/raid1/www/Hosts/bankrupt/TCRLA_Public/040908.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, September 8, 2004, Vol. 5, Issue 178
Headlines
A R G E N T I N A
ADSUM: Trustee to Submit Individual Reports
ALARMAS DEL INTERIOR: Enters Bankruptcy on Court Orders
BANCO BISEL: Moody's Latin America Leaves Bonds Unchanged
BANCO MACRO: Bonds Gets `BB' Rating From Moody's
BHN III: Local S&P Reaffirms Debt Ratings
BHN IV: Local S&P Maintains Junk Ratings on Financial Trusts
CABLEVISION: Section 304 Petition Summary
CENTRO MAYORISTA: Credit Verification to Close Tomorrow
GARDONE: Verification Deadline Nears
IEBA: $230M of Corporate Bonds Remain at Junk Level
MANICORD: General Report Due Tomorrow
PIRAMIDE CORP: Gets Court OK for Reorganization
ROPAR: Trustee To Close Claims Check
ROW CONSTRUCCIONES: General Report Submission Set
TARJETA NARANJA: US$200Mln in Bonds Maintain `D' Rating
* ARGENTINA: Market Sees Hope In New Debt Tactic
B A R B A D O S
C&W BARBADOS: Reports Loss for the 2nd Straight Year
B E R M U D A
AUGUST TRADING: Appoints Malcolm Butterfield as liquidator
GRN REINSURANCE: Presents Wind-Up Petition in Court
MEADOW LANE: Members Appoint Ernest Morrison as Liquidator
PVM OIL: Winds-up Voluntarily
SCHRODER ASTRA: Appoints Robin J. Mayor as Liquidator
SHIELD INSURANCE: Asks to Wind-Up Operations
STEEL TRADE: Members Resolve to Liquidate
STERLING INSURANCE: Claims Submission Deadline Set
B R A Z I L
AOL LATIN AMERICA: Instant Messenger Overtaken by MSN
CEMIG: To Sell 444MW On September 9 & 14
CLFCL: 7-Month Revenue Rises 31% From 2003
M E X I C O
APAST: Financial Woes Affecting Tultitlan's Rating Says Fitch
GRUPO MEXICO: To Invest $600M in SPCC
T R I N I D A D & T O B A G O
FNCU VENTURE CAPITAL: Trading Suspended Amid SEC Probe
- - - - - - - - -
=================
A R G E N T I N A
=================
ADSUM: Trustee to Submit Individual Reports
-------------------------------------------
Court No. 3 of Buenos Aires' civil and commercial tribunal
expects to receive individual reports pertaining to the Adsum
S.R.L. bankruptcy case tomorrow, September 9, 2004.
Mr. Santiago Manuel Quiben, the court-appointed trustee, will
prepare these reports from creditors' claims submitted during
the verification period. The court will use the reports to
finalize the list of creditors eligible for post-liquidation
payments.
CONTACT: Adsum S.R.L.
Malabia 2174
Buenos Aires
Mr. Santiago Manuel Quiben, Trustee
Esmeralda 783
Buenos Aires
ALARMAS DEL INTERIOR: Enters Bankruptcy on Court Orders
-------------------------------------------------------
Alarmas del Interior S.R.L. enters bankruptcy protection after
Court No. 20 of La Plata's civil and commercial tribunal ordered
the Company's liquidation. The order effectively transfers
control of the company's assets to the court-appointed trustee
who will supervise the liquidation proceedings.
Infobae reports that the court selected Mr. Hector Ismael Busti
as trustee. He will be verifying creditors' proofs of claims
until the end of the verification phase on September 6, 2004.
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 October 19, 2004 followed by the general report, which is due
on November 30. 2004.
CONTACT: Alarmas del Interior S.R.L.
Calle 40 Nro. 900
La Plata
Mr. Hector Ismael Busti, Trustee
Calle 14 Nro. 862
La Plata
BANCO BISEL: Moody's Latin America Leaves Bonds Unchanged
---------------------------------------------------------
The National Securities Commission of Argentina reports that the
local branch of Moody's Ratings Agency maintains a 'D' rating on
various corporate bonds issued by local bank, Banco Bisel S.A.
The rating, which denotes payment default, refers to these
bonds:
- US$54 million worth of "Obligaciones Negociables Subordinadas"
classified under "Series and/or Class." The bonds matured on
July 20, 2000.
- US$100 million worth of "Programa Global de Obligaciones
Negociables" classified under "Program." These bonds also
matured on July 20, 2000.
- US$300 million worth of "Programa de Emision de Titulos de
Deuda a Mediano Plazo" classified under "Program." These bonds
matured on July 20, 2000.
- US$200 million worth of "Programa Global de Emision de
Obligaciones" classified under "Program." The maturity date of
the bonds was not indicated.
The Company's financial status as of June 30, 2004 determined
the ratings given by Moody's.
CONTACT: Banco Bisel S.A.
Mitre 602 Rosario
2000 Santa Fe
Argentina
Phone: 0341-4200300
Home Page: http://www.bancobisel.com.ar/
Officers:
Mr. Guillermo Harteneck, President
Mr. Jean Luc Perron, Vice President
Mr. Bernard Brousse, Vice President
BANCO MACRO: Bonds Gets `BB' Rating From Moody's
------------------------------------------------
Moody's Latin America Calificadora de Riesgo S.A. assigned a
`BB' rating to corporate bonds issued by Banco Macro S.A, says
Comision Nacional de Valores (CNV). The affected bonds are:
- US$5 million worth of bonds described as "Obligaciones
Negociables Subordinadas - Serie 4" maturing on December 31,
2005; and
- US$18 million worth of bonds described as "Obligaciones
Negociables Subordinadas - Serie V" maturing on December 29,
2006.
A `BB' rating indicates that the future of these bonds cannot be
well assured. Moody's took the action based on the bank's
financial status as of June 30, 2004.
CONTACT: Banco Macro S.A.
Sarmiento 735
(1041) Buenos Aires
Argentina
Tel. (54-11) 4323-6300
Fax (54-11) 4325-6935
Telex 18343 MacroAr - 4260 Macro Ar
Web Site: http://www.grupomacro.com.ar/
BHN III: Local S&P Reaffirms Debt Ratings
-----------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
reaffirmed the `raD' rating assigned to various Fideicomiso
Hipotecario BHN III Financial Trusts.
The affected securities are:
- US$14.896 million worth of "Clase A1" financial trusts due on
May 31, 2017
- US$82.09 million worth of "Clase A2" financial trusts coming
due on May 31, 2017
- US$5.06 million worth of "Clase B" financial trusts coming due
on May 31, 2018
Also, the local S&P also reaffirmed the `raC' rating assigned to
Fideicomiso Hipotecario BHN III's "Certificados de
Participacion" worth US$3.374 million due on May 31, 2018.
An 'raC' rating may be used to cover a situation where a
bankruptcy petition has been filed or similar action has been
taken, but payments on the obligation are being continued, says
S&P.
BHN IV: Local S&P Maintains Junk Ratings on Financial Trusts
------------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
Affirms junk ratings to various BHN IV financial trusts. The
Comision Nacional de Valores reveals that the local S&P assigned
an `raD' rating to the following financial trust issues:
- US$24,375,000 worth of "Serie B" financial trusts with
undisclosed maturity date; and
- US$156,000,000 worth of "Serie AV/AF" financial trusts that
expired on April 27, 2000
Moreover, the local Standard & Poor's assigned an `raC' rating
to US$14,625,505 worth of "Certificado de Participacion" with
undisclosed maturity date.
CABLEVISION: Section 304 Petition Summary
-----------------------------------------
Petitioner: Board of Directors of the Debtor
Debtor: Cablevision SA
Cuba 2370
C1428AEL
Buenos Aires
Argentina
Case No.: 04-15697
Type of Business: The Debtor provides cable television and
internet access services throughout
Argentina.
Section 304 Petition Date: September 1, 2004
Court: Southern District of New York (Manhattan)
Judge: Stuart M. Bernstein
Petitioner's Counsel: Madlyn Gleich Primoff, Esq.
Clifford Chance US LLP
31 West 52 Street
New York, NY 10019
Tel: 212-878-8187
Fax: 212-878-8375
Estimated Assets: $10 Million to $100 Million
Estimated Debts: $10 Million to $100 Million
(Troubled Company Reporter, Monday, Sep. 6, 2004, Vol. 8, Issue
No. 190)
CENTRO MAYORISTA: Credit Verification to Close Tomorrow
-------------------------------------------------------
The validation of claims for the Centro Mayorista de Repuestos
para Automotores S.A. bankruptcy case is set to end tomorrow,
September 9, 2004. Trustee Mario Cabriosi will examine the
claims to determine the nature and amount of the Company's
debts.
Creditors must have their claims authenticated by the trustee by
the deadline in order to qualify for the payments that will be
made after the Company's assets are liquidated.
Court No. 19 of Buenos Aires' civil and commercial tribunal has
jurisdiction over this case.
CONTACT: Centro Mayorista de Repuestos para Automotores S.A.
Avenida Warnes 1305
Buenos Aires
Mr. Mario Cabrosi, Trustee
Uruguay 390
Buenos Aires
GARDONE: Verification Deadline Nears
------------------------------------
Creditors with claims against bankrupt Gardone S.A. must submit
proofs of their claims by tomorrow, September 9, 2004. All
documents should be forwarded to Mr. Carlos Alberto Lausi, the
trustee, for verification. The Company's assets will be disposed
at the end of the proceedings to repay its debts.
CONTACT: Mr. Carlos Alberto Lausi, Trustee
Avda Cordoba 456
Buenos Aires
IEBA: $230M of Corporate Bonds Remain at Junk Level
---------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
maintains an `raD' on a total of US$230 million of corporate
bonds issued by Inversora Electrica de Buenos Aires S.A. (IEBA)
According to the CNV, the rating applies to US$130 million of
bonds described as" Obligaciones Negociables Simples no
convertibles en acciones", which will come due Sep. 16 this
year.
The rating also affects US$100 million of " Obligaciones
Negociables Simples no convertibles en acciones", which expired
on Sep. 16, 2002.
The rating action is based on IEBA's financial status as of June
30, 2004.
S&P said that an `raD' rating is assigned when it is in payment
default or if the obligor has filed for bankruptcy. The rating
may also be used when principal payments are not made on the due
date even if the applicable grace period has not expired, unless
the ratings agency believes that such payments will be made
during such grace period.
MANICORD: General Report Due Tomorrow
-------------------------------------
Mr. Daniel Ernesto Altman, the trustee overseeing the
liquidation of Manicord S.A., is scheduled to submit a general
report of the case tomorrow, September 9, 2004. The general
report is essentially an audit of the Company's accounting and
business records. The report also details relevant events during
the bankruptcy proceedings.
Court No. 2 of Buenos Aires' civil and commercial tribunal
handles this case with assistance from Clerk No. 3.
CONTACT: Manicord S.A.
Cerrito 774
Buenos Aires
Mr. Daniel Ernesto Altman, Trustee
Parana 774
Buenos Aires
PIRAMIDE CORP: Gets Court OK for Reorganization
-----------------------------------------------
Piramide Corp S.R.L. will begin reorganization following the
approval of its petition by Court No. 21 of Buenos Aires' civil
and commercial tribunal. The opening of the reorganization will
allow the company to negotiate a settlement with its creditors
in order to avoid a straight liquidation.
Ms. Patricia M. Narduzzi will oversee the reorganization
proceedings as the court-appointed trustee. She will verify
creditors' claims until October 22, 2004. The validated claims
will be presented in court as individual reports on December 13,
2004.
The trustee 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. This report will be presented
in court on March 8, 2005.
The Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the company's
creditors for approval, is scheduled on September 6 next year.
CONTACT: Piramide Corp S.R.L.
Avda Olleros 1775
Buenos Aires
Patricia M. Narduzzi, Trustee
Lavalle 1675
Buenos Aires
ROPAR: Trustee To Close Claims Check
------------------------------------
The verification of claims for the Ropar S.R.L. bankruptcy will
end tomorrow, September 9, 2004. Creditors with claims against
the company must present proof of the liabilities to Mr. Marcos
Livszyc, the court-appointed trustee, before the deadline.
After the verification phase, the trustee will prepare the
individual reports and submit them in court on October 7, 2004.
The court presentation of the general report follows on November
8, 2004.
CONTACT: Ropar S.R.L.
Belgrano 2072
Buenos Aires
Mr. Marcos Livszyc, Trustee
Nunez 6387
Buenos Aires
ROW CONSTRUCCIONES: General Report Submission Set
-------------------------------------------------
Ms. Bertha Amparo Pacheco Perez, the trustee serving in the Row
Construcciones S.R.L. bankruptcy, is scheduled to submit a
general report of the case on December 12, 2004, says Infobae.
The general report will provide Court No. 14 of Lomas de
Zamora's civil and commercial tribunal with an audit of the
Company's accounting and business records.
CONTACT: Row Construcciones S.R.L.
Cardeza 22 Monte Grande
Lomas de Zamora
Ms. Bertha Amparo Pacheco Perez, Trustee
Boedo 543
Lomas de Zamora
TARJETA NARANJA: US$200Mln in Bonds Maintain `D' Rating
-------------------------------------------------------
Moody's Latin America Calificadora de Riesgo S.A. maintains a
`D' rating on some US$200 million worth of bonds issued by
Tarjeta Naranja S.A., the CNV revealed on its web site.
The CNV described the affected bonds as "Programa de
Obligaciones Negociables de Corto y Mediano Plazo," without
indicating the maturity date of the issue.
The rating was given based on the Company's finances as of June
30, 2004.
* ARGENTINA: Market Sees Hope In New Debt Tactic
------------------------------------------------
Investors saw a glimmer of hope in Argentina's drawn out US$100
billion debt restructuring on Thursday after the government took
a new tack to lure private creditors.
Economy Minister Roberto Lavagna told reporters late Wednesday
that those who accept the government's offer will receive 100%
of funds set aside for the US$100 billion debt restructuring,
leaving no money for holdouts.
"All we have allocated...will be available to those who enter in
the swap, while those who don't enter will have to go to
courts," he said.
A ministry source confirmed that funds available to repay debt
would all go to those bondholders who participated in the
restructuring offer and said Lavagna's comments "imply an
incentive."
"It has changed the terms of the deal quite a bit. It is
positive to getting the deal done," said Jim Barrineau, vice
president in emerging markets research at Alliance Capital
Management.
Alberto Bernal, head of Latin American research at IDEAglobal in
New York, said Lavagna's offer could increase the potential of
bondholders participating in the deal to between 65% to 70% from
current estimates of 55 percent.
Argentina's 2008 Global Bond rose more than a full point, then
fell off its session high to stand at 0.3 of a point higher at a
bid 29.3 points on Thursday afternoon. The Buenos Aires stock
market benchmark Merval index rose 0.9 percent to 971.73 on
optimism generated by the government's statements on the debt.
The Economy Ministry source emphasized that each holder could
receive more new bonds if not all bondholders accept. Lavagna
was not offering a cash sweetener, he said.
The government expects to offer in September the swap of $40
billion in new bonds for the $100 billion in default for over 2-
1/2 years. Lavagna said the process should be completed by
January, despite deep opposition from the main creditor groups.
Argentina's 152 types of defaulted bonds are held by over
500,000 creditors from Wall Street funds to Italian pensioners
to German dentists to Argentine pension funds.
The local funds' acceptance is crucial to the deal and so far
reactions in Buenos Aires were positive.
"Lavagna is attempting to increase the initial attractiveness of
the offer, but also maintain a strategy of terror for those who
don't accept the offer, saying they will be stuck with illiquid
bonds," said Hernan Fardi, analyst at local bond specialists
Maxinver.
"I don't know what they are going to do but I think it is just
talk," said George Estes, sovereign credit analyst with
Grantham, Mayo, Van Otterloo & Co., a firm that manages $1.25
billion in emerging market debt.
"Every day we hear a different version and usually the same day
or the next we hear 'no, it's not true'," he added.
The biggest opposition since Argentina launched its
restructuring plans a year ago in Dubai has come from the Global
Committee of Argentina Bondholders (GCAB), which represents $37
billion in defaulted debt.
===============
B A R B A D O S
===============
C&W BARBADOS: Reports Loss for the 2nd Straight Year
----------------------------------------------------
Cable & Wireless Barbados (C&W) is still in the red but less so
than last year, the Barbados Nation reports.
For its financial year ending March 31, 2004, the company posted
a loss of $19.2 million, down from a loss of $26 million last
year.
Nevertheless, in his first Chairman's report, Senator Allan
Fields said that despite the after-tax loss of $19.2 million,
the overall performance was still "creditable with gross
revenues of $372.9 million".
The chairman said operating expenditure had increased by $37.7
million during the period and the company had invested $51
million in capital projects with its GSM network accounting for
$37.1 million of that amount.
C&W said its operating expenditure increased by 13% with the
main contributor being the $26.1 million increase in the cost of
sales "driven by the various promotional initiatives".
=============
B E R M U D A
=============
AUGUST TRADING: Appoints Malcolm Butterfield as liquidator
----------------------------------------------------------
August Trading supplied this notice following ita recent special
meeting:
IN THE SUPREME COURT OF BERMUDA COMPANIES
IN THE MATTER OF August Trading Limited
and
IN THE MATTER OF THE COMPANIES ACT 1981
The Members of August Trading Limited passed these resolutions
at a special meeting on August 22, 2004:
1. THAT the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981;
2. THAT Malcolm Butterfield be and is hereby appointed
Liquidator for the purposes of such winding-up, such appointment
to be effective forthwith; and Chairman
Mr. Butterfield, acting as Liquidator, gives this notice:
The Creditors of the Company, which is being voluntarily wound
up, are required, on or before the October 04, 2004 to send
their full Christian and Surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to Malcolm
Butterfield at KPMG Financial Advisory Services Limited, Crown
House, 4 Par-La-Ville Road, Hamilton, HM 08, Bermuda, the
Liquidator of the said Company.
If so required by notice in writing from the said Liquidator,
and personally or by their solicitors, to come in and prove
their debts or claims at such time as shall be specified in such
notice, or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.
Further, Mr. Butterfield submitted this memorandum to the
registrar of Companies:
I, Malcolm Butterfield of KPMG Financial Advisory Services
Limited, Crown House, 4 Par-La-Ville Road, Hamilton in the
Islands of Bermuda, hereby give you notice that I have been
appointed Liquidator of August Trading Limited by a Resolution
of the Company dated August 22, 2004.
CONTACT: Mr. Malcolm Butterfield
Liquidator
KPMG Financial Advisory Services Limited
Crown House, 4 Par-La-Ville Road
Hamilton, Bermuda
GRN REINSURANCE: Presents Wind-Up Petition in Court
---------------------------------------------------
GRN Reinsurance filed this Petition:
IN THE SUPREME COURT OF BERMUDA COMPANIES
IN THE MATTER OF GRN Reinsurance International Ltd.
and
IN THE MATTER OF THE COMPANIES ACT 1981
Notice is hereby given that a Petition for the winding-up of GRN
Reinsurance International Ltd. by the Supreme Court of Bermuda
was presented to the said Court by the Company on August 24,
2004. The Petition is directed to be heard before the Court on
Friday, September 24, 2004 at 9:30 a.m. Any creditor or
contributory desirous to support or oppose the making of an
order on the said Petition may appear at the time of hearing by
himself or his counsel for that purpose and a copy of the
Petition will be furnished to any creditor or contributory of
the said Company requiring the same by the undersigned on
payment of the regulated charge for the same.
NOTE: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above-named
notice in writing of his intention to do so. The notice must
state the name and address of the person or the name and address
of the firm, and must be signed by the person or firm, or his or
their attorneys (if any) and must be served (or if posted) must
be sent by post in sufficient time to reach the above-named not
later than 4:00 p.m. on September23, 2004.
CONYERS DILL & PEARMAN
Attorneys for the Petitioner
CONTACT: Conyers Dill & Pearman
Attorneys for the Petitioner
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
MEADOW LANE: Members Appoint Ernest Morrison as Liquidator
----------------------------------------------------------
Meadow Lane released this notice:
IN THE MATTER OF THE COMPANIES ACT OF 1981
and
IN THE MATTER OF Meadow Lane Investments Ltd.
Members of Meadow Lane Investments Ltd. (The Company) resolved
on August 20, 2004 that:
(1) the Company be wound up voluntarily pursuant to the
provisions of the Companies Act, 1981; and
(2) Mr. Ernest A. Morrison, of "Milner House", 18 Parliament
Street, Hamilton, Bermuda be and is hereby appointed Liquidator
for the purposes of winding-up.
In his capacity as Liquidator, Mr. Morrison gives notice for
these relevant events:
- Creditors of the Company are required on or before the
September 9, 2004, to send their names and addresses and the
particulars of their debts or claims to the Liquidator of the
Company and, if so required by notice in writing from the said
Liquidator, to come in and prove their said debts or claims at
such time and place as shall be specified in such notice or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.
- the Final General Meeting of the Members of the Company will
be held at the offices of Cox Hallett Wilkinson at Milner House,
18 Parliament Street, Hamilton, Bermuda, on the 27th day of
September, 2004 at 10 o'clock in the forenoon for the following
purposes:
1) receiving an account showing the manner in which the winding-
up of the Company has been conducted and its property disposed
of and hearing any explanation that may be given by the
Liquidator;
(2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and
(3) by resolution dissolving the Company.
CONTACT: Mr. Ernest A .Morrison, Liquidator
Milner House
18 Parliament Street
Hamilton HM 12
Bermuda
PVM OIL: Winds-up Voluntarily
-----------------------------
IN THE MATTER OF THE COMPANIES ACT 1981
and
IN THE MATTER OF PVM Oil Eastern Services Ltd.
Members of PVM Oil Eastern Services Ltd. passed these resolutions on
August 20, 2004:
(1) the Company be wound up voluntarily pursuant to the provisions of
the Companies Act, 1981; and
(2) Mr Ernest A. Morrison, of "Milner House", 18 Parliament Street,
Hamilton, Bermuda be and is hereby appointed Liquidator for the
purposes of winding-up.
Also, the provisional liquidator informs that the Creditors of the
Company are required to send their names and addresses and the
particulars of their debts or claims to the Liquidator of the Company
on or before September 9, 2004. If so required by notice in writing
from the said Liquidator, creditors are asked to come in and prove
their said debts or claims at such time and place as shall be specified
in such notice or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.
Further, the Final General Meeting of the Members of the above-named
Company will be held at the offices of Cox Hallett Wilkinson at Milner
House, 18 Parliament Street, Hamilton, Bermuda, on September 27, 2004
at 10:00 p.m.
The members will meet to discuss:
(1) receiving an account showing the manner in which the winding-up of
the Company has been conducted and its property disposed of and hearing
any explanation that may be given by the Liquidator;
(2) by resolution determining the manner in which the books, accounts
and documents of the Company and of the Liquidator shall be disposed
of; and
(3) by resolution dissolving the Company.
Mr. Ernest A. Morrison
Liquidator
August 25, 2004
CONTACT: Mr. Ernest A. Morrison, Liquidator
Milner House
18 Parliament Street
Hamilton HM 12
Bermuda
NOTE: Yesterday's description of the event as a bankruptcy filing was
erroneous. According to Mr. William Emmitt, Director of PVM Oil
(Eastern Services) Ltd, "the company is solvent and is being closed
voluntarily by corporate resolution. There is no bankruptcy."
SCHRODER ASTRA: Appoints Robin J. Mayor as Liquidator
-----------------------------------------------------
Schroder Astra decided by written consent:
IN THE MATTER OF THE COMPANIES ACT 1981
and
IN THE MATTER OF Schroeder Astra Fund, Ltd.
The Members of Schroeder Astra Fund, Ltd., acting by written
consent without a meeting on August 23, 2004 passed the
following resolutions:
(1) That the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and
(2) That Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up.
Mr. Robin J. Mayor, acting as Liquidator, informs that:
- Creditors of the Company, which is being voluntarily wound up,
are required, on or before September 17, 2004 to send their full
Christian and Surnames, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their lawyers (if any) to Robin J Mayor, the
undersigned, at Messrs. Conyers Dill & Pearman, Clarendon House,
Church Street, Hamilton, HM DX, Bermuda, the Liquidator of the
said Company.
If so required by notice in writing from the said Liquidator,
and personally or by their lawyers, to come in and prove their
debts or claims at such time and place as shall be specified in
such notice, or in default thereof they will be excluded from
the benefit of any distribution made before such debts are
proved.
- A final general meeting of the Members of the Company will be
held at the offices of Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, Bermuda on 5 October, 2004 at
9.30am, or as soon as possible thereafter, for the purposes of:
(1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;
(2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and
(3) by resolution dissolving the Company.
Further, Mr. Mayor submitted this memorandum to the registrar of
Companies:
I, Robin J Mayor of Clarendon House, Church Street, Hamilton in
the Islands of Bermuda, hereby give you notice that I have been
appointed Liquidator of SCHRODER ASTRA FUND, LTD (the "Company")
by a resolution of the Company dated 23 August 2004.
CONTACT: Mr. Robin J. Mayor, Liquidator
Conyers Dill & Pearman, Clarendon House
Church Street, Hamilton, HM DX
Bermuda
SHIELD INSURANCE: Asks to Wind-Up Operations
-----------------------------------------------
Shield Insurance filed this winding up Petition:
IN THE SUPREME COURT OF BERMUDA COMPANIES
IN THE MATTER OF Shield Insurance Company Ltd.
and
IN THE MATTER OF THE COMPANIES ACT 1981
Notice is hereby given that a Petition for the winding-up of
Shield Insurance Company Ltd. by the Supreme Court of Bermuda
was presented to the said Court by the Company on August 18,
2004 and the said Petition is directed to be heard before the
Court on Friday September 17, 2004 at 9:30 a.m. Any creditor or
contributory desirous to support or oppose the making of an
order on the said Petition may appear at the time of hearing by
himself or his counsel for that purpose and a copy of the
Petition will be furnished to any creditor or contributory of
the said Company requiring the same by the undersigned on
payment of the regulated charge for the same.
NOTE: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above-named
notice in writing of his intention to do so. The notice must
state the name and address of the person or the name and address
of the firm, and must be signed by the person or firm, or his or
their attorneys (if any) and must be served (or if posted) must
be sent by post in sufficient time to reach the Company not
later than 4:00 p.m. on 16th September 16, 2004.
CONYERS DILL & PEARMAN
Attorneys for the Petitioner
CONTACT: Conyers Dill & Pearlman
Attorneys for the Petitioner
Clarendon House, 2 Church Street
Hamilton, HM 11, Bermuda
STEEL TRADE: Members Resolve to Liquidate
-----------------------------------------
Steel Trade's members consented, without meeting, to:
IN THE MATTER OF THE COMPANIES ACT 1981
and
IN THE MATTER OF Steel Trade Ltd.
The Members of Steel Trade Ltd., acting by written consent
without a meeting on August 31, 2004, passed these resolutions:
(1) That the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and
(2) That Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up.
Mr. Robin J. Mayor, acting as Liquidator, give these notices:
- That the Creditors of the Company, which is being voluntarily
wound up, are required, on or before September 17, 2004, to send
their full Christian and Surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to Robin J
Mayor at Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, Hamilton, HM DX, Bermuda, the Liquidator of the said
Company.
If so required by notice in writing from the said Liquidator,
and personally or by their solicitors, to come in and prove
their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.
- That a final general meeting of the Member(s) of the Company
will be held at the offices of Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda on October 8,
2004 at 9:30 a.m., or as soon as possible thereafter, for the
purposes of:
(1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;
(2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and
(3) by resolution dissolving the Company.
Further, Mr. Mayor submitted this memorandum to the Registrar of
Companies.
I, Robin J Mayor of Clarendon House, Church Street, Hamilton in
the Islands of Bermuda, hereby give you notice that I have been
appointed Liquidator of Steel Trade Ltd. (the "Company") by a
resolution of the Company dated August 31, 2004.
CONTACT: Mr. Robin J. Mayor, Liquidator
Conyers Dill & Pearman
Clarendon House,
Church Street,
Hamilton, HM DX,
Bermuda
STERLING INSURANCE: Claims Submission Deadline Set
--------------------------------------------------
Sterling Insurance filed this notice:
IN THE MATTER OF THE COMPANIES ACT 1981
and
IN THE MATTER OF Sterling Insurance Company Limited
Notice is hereby given that the Creditors of Sterling Insurance
Company Limited are required on or before September 18, 2004 to
send their names and addresses and the particulars of their
debts or claims to the Liquidator of the Company.
If so required by notice in writing from the said Liquidator, to
come in and prove their said debts or claims at such time and
place as shall be specified in such notice or in default thereof
they will be excluded from the benefit of any distribution made
before such debts are proved.
In addition, notice is hereby given that the Final General
Meeting of the Sole Member of the Company will be held at the
offices of Cox Hallett Wilkinson at Milner House, 18 Parliament
Street, Hamilton, Bermuda, on October 4, 2004 at 10:00 a.m. for
the following purposes:
(1) receiving an account showing the manner in which the
winding-up of the Company has been conducted and its property
disposed of and hearing any explanation that may be given by the
Liquidator;
(2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and
(3) by resolution dissolving the Company.
Mr. Ernest A. Morrison
Liquidator
September 3, 2004
===========
B R A Z I L
===========
AOL LATIN AMERICA: Instant Messenger Overtaken by MSN
-----------------------------------------------------
Microsoft Windows MSN messenger snatched AOL's instant
messenger's position as market leader in Brazil, Business News
Americas reports, citing daily Estado de Sao Paulo.
But it doesn't concern AOL that much.
"We didn't really market this product," AOL Brasil sales
director Marise Barroso was quoted as saying.
Despite having lost ground in Brazil, AOL's service, known as
AIM, is the most popular instant messenger in the US.
AOL will launch a new software version at the end of September
at www.aol.com.br/aim.
CEMIG: To Sell 444MW On September 9 & 14
----------------------------------------
Brazil's Minas Gerais state integrated power company Cemig
(NYSE: CIG) announced Friday that it will sell as much as 444MW
at auctions on September 9 and September 14, relates Business
News Americas.
On September 9, Cemig plans to sell 44MW at a minimum price of
BRL30.17 (US$10.37) per MWh to be delivered between September
and end-2005. On September 14, it plans to sell 400MW in 1MW
blocks for different periods varying from January 2005 through
the end of 2011.
The company said the long-term contracts can be extended through
2014.
CONTACT: Companhia Energetica de Minas Gerais
Avenida Barbacena, 1.200 - Terreo
Belo Horizonte, 30190
Phone: (877) 248-4237
e-mail: rv@cemig.com.br
Web Site: http://www.cemig.com.br/
CLFCL: 7-Month Revenue Rises 31% From 2003
------------------------------------------
The consolidated gross operating revenue of the Sistema
Cataguazes Leopoldina in the first seven months of 2004 rose by
31% as compared to the same period in 2003, amounting to R$911.0
million.
Consolidated physical energy sales amounted to 3,801 GWh, rising
by 4.6% as compared to the same period last year. However, only
the retail market, sales fell by 2.7% (4.8% in the operating
area of holding company CFLCL), during the same period.
This reduction in energy sales was mainly caused by the loss of
four free consumers in the concession area of the Sistema
Cataguazes-Leopoldina, one of which was lost by CFLCL and three
by subsidiary Energipe, which reflected a 11% fall in
consolidated physical sales to the industrial sector.
However, the distributors billed these consumers for charges for
using the distribution system, which substantially cushioned the
financial impacts resulting from this reduction.
To view table: http://bankrupt.com/misc/CFLCLSistema.htm
CONTACT: Sistema Cataguazes
Phone: +55 32 3429-6000
Fax: +55 32 3429-6317 / 3429-6480
In Rio de Janeiro
Phone: +55 21 2122-6900
Fax: (021) 2122-6931 / 2122-6980
Web Site: http://www.cataguazes.com.br
===========
M E X I C O
===========
APAST: Financial Woes Affecting Tultitlan's Rating Says Fitch
-------------------------------------------------------------
Apast, the water utility serving Tultitlan in Mexico state
(Edomex), has been in the red for years and is facing debt with
service providers, Business News Americas reports, citing Fitch
Ratings.
The ratings agency, in its report on Tultitlan, said: "The
Tultitlan municipal rating is limited by Apast's operating and
financial situation... exemplified by the non-bank debt it
maintains with principal suppliers, representing a possible
contingency for municipal finances."
Fitch Ratings confirmed a 'BBB(mex)' domestic-scale rating on
the municipality, which has roughly 498,000 residents.
GRUPO MEXICO: To Invest $600M in SPCC
-------------------------------------
Grupo Mexico, the third largest copper producer in the world,
said it will invest up to US$600 million in its Peruvian
subsidiary Southern Peru Copper Corporation (SPCC) (NYSE: PCU),
relates local news source El Economista.
The company said that the resources would be used for the
modernization of foundry facilities, as well as the construction
of ore deposits.
Workers at SPCC's Toquepala and Cuajone mines have been in
strike for more than a week now. Under Peruvian law, workers
will be forced to return to work on Friday or face losing their
jobs after the labor ministry declared the strike illegal
September 3, according to analysts Barclays Capital.
Losses from both strikes are estimated at some US$1mn/d.
SPCC is 54.2%-owned by Grupo Mexico, 14.2% by Cerro Trading, 14%
by Phoenix-based Phelps Dodge and 17.6% by other shareholders.
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
Home Page: http://www.gmexico.com
Contacts:
Germ n Larrea Mota-Velasco, Chairman and CEO
Xavier Garca de Quevedo Topete, President and COO
Alfredo Casar Perez, COO, Ferrocarril Mexicano
Daniel Chavez Carren, COO, Industrial Minera Mexico
Daniel Tellechea Salido, VP and Administration and
Finance President
=================================
T R I N I D A D & T O B A G O
=================================
FNCU VENTURE CAPITAL: Trading Suspended Amid SEC Probe
------------------------------------------------------
The Trinidad and Tobago Stock Exchange has suspended trading of
FNCU Venture Capital Company's shares, leaving major
shareholders jittery about the status of their investments,
reports the Trinidad Express.
The suspension immediately follows an investigation by the
Securities Exchange Commission (SEC) into a number of financial
irregularities at the company.
In a statement released Thursday, the Exchange said the company,
which is listed on the second tier market of the Exchange, had
been suspended by the Venture Capital Incentive Programme
(VCIP), in accordance with section seven of the Venture Capital
Act "and as such, is not permitted to conduct any operations".
A $2 million investment in a project linked to the brother of a
Government Minister, off-the-floor share sales and breaches of
legislation are some of the alleged incidents at the company,
which are now under the microscope of the VCIP and the SEC.
Key shareholders, which include First National Credit Union
(FNCU), the Credit Union Stabilisation Fund, Tateco Credit Union
and Venture Credit Union, are now demanding answers from the
remaining board members after two key directors - businessman
Anthony Elias and David Pierre - were dismissed at a recent,
heated annual general meeting.
Some are even calling for fund manager and director Daniel
Lambert, whose company, Financial Concepts Ltd (FCL), piloted
FNCU Venture Capital's Initial Public Offer (IPO) back in 2001,
raising some $4.4 million in one-dollar ordinary shares mainly
in the credit union movement.
Lambert's company almost entirely manages the venture capital
company, whose operating office is at 42, Dundonald Street, Port
of Spain, the registered office of FCL.
CONTACT: First National Credit Union
8-10 Techier Road
Point Fortin, Trinidad and Tobago
Phone 1-868-648-2484
Fax 1-868-648-2451
Email: fncu@trinidad.net
URL: http://www.1national.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
Lucilo Junior M. Pinili, Editors.
Copyright 2004. 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
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