/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/060104.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 Wednesday, January 4, 2006, Vol. 7, Issue 3 Headlines A R G E N T I N A A.B.E. CONSTRUCCIONES: Court Grants Reorganization Plea ARTEPOL S.A.: Court Authorizes Plan, Concludes Reorganization BRASS S.A.: Entering Bankruptcy on Court Orders CO.FA.VI. COOPERATIVA: Liquidates Assets to Pay Debts COLUBRIS S.A.: Begins Liquidation CW ARGENTINA: Enters Bankruptcy on Court Orders HALYO HERMANOS: Liquidating Assets to Pay Debts INDUSTRIAS PLASTICAS: Bankruptcy Converted to Reorganization LANKER S.A.: Court Orders Liquidation NUTRIMENTOS S.A.: Informative Assembly Set for May 24 ROULANT S.A.: Initiates Bankruptcy Proceedings SINASPO S.R.L.: Gets Court Approval for Reorganization B E R M U D A LINES OVERSEAS: Denies Chairman/Pres. Served With SEC Subpoena B O L I V I A AGUAS DEL TUNARI: Govt. Agrees to Buy Shareholders' Interest B R A Z I L SADIA: To Relocate to Curitiba This Year USIMINAS: CVM Launches Probe into Contracts with SMP&B C A Y M A N I S L A N D S ALPHAGEN CEPHEUS: To be Voluntarily Wound Up ALPHAGEN CURRENCY: Sole Shareholder Decides on Voluntary Wind Up ATLAS EQUITY I: Appoints Joint Liquidators ATLAS EQUITY II: Creditors to Prove Claims On/Before Jan. 28 ATLAS EQUITY III: Shareholder Moves to Wind Up Company ATLAS MASTER: Creditors Have Until Jan. 28 to Prove Debt Claims ATLAS MASTER INTERMEDIARY: Kicks Off Voluntary Wind Up Process ENRON INDIA: Director Moves to Wind Up Company FIRST SHIP: Names John Cullinane, Derrie Boggess as Liquidators GALT FUND: Shareholder Seeks to Wind Up Company GALT INTERMEDIARY: Appoints Joint Liquidators GLOBAL CAPITAL: Commences Voluntary Wind Up Process HARDY LTD: Shareholder Resolves to Wind Up Company HIMO INVESTORS: Sets Deadline for Submission of Debt Particulars ITROS OFFSHORE: Shareholder Decides to Wind Up Firm LIBERTY ERMITAGE: To Undergo Voluntary Wind Up MARCEAU LTD: Linburgh Martin, Neil Gray to Oversee Liquidation MCLEAN MARKET: Shareholders Resolve to Liquidate Company NAVARRO LTD: Creditors Have Until Jan. 28 to Prove Debt Claims OSATO BP: Taps N. Jeffrey Arkley, John Sutlic as JLs PERCON MANAGED: To be Wound Up Voluntarily POWIS SQUARE: Appoints Thomas Olsson as Liquidator QUANTITATIVE CAPITAL: Resolves to Liquidate Voluntarily QUANTITATIVE CAPITAL MANAGEMENT: Creditors to Prove Claims SALIX HEALTHCARE: Liquidators Appointed TUPPERWARE HOLDINGS: Liquidators to Validate Creditors' Claims VCM LIMITED: Verification Phase to End Jan. 30 VENTURE CAPITAL: Liquidators to Verify Claims WINTHROP U.S.: Creditors Given 30 Days to Prove Claims YELLOW SUBMARINE: Enters Voluntary Liquidation C O L O M B I A TELECOM: Comverse to Provide New Billing Software M E X I C O CALPINE CORP: Court OKs Continuing Intercompany Transactions EMPRESAS ICA: Seeks Greater Participation in Infra Tenders - - - - - - - - ================= A R G E N T I N A ================= A.B.E. CONSTRUCCIONES: Court Grants Reorganization Plea ------------------------------------------------------- A.B.E. Construcciones S.R.L. successfully petitioned for reorganization after a Buenos Aires court issued a resolution opening the Company's insolvency proceedings. Under insolvency protection, the Company will continue to manage its assets, subject to certain conditions imposed by Argentine law and the oversight of a court-appointed trustee. Infobae relates that Mr. Roberto Jorge Massacane will serve as trustee during the course of the reorganization. The trustee will be accepting creditors' proofs of claim for verification until April 25, 2006. After verifications, the trustee will prepare the individual reports and submit it in court on June 8, 2006. He will also present a general report for court review on Aug. 4, 2006. The Company will endorse the settlement proposal, drafted from the submitted claims, for approval by the creditors during the informative assembly scheduled on Dec. 7, 2006. CONTACT: A.B.E. Construcciones S.R.L. Moreno 1836 Capital Federal Mr. Roberto Jorge Massacane, Trustee Roque Saenz Pena 846 Buenos Aires ARTEPOL S.A.: Court Authorizes Plan, Concludes Reorganization ------------------------------------------------------------- Buenos Aires-based Artepol S.A. concluded its reorganization process, according to data released by Infobae on its Web site. The conclusion came after the city's civil and commercial court homologated the debt plan signed between the Company and its creditors. BRASS S.A.: Entering Bankruptcy on Court Orders ----------------------------------------------- Brass 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 Mr. Luis Hugo Dicesare as trustee. Mr. Dicesare will be verifying creditors' proofs of claim until the end of the verification phase on March 17, 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 dates for the submission of the reports are yet to be disclosed. CONTACT: Mr. Luis Hugo Dicesare, Trustee Viamonte 1348 Buenos Aires CO.FA.VI. COOPERATIVA: Liquidates Assets to Pay Debts ----------------------------------------------------- Co.Fa.Vi. Cooperativa Limitada will begin liquidating its assets following the pronouncement of Buenos Aires' civil and commercial court that the Company is bankrupt, Infobae reports. The bankruptcy ruling places the Company under the supervision of court-appointed trustee, accounting firm Estudio Zudaire, Sandoval, Tanquias y Asociados. The trustee will verify creditors' proofs of claim until March 30, 2006. The validated claims will be presented in court as individual reports. The trustee 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 presentation 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: Estudio Zudaire, Sandoval, Tanquias y Asociados Trustee Tucuman 255 Buenos Aires COLUBRIS S.A.: Begins Liquidation --------------------------------- Colubris S.A. of Buenos Aires will begin liquidating its assets after city's civil and commercial court declared the Company bankrupt. Infobae reveals that the bankruptcy process will commence under the supervision of court-appointed trustee, Ms. Elisa Esther Tomattis. The trustee will review claims forwarded by the Company's creditors until March 20, 2006. After claims verification, Ms. Tomattis will submit the individual reports for court approval on May 2, 2006. The general report will follow on June 14, 2006. CONTACT: Colubris S.A. Sarmiento 1562 Capital Federal Ms. Elisa Esther Tomattis, Trustee Avda. Callao 215 Buenos Aires CW ARGENTINA: Enters Bankruptcy on Court Orders ----------------------------------------------- Buenos Aires' civil and commercial court declared CW Argentina S.A. bankrupt after the Company defaulted on its debt payments. The bankruptcy order effectively places the Company's affairs as well as its assets under the control of court-appointed trustee, Mr. Hector Alfredo Franco. As the trustee, Mr. Franco is tasked with verifying the authenticity of claims presented by the Company's creditors. The verification phase is ongoing until March 15, 2006. Following claims verification, the trustee will submit the individual reports based on the forwarded claims for final approval by the court on April 28, 2006. A general report will also be submitted on June 13, 2006. CONTACT: Mr. Hector Alfredo Franco, Trustee Chacabuco 178 Buenos Aires HALYO HERMANOS: Liquidating Assets to Pay Debts ----------------------------------------------- Buenos Aires-based Halyo Hermanos S.R.L. 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, Mr. Nestor S. Rozenberg. The trustee will verify creditors' proofs of claim. The validated claims will be presented in court as individual reports. Mr. Rozenberg 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 as well as the dates for the submission of the reports are yet to be determined. The bankruptcy process will end with the disposal of the Company's assets in favor of its creditors. CONTACT: Mr. Nestor S. Rozenberg, Trustee Mansilla 3696 Buenos Aires INDUSTRIAS PLASTICAS: Bankruptcy Converted to Reorganization ------------------------------------------------------------ Industrias Plasticas Femar S.R.L. will proceed with reorganization after a Buenos Aires Court converted the Company's ongoing bankruptcy case into a "concurso preventivo", states Infobae. Under Insolvency protection, the Company will be able to draft a proposal designed to settle its debts with creditors. The reorganization also prevents an outright liquidation. Mr. Eduardo Salomon Zalutzky, the court-appointed trustee, will verify creditors' proofs of claim until Feb. 27, 2006. Creditors with unverified claims cannot participate in the Company's settlement plan. Mr. Zalutzky will prepare individual reports out of the verified claims and present them in court on April 24, 2006. He will also submit a general report on the case on June 8, 2006. CONTACT: Mr. Eduardo Salomon Zalutzky, Trustee Lavalle 1523 Buenos Aires LANKER S.A.: Court Orders Liquidation ------------------------------------- Lanker S.A. prepares to wind-up its operations following the bankruptcy pronouncement issued by Buenos Aires' civil and commercial court. The declaration effectively prohibits the company from administering its assets, control of which will be transferred to a court-appointed trustee. Infobae reports that the court appointed Mr. Alfredo Alberto A. Figliomeni as trustee. Mr. Figliomeni will be reviewing creditors' proofs of claim until Feb. 28, 2006. The verified claims will serve as basis for the individual reports to be presented for court approval on April 20, 2006. The trustee will also submit a general report of the case on June 9, 2006. CONTACT: Lanker S.A. Viamonte 1604 Buenos Aires Mr. Alfredo Alberto A. Figliomeni, Trustee Agrelo 4240 Buenos Aires NUTRIMENTOS S.A.: Informative Assembly Set for May 24 ----------------------------------------------------- The informative assembly for Nutrimentos S.A., a company undergoing reorganization, will be on May 24, 2006, Infobae reports. Nutrimentos S.A. began reorganization following the approval of its petition by Buenos Aires' civil and commercial court. ROULANT S.A.: Initiates Bankruptcy Proceedings ---------------------------------------------- A Buenos Aires court declared Roulant S.A. "Quiebra," reports Infobae. Ms. Norma Elida Fistzen, who has been appointed as trustee, will verify creditors' claims until March 29, 2006 and then prepare the individual reports based on the results of the verification process. The individual reports will then be submitted to court on May 10, 2006, followed by the general report on June 22, 2006. CONTACT: Ms. Norma Elida Fistzen, Trustee Viamonte 1446 Buenos Aires SINASPO S.R.L.: Gets Court Approval for Reorganization ------------------------------------------------------ Sinaspo 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. Ms. Elena Beatriz Tancredi will oversee the reorganization proceedings as the court-appointed trustee. She will verify creditors' claims until April 4, 2006. The validated claims will be presented in court as individual reports on May 19, 2006. Ms. Tancredi 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 July 4, 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 Dec. 12, 2006. CONTACT: Ms. Elena Beatriz Tancredi, Trustee Ecuador 1185 Buenos Aires ============= B E R M U D A ============= LINES OVERSEAS: Denies Chairman/Pres. Served With SEC Subpoena -------------------------------------------------------------- A source from Bermuda-based firm Lines Overseas Management (LOM) denied the Company's Chairman and President, Donald Lines, has been served with subpoena by the U.S. securities regulator, the Royal Gazette reports. Mr. Lines, 73, went to the U.S. in the second week of November 2005 for an emergency heart operation, but "he was not then nor has he ever been served with an SEC subpoena, and is bewildered as to why and how the SEC would allege otherwise," the LOM spokesperson said. The U.S. Securities and Exchange Commission, in documents filed with the U.S. District Court for the District of Columbia, alleged that on November 10, 2005, SEC staff personally served three administrative subpoenas on Lines while he was present in the United States. Responding to LOM's denial, SEC assistant chief litigation counsel Michael K. Lowman said the SEC "stands by our statements in the report" which said that Mr. Lines was served with a personal subpoena as well as subpoenas issued to Lines Overseas Management Ltd. and LOM (Holdings) Ltd. "We have the affidavit of the process server to prove it," Mr. Lowman insisted. The subpoenas are said to mirror four previously served on LOM Managing Director Scott Lines and the corporate entity when he travelled to the U.S. in 2004 for the purpose of seeing a heart doctor. All subpoenas relate to requests for information relating to SEC probes of market manipulation involving shares issued by Sedona Software Solutions Inc. and SHEP Technologies Inc and HiEnergy Technologies Inc. The SEC previously told the court that evidence from its investigations has led its enforcement officers to LOM and Scott Lines as "potential key actors in the schemes." The court filing said that the subpoenas served on Donald Lines required the production of documents as well as his in-person testimony at the SEC's Washington headquarters in mid-November. The SEC, however, said neither Donald Lines nor the two LOM entities complied with or responded in anyway to the subpoenas. Donald Lines took over as president this summer after his son Brian, who co-founded the company in 1992 with brother Scott, resigned amid hopes that his departure "might improve the company's ability to resolve the matter and move forward." ============= B O L I V I A ============= AGUAS DEL TUNARI: Govt. Agrees to Buy Shareholders' Interest ------------------------------------------------------------ The Bolivian government has agreed to buy the shares of U.S.- based International Water (55%) and Spanish company Abengoa (25%) in Cochabamba water utility Aguas del Tunari, reports Business News Americas. "Basically, the agreement says that the shares will be bought for a nominal price of one boliviano from each of the [controlling] companies, which means two bolivianos [US$0.25] for 80% of the stock," deputy basic services and public works minister Eduardo Rojas was quoted as saying. The agreement frees the main shareholders of all charges and responsibilities. In turn, the government will no longer have to deal with the US$25-million lawsuit filed by the two Aguas del Tunari shareholders with the International Center for Settlement of Investment Disputes (ICSID). According to the report, the shareholders have dropped the lawsuit, which was filed after the government cancelled Aguas del Tunari's contract in 2000 due to civil disturbances in protests against the concessionaire, just one year into the contract. Once the signed documents arrive from the respective countries of the two shareholders, the government will call for a board meeting to discuss how to continue and guarantee normal water services, Rojas said. =========== B R A Z I L =========== SADIA: To Relocate to Curitiba This Year ---------------------------------------- Brazil's main food brand Sadia will transfer its headquarters this year to Curitiba, capital city of Brazil's southern state of Parana, their administrative center, thus joining the planning, supplies, purchases and engineering areas, reports ANBA Brazil. Walter Fontana Filho, the president of the company's Management Council, revealed the plan late December 2005, saying the move will demand investments worth US$64.5 million. At present, Sadia's headquarters are located in the Lapa neighborhood of the city of Sao Paulo. Sadia is one of the largest companies in the meats sector in the country. Between January and September 2005, it reported gross revenue of US$2.6 billion, 15% higher compared to US$2.28 billion registered during the first nine months in 2004. USIMINAS: CVM Launches Probe into Contracts with SMP&B ------------------------------------------------------ The Brazilian Securities and Exchange Commission, or CVM, has launched a probe into possible irregularities in contracts between steelmaker (Usiminas) and public relations firm SMP&B. SMP&B is run by Marcos Valerio de Souza, who is accused of running an illegal campaign-finance scheme for the ruling Workers' Party (PT). Congressional publication Jornal do Senado reported in October that government investigators have identified Usiminas and its flat-steel subsidiary Cosipa as allegedly contributing to a BRL200 million (currently US$85.5mn) account related to the bribery scandal. Belo Horizonte-based Usiminas is Brazil's largest producer of flat steel. Together with Cosipa, it has installed capacity of 9.5Mt/y. =========================== C A Y M A N I S L A N D S =========================== ALPHAGEN CEPHEUS: To be Voluntarily Wound Up -------------------------------------------- ALPHAGEN CEPHEUS FUND LIMITED (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the sole shareholder of the above-named company at an extraordinary general meeting of the shareholders held on 24th November 2005: That the company be voluntarily wound up and THAT Linburgh Martin and John Sutlic, of P.O. Box 1034GT, Grand Cayman, be and are hereby appointed Joint Liquidators, to act jointly and severally, for the purposes of such winding up. Creditors of this company are to prove their debts or claims on or before the January 28, 2006 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: LINBURGH MARTIN Joint Voluntary Liquidator Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034GT, Grand Cayman Contact for enquiries: Thiry Gordon Telephone: (345) 949 8455 Facsimile: (345) 949 8499 ALPHAGEN CURRENCY: Sole Shareholder Decides on Voluntary Wind Up ---------------------------------------------------------------- ALPHAGEN CURRENCY FUND LIMITED (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the sole shareholder of the above-named company at an extraordinary general meeting of the shareholders held on 24th November 2005: That the company be voluntarily wound up and that Linburgh Martin and John Sutlic, of P.O. Box 1034GT, Grand Cayman, be and are hereby appointed joint liquidators, to act jointly and severally, for the purposes of such winding up. Creditors of this company are to prove their debts or claims on or before the 28th January 2006, 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: LINBURGH MARTIN Joint Voluntary Liquidator Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034GT, Grand Cayman Contact for enquiries: Thiry Gordon Telephone: (345) 94- 8455 Facsimile: (345) 949-8499 ATLAS EQUITY I: Appoints Joint Liquidators ------------------------------------------ ATLAS EQUITY I, LTD. (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the sole shareholder of the above-named company at an extraordinary general meeting of the shareholders held on 16th December 2005: That the company be voluntarily wound up and that N. Jeffrey Arkley and Naul Bodden, of P.O. Box 1034GT, Grand Cayman, be and are hereby appointed joint liquidators, to act jointly and severally, for the purposes of such winding up. Creditors of this company are to prove their debts or claims on or before the 28th January 2006, 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: N. JEFFREY ARKLEY Joint Voluntary Liquidator Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034GT, Grand Cayman Contact for enquiries: Thiry Gordon Telephone: (345) 949-8455 Facsimile: (345) 949-8499 ATLAS EQUITY II: Creditors to Prove Claims On/Before Jan. 28 ------------------------------------------------------------ ATLAS EQUITY II, LTD. (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the sole shareholder of the above-named company at an extraordinary general meeting of the shareholders held on 16th December 2005: That the company be voluntarily wound up and that N. Jeffrey Arkley and Naul Bodden, of P.O. Box 1034GT, Grand Cayman, be and are hereby appointed joint liquidators, to act jointly and severally, for the purposes of such winding up. Creditors of this company are to prove their debts or claims on or before the 28th January 2006, 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: N. JEFFREY ARKLEY Joint Voluntary Liquidator Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034GT, Grand Cayman Contact for enquiries: Thiry Gordon Telephone: (345) 949-8455 Facsimile: (345) 949-8499 ATLAS EQUITY III: Shareholder Moves to Wind Up Company ------------------------------------------------------ ATLAS EQUITY III, LTD. (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the sole shareholder of the above-named company at an extraordinary general meeting of the shareholders held on 16th December 2005: That the company be voluntarily wound up and that N. Jeffrey Arkley and Naul Bodden, of P.O. Box 1034GT, Grand Cayman, be and are hereby appointed joint liquidators, to act jointly and severally, for the purposes of such winding up. Creditors of this company are to prove their debts or claims on or before the 28th January 2006, 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: N. JEFFREY ARKLEY Joint Voluntary Liquidator Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034GT, Grand Cayman Contact for enquiries: Thiry Gordon Telephone: (345) 949-8455 Facsimile: (345) 949-8499 ATLAS MASTER: Creditors Have Until Jan. 28 to Prove Debt Claims --------------------------------------------------------------- ATLAS MASTER FUND II, LTD. (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the sole shareholder of the above-named company at an extraordinary general meeting of the shareholders held on 16th December 2005: That the company be voluntarily wound up and that N. Jeffrey Arkley and Naul Bodden, of P.O. Box 1034GT, Grand Cayman, be and are hereby appointed joint liquidators, to act jointly and severally, for the purposes of such winding up. Creditors of this company are to prove their debts or claims on or before the 28th January 2006, 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: N. JEFFREY ARKLEY Joint Voluntary Liquidator Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034GT, Grand Cayman Contact for enquiries: Thiry Gordon Telephone: (345) 949-8455 Facsimile: (345) 949-8499 ATLAS MASTER INTERMEDIARY: Kicks Off Voluntary Wind Up Process -------------------------------------------------------------- ATLAS MASTER INTERMEDIARY FUND, LTD. (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the sole shareholder of the above-named company at an extraordinary general meeting of the shareholders held on 16th December 2005: That the company be voluntarily wound up and that N. Jeffrey Arkley and Naul Bodden, of P.O. Box 1034GT, Grand Cayman, be and are hereby appointed joint liquidators, to act jointly and severally, for the purposes of such winding up. Creditors of this company are to prove their debts or claims on or before the 28th January 2006, 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: N. JEFFREY ARKLEY Joint Voluntary Liquidator Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034GT, Grand Cayman Contact for enquiries: Thiry Gordon Telephone: (345) 949-8455 Facsimile: (345) 949-8499 ENRON INDIA: Director Moves to Wind Up Company ---------------------------------------------- ENRON INDIA HOLDINGS LIMITED (In Official Liquidation) ("The Company") The Companies Law (2004 Revision) A petition to wind up the Company, whose registered office is at Appleby Spurling Hunter, Clifton House, 75 Fort Street, P.O. Box 190GT, Grand Cayman, Cayman Islands, was presented to the Court on 12th December, 2005 by the director on 12th December 2005, G.T.L. Bullmore and S.L.C. Whicker were appointed joint official liquidators of the Company. Creditors of the Company are to prove their debts or claims on or before 28th January 2006, 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: S.L.C. WHICKER Joint Official Liquidator P.O. Box 493 GT, Grand Cayman Cayman Islands Contact for enquiries: Kris Beighton Telephone: (345) 914-4392 Facsimile: (345) 945-7164 FIRST SHIP: Names John Cullinane, Derrie Boggess as Liquidators --------------------------------------------------------------- FIRST SHIP COMMODITY PRODUCTS OFFSHORE, LTD (The "Company") (In Voluntary Liquidation) Companies Law (As Amended) TAKE NOTICE THAT the following resolution was passed by the shareholders of the Company by written resolution dated 17th November 2005: RESOLVED that the Company be voluntarily wound up and John Cullinane and Derrie Boggess c/o Walkers SPV Limited, P.O. Box 908, George Town, Grand Cayman, Cayman Islands, be appointed as joint liquidators to act for the purposes of such winding up. NOTICE IS HEREBY GIVEN that the creditors of the Company which is being wound up voluntarily are required within 30 days of the publication of this notice, to send in their names and addresses and the particulars of their debts and claims and the names and addresses of their attorneys-at-law (if any) to the undersigned. In default thereof, they will be excluded from the benefit of any distribution made before such debts are proved. Date of Publication: 16th December 2005 CONTACT: JOHN CULLINANE and DERRIE BOGGESS Joint Voluntary Liquidators c/o Walkers SPV Limited Walker House, P.O. Box 908 George Town, Grand Cayman Contact for enquiries: John Cullinane Telephone: (345) 914-6305 GALT FUND: Shareholder Seeks to Wind Up Company ----------------------------------------------- GALT FUND LTD. (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the sole shareholder of the above-named company at an extraordinary general meeting of the shareholders held on 16th December 2005: That the company be voluntarily wound up and that N. Jeffrey Arkley and Naul Bodden, of P.O. Box 1034GT, Grand Cayman, be and are hereby appointed joint liquidators, to act jointly and severally, for the purposes of such winding up. Creditors of this company are to prove their debts or claims on or before the 28th January 2006, 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: N. JEFFREY ARKLEY Joint Voluntary Liquidator Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034GT, Grand Cayman Contact for enquiries: Thiry Gordon Telephone: (345) 949-8455 Facsimile: (345) 949-8499 GALT INTERMEDIARY: Appoints Joint Liquidators --------------------------------------------- GALT INTERMEDIARY FUND LTD. (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the sole shareholder of the above-named company at an extraordinary general meeting of the shareholders held on 16th December 2005: That the company be voluntarily wound up and that N. Jeffrey Arkley and Naul Bodden, of P.O. Box 1034GT, Grand Cayman, be and are hereby appointed joint liquidators, to act jointly and severally, for the purposes of such winding up. Creditors of this company are to prove their debts or claims on or before the 28th January 2006, 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: N. JEFFREY ARKLEY Joint Voluntary Liquidator Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034GT, Grand Cayman Contact for enquiries: Thiry Gordon Telephone: (345) 949-8455 Facsimile: (345) 949-8499 GLOBAL CAPITAL: Commences Voluntary Wind Up Process --------------------------------------------------- GLOBAL CAPITAL VENTURES LIMITED (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the shareholder of the above-named Company at an extraordinary general meeting of the shareholder held on 9th December 2005: RESOLVED THAT the Company be voluntarily wound up and that Kareen Watler and Sylvia Lewis be and are hereby appointed as liquidators of the Company for that purpose. Creditors of this company are to prove their debts or claims on or before the 30th January 2006, 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. Date of liquidation: 9 December 2005 CONTACT: KAREEN WATLER and SYLVIA LEWIS Joint Voluntary Liquidators P.O. Box 1109GT, Grand Cayman Cayman Islands Contact for enquiries: Sylvia Lewis Telephone: 949-7755 Facsimile: 949-7634 HARDY LTD: Shareholder Resolves to Wind Up Company -------------------------------------------------- HARDY LTD. (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 the above-mentioned company at an extraordinary general meeting on the 16th December 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: 30th January 2006. CONTACT: COMMERCE CORPORATE SERVICES LIMITED Voluntary Liquidator P.O. Box 694GT, Grand Cayman Cayman Islands Telephone: 949-8666 Facsimile: 949-0626 HIMO INVESTORS: Sets Deadline for Submission of Debt Particulars ---------------------------------------------------------------- HIMO INVESTORS, LTD. (The "Company") (In Voluntary Liquidation) Companies Law (As Amended) TAKE NOTICE THAT the following resolution was passed by the shareholders of the Company by written resolution dated 3rd November 2005: RESOLVED that the Company be voluntarily wound up and John Cullinane and Derrie Boggess c/o Walkers SPV Limited, P.O. Box 908, George Town, Grand Cayman, Cayman Islands, be appointed as joint liquidators to act for the purposes of such winding up. NOTICE IS HEREBY GIVEN that the creditors of the Company which is being wound up voluntarily are required within 30 days of the publication of this notice, to send in their names and addresses and the particulars of their debts and claims and the names and addresses of their attorneys-at-law (if any) to the undersigned. In default thereof, they will be excluded from the benefit of any distribution made before such debts are proved. Date of Publication: 16th December 2005 CONTACT: JOHN CULLINANE and DERRIE BOGGESS Joint Voluntary Liquidators c/o Walkers SPV Limited Walker House, P.O. Box 908 George Town, Grand Cayman Contact for enquiries: John Cullinane Telephone: (345) 914-6305 ITROS OFFSHORE: Shareholder Decides to Wind Up Firm --------------------------------------------------- ITROS OFFSHORE, LTD. (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the sole shareholder of the above-named company at an extraordinary general meeting of the shareholders held on 9th December 2005: That the company be voluntarily wound up and that N. Jeffrey Arkley and John Sutlic, of P.O. Box 1034GT, Grand Cayman, be and are hereby appointed joint liquidators, to act jointly and severally, for the purposes of such winding up. Creditors of this company are to prove their debts or claims on or before the 28th January 2006, 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: JOHN SUTLIC Joint Voluntary Liquidator Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034GT, Grand Cayman Contact for enquiries: Thiry Gordon Telephone: (345) 949-8455 Facsimile: (345) 949-8499 LIBERTY ERMITAGE: To Undergo Voluntary Wind Up --------------------------------------------- LIBERTY ERMITAGE LIQUID ASSETS SPC (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the sole shareholder of the above-named company at an extraordinary general meeting of the shareholders held on 8th December 2005: That the company be voluntarily wound up and that N. Jeffrey Arkley and Naul Bodden, of P.O. Box 1034GT, Grand Cayman, be and are hereby appointed joint liquidators, to act jointly and severally, for the purposes of such winding up. Creditors of this company are to prove their debts or claims on or before the 28th January 2006, 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: N. JEFFREY ARKLEY Joint Voluntary Liquidator Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034GT, Grand Cayman Contact for enquiries: Thiry Gordon Telephone: (345) 949-8455 Facsimile: (345) 949-8499 MARCEAU LTD: Linburgh Martin, Neil Gray to Oversee Liquidation -------------------------------------------------------------- MARCEAU LTD. (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the sole shareholder of the above-named company at an extraordinary general meeting of the shareholders held on 16th December 2005: That the company be voluntarily wound up and THAT Linburgh Martin and Neil Gray, of P.O. Box 1034GT, Grand Cayman, be and are hereby appointed joint liquidators, to act jointly and severally, for the purposes of such winding up. Creditors of this company are to prove their debts or claims on or before the 28th January 2006, 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: LINBURGH MARTIN Joint Voluntary Liquidator Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034GT, Grand Cayman Contact for enquiries: Neil Gray Telephone: (345) 949 8455 Facsimile: (345) 949 8499 MCLEAN MARKET: Shareholders Resolve to Liquidate Company -------------------------------------------------------- MCLEAN MARKET NEUTRAL FUND LIMITED (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the shareholders of this company at an extraordinary general meeting held on 15th December 2005: RESOLVED that the Company be placed into voluntary liquidation and that Sarah Rickelman; c/o BV Group Ventures, 1650 Tysons Blvd., Suite 950, McLean, VA., 22102, be appointed liquidator for the purpose of such winding-up. Creditors of the company are to prove their debts or claims on or before 18th January 2006, and to establish any title they may have under the Companies Law (2004 Revision), or be excluded from the benefit of any distribution made before such debts are proved or from objecting to the distribution. Date of liquidation: 15th December 2005. CONTACT: SARAH RICKELMAN Voluntary Liquidator P.O. Box 1111, Grand Cayman, Cayman Islands Officer for enquiries: Avril Brophy Telephone: 345 949-5122 Facsimile: 345 949-7920 NAVARRO LTD: Creditors Have Until Jan. 28 to Prove Debt Claims -------------------------------------------------------------- NAVARRO LTD. (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the sole shareholder of the above-named company at an extraordinary general meeting of the shareholders held on 16th December 2005: That the company be voluntarily wound up and THAT Linburgh Martin and Neil Gray, of P.O. Box 1034GT, Grand Cayman, be and are hereby appointed joint liquidators, to act jointly and severally, for the purposes of such winding up. Creditors of this company are to prove their debts or claims on or before the 28th January 2006, 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: LINBURGH MARTIN Joint Voluntary Liquidator Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034GT, Grand Cayman Contact for enquiries: Neil Gray Telephone: (345) 949 8455 Facsimile: (345) 949 8499 OSATO BP: Taps N. Jeffrey Arkley, John Sutlic as JLs ---------------------------------------------------- OSATO BP (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the sole shareholder of the above-named company at an extraordinary general meeting of the shareholders held on 16th December 2005: That the company be voluntarily wound up and that N. Jeffrey Arkley and John Sutlic, of P.O. Box 1034GT, Grand Cayman, be and are hereby appointed joint liquidators, to act jointly and severally, for the purposes of such winding up. Creditors of this company are to prove their debts or claims on or before the 28th January 2006, 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: JOHN SUTLIC Joint Voluntary Liquidator Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034GT, Grand Cayman Contact for enquiries: Thiry Gordon Telephone: (345) 949-8455 Facsimile: (345) 949-8499 PERCON MANAGED: To be Wound Up Voluntarily ------------------------------------------ Percon Managed Futures Fund (In Voluntary Liquidation) Companies Law (As Amended) TAKE NOTICE THAT the following resolution was passed by the shareholders of Percon Managed Futures Fund by written resolution dated December 14, 2005: RESOLVED that the Company be voluntarily wound up and John Cullinane and Derrie Boggess c/o Walkers SPV Limited, P.O. Box 908, George Town, Grand Cayman, Cayman Islands, be appointed as joint liquidators to act for the purposes of such winding up. NOTICE IS HEREBY GIVEN that the creditors of the Company which is being wound up voluntarily are required within 30 days of the publication of this notice, to send in their names and addresses and the particulars of their debts and claims and the names and addresses of their attorneys-at-law (if any) to the undersigned. In default thereof, they will be excluded from the benefit of any distribution made before such debts are proved. Date of Publication: December 16, 2005 CONTACT: John Cullinane and Derrie Boggess Joint Voluntary Liquidators c/o Walkers SPV Limited Walker House, P.O. Box 908 George Town, Grand Cayman Telephone: (345) 914-6305 POWIS SQUARE: Appoints Thomas Olsson as Liquidator -------------------------------------------------- Powis Square Limited (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the shareholders of Powis Square Limited at an extraordinary general meeting of the shareholders held on December 14, 2005: That the Company be voluntarily wound up and that Thomas Olsson, of 11 David Mews, London W1U 6EG, UK, be and is hereby appointed as sole liquidator of the company for the purpose of winding up the Company. Creditors of the Company are to prove their debts or claims on or before January 9, 2006, and to establish any title they may have under the Companies Law (2003 Revision), or to be excluded from the benefit of any distribution made before the debts are proved or from objecting to the distribution. CONTACT: Mr. Tomas Olsson, Voluntary Liquidator 11 David Mews London, W1U 6EG, UK Telephone: (44) 20 7434 4131 Facsimile: (44) 20 7287 6059 QUANTITATIVE CAPITAL: Resolves to Liquidate Voluntarily ------------------------------------------------------- Quantitative Capital Management Ltd. (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the sole shareholder Of Quantitative Capital Management Ltd. at an extraordinary general meeting of the shareholders held on December 16, 2005: That the Company be voluntarily wound up and that N. Jeffrey Arkley and Naul Bodden, of P.O. Box 1034GT, Grand Cayman, be and are hereby appointed joint liquidators, to act jointly and severally, for the purposes of such winding up. Creditors of the Company are to prove their debts or claims on or before January 28, 2006, 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: N. Jeffrey Arkley, Joint Voluntary Liquidator Thiry Gordon Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034GT, Grand Cayman Telephone: (345) 949-8455 Facsimile: (345) 949-8499 QUANTITATIVE CAPITAL MANAGEMENT: Creditors to Prove Claims ---------------------------------------------------------- Quantitative Capital Management Intermediaery, Ltd. (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the sole shareholder of Quantitative Capital Management Intermediaery, Ltd. at an extraordinary general meeting of the shareholders held on December 16, 2005: That the Company be voluntarily wound up and that N. Jeffrey Arkley and Naul Bodden, of P.O. Box 1034GT, Grand Cayman, be and are hereby appointed joint liquidators, to act jointly and severally, for the purposes of such winding up. Creditors of the Company are to prove their debts or claims on or before January 28, 2006, 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: N. Jeffrey Arkley, Joint Voluntary Liquidator Thiry Gordon Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034GT, Grand Cayman Telephone: (345) 949-8455 Facsimile: (345) 949-8499 SALIX HEALTHCARE: Liquidators Appointed --------------------------------------- Salix Healthcare (General Partner) Inc (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the sole shareholder of Salix Healthcare (General Partner) Inc at an extraordinary general meeting of the shareholders held on December 16, 2005: That the Company be voluntarily wound up and that Linburgh Martin and John Sutlic, of P.O. Box 1034GT, Grand Cayman, be and are hereby appointed joint liquidators, to act jointly and severally, for the purposes of such winding up. Creditors of the Company are to prove their debts or claims on or before January 28, 2006, and to establish any title they may have under the Companies Law (2004 Revision), or to be excluded from the benefit of any distribution made before the debts are proved or from objecting to the distribution. CONTACT: Mr. John Sutlic, Joint Voluntary Liquidator Thiry Gordon Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034GT, Grand Cayman Telephone: (345) 949-8455 Facsimile: (345) 949-8499 TUPPERWARE HOLDINGS: Liquidators to Validate Creditors' Claims -------------------------------------------------------------- Tupperware Holdings Ltd. (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the sole shareholder of Tupperware Holdings Ltd. at an extraordinary general meeting of the shareholders held on December 12, 2005: That the Company be voluntarily wound up and that Linburgh Martin and Jeff Arkley, of P.O. Box 1034GT, Grand Cayman, be and are hereby appointed joint liquidators, to act jointly and severally, for the purposes of such winding up. Creditors of the Company are to prove their debts or claims on or before January 28, 2006, and to establish any title they may have under the Companies Law (2004 Revision), or to be excluded from the benefit of any distribution made before the debts are proved or from objecting to the distribution. CONTACT: Mr. Linburgh Martin, Joint Voluntary Liquidator Neil Gray Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034GT, Grand Cayman Telephone: (345) 949-8455 Facsimile: (345) 949-8499 VCM LIMITED: Verification Phase to End Jan. 30 ---------------------------------------------- VCM Limited (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the shareholder of VCM Limited at an extraordinary general meeting of the shareholder held on December 9, 2005: RESOLVED THAT the Company be voluntarily wound up and that Kareen Watler and Sylvia Lewis be and are hereby appointed as liquidators of the Company for that purpose. Creditors of the Company are to prove their debts or claims on or before January 30, 2006, 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. Date of Liquidation: December 9, 2005 CONTACT: Ms. Kareen Watler and Ms. Sylvia Lewis Joint Voluntary Liquidators P.O. Box 1109GT, Grand Cayman Cayman Islands Telephone: 949-7755 Facsimile: 949-7634 VENTURE CAPITAL: Liquidators to Verify Claims --------------------------------------------- Venture Capital Investments Limited (In Voluntary Liquidation) The Companies Law (2004 Revision) The following special resolution was passed by the shareholder of Venture Capital Investments Limited at an extraordinary general meeting of the shareholder held on December 9, 2005: RESOLVED THAT the Company be voluntarily wound up and that Kareen Watler and Sylvia Lewis be and are hereby appointed as liquidators of the Company for that purpose. Creditors of the Company are to prove their debts or claims on or before January 30, 2006 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. Date of Liquidation: December 9, 2005 CONTACT: Ms. Kareen Watler and Ms. Sylvia Lewis Joint Voluntary Liquidators P.O. Box 1109GT, Grand Cayman Cayman Islands Telephone: 949-7755 Facsimile: 949-7634 WINTHROP U.S.: Creditors Given 30 Days to Prove Claims ------------------------------------------------------ Winthrop U.S. Fixed Income Fund, Ltd (In Voluntary Liquidation) Companies Law (As Amended) TAKE NOTICE THAT the following resolution was passed by the shareholders of the Company by written resolution dated December 14, 2005: RESOLVED that the Company be voluntarily wound up and John Cullinane and Derrie Boggess c/o Walkers SPV Limited, P.O. Box 908, George Town, Grand Cayman, Cayman Islands, be appointed as joint liquidators to act for the purposes of such winding up. NOTICE IS HEREBY GIVEN that the creditors of the Company which is being wound up voluntarily are required within 30 days of the publication of this notice, to send in their names and addresses and the particulars of their debts and claims and the names and addresses of their attorneys-at-law (if any) to the undersigned. In default thereof, they will be excluded from the benefit of any distribution made before such debts are proved. Date of Publication: December 16, 2005 CONTACT: John Cullinane and Derrie Boggess Joint Voluntary Liquidators c/o Walkers SPV Limited Walker House, P.O. Box 908 George Town, Grand Cayman Telephone: (345) 914-6305 YELLOW SUBMARINE: Enters Voluntary Liquidation ---------------------------------------------- Yellow Submarine Ltd. (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 Yellow Submarine Ltd. at an extraordinary general meeting on December 16, 2005: THAT the Company be placed in voluntary winding up and that Commerce Corporate Services Limited be appointed as liquidator of the Company. Date of Liquidation: January 30, 2006 CONTACT: Commerce Corporate Services Limited Voluntary Liquidator Commerce Corporate Services Limited P.O. Box 694GT, Grand Cayman Cayman Islands Telephone: 949-8666 Facsimile: 949-0626 =============== C O L O M B I A =============== TELECOM: Comverse to Provide New Billing Software ------------------------------------------------- CSG Software, a subsidiary of US software and systems supplier Comverse, signed a US$16.1-million agreement to provide Colombian state-run telco Colombia Telecomunicaciones (Telecom) with a new billing software, reports Business News Americas. The software will replace the more than 50 independent systems that Telecom currently uses for this purpose. It will also be capable of handling mobile telephony billing, an area into which the company hopes to expand. Work on the system is slated to begin in February 2006 and end by April 2008. =========== M E X I C O =========== CALPINE CORP: Court OKs Continuing Intercompany Transactions ------------------------------------------------------------ Prior to the Petition Date, Calpine Corporation and its debtor- affiliates and their non-debtor affiliates engaged in intercompany financial transactions in the ordinary course of business. Transfers of cash to and from appropriate bank accounts were made on account of the intercompany transactions, which typically included payments for the funding, if necessary, of the Debtors' and non-debtor affiliates' working capital requirements, as well as reimbursement to Calpine Corporation or Calpine Energy Services, L.P., of the costs relating to administrative and operational services provided to power generating companies or alternative fuel and generation and processing projects at actual cost. The Debtors believe that the continuation of the intercompany transactions is beneficial to the estates and creditors and should therefore be permitted. Additionally, if the intercompany transactions were discontinued, a number of services currently provided by the Debtors to other Debtors and non-debtor affiliates would be disrupted. On an interim basis, the U.S. Bankruptcy Court for the Southern District of New York allows the Debtors to continue the intercompany transfers subject to the provisions of the DIP Financing Order and the Cash Collateral Order. Richard M. Cieri, Esq., at Kirkland & Ellis LLP, in New York, notes that at any given time, there may be balances due and owing from one Debtor to another Debtor and between certain Debtors and the non-debtor affiliates. These balances represent extensions of intercompany credit made in the ordinary course of business that are an essential component of the Cash Management System. Pursuant to Sections 503(b)(1) and 364(b) of the Bankruptcy Code, The Honorable Burton R. Lifland of the Bankruptcy Court for the Southern District of New York rules that all Intercompany Claims, to the extent that the claims are held by a Debtor or Non-debtor Affiliate against a Debtor, are accorded administrative expense status, subject to the provisions of the DIP Order and the Cash Collateral, as applicable. Headquartered in San Jose, California, Calpine Corporation -- http://www.calpine.com/-- supplies customers and communities with electricity from clean, efficient, natural gas-fired and geothermal power plants. Calpine owns, leases and operates integrated systems of plants in 21 U.S. states and in three Canadian provinces. Its customized products and services include wholesale and retail electricity, gas turbine components and services, energy management and a wide range of power plant engineering, construction and maintenance and operational services. The Company filed for chapter 11 protection on Dec. 20, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard M. Cieri, Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert G. Burns, Esq., Kirkland & Ellis LLP represent the Debtors in their restructuring efforts. As of Dec. 19, 2005, the Debtors listed $26,628,755,663 in total assets and $22,535,577,121 in total liabilities. (Calpine Bankruptcy News, Issue No. 2; Bankruptcy Creditors' Service, Inc., 215/945-7000) EMPRESAS ICA: Seeks Greater Participation in Infra Tenders ---------------------------------------------------------- An executive at construction firm Empresas ICA has asked the financial system to provide more attractive interest rates for loans and longer terms for national companies, reports Business News Americas. ICA housing and infrastructure operations VP Luis Zarate made the request in light of the long-term service provision projects (PPS) through which the government aims to build infrastructure with the private sector. "We don't want protectionism because that cannot be requested in a globalized world. We want opportunities, a fair playing field, support, very clear rules and greater national participation in bidding processes," said Mr. Zarate. Infrastructure works to be offered for tenders under the PPS scheme in the remainder of President Vicente Fox's term are worth US$15 billion. These projects include 15 highways, seven hospitals and four polytechnic universities, among others. CONTACT: Empresas ICA Sociedad Controladora S.A. de C.V. Col. Escandon Del Migual Hidalgo Mexico City, 11800 Mexico Phone: 525-272-9991 URL: http://www.ica.com.mx *********** 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 2006. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is $575 per half-year, delivered via e-mail. 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