Projects
--------------------------------------------------
Steelmaker Sidor and the basic industries and mining ministry
(Mibam) have created a commission to analyze the feasibility of
new steel projects, reports Business News Americas.
Sidor said the commission will look at new projects that
support the country's initiative to develop its economy by
substituting imports with domestically made goods and curbing
raw material exports to spark value-added development at home.
The Company recently struck an agreement to buy iron ore from
state iron ore supplier Ferrominera Orinoco at US$30/t rather
than US$19/t.
The iron ore supply agreement, according to Sidor, is a "win-
win" deal as it will provide Ferrominera Orinoco with more
revenue which in turn will allow the miner to invest in
exploration and mining projects that will result in more and
better iron ore.
Venezuela's President Hugo Chavez earlier threatened Sidor that
the government will assume control of the steelmaker if it did
not cut exports and renegotiate supply contracts.
Sidor finished its privatization process in 1998 and will be
part of the recently created steelmaking group Ternium, which
includes Mexican steelmaker Hylsamex and Argentina's Siderar.
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and
Sheryl Joy P. Olano, Editors.
Copyright 2005. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
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