/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/051129.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, November 29, 2005, Vol. 6, Issue 236 Headlines A R G E N T I N A AEROLINEAS ARGENTINAS: Threatens to Fire Striking Workers AGUAS PROVINCIALES: Rejects Govt.'s Proposal, Delays Exit BANCO HIPOTECARIO: Buys $47.5M Worth of Government Bonds CARILO GARDEN: Proceeds With Liquidation EDESUR/EDENOR: Government Levies Fines for Blackouts EDWARD S.A.: Liquidating Assets to Pay Debts ESTABLECIMIENTO TRICARICO: Court Declares Company Bankrupt FIBOR S.R.L.: Court Favors Involuntary Bankruptcy Motion GALASSI 2000: Court Converts Reorganization to Bankruptcy MERCOFILM S.A.: Enters Bankruptcy on Court Orders TOVER S.A.: Court Designates Trustee for Liquidation TRANSPORTE 4H: Gets Court Approval for Reorganization WINE'S HOUSE: Judge Approves Bankruptcy B E R M U D A ALEA GROUP: Ratings Unaffected by U.S. Business Rights Sale PXRE GROUP: S&P Assigns Low-B Ratings on $700M Universal Shelf B R A Z I L BANCO BRADESCO: To Pay Interest on Capital Dec. 1 CESP: CTEEP Opening Books to Investors Shortly COPEL: PNA Converted into PNB EMBRATEL PARTICIPACOES: Concludes Agreement with PT Brasil GERDAU: Refuses to Comment on Sipar, AcerBrag Reports TELEMAR: Tender Offer Expires C A Y M A N I S L A N D S JAPANESE HIGH: To Relate to Members Wind Up Account Dec. 16 MONTPELLIER VALUE: Final Meeting of Shareholders Set for Dec. 16 MULBERRY INVESTMENT: To Authorize Liquidators to Retain Records NEOPUS KAWASAKI: To Hold Final Meeting Dec. 16 NEPTUNE CORPORATION: To Lay Wind Up Accounts Before Meeting NETHERLANDS HOLDING: Final General Meeting Scheduled for Dec. 16 NEW SPRING: To Relate Wind Up Accounts at Dec. 15 Meeting NIKKO CITIGROUP: Final General Meeting Set for Dec. 15 NISHIGOTANDA SPC: To Relate to Members Wind Up Account Dec. 16 NISHIJIMA ESTATE: To Explain Wind Up Process at Dec. 16 Meeting NK FUNDING: To Authorize Liquidators to Retain Records NS HOLDING: Final General Meeting to be Held Dec. 16 NYLIM ANDOVER: To Lay Wind Up Accounts Before Dec. 15 Meeting NYLIM LEXINGTON: To Authorize Liquidator to Retain Records OGC HOLDING: Final General Meeting to be Held Dec. 16 OLYMPUS ASSETS: Final Meeting to be Held Dec. 16 OLYMPUS FUND: To Hold Final Meeting of Shareholders Dec. 16 ORICO CONSUMER (SERIES III): To Lay Out Liquidation Accounts ORICO CONSUMER (SERIES IV): Sets Final Meeting of Shareholders PACKAY HOLDINGS: Final Meeting Set for Dec. 16 PARMALAT (CAYMAN): Liquidators Sue Principal Banker, Auditors PERSEUS CAPITAL: To Relate Wind Up Process to Members Dec. 16 PIKE GLOBAL: Wind Up Process to be Reported Dec. 15 PINE TREE CAPITAL: To Report on Liquidation Process Dec. 16 PINE TREE: Wind Up Process to be Explained Dec. 16 PIRHO LIMITED: Schedules Final General Meeting for Dec. 15 PRIMUS JAPAN: To Account Liquidation to Members Dec. 16 PRINCIPAL JAPAN: Final Meeting to be Held Dec. 15 QUINDONE INVESTMENTS: Accounts on Wind Up to be Presented RAMAPO LIMITED: Final General Meeting Set for Dec. 15 RCB SECURITIZATION: Members to Hear Account of Wind Up Dec. 1 C H I L E SR TELECOM: William Aziz to Remain as Interim CEO, President J A M A I C A DYOLL INSURANCE: Court Issues Ruling on Distribution of Funds M E X I C O ASARCO: Files Schedules of Assets and Liabilities GRUPO MEXICO: Buys Ferrosur for $307M in ITM Stock - - - - - - - - ================= A R G E N T I N A ================= AEROLINEAS ARGENTINAS: Threatens to Fire Striking Workers --------------------------------------------------------- Flagship carrier Aerolineas Argentinas said Sunday it will sack 168 pilots and technicians who have been on strike for higher wages since Thursday. Aerolineas revealed the plan in a communique, saying that it "decided to send telegrams of dismissal to pilots and technicians who have not appeared at their places of work with the aim of providing the minimum services established by the Labor Ministry." "The firm will continue to make identical decisions with pilots and technicians who, in the coming days, continue in their stance of not showing up for work, (causing) the non-fulfillment of government requirements," the communique adds. The labor unions of Aeronautical Technicians Association (APTA) and the Association of Airline Pilots went on strike, demanding a 45% salary hike and the rehiring of 11 fired employees. The labor ministry has started a court case that could fine the two unions ARS10.5 million (US$3.5 million) because they did not respect a legal order to take part in arbitration talks and because they have not guaranteed minimum services. The strike has affected about 30,000 passengers and has paralyzed flights from the capital's Ezeiza international airport, as well as short-haul flights from Aeroparque airport. Aerolineas Argentinas is 98% owned by Spanish group Interinvest. AGUAS PROVINCIALES: Rejects Govt.'s Proposal, Delays Exit --------------------------------------------------------- Suez is turning down a new contract proposal that the Santa Fe government has submitted in an attempt to keep the French utility onboard to run the province's water concession, reports Dow Jones Newswires. "Aguas Provinciales de Santa Fe considers that the (proposal) neither permits the re-composition of the contract nor makes the contract viable," the local unit said in a brief press statement issued Friday. The proposal reportedly includes a 25% hike in service charges as from January 1, 2006 and two further 5% increases in 2007 and 2008. The local government also offered help with the investments needed in the service. Meanwhile, Suez has decided to extend a deadline from Nov. 25 to Dec. 15 to transfer its Santa Fe holding to the provincial government. A Suez spokeswoman acknowledged that the additional three weeks gives Suez more time to negotiate with investors interested in buying Aguas Provinciales. Santa Fe Public Works Minister Alberto Hammerly said earlier that Suez is negotiating with Argentine businessman Sergio Taselli. BANCO HIPOTECARIO: Buys $47.5M Worth of Government Bonds -------------------------------------------------------- Banco Hipotecario has purchased US$47.5 million worth of Boden 2012 government bonds, Business News Americas, citing a filing with Argentina's securities regulator CNV. The bank, the country's largest mortgage lender, didn't reveal details about the operation. CARILO GARDEN: Proceeds With Liquidation ---------------------------------------- Mr. Osvaldo Avinon successfully sought for the bankruptcy of Carilo Garden S.A. after Court No. 20 of Buenos Aires' civil and commercial tribunal declared the Company "Quiebra," reports La Nacion. As such, Carilo Garden S.A. will now start the process with Mr. Jose Luis Carriquiry as trustee. Creditors must submit proofs of their claim to the trustee by Feb. 22, 2005 for authentication. Failure to comply with this requirement will mean a disqualification from the payments that will be made after the Company's assets are liquidated. The creditor requested the Company's liquidation after the latter failed to pay its debts. The city's Clerk No. 39 assists the court on the case that will close with the sale of all of its assets. CONTACT: Carilo Garden S.A. Av. Garay 431 Buenos Aires Mr. Jose Luis Carriquiry, Trustee Loyola 660 Buenos Aires EDESUR/EDENOR: Government Levies Fines for Blackouts ----------------------------------------------------- The Argentine government will impose fines on electricity distributors Edesur and Edenor for the series of blackouts in Buenos Aires on Tuesday and Wednesday, reports Business News Americas. The companies tried to defend themselves by saying the shortages were due to a record level of consumption as a result of high summer temperatures. However, Ricardo Martinez Leone, the vice-president of national energy regulator Enre, insisted the problems did not originate in the high-voltage transport network but rather in medium and low-voltage transmission lines in the metropolitan area. "The operating companies are obliged to know the characteristics of demand throughout the year and provide quality of service," Mr. Leone said. The fines have not been quantified yet but the government is currently evaluating the situation and will "apply sanctions with corresponding severity," Leone said. Edesur, which is controlled by Spanish power giant Endesa (NYSE: ELE), saw its losses balloon to ARS20.5 million (US$7.16mn) in the first half of this year from ARS6.9 million in the same period in 2004. Like other utilities, Edesur blamed its losses on prices being pesofied after the end of the one-to-one peg with the US dollar three years ago. Edesur distributes in the south of Buenos Aires city and part of Buenos Aires province, serving over 6 million people. Edenor, which distributes electricity to parts of the capital and greater Buenos Aires province with about 2.2 million clients, reported a loss of ARS49.1 million ($16.4 million) in the first nine months of this year, compared with a loss a year earlier of ARS75.4 million. CONTACT: EDESUR S.A. San Jos, 140 Buenos Aires Tel: 4383-0200 4381-1313 EDENOR S.A. Azopardo Building Azopardo 1025 (1107) Capital Federal Phone: (54-11) 4346-5000 Fax: (54-11) 4346-5300 E-mail: to ofitel@edenor.com.ar Web Site: http://www.edenor.com.ar EDWARD S.A.: Liquidating Assets to Pay Debts -------------------------------------------- Buenos Aires-based Edward S.A. will begin liquidating its assets following the pronouncement of the city's court that the Company is bankrupt, reports Infobae. The bankruptcy ruling places the Company under the supervision of court-appointed trustee, Ms. Stella Maris Diaz. The trustee will verify creditors' proofs of claim until Feb. 8, 2006. The validated claims will be presented in court as individual reports. Ms. Diaz 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 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: Ms. Stella Maris Diaz, Trustee Araoz 323 Buenos Aires ESTABLECIMIENTO TRICARICO: Court Declares Company Bankrupt ---------------------------------------------------------- Court No. 17 of Buenos Aires' civil and commercial tribunal declared Establecimiento Tricarico Hermanos S.A. bankrupt, says La Nacion. The ruling comes in approval of the petition filed by the Company's creditor, Ms. Ramona Gimenez y otros, for nonpayment of $11,359 in debt. Trustee Mr. Juan Carlos Flores will examine and authenticate creditors' claims until Dec. 29, 2005. This is done to determine the nature and amount of the Company's debts. Creditors must have their claims authenticated by the trustee by the said date in order to qualify for the payments that will be made after the Company's assets are liquidated. Clerk No. 34 assists the court on the case, which will conclude with the liquidation of the Company's assets. CONTACT: Establecimiento Tricarico Hermanos S.A. Rivera 1561 Buenos Aires Mr. Juan Carlos Flores, Trustee Arcos 2534 Buenos Aires FIBOR S.R.L.: Court Favors Involuntary Bankruptcy Motion -------------------------------------------------------- Court No. 20 of Buenos Aires' civil and commercial tribunal declared local company Fibor S.R.L. "Quiebra", relates La Nacion. The court approved the bankruptcy petition filed by Caja Aseguradora de Riesgos de Trabajo ART S.A. The Company will undergo the bankruptcy process with Ms. Laura Marletta as trustee. Creditors are required to present proof of their claims to Ms. Marletta 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. 39 assists the court on the case. CONTACT: Fibor S.R.L. Corrientes 1844 Buenos Aires Ms. Laura Marletta, Trustee San Jose de Calasanz 530 Buenos Aires GALASSI 2000: Court Converts Reorganization to Bankruptcy --------------------------------------------------------- Galassi 2000 S.A., which was undergoing reorganization, entered bankruptcy on orders from Bahia Blanca's civil and commercial court, according to Infobae. The court assigned Mr. Horacio Guillermo Escrina as the Company's receiver. The credit verification process will be done "por via incidental", says the report. CONTACT: Galassi 2000 S.A. Camino Sesquicentenario y Ruta 35 Bahia Blanca Mr. Horacio Guillermo Escrina, Trustee Zapiola 319 Bahia Blanca MERCOFILM S.A.: Enters Bankruptcy on Court Orders ------------------------------------------------- Mercofilm S.A. 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 Ms. Maria Ezequiela Festugato as trustee. Ms. Festugato will be verifying creditors' proofs of claim until the end of the verification phase on Feb. 20, 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 April 3, 2006 followed by the general report, which is due on May 18, 2006. CONTACT: Ms. Maria Ezequiela Festugato, Trustee Lavalle 1607 Buenos Aires TOVER S.A.: Court Designates Trustee for Liquidation ---------------------------------------------------- La Plata accounting firm Estudio Contable Rovelli y Asociados was assigned a trustee for the liquidation of local company Tover S.A., relates Infobae. Estudio Contable Rovelli y Asociados will verify creditors' claims until Feb. 2, 2006, the source adds. After that, he will prepare the individual reports, which are to be submitted in court on March 24, 2006. The submission of the general report should follow on May 12, 2006. CONTACT: Tover S.A. Calle 504 esquina 14 Nro. 1887 Gonnet (Partido de La Plata) Estudio Contable Rovelli y Asociados, Trustee Calle 12 Nro. 883 La Plata TRANSPORTE 4H: Gets Court Approval for Reorganization ----------------------------------------------------- Transporte 4H S.R.L. will begin reorganization following the approval of its petition by Buenos Aires' civil and commercial court. The opening of the reorganization will allow the Company to negotiate a settlement with its creditors in order to avoid a straight liquidation. Mr. Armando Gutman will oversee the reorganization proceedings as the court-appointed trustee. He will verify creditors' claims until Dec. 29, 2005. The validated claims will be presented in court as individual reports on March 13, 2006. Mr. Gutman 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 25, 2006. An Informative Assembly, the final stage of a reorganization where the settlement proposal is presented to the Company's creditors for approval, is scheduled on Oct. 9, 2006. CONTACT: Transporte 4H S.R.L. Avda. Cordoba 836 Capital Federal Mr. Armando Gutman, Trustee Esmeralda 625 Buenos Aires WINE'S HOUSE: Judge Approves Bankruptcy --------------------------------------- Wine's House S.R.L. was declared bankrupt after Court No. 20 of Buenos Aires' civil and commercial tribunal endorsed the petition of Wine Company S.A. for the Company's liquidation, Argentine daily La Nacion reports. The court assigned Mr. Roberto Sapollnik to supervise the liquidation process as trustee. Mr. Sapollnik will validate creditors' proofs of claim until Feb. 6, 2006. The city's Clerk No. 40 assists the court in resolving this case. CONTACT: Wine's House S.R.L. Debenedetti 2320 Buenos Aires Mr. Roberto Sapollnik, Trustee Parana 851 Buenos Aires ============= B E R M U D A ============= ALEA GROUP: Ratings Unaffected by U.S. Business Rights Sale ----------------------------------------------------------- Standard & Poor's Ratings Services said that its ratings on Alea Europe AG, Alea (Bermuda) Ltd., Alea Global Risk Ltd., Alea Jersey Ltd., Alea London Ltd., Alea North America Insurance Co., and Alea North America Specialty Insurance Co. (all rated local currency, BBB+/Negative/--)--the operating entities that constitute the Alea group (Alea)--were unaffected by yesterday's announcement that Alea is to sell the renewal rights of its U.S. primary program business written by Alea North America Insurance Co. and Alea North America Specialty Insurance Co. Although the companies will no longer underwrite business, the group retains ownership of them, and they continue to benefit from the existing cross guarantees between the group's operating entities. The group continues to explore all options for its remaining businesses. Standard & Poor's 'BBB+' ratings are underpinned by strong Alea group capitalization, and our expectation continues to be that capital adequacy will remain at its current level. Regulatory approval would be required before any withdrawal of capital from the operating companies, and management has not sought such approval at this time. Primary Credit Analyst: Simon Marshall, London (44) 20-7176-7080; simon_marshall@standardandpoors.com Secondary Credit Analyst: Rob Jones, London (44) 20-7176-7041; rob_jones@standardandpoors.com Additional Contact: Insurance Ratings Europe; InsuranceInteractive_Europe@standardandpoors.com PXRE GROUP: S&P Assigns Low-B Ratings on $700M Universal Shelf -------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary 'BBB-' senior debt, 'BB+' subordinated debt, and 'BB' preferred stock ratings to PXRE Group Ltd.'s recently filed $700 million universal shelf. Standard & Poor's also affirmed its 'BBB-' counterparty credit rating on PXRE Corp. and PXRE Group Ltd. as well as its 'A-' counterparty credit and financial strength ratings on Bermuda- based PXRE Reinsurance Ltd. and U.S.-based PXRE Reinsurance Co. The outlook on all these companies remains stable. The ratings on PXRE reflect: * its strong competitive position within the Bermuda catastrophe reinsurance and retrocessional market, * its historically strong but volatile operating performance, * its strong capital adequacy, and * favorable long-term maturity structure. Although volatility in earnings and capital is expected to diminish as a result of the company's recent successful catastrophe bond issuance in combination with underwriting initiatives, PXRE's monoline property catastrophe profile exposes it to greater earnings and capital volatility than diversified, multiline peers. PXRE's strong competitive position is supported by its longevity in the marketplace as a long-standing property catastrophe and retrocessional writer with business incepting in 1987. Although the 2005 hurricane season will result in a material loss in 2005, PXRE's earnings on its core property catastrophe business has been historically strong. Consolidated capital adequacy--reflecting $475 million of fourth-quarter issuance of common equity and estimated Hurricane Wilma losses of $75 million-$90 million--is strong. PXRE's subordinated long-term debt, which is viewed as hybrid equity because of its long-term and interest-deferral provisions, has a long-term maturity structure with no principal due until 2027. Although the company's recently executed $300 million catastrophe bond issuance has materially reduced prospective earnings and capital volatility, PXRE's monoline property catastrophe profile exposes it to greater earnings and capital volatility than diversified, multiline peers. PXRE is expected to resume its historical track record of posting strong results relative to its peers while sustaining a reduced volatility profile. "If PXRE is able to meet these expectations during future catastrophic events and less-favorable market cycles, we will consider revising the outlook to positive," said Standard & Poor's credit analyst Steven Ader. "Alternatively, a shortfall in these expectations will likely lead to negative rating actions." (Troubled Company Reporter, Friday, November 25, 2005, Vol. 9, No. 279) =========== B R A Z I L =========== BANCO BRADESCO: To Pay Interest on Capital Dec. 1 ------------------------------------------------- Banco Bradesco S.A. will pay on December 1, 2005 interest on its own capital related to the month of November 2005, in the amount of BRL0.057000 per common stock and BRL0.062700 per preferred stock to the stockholders registered in the Company's records on November 1, 2005. In a letter sent to the Securities and Exchange Commission on November 25, 2005, the Company wrote: The payment, net of the Withholding Income Tax of 15% (fifteen percent), except for legal entity stockholders exempted from the referred taxation, which will receive for the stated amount, will be made through the net amount of BRL0.048450 per common stock and BRL0.053295 per preferred stock, as follows: - Credit in the current account informed by the stockholder to Banco Bradesco S.A., the Depository Financial Institution of the Stocks. - The stockholders who did not inform their banking data or do not hold a current account in a Financial Institution must go to a Bradesco Branch on their preference having the "Notice For Receipt of Earnings from Book-Entry Stocks", sent by mail to those having their address updated in the Company's records, and having the following documents: - Individuals: Identity Card and Individual Taxpayer's Register (CPF); - Legal Entities: Corporate Taxpayer's ID (CNPJ), consolidated and updated Articles of Incorporation or the Bylaws. The Bylaws must be updated with the minutes of the meeting that elected the current board of executive officers. The partners/managers or officers empowered to represent the company must present their Identity Card and CPF. Note: When represented by mandate, the presentation of the respective power of attorney, Identity Card and CPF of the mandatory will be necessary. - For holders of stocks held on custody with the CBLC - Brazilian Clearing and Depository Corporation, the payment will be made to CBLC, which will transfer them to the respective stockholders through the Depository Agents. The monthly interests on own capital, related to December, 2005, to be paid on January 2, 2006, based on the stock position of December 1, 2005, will have their prices adjusted to BRL0.028500 per common stock and to BRL0.031350 per preferred stock, considered the 100% bonus stock approved in the Special Stockholders' Meeting as of November 11, 2005, which aimed at providing an improved liquidity to the shares, with the subsequent adjustment to the quote value on the market to a more attractive level for trading. 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: CTEEP Opening Books to Investors Shortly ---------------------------------------------- Sidnei Martini, the president of Sao Paulo power transmission company CTEEP, said Thursday that the Company will open its books in the next 10 days to investors interested in its privatization. Mr. Martini said the books would be opened for study ahead of CTEEP's privatization, which will take place Feb. 8 through an auction at the Brazilian Stock Exchange (Bovespa). The government of Sao Paulo plans to publish the sale rules in early January. He also expects strong interest in the tender for control of CTEEP because of the low risk and good returns in the Brazilian transmission sector. The Sao Paulo government is looking to raise BRL1 billion from the sale of its 61% controlling stake in CTEEP and inject the proceeds into its troubled generation company Companhia Energetica de Sao Paulo (CESP). CESP is burdened by a BRL10-billion debt, 39% of which is denominated in foreign currencies, mainly the US dollar and the euro. Sao Paulo Water Resources and Energy Secretary Mauro Arce earlier 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: PNA Converted into PNB ----------------------------- Companhia Paranaense de Energia, or Copel, announced on November 21, 2005 that during the period between June 1, 2005 and October 31, 2005, 234,268 preferred class A shares (PNA) were converted into preferred class B shares (PNB), as requested by shareholders, in accordance to paragraph 1 of article 7 of the Company's By-laws. Therefore, at the time of the next General Shareholders' Meeting, the article 4 of the By-laws will have the following wording: Underwritten paid up capital is BRL3,480,000,000.00 (three billion and forty eight million reais) represented by 273,655,376,270 shares, with no par value, composed of 145,031,080,782 ordinary shares, and 128,624,295,488 preferred shares, of which 404,062,807 are class "A" shares, and 128, 220,232,681 are class "B" 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 EMBRATEL PARTICIPACOES: Concludes Agreement with PT Brasil ---------------------------------------------------------- Embratel Participacoes S.A. (Embrapar) announced that after the approval by the Telecommunication Regulatory Agency - Anatel (Agencia Nacional de Telecomunicacoes) and the implementation of precedent conditions, the management of its subsidiary Empresa Brasileira de Telecomunicacoes S.A. (Embratel) concluded the transaction of share purchase and sale agreement (Purchase and Sale Agreement) with Portugal Telecom do Brasil S.A. (PT Brasil), where PT Brasil transfers to Embratel the total amount of shares that represent 100% (one hundred percent) of the capital of Primesys Solucoes Empresariais S.A. (Primesys), and all the rights resulting from and pertaining to those shares. The acquisition will enable Embratel to expand its activities, aiming not only to increase its operations in areas where it already has a consolidated presence, but also to expand in other segments of the telecommunications market in Brazil, specially in higher value added services, such as net integration and outsourcing. CONTACT: Embratel Participacoes S.A. Silvia M.R. Pereira Investor Relations Phone: (55 21) 2121-9662 Fax: (55 21) 2121-6388 E-mail: silvia.pereira@embratel.com.br invest@embratel.com.br GERDAU: Refuses to Comment on Sipar, AcerBrag Reports ----------------------------------------------------- Brazilian steelmaker Gerdau (NYSE: GGB) refuses to confirm reports that it is either building a plant at its newly acquired Argentine long steel mill Sipar, or acquiring Aceros Bragado (AcerBrag). Citing papers, Business News Americas reports that Gerdau CEO Jorge Gerdau has said the Brazilian company is mulling one of these two options to expand its presence in the Argentine market. "The Gerdau group does not confirm reports of the construction of a new plant at Sipar, nor the acquisition of Aceros Bragado," a Gerdau official said. Porto Alegre-based Gerdau recently acquired a majority stake in long steel rolling plant Sipar in Santa Fe province for US$40 million. CONTACT: Gerdau S.A. Avenida Farrapos 1811 Porto Alerge, RS 90220-005 Brazil Phone: +55 3323 2000 Web site: http://www.gerdau.com.br TELEMAR: Tender Offer Expires ----------------------------- Tele Norte Leste Participacoes S.A. (TNL) announced Friday the results of its cash tender offer for up to US$150,000,000 of its US$300,000,000 8.00% notes due December 18, 2013 (the "Notes") (CUSIP Nos.: 879246AB2, 879246AA4 and P90369AA0; ISIN Nos. US879246AB24, US879246AA41 and USP90369AA07; Common Code Nos. 020292709 and 018258609). The offer expired at 5:00 p.m., New York City time, on November 23, 2005. TNL has been advised by the depositary that, as of the expiration date of the offer, of the US$300,000,000 in aggregate principal amount of Notes outstanding, US$208,229,000 had been validly tendered and not validly withdrawn pursuant to the offer. Of the Notes tendered and not validly withdrawn, TNL has accepted for purchase an amount equal to US$150,000,000. As a result, the proration factor for Notes validly tendered will be approximately 72%. TNL will pay a total consideration of US$1,080,87 per US$1,000 principal amount of the Notes plus accrued and unpaid interest from the last interest payment date to, but excluding, the settlement date, for the Notes accepted pursuant to the offer on the settlement date, which is expected to be December 1, 2005. Noteholders who did not validly tender their Notes prior to 5:00 p.m., New York City time, on Wednesday, October 26, 2005, will not receive the early tender premium, equal to US$20 per U.S.$1,000 principal amount of Notes, which is included in the total consideration. By taking advantage of the favorable moment to decrease its average cost of funding, TNL reinforces its commitment to maintain a sound balance sheet. The repurchase of the Notes is in line with the Company's strategy of conducting the most efficient management of its assets and liabilities. TNL has retained Citigroup Corporate and Investment Banking to act as Dealer Manager for the Offer and Global Bondholder Services Corporation to act as the depositary and information agent for the Offer. Requests for documents may be directed to Global Bondholder Services Corporation by telephone at +1 (866) 470-4200 (in the United States) or +1 (212) 430-3774 or in writing at Global Bondholder Services Corporation 65 Broadway - Suite 704, New York, New York 10006, Attn. Corporate Actions. These documents contain important information, and holders should read them carefully before making any investment decision. Questions regarding the Offer may be directed to Citigroup Corporate and Investment Banking at +1 (800) 558-3745 (in the United States) or +1 (212) 723-6108 (outside the United States, call collect) or in writing at Citigroup Corporate and Investment Banking, Liability Management Group, 390 Greenwich Street, 4th Floor, New York, New York 10013. This announcement is not an offer to purchase, nor a solicitation of an offer to purchase, nor a solicitation of tender with respect to, any Notes. The Offer is being made solely upon the terms, and subject to the conditions, set forth in the Offer to Purchase, dated October 11, 2005, and the related Letter of Transmittal. CONTACT: TNE - INVESTOR RELATIONS Roberto Terziani E-mail: invest@telemar.com.br Tel: 55 21 3131 1208 Carlos Lacerda E-mail: carlosl@telemar.com.br TEL: 55 21 3131 1314 Fax: 55 21 3131 1155 URL: http://www.telemar.com.br/ir THE GLOBAL CONSULTING GROUP Kevin Kirkeby E-mail: kkirkeby@hfgcg.com Tel: 1-646-284-9416/ Fax: 1-646-284-9494 =========================== C A Y M A N I S L A N D S =========================== JAPANESE HIGH: To Relate to Members Wind Up Account Dec. 16 ----------------------------------------------------------- JAPANESE HIGH YIELD 98 LIMITED (In Voluntary Liquidation) The Companies Law (2004 Revision) NOTICE is hereby given pursuant to section 145 of the Companies Law (2004 Revision) that the extraordinary final meeting of the above-named company will be held at the offices of Deutsche Bank (Cayman) Limited, Elizabethan Square, George Town, Grand Cayman, on the 16th December 2005 for the purpose of presenting to the members an account of the winding up of the company and giving any explanation thereof. CONTACT: DAVID DYER Voluntary Liquidator For enquiries: Telephone: (345) 949 8244 Facsimile: (345) 949 5223 P.O. Box 1984GT, Grand Cayman MONTPELLIER VALUE: Final Meeting of Shareholders Set for Dec. 16 ---------------------------------------------------------------- MONTPELLIER VALUE FUND LTD. (The "Company") NOTICE is hereby given pursuant to Section 145 of the Companies Law (2004 Revision) that the final meeting of shareholders of the Company will be held at the offices of Q & H Nominees Ltd., Third Floor, Harbour Centre, P.O. Box 1348 GT, Grand Cayman, Cayman Islands, B.W.I., on 16 December 2005 at 10:00 a.m. to consider the following matters: 1. The Liquidator's account showing the manner in which the winding up of the company has been conducted and the property of the Company disposed of; 2. The hearing of any explanation that may be given by the Liquidator in respect of the winding up of the Company; and 3. The manner in which the books, accounts and documentation of the Company and of the Liquidator should be maintained and subsequently disposed. By Order of the Liquidator NOTE: Any Member unable to attend may appoint a proxy by completing, signing and returning the Form of Proxy before the start of the Meeting. A proxy need not be a Member or creditor of the Company. CONTACT: Q & H NOMINEES LTD., Voluntary Liquidator Third Floor, Harbour Centre, P.O. Box 1348 GT Grand Cayman, Cayman Islands MULBERRY INVESTMENT: To Authorize Liquidators to Retain Records --------------------------------------------------------------- MULBERRY INVESTMENT FUND LIMITED (The "Company") (In Voluntary Liquidation) The Companies Law (As Amended) Pursuant to Section 145 of the Companies Law (as amended), the final meeting of the shareholders of the Company will be held at the registered office of the Company on 16th December 2005 at 2.30 p.m. Business: 1. To lay accounts before the meeting, showing how the winding up has been conducted and how the property has been disposed of, as at final winding up on 16th December 2005. 2. To authorize the Liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. Proxies: Any person who is entitled to attend and vote at this meeting may appoint a proxy to attend and vote in his stead. A proxy need not be a member or a creditor. CONTACT: JOHN CULLINANE and DERRIE BOGGESS Joint Voluntary Liquidators c/o Walkers SPV Limited, Walker House P.O. Box 908, George Town, Grand Cayman NEOPUS KAWASAKI: To Hold Final Meeting Dec. 16 ---------------------------------------------- NEOPUS KAWASAKI (In Voluntary Liquidation) The Companies Law (2004 Revision) NOTICE is hereby given pursuant to section 145 of the Companies Law (2004 Revision) that the extraordinary final meeting of the above-named company will be held at the offices of Deutsche Bank (Cayman) Limited, Elizabethan Square, George Town, Grand Cayman, on the 16th December 2005 for the purpose of presenting to the members an account of the winding up of the company and giving any explanation thereof. CONTACT: DAVID DYER Voluntary Liquidator For enquiries: Telephone: (345) 949 8244 Facsimile: (345) 949 5223 P.O. Box 1984GT, Grand Cayman NEPTUNE CORPORATION: To Lay Wind Up Accounts Before Meeting ----------------------------------------------------------- NEPTUNE CORPORATION (In Voluntary Liquidation) The Companies Law (2004 Revision) Pursuant to Section 145 of the Companies Law (2004 Revision), the final meeting of the shareholders of the company will be held at the offices of BNP Paribas Private Bank & Trust Cayman Limited, 3rd Floor Royal Bank House, Shedden Road, George Town, Grand Cayman on 15th December 2005 at 10:00 a.m. Business: 1. To lay accounts before the meeting, showing how the winding up has been conducted and how the property has been disposed of, as at final winding up on 15th December 2005. 2. To authorize the liquidator/s to retain the records of the Company for a period of five years from the dissolution of the Company, after which they may be destroyed. Proxies: Any person who is entitled to attend and vote at this meeting may appoint a proxy to attend and vote in his stead. A proxy need not be a member or a creditor. CONTACT: DARREN RILEY For and on behalf of Piccadilly Cayman Limited Voluntary Liquidator For enquiries: Ellen J. Christian Telephone: 345 945 9208 Address for services: 3rd Floor Royal Bank House, Shedden Road George Town, Grand Cayman NETHERLANDS HOLDING: Final General Meeting Scheduled for Dec. 16 ---------------------------------------------------------------- NETHERLANDS HOLDING COMPANY, LTD. (In Voluntary Winding Up) The Companies Law (2004 Revision) Section 145 NOTICE is hereby given pursuant to Section 145 of the Companies Law that the final general meeting of the above-named Company will be held at 15 Wayside Road, Burlington, MA 01803, on 16th December 2005 for the purpose of presenting to the members an account of the winding up of the Company and giving any explanation thereof. CONTACT: INTERGEN TRANSMISSION SERVICES LLC Voluntary Liquidator c/o 15 Wayside Rd., Burlington, MA 01803 NEW SPRING: To Relate Wind Up Accounts at Dec. 15 Meeting --------------------------------------------------------- NEW SPRING LIMITED (In Voluntary liquidation) The Companies Law (2004 Revision) Notice is hereby given pursuant to Section 145 of the Companies Law (2004 Revision) that the extraordinary final general meeting of the above named company will be held at the offices Smith Barney Private Trust Company (Cayman) Limited, CIBC Financial Centre, George Town, Grand Cayman, on the 15th day of December 2005 for the purpose of presenting to the members an account of the winding up of company and giving any explanation thereof. CONTACT: BUCHANAN LIMITED Voluntary Liquidator P.O. Box 1170, George Town, Grand Cayman NIKKO CITIGROUP: Final General Meeting Set for Dec. 15 ------------------------------------------------------ NIKKO CITIGROUP OVERSEAS LIMITED (In Voluntary Liquidation) The Companies Law Section 145 NOTICE is hereby given pursuant to Section 145 of the Companies Law that the final general meeting of the above named Company will be held at the offices of Maples Finance Jersey Limited, Le Masurier House, La Rue Le Masurier, St. Helier, Jersey JE2 4YE, on 15th December 2005 for the purpose of presenting to the members an account of the winding up of the company and giving any explanation thereof. CONTACT: STEVEN WILDERSPIN For and on behalf of MAPLES FINANCE JERSEY LIMITED Voluntary Liquidator Maples Finance Jersey Limited Le Masurier House, La Rue Le Masurier St. Helier, Jersey JE2 4YE NISHIGOTANDA SPC: To Relate to Members Wind Up Account Dec. 16 -------------------------------------------------------------- NISHIGOTANDA SPC HOLDING (In Voluntary Liquidation) The Companies Law (2004 Revision) Section 145 NOTICE is hereby given pursuant to Section 145 of the Companies Law that the final general meeting of the above-named company will be held at the offices of Maples Finance Limited, Queensgate House, George Town, Grand Cayman, Cayman Islands, on 16th December 2005 for the purpose of presenting to the members an account of the winding up of the company and giving any explanation thereof. CONTACT: CARRIE BUNTON and JOHANN LE ROUX Joint Voluntary Liquidators Maples Finance Limited, P.O. Box 1093GT Grand Cayman, Cayman Islands NISHIJIMA ESTATE: To Explain Wind Up Process at Dec. 16 Meeting --------------------------------------------------------------- NISHIJIMA ESTATE HOLDING CO., LTD. (In Voluntary Liquidation) The Companies Law (2004 Revision) Section 145 NOTICE is hereby given pursuant to Section 145 of the Companies Law that the final general meeting of the above-named company will be held at the offices of Maples Finance Limited, Queensgate House, George Town, Grand Cayman, Cayman Islands, on 16th December 2005 for the purpose of presenting to the members an account of the winding up of the company and giving any explanation thereof. CONTACT: SUZAN MERREN and JON RONEY Joint Voluntary Liquidators Maples Finance Limited, P.O. Box 1093GT Grand Cayman, Cayman Islands. NK FUNDING: To Authorize Liquidators to Retain Records ------------------------------------------------------ NK FUNDING LIMITED (In Voluntary Liquidation) The Companies Law (2004 Revision) Pursuant to Section 145 of the Companies Law (2004 Revision), the final meeting of the shareholders of the company will be held at the offices of BNP Paribas Private Bank & Trust Cayman Limited, 3rd floor Royal Bank House, George Town, Grand Cayman, on 15th December 2005 at 10:00 a.m. Business: 1. To lay accounts before the meeting, showing how the winding up has been conducted and how the property has been disposed of, as at final winding up on 15th December 2005. 1. To authorize the liquidator/s to retain the records of the Company for a period of five years from the dissolution of the Company, after which they may be destroyed. Proxies: Any person who is entitled to attend and vote at this meeting may appoint a proxy to attend and vote in his stead. A proxy need not be a member or a creditor. CONTACT: REGINA FORMAN For and on behalf of PICCADILLY CAYMAN LIMITED Voluntary Liquidator For enquiries: Regina Forman Telephone: 345 945 9208 Fax: 345 945 9210 Address for services: 3rd Floor Royal Bank House George Town, Grand Cayman NS HOLDING: Final General Meeting to be Held Dec. 16 ---------------------------------------------------- NS HOLDING CORP (CAYMAN) (In Voluntary Liquidation) The Companies Law (2004 Revision) Section 145 NOTICE is hereby given pursuant to Section 145 of the Companies Law that the final general meeting of the above-named company will be held at the offices of Maples Finance Limited, Queensgate House, George Town, Grand Cayman, Cayman Islands, on 16th December 2005 for the purpose of presenting to the members an account of the winding up of the company and giving any explanation thereof. CONTACT: SUZAN MERREN and JOHANN LE ROUX Joint Voluntary Liquidators Maples Finance Limited, P.O. Box 1093GT Grand Cayman, Cayman Islands. NYLIM ANDOVER: To Lay Wind Up Accounts Before Dec. 15 Meeting ------------------------------------------------------------- NYLIM ANDOVER PARTNERS OFFSHORE LTD. (The "Company") (In Voluntary Liquidation) The Companies Law (2004 Revision) Pursuant to Section 145 of the Companies Law (2004 Revision), the final meeting of the shareholders of the Company will be held at the offices of Ogier & Boxalls Attorneys, Queensgate House, South Church Street, Grand Cayman, on 15th December 2005 at 10:00 a.m.. Business: 1. To lay accounts before the meeting showing how the winding-up has been conducted and how the property has been disposed of to date of final winding-up on 15th December 2005. 2. To authorize the Liquidator to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. Proxies: Any person who is entitled to attend and vote at this meeting may appoint a proxy to attend and vote in his stead. A proxy need not be a member or a creditor. CONTACT: OGIER On behalf of the Liquidator For enquiries: Julie O'Hara Telephone: (345) 949 9876 Facsimile: (345) 949 1986 Address for Service: P.O. Box 1234GT, Grand Cayman NYLIM LEXINGTON: To Authorize Liquidator to Retain Records ---------------------------------------------------------- NYLIM LEXINGTON PARTNERS OFFSHORE LTD. (The "Company") (In Voluntary Liquidation) The Companies Law (2004 Revision) Pursuant to Section 145 of the Companies Law (2004 Revision), the final meeting of the shareholders of the Company will be held at the offices of Ogier & Boxalls Attorneys, Queensgate House, South Church Street, Grand Cayman, on 15th December 2005 at 10:00 a.m.. Business: 1. To lay accounts before the meeting showing how the winding-up has been conducted and how the property has been disposed of to date of final winding-up on 15th December 2005. 2. To authorize the Liquidator to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. Proxies: Any person who is entitled to attend and vote at this meeting may appoint a proxy to attend and vote in his stead. A proxy need not be a member or a creditor. CONTACT: OGIER On behalf of the Liquidator For enquiries: Julie O'Hara Telephone: (345) 949 9876 Facsimile: (345) 949 1986 Address for Service: P.O. Box 1234GT, Grand Cayman OGC HOLDING: Final General Meeting to be Held Dec. 16 ----------------------------------------------------- OGC HOLDING COMPANY, LTD. (In Voluntary Winding Up) The Companies Law (2004 Revision) Section 145 NOTICE is hereby given pursuant to Section 145 of the Companies Law that the final general meeting of the above-named Company will be held at 15 Wayside Road, Burlington, MA 01803, on 16th December 2005 for the purpose of presenting to the members an account of the winding up of the Company and giving any explanation thereof. CONTACT: INTERGEN TRANSMISSION SERVICES LLC Voluntary Liquidator c/o 15 Wayside Rd., Burlington, MA 01803 OLYMPUS ASSETS: Final Meeting to be Held Dec. 16 ------------------------------------------------ Olympus Assets LDC (In Voluntary Liquidation) The Companies Law (2004 Revision) NOTICE is hereby given pursuant to Section 145 of the Companies Law (2004 Revision) that the final meeting of shareholders of the Company will be held at the offices of Q & H Nominees Ltd., Third Floor, Harbour Centre, P.O. Box 1348 GT, Grand Cayman, Cayman Islands, on December 16, 2005 at 11:00 a.m. to consider the following matters: 1. The Liquidator's account showing the manner in which the winding up of the Company has been conducted and the property of the Company disposed of; 2. The hearing of any explanation that may be given by the Liquidator in respect of the winding up of the Company; and 3. The manner in which the books, accounts and documentation of the Company and of the Liquidator should be maintained and subsequently disposed. By Order of the Liquidator NOTE: Any Member unable to attend may appoint a proxy by completing, signing and returning the Form of Proxy before the start of the Meeting. A proxy need not be a Member or creditor of the Company. CONTACT: Q & H Nominees Ltd., Voluntary Liquidator Third Floor, Harbour Centre, P.O. Box 1348 GT Grand Cayman, Cayman Islands OLYMPUS FUND: To Hold Final Meeting of Shareholders Dec. 16 ----------------------------------------------------------- Olympus Fund LDC (In Voluntary Liquidation) The Companies Law (2004 Revision) NOTICE is hereby given pursuant to Section 145 of the Companies Law (2004 Revision) that the final meeting of shareholders of the Company will be held at the offices of Q & H Nominees Ltd., Third Floor, Harbour Centre, P.O. Box 1348 GT, Grand Cayman, Cayman Islands, on December 16, 2005 at 11:45 a.m. to consider the following matters: 1. The Liquidator's account showing the manner in which the winding up of the company has been conducted and the property of the Company disposed of; 2. The hearing of any explanation that may be given by the Liquidator in respect of the winding up of the Company; and 3. The manner in which the books, accounts and documentation of the Company and of the Liquidator should be maintained and subsequently disposed. By Order of the Liquidator NOTE: Any Member unable to attend may appoint a proxy by completing, signing and returning the Form of Proxy before the start of the Meeting. A proxy need not be a Member or creditor of the Company. CONTACT: Q & H Nominees Ltd., Voluntary Liquidator Third Floor, Harbour Centre, P.O. Box 1348 GT Grand Cayman, Cayman Islands ORICO CONSUMER (SERIES III): To Lay Out Liquidation Accounts ------------------------------------------------------------ Orico Consumer Loan Holdings Series III (In Voluntary Liquidation) The Companies Law (2004 Revision) Pursuant to Section 145 of the Companies Law (2004 Revision), the final meeting of the shareholders of Orico Consumer Loan Holdings Series III will be held at the offices of BNP Paribas Private Bank & Trust Cayman Limited, 3rd floor Royal Bank House, George Town, Grand Cayman, on December 15, 2005 at 10:00 a.m. Business: 1. To lay accounts before the meeting, showing how the winding up has been conducted and how the property has been disposed of, as at final winding up on December 15, 2005. 2. To authorize the liquidator/s to retain the records of the Company for a period of five years from the dissolution of the Company, after which they may be destroyed. Proxies: Any person who is entitled to attend and vote at this meeting may appoint a proxy to attend and vote in his stead. A proxy need not be a member or a creditor. CONTACT: Piccadilly Cayman Limited, Voluntary Liquidator Regina Forman 3rd Floor Royal Bank House George Town, Grand Cayman Telephone: 345 945 9208 Fax: 345 945 9210 ORICO CONSUMER (SERIES IV): Sets Final Meeting of Shareholders -------------------------------------------------------------- Orico Consumer Loan Holdings Series IV (In Voluntary Liquidation) The Companies Law (2004 Revision) Pursuant to Section 145 of the Companies Law (2004 Revision), the final meeting of the shareholders of Orico Consumer Loan Holdings Series IV will be held at the offices of BNP Paribas Private Bank & Trust Cayman Limited, 3rd floor Royal Bank House, George Town, Grand Cayman, on December 15, 2005 at 10:00 a.m. Business: 1. To lay accounts before the meeting, showing how the winding up has been conducted and how the property has been disposed of, as at final winding up on December 15, 2005. 2. To authorize the liquidator/s to retain the records of the Company for a period of five years from the dissolution of the Company, after which they may be destroyed. Proxies: Any person who is entitled to attend and vote at this meeting may appoint a proxy to attend and vote in his stead. A proxy need not be a member or a creditor. CONTACT: Piccadilly Cayman Limited, Voluntary Liquidator Regina Forman 3rd Floor Royal Bank House George Town, Grand Cayman Telephone: 345 945 9208 Fax: 345 945 9210 PACKAY HOLDINGS: Final Meeting Set for Dec. 16 ---------------------------------------------- Packay Holdings Inc. (In Voluntary Liquidation) The Companies Law (2004 Revision) NOTICE IS HEREBY GIVEN, pursuant to section 145 of the Companies Law, that the extraordinary final meeting of the sole shareholder of Packay Holdings Inc. will be held on December 16, 2005. The purpose of said extraordinary meeting of the sole shareholder is to have laid before him the report of the liquidator, showing the manner in which the winding-up of the company has been conducted, the property of the Company distributed and the debts and obligations of the Company discharged and giving any explanation thereof. CONTACT: Commerce Corporate Services Limited Voluntary Liquidator PO Box 694, Grand Cayman Telephone: 949 8666 Facsimile: 949 7904 PARMALAT (CAYMAN): Liquidators Sue Principal Banker, Auditors ------------------------------------------------------------- Food Holdings Limited, Dairy Holdings Limited, and Parmalat Capital Finance Limited, three Cayman Islands companies, presently in liquidation that suffered substantial losses related to the collapse of Parmalat, have sued Parmalat's principal banker and auditors, alleging a myriad of financial improprieties, including fraud, negligent misrepresentation, and breach of fiduciary duty. The Cayman companies' liquidators are Gordon McRae and Jim Cleaver of Kroll (Cayman) Limited, who are being advised by Walkers and Diamond McCarthy Taylor Finley & Lee LLP in both matters. The suits, in the U.S. District Court for the Southern District of New York and the Superior Court in Mecklenburg County, North Carolina, were filed at the instance of the liquidators of the Cayman companies who are trying to reclaim the losses they suffered as a result of financial impropriety relating to the Italian food and milk processing giant, prior to its collapse in 2003. Together, the two lawsuits seek close to $1 billion for the companies. "We believe these are very strong claims," Allan Diamond, senior partner of Diamond McCarthy Taylor Finley & Lee LLP, U.S. Counsel to the liquidators, said. "As parties who clearly participated, and knowingly assisted, in much of the wrongdoing, these defendants will be held accountable." The lawsuits allege that Bank of America and its subsidiaries were intimately involved in the financial improprieties, and worked with Parmalat insiders to orchestrate a series of financial transactions designed to conceal Parmalat's insolvency, while generating millions of dollars in fees and interest for the bank. The lawsuits also make allegations of negligence and fraud against the former auditors of Parmalat, Deloitte Touche Tohmatsu and Grant Thornton. "We want to see the money go directly back to the Cayman companies, and ultimately to the creditors of those estates, as would be the case in any normal insolvency," Guy Locke, Head of Insolvency and Restructuring at Walkers, Cayman attorneys to the liquidators said. "We are confident in our claims and look forward to the decision of the court." The New York lawsuit brought by Food Holdings Limited and Dairy Holdings Limited names Bank of America Corporation, Banc of America Securities, LLC, Bank of America, N.A., and certain other Bank of America entities; (ii) Deloitte Touche Tohmatsu, Deloitte & Touche S.p.A., Deloitte & Touche Tohmatsu Auditores Indipendentes (Brazil), and certain other Deloitte entities; and (iii) Grant Thornton International, Grant Thornton S.p.A., and certain other Grant Thornton entities. The allegations include: fraud, negligent misrepresentation, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, breach of contract, unjust enrichment, civil conspiracy, and declaratory judgment. In the North Carolina lawsuit, Parmalat Capital Finance Limited, names Bank of America Corporation, Bank of America National Trust & Savings Association, Banc of America Securities, LLC, Banc of America Securities, Ltd., Bank of America International Ltd. and Bank of America, N.A. It alleges breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment, and unlawful civil conspiracy. CONTACTS: LEVICK STRATEGIC COMMUNICATIONS FOR WALKERS Melissa Maslar, 202-973-1336 Cell: 202-276-0070 E-mail: mmaslar@levick.com or Diamond McCarthy Taylor Finley & Lee LLP J. Gregory Taylor Tel: 214-389-5302 E-mail: gtaylor@diamondmccarthy.com PERSEUS CAPITAL: To Relate Wind Up Process to Members Dec. 16 ------------------------------------------------------------- Perseus Capital (In Voluntary Liquidation) The Companies Law (2004 Revision) Section 145 NOTICE is hereby given pursuant to Section 145 of the Companies Law that the final general meeting of Perseus Capital will be held at the offices of Maples Finance Limited, Queensgate House, George Town, Grand Cayman, Cayman Islands, on December 16, 2005 for the purpose of presenting to the members an account of the winding up of the Company and giving any explanation thereof. CONTACT: Ms. Mora Goddard and Johann Le Roux Joint Voluntary Liquidators Maples Finance Limited, P.O. Box 1093GT Grand Cayman, Cayman Islands PIKE GLOBAL: Wind Up Process to be Reported Dec. 15 --------------------------------------------------- Pike Global Hedge Ltd (In Voluntary Liquidation) The Companies Law (2004 Revision) Pursuant to section 145 of the Companies Law (2004 Revision), the final general meeting of the shareholders of Pike Global Hedge Ltd will be held at the offices of Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787, George Town, Grand Cayman, on December 15, 2005 at 10:30a.m. Business: 1. To lay accounts before the meeting showing how the winding up has been conducted and how the property has been disposed of to the date of the final winding up on December 15, 2005. 2. To authorize the liquidators to retain the records of the Company for a period of five years from the dissolution of the Company, after which they may be destroyed. Proxies: Any person who is entitled to attend and vote at this meeting may appoint a proxy to attend and vote in his stead. A proxy need not be a member or creditor. CONTACT: Mr. Stuart Sybersma, Joint Voluntary Liquidator Nicole Ebanks, Deloitte P.O. Box 1787 GT, Grand Cayman Cayman Islands Telephone: (345) 949-7500 Facsimile: (345) 949-8258 PINE TREE CAPITAL: To Report on Liquidation Process Dec. 16 ----------------------------------------------------------- Pine Tree Capital Limited (In Voluntary Liquidation) The Companies Law (2004 Revision) Pursuant to Section 145 of the Companies Law (2004 Revision) the final meeting of Pine Tree Capital Limited will be held at the registered office of the Company on December 16, 2005 at 12:00 p.m. Business: 1. To lay accounts before the meeting showing how the winding up has been conducted and how the property has been disposed of to the date of final winding up on December 16, 2005. 2. To authorize the Liquidators to retain the records of the Company for a period of 6 years from the dissolution of the Company after which they may be destroyed. Proxies: Any person who is entitled to attend and vote at this meeting may appoint a proxy to attend and vote in his stead. A proxy need not be a member or creditor. CONTACT: Mr. Lawrence Edwards, Joint Voluntary Liquidator Jodi Smith PO Box 219GT, Grand Cayman Cayman Islands Telephone: (345) 914 8694 Facsimile: (345) 949 4590 PINE TREE: Wind Up Process to be Explained Dec. 16 -------------------------------------------------- Pine Tree Fund (In Voluntary Liquidation) The Companies Law (2004 Revision) Pursuant to Section 145 of the Companies Law (2004 Revision) the final meeting of Pine Tree Fund will be held at the registered office of the Company on December 16, 2005 at 10:00 a.m. Business: 1. To lay accounts before the meeting showing how the winding up has been conducted and how the property has been disposed of to the date of final winding up on December 16, 2005. 2. To authorize the Liquidators to retain the records of the Company for a period of 6 years from the dissolution of the Company after which they may be destroyed. Proxies: Any person who is entitled to attend and vote at this meeting may appoint a proxy to attend and vote in his stead. A proxy need not be a member or creditor. CONTACT: Mr. Lawrence Edwards, Joint Voluntary Liquidator Jodi Smith PO Box 219GT, Grand Cayman, Cayman Islands Telephone: (345) 914 8694 Facsimile: (345) 949 4590 PIRHO LIMITED: Schedules Final General Meeting for Dec. 15 ---------------------------------------------------------- Pirho Limited (In Voluntary liquidation) The Companies Law (2004 Revision) Notice is hereby given pursuant to Section 145 of the Companies Law (2004 Revision) that the extraordinary final general meeting of Pirho Limited will be held at the offices Smith Barney Private Trust Company (Cayman) Limited, CIBC Financial Centre, George Town, Grand Cayman, on December 15, 2005 for the purpose of presenting to the members an account of the winding up of the Company and giving any explanation thereof. CONTACT: Buchanan Limited, Voluntary Liquidator P.O. Box 1170, George Town, Grand Cayman PRIMUS JAPAN: To Lay Accounts on Liquidation to Members Dec. 16 --------------------------------------------------------------- Primus Japan Funding 03-A Holding Company (In Voluntary Liquidation) The Companies Law (As Amended) Pursuant to Section 145 of the Companies Law (as amended), the final meeting of the shareholders of Primus Japan Funding 03-A Holding Company will be held at the registered office of the Company on December 16, 2005 at 9.30 a.m. Business: 1. To lay accounts before the meeting, showing how the winding up has been conducted and how the property has been disposed of, as at final winding up on December 16, 2005. 2. To authorize the Liquidators to retain the records of the Company for a period of five years from the dissolution of the company, after which they may be destroyed. Proxies: Any person who is entitled to attend and vote at this meeting may appoint a proxy to attend and vote in his stead. A proxy need not be a member or a creditor. CONTAC: John Cullinane and Derrie Boggess Joint Voluntary Liquidators c/o Walkers SPV Limited Walker House, P.O. Box 908 George Town, Grand Cayman PRINCIPAL JAPAN: Final Meeting to be Held Dec. 15 ------------------------------------------------- Principal Japan No. 1 (In Voluntary Liquidation) The Companies Law (2004 Revision) Pursuant to Section 145 of the Companies Law (2004 Revision), the final meeting of the shareholders of Principal Japan No. 1 will be held at the offices of BNP Paribas Private Bank & Trust Cayman Limited, 3rd Floor Royal Bank House, Shedden Road, George Town, Grand Cayman, on December 15, 2005 at 10:00 a.m. Business: 1. To lay accounts before the meeting, showing how the winding up has been conducted and how the property has been disposed of, as at final winding up on December 15, 2005. 2. To authorize the liquidator/s to retain the records of the Company for a period of five years from the dissolution of the Company, after which they may be destroyed. Proxies: Any person who is entitled to attend and vote at this meeting may appoint a proxy to attend and vote in his stead. A proxy need not be a member or a creditor. COTNACT: Piccadilly Cayman Limited, Voluntary Liquidator Darren Riley Ellen J. Christian 3rd Floor Royal Bank House, Shedden Road George Town, Grand Cayman Telephone: 345 945 9208 QUINDONE INVESTMENTS: Accounts on Wind Up to be Presented --------------------------------------------------------- Quindone Investments Ltd. (In Voluntary Liquidation) The Companies Law (2004 Revision) NOTICE IS HEREBY GIVEN, pursuant to section 145 of the Companies Law (2004 Revision), that the final general meeting of Quindone Investments Ltd. will be held at the offices of Bridge Street Services Limited, Marquee Place, Suite 300, 430 West Bay Road, Grand Cayman, Cayman Islands, on December 15, 2005 for the purposes of having accounts laid before the members and to receive the report of the liquidator, showing the manner in which the winding up has been conducted, the property of the Company disposed of and the debts and obligations of the Company discharged, and of hearing any explanation that may be given by the Liquidator and also of determining the manner in which books, accounts and documents of the Company and the Liquidator should be disposed. CONTACT: Brott Limited, Voluntary Liquidator Michelle R. Bodden Bridge Street Services Limited Marquee Place, Suite 300, 430 West Bay Road P.O. Box 30691SMB, Grand Cayman Phone: 945-6682 Fax: 945-6692 RAMAPO LIMITED: Final General Meeting Set for Dec. 15 ----------------------------------------------------- Ramapo Limited (In Voluntary liquidation) The Companies Law (2004 Revision) Notice is hereby given pursuant to Section 145 of the Companies Law (2004 Revision) that the extraordinary final general meeting of Ramapo Limited will be held at the offices Smith Barney Private Trust Company (Cayman) Limited, CIBC Financial Centre, George Town, Grand Cayman, on December 15, 2005 for the purpose of presenting to the members an account of the winding up of Company and giving any explanation thereof. CONTACT: Buchanan Limited, Voluntary Liquidator P.O. Box 1170, George Town, Grand Cayman RCB SECURITIZATION: Members to Hear Account of Wind Up Dec. 1 ------------------------------------------------------------- RCB Securitization Corporation (In Voluntary Liquidation) The Companies Law (2004 Revision) NOTICE is hereby given pursuant to section 145 of the Companies Law (2004 Revision) that the extraordinary final meeting of RCB Securitization Corporation will be held at the offices of Deutsche Bank (Cayman) Limited, Elizabethan Square, George Town, Grand Cayman, on December 1, 2005 for the purpose of presenting to the members an account of the winding up of the Company and giving any explanation thereof. CONTACT: Mr. David Dyer, Voluntary Liquidator P.O. Box 1984GT Grand Cayman Telephone: (345) 949 8244 Facsimile: (345) 949 5223 ========= C H I L E ========= SR TELECOM: William Aziz to Remain as Interim CEO, President ------------------------------------------------------------ SR Telecom Inc. (TSX: SRX, Nasdaq: SRXA), a vendor of licensed OFDM solutions for broadband access networks, announced that it has extended its agreement with BlueTree Advisors to continue to retain the services of William Aziz, the Company's current Interim Chief Executive Officer and President. Mr. Aziz is BlueTree Advisors' Managing Partner, and will provide management services to SR Telecom through to December 31, 2006. Mr. Aziz was initially named as Chief Restructuring Officer in April of this year. He has had extensive experience in turnaround situations, holding senior management positions in a number of publicly-traded and privately-held entities. In addition, Paul Griswold, named to SR Telecom's Board of Directors in August, becomes Vice Chairman of the Board and Secretary, effective immediately. Mr. Griswold is CEO of SLI Holdings International, LLC of Purchase New York. Mr. Griswold has also held senior positions at Paxar Corporation and Pactiv Corporation, and was Vice President of Packaging Development and Procurement for Pepsi International. "As recently announced, our third quarter showed tangible results of our restructuring initiatives. We are confident that under Mr. Aziz's leadership we have the right management team in place to ensure further improvement," stated Company Chairman Lionel Hurtubise. SR TELECOM designs, manufactures and deploys versatile, Broadband Fixed Wireless Access solutions. A pioneer in the industry, its solutions include equipment, network planning, project management, installation and maintenance. 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. 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 ============= J A M A I C A ============= DYOLL INSURANCE: Court Issues Ruling on Distribution of Funds ------------------------------------------------------------- Jamaica's Supreme Court has ruled that non-Jamaican policyholders of Dyoll Insurance will not have a share in the amount deposited with the Financial Services Commission (FSC), according to the Observer Reporter. The court ruled that the $653 million held by the FSC had to be distributed in accordance with the Insurance Act 2001, section 59, which says that the prescribed deposit, on the winding up of an insurance company, should be applied first to settle the claims of local policyholders. "All moneys and securities for the time being held as a deposit shall be delivered to the liquidator and shall be applied by him, in the first instance, in discharge of the liabilities of the company in respect of local policies," the law says. Local policies have been defined in the court in this instance as policies that were approved by Dyoll in Jamaica. Meanwhile, the joint liquidators of Dyoll, John Lee of PriceWaterhouseCoopers and Kenneth Krys of RSM Cayman, declined to make a comment on the issue until they received the court order in writing. Dyoll is being wound up due to its inability to meet claims by policyholders that arose from Hurricane Ivan, which slammed into the Cayman Island in September 2004. =========== M E X I C O =========== ASARCO: Files Schedules of Assets and Liabilities ------------------------------------------------- A. Real Estate Arizona Mission Complex $6,219,988 Ray Complex 14,919,250 Ray Complex Land Exchange 1,357,000 Madera Canyon 1,000,000 Hardshell Mine 8,000,000 Tucson Office 2,015,000 Others 597,877 Arkansas Coal Deposit 600,000 Colorado Globe Plant 1,313,500 Silverton 270,900 Idaho sites 267,424 Illinois -- Alton Site 570,000 Montana -- various sites 858,691 New Jersey -- Perth Amboy Site 13,400,000 Ohio -- Columbus Site 765,000 Texas Additional land in El Paso 3,000,000 Amarillo Copper Refinery 69,486,997 Amarillo Zinc Refinery 37,378 Utah Technical Services Center 2,100,000 Others 55,449 Washington -- Tacoma Smelter 32,000,000 B. Personal property B.1 Cash on hand 25,096 B.2 Bank accounts Wells Fargo Operating 5,414,525 Bank One Concentration 6,145,717 Bank One Overnight Investments 1,781,617 Wells Fargo Money Market 5,049,101 Bank One 1,160,534 Others 1,464,021 B.3 Security deposits Insur PPD -- Workers Compensation 162,500 Old Republic Work Comp. Insurance Deposit 1,296,502 Indiana Comm Dept Enviro Mgmt Deposit 384,319 Heritage Minerals Enviro Reclaim Deposit 1,000,000 Chevron Texaco 1,025,000 El Paso Natural Gas 73,998 Southwest Gas Corporation 197,069 Phoenix Fuel 50,000 Copper Basin Railway 100,000 Sasol Southwest 30,000 Electric Deposit 320,384 SCF of Arizona 585,732 Bureau of Land Management 96,600 Transwestern Commercial Services 156,765 Deposit Societe Generale 50,000 Accounts & Note Receivable 326,287 B.4 Household goods 0 B.5 Books, art work & collectibles 0 B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms and sporting goods 0 B.9 Interests in insurance policies 2,759,932 B.10 Annuities 0 B.11 Interests in retirement plans 78,648,101 B.12 Stock interests undetermined B.13 Interests in partnerships AR Silver Bell, Inc. 25,904,563 Silver Bell LLC 25,540,425 ASARCO Sta. Cruz, Inc. 3,880,112 B.14 Bonds 0 B.15 Accounts receivable Inter-segment receivable 17,772,147 Related party receivable 139 Trade receivables 13,685,400 Accounts and notes receivable 18,884,351 B.16 Alimony 0 B.17 Other liquidated debts owed Americas Mining Corporation ($100M promissory note, 7%, eight years) 50,000,000 Americas Mining Corporation ($123.25M promissory note, 7%, seven years) 38,589,799 B.18 Equitable and future interests 0 B.19 Contingent interests 0 B.20 Other contingent & unliquidated claims Claim promoted before IRS-future tax benefits derived from losses 48,929,395 Federal fuel tax refund 81,400 Diesel fed excise tax refund 29,793 B.21 Patents, copyrights & trademarks undetermined B.22 Other intangibles Capital improvements: On Mineral land 7,836,248 Including permits, air quality studies and roads 22,886,645 Mine stripping 142,966,772 Current Year CIP Add -- Mineral Land No. 3 1,275,084 Long-lived asset -- Mission 3,361,668 Long-lived asset impairment E Helena (33,593,429) Depl-Mineral Land No. 1 -- SB HD 775,381 Depl-Mineral Land No. 2 -- SB HD 5,949,988 Depl-Mineral Land No. 2 -- Ray (5,035,843) Depl-Mineral Land No. 3 -- Mission (4,100,154) Depl-Mineral Land No. 3 -- Ray (7,999,363) Depl-Mineral Land No. 3 -- SB HD (18,563,845) Depr Assets Retirement Obligation (1,341,720) Others (967,418) B.23 Automobiles 933,908 B.24 Boats 0 B.25 Aircraft 0 B.26 Office equipment and supplies Amarillo 1,406 Corporate ledger 1,383,747 East Helena 38,190 El Paso 199,982 Mission 32,256 Ray 42,725 B.27 Machinery, furniture and fixtures Amarillo $49,141,773 Corporate Ledger 1,065,019 East Helena 57,014,612 El Paso 11,944,596 Globe 887,275 Mission 18,831,505 Ray 205,014,942 Salt Lake Research 615,475 Tennessee 8,101,034 B.28 Inventory Metals Inventory $136,635,238 Warehouse Supplies 33,572,017 B.29 Animals 0 B.30 Crops 0 B.31 Farming equipment 0 B.32 Farm supplies 0 B.33 Other personal property Prepaid expenses 2,237,028 Total accounts receivable long-term 7,972,799 Total engineering plan & projects 4,508,737 Misc -- Northbrook Discount 475,000 Total several various other 428,938 TOTAL SCHEDULED ASSETS $1,164,904,494 =============== C. Property claimed as exempt Not applicable D. Secured claims Mitsui & Co. (U.S.A.), Inc. $21,745,237 Branin, Donald & Linda Branin, et al. 1,112,500 Potter County Tax Office 1,246,242 Gila County Treasurer 1,341,891 Pinal County Treasurer 2,023,615 Salt River Project -- Electric Power 2,375,941 Others 4,505,502 E. Unsecured priority claims Taxes and other debts owed to government: New York State $1,863,705 Internal revenue Service 6,941,321 State of California 1,694,184 Others 73,115 Wages, salaries and commissions 310,932 F. Unsecured non-priority claims $491,721,329 Long-term debt $448,713,768 Accounts payable 27,906,566 Intercompany liabilities: Miner Mexico Internacional, Inc. 4,374,685 Grupo Mexico S.A. de C.V. 3,300,000 Others 686,890 Employee-related liabilities 3,159,956 Contractual obligations 3,405,351 Environmental liabilities undetermined Litigation undetermined Taxes and other gov't. obligations 946,712 Other obligations undetermined TOTAL SCHEDULED LIABILITIES undetermined ============= ASARCO reports that the book value of its real property totals $48,218,953. The $158,834,454 total of the individual line items shown in Schedule A reflects "the most current appraisal value," ASARCO says, "to the extent available, or in the alternative the tax appraisal value of each particular property." In all events, ASARCO says, book values shown in the Company's accounting records, reflect outdated values. Headquartered in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/-- is an integrated copper mining, smelting and refining company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors,it listed $600 million in total assets and $1 billion in total debts. The Debtor has five affiliates that filed for chapter 11 protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05- 20521 through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about their asbestos-driven chapter 11 filings have appeared in the Troubled Company Reporter since Apr. 18, 2005. Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-21346) also filed for chapter 11 protection, and ASARCO has asked that the three subsidiary cases be jointly administered with its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was converted to a Chapter 7 liquidation. (ASARCO Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service, Inc., 215/945-7000). GRUPO MEXICO: Buys Ferrosur for $307M in ITM Stock -------------------------------------------------- Copper producer Grupo Mexico bought railroad company Ferrosur from billionaire Carlos Slim, paying MXN3.26 billion (US$307 million) in stock of its transportation unit, reports Bloomberg. Sources from both sides revealed Mr. Slim gave Grupo Mexico 100% of Ferrosur in exchange for a 25% stake in Grupo Mexico's transportation division ITM. Group Mexico already operates northwest railway company Ferromex. Juan Rebolledo, Grupo Mexico's vice president for international relations, said the acquisition of Ferrosur, which operates in the south of the country, will give the Company seamless transport operations from the Gulf coast state of Veracruz to the Pacific coast and the U.S. border. Mr. Slim owned Ferrosur through Grupo Carso SA, his industrial group, and Grupo Financiero Inbursa SA. They had two-thirds and one-third of Ferrosur, respectively, and now will own 17% and 8% of Grupo Mexico's transportation unit, said Inbursa director Frank Aguado. Grupo Mexico is seeking to strengthen its transportation division, which accounts for 18% of revenue, to reduce its reliance on the metal business. Ferrosur will allow Grupo Mexico to better fight competition from Kansas City Southern, owner of a 6,000-mile rail network linking the U.S. and Mexico. CONTACT: GRUPO MEXICO S.A. DE C.V. Avenida Baja California 200, Colonia Roma Sur 06760 Mexico, D.F., Mexico Phone: +52-55-5264-7775 Fax: +52-55-5264-7769 Web site: http://www.gmexico.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter - Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and Sheryl Joy P. Olano, Editors. Copyright 2005. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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