/raid1/www/Hosts/bankrupt/TCRLA_Public/051123.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, November 23, 2005, Vol. 6, Issue 232
Headlines
A R G E N T I N A
ABRIL MEDICA: Court Rules for Liquidation
ACINDAR: Awaits Judge's Approval on $83.2M Deal With Techint
AGUAS PROVINCIALES: Local Businessman Confirms Purchase Plans
CLAXSON INTERACTIVE: Continues to Improve Finances
EMPRESA DE COMBUSTIBLE: Court Declares Company Bankrupt
EQUIPAMIENTOS Y SERVICIOS: Liquidates Assets to Pay Debts
IMPULSORA 2000: Enters Bankruptcy on Court Orders
INSTAL TUBE: Court Approves Concurso Motion
KEY ENERGY: Debt Payment Cues Moody's to Withdraw Low-B Ratings
RAHGSA: S&P Raises Rating on $33M Bonds to `raBB-'
SEGURIDAD INDUSTRIAL: Court Designates Trustee for Liquidation
SISMAR S.A.: Closes Reorganization
TELECOM ARGENTINA: Moody's Withdraws Ratings
T.G.A. S.A.: Gets Court Approval for Reorganization
VALTECNO S.A.: Court Favors Involuntary Bankruptcy Motion
YPF S.A.: Moody's Affirms All Ratings With Stable Outlook
B E R M U D A
INTELSAT: SES Eyeing Assets in Combined Company
KINGSLEY INTERNATIONAL: Verification of Claims Ends Dec. 2
MC-P DERIVATIVE: Creditors to Present Claims to Robin J Mayor
ORN GLOBAL: Nicholas Hoskins to Verify Creditors' Claims
SOMERSET INSURANCE: Commences Wind Up Process
B O L I V I A
* BOLIVIA: IDB Fund Approves $1.6M Financing
B R A Z I L
BANCO RURAL: Moody's Withdraws Ratings on MTN Program
PLASTIPAK HOLDINGS: Extends Expiration Date for Tender Offer
SANTANDER BANESPA: Units' Ratings Reflect Exposure to Risk
VARIG: Bottini Takes Helm as Chairman
C A Y M A N I S L A N D S
AC SHIPHOLDING: Liquidation Proceeds as Announced
ADA FUNDING: Final Liquidation Meeting Set
ALL BUDGET: Final General Meeting Scheduled for Dec. 16
ALPHASWISS BEHAVIORAL: Final Meeting Set for Nov. 15
ALTUS FUND: Presents Liquidation Details at Final Meeting
NS HOLDING: Shareholders Seek Voluntary Liquidation
R TWO ONE: Suzan Merren, Jon Roney to Oversee Liquidation
RAMAPO LIMITED: Creditor Claims Due Dec. 15
RIVERMILL HOLDINGS: To Be Liquidated Dec. 16
ROTTERDAM ENERGY: Creditor Document Submissions Due Dec. 15
ROUND ROCK: Shareholders Elect to Wind Up Company
SIERRA VENTURES: Names Carson, Johnson as Joint Liquidators
SMFG FINANCE: Proofs of Claim Due Dec. 16
SOUTH-EAST EUROPEAN: To be Wound Up Voluntarily
SPARKLE FUNDING: Claims Against Company Due Dec. 15
SPRINGS INDUSTRIES: Burns, Narron to Oversee Liquidation
SQUEAKY INVESTMENTS: To Be Liquidated Dec. 16
SYMMETRY INTERNATIONAL: Shareholders Resolve to Liquidate Firm
SYMMETRY PEAK: Proofs of Claim Due Nov. 29
TALLY HOLDINGS: Decides to Wind Up Operations
TAW CORPORATION: Shareholder Decides to Liquidate
THAMES RIVER: Creditors' Proofs of Claim Due Dec. 7
TREFORD HOLDINGS: Buchanan Limited to Oversee Wind Up
VAN DIEMEN: To Liquidate Voluntarily
VECTOR WZ: Creditors to Prove Claims
VIVACE ONE: Shareholders Resolve to Liquidate
WHITEFORD INTERNATIONAL: To be Placed into Voluntary Wind Up
WINDFALL INVESTMENTS: Selects Buchanan Limited as Liquidator
YEN-BIRDS LIMITED: Wind Up Process Begins
ZINC PARTNERS: Appoints Liquidator for Wind Up
J A M A I C A
MIRANT CORP: 36 Creditor Groups Object to Plan Confirmation
M E X I C O
SATMEX: Issues Notice to Non-Mexican Creditors
P A N A M A
* PANAMA: Fitch Rates $980M Issue Due 2026 'BB+'
P A R A G U A Y
* PARAGUAY: Expiring SBA Expected to be Replaced
P U E R T O R I C O
FIRST BANCORP: Declares Quarterly Dividend
U R U G U A Y
BANCO SANTANDER: Ratings Improve, Fitch Withdraws Further Review
V E N E Z U E L A
PDVSA: CITGO Prices Cash Tender Offers for Senior Notes
- - - - - - - - - - -
=================
A R G E N T I N A
=================
ABRIL MEDICA: Court Rules for Liquidation
-----------------------------------------
Quilmes' civil and commercial court ordered the liquidation of
Abril Medica S.R.L. after the Company defaulted on its
obligations, Infobae reveals. The liquidation pronouncement will
effectively place the Company's affairs as well as its assets
under the control of Mr. Gustavo Luis Pagola, the court-
appointed trustee.
Mr. Pagola will verify creditors' proofs of claim until Feb. 7,
2006. The verified claims will serve as basis for the individual
reports to be submitted in court on March 21, 2006. The
submission of the general report follows on May 2, 2006.
CONTACT: Abril Medica S.R.L.
Moreno 524
Quilmes
Mr. Gustavo Luis Pagola, Trustee
Aristobulo del Valle 742
Quilmes
ACINDAR: Awaits Judge's Approval on $83.2M Deal With Techint
------------------------------------------------------------
Argentine steelmaker Acindar has closed an US$83.2-million deal
to sell its tube assets to units of industrial conglomerate
Techint, reports Dow Jones Newswires.
In a Monday filing to the local stock exchange, Acindar said it
signed contracts Friday with Siderar and Siat, both subsidiaries
of Techint.
Siat is acquiring a tubemaking plant in Villa Constitucion and
Siderar is buying a plant in Rosario and an Acindar holding
named Impeco SA. Siderar's newly acquired assets are valued at
US$55 million.
The transaction, according to Acindar, is now subject to
approval by the judge overseeing its debt restructuring. The
deal already has a green light from Argentine anti-trust
regulators, which conditioned their approval on a Techint
commitment to supply steel coils to tubemakers under "non-
discriminatory conditions."
Acindar had long been looking to sell its tube assets, deeming
that business non-strategic because of its focus on flat
steelmaking.
Acindar is Argentina's largest producer of long steel, and is
controlled by Brazilian steelmaker Belgo-Mineira. The company
exports 25% of its production, primarily to Bolivia, Brazil,
Chile, Peru and the US.
CONTACT: Acindar Industria Argentina de Aceros S.A.
2739 Estanislao Zeballos Beccar
Buenos Aires
Argentina B1643AGY
Phone: +54 11 4719 8500
Fax: +54 11 4719 8501
Web site: http://www.acindar.ar.com
AGUAS PROVINCIALES: Local Businessman Confirms Purchase Plans
-------------------------------------------------------------
Argentine businessman Sergio Taselli confirmed he wants to buy
the shares that French firm Suez has in local water utility
Aguas Provinciales de Santa Fe, reports Business News Americas.
Mr. Taselli, however, stressed that he will not take charge of
operating the service.
"We are looking at the purchase of the shares, but not assuming
responsibility for the service," Taselli said. As such, a deal
would be hammered out with "operator companies, in which Suez
would continue contributing technological support," he added.
"There is a type of letter of intent signed and once everything
is studied, decided and talked over with the province [Santa Fe
government] a decision can be taken," added the businessman.
"We recently started talking about the agreement with the
province and the agreement on the purchase of shares has already
been signed with Suez and with Aguas de Barcelona [Agbar]," the
executive said.
Suez, which holds a 51.69% stake in Aguas Provinciales, told the
Sante Fe provincial authorities earlier that it planned to
hand over the concession just before the end of this month.
However, the local government, which lacks the funds to resume
control, warned that this [pullout] would be a breach of the
concession contract and would pave the way for penalties,
including loss of its guarantee.
Aguas Provinciales holds a 30-year concession secured in 1995 to
provide potable water and sewerage services to 1.8 million
residents in 15 districts of the province, including capital
Santa Fe and major city Rosario.
CLAXSON INTERACTIVE: Continues to Improve Finances
--------------------------------------------------
Claxson Interactive Group Inc. (OTCBB:XSONF) ("Claxson" or the
"Company"), announced Monday financial results for the three and
nine-month periods ended September 30, 2005. As previously
announced, the Company finalized the sale of its TV Broadcast
operation, Chilevision, on April 18. In addition, on May 6,
Claxson completed the sale of the language localization
operations of The Kitchen. In accordance with applicable
accounting principles, the assets, liabilities and operations of
Chilevision and the language localization operations of The
Kitchen were reflected as assets and liabilities held for sale
in the balance sheet and as discontinued operations in the
statement of operations of the Company until the time of their
sale.
Financial Highlights
Third Quarter 2005
Net revenue for the third quarter of 2005 was $21.4 million, a
29% increase from net revenue of $16.6 million for the third
quarter of 2004. Operating expense for the three months ended
September 30, 2005 was $16.4 million, a 15% increase from the
$14.3 million for the third quarter of 2004. Operating income
was $4.9 million for the three-month period ended September 30,
2005 compared to $2.2 million for the three-month period ended
September 30, 2004. Foreign currency exchange loss for the
three-month period ended September 30, 2005 was $0.8 million
compared to a foreign exchange loss of $0.2 million for the
three-month period ended September 30, 2004. Net income from
continuing operations for the three months ended September 30,
2005 was $2.4 million ($0.12 per common and $0.11 per diluted
share), compared to $1.7 million ($0.09 per common and $0.08 per
diluted share) for the same period in 2004. Net income for the
three months ended September 30, 2005 was $2.6 million ($0.12
per common and diluted share), compared to $1.9 million ($0.10
per common and diluted share) for the same period in 2004.
During the third quarter of 2005, the average exchange rate of
the Argentine and Chilean currencies compared to the U.S. dollar
appreciated 3% and 12%, respectively, versus the same period in
2004.
First Nine Months of 2005
Net revenue for the nine-month period ended September 30, 2005
was $58.2 million, a 24% increase compared to $47.1 million for
the same period in 2004. Operating expense for the nine-month
period ended September 30, 2005 was $46.7 million, a 12%
increase compared to $41.6 million in the same period of 2004.
Operating income was $11.5 million for the nine-month period
ended September 30, 2005 compared to $5.6 million for the same
period in 2004. Foreign currency exchange gain for the nine-
month period ended September 30, 2005 was $0.3 million, a $0.8
million difference with the $0.5 million foreign currency
exchange loss for the same period of 2004. Net income from
continuing operations for the nine-month period ended September
30, 2005 was $7.5 million ($0.37 per common and $0.34 per
diluted share), versus $4.1 million ($0.21 per common and $0.20
per diluted share) for the same period in 2004. Net income for
the nine-month period ended September 30, 2005 was $5.2 million
($0.25 per common and $0.24 per diluted share), versus $4.4
million ($0.23 per common and $0.22 per diluted share) for the
same period in 2004.
During the nine-month period ended September 30, 2005, the
average exchange rate of the Chilean currency compared to the
U.S. dollar appreciated 7%, while the Argentine currency
appreciated 1% versus the same period in 2004.
"We are really proud of the overall results for the third
quarter and first nine months of 2005. Our net revenues improved
significantly compared to last year and, in spite of higher
operating expenses, we delivered a larger net profit," said
Roberto Vivo, Chairman and CEO. "We're especially pleased with
the performance of the broadcasting and pay TV units, as they
continue to outperform last years' results on a year-to-date
basis. This consistent performance puts us in a position to face
future challenges as well as to take advantage of growth
opportunities."
Pay TV
Net revenue for the third quarter of 2005 was $14.9 million, a
21% increase from net revenue of $12.3 million for the third
quarter of 2004. The increase in net revenue is principally
attributable to an increase in subscriber-based fees and to a
lesser extent to advertising. Net revenue for the nine-month
period ended September 30, 2005 was $41.1 million compared to
$34.9 million for the same period of 2004. The increase in net
revenue is principally attributable to an increase in
subscriber-based fees and to a lesser extent to advertising and
content and production services sold to third parties.
Operating expense (before depreciation and amortization) for the
third quarter of 2005 was $10.0 million compared to $9.0 million
for the same period in 2004. The increase is principally
attributable to higher programming expenditures as a result of
increased original productions. Operating expense (before
depreciation and amortization) for the nine-month period ended
September 30, 2005 was $29.2 million compared to $26.3 million
for the same period of 2004 primarily as a result of higher
programming expenditures.
Operating income for the third quarter of 2005 was $4.2 million
compared to operating income of $2.5 million for the same period
in 2004. Operating income for the nine-month period ended
September 30, 2005 was $10.3 million compared to $6.3 million
for the same period of 2004.
As of September 30, 2005, the Company's owned basic and premium
channels reached 49.9 million aggregate subscribers, a 20%
growth compared to its subscriber base as of September 30, 2004.
Playboy TV, FTV, and Retro were the Company's channels that
reported the strongest growth compared to the same period in
2004.
Broadcast Radio
Net revenue for the third quarter of 2005 was $6.4 million, a
49% increase from net revenue of $4.3 million for the third
quarter of 2004. The increase is primarily attributable to an
increase in Radio Chile's audience share to 38% as compared to
37% in the 2004 period as well as a 12% appreciation in the
Chilean peso as compared to 2004. Net revenue for the nine-month
period ended September 30, 2005 was $16.8 million compared to
$12.2 million for the same period of 2004. The increase is
primarily attributable to improved audience share in Chile as
well as a 7% appreciation in the Chilean peso as compared to
2004.
Operating expense (before depreciation and amortization) for the
third quarter of 2005 was $3.8 million compared to $2.8 million
for the same period in 2004. The increase is due to the
appreciation of the Chilean peso, the increase in sales and
marketing costs directly related to the increase in revenues, as
well as increased production costs. Operating expense (before
depreciation and amortization) for the nine-month period ended
September 30, 2005 was $10.5 million compared to $7.9 million
for the same period of 2004. As was the case in the third
quarter, this increase is due to the appreciation of the Chilean
Peso, the increase in sales and marketing costs and the
increased production expenditures.
Operating income for the third quarter of 2005 was $2.1 million,
compared to $1.1 million for the same period in 2004. Operating
income for the nine-month period ended September 30, 2005 was
$4.8 million compared to $3.0 million for the same period of
2004.
Broadband & Internet
Net revenue for the third quarter of 2005 decreased to $11,000
from $19,000 for the third quarter of 2004. Net revenue for the
nine-month period ended September 30, 2005 remained practically
unchanged at $71,000.
Operating expense (before depreciation and amortization) for the
third quarter of 2005 was $0.4 million compared to $0.3 million
for the same period in 2004. Operating expense (before
depreciation and amortization) for the nine-month period ended
September 30, 2005 was $0.8 million, unchanged from the same
period of 2004.
Operating loss for the third quarter of 2005 was $0.4 million
compared to a $0.2 million loss for the same period in 2004.
Operating loss for the nine-month period ended September 30,
2005 was $0.8 million compared to $0.7 million for the same
period of 2004.
"As part of a world-wide trend, this year we have been presented
with a large number of opportunities for the Broadband &
Internet division and we expect to be able to convert some of
these into profitable business for the company in 2006," said
Roberto Vivo, Chairman and CEO.
Liquidity
As of September 30, 2005, Claxson had cash and cash equivalents
of $22.4 million and $68.3 million in principal and accrued but
unpaid interest of financial debt. In addition, future interest
payments on the Company's 8.75% Senior Notes due in 2010,
totaling $13.0 million as of September 30, 2005, are recorded as
debt.
For the nine-month period ended September 30, 2005, Claxson's
operating activities generated cash flows of $11.0 million
compared to $3.3 million for the same period of 2004. The
difference is primarily due to improved operating results. Cash
generated from operating activities was primarily used for the
payment of debt obligations and for capital expenditures. In
addition, during the nine-month period ended September 30, 2005,
Claxson received $10.9 million, net of transaction expenses
paid, from the sale of assets (primarily Chilevision). As part
of the terms of the Chilevision sale, we retained approximately
$5.9 million of Chilevision's accounts receivable which are
being collected as expected.
About Claxson
Claxson (XSONF.OB) is a multimedia company providing branded
entertainment content targeted to Spanish and Portuguese
speakers around the world. Claxson has a portfolio of popular
entertainment brands that are distributed over multiple
platforms through its assets in pay television, radio and the
Internet. Headquartered in Buenos Aires, Argentina and Miami,
Florida, Claxson has a presence in the United States and all key
Ibero-American countries, including without limitation,
Argentina, Mexico, Chile, Brazil, Spain and Portugal. Claxson's
principal shareholders are the Cisneros Group of Companies and
funds affiliated with Hicks, Muse, Tate & Furst Inc.
CONTACT: Claxson Interactive Group Inc.
Press
Juan Iramain
Phone: 011-5411-4339-3701
or
Investors
Jose Antonio Ituarte
Phone: 011-5411-4339-3700
EMPRESA DE COMBUSTIBLE: Court Declares Company Bankrupt
-------------------------------------------------------
Court No. 8 of Buenos Aires' civil and commercial tribunal
declared local company Empresa de Combustible y Energia S.A.
"Quiebra", relates La Nacion. The court approved the bankruptcy
petition filed by Mr. Juan Carlos Rojas, whom the Company has
debts amounting to $41,755.50.
The Company will undergo the bankruptcy process with Mr. Abraham
Yalovetzky as trustee. Creditors are required to present proof
of their claims to Mr. Yalovetzky for verification before Feb.
15, 2006. Creditors who fail to submit the required documents by
the said date will not qualify for any post-liquidation
distributions.
Clerk No. 16 assists the court on the case.
CONTACT: Empresa de Combustible y Energia S.A.
Cordoba 333
Buenos Aires
Mr. Abraham Yalovetzky, Trustee
Lavalle 1567
Buenos Aires
EQUIPAMIENTOS Y SERVICIOS: Liquidates Assets to Pay Debts
---------------------------------------------------------
Buenos Aires-based Equipamientos y Servicios S.A. will begin
liquidating its assets following the pronouncement of the city's
civil and commercial court that the Company is bankrupt, reports
Infobae.
The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Irma Susana Aguilera. The trustee
will verify creditors' proofs of claim until Feb. 6, 2006. The
validated claims will be presented in court as individual
reports.
Ms. Aguilera will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy.
The deadlines for the reports are yet to be disclosed.
The bankruptcy process will end with the disposal of the
Company's assets in favor of its creditors.
CONTACT: Ms. Irma Susana Aguilera, Trustee
Pte. Luis Saenz Pena 1690
Buenos Aires
IMPULSORA 2000: Enters Bankruptcy on Court Orders
-------------------------------------------------
Impulsora 2000 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. Leonor Duschatzky as
trustee. Mr. Duschatzky will be verifying creditors' proofs of
claim until the end of the verification phase on Feb. 23, 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. Dates for the submission of the reports
are yet to be disclosed.
CONTACT: Mr. Leonor Duschatzky, Trustee
Lavalle 1882
Buenos Aires
INSTAL TUBE: Court Approves Concurso Motion
-------------------------------------------
Court No. 5 of Buenos Aires' civil and commercial tribunal
approved a petition for reorganization filed by Instal Tube
S.A., according to a report from Argentine daily La Nacion.
Trustee Monica Beatriz Cascioli will verify claims from the
Company's creditors until Feb. 7, 2006. After verification
period, the trustee will submit the individual and general
reports in court. Dates for submission of these reports are yet
to be disclosed.
The informative assembly will be held on Oct. 4, 2006. Creditors
will vote to ratify the completed settlement plan during the
said assembly.
The city's Clerk No. 10 assists the court on the case.
CONTACT: Instal Tube S.A.
Brandsen 257/61
Buenos Aires
Ms. Monica Beatriz Cascioli, Trustee
Parana 723
Buenos Aires
KEY ENERGY: Debt Payment Cues Moody's to Withdraw Low-B Ratings
---------------------------------------------------------------
Moody's Investors Service is withdrawing the ratings for Key
Energy Services, Inc. The ratings being withdrawn are:
* the B1 Corporate Family Rating (formerly the senior
implied rating);
* the SGL-4 Speculative Grade Liquidity Rating;
* the B1 rating on the $275 million of 8.375% senior
unsecured notes; and
* the B1 rating on the $150 million of 6.375% senior
unsecured notes.
The ratings are being withdrawn as all rated debt has been
repaid from cash on hand and proceeds from the company's credit
facilities obtained in August 2005.
Key Energy Services, Inc. is the world's largest rig-based well
service company. The Company provides oilfield services
including well servicing, contract drilling, pressure pumping,
fishing and rental tools and other oilfield services. The
Company has operations in all major onshore oil and gas
producing regions of the continental United States and
internationally in Argentina. (Troubled Company Reporter,
Monday, Nov. 21, 2005, Vol. 9, No. 277)
RAHGSA: S&P Raises Rating on $33M Bonds to `raBB-'
--------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
upgraded its rating on US$33 million worth of bonds issued by
local company Raghsa S.A. from 'raB+' to `raBB-', according to
Argentina's securities regulator CNV.
The rating action affected bonds described as "Obligaciones
Negociables" and that will expire on February 28, 2012.
The Company's finances as of August 31, 2005 determined the
rating agency's action.
According to S&P, the rating denotes that the obligor's capacity
to meet its financial commitments on the obligation is somewhat
weak because of major ongoing uncertainties or exposure to
adverse business, financial or economic conditions.
SEGURIDAD INDUSTRIAL: Court Designates Trustee for Liquidation
--------------------------------------------------------------
La Plata's accountant Jose Maria Barrenengoa was assigned
trustee for the liquidation of local company Seguridad
Industrial Ensenada S.R.L., relates Infobae.
Mr. Barrenengoa will verify creditors' claims until Dec. 15,
2005, the source adds. After that, he will prepare the
individual reports, which are to be submitted in court on Feb.
28, 2006. The submission of the general report should follow on
April 11, 2006.
CONTACT: Mr. Jose Maria Barrenengoa, Trustee
Calle 11 Nro. 716
La Plata
SISMAR S.A.: Closes Reorganization
----------------------------------
The reorganization of Sismar S.A. has been concluded. Data
revealed by Infobae on its Web site indicated that the process
was concluded after Buenos Aires' civil and commercial court
homologated the debt agreement signed between the Company and
its creditors.
TELECOM ARGENTINA: Moody's Withdraws Ratings
--------------------------------------------
Moody's Investors Service has announced that it has withdrawn
all ratings for Telecom Argentina S.A. for business reasons.
Telecom Argentina is the parent company of a leading
telecommunications group in Argentina, where it offers directly
or through its controlled subsidiaries local and long distance
fixed-line telephony, cellular, data transmission, and Internet
services, among other services. Additionally, through a
controlled subsidiary the Telecom Group offers cellular services
in Paraguay. The Company commenced operations on November 8,
1990, upon the Argentine Government's transfer of the
telecommunications system in the northern region.
T.G.A. S.A.: Gets Court Approval for Reorganization
---------------------------------------------------
T.G.A. S.A. 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. Ana Maria Pazos will oversee the reorganization proceedings
as the court-appointed trustee. He will verify creditors' claims
until Feb. 2, 2006. The validated claims will be presented in
court as individual reports on March 13, 2006.
Ms. Pazos 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 June 2, 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 Sep. 14, 2006.
CONTACT: Ms. Ana Maria Pazos, Trustee
Montiel 1147
Buenos Aires
VALTECNO S.A.: Court Favors Involuntary Bankruptcy Motion
-----------------------------------------------------------
Court No. 13 of Buenos Aires' civil and commercial tribunal
declared Valtecno S.A. bankrupt, says La Nacion. The ruling
comes in approval of the petition filed by the Company's
creditor, Mr. Gustavo Jose Hisi.
Trustee Mauricio Mudric will examine and authenticate creditors'
claims until Feb. 22, 2006. This is done to determine the nature
and amount of the Company's debts. Creditors must have their
claims authenticated by the trustee by the said date in order to
qualify for the payments that will be made after the Company's
assets are liquidated.
Clerk No. 26 assists the court on the case, which will conclude
with the liquidation of the Company's assets.
CONTACT: Valtecno S.A.
Teniente General Juan Domingo Peron 887
Buenos Aires
Mr. Mauricio Mudric, Trustee
Tucuman 893
Buenos Aires
YPF S.A.: Moody's Affirms All Ratings With Stable Outlook
---------------------------------------------------------
Moody's Investors Service has affirmed all ratings of YPF S.A.
with a stable outlook. Ratings affirmed include YPF's B3 foreign
currency issuer and Corporate Family ratings, and the Ba2 senior
unsecured debt ratings of both YPF and Maxus Energy, which is
guaranteed by YPF. Moody's also re-assigned a local currency
rating of Baa2. All ratings have a stable outlook.
Moody's last rating action on YPF was on 30th June 2005, when it
upgraded YPF's foreign currency issuer and Corporate Family
rating following the upgrade of Argentina's foreign currency
sovereign rating to B3. Both YPF's foreign currency issuer and
Corporate Family ratings are constrained by the sovereign
rating. At the time, Moody's also upgraded the company's
unsecured ratings to Ba2 from Ba3, reflecting Moody's view of
the high likelihood of a debt moratorium being imposed by the
Argentinean government, but a low likelihood of YPF being caught
up in such a moratorium.
YPF S.A. is the largest oil & gas company in Argentina,
accounting for around 40% of the country's hydrocarbon reserves
and close to half of its production. YPF is well integrated,
given that it is also the region's largest refiner with total
refining capacity of 330,000 barrels of oil equivalent (boe) per
day. YPF is owned by Spain's Repsol YPF S.A., which is rated
Baa1 with a stable outlook by Moody's.
=============
B E R M U D A
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INTELSAT: SES Eyeing Assets in Combined Company
-----------------------------------------------
SES Global SA, the world's biggest satellite operator, is
interested in buying the assets that rival Intelsat may put up
for sale after it takes over PanAmSat, reports Reuters.
Intelsat and PanAmSat signed in August a definitive merger
agreement under which Intelsat will acquire PanAmSat for US$25
per share in cash or US$3.2 billion.
SES Chief Financial Officer Mark Rigolle said he expected
Intelsat's private equity owners to sell off pieces to de-
leverage the combined company once the deal had gained
regulatory approval.
"They have some slots that would help us," Reuters quoted
Rigolle as saying.
KINGSLEY INTERNATIONAL: Verification of Claims Ends Dec. 2
----------------------------------------------------------
IN THE MATTER OF THE COMPANIES ACT 1981
And
IN THE MATTER OF Kingsley International Insurance, Ltd.
(In Member's Voluntary Liquidation)
Creditors of Kingsley International Insurance, Ltd., which is
being voluntarily wound up, are required, on or before December
2, 2005, to send their full Christian and Surnames, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their lawyers (if any) to
John T. Delmore, the Liquidator, c/o Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, HM DX,
Bermuda, the Liquidator of the Company, and if so required by
notice in writing from the 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.
The Liquidator informs:
- A final general meeting of the Sole Member of Kingsley
International Insurance, Ltd. will be held at the offices of
Messrs. Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda on December 23, 2005 at 9:30 a.m., or as soon
as possible thereafter, for the purposes of:
1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;
2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and
3) by resolution dissolving the Company.
CONTACT: Mr. John T. Delmore, Liquidator
LTV Corporation, 6801 Brecksville Road
Independence, Ohio 44131, USA
MC-P DERIVATIVE: Creditors to Present Claims to Robin J Mayor
-------------------------------------------------------------
IN THE MATTER OF THE COMPANIES ACT 1981
And
IN THE MATTER OF MC-P Derivative Investments Fund, Ltd.
The Members of MC-P Derivative Investments Fund, Ltd., acting by
written consent without a meeting on November 16, 2005, passed
the following resolutions:
1) THAT the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and
2) THAT Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.
The Liquidator informs that:
- Creditors of MC-P Derivative Investments Fund, Ltd., which is
being voluntarily wound up, are required, on or before December
2, 2005, to send their full Christian and Surnames, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to Robin J Mayor, the Liquidator, at Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, HM DX,
Bermuda, and if so required by notice in writing from the
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.
- A final general meeting of the Members of the above named
Company will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
December 22, 2005 at 9:30 a.m., or as soon as possible
thereafter, for the purposes of:
1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;
2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and
3) by resolution dissolving the Company.
CONTACT: Mr. Robin J Mayor, Liquidator
Clarendon House, Church Street
Hamilton, Bermuda
ORN GLOBAL: Nicholas Hoskins to Verify Creditors' Claims
--------------------------------------------------------
IN THE MATTER OF THE COMPANIES ACT 1981
And
IN THE MATTER OF ORN Global Credit Fund Limited
The following Resolutions of ORN Global Credit Fund Limited were
adopted by the sole Member by written consent on November 17,
2005:
1) the the Company be wound up voluntarily, pursuant to the
provisions of The Companies Act 1981; and
2) that Nicholas Hoskins be appointed Liquidator for the
purposes of such winding-up, such appointment to be effective
forthwith.
The Liquidator informs that:
- Creditors of ORN Global Credit Fund Limited, which is being
voluntarily wound up, are required on or before December 12,
2005 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their attorneys (if any) to the
Liquidator of the Company at Wakefield Quin, Chancery Hall, 52
Reid Street, Hamilton, Bermuda and if so required by notice in
writing from the Liquidator, and personally or by their
attorneys, 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 sole Member of ORN Global
Credit Fund Limited will be held at the offices of Wakefield
Quin, Chancery Hall, 52 Reid Street, Hamilton, Bermuda on
December 21, 2005 at 11:00 a.m., or as soon as possible
thereafter, for the purposes of: having an account laid before
them showing the manner in which the winding-up has been
conducted and how the property of the Company has been disposed
of and of hearing any explanation that may be given by the
Liquidator; determining by Resolution the manner in which the
books, accounts and documents of the Company and of the
Liquidator thereof shall be disposed of; and by Resolution
dissolving the company.
CONTACT: Mr. Nicholas Hoskins, Liquidator
Chancery Hall, 52 Reid Street
Hamilton, Bermuda
SOMERSET INSURANCE: Commences Wind Up Process
---------------------------------------------
IN THE MATTER OF THE COMPANIES ACT 1981
And
IN THE MATTER OF Somerset Insurance Ltd.
The Member of Somerset Insurance Ltd., acting by written consent
without a meeting on November 17th, 2005 passed the following
resolutions:
1) THAT the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and
2) THAT Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.
The Liquidator informs that:
- Creditors of Somerset Insurance Ltd., which is being
voluntarily wound up, are required, on or before December 2,
2005, to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their solicitors (if any) to Robin J
Mayor, the liquidator, at Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, HM DX, Bermuda, the
Liquidator of the Company, and if so required by notice in
writing from the 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.
- A final general meeting of the Members of the above named
Company will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
December 23, 2005 at 9:30 a.m., or as soon as possible
thereafter, for the purposes of:
1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;
2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and
3) by resolution dissolving the Company.
CONTACT: Mr. Robin J Mayor, Liquidator
Clarendon House, Church Street
Hamilton, Bermuda
=============
B O L I V I A
=============
* BOLIVIA: IDB Fund Approves $1.6M Financing
--------------------------------------------
The Inter-American Development Bank announced Monday the
approval of $1.6 million in financing to promote the creation
and development of new dynamic enterprises and ventures and to
foster a more entrepreneurial culture in Bolivia, particularly
in the cities of La Paz and El Alto.
Financing provided by the IDB's Multilateral Investment Fund is
composed of a $1.2 million grant to Grupo Nueva EconomĦa and a
$400,000 nine-year investment to Fondo Emprender.
With this initiative, new ventures will be promoted through
sustainable mechanisms for information dissemination, technical
assistance and financing. Prospective entrepreneurs will receive
information and training and new small ventures of less than 10
employees will be able to seek technical and financial
assistance for their initial development and growth.
Bolivia's economy has performed well in recent years, but the
country has a very polarized private sector -- composed of 1,000
large businesses and more than 600,000 subsistence
microenterprises -- with very few new and dynamic small and
medium-sized companies.
"The new IDB-financed program, including capital investment and
technical cooperation, will generate greater capacity to
establish businesses that in turn will increase competitiveness
and innovation," said IDB Team Leader Pablo Angelelli. "This
program will create a demonstration effect on the role of
entrepreneurs and private businesses as agents that transform
and improve social conditions. New ventures could generate jobs
and help fight poverty."
Regulations and bureaucratic procedures pose obstacles to
Bolivian entrepreneurs. The IDB supported previous initiatives
to improve the business environment, such as a program to
modernize the business registry service carried out by the
Fundacion para el Desarrollo Empresarial Boliviano. The new MIF
pilot program will identify proposals to address regulatory
problems related to the startup, growth and closing of
businesses.
This program will will be carried out by organizations that
specialize in fostering the creation of businesses, such as
Grupo Nueva Economia, Universidad Catolica Boliviana/Maestrias
para el Desarrollo, Fundacion para la Produccion and Fundacion
Neoempresa. It will include four simultaneous activities that
promote business ideas and plan formulation, a support center
for the establishment and development of new dynamic businesses,
financing for new businesses, dissemination of results and
policy proposals.
Corporacion Andina de Fomento and Fundaci˘n para la Produccion
will provide $600,000 to the program and Grupo Nueva Economia
and other project partners will contribute $354,000.
The MIF, an autonomous fund administered by the IDB, supports
private sector development in Latin America and the Caribbean,
focusing on microenterprise and small business.
CONTACT: Inter-American Development Bank
Website: http://www.iadb.org/
===========
B R A Z I L
===========
BANCO RURAL: Moody's Withdraws Ratings on MTN Program
-----------------------------------------------------
Moody's Investors Service withdrew the long-term foreign
currency bond rating of B2 on Banco Rural S.A.'s US$500 million
medium-term note program, following the maturity of all bonds
issued under the program.
PLASTIPAK HOLDINGS: Extends Expiration Date for Tender Offer
------------------------------------------------------------
Plastipak Holdings, Inc. extended the expiration date for the
previously announced cash tender offer and consent solicitation
for its outstanding 10.75% Senior Notes due 2011 (CUSIP No.
727610AB3) (the "Notes") to 5:00 p.m., New York City time, on
December 15, 2005 from 5:00 p.m., New York City time, on
December 5, 2005 (such date and time, as they may be extended by
the company, the "Expiration Date"). The company has received
tenders and consents from holders of $320.5 million in aggregate
principal amount of the Notes, representing approximately 98.6%
of the outstanding Notes.
The price determination date will be 2:00 p.m., New York City
time, on December 2, 2005, which is 10 business days prior to
the new Expiration Date. The completion of the tender offer and
consent solicitation is subject to the satisfaction or waiver by
the company of a number of conditions, as described in the Offer
to Purchase and Consent Solicitation Statement dated October 12,
2005 (the "Offer to Purchase"). Holders who validly tender their
Notes and which Notes are accepted for purchase are expected to
receive payment on or promptly after the date on which the
company satisfies or waives the conditions of the tender offer
and consent solicitation.
Requests for documents relating to the tender offer and consent
solicitation may be directed to Global Bondholder Services
Corporation, the depositary and information agent for the tender
offer and consent solicitation, at (212) 430-3774 (collect) or
(866) 389-1500 (U.S. toll-free). Additional information
concerning the tender offer and consent solicitation may be
obtained by contacting Banc of America Securities LLC, the
dealer manager and solicitation agent for the tender offer and
consent solicitation at (704) 388-9217 (collect) or (888) 292-
0070 (U.S. toll-free).
This announcement is not an offer to purchase, a solicitation of
an offer to purchase or a solicitation of consents with respect
to any securities. The tender offer and consent solicitation are
being made solely by the Offer to Purchase.
About Plastipak
Plastipak is a leading manufacturer of plastic packaging
containers for many of the world's largest consumer products
companies. For the fiscal year ended October 30, 2004, Plastipak
manufactured and distributed approximately 8.5 billion
containers worldwide for over 450 customers. To meet the demand
of its diverse customer base, Plastipak operates 16 plants in
the United States, Brazil and Europe. Plastipak also provides
integrated transportation and logistics services, which the
company's management believes makes it uniquely, vertically
integrated in the plastic packaging industry. Plastipak has
obtained 153 U.S. patents for its state-of-the-art packages and
package- manufacturing processes.
CONTACT: Banc of America Securities LLC, +1-888-292-0070
SANTANDER BANESPA: Units' Ratings Reflect Exposure to Risk
----------------------------------------------------------
Rationale
Banco Santander Meridional S.A., Banco Santander Brasil S.A.,
and Banco do Estado de Sao Paulo S.A. form Santander Banespa.
Standard & Poor's Ratings Services' ratings on the three
entities of Santander Banespa incorporate the uncertainties of
operating in Brazil and exposure to the economic risk of the
financial system; their operating efficiency being below that of
some local competitors (although the group is concentrating
efforts to improve its efficiency); and the challenge to improve
the results originated from retail activity. These negative
factors are mitigated by the Santander Banespa group's strong
position in the South/Southeast regions of the country where the
bank has a powerful distribution network and a critical mass of
clients, as well as by the benefits of belonging to its parent
bank group, Spain's Banco Santander Central Hispano S.A.
(A+/Positive/A-1), leveraging on the parent's retail bank know-
how. In addition, the ratings consider the good financial
profile of Santander Banespa, mainly its historically adequate
profitability and asset quality indicators, and its experienced
and strong management team.
Santander Banespa is the fourth-largest private Brazilian
financial group in terms of assets. Despite holding a relatively
lower market share than those of its major retail peers in terms
of loans and deposits, Santander Banespa's business profile has
consistently improved given the group's better product coverage,
strong commercialization efforts, and segmented client base. The
group increased its market share in the industry and in some
segments, such as private pension products, consumer lending,
and asset management. Nevertheless, the bank is challenged to
improve the revenues generated from its retail activities. Its
long-term strategy based on growth, aligned with its strong
brand name, should be key factors for its success.
Santander Banespa has consistently maintained good
profitability, helped by increasing commercial results, good
Treasury results, its capacity to improve cross selling, and its
lower need to create provisions. Profitability, in fact, can
vary depending on market conditions and its impact on Treasury
results; however, the bank has been able to improve its revenues
mix toward higher commercial and clientele results. Although the
profitability ratio in 2005 (annualized ROAA of 1.6% based on
September 2005, adjusted from the gains resulting from the sale
of AES Tiete shares, net of losses on the treasury portfolio) is
lower than the one presented in 2004, we expect Santander
Banespa to present good profitability in 2005 but still below
that of its peers, given the increasing revenues from the
commercial business that are offsetting declining results from
market-related activities. Reflecting a commercial effort added
to a broader range of products, Santander Banespa is expected to
continue to increase fee-income generation, which by September
2005 represented 23% of total revenues. On the other hand, large
technological and marking investments, as well as investments to
reinforce its sales structure still pressure the efficiency
ratio (noninterest expenses-to-revenues ratio reached 69% based
on September 2005 annualized figure).
Santander Banespa showed asset quality indicators better than
the banking system average. Its good asset quality indicators
reflect the implementation of sound credit concession,
monitoring, and collection policies and procedures, following
the parent's lead. As of September 2005, the combined entity's
figures showed nonperforming ratios (credits classified from E
to H) over total loan portfolio of 4.2% (which is below the
industry average of 6.1%) and a low net charge-off-to-total
loans ratio of 1.2% in the same period. As with all banks
operating in Brazil, the ratings on Santander Banespa reflect
the exposure to government risk in the form of open-market
operations and marketable securities of 3.5x its equity, as well
as the challenging Brazilian operating environment.
Outlook
The stable outlook on the local currency ratings reflects the
expectation that the group will retain its dynamism in the
commercial area, maintaining its market position while
preserving its good profitability (with continued efforts on the
efficiency front) and asset quality despite significant credit
growth. The outlook on the foreign currency rating mirrors the
outlook attributed to the Federative Republic of Brazil.
At its current level, the foreign currency credit rating on
Santander Banespa should move in tandem with the foreign
currency credit rating on the sovereign. The local currency
credit rating would automatically follow negative changes in the
sovereign credit rating, though unlikely in the short-term;
however, a positive outlook or upgrade of the local currency
rating will depend on perceived improvements in the economic and
industry risks for the banking sector.
Primary Credit Analyst: Tamara Berenholc, Sao Paulo
(55) 11-5501-8950; tamara_berenholc@standardandpoors.com
Secondary Credit Analyst: Milena Zaniboni, Sao Paulo
(55) 11-5501-8945; milena_zaniboni@standardandpoors.com
VARIG: Bottini Takes Helm as Chairman
-------------------------------------
Ailing Brazilian airline Viacao Aerea Riograndense SA (Varig)
has a new chairman and two new board members.
Dow Jones Newswires reports that Fundacao Rubem Berta, which
owns a majority of the airline's shares, has appointed Marcelo
Bottini to assume the post of chairman, replacing David
Zylberstajn.
The foundation also appointed Humberto Rodrigues Filho, a
retired Varig worker, to assume the presidency of the Company's
board of directors, replacing Omar Carneiro da Cunha. It also
appointed Sergio Bruni to replace Eleazar de Carvalho on Varig's
board.
The replacements came after the former executives were forced to
resign by Varig workers, who demanded changes in the wake of the
Company's decision to fire more than 100 pilots.
Earlier this year, Varig filed for bankruptcy under the weight
of BRL7.7 billion (US$3.53 billion) in debt.
Despite its financial woes, several investors have expressed
interest in buying Varig in recent months. It is currently
negotiating a rescue package with Portuguese airline TAP, which
wants to buy a stake in the airline, as well as the Brazilian
carrier's two logistics units.
===========================
C A Y M A N I S L A N D S
===========================
AC SHIPHOLDING: Liquidation Proceeds as Announced
-------------------------------------------------
AC Shipholding Inc.
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of the Company will be
held at the offices of BNP Paribas Private Bank & Trust Cayman
Limited, 3rd Floor Royal Bank House, Shedden Road, George Town,
Grand Cayman on December 15, 2005 at 10:00 a.m.
Business:
1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on December 15, 2005.
2. To authorize the liquidator/s to retain the records of the
Company for a period of five years from the dissolution of the
Company, after which they may be destroyed.
Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.
CONTACT: Piccadilly Cayman Limited, Voluntary Liquidator
Darren Riley
Ellen J. Christian
3rd Floor Royal Bank House, Shedden Road
George Town, Grand Cayman
Telephone: 345 945 9208
Fax: 345 945 9210
ADA FUNDING: Final Liquidation Meeting Set
------------------------------------------
ADA Funding, Ltd.
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Section 145
NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of ADA Funding, Ltd. will be
held at the offices of Maples Finance Limited, Queensgate House,
George Town, Grand Cayman, Cayman Islands, on December 16, 2005
for the purpose of presenting to the members an account of the
winding up of the Company and giving any explanation thereof.
CONTACT: Messrs. Phillip Hinds and Jon Roney
Joint Voluntary Liquidators
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
ALL BUDGET: Final General Meeting Scheduled for Dec. 16
-------------------------------------------------------
All Budget Corporation Limited
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Section 145
NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of All Budget Corporation
Limited will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
December 16, 2005 for the purpose of presenting to the members
an account of the winding up of the Company and giving any
explanation thereof.
CONTACT: Messrs. Martin Couch and Johann Le Roux
Joint Voluntary Liquidators
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
ALPHASWISS BEHAVIORAL: Final Meeting Set for Nov. 15
----------------------------------------------------
Alphaswiss Behavioral Quant USA (US$) Limited
(In Voluntary Liquidation)
The Companies Law (as revised)
Pursuant to section 145 of the Companies Law (as revised), the
final general meeting of the sole shareholder of Alphaswiss
Behavioral Quant USA (US$) Limited will be held at the
registered office of the Company on December 15, 2005.
Business:
1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on December 15, 2005.
2. To authorize the liquidators to retain the records of the
Company for a period of five years from the dissolution of the
Company after which they may be destroyed.
Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.
CONTACT: CFS Liquidators Ltd., Liquidator
M David Makin
c/o Windward 1, Regatta Office Park
West Bay Road, P.O. Box 31106 SMB
Grand Cayman, Cayman Islands
Telephone: (345) 949 - 3977
Facsimile: (345) 949 - 3877
ALTUS FUND: Presents Liquidation Details at Final Meeting
---------------------------------------------------------
Altus Fund Overseas Ltd.
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
NOTICE IS HEREBY GIVEN, pursuant to Section 145 of Companies Law
(2004 Revision), that the final general meeting of the sole
shareholder of Altus Fund Overseas Ltd. will be held at
Ansbacher House, 20 Genesis Close, George Town, Grand Cayman, on
November 19, 2005 at 3:30 p.m.
The purpose of the general meeting of the sole shareholder is to
have laid before him the report of the Liquidator, showing the
manner in which the winding-up of the Company has been
conducted, the property of the Company distributed and the debts
and obligations of the Company discharged and giving any
explanation thereof.
Liquidation date: October 21, 2005
CONTACT: DMS Corporate Services Ltd., Voluntary Liquidator
Tammy Seymour
Ansbacher House
P.O. Box 31910 SMB, Grand Cayman
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
NS HOLDING: Shareholders Seek Voluntary Liquidation
---------------------------------------------------
NS HOLDING CORP (CAYMAN)
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Section 135
TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 4th
November 2005:
- THAT the Company be placed into voluntary liquidation
forthwith.
- THAT Suzan Merren and Johann Le Roux be appointed, jointly and
severally, as liquidators of the Company.
Creditors of the above-named company are to prove their debts or
claims on or before 16th December 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the said company. In default thereof, they will be excluded from
the benefit of any distribution made before the debts are proved
or from objecting to the distribution.
CONTACT: SUZAN MERREN and JOHANN LE ROUX
Joint Voluntary Liquidators
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
R TWO ONE: Suzan Merren, Jon Roney to Oversee Liquidation
---------------------------------------------------------
R TWO ONE, CORP.
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Section 135
TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 2nd
November 2005:
- THAT the Company be placed into voluntary liquidation
forthwith.
- THAT Suzan Merren and Jon Roney be appointed, jointly and
severally, as liquidators of the Company.
Creditors of the above-named company are to prove their debts or
claims on or before 16th December 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the said company. In default thereof, they will be excluded from
the benefit of any distribution made before the debts are proved
or from objecting to the distribution.
CONTACT: SUZAN MERREN and JON RONEY
Joint Voluntary Liquidators
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
RAMAPO LIMITED: Creditor Claims Due Dec. 15
-------------------------------------------
RAMAPO LIMITED
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
The following special resolution was passed by the shareholders
of the above-mentioned company at an extraordinary general
meeting of the shareholders held on the 4th November 2005:
"THAT the Company be voluntarily wound up under the Companies
Law (2004 Revision); and THAT Buchanan Limited be appointed as
liquidator, and that the liquidator be authorized if it think
fit, to distribute specific assets to members."
Creditors of the above named company, which is being wound up
voluntarily, are required on or before 15th December 2005 to
send in their names and addresses and the particulars of their
debts or claims and the names and addresses of their attorneys-
at-law (if any) to the undersigned, the liquidator of the said
company and if so required by notice in writing from the said
liquidator either by their attorneys-at-law or personally to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.
CONTACT: BUCHANAN LIMITED
Voluntary Liquidator
For enquires: Timothy Haddleton
P.O. Box 1170GT, Grand Cayman
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
RIVERMILL HOLDINGS: To Be Liquidated Dec. 16
--------------------------------------------
RIVERMILL HOLDINGS LIMITED
(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 2nd November 2005:
"THAT the company be placed in voluntary winding up;
"THAT Baraterre Limited and Tarpumbay Limited both of Bahamas
Financial Centre, Shirley & Charlotte Streets, P.O. Box N-4899,
Nassau, Bahamas, be and are hereby appointed liquidators."
Date of Liquidation: 16th December 2005.
CONTACT: BARATERRE LIMITED and TARPUMBAY LIMITED
Voluntary Liquidators
Bahamas Financial Centre
Shirley & Charlotte Streets
P.O. Box N-4899, Nassau, Bahamas
For enquiries:
J.P. Morgan Trust Company (Cayman) Limited
P.O. Box 694, Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
ROTTERDAM ENERGY: Creditor Document Submissions Due Dec. 15
-----------------------------------------------------------
ROTTERDAM ENERGY COMPANY, LTD.
(In Voluntary Winding Up)
The Companies Law (2004 Revision)
NOTICE IS HEREBY GIVEN that the creditors of the above named
Company, which is being wound up voluntarily are required on or
before 15th December, 2005 to send in their names and addresses
and the particulars of their debts or claims and the names and
addresses of their attorneys-at-law (if any) to the undersigned,
the attorneys-at-law for the liquidator of the said Company and
if so required by notice in writing from the said liquidator
either by their attorneys-at-law or personally to come in and
prove the said debts or claims at such time and place as shall
be specified in such notice or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.
CONTACT: INTERGEN TRANSMISSION SERVICES LLC
Voluntary Liquidator
c/o 15 Wayside Rd., Burlington, MA 01803
ROUND ROCK: Shareholders Elect to Wind Up Company
-------------------------------------------------
ROUND ROCK INVESTMENTS LTD.
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
The following special resolution was passed by the shareholders
of the above-mentioned company at an extraordinary general
meeting of the shareholders held on the 4th November 2005:
"THAT the Company be voluntarily wound up under the Companies
Law (2004 Revision); and THAT Buchanan Limited be appointed as
liquidator, and that the liquidator be authorized if it think
fit, to distribute specific assets to members."
Creditors of the above named company, which is being wound up
voluntarily, are required on or before 15th December 2005 to
send in their names and addresses and the particulars of their
debts or claims and the names and addresses of their attorneys-
at-law (if any) to the undersigned, the liquidator of the said
company and if so required by notice in writing from the said
liquidator either by their attorneys-at-law or personally to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.
CONTACT: BUCHANAN LIMITED
Voluntary Liquidator
For enquires: Timothy Haddleton
P.O. Box 1170GT, Grand Cayman
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
SIERRA VENTURES: Names Carson, Johnson as Joint Liquidators
-----------------------------------------------------------
SIERRA VENTURES LIMITED
(In Voluntary Liquidation)
The Companies Law (2002 Revision)
The following special resolutions were passed by the
shareholders of Sierra Ventures Limited by way of written
resolution on 30 September 2005.
WHEREAS the shareholders in resolutions adopted on 30th
September 2005 authorized that the company be placed in
voluntary liquidation and appointed Terry W. Carson and Ian R.
Johnson of Grant Thornton as joint liquidators of the Company.
NOTICE IS HEREBY GIVEN that creditors of the company are
required to provide details of and prove their debts or claims
to the liquidator of the Company on or before 15th December 2005
and to establish any title they may have under the Companies Law
(2002 Revision) or be excluded from the benefit of any
distribution made before such debts or claims are proved or from
objecting to any distribution.
CONTACT: TERRY W.CARSON and IAN R. JOHNSON
Joint Voluntary Liquidators
For enquiries: Terry W. Carson
PO Box 1044 GT, George Town, Grand Cayman
Telephone: (345) 949-8588
Facsimile: (345) 949-7325
SMFG FINANCE: Proofs of Claim Due Dec. 16
-----------------------------------------
SMFG FINANCE (CAYMAN) LIMITED
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Section 135
TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 2nd
November 2005:
- THAT the Company be placed into voluntary liquidation
forthwith.
- THAT Wendy Ebanks and Johann Le Roux be appointed, jointly and
severally, as liquidators of the Company.
Creditors of the above-named company are to prove their debts or
claims on or before 16th December 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the said company. In default thereof, they will be excluded from
the benefit of any distribution made before the debts are proved
or from objecting to the distribution.
CONTACT: WENDY EBANKS and JOHANN LE ROUX
Joint Voluntary Liquidators
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
SOUTH-EAST EUROPEAN: To be Wound Up Voluntarily
-----------------------------------------------
SOUTH-EAST EUROPEAN FUND MANAGEMENT LIMITED
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
TAKE NOTICE THAT the following resolution was passed by the
shareholder of the abovementioned company by unanimous written
resolution dated 1st September 2005.
"RESOLVED that the Company be voluntarily wound up and Mr.
Johannes Solich be appointed as the Liquidator to act for the
purposes of such winding up."
NOTICE IS HEREBY GIVEN that the creditors of the above-named
Company which is being wound up voluntarily are required within
30 days of this notice, to send in their names and addresses and
the particulars of their debts and claims and the names and
addresses of their attorneys-at-law (if any) to the undersigned.
In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.
CONTACT: MR. JOHANNES SOLICH
Voluntary Liquidator
For enquiries: Ian Gobin
Walkers, PO Box 265 GT
Walker House, Mary Street
George Town, Grand Cayman, Cayman Islands
Telephone: (345) 814 4604
Facsimile: (345) 949 7886
The address of the Liquidator is:
CA IB Corporate Finance Beratungs GmbH
Julius Tandler-Platz 3
Vienna, A-1091, Austria
SPARKLE FUNDING: Claims Against Company Due Dec. 15
----------------------------------------------------
SPARKLE FUNDING CORPORATION II
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Take notice that the following special resolution was passed by
the shareholders of the abovementioned company on 2nd November
2005.
"THAT the company be wound up voluntarily and that Piccadilly
Cayman Limited of PO Box 10632 APO, Grand Cayman, be and is
hereby appointed as liquidator for the purposes of winding up
the Company and that Piccadilly Cayman Limited shall have the
power to bind the company for the purposes of such winding up."
Creditors of the Company are to prove their debts or claims on
or before 15th December 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.
CONTACT: DARREN RILEY
For and on behalf of
Piccadilly Cayman Limited
Voluntary Liquidator
For enquiries: Ellen J. Christian
3rd Floor Royal Bank House, Shedden Road,
George Town, Grand Cayman
Telephone: 345 945 9208
Fax: 345 945 9210
SPRINGS INDUSTRIES: Burns, Narron to Oversee Liquidation
--------------------------------------------------------
SPRINGS INDUSTRIES INTERNATIONAL HOLDING LLC
(In Voluntary Liquidation)
The Companies Law
(2004 Revision)
Section 135
TAKE NOTICE that the following special resolution was passed by
the sole holder of ordinary voting shares of the above-mentioned
Company on 4th November 2005:
1. The Company be wound up voluntarily in accordance with
section 132(b) of the Companies Law (2004 Revision); and
2. Steven P. Burns and Delbridge E. Narron be appointed as joint
voluntary liquidators of the Company and are authorised to do
any act matter or thing considered by them to be necessary or
desirable in connection with the liquidation of the Company and
the winding up of its affairs.
Creditors of the above-mentioned Company are to prove their
debts or claims on or before 15th December 2005 and to send full
particulars of their debts or claims to the joint voluntary
liquidators of the said Company. In default thereof, they will
be excluded from the benefit of any distribution made before the
debts or claims are proved.
CONTACT: STEVEN P. BURNS and DELBRIDGE E. NARRON
Joint Voluntary Liquidators
c/o Springs Industries, Inc.
205 North White Street
PO Box 70, Fort Mill, South Carolina 29716
SQUEAKY INVESTMENTS: To Be Liquidated Dec. 16
---------------------------------------------
SQUEAKY INVESTMENTS INC.
(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 4th November 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: 16th December 2005.
CONTACT: COMMERCE CORPORATE SERVICES LIMITED
Voluntary Liquidator
P.O. Box 694, Grand Cayman, Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
SYMMETRY INTERNATIONAL: Shareholders Resolve to Liquidate Firm
--------------------------------------------------------------
SYMMETRY INTERNATIONAL, LTD.
(In Voluntary Liquidation)
The Companies Law (as revised)
TAKE NOTICE that the following special resolutions were passed
by the shareholders of the above-mentioned company at an
extraordinary meeting held on 3rd November 2005.
"THAT the company be placed into voluntary liquidation
forthwith;" and "THAT CFS Liquidators Ltd., of Windward 1,
Regatta Office Park, West Bay Road, P.O. Box 31106 SMB, Grand
Cayman, Cayman Islands, be appointed liquidator(s), jointly and
severally, for the purposes thereof."
Creditors of the company are to prove their debts or claims on
or before 28th December 2005, 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: CFS LIQUIDATORS LTD
Voluntary Liquidator
For enquiries: M David Makin
C/O Windward 1, Regatta Office Park
West Bay Road, P.O. Box 31106 SMB
Grand Cayman, Cayman Islands
Telephone: (345) 949 - 3977
Facsimile: (345) 949 - 3877
SYMMETRY PEAK: Proofs of Claim Due Nov. 29
------------------------------------------
SYMMETRY PEAK OFFSHORE, LTD.
(the "Company")
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
The following special resolution was passed by the sole
shareholder of the Company on the 1st November 2005.
"IT WAS RESOLVED AS A SPECIAL RESOLUTION THAT the Company be
placed into voluntary liquidation in accordance with the terms
of the Companies Law (2004 Revision) and that Frank `Quint'
Slattery be appointed as liquidator for the purposes of such
winding up."
Creditors of the Company are required to send their names and
addresses and particulars of their debts or claims and the names
and addresses of their attorneys-at-law (if any) to the
liquidator of the Company, on or prior to the 29th November
2005. If so required by notice in writing issued by the joint
liquidators, any creditor, either sin person or by their
attorney-at-law, may be required to prove any debt or claim
submitted at such time and place as shall be specified in such
notice, or in default thereof, such creditor shall be excluded
from the benefit of any distribution made before such debts are
proved.
CONTACT: FRANK `QUINT' SLATTERY
Voluntary Liquidator
Symmetry Peak Management, LLC
262 Harbor Drive, Fourth Floor
Stamford Connecticut, 06902, USA
TALLY HOLDINGS: Decides to Wind Up Operations
---------------------------------------------
TALLY HOLDINGS LIMITED
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
The following special resolution was passed by the shareholders
of the above-mentioned company at an extraordinary general
meeting of the shareholders held on the 4th November 2005:
"THAT the Company be voluntarily wound up under the Companies
Law (2004 Revision); and THAT Buchanan Limited be appointed as
liquidator, and that the liquidator be authorized if it think
fit, to distribute specific assets to members."
Creditors of the above named company, which is being wound up
voluntarily, are required on or before 15th December 2005 to
send in their names and addresses and the particulars of their
debts or claims and the names and addresses of their attorneys-
at-law (if any) to the undersigned, the liquidator of the said
company and if so required by notice in writing from the said
liquidator either by their attorneys-at-law or personally to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.
CONTACT: BUCHANAN LIMITED
Voluntary Liquidator
For enquires: Timothy Haddleton
P.O. Box 1170GT, Grand Cayman
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
TAW CORPORATION: Shareholder Decides to Liquidate
-------------------------------------------------
Taw Corporation Inc.
(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 Taw Corporation Inc. at an
extraordinary general meeting on November 2, 2005:
"THAT the Company be placed in voluntary winding up;
"THAT Commerce Corporate Services Limited be appointed as
liquidator of the Company."
Date of Liquidation: December 16, 2005
CONTACT: Commerce Corporate Services Limited
Voluntary Liquidator
Commerce Corporate Services Limited
P.O. Box 694, Grand Cayman, Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
THAMES RIVER: Creditors' Proofs of Claim Due Dec. 7
---------------------------------------------------
Thames River Garret Fund Limited
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
The following written resolution was passed by the sole
shareholder of Thames River Garret Fund Limited on October 13,
2005:
THAT the Company be wound-up voluntarily and that David A.K.
Walker and Lawrence Edwards of PricewaterhouseCoopers,
Strathvale House, George Town, Grand Cayman, Cayman Islands, be
and are hereby appointed Joint Liquidators for the purposes of
winding-up the Company and that either of them shall have the
power to act alone in the winding-up.
Creditors of the Company are to prove their debts or claims on
or before December 7, 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.
CONTACT: Mr. Lawrence Edwards, Joint Voluntary Liquidator
Aysha Jackson
PO Box 219GT, Grand Cayman, Cayman Islands
Telephone: (345) 914 8695
Facsimile: (345) 949 4590
TREFORD HOLDINGS: Buchanan Limited to Oversee Wind Up
-----------------------------------------------------
Treford Holdings Limited
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
The following special resolution was passed by the shareholders
of Treford Holdings Limited at an extraordinary general meeting
of the shareholders held on November 4, 2005:
"THAT the Company be voluntarily wound up under the Companies
Law (2004 Revision); and
THAT Buchanan Limited be appointed as liquidator, and that the
liquidator be authorized if it think fit, to distribute specific
assets to members."
Creditors of Treford Holdings Limited, which is being wound up
voluntarily, are required on or before December 15, 2005 to send
in their names and addresses and the particulars of their debts
or claims and the names and addresses of their attorneys-at-law
(if any) to the undersigned, the liquidator of the Company and
if so required by notice in writing from the said liquidator
either by their attorneys-at-law or personally to come in and
prove the said debts or claims at such time and place as shall
be specified in such notice or, in default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.
CONTACT: Buchanan Limited, Voluntary Liquidator
Timothy Haddleton
P.O. Box 1170GT, Grand Cayman
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
VAN DIEMEN: To Liquidate Voluntarily
------------------------------------
Van Diemen Aircraft Leasing Limited
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Section 135
TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Van Diemen Aircraft Leasing Limited at an
extraordinary general meeting of the shareholder(s) held on
November 1, 2005:
THAT the Company be placed into voluntary liquidation forthwith.
THAT Phillip Hinds and Mike Hughes be appointed, jointly and
severally, as liquidators of the Company.
Creditors of Van Diemen Aircraft Leasing Limited are to prove
their debts or claims on or before December 16, 2005, and to
send full particulars of their debts or claims to the joint
liquidators of the Company. In default thereof, they will be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.
CONTACT: Messrs. Phillip Hinds and Mike Hughes
Joint Voluntary Liquidators
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
VECTOR WZ: Creditors to Prove Claims
------------------------------------
Vector WZ Holdings Ltd.
(In Voluntary Liquidation)
TAKE NOTICE THAT the following resolution was passed by the
Shareholder of Vector WZ Holdings Ltd. by sole written
resolution dated November 4, 2005.
"RESOLVED that the Company be voluntarily wound up and Dewey
Chambers be appointed as Liquidator to act for the purpose of
such winding up."
NOTICE IS HEREBY GIVEN that the creditors of Vector WZ Holdings
Ltd., which is being wound up voluntarily are required within
30 days of this notice, to send in their names and addresses and
the particulars of their debts and claims and the names and
addresses of their attorneys-at-law (if any) to the undersigned.
In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.
Date of Publication: November 4, 2005
CONTACT: Mr. Dewey Chambers, Voluntary Liquidator
Jonathan Culshaw
c/o Walkers
Walker House, P.O. Box 265 GT
Mary Street, George Town
Grand Cayman, Cayman Islands
Telephone: (345) 949 6341
Facsimile: (345) 814 8341
VIVACE ONE: Shareholders Resolve to Liquidate
---------------------------------------------
Vivace One Ltd.
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Section 135
TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Vivace One Ltd. at an extraordinary
general meeting of the shareholder(s) held on November 2, 2005:
THAT the Company be placed into voluntary liquidation forthwith.
THAT Suzan Merren and Johann Le Roux be appointed, jointly and
severally, as liquidators of the Company.
Creditors of Vivace One Ltd. are to prove their debts or claims
on or before December 16, 2005, and to send full particulars of
their debts or claims to the joint liquidators of the Company.
In default thereof, they will be excluded from the benefit of
any distribution made before the debts are proved or from
objecting to the distribution.
CONTACT: Ms. Suzan Merren and Mr. Johann Le Roux
Joint Voluntary Liquidators
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
WHITEFORD INTERNATIONAL: To be Placed into Voluntary Wind Up
------------------------------------------------------------
Whiteford International, Ltd.
(In Voluntary Liquidation)
The Companies Law (as revised)
TAKE NOTICE that the following special resolutions were passed
by the shareholders of Whiteford International, Ltd. at an
extraordinary meeting held on November 3, 2005.
"THAT the Company be placed into voluntary liquidation
forthwith;" and
"THAT CFS Liquidators Ltd., of Windward 1, Regatta Office
Park, West Bay Road, P.O. Box 31106 SMB, Grand Cayman, Cayman
Islands, be appointed liquidator(s), jointly and severally, for
the purposes thereof."
Creditors of the Company are to prove their debts or claims on
or before December 28, 2005, 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: CFS Liquidators Ltd., Voluntary Liquidator
M David Makin
C/O Windward 1, Regatta Office Park
West Bay Road, P.O. Box 31106 SMB
Grand Cayman, Cayman Islands
Telephone: (345) 949 - 3977
Facsimile: (345) 949 - 3877
WINDFALL INVESTMENTS: Selects Buchanan Limited as Liquidator
------------------------------------------------------------
Windfall Investments Limited
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
The following special resolution was passed by the shareholders
of Windfall Investments Limited at an extraordinary general
meeting of the shareholders held on November 4, 2005:
"THAT the Company be voluntarily wound up under the Companies
Law (2004 Revision); and
THAT Buchanan Limited be appointed as liquidator, and that the
liquidator be authorized if it think fit, to distribute specific
assets to members."
Creditors of Windfall Investments Limited, which is being wound
up voluntarily, are required on or before December 15, 2005 to
send in their names and addresses and the particulars of their
debts or claims and the names and addresses of their attorneys-
at-law (if any) to the undersigned, the liquidator of the said
Company and if so required by notice in writing from the said
liquidator either by their attorneys-at-law or personally to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.
CONTACT: Buchanan Limited, Voluntary Liquidator
Timothy Haddleton
P.O. Box 1170GT, Grand Cayman
Telephone: (345) 949-0355
Facsimile: (345) 949-0360
YEN-BIRDS LIMITED: Wind Up Process Begins
-----------------------------------------
Yen-Birds Limited
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
Section 135
TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Yen-Birds Limited at an extraordinary
general meeting of the shareholder(s) held on November 1, 2005:
THAT the Company be placed into voluntary liquidation forthwith.
THAT Phillipa White and Richard Gordon be appointed, jointly and
severally, as liquidators of the Company.
Creditors of Yen-Birds Limited are to prove their debts or
claims on or before December 16, 2005, and to send full
particulars of their debts or claims to the joint liquidators of
the Company. In default thereof, they will be excluded from the
benefit of any distribution made before the debts are proved or
from objecting to the distribution.
CONTACT: Ms. Phillipa White and Mr. Richard Gordon
Joint Voluntary Liquidators
Maples Finance Limited, P.O. Box 1093GT
Grand Cayman, Cayman Islands
ZINC PARTNERS: Appoints Liquidator for Wind Up
----------------------------------------------
Zinc Partners Offshore, Ltd.
(In Voluntary Liquidation)
The Companies Law (2004 Revision)
The following special resolution was passed by the shareholders
of Zinc Partners Offshore, Ltd. by Special Resolution dated
October 14, 2005:
"THAT Tammy Seymour of dms Corporate Services Ltd., Ansbacher
House, 2nd floor, #20 Genesis Close, P.O. Box 31910 SMB, George
Town, Grand Cayman, be and is hereby appointed Liquidator of the
Company and is authorized to take all necessary steps for the
purpose of such winding up."
Creditors of Zinc Partners Offshore, Ltd. are to prove their
debts or claims on or before December 15, 2005 and to establish
any title they may have under the Companies Law (2004 Revision),
or to be excluded from the benefit of any distribution made
before the debts are proved or from objecting to the
distribution.
Liquidation date: October 14, 2005
CONTACT: Tammy Seymour, Voluntary Liquidator
dms Corporate Services Ltd.
Ansbacher House, P.O. Box 31910 SMB
Grand Cayman
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
=============
J A M A I C A
=============
MIRANT CORP: 36 Creditor Groups Object to Plan Confirmation
-----------------------------------------------------------
At least 36 more groups of creditors, government entities, and
other parties-in-interest delivered to the U.S. Bankruptcy Court
for the Northern District of Texas their objections to the Plan
of Reorganization of Mirant Corporation and its debtor-
affiliates:
1. Ace American Insurance Company and ESIS, Inc.;
2. CSX Transportation, Inc.;
3. Cascade Natural Gas Corporation;
4. Certain shareholders represented by The Wilson Law Firm,
P.C.;
5. Commonwealth of Virginia;
6. Cinergy One, Inc.;
7. Cinergy Services, Inc., as agent by and on behalf of the
The Cincinnati Gas & Electric Company and PSI Energy
Inc.;
8. City of Alexandria;
9. City of Vernon, California;
10. Clark County, Nevada;
11. Commonwealth of Massachusetts;
12. Counties of Bosque and Denton in Texas;
13. Gerald R. Hack and Constance V. Iscaro-Hack JT Tens;
14. James Brown and Greg Waller;
15. Liquidity Solutions, Inc., doing business as Revenue
Management and Capital Markets, and as agent for KT
Trust and Capital Investors;
16. Maryland Department of Environment;
17. Morgan Stanley Capital Group Inc.;
18. Nevada Department of Taxation;
19. Pension Benefit Guaranty Corporation;
20. Potomac Electric Power Corporation;
21. Public Service of North Carolina, SCANA Energy
Marketing, Inc., SCANA Energy Trading, and South
Carolina Electric and Gas Company;
22. Siemens Westinghouse Power Corporation;
23. Sierra Liquidity Fund, LLC, Sierra Nevada Liquidity
Fund, LLC, The Coast Fund LP, Contrarian Funds LLC, Argo
Partners, Longacre Master Fund, Ltd., Madison Distressed
Strategies LLC, Madison Liquidity Investors 116, LLC,
Madison Liquidity Investors 123, LLC, Madison Liquidity
Investors 124, LLC, Madison Niche Opportunities, LLC;
24. Southern Maryland Electric Cooperative, Inc.;
25. Texas Local Tax Authorities -- come Harris County, City
of Houston, Houston ISD, Lee County, Parker CAD and
Washington CAD;
26. The City of Wichita Falls, the Wichita Falls Independent
School District, and Wichita County;
27. The Official Committee of Equity Security Holders;
28. The County of Rockland;
29. The Towns of Haverstraw, New York, and Stony Point, New
York and the Haverstraw-Stony Point Central School
District;
30. TransCanada Gas Services Inc. and Gas Transmission
Northwest Corporation;
31. The Southern Company;
32. The Chesapeake Bay Foundation, Inc., The Environment
Integrity Project and the Chesapeake Climate Action
Network;
33. The State of New York and the New York State Department
of Environmental Conservation;
34. The New York Independent System Operation;
35. Vernon J. Gregory and Sandra Gregory; and
36. William Croissant, Patricia Croissant, Old Mongaup
Incorporated and Swinging Bridge, Inc.
Gregory M. Gordon, Esq., at Jones Day, in Dallas, Texas,
representing Southern Company, tells the Court that the Debtors'
Plan should not be confirmed unless the Plan is modified to:
-- eliminate any provision that enjoins or otherwise
prevents Southern from commencing, conducting or
continuing in any manner any suit, action or other
proceeding of any kind against a non-debtor, including
any Protected Persons or the Debtors' current and former
directors and officers;
-- make clear that Southern's rights of setoff or recoupment
are preserved and that the Southern Claims are not
disallowed by the Plan; and
-- clarify that none of Southern's defenses to the Southern
Company Causes of Action are in any way impaired or
affected by the Plan.
Representing PEPCO, Jo E. Hartwick, Esq., at Stutzman Bromberg
Esserman & Plifka, A Professional Corporation, informs Judge
Lynn that the Debtors' Plan should not be confirmed because it
improperly assumes or assumes and assigns performance of the
Debtors' agreements with PEPCO to another entity without
satisfying the Section 365 requirements. The feasibility of the
Plan with regards to any PEPCO Claim resulting from rejection,
avoidance, or recharacterization of the Debtors' obligations is
also unclear.
The Equity Committee objected solely to ensure that:
i. cash recoveries on account of the PEPCO Causes of Action
are properly included within the scope of Designated
Avoidance Actions; and
ii. the Equity Committee's rights with respect to the Plan
Documents are preserved.
The Wilson Shareholders argue that the Debtors cannot prove that
their Plan is superior to liquidation, and that the Plan pays
creditors at interest rates far in excess of those permitted
under certain jurisprudence.
Several taxing units, like the City of Nevada, complain that the
Debtors' Plan improperly classifies their secured claims and
does not address the payment of certain tax liens. The Plan
also failed to provide the appropriate interest rate for the tax
claims after the Effective Date. The taxing authorities contend
that their claims should be treated as administrative expenses
under Section 503.
The states of Maryland, Massachusetts, New York and Virginia
oppose several provisions in the Debtors' Plan. The States are
concerned that the Plan provisions could be construed to relieve
the reorganized Debtors of their obligation to comply with
environmental laws enacted to protect public health, safety and
the environment. The Plan also confers exclusive jurisdiction,
including proceeding undertaken by governmental units in the
exercise of their police and regulatory powers, Carol Iancu,
Esq., of the Massachusetts' Environmental Protection Division,
points out. The Debtors' Plan also does not adequately address
the Debtors' potential future liabilities for environmental
violations.
Cascade Natural, CSX Transportation, the SCANA Companies and the
NYISO, among others, believe that the Debtors' Plan does not
provide the proper cure amounts for certain contracts or
agreements.
Other creditors point out that the Debtors' Plan:
-- has broad injunction enjoining future actions against
the Debtors as well as various non-debtor parties;
-- intends to alter the Debtors' obligations under the
ERISA;
-- provides for unfair or disparate treatment of certain
claimants;
-- does not provide appropriate reserves for contested
claims that will be subsequently allowed;
-- provides for an unlawful substantive consolidation of
the Debtors' estates;
-- improperly releases, discharges, and enjoins claims
against third parties, against the Debtors and New
Mirant, and certain "Protected Persons";
-- prevents certain parties from asserting their equitable
rights to recoup or setoff any award of damages to
certain Debtors arising from contract disputes;
-- fails to provide for the allowance and payment of
ordinary course administrative claims; and
-- violates the insurance law.
Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines. Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally. Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590). Thomas E. Lauria, Esq., at White &
Case LLP, represents the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $20,574,000,000 in assets and $11,401,000,000 in debts.
(Mirant Bankruptcy News, Issue No. 83 Bankruptcy Creditors'
Service, Inc., 215/945-7000)
===========
M E X I C O
===========
SATMEX: Issues Notice to Non-Mexican Creditors
----------------------------------------------
1. On September 7, 2005, Satelites Mexicanos, S.A. De C.V.
("Satmex") was declared in concurso mercantil under Mexico's
Business Reorganization Act (Ley de Concursos Mercantiles, the
"MBRA") The case is pending before the Second Federal Civil
District court in Mexico City.
2. FILING OF PROOFS OF CLAIM (Recognition of Credits): Pursuant
to Articles 122 and 291 of the MBRA, non-Mexican creditors may
file proofs of claim for recognition of their credits no later
than December 10, 2005 (the "Bar Date").
While creditors can file proofs of claim at later stages in the
process, they are encouraged to do so before the Bar Date.
Proofs of claim must be filed in Spanish with the Conciliador,
at the address indicated below, using the application form
authorized by the Federal Institute of Concurso Mercantil
Specialists of Mexico (Instituto Federal de Especialistas de
Concursos Mercantiles), which can be found at
http://www.ifecom.cjf.gob.mx/formatos/formatos/Formato_LC3125.pd
f. Proofs of claim must meet the requirements of the MBRA and
shall attach the original documents supporting the relevant
claim, or a certified copy thereof; provided, that if a creditor
does not possess said original documents, it must indicate the
place where they are located and must evidence that it has taken
action to obtain the same. Documents not in the Spanish language
must be accompanied by a proper Spanish translation.
3. IF YOU ARE REQUIRED TO FILE A PROOF OF CLAIM BUT DO NOT DO SO
IN THE MANNER AND BEFORE THE TIME REQUIRED BY THE MBRA, YOUR
CLAIM MAY BE BARRED AS A CLAIM AGAINST SATMEX, AND MAY RESULT IN
YOUR NOT BEING ABLE TO RECEIVE ANY DISTRIBUTIONS UNDER ANY PLAN
SUBMITTED BY SATMEX, OR ALLOWED TO PARTICIPATE IN THE CONCURSO
MERCANTIL PROCEEDING.
4. NOTEHOLDERS NOT REQUIRED TO FILE A PROOF OF CLAIM: Holders of
Satmex's (i) 10 1/8% Senior Notes due 2004, and (ii) Senior
Secured Floating Rate Notes due 2004 (collectively, the "Notes")
are not required to file separate proofs of claims since their
claims will be recognized on a global basis by virtue of their
inclusion on the list of claims submitted by the visitador in
the concurso mercantil proceeding and the global proof of claim
the Conciliador understands will be filed by the indenture
Trustees for the Notes.
5. Any questions in regards to the filing of proofs of claim may
be addressed to the Conciliador at theather@whitecase.com.
Creditors may view and request copies from the court of the
filings in Satmex's concurso mercantil (File No. 129/2005).
Dated: November 4, 2005
By: Thomas S. Heather, Conciliador
Torre del Bosque
Blvd. Manuel A. Camacho 24, PH
Col. Lomas de Chapultepec
11000, Mexico City, Mexico
Phone: +52(55) 5540-9687 in Mexico
(212) 819-8691 in New York
Fax: +52(55) 5540-9699
E-mail: theather@whiitecase.com
===========
P A N A M A
===========
* PANAMA: Fitch Rates $980M Issue Due 2026 'BB+'
------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Panama's US$980
million in Global bonds due Jan. 29, 2026. The Rating Outlook is
Stable. Proceeds from the bond issue were used to fund a cash
tender offer for eligible securities as part of a general
program to manage its external liabilities.
Dollarization, a stable financial system, moderate debt service
needs, and the Government's considerable financial and land
assets support the sovereign's ratings.
Dollarization has resulted in a long history of monetary and
price stability unseen in other emerging markets. In addition,
it limits the probability of a devaluation-induced increase in
public debt ratios or a balance of payment crisis. 'Despite
recent fiscal slippage, a strong economic recovery and the
Torrijos administration's efforts to strengthen public finances,
as demonstrated by the prompt passage of fiscal reform in
January and improvements in fiscal transparency also underpin
Panama's sovereign ratings,' said Theresa Paiz Fredel, lead
analyst for Panama and Director of Latin American Sovereign
Ratings at Fitch.
CONTACT: Theresa Paiz Fredel +1 212-908-0534, New York
Shelly Shetty +1 212-908-0324, New York
MEDIA RELATIONS: Chris Kimble +1-212-908-0226, New York
===============
P A R A G U A Y
===============
* PARAGUAY: Expiring SBA Expected to be Replaced
------------------------------------------------
The Stand-By Arrangement (SBA) will expire on November 30, 2005.
International Monetary Fund (IMF) chief of staff mission to
Paraguay released the following statement in Asuncion on Monday:
"A mission from the International Monetary Fund (IMF) visited
Asuncion during November 9-21, 2005 to assess economic
developments and the outlook, and ascertain the authorities'
plans for a successor Fund-supported economic program. The
mission was headed by Mr. Alejandro Santos and met with Finance
Minister Ernst Bergen, Central Bank President Monica Perez dos
Santos, Industry Minister Raul Vera and other senior officials.
"The current Stand-By Arrangement (SBA) expires on November 30,
2005, with the economic objectives for 2005 basically within
reach, growth above the historical average, and substantial
progress in key structural reform areas, including in meeting
structural benchmarks set in the context of the sixth and final
review under the SBA. However, the inflation rate has recently
risen above the authorities' target, partly explained by higher
oil prices and some supply shocks. The central bank is
tightening monetary policy to ensure that inflation returns
quickly to the target range. With this background, IMF
management has recommended to our Executive Board completion of
the sixth program review.
"Looking ahead, the authorities are putting together a medium-
term economic policy framework and considering that it be
supported by a new SBA arrangement with the Fund. We welcome the
authorities' decision to develop medium-term policies that would
seek to entrench economic stability, further reduce
vulnerabilities in the economy, and create the conditions for
sustained growth and poverty reduction.
"During this visit, we have made substantial progress in the
negotiations. The authorities intend to continue discussions in
the following weeks with the aim of reaching agreement shortly.
Discussions have centered on the implementation of strong fiscal
and monetary policies in 2006 within the context of an ambitious
structural reform agenda.
"The mission would like to thank the authorities and the
citizens of Paraguay for their hospitality."
CONTACT: International Monetary Fund - IMF
External Relations Department
Public Affairs
Phone: 202-623-7300
Fax: 202-623-6278
Media Relations
Phone: 202-623-7100
Fax: 202-623-6772
=====================
P U E R T O R I C O
=====================
FIRST BANCORP: Declares Quarterly Dividend
-------------------------------------------
First BanCorp (NYSE: FBP) (the "Corporation") announced Monday
that its Board of Directors declared a quarterly dividend of 7
cents per share on its outstanding common stock, to be paid on
December 30, 2005, to stockholders of record as of December 15,
2005. This dividend is in line with dividends declared in prior
quarters.
In addition, the Corporation reported Monday certain selected
operational data for the third quarter and nine months ended
September 30, 2005. The Corporation reported that internal loan
origination was approximately $972 million and $3.1 billion for
the third quarter and nine-month period ended September 30,
2005, respectively, compared to $554 million and $1.6 billion,
respectively, for the same periods in 2004. The Corporation did
not make any bulk purchases of mortgage loans during the second
and third quarters of 2005. Internal loan production for the
nine-month period ended September 30, 2005, was mainly driven by
the origination of approximately $1.1 billion in commercial
loans mainly in Puerto Rico, construction loans secured with
real estate collateral of approximately $568 million mainly
originated by FirstBank's loan agency in the state of Florida,
residential real estate loans of approximately $634 million
originated mainly in Puerto Rico through FirstMortgage,
FirstBank's mortgage loans origination subsidiary, and consumer
and automobile loans of approximately $771 million mainly
originated in Puerto Rico.
During the nine-month period ended September 30, 2005, the
Corporation's deposits grew to approximately $12.3 billion, an
increase of approximately 55% over deposits at December 31,
2004. This increase reflects the acquisition of UniBank in the
first quarter of 2005, with approximately $439 million of
branch-based deposits and issuances of brokered certificates of
deposit mainly used to fund the Corporation's loan originations.
Management believes, based on current information, that as of
September 30, 2005, the Corporation continued to be a "well-
capitalized" financial holding company within the meaning of the
federal bank regulations, and, as of such date, both its Puerto
Rico banking subsidiary, FirstBank Puerto Rico, and its Florida
thrift subsidiary, UniBank, were "well capitalized."
First BanCorp is the parent company of FirstBank Puerto Rico, a
state chartered commercial bank in Puerto Rico, the Virgin
Islands and Florida; of FirstBank Insurance Agency; and of Ponce
General Corporation. First BanCorp, FirstBank Puerto Rico, and
UniBank, the thrift subsidiary of Ponce General, all operate
within U.S. banking laws and regulations. The Corporation
operates a total of 140 financial services facilities throughout
Puerto Rico, the U.S. and British Virgin Islands, and Florida
(USA). Among the subsidiaries of FirstBank Puerto Rico are Money
Express, a finance company; First Leasing and Car Rental, a car
and truck rental leasing company; and FirstMortgage, a mortgage
banking company. In the U.S. and British Virgin Islands, the
Bank operates FirstBank Insurance VI, an insurance agency; First
Trade, Inc., a foreign corporation management company; and First
Express, a small loan company.
The Corporation's common and preferred shares trade on the New
York Stock Exchange, under the symbols FBP, FBPPrA, FBPPrB,
FBPPrC, FBPPrD and FBPPrE.
CONTACT: First BanCorp
Luis M.Cabrera - Executive Vice President, Chief
Investment Officer, Treasurer and
Interim Chief Financial Officer
Tel: +1-787-729-8111
E-mail: luis.cabrera@firstbankpr.com
=============
U R U G U A Y
=============
BANCO SANTANDER: Ratings Improve, Fitch Withdraws Further Review
----------------------------------------------------------------
Fitch Ratings has upgraded the long-term foreign currency rating
of Banco Santander S.A. (Uruguay) to 'B+' from 'B'. The rating
is in line with the sovereign rating. At the same time, Fitch
has withdrawn all ratings assigned to Banco Santander S.A. as
follows:
--Long-term foreign currency 'B+';
--Support '5';
--Long-term national Rating 'A+(Uy)'.
CONTACTS: Ana Gavuzzo +5411 5235-8100, Buenos Aires
Maria Fernanda Lopez +5411 5235-8100, Buenos Aires
Peter Shaw +1-212-908-0553, New York
Linda Hammel +1-212-908-0303, New York
MEDIA RELATIONS: Christopher Kimble, New York
Tel: +1 212-908-0226
=================
V E N E Z U E L A
=================
PDVSA: CITGO Prices Cash Tender Offers for Senior Notes
-------------------------------------------------------
CITGO Petroleum Corporation has priced its cash tender offers to
purchase any and all of its outstanding 7-7/8% Senior Notes due
2006 and 6% Senior Notes due 2011. The tender offers and
related consent solicitations for the Notes are being made
pursuant to an Offer to Purchase and Consent Solicitation
Statement, dated Oct. 13, 2005, and the related Consent and
Letter of Transmittal.
Upon consummation of the tender offers, CITGO will pay Holders
who validly tendered and did not withdraw their Notes on or
before 5:00 p.m. Eastern Time on Oct. 26, 2005 total
consideration of $1,015.15 for each $1,000 principal amount of
7-7/8 percent Notes accepted for purchase and $1,053.96 for each
$1,000 principal amount of 6% Notes accepted for purchase, plus,
in each case, accrued and unpaid interest up to, but not
including, the settlement date. The total consideration
includes a consent payment equal to $25 per $1,000 principal
amount of Notes tendered. Holders who validly tendered and did
not withdraw their Notes after the Consent Date and on or before
5 p.m. Eastern Time on Thursday, Nov. 10, 2005, will be eligible
to receive the applicable total consideration minus the consent
payment, which will result in tender offer consideration of
$990.15 per $1,000 of 7-7/8 percent Notes accepted for purchase
and $1,028.96 per $1,000 of 6% Notes accepted for purchase,
plus, in each case as indicated above, accrued and unpaid
interest up to, but not including, the settlement date.
As described in more detail in the Offer to Purchase, the tender
offer consideration for the 7-7/8 percent Notes was determined
based on a fixed spread of 50 basis points over the bid-side
yield on the 2 percent U.S. Treasury Note due May 15, 2006 (as
quoted on page PX3 of the Bloomberg Government Pricing Monitor
at 2:00 p.m. Eastern Time on Nov. 8), and the tender offer
consideration for the 6 percent Notes was determined based on a
fixed spread of 50 basis points over the bid-side yield on the
3.125 percent U.S. Treasury Note due Oct. 15, 2008 (as quoted on
page PX5 of the Bloomberg Government Pricing Monitor at 2:00
p.m. Eastern Time on Nov. 8).
The tender offers will expire on the Expiration Date, subject to
CITGO's right to amend, extend or terminate the tender offers at
any time. Consummation of the tender offers and consent
solicitations, and payment of the tender offer consideration and
consent payment, are subject to the satisfaction or waiver of
various conditions, as described in the Offer to Purchase,
including a financing condition. The tender offer for each
series of Notes is not conditioned upon the consummation of the
tender offer for the other series of Notes.
J.P. Morgan Securities Inc. is the Dealer Manager and
Solicitation Agent for the tender offers and consent
solicitations and may be contacted at 212-834-3424 (call
collect) or 866-834-4666 (toll free). Requests for documents may
be directed to Global Bondholder Services Corporation, the
Information Agent, at 212-430-3774 (call collect) or 866-470-
3700 (toll free).
Headquartered in Houston, Texas, CITGO Petroleum is a refiner,
transporter and marketer of transportation fuels, lubricants,
petrochemicals, refined waxes, asphalt and other industrial
products. The company is owned by PDV America, Inc., an
indirect wholly owned subsidiary of Petroleos de Venezuela,
S.A., the national oil company of the Bolivarian Republic of
Venezuela.
* * *
As reported in the Troubled Company Reporter on Oct. 21, 2005,
Moody's Investors Service assigned a rating of Ba1 to the
proposed senior secured bank credit facilities of CITGO
Petroleum Corporation and affirmed CITGO's Ba1 corporate family
rating and Ba1 ratings for its existing senior notes. The
rating is assigned to a proposed $1.15 billion five-year secured
revolving credit facility and to a $700 million seven-year
secured Term B facility. Proceeds of the term facility will be
used primarily to fund the redemption of some $593 million of
unsecured long-term debt and to replace CITGO's existing bank
revolver, which matures in December 2005. (Troubled Company
Reporter, Tuesday, Nov. 22, 2005, Vol. 9, No. 277)
***********
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
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Sheryl Joy P. Olano, Editors.
Copyright 2005. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
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