TCRLA_Public/051125.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    L A T I N   A M E R I C A

          Friday, November 25, 2005, Vol. 6, Issue 234

                            Headlines


A R G E N T I N A

CALDENIA Y ASOCIADOS: Reorganization Converts to Bankruptcy
CONTENIDOS SATELITALES: Court Finds in Creditor's Favor
DIASENSE ARGENTINA: Initiates Liquidation Process
ESTUDIO ORBE: Court Authorizes Plan, Concludes Reorganization
INVERSORA DE CENTROS: Proceeds With Liquidation

LOTFTS S.R.L.: Court Declares Company Bankrupt
METROGAS: S&P Reaffirms Default Rating on $600M Worth of Bonds
SERAFINI Y CIA.: Reorganization Proceeds to Bankruptcy


B E R M U D A

PXRE GROUP: Files Shelf Registration for Additional Capital
ROSEMONT RE: GoshawK Replaces Board, Mulls Equity Issue

B R A Z I L

AES CORP: Lenders Extend Default Waiver
AMPLA ENERGIA: S&P Assigns `BB-' Corporate Credit Rating
AOL LATIN AMERICA: Judge OKs Termination of Itau Agreements
VARIG: Recent Executive Appointments Jeopardize TAP Loan


C A Y M A N   I S L A N D S

DANA PETROLEUM (NW NATUNA): Liquidation Accounting Dec. 16
DANA PETROLEUM (SPAIN): Final Meeting to be Held Dec. 16
DARGO LIMITED: To Present Final Accounting Dec. 15
DEPFA ASSET: Final Meeting of Shareholders Set for Dec. 16
DIVERSIFIED ASSETS: To Hold Final General Meeting Dec. 16

DIVERSIFIED ASSETS II: Winding Up Details Due Dec. 16
DIVERSIFIED ASSETS III: Final General Meeting Set for Dec. 16
DRESDNER RCM: Liquidation Meeting Set for Dec. 15
DUPLEX CORPORATION: Final General Meeting Scheduled for Dec. 15
EISBERG FINANCE: Liquidation Proceeding Set for Dec. 21

EMERGING MARKETS: Extraordinary Meeting to be Held Dec. 16
FLAVIUS CDO: To Relate to Members Accounts of Wind Up Dec. 16
FLICKA: Shareholders to Hold Final Meeting Dec. 14
FORT VENTURE: Final General Meeting Set for Dec. 15
GCM INCORPORATED: Liquidator's Report Due Dec. 16

GLOBAL NATURAL: To Report on Wind Up Process Dec. 5
GOSHAWK SECURITY: Final Accounting on Liquidation Due Dec. 16
GVC (CAYMAN): Final General Meeting to be Held Dec. 15
HEXAGON HOLDINGS: To Present Account on Wind Up to Members
HIGHLAND LOAN: Final General Meeting Set for Dec. 16

HK SYNTHETIC: To Report on Liquidation Process Dec. 16
HMVLG ARGENTINE: Sets Final General Meeting for Dec. 16
HORUS INVESTMENT: Schedules Final General Meeting for Dec. 16
IBUKI LIMITED: Final General Meeting Set for Dec. 16
INS CAYMAN: Members to Hear Report on Liquidation Dec. 15

INTENT HOLDINGS: Wind Up Process Explaination Due at Meeting
INTERGEN ROTTERDAM: To Give Explanation on Liquidation Dec. 30
INVESTCORP ALTERNATIVE: To Lay Accounts on Wind Up Dec. 20
INVESTCORP CFOHI: Wind Up Process to be Reported Dec. 20
INVESTCORP DSF: Liquidation Process to be Explained to Members


J A M A I C A

AIR JAMAICA: Seeks to Maintain Jamaica-Cayman Route
COURTS JAMAICA: Reports Lower Finance Costs in Qtr Ended Oct. 2
SHELL JAMAICA: To Sell Service Stations to Cool Petroleum


P A N A M A

WILLBROS GROUP: Restated Results Include Negative Impacts


     - - - - - - - - - -

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A R G E N T I N A
=================

CALDENIA Y ASOCIADOS: Reorganization Converts to Bankruptcy
-----------------------------------------------------------
Caldenia y Asociados S.A., a Bahia Blanca-based company that
was undergoing reorganization, was declared bankrupt. Argentine
news source Infobae relates that the city's civil and
commercial court ruled that the Company is "Quiebra Decretada".

The report adds that the court assigned Mr. Luis R. Alberio as
receiver, who will verify creditors' proofs of claim until. The
court also ordered the receiver to prepare individual reports
after the verification process is completed. The court also
requires the trustee to prepare a general report on the
Company's bankruptcy case.

CONTACT: Caldenia y Asociados S.A.
         Undiano 574
         Bahia Blanca

         Mr. Luis R. Alberio, Trustee
         Moreno 317
         Bahia Blanca


CONTENIDOS SATELITALES: Court Finds in Creditor's Favor
-------------------------------------------------------
Contenidos Satelitales S.A. entered bankruptcy after Court No.
9 of Buenos Aires' civil and commercial tribunal approved a
bankruptcy motion filed by Mr. Roberto Eliseo Vanini, reports
La Nacion.

Working with the city's Clerk No. 17, the court assigned Mr.
Gustavo Pagliere as trustee for the bankruptcy process. The
trustee's duties include the authentication of the Company's
debts and the preparation of the individual and general
reports. Creditors are required to present their proofs of
claim to the trustee before Feb. 11, 2006.

The Company's assets will be liquidated at the end of the
bankruptcy process to repay creditors. Payments will be based
on the results of the verification process.

CONTACT: Contenidos Satelitales S.A.
         Chile 1253
         Buenos Aires

         Mr. Gustavo Pagliere, Trustee
         Tucuman 1424
         Buenos Aires


DIASENSE ARGENTINA: Initiates Liquidation Process
-------------------------------------------------
Diasense Argentina S.A. of Buenos Aires will begin liquidating
its assets after the city's court declared the Company
bankrupt. Infobae reveals that the bankruptcy process will
commence under the supervision of court-appointed trustee, Mr.
Aldo Emilio Cambiasso.

The trustee will review claims forwarded by the Company's
creditors until Dec. 30, 2005. After claims verification, Mr.
Cambiasso will submit the individual reports for court approval
on March 14, 2006. The general report will follow on April 25,
2006.

CONTACT: Diasense Argentina S.A.
         Viamonte 675 Capital Federal

         Mr. Aldo Emilio Cambiasso, Trustee
         Avda. Cerrito 1070
         Buenos Aires


ESTUDIO ORBE: Court Authorizes Plan, Concludes Reorganization
-------------------------------------------------------------
Buenos Aires-based company Estudio Orbe de Servicios
Empresarios S.A. concluded its reorganization process,
according to data released by Infobae on its Web site. The
conclusion came after the city's court homologated the debt
plan signed between the Company and its creditors.


INVERSORA DE CENTROS: Proceeds With Liquidation
-----------------------------------------------
Banco Comafi S.A. successfully sought for the bankruptcy of
Inversora de Centros Comerciales S.A. after Court No. 9 of
Buenos Aires' civil and commercial tribunal declared the
Company "Quiebra," reports La Nacion.

As such, Inversora de Centros Comerciales S.A. will now start
the process with Mr. Jose Abuchdid as trustee. Creditors must
submit proofs of their claim to the trustee by Feb. 14, 2006
for authentication. Failure to comply with this requirement
will mean a disqualification from the payments that will be
made after the Company's assets are liquidated.

The city's Clerk No. 18 assists the court on the case that will
close with the sale of all of its assets.

CONTACT: Inversora de Centros Comerciales S.A.
         Pedro Ignacio Rivera 3949
         Buenos Aires

         Mr. Jose Abuchdid, Trustee
         Tacuari 119
         Buenos Aires


LOTFTS S.R.L.: Court Declares Company Bankrupt
----------------------------------------------
Court No. 17 of Buenos Aires' civil and commercial tribunal
declared local company Lotfts S.R.L. "Quiebra", relates La
Nacion. The court approved the bankruptcy petition filed by Ms.
Zulma Nargas, whom the Company has debts amounting to
$6,838.40.

The Company will undergo the bankruptcy process with Mr. Hector
Martinez as trustee. Creditors are required to present proofs
of their claim to Mr. Martinez for verification before Feb. 6,
2006. Creditors who fail to submit the required documents by
the said date will not qualify for any post-liquidation
distributions.

Clerk No. 34 assists the court on the case.

CONTACT: Lotfts S.R.L.
         Rivadavia 6301
         Buenos Aires

         Mr. Hector Martinez, Trustee
         Independencia 2251
         Buenos Aires


METROGAS: S&P Reaffirms Default Rating on $600M Worth of Bonds
--------------------------------------------------------------
The Argentine arm of Standard & Poor's International Ratings,
Ltd. reaffirmed its 'raD' rating on US$600 million worth of
bonds issued by Metrogas, S.A.

According to the National Securities Commission (known by its
Spanish acronym as CNV), the undated bonds carry the
description "obligaciones negociables simples".

The rating assigned to the bonds was based on Metrogas'
financial status as of Sep. 30, 2005.

CONTACT:  METROGAS, S.A.
          Gregorio Araoz de Lamadrid 1360
          Buenos Aires
          Argentina
          CPA C 1267
          Phone: +54 11 4309 1010
          Fax:  +54 11 4309 1025
          Web site: http://www.metrogas.com.ar


SERAFINI Y CIA.: Reorganization Proceeds to Bankruptcy
------------------------------------------------------
The reorganization of Serafini y Cia. S.A. has progressed into
bankruptcy. Argentine news source Infobae relates that a Buenos
Aires court ruled that the Company is "Quiebra Decretada".

The report adds that the court assigned Estudio Moussoli,
Duschatzky, Maccio y Asociados as trustee, who will verify
creditors' proofs of claim until March 15, 2006.

The court also ordered the trustee to prepare individual
reports after the verification process is completed, and have
them ready by April 28, 2006. A general report on the
bankruptcy process is expected on June 13, 2006.

CONTACT: Estudio Moussoli, Duschatzky, Maccio y Asociados
         Trustee
         Lavalle 1882
         Buenos Aires


=============
B E R M U D A
=============

PXRE GROUP: Files Shelf Registration for Additional Capital
-----------------------------------------------------------
PXRE Group Ltd. (NYSE: PXT) announced Wednesday that it has
filed with the Securities and Exchange Commission a shelf
registration statement for the proposed offering of up to $700
million of its securities, including approximately $198 million
of its previously registered securities. This shelf
registration statement provides the Company with the
flexibility to sell debt securities, common and preferred
shares, depository shares, warrants, purchase contracts and
units comprised of one or more securities, as well as trust
preferred securities or a combination of the above. The
registration statement also covers the resale of previously
registered securities of the Company that may be offered and
sold by selling shareholders.

The shelf registration statement relating to these securities
has been filed with the Securities and Exchange Commission but
has not yet become effective. These securities may not be sold,
nor may offers to buy be accepted, prior to the time at which
the registration statement has been declared effective by the
Securities and Exchange Commission. This press release does not
constitute an offer to sell nor the solicitation of an offer to
buy any securities, nor shall there be any sale of these
securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification
under the securities laws of such state.

With operations in Bermuda, the United States and Europe --
PXRE provides reinsurance products and services to a worldwide
marketplace. The Company's primary focus is providing property
catastrophe reinsurance and retrocessional coverage. The
Company also provides marine, aviation and aerospace products
and services. The Company's shares trade on the New York Stock
Exchange under the symbol "PXT."

CONTACT: PXRE Group Ltd.
         John Modin, Chief Financial Officer
         Tel: +1-441-296-5858
         E-mail: john.modin@pxre.com

         Investors: Jamie Tully of Citigate Sard Verbinnen
         Tel: +1-212-687-8080
         E-mail: jtully@sardverb.com


ROSEMONT RE: GoshawK Replaces Board, Mulls Equity Issue
-------------------------------------------------------
Following an announcement on 21 October 2005 that Rosemont Re
is to be placed into run-off, the board of GoshawK Insurance
Holdings plc ("GoshawK" or "the Company") has reviewed the
resources of the Company and the structure of the board to
ensure that the run-off is managed in a manner that aims to
maximize value for shareholders.

The board has announced the appointment of Rory Macnamara as
Chairman and Michael Dawson as Chief Executive of the Company
with immediate effect. The current board are to resign from
GoshawK and all its subsidiaries with immediate effect, with
the exception of Richard Titley, who intends to do so shortly
and Russell Brooke and Jonathan Beck who will remain on the
board of Rosemont Re for a short period of time to facilitate
an orderly operational handover to the new directors. All
members of the current board have agreed to make themselves
available to the incoming board, as appropriate, going forward.

Rory Macnamara has been working as a consultant to the board in
conjunction with Michael Dawson and is planning the run-off.
Following the breaching of certain banking covenants as
announced on 3 November, he is in ongoing consultation with the
Company's lending banks (the "Banks") and the Bermuda Monetary
Authority (" BMA") to seek a satisfactory outcome for the
benefit of both the Banks and shareholders.

                 Possible Equity Issue

In conjunction with these board changes, the Company is
considering the possibility of launching an equity issue to
raise US$15-20 million, (before related costs and fees),
although the terms of any issue and the exact amount required
to meet the Company's ongoing needs are still to be determined.
Phoenix Asset Management Partners Limited ("Phoenix"),
GoshawK's largest shareholder, has provided a written
indication of its intention to underwrite such an equity issue
if it is made.

Such an equity issue, if completed, should improve the
Company's financial position and would be used to repay part of
the amounts due to the Banks and fund ongoing running costs.
Phoenix's underwriting is conditional on the board changes
described above and on the grant of a waiver by the Panel on
Takeovers and Mergers (the "Panel") from the obligation that
might otherwise arise to make a mandatory offer for all the
shares in GoshawK not already owned by Phoenix (a "Code
Whitewash"). However, there can be no certainty that an equity
issue will take place or, if it does, as to its quantum or
timing. Further details will be provided to shareholders in due
course.

Implementation of the equity issue would require, and be
conditional upon, a Code Whitewash. The grant of a Code
Whitewash by the Panel would require, inter alia, the approval
by independent GoshawK shareholders in general meeting (so that
Phoenix, and any other non independent shareholders, would not
participate in the vote).

Proposed Sale of Certain Assets of Rosemont Re - Heads of Terms
It was further announced on 21 October 2005 that heads of terms
had been agreed with a consortium led by Don Kramer (the
"Consortium" ) for the sale of certain Rosemont Re assets,
including the majority of the team. The Consortium is in the
process of incorporating a new Bermuda reinsurer with capital
of not less than $750m. Progress continues and a further
announcement will be made in due course.

Commenting on developments, Paul Spencer said: "The board has
been working hard to try and maximise the potential value for
shareholders. In the circumstances, we believe it is
appropriate for Rory and Michael to lead the next stage of an
orderly run-off process for the benefit of all stakeholders."

Rory Macnamara added: "I appreciate the support that Paul and
the other directors have provided, and, with Michael Dawson,
will seek the best outcome for shareholders."

Enquiries: GoshawK Insurance Holdings plc  
           020 7499 2355  
           Rory Macnamara   
           Paul Spencer   
    
           College Hill
           020 7457 2020  
           Tony Friend   
           Richard Pearson / Roddy Watt   



===========
B R A Z I L
===========

AES CORP: Lenders Extend Default Waiver
---------------------------------------
The lenders under AES Corp. Amended and Restated Credit
Agreement have extended until December 31, 2005 the waiver of
any default or event of default under the credit agreement,
which may arise by virtue of the Company's failure to deliver
to the lenders the Company's June 30, 2005 and September 30,
2005 Form 10-Q financial statements.

Because the Company did not file its June 30, 2005 and
September 30, 2005 Form 10-Q by the SEC's filing deadline, the
Company was not in compliance with its indentures governing the
Company's senior and senior subordinate notes, but that non-
compliance will not result in an automatic event of default or
the acceleration of the notes.  However, either the trustee
under any of the indentures or the holders of at least 25% of
the outstanding principal amount of any such series of notes
would have the right to accelerate the maturity of that series
of notes if the Company failed to file and deliver its June 30,
2005 and September 30, 2005 Form 10-Q and other periodic
reports within 60 days after written notice of such default,
unless holders of a majority of each series of the notes waive
compliance with the filing and delivery requirement.

Under the indentures and the Amended and Restated Credit
Agreement, the Company must file periodic reports with the SEC
and furnish copies to the trustees and the noteholders under
its indentures and each lender under the credit facility.  All
of the indentures, provide that an event of default occurs
thereunder when an event of default occurs under any other
indebtedness of AES in excess of $50 million and either (a)
such default arises from the failure to pay the principal at
final maturity or (b) as a result of such default, the maturity
of such debt has been accelerated and such acceleration has not
been annulled within 60 days.  The Amended and Restated Credit
Agreement contains a cross-default provision that provides that
the Company's default on indebtedness in amounts in excess of
$50 million would constitute an event of default under the
Amended and Restated Credit Agreement.

CONTACT: AES Corporation
         Media Contact
         Robin Pence
         Phone: 703-682-6552
                  or
         Investor Contact
         Scott Cunningham
         Phone: 703-682-6336   


AMPLA ENERGIA: S&P Assigns `BB-' Corporate Credit Rating
--------------------------------------------------------
Rationale

The 'BB-' corporate credit ratings assigned to Brazilian
electric utility Ampla Energia e Servicos are supported by:

- The company's balanced financial standing with credit metrics
in line with the rating category. As of September 2005, Ampla
had funds from operations (FFO) to total debt of 23.5%, total
debt to capitalization of 46.4%, total debt to EBITDA of 2.53x,
and FFO to gross interest coverage of 1.92x.

- Steady, sizable residential and commercial customer base
(jointly represents 74% of total revenues) and monopoly
franchise to distribute energy in part of the state of Rio de
Janeiro.

- Minimal exposure to currency risk. Ampla has only about US$60
million (12% of total debt) tied to foreign currency and half
of this amount is protected by the use of swaps. In 2003, the
exposure was US$380 million and the intercompany conversion
into capital in early 2004 was responsible for reducing this
amount.

- Supportive approach from its parent companies, the family
block of Spain-based Endesa S.A. (A/Negative/A-1), Chile-based
Enersis S.A. (BBB-/Stable/--), and unrated Chile-based
Chilectra S.A. (referred to as the Endesa/Enersis group). Since
2002, this group capitalized Brazilian real (BrR) 1.3 billion
of debt (about US$430 million) to enhance Ampla's capital
structure, as it had deteriorated due to several problems the
entire electric sector faced since the 2001 rationing crisis.

The rating also reflects the following weaknesses:

- Ampla faces the challenge of reducing its high level of
energy losses (22.7% compared with average 13% by its peers),
thus restraining the company's capacity to improve cash
generation.

- The company has a significant amount of historical past due
receivables, which currently accounts for more than twice
monthly net revenues.

- The company is exposed to a new and evolving regulatory
environment in Brazil, but implementation has been done without
major incidents so far.

After overcoming the negative results produced by the 2001
electricity-rationing crisis, Ampla has focused on
strengthening its capital structure since 2003. One improvement
occurred in March 2004, when the company's major shareholders,
Endesa/Enersis, converted BrR710 million of intercompany loans
into capital. This capital conversion also demonstrated support
from shareholders, which already had supported other debt-to-
capital conversions during 2002 totaling BrR631 million.

Ratings also highlight Ampla's improving financial performance
since 2004. In September 2005, the company had EBITDA of about
BrR360 million, equivalent to an EBITDA margin of 22.6%, which
is the historical level for this company, and has been able to
produce cash generation ratios in line with the rating
category: FFO to total debt of 23.5%, compared with 24.5% in
the same period of 2004; total debt to EBITDA of 2.53x,
compared with 2.61x; and FFO interest coverage increased to
1.92x (from about 2.0x in September 2004). Ampla has raised its
volume of investments during 2005, specially focusing on the
decline of its energy losses level, and to do so, disbursed
BrR290 million during the first nine months of 2005 (53% more
than in the same period of 2004), in which a significant
portion was concentrated on reducing energy losses.

Ampla also now has a significantly lower foreign currency
exposure. In December 2003, dollar-denominated debt reached
US$380 million (65% of total debt), including US$280 million of
intercompany transactions. Now, foreign currency exposure is
only US$60 million (12% of total debt). Still, Ampla continues
with its policy to hedge the short-term portion of those debts.
Although the company had always hedged its higher foreign
currency exposure in the past, the reduction of dollar-
denominated transactions prevents Ampla from being exposed to
possible cash disbursements when the local currency
unexpectedly appreciates.

Privatized in 1996, Ampla has the exclusive concession to
deliver electricity until 2026 to 2.2 million consumers spread
out in 66 municipalities of the state of Rio de Janeiro (73% of
its territory). The company's major shareholders are the
Endesa/Enersis group with 91.9% and Energias de Portugal S.A.
(A/Watch Neg/A-1) with 7.7%. In 2004, the company distributed
7,292 megawatt-hours to 2.1 million customers, representing a
2.4% share of Brazil's electric distribution market.

Liquidity

Ampla's liquidity is comfortable due to the resolution of its
refinancing needs through the issuance of BrR400 million
debentures in first-quarter 2005 low exposure to dollar-
denominated debts, and enhancement of its capital structure
after the BrR710 million intercompany conversions into capital
in 2004. The shareholders' decision to not upstream dividends
since 2001 has also contributed to Ampla's financial
flexibility during the past three years. As a result of the
intercompany conversion, Ampla's total debt was BrR1.2 billion
in September 2005, a drop of some BrR400 million compared with
December 2003, including the intercompany loans with
Endesa/Enersis group at that time. Of the total amount, BrR142
million was short-term debt, in which about BrR31 million was
working capital loans. To deal with its short-term debt, the
company has BrR163 million in cash holdings.

Outlook

The stable outlook reflects the expectation that Ampla will
maintain its capital structure similar to the current levels
and with a soft amortization schedule, which translates to an
adequate leverage ratio of total debt to total capital in the
50% area and exposure to foreign-currency transactions below
15%. In addition, Standard & Poor's expects the company to
continue posting adequate cash flow protection measures as
shown in September 2005 of FFO interest coverage in the 2x area
and FFO to total debt in the 20% area. If Ampla's efforts to
adequately address some current operating deficiencies, such as
the high level of energy losses and past due receivables,
positively affect future cash flow generation and its capacity
to repay debt, the outlook could be revised to positive. On the
other hand, if both issues are not adequately resolved and also
escalate from the current levels, leading Ampla to present
indicators lower that those mentioned above, the outlook could
be revised to negative.

Primary Credit Analyst: Marcelo Costa, Sao Paulo (55) 11-5501-
8955; marcelo_costa@standardandpoors.com


AOL LATIN AMERICA: Judge OKs Termination of Itau Agreements
-----------------------------------------------------------
Regional ISP America Online Latin America has secured approval
from a US bankruptcy court to terminate marketing
agreements with Banco Itau SA, Brazil's second-largest bank,
reports Business News Americas.

Itau will pay AOL Latin America a total of US$3.7 million to
free the bank from potential liabilities under the agreements.  
About US$1.6 million of the total payment will go to the parent
company itself and the remaining $2.1 million will go to AOL
Brazil.

At the same time, AOL Latin America also secured the judge's
approval on its appointment of Mario Martin Lanzoni as
controller and treasurer of the Company.

Headquartered in Fort Lauderdale, Florida, America Online Latin
America, Inc. -- http://www.aola.com/-- offers AOL-branded  
Internet service in Argentina, Brazil, Mexico, and Puerto Rico,
as well as localized content and online shopping over its
proprietary network. AOL Latin America filed for Chapter 11
protection June 24, listing assets of US$28.5 million and debts
of US$181.8 million.


VARIG: Recent Executive Appointments Jeopardize TAP Loan
--------------------------------------------------------
Speculation is rife that TAP Air Portugal may retract a US$40
million loan that was pledged to ailing Brazilian airline
Viacao Aerea Rio-Grandese (Varig), reports Dow Jones Newswires.

TAP had pledged to extend the loan as a rider on a deal to buy
control of Varig's profitable cargo and maintenance
subsidiaries for US$62 million. The loan was to be offered
against future receivables, with the money earmarked for work
on 15 planes, which have been grounded because a lack of parts
and essential maintenance.

However, TAP's concerns about the recent executive appointments
at Varig raised question marks over such a deal.

Fundacao Rubem Berta, which owns the majority of the airline's
shares, decided to replace three top executives. It 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.
Sergio Bruni will replace Eleazar de Carvalho on Varig's board.

The replacements came at the request of workers'
representatives, who demanded changes in the wake of the
Company's decision to fire more than 100 pilots.

Varig filed for bankruptcy earlier this year under the weight
of BRL7.7 billion (US$3.53 billion) in debt. TAP is one of the
front-runners to become a partner in Varig as it seeks to
restructure its debt and put the Company back on a solid
financial footing. The purchase of the cargo and maintenance
subsidiaries was seen as a first step in this process.



===========================
C A Y M A N   I S L A N D S
===========================

DANA PETROLEUM (NW NATUNA): Liquidation Accounting Dec. 16
----------------------------------------------------------
            DANA PETROLEUM (NW NATUNA) LLC
              (In Voluntary Liquidation)
         The Companies Law (2004 Revision)
                    Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named company
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
16th December 2005 for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

CONTACT:  JOHANN LE ROUX and JON RONEY
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


DANA PETROLEUM (SPAIN): Final Meeting to be Held Dec. 16
--------------------------------------------------------
               DANA PETROLEUM (SPAIN) LLC
               (In Voluntary Liquidation)
           The Companies Law (2004 Revision)
                        Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named company
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
16th December 2005 for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

CONTACT:  JOHANN LE ROUX and JON RONEY
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


DARGO LIMITED: To Present Final Accounting Dec. 15
--------------------------------------------------
                       DARGO LIMITED
                (In Voluntary Liquidation)
              The Companies Law (2003 Revision)

Pursuant to Section 145 of the Companies Law (2003 Revision),
the extraordinary final meeting of the shareholders of this
company will be held at Coutts (Isle of Man) Limited, Coutts
House, Summerhill Road, Onchan, Isle of Man, IM3 1RB, on 15th
December 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 the final winding up on 15th December 2005.

2. To authorize the liquidator to retain the records of the
Company for a period of five years from the dissolution of the
company after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.

CONTACT:  ROYHAVEN SECRETARIES LIMITED
          Voluntary LIQUIDATOR
          For enquiries: N A Wilkins
          Telephone: 945-4777
          Facsimile: 945-4799

          Address for Service:
          c/o PO Box 707 GT, Grand Cayman
          Telephone: 945-4777
          Facsimile: 945-4799


DEPFA ASSET: Final Meeting of Shareholders Set for Dec. 16
----------------------------------------------------------
             DEPFA ASSET MANAGEMENT CAYMAN LTD.
                     (The "Company")
               (In Voluntary Liquidation)
             The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
Final Meeting of the Shareholders of the Company will be held
at the registered office of the Company on 16th December 2005
at 10.30 a.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed
of, as at final winding up on 16th December 2005.

2. To authorize the Liquidators to retain the records of the
company for a period of five years from the dissolution of the
company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.

CONTACT:  JOHN CULLINANE and DERRIE BOGGESS
          Joint Voluntary Liquidators
          C/o Walkers SPV Limited
          Walker House, P.O. Box 908
          George Town, Grand Cayman


DIVERSIFIED ASSETS: To Hold Final General Meeting Dec. 16
---------------------------------------------------------
         DIVERSIFIED ASSETS LIBOR INVESTMENT 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 the above-named company
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
16th December 2005 for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

CONTACT:  CARRIE BUNTON and JOHANN LE ROUX
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


DIVERSIFIED ASSETS II: Winding Up Details Due Dec. 16
-----------------------------------------------------
        DIVERSIFIED ASSETS LIBOR INVESTMENT II 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 the above-named company
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
16th December 2005 for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

CONTACT:  CARRIE BUNTON and JOHANN LE ROUX
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


DIVERSIFIED ASSETS III: Final General Meeting Set for Dec. 16
-------------------------------------------------------------
         DIVERSIFIED ASSETS LIBOR INVESTMENT III 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 the above-named company
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
16th December 2005 for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

CONTACT:  CARRIE BUNTON and JOHANN LE ROUX
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


DRESDNER RCM: Liquidation Meeting Set for Dec. 15
-------------------------------------------------
            DRESDNER RCM TAIWAN FUND LIMITED
              (In Voluntary Liquidation)
                    (The "Company")
            The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final general meeting of the shareholders of this Company
will be held at the offices of Deloitte, Fourth Floor, Citrus
Grove, P.O. Box 1787, George Town, Grand Cayman, on 15th
December 2005 at 10:00a.m.

Business:

1. To lay accounts before the meeting showing how the winding
up has been conducted and how the property has been disposed of
to the date of the final winding up on 15th December 2005.

2. To authorize the liquidators to retain the records of the
Company for a period of five years from the dissolution of the
Company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTRACT: STUART SYBERSMA
          Joint Voluntary Liquidator
          For enquiries: Nicole Ebanks, Deloitte
          P.O. Box 1787 GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


DUPLEX CORPORATION: Final General Meeting Scheduled for Dec. 15
---------------------------------------------------------------
                    DUPLEX CORPORATION
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)
                        Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named company
will be held at the offices of Maples Finance Jersey
Limited, 2nd Floor, Le Masurier House, La Rue Le Masurier, St.
Helier, Jersey JE2 4YE, on 15th December 2005 for the purpose
of presenting to the members an account of the winding up of
the company and giving any explanation thereof.

CONTACT:  MARK WANLESS
          Voluntary Liquidator
          c/o Maples Finance Jersey Limited
          2nd Floor, Le Masurier House
          La Rue Le Masurier, St. Helier, Jersey JE2 4YE


EISBERG FINANCE: Liquidation Proceeding Set for Dec. 21
-------------------------------------------------------
                   EISBERG FINANCE LTD
                (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 this company will be
held at the registered office of the company, on 21st December
2005at 9:30am.

Business:

1. To lay accounts before the meeting showing how the winding
up has been conducted and how the property has been disposed of
to the date of winding up on 21st December 2005.

2. To authorize the liquidator to retain the records of the
company for a minimum of six years from the dissolution of the
company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote I
entitled to appoint a proxy to attend and vote in his stead. A
proxy need not be a member or a creditor.

CONTACT:  SEAN FLYNN
          Voluntary Liquidator
          P.O. Box 852GT, Grand Cayman


EMERGING MARKETS: Extraordinary Meeting to be Held Dec. 16
----------------------------------------------------------
               EMERGING MARKETS (CAYMAN) LTD.
                 (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of the
above-named company will be held at the offices of Deutsche
Bank (Cayman) Limited, Elizabethan Square, George Town, Grand
Cayman, on 16th December 2005 for the purpose of presenting to
the members an account of the winding up of the company and
giving any explanation thereof.

CONTACT:  DAVID DYER
          Voluntary Liquidator
          For enquiries:
          Telephone: (345) 949 8244
          Facsimile: (345) 949 5223
          Address for service:
          P.O. Box 1984GT, Grand Cayman


FLAVIUS CDO: To Relate to Members Accounts of Wind Up Dec. 16
-------------------------------------------------------------
                     FLAVIUS CDO 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 the above-named company
will be held at the offices of Maples Finance Limited,
Queensgate House, George Town, Grand Cayman, Cayman Islands, on
16th December 2005 for the purpose of presenting to the members
an account of the winding up of the company and giving any
explanation thereof.

CONTACT:  HELEN ALLEN and JON RONEY
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


FLICKA: Shareholders to Hold Final Meeting Dec. 14
--------------------------------------------------
                        FLICKA
             (In Voluntary Liquidation)
          The Companies Law (2004 Revision)

TAKE NOTICE THAT pursuant to Section 145 of the Companies Law
(2004 Revision) that the final meeting of the shareholders of
the above-named company will be held at the offices of
Walkers, PO Box 265GT, Walker House, Mary Street, George Town,
Grand Cayman, Cayman Islands, on 14th December 2005 at 10.00
a.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed
of, as at the final winding up and for hearing any explanation
that may be given by the liquidator.

2. To authorise the liquidators to retain the records of the
company for a period of five years from the dissolution of the
company, after which time they may be destroyed.

Any member entitled to attend and vote is permitted to appoint
a proxy to attend and vote instead of him and such proxy need
to be a member.

CONTACT:  JOHN P. RIGAS
          Voluntary Liquidator
          Sciens Capital Management LLC
          667 Madison Avenue
          New York, NY 10021 USA


FORT VENTURE: Final General Meeting Set for Dec. 15
---------------------------------------------------
                      FORT VENTURE LTD.
                 (In Voluntary liquidation)
              The Companies Law (2004 Revision)

Notice is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the extraordinary final general
meeting of the above named company will be held at the offices
Smith Barney Private Trust Company (Cayman) Limited, CIBC
Financial Centre, George Town, Grand Cayman, on the 15th day of
December 2005 for the purpose of presenting to the members an
account of the winding up of company and giving any explanation
thereof.

CONTACT:  BUCHANAN LIMITED
          Voluntary Liquidator
          P.O. Box 1170, George Town, Grand Cayman


GCM INCORPORATED: Liquidator's Report Due Dec. 16
-------------------------------------------------
                   GCM INCORPORATED
              (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to section 145 of the
Companies Law, that the extraordinary final meeting of the sole
shareholder of the above company will be held on the 16th
December 2005.

The purpose of said extraordinary meeting of the sole
shareholder is to have laid before him the report of the
liquidator, showing the manner in which the winding-up of the
company has been conducted, the property of the company
distributed and the debts and obligations of the company
discharged and giving any explanation thereof.

CONTACT:  COMMERCE CORPORATE SERVICES LIMITED
          Voluntary Liquidator
          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 7904

          Address for Service:
          PO Box 694, Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 7904


GLOBAL NATURAL: To Report on Wind Up Process Dec. 5
---------------------------------------------------
                  Global Natural Resources II
                  (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 Global Natural Resources
II will be held at offices of the Liquidators set forth below
on December 5, 2005 for the purpose of presenting to the member
an account of the winding up of the Company and giving any
explanation thereof.

CONTACT: Cititrust (Bahamas) Limited, Voluntary Liquidator
         Schell Stubbs, Vice President
   P.O. Box N-1576
   Citibank Bldg., Thompson Blvd.
   Oakes Field, New Providence, Nassau, Bahamas


GOSHAWK SECURITY: Final Accounting on Liquidation Due Dec. 16
-------------------------------------------------------------
              Goshawk Security Insurance Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to section 145 of the
Companies Law, that the final General Meeting of the
Shareholders of Goshawk Security Insurance Limited (the
"Company") will be held at the offices of Willis Management
(Cayman) Limited, the Grand Pavilion Commercial Centre, West
Bay Rd, Grand Cayman, on December 16, 2005 at 10:00 a.m., for
the purpose of:

1. Having an account laid before the members showing the manner
in which the winding-up has been conducted and the property of
the Company disposed of, and of hearing any explanation that
may be given by the liquidator; and

2. Determining the manner in which the books, accounts and
documentation of the Company, and of the liquidator should be
disposed of.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT: Mr. James Owen, Voluntary Liquidator
         c/o Willis Management (Cayman) Ltd.
         PO Box 30600 Seven Mile Beach
         Grand Pavilion Commercial Centre
         Grand Cayman, Cayman Islands
         Phone: 345 949 3039
         Fax: 345 949 6621


GVC (CAYMAN): Final General Meeting to be Held Dec. 15
------------------------------------------------------
                    GVC (Cayman) Corporation
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to section 145 of the
Companies Law (2004 Revision), that the final general meeting
of the
Company will be held at the offices of Bridge Street Services
Limited, Marquee Place, Suite 300, 430 West Bay Road, Grand
Cayman, Cayman Islands, on December 15, 2005 for the purposes
of having accounts laid before the members and to receive the
report of the liquidator, showing the manner in which the
winding up has been conducted, the property of the Company
disposed of and the debts and obligations of the Company
discharged, and of hearing any explanation that may be given by
the Liquidator and also of determining the manner in which
books, accounts and documents of the Company and the Liquidator
should be disposed.

CONTACT: Brott Limited, Voluntary Liquidator
         Michelle R. Bodden
         Phone: 945-6682
         Fax: 945-6692
         Bridge Street Services Limited
         Marquee Place, Suite 300, 430 West Bay Road
         P.O. Box 30691SMB, Grand Cayman


HEXAGON HOLDINGS: To Present Account on Wind Up to Members
----------------------------------------------------------
                    Hexagon Holdings 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 Hexagon Holdings 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. Carlos Farjallah and Johann Le Roux
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


HIGHLAND LOAN: Final General Meeting Set for Dec. 16
----------------------------------------------------
               Highland Loan Funding V Subco 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 Highland Loan Funding V
Subco 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


HK SYNTHETIC: To Report on Liquidation Process Dec. 16
------------------------------------------------------
                 HK Synthetic MBS Co. 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 HK Synthetic MBS Co.
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: Ms. Helen Allen and Jon Roney
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


HMVLG ARGENTINE: Sets Final General Meeting for Dec. 16
-------------------------------------------------------
                   HMVLG Argentine Cable, Ltd.
                    (In Voluntary Winding Up)
                The Companies Law (2004 Revision)
                          Section 145
NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of HMVLG Argentine Cable,
Ltd. will be held at 200 Crescent Court, Suite 1600, Dallas,
TX 75201, 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: Mr. David W. Knickel, Voluntary Liquidator
         c/o Stuarts Walker Hersant, Attorneys-at-Law
         P.O. Box 2510GT, Cayman Financial Centre
         36A Dr. Roy's Drive, George Town
         Grand Cayman, Cayman Islands


HORUS INVESTMENT: Schedules Final General Meeting for Dec. 16
-------------------------------------------------------------
                      Horus Investment 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 Horus Investment 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: Carrie Bunton and Johann Le Roux
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


IBUKI LIMITED: Final General Meeting Set for Dec. 16
----------------------------------------------------
                         Ibuki 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 Ibuki 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. Chris Watler and Johann Le Roux
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


INS CAYMAN: Members to Hear Report on Liquidation Dec. 15
---------------------------------------------------------
                  INS Cayman Company Limited
                  (In Voluntary Liquidation)
                      The Companies Law
                         Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of INS Cayman Company
Limited will be held at the offices of Maples Finance Jersey
Limited, 2nd Floor, Le Masurier House, La Rue Le Masurier, St.
Helier, Jersey JE2 4YE, on December 15, 2005 for the purpose of
presenting to the members an account of the winding up of the
Company and giving any explanation thereof.

CONTACT: Mr. Mark Wanless, Voluntary Liquidator
         c/o Maples Finance Jersey Limited
         2nd Floor, Le Masurier House
         La Rue Le Masurier, St. Helier, Jersey JE2 4YE


INTENT HOLDINGS: Wind Up Process Explaination Due at Meeting
------------------------------------------------------------
                     Intent Holdings Limited
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final general meeting of the shareholders of the Company
will be held at the offices of Deloitte, Fourth Floor, Citrus
Grove, P.O. Box 1787, George Town, Grand Cayman, on December
16, 2005 at 10:30a.m.

Business:

1. To lay accounts before the meeting showing how the winding
up has been conducted and how the property has been disposed of
to the date of the final winding up on December 16, 2005.

2. To authorize the liquidators to retain the records of the
Company for a period of five years from the dissolution of the
Company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT: Mr. Stuart Sybersma, Joint Voluntary Liquidator
         Nicole Ebanks, Deloitte
         P.O. Box 1787 GT, Grand Cayman
         Cayman Islands
         Telephone: (345) 949-7500
         Facsimile: (345) 949-8258


INTERGEN ROTTERDAM: To Give Explanation on Liquidation Dec. 30
--------------------------------------------------------------
            Intergen Rotterdam Holdings Company, Ltd.
                   (In Voluntary Winding Up)
                The Companies Law (2004 Revision)
                          Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of Intergen Rotterdam
Holdings Company, Ltd. will be held at 15 Wayside Road,
Burlington, MA 01803, on December 30, 2005 for the purpose of
presenting to the members an account of the winding up of the
Company and giving any explanation thereof.

CONTACT: Intergen Transmission Services LLC
         Voluntary Liquidator
         c/o 15 Wayside Rd., Burlington, MA 01803


INVESTCORP ALTERNATIVE: To Lay Accounts on Wind Up Dec. 20
-----------------------------------------------------------
          Investcorp Alternative Investments XX Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of Investcorp Alternative
Investments XX Limited will be held at the registered office of
the Company, on December 20, 2005 at 10:00 a.m.

Business:

1. To lay accounts before the meeting showing how the winding
up has been conducted and how the property has been disposed of
to the date of final winding up on December 20, 2005.

2. To authorize the liquidator to retain the records of the
Company for a minimum of six years from the dissolution of the
Company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote is
entitled to appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT: Westport Services Ltd., Voluntary Liquidator
         Allison Lovinggood-Jackson
         Telephone: 345 949 5122
         Facsimile: 345 949 7920
         P.O. Box 1111, Grand Cayman, Cayman Islands


INVESTCORP CFOHI: Wind Up Process to be Reported Dec. 20
--------------------------------------------------------
                    Investcorp Cfohi Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of Investcorp Cfohi
Limited will be held at the registered office of the Company,
on December 20, 2005 at 10:00 a.m.

Business:

1. To lay accounts before the meeting showing how the winding
up has been conducted and how the property has been disposed of
to the date of final winding up on December 20, 2005.

2. To authorize the liquidator to retain the records of the
Company for a minimum of six years from the dissolution of the
Company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote is
entitled to appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT: Westport Services Ltd., Voluntary Liquidator
         Allison Lovinggood-Jackson
         P.O. Box 1111, Grand Cayman, Cayman Islands
         Telephone: 345 949 5122
         Facsimile: 345 949 7920


INVESTCORP DSF: Liquidation Process to be Explained to Members
--------------------------------------------------------------
                    Investcorp DSF Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of Investcorp DSF Limited
will be held at the registered office of the company, on
December 20, 2005 at 10:00 a.m.

Business:

1. To lay accounts before the meeting showing how the winding
up has been conducted and how the property has been disposed of
to the date of final winding up on December 20, 2005.

2. To authorize the liquidator to retain the records of the
Company for a minimum of six years from the dissolution of the
Company, after which they may be destroyed.

Proxies: Any person who is entitled to attend and vote is
entitled to appoint a proxy to attend and vote in his stead. A
proxy need not be a member or creditor.

CONTACT: Westport Services Ltd., Voluntary Liquidator
         Allison Lovinggood-Jackson
         P.O. Box 1111, Grand Cayman, Cayman Islands
         Telephone: 345 949 5122
         Facsimile: 345 949 7920



=============
J A M A I C A
=============

AIR JAMAICA: Seeks to Maintain Jamaica-Cayman Route
---------------------------------------------------
Air Jamaica is embarking on a strategy to maintain an excellent
relationship with the Travel Agency Community in Cayman,
reports Cayman NetNews. The move came after the Cayman Islands
government decided to implement, effective Nov. 1, a visa
system for all Jamaican nationals.

Air Jamaica regional sales manager Charles Spence said the
community makes up about 75% - 80% cent of the revenue.

"That community still accounts for a large portion of our
business and we cannot ignore the fact. With that in mind, we
intend to increase our sales visits, work on joint promotional
opportunities with the agency community as well as putting
various incentives in place in order for them to sell more
tickets," he said.

Last month, Air Jamaica awarded several travel agencies for
their loyalties to the airline.

CONTACT: AIR JAMAICA
         Corporate Communications
         Tel: 876-922-3460 ext 4060-5
         URL: www.airjamaica.com


COURTS JAMAICA: Reports Lower Finance Costs in Qtr Ended Oct. 2
---------------------------------------------------------------
The Directors of Courts (Jamaica) Ltd presented to stockholders
the un-audited results of the Company for the quarter ended 2nd
October 2005, which have been prepared in accordance with
International Financial Reporting Standards. Below is a copy of
the report:

                   Trading Overview

For the first half of the current trading year, despite the
adverse trading environment, the company has performed
substantially ahead of the corresponding period of last year.
To mitigate the negative impact of this environment on its
business, the company launched a series of new and attractive
promotions, which have been well received by the public.
Moreover, during the September quarter, to improve the shopping
experience of its customers, we upgraded many of our stores. In
the current quarter, we have continued to develop product
ranges, which are both attractive and aggressively priced.
These will shortly be on offer across our network, when our new
Christmas ranges are launched. We continue to focus on costs,
which we are pleased to report were controlled satisfactorily
during the September quarter.

                  Performance highlights

                     Sep-05   Sep-04   Sep-05   Sep-04   Mar-05
                      Qtr       Qtr    Half Yr  Half Yr Full Yr
                      $m         $m      $m       $m       $m
Turnover            1,384      1,119   2,848    2,362    6,117
Profit before tax     248        175     575      446    1,291
Net Borrowings        217        559     217      559      204
Hire Purchase
  Receivables       4,412      4,086   4,412    4,086    4,528
Earnings Per Share
  (Cents)            6.90        4.54  15.99    12.04    35.75

The directors and management are pleased with the results
considering the prevailing economic and trading conditions.

                  Turnover & Expenses

Compared with the corresponding periods of last year, turnover
was up by 21% for the half-year and by 24% for the quarter.
This was a result of increased marketing activity, successful
promotions and aggressively priced products, as the company has
been sensitive to the economic environment in Jamaica and has
been slow to pass on supplier price increases to its customers.
Gross profit was also higher - up 24% for the half year and 32%
for the quarter. This was due the higher volume of business
generated, including a significant increase in our credit
trade.

Costs were generally in line with expectations, despite
significant increases in fuel prices and utility bills.
However, finance costs were lower due to the company's reduced
borrowing position.

                        Profits

For the half year, Profit before Tax rose to $575m - up 29%
over the corresponding period of last year, whilst Earnings per
Stock Unit of 15.99 cents were 33% higher than the 12.04 cents
earned in the corresponding period of last year. The September
quarter
produced a Profit before Tax of $248m- up 42%, whilst Earnings
per Stock Unit rose to 6.9 cents - up 52% on the 4.54 cents
earned in the corresponding quarter of last year.

                        Funding

Since September 2004, due to strong cash generation from cash
sales, Net Borrowings have been reduced significantly - by
$342m. However, since March 2005,there has been a slight
increase of $13m in Net Borrowings. This is the usual seasonal
trend as the company builds up stocks for the Christmas period.

               Hire Purchase Receivables

Since September 2004, Hire Purchase Receivables have increased
by $326m or 8%. However, despite the challenges of the economy,
there has been no negative impact on the integrity of the
portfolio.

                           Equity

Our equity base continues to grow significantly - up $688m on
September 2004 and up $383m on March 2005.

                   Parent Company Update

Shareholders were informed on 20 September 2005 that the
Administrators had entered into discussions with a number of
potential purchasers regarding the sale of the Caribbean assets
of Courts plc, including Courts (Jamaica) Limited. The process
to find a purchaser is well advanced. If successfully
concluded, it is likely that the resulting transaction will
involve, as part of the acquisition of Courts plc's Caribbean
assets, an offer being made to all shareholders of Courts
(Jamaica) Limited to acquire all of their shares. Although
discussions with potential purchasers are, we understand, at an
advanced stage the timetable and outcome are uncertain.
Notwithstanding this, the Board is putting itself in a position
to respond appropriately and on a timely basis in accordance
with applicable regulatory requirements should an offer for
Courts (Jamaica) Limited be made.

                      Future Prospects

The current economic environment is resulting in difficult
trading conditions as continued high inflation and increasing
oil prices are negatively impacting on the net disposable
income of the public.

Despite this, Management looks forward to a positive December
quarter, which traditionally is the Company's busiest trading
period.

Management remains optimistic about the prospects for the
remainder of the financial year.

            STOCKHOLDINGS AS AT 2nd October 2005

The ten largest stockholders were:            Number of Units

Courts Group International Limited              1,914,368,449
Scotia Ja Investment Management Ltd A/c 542        35,189,988
Donwis Limited                                     22,670,000
Jamaica Development Bank                           22,666,650
Life of Jamaica Pooled Equity Fund No. 1           18,060,876
Courts (Jamaica) Limited - Employee Share Scheme   17,292,537
Pan Caribbean Merchant Bank A/c 1996               16,679,000
Guardian Life Limited                              15,440,179
Keith Fredricks                                    10,000,000
Manchester Pension Trust Fund Ltd                   9,531,010

     Shareholdings of Directors and Senior Management

Five Directors held stock units in
  the company as follows:                     Number of Units

Keith M. Fredricks                                 10,000,000
R. Hayden Singh                                     1,999,985
Dennis L. Harris                                    1,333,350
Peter Thomson                                         250,000
Roy Collister                                             249

In addition, 6 Senior Officers of the Company held a total of
253,000 stock units.


SHELL JAMAICA: To Sell Service Stations to Cool Petroleum
---------------------------------------------------------
Dutch oil company Shell has agreed to sell its 56 service
stations in Jamaica to Cool Petroleum Holdings Limited, the
Jamaica Gleaner reports.

Cool Petroleum, which is jointly owned by the Joe Issa-led Cool
Corp. Limited and Trinidad-based Neal & Massy Industrial Gas
Holdings Limited, will be buying Shell's retail, commercial
fuel, lubricants, liquefied petroleum gas and chemicals
businesses, and the main distribution depot at Rockfort in
Kingston.

Project Manager Lauran Wetemans said Shell was not totally
withdrawing from Jamaica.

"Shell is basically changing its business model ... and we will
continue to supply products to the Jamaican market," he
explained.

Shell expects to complete the sale by year-end.

Meanwhile, the announcement of the sale agreement ends months
of speculation over the fate of Shell's 122 local
administrative staffers by the National Workers' Union (NWU),
which represents supervisory and clerical employees at the
company.

But Danny Roberts, vice-president of the NWU, said: "The
question of how it will affect the contract of employees has to
be discussed. The question of redundancy payment may not arise
now for Shell, but the new owner may decide to lay off staff,"
noted Roberts.



===========
P A N A M A
===========

WILLBROS GROUP: Restated Results Include Negative Impacts
---------------------------------------------------------
Willbros Group, Inc. (NYSE: WG - News) announced Tuesday that
it has filed its restated results for 2002, 2003 and the first
three quarters of 2004 in conjunction with the filing of its
2004 annual report on Form 10-K. The Company also filed its
financial results for the first two quarters of 2005 on Form
10-Q.

Summary financial results for the periods referenced are
presented as tables to this press release. Willbros also
reported preliminary third quarter results, which have not been
reviewed by an independent auditor and are therefore subject to
change. The Company announced on November 17, 2005 that its
client-auditor relationship with KPMG LLP would cease effective
with the filing of the 2004 Form 10-K and the 2005 Form 10-Q
reports for the first and second quarters.

2004 RESULTS

The Company reported a loss of $(20.8) million or $(0.99) per
share on revenue of $483.3 million for the year ended December
31, 2004.

    2004 results were negatively impacted by the following
items:

*  A $6.7 million increase in the provision for bad debt as a
result of an extensive review and analysis of the
collectibility of accounts receivable by the Company's new
international management group;

*  $3.6 million in other operating costs which the Company's
investigation revealed were for services without merit or based
on fictitious invoices, all of which were approved by one or
more members of the Company's previous international management
group;

*  Reductions in margins on Nigerian contracts in progress as a
result of an extensive contract review undertaken by the
Company's new international management group in connection with
the recent investigation described in our 2004 Form 10-K; and
increased taxes on work being performed in areas where taxes
are applied on a deemed profit basis.

    2005 RESULTS

    FIRST SIX MONTHS OF 2005

For the six month period ending June 30, 2005 the Company
announced a loss of $(19.8) million or $(0.93) per share on
revenue of $295.8 million.

    2005 results were negatively impacted by the following
items:

*  $6.5 million in legal and accounting costs related to the
recent investigation described in our 2004 Form 10-K;

*  $1.0 million in other operating costs which related to the
inappropriate activities of certain former employees; and

*  Reductions in margins on Nigerian contracts in progress as a
result of an extensive contract review undertaken by the
Company's new international management group in connection with
the investigation described in our 2004 Form 10-K.

Detailed explanations of the impact of these and other factors
are provided in the Company's filings.

PRELIMINARY THIRD QUARTER 2005

For the quarter ending September 30, 2005, Willbros estimates
its result of operations will generate a loss of $(13.3)
million or $(0.63) per share on anticipated revenue of $161.6
million.

Third quarter estimated 2005 results were negatively impacted
by the following items:

*  Approximately $4.0 million in legal and accounting costs
related to the recent investigation described in our 2004 Form
10-K;

*  An estimated $1.3 million in additional costs associated
with community disturbances in Nigeria;

*  A shortfall of approximately $30 million in revenue related
to projects disrupted by the community disturbances which
resulted in under absorption of approximately $1.0 million in
fixed costs; and

*  An estimated $500 thousand due to cost increases on two
projects.

The Company has undertaken a detailed review of its contract
and SG&A costs and has identified cost reductions which should
reduce annualized costs by $10.5 to $14.5 million.

BACKLOG(A)

Willbros reported backlog(A) at September 30, 2005 of
approximately $975 million as compared to $716 million at June
30, 2005.

The Company also announced Tuesday that it has engaged an
investment bank to assist management and the Board of Directors
in the evaluation of its strategic alternatives to maximize
shareholder value. These alternatives could include equity or
debt financings, as well as transactions that could result in
the sale of all or a portion of the Company.

Willbros Group, Inc. is an independent contractor serving the
oil, gas and power industries, providing engineering and
construction, and facilities development and operations
services to industry and government entities worldwide.

To see financial statements:
http://bankrupt.com/misc/Willbros_Group.txt

CONTACT:  Michael W. Collier
          Investor Relations Manager
          Willbros USA, Inc.
          (713) 403-8016

          Jack Lascar / Partner
          DRG&E
          (713) 529-6600
          URL: http://www.willbros.com



                            ***********


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