TCRLA_Public/051129.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, November 29, 2005, Vol. 6, Issue 236

                            Headlines


A R G E N T I N A

AEROLINEAS ARGENTINAS: Threatens to Fire Striking Workers
AGUAS PROVINCIALES: Rejects Govt.'s Proposal, Delays Exit
BANCO HIPOTECARIO: Buys $47.5M Worth of Government Bonds
CARILO GARDEN: Proceeds With Liquidation
EDESUR/EDENOR: Government Levies Fines for Blackouts

EDWARD S.A.: Liquidating Assets to Pay Debts
ESTABLECIMIENTO TRICARICO: Court Declares Company Bankrupt
FIBOR S.R.L.: Court Favors Involuntary Bankruptcy Motion
GALASSI 2000: Court Converts Reorganization to Bankruptcy
MERCOFILM S.A.: Enters Bankruptcy on Court Orders

TOVER S.A.: Court Designates Trustee for Liquidation
TRANSPORTE 4H: Gets Court Approval for Reorganization
WINE'S HOUSE: Judge Approves Bankruptcy


B E R M U D A

ALEA GROUP: Ratings Unaffected by U.S. Business Rights Sale
PXRE GROUP: S&P Assigns Low-B Ratings on $700M Universal Shelf


B R A Z I L

BANCO BRADESCO: To Pay Interest on Capital Dec. 1
CESP: CTEEP Opening Books to Investors Shortly
COPEL: PNA Converted into PNB
EMBRATEL PARTICIPACOES: Concludes Agreement with PT Brasil
GERDAU: Refuses to Comment on Sipar, AcerBrag Reports

TELEMAR: Tender Offer Expires


C A Y M A N   I S L A N D S

JAPANESE HIGH: To Relate to Members Wind Up Account Dec. 16
MONTPELLIER VALUE: Final Meeting of Shareholders Set for Dec. 16
MULBERRY INVESTMENT: To Authorize Liquidators to Retain Records
NEOPUS KAWASAKI: To Hold Final Meeting Dec. 16
NEPTUNE CORPORATION: To Lay Wind Up Accounts Before Meeting

NETHERLANDS HOLDING: Final General Meeting Scheduled for Dec. 16
NEW SPRING: To Relate Wind Up Accounts at Dec. 15 Meeting
NIKKO CITIGROUP: Final General Meeting Set for Dec. 15
NISHIGOTANDA SPC: To Relate to Members Wind Up Account Dec. 16
NISHIJIMA ESTATE: To Explain Wind Up Process at Dec. 16 Meeting

NK FUNDING: To Authorize Liquidators to Retain Records
NS HOLDING: Final General Meeting to be Held Dec. 16
NYLIM ANDOVER: To Lay Wind Up Accounts Before Dec. 15 Meeting
NYLIM LEXINGTON: To Authorize Liquidator to Retain Records
OGC HOLDING: Final General Meeting to be Held Dec. 16

OLYMPUS ASSETS: Final Meeting to be Held Dec. 16
OLYMPUS FUND: To Hold Final Meeting of Shareholders Dec. 16
ORICO CONSUMER (SERIES III): To Lay Out Liquidation Accounts
ORICO CONSUMER (SERIES IV): Sets Final Meeting of Shareholders
PACKAY HOLDINGS: Final Meeting Set for Dec. 16

PARMALAT (CAYMAN): Liquidators Sue Principal Banker, Auditors
PERSEUS CAPITAL: To Relate Wind Up Process to Members Dec. 16
PIKE GLOBAL: Wind Up Process to be Reported Dec. 15
PINE TREE CAPITAL: To Report on Liquidation Process Dec. 16
PINE TREE: Wind Up Process to be Explained Dec. 16

PIRHO LIMITED: Schedules Final General Meeting for Dec. 15
PRIMUS JAPAN: To Account Liquidation to Members Dec. 16
PRINCIPAL JAPAN: Final Meeting to be Held Dec. 15
QUINDONE INVESTMENTS: Accounts on Wind Up to be Presented
RAMAPO LIMITED: Final General Meeting Set for Dec. 15

RCB SECURITIZATION: Members to Hear Account of Wind Up Dec. 1


C H I L E

SR TELECOM: William Aziz to Remain as Interim CEO, President


J A M A I C A

DYOLL INSURANCE: Court Issues Ruling on Distribution of Funds


M E X I C O

ASARCO: Files Schedules of Assets and Liabilities
GRUPO MEXICO: Buys Ferrosur for $307M in ITM Stock

     -  -  -  -  -  -  -  -

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

AEROLINEAS ARGENTINAS: Threatens to Fire Striking Workers
---------------------------------------------------------
Flagship carrier Aerolineas Argentinas said Sunday it will sack
168 pilots and technicians who have been on strike for higher
wages since Thursday.

Aerolineas revealed the plan in a communique, saying that it
"decided to send telegrams of dismissal to pilots and
technicians who have not appeared at their places of work with
the aim of providing the minimum services established by the
Labor Ministry."

"The firm will continue to make identical decisions with pilots
and technicians who, in the coming days, continue in their
stance of not showing up for work, (causing) the non-fulfillment
of government requirements," the communique adds.

The labor unions of Aeronautical Technicians Association (APTA)
and the Association of Airline Pilots went on strike, demanding
a 45% salary hike and the rehiring of 11 fired employees.

The labor ministry has started a court case that could fine the
two unions ARS10.5 million (US$3.5 million) because they did not
respect a legal order to take part in arbitration talks and
because they have not guaranteed minimum services.

The strike has affected about 30,000 passengers and has
paralyzed flights from the capital's Ezeiza international
airport, as well as short-haul flights from Aeroparque airport.

Aerolineas Argentinas is 98% owned by Spanish group Interinvest.


AGUAS PROVINCIALES: Rejects Govt.'s Proposal, Delays Exit
---------------------------------------------------------
Suez is turning down a new contract proposal that the Santa Fe
government has submitted in an attempt to keep the French
utility onboard to run the province's water concession, reports
Dow Jones Newswires.

"Aguas Provinciales de Santa Fe considers that the (proposal)
neither permits the re-composition of the contract nor makes the
contract viable," the local unit said in a brief press statement
issued Friday.

The proposal reportedly includes a 25% hike in service charges
as from January 1, 2006 and two further 5% increases in 2007 and
2008. The local government also offered help with the
investments needed in the service.

Meanwhile, Suez has decided to extend a deadline from Nov. 25 to
Dec. 15 to transfer its Santa Fe holding to the provincial
government.

A Suez spokeswoman acknowledged that the additional three weeks
gives Suez more time to negotiate with investors interested in
buying Aguas Provinciales.

Santa Fe Public Works Minister Alberto Hammerly said earlier
that Suez is negotiating with Argentine businessman Sergio
Taselli.


BANCO HIPOTECARIO: Buys $47.5M Worth of Government Bonds
--------------------------------------------------------
Banco Hipotecario has purchased US$47.5 million worth of Boden
2012 government bonds, Business News Americas, citing a filing
with Argentina's securities regulator CNV. The bank, the
country's largest mortgage lender, didn't reveal details about
the operation.


CARILO GARDEN: Proceeds With Liquidation
----------------------------------------
Mr. Osvaldo Avinon successfully sought for the bankruptcy of
Carilo Garden S.A. after Court No. 20 of Buenos Aires' civil and
commercial tribunal declared the Company "Quiebra," reports La
Nacion.

As such, Carilo Garden S.A. will now start the process with Mr.
Jose Luis Carriquiry as trustee. Creditors must submit proofs of
their claim to the trustee by Feb. 22, 2005 for authentication.
Failure to comply with this requirement will mean a
disqualification from the payments that will be made after the
Company's assets are liquidated.

The creditor requested the Company's liquidation after the
latter failed to pay its debts.

The city's Clerk No. 39 assists the court on the case that will
close with the sale of all of its assets.

CONTACT: Carilo Garden S.A.
         Av. Garay 431
         Buenos Aires

         Mr. Jose Luis Carriquiry, Trustee
         Loyola 660
         Buenos Aires


EDESUR/EDENOR: Government Levies Fines for Blackouts
-----------------------------------------------------
The Argentine government will impose fines on electricity
distributors Edesur and Edenor for the series of blackouts in
Buenos Aires on Tuesday and Wednesday, reports Business News
Americas.

The companies tried to defend themselves by saying the shortages
were due to a record level of consumption as a result of high
summer temperatures.

However, Ricardo Martinez Leone, the vice-president of national
energy regulator Enre, insisted the problems did not originate
in the high-voltage transport network but rather in medium and
low-voltage transmission lines in the metropolitan area.

"The operating companies are obliged to know the characteristics
of demand throughout the year and provide quality of service,"
Mr. Leone said.

The fines have not been quantified yet but the government is
currently evaluating the situation and will "apply sanctions
with corresponding severity," Leone said.

Edesur, which is controlled by Spanish power giant Endesa (NYSE:
ELE), saw its losses balloon to ARS20.5 million (US$7.16mn) in
the first half of this year from ARS6.9 million in the same
period in 2004.

Like other utilities, Edesur blamed its losses on prices being
pesofied after the end of the one-to-one peg with the US dollar
three years ago.

Edesur distributes in the south of Buenos Aires city and part of
Buenos Aires province, serving over 6 million people.

Edenor, which distributes electricity to parts of the capital
and greater Buenos Aires province with about 2.2 million
clients, reported a loss of ARS49.1 million ($16.4 million) in
the first nine months of this year, compared with a loss a year
earlier of ARS75.4 million.

CONTACT:  EDESUR S.A.
          San Jos, 140
          Buenos Aires
          Tel: 4383-0200
               4381-1313

          EDENOR S.A.
          Azopardo Building
          Azopardo 1025 (1107) Capital Federal
          Phone: (54-11) 4346-5000
          Fax: (54-11) 4346-5300
          E-mail: to ofitel@edenor.com.ar
          Web Site: http://www.edenor.com.ar


EDWARD S.A.: Liquidating Assets to Pay Debts
--------------------------------------------
Buenos Aires-based Edward S.A. will begin liquidating its assets
following the pronouncement of the city's court that the Company
is bankrupt, reports Infobae.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Ms. Stella Maris Diaz. The trustee
will verify creditors' proofs of claim until Feb. 8, 2006. The
validated claims will be presented in court as individual
reports.

Ms. Diaz will also submit a general report, containing a summary
of the Company's financial status as well as relevant events
pertaining to the bankruptcy.

Dates for the submission of the reports are yet to be disclosed.

The bankruptcy process will end with the disposal of the
Company's assets in favor of its creditors.

CONTACT: Ms. Stella Maris Diaz, Trustee
         Araoz 323
         Buenos Aires


ESTABLECIMIENTO TRICARICO: Court Declares Company Bankrupt
----------------------------------------------------------
Court No. 17 of Buenos Aires' civil and commercial tribunal
declared Establecimiento Tricarico Hermanos S.A. bankrupt, says
La Nacion. The ruling comes in approval of the petition filed by
the Company's creditor, Ms. Ramona Gimenez y otros, for
nonpayment of $11,359 in debt.

Trustee Mr. Juan Carlos Flores will examine and authenticate
creditors' claims until Dec. 29, 2005. This is done to determine
the nature and amount of the Company's debts. Creditors must
have their claims authenticated by the trustee by the said date
in order to qualify for the payments that will be made after the
Company's assets are liquidated.

Clerk No. 34 assists the court on the case, which will conclude
with the liquidation of the Company's assets.

CONTACT: Establecimiento Tricarico Hermanos S.A.
         Rivera 1561
         Buenos Aires

         Mr. Juan Carlos Flores, Trustee
         Arcos 2534
         Buenos Aires


FIBOR S.R.L.: Court Favors Involuntary Bankruptcy Motion
--------------------------------------------------------
Court No. 20 of Buenos Aires' civil and commercial tribunal
declared local company Fibor S.R.L. "Quiebra", relates La
Nacion. The court approved the bankruptcy petition filed by Caja
Aseguradora de Riesgos de Trabajo ART S.A.

The Company will undergo the bankruptcy process with Ms. Laura
Marletta as trustee. Creditors are required to present proof of
their claims to Ms. Marletta for verification before Feb. 6,
2006. Creditors who fail to submit the required documents by the
said date will not qualify for any post-liquidation
distributions.

Clerk No. 39 assists the court on the case.

CONTACT: Fibor S.R.L.
         Corrientes 1844
         Buenos Aires

         Ms. Laura Marletta, Trustee
         San Jose de Calasanz 530
         Buenos Aires


GALASSI 2000: Court Converts Reorganization to Bankruptcy
---------------------------------------------------------
Galassi 2000 S.A., which was undergoing reorganization, entered
bankruptcy on orders from Bahia Blanca's civil and commercial
court, according to Infobae. The court assigned Mr. Horacio
Guillermo Escrina as the Company's receiver.

The credit verification process will be done "por via
incidental", says the report.

CONTACT: Galassi 2000 S.A.
         Camino Sesquicentenario y Ruta 35
         Bahia Blanca

         Mr. Horacio Guillermo Escrina, Trustee
         Zapiola 319
         Bahia Blanca


MERCOFILM S.A.: Enters Bankruptcy on Court Orders
-------------------------------------------------
Mercofilm S.A. enters bankruptcy protection after a Buenos Aires
court ordered the Company's liquidation. The order effectively
transfers control of the Company's assets to a court-appointed
trustee who will supervise the liquidation proceedings.

Infobae reports that the court selected Ms. Maria Ezequiela
Festugato as trustee. Ms. Festugato will be verifying creditors'
proofs of claim until the end of the verification phase on Feb.
20, 2006.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the Company's accounting
and business records. The individual reports will be submitted
on April 3, 2006 followed by the general report, which is due on
May 18, 2006.

CONTACT: Ms. Maria Ezequiela Festugato, Trustee
         Lavalle 1607
         Buenos Aires

  
TOVER S.A.: Court Designates Trustee for Liquidation
----------------------------------------------------
La Plata accounting firm Estudio Contable Rovelli y Asociados
was assigned a trustee for the liquidation of local company
Tover S.A., relates Infobae.

Estudio Contable Rovelli y Asociados will verify creditors'
claims until Feb. 2, 2006, the source adds. After that, he will
prepare the individual reports, which are to be submitted in
court on March 24, 2006. The submission of the general report
should follow on May 12, 2006.

CONTACT: Tover S.A.
         Calle 504 esquina 14 Nro. 1887
         Gonnet (Partido de La Plata)

         Estudio Contable Rovelli y Asociados, Trustee
         Calle 12 Nro. 883
         La Plata


TRANSPORTE 4H: Gets Court Approval for Reorganization
-----------------------------------------------------
Transporte 4H S.R.L. will begin reorganization following the
approval of its petition by Buenos Aires' civil and commercial
court. The opening of the reorganization will allow the Company
to negotiate a settlement with its creditors in order to avoid a
straight liquidation.

Mr. Armando Gutman will oversee the reorganization proceedings
as the court-appointed trustee. He will verify creditors' claims
until Dec. 29, 2005. The validated claims will be presented in
court as individual reports on March 13, 2006.

Mr. Gutman is also required by the court to submit a general
report essentially auditing the Company's accounting and
business records as well as summarizing important events
pertaining to the reorganization. The report will be presented
in court on April 25, 2006.

An Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the Company's
creditors for approval, is scheduled on Oct. 9, 2006.

CONTACT: Transporte 4H S.R.L.
         Avda. Cordoba 836 Capital Federal

         Mr. Armando Gutman, Trustee
         Esmeralda 625
         Buenos Aires


WINE'S HOUSE: Judge Approves Bankruptcy
---------------------------------------
Wine's House S.R.L. was declared bankrupt after Court No. 20 of
Buenos Aires' civil and commercial tribunal endorsed the
petition of Wine Company S.A. for the Company's liquidation,
Argentine daily La Nacion reports.

The court assigned Mr. Roberto Sapollnik to supervise the
liquidation process as trustee. Mr. Sapollnik will validate
creditors' proofs of claim until Feb. 6, 2006.

The city's Clerk No. 40 assists the court in resolving this
case.

CONTACT: Wine's House S.R.L.
         Debenedetti 2320
         Buenos Aires

         Mr. Roberto Sapollnik, Trustee
         Parana 851
         Buenos Aires



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

ALEA GROUP: Ratings Unaffected by U.S. Business Rights Sale
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on Alea
Europe AG, Alea (Bermuda) Ltd., Alea Global Risk Ltd., Alea
Jersey Ltd., Alea London Ltd., Alea North America Insurance Co.,
and Alea North America Specialty Insurance Co. (all rated local
currency, BBB+/Negative/--)--the operating entities that
constitute the Alea group (Alea)--were unaffected by yesterday's
announcement that Alea is to sell the renewal rights of its U.S.
primary program business written by Alea North America Insurance
Co. and Alea North America Specialty Insurance Co. Although the
companies will no longer underwrite business, the group retains
ownership of them, and they continue to benefit from the
existing cross guarantees between the group's operating
entities. The group continues to explore all options for its
remaining businesses.

Standard & Poor's 'BBB+' ratings are underpinned by strong Alea
group capitalization, and our expectation continues to be that
capital adequacy will remain at its current level. Regulatory
approval would be required before any withdrawal of capital from
the operating companies, and management has not sought such
approval at this time.

Primary Credit Analyst: Simon Marshall, London
(44) 20-7176-7080; simon_marshall@standardandpoors.com

Secondary Credit Analyst: Rob Jones, London (44) 20-7176-7041;
rob_jones@standardandpoors.com

Additional Contact: Insurance Ratings Europe;
InsuranceInteractive_Europe@standardandpoors.com


PXRE GROUP: S&P Assigns Low-B Ratings on $700M Universal Shelf
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
'BBB-' senior debt, 'BB+' subordinated debt, and 'BB' preferred
stock ratings to PXRE Group Ltd.'s recently filed $700 million
universal shelf.

Standard & Poor's also affirmed its 'BBB-' counterparty credit
rating on PXRE Corp. and PXRE Group Ltd. as well as its 'A-'
counterparty credit and financial strength ratings on Bermuda-
based PXRE Reinsurance Ltd. and U.S.-based PXRE Reinsurance Co.

The outlook on all these companies remains stable.

The ratings on PXRE reflect:

     * its strong competitive position within the Bermuda
       catastrophe reinsurance and retrocessional market,

     * its historically strong but volatile operating
       performance,

     * its strong capital adequacy, and

     * favorable long-term maturity structure.

Although volatility in earnings and capital is expected to
diminish as a result of the company's recent successful
catastrophe bond issuance in combination with underwriting
initiatives, PXRE's monoline property catastrophe profile
exposes it to greater earnings and capital volatility than
diversified, multiline peers.

PXRE's strong competitive position is supported by its longevity
in the marketplace as a long-standing property catastrophe and
retrocessional writer with business incepting in 1987.  Although
the 2005 hurricane season will result in a material loss in
2005, PXRE's earnings on its core property catastrophe business
has been historically strong.

Consolidated capital adequacy--reflecting $475 million of
fourth-quarter issuance of common equity and estimated Hurricane
Wilma losses of $75 million-$90 million--is strong.

PXRE's subordinated long-term debt, which is viewed as hybrid
equity because of its long-term and interest-deferral
provisions, has a long-term maturity structure with no principal
due until 2027.  Although the company's recently executed $300
million catastrophe bond issuance has materially reduced
prospective earnings and capital volatility, PXRE's monoline
property catastrophe profile exposes it to greater earnings and
capital volatility than diversified, multiline peers.

PXRE is expected to resume its historical track record of
posting strong results relative to its peers while sustaining a
reduced volatility profile.

"If PXRE is able to meet these expectations during future
catastrophic events and less-favorable market cycles, we will
consider revising the outlook to positive," said Standard &
Poor's credit analyst Steven Ader.  "Alternatively, a shortfall
in these expectations will likely lead to negative rating
actions." (Troubled Company Reporter, Friday, November 25, 2005,
Vol. 9, No. 279)



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

BANCO BRADESCO: To Pay Interest on Capital Dec. 1
-------------------------------------------------
Banco Bradesco S.A. will pay on December 1, 2005 interest on its
own capital related to the month of November 2005, in the amount
of BRL0.057000 per common stock and BRL0.062700 per preferred
stock to the stockholders registered in the Company's records on
November 1, 2005.

In a letter sent to the Securities and Exchange Commission on
November 25, 2005, the Company wrote:

The payment, net of the Withholding Income Tax of 15% (fifteen
percent), except for legal entity stockholders exempted from the
referred taxation, which will receive for the stated amount,
will be made through the net amount of BRL0.048450 per common
stock and BRL0.053295 per preferred stock, as follows:
  
- Credit in the current account informed by the stockholder to
Banco Bradesco S.A., the Depository Financial Institution of the
Stocks.

- The stockholders who did not inform their banking data or do
not hold a current account in a Financial Institution must go to
a Bradesco Branch on their preference having the "Notice For
Receipt of Earnings from Book-Entry Stocks", sent by mail to
those having their address updated in the Company's records, and
having the following documents:
    
- Individuals: Identity Card and Individual Taxpayer's Register
(CPF);

- Legal Entities: Corporate Taxpayer's ID (CNPJ), consolidated
and updated Articles of Incorporation or the Bylaws. The Bylaws
must be updated with the minutes of the meeting that elected the
current board of executive officers. The partners/managers or
officers empowered to represent the company must present their
Identity Card and CPF.

Note: When represented by mandate, the presentation of the
respective power of attorney, Identity Card and CPF of the
mandatory will be necessary.

- For holders of stocks held on custody with the CBLC -
Brazilian Clearing and Depository Corporation, the payment will
be made to CBLC, which will transfer them to the respective
stockholders through the Depository Agents.

The monthly interests on own capital, related to December, 2005,
to be paid on January 2, 2006, based on the stock position of
December 1, 2005, will have their prices adjusted to BRL0.028500
per common stock and to BRL0.031350 per preferred stock,
considered the 100% bonus stock approved in the Special
Stockholders' Meeting as of November 11, 2005, which aimed at
providing an improved liquidity to the shares, with the
subsequent adjustment to the quote value on the market to a more
attractive level for trading.

CONTACT: Banco Bradesco
         Investor Relations
         Jean Philippe Leroy
         Phone: 55-11-3684-9229
                   or
         Luiz Osorio Leao Filho
         Phone: 55-11-3684-9302
         URL: http://www.bradesco.com.br/ir


CESP: CTEEP Opening Books to Investors Shortly
----------------------------------------------
Sidnei Martini, the president of Sao Paulo power transmission
company CTEEP, said Thursday that the Company will open its
books in the next 10 days to investors interested in its
privatization.

Mr. Martini said the books would be opened for study ahead of
CTEEP's privatization, which will take place Feb. 8 through an
auction at the Brazilian Stock Exchange (Bovespa). The
government of Sao Paulo plans to publish the sale rules in early
January.

He also expects strong interest in the tender for control of
CTEEP because of the low risk and good returns in the Brazilian
transmission sector.

The Sao Paulo government is looking to raise BRL1 billion from
the sale of its 61% controlling stake in CTEEP and inject the
proceeds into its troubled generation company Companhia
Energetica de Sao Paulo (CESP).

CESP is burdened by a BRL10-billion debt, 39% of which is
denominated in foreign currencies, mainly the US dollar and the
euro. Sao Paulo Water Resources and Energy Secretary Mauro Arce
earlier revealed that the government is also planning to sell
control of CESP next year.

CONTACT:    Companhia Energetica De Sao Paulo
            Rua da ConsolaO o, 1.875
            CEP 01301 -100 S o Paulo, Brazil
            Phone: +55-11-234-6322
            Fax: +55-11-287-0871
            Home Page: http://www.CESP.com.br/
            Contact:
            Mauro G. Jardim Arce, Chairman
            Ruy M. Altenfelder Silva, Vice Chairman
            Vicente Kazuhiro Okazaki, Finance Director


COPEL: PNA Converted into PNB
-----------------------------
Companhia Paranaense de Energia, or Copel, announced on November
21, 2005 that during the period between June 1, 2005 and October
31, 2005, 234,268 preferred class A shares (PNA) were converted
into preferred class B shares (PNB), as requested by
shareholders, in accordance to paragraph 1 of article 7 of the
Company's By-laws.

Therefore, at the time of the next General Shareholders'
Meeting, the article 4 of the By-laws will have the following
wording:
   
Underwritten paid up capital is BRL3,480,000,000.00 (three
billion and forty eight million reais) represented by
273,655,376,270 shares, with no par value, composed of
145,031,080,782 ordinary shares, and 128,624,295,488 preferred
shares, of which 404,062,807 are class "A" shares, and 128,
220,232,681 are class "B" shares.

CONTACT:  Copel
          Solange Maueler Gomide, Investor Relations   
          ri@copel.com  
          
          Ricardo Portugal Alves
          Tel: (5541) 3331-4359
               (5541) 3331-4311
          URL: www.copel.com/ri


EMBRATEL PARTICIPACOES: Concludes Agreement with PT Brasil
----------------------------------------------------------
Embratel Participacoes S.A. (Embrapar) announced that after the
approval by the Telecommunication Regulatory Agency - Anatel
(Agencia Nacional de Telecomunicacoes) and the implementation of
precedent conditions, the management of its subsidiary Empresa
Brasileira de Telecomunicacoes S.A. (Embratel) concluded the
transaction of share purchase and sale agreement (Purchase and
Sale Agreement) with Portugal Telecom do Brasil S.A. (PT
Brasil), where PT Brasil transfers to Embratel the total amount
of shares that represent 100% (one hundred percent) of the
capital of Primesys Solucoes Empresariais S.A. (Primesys), and
all the rights resulting from and pertaining to those shares.

The acquisition will enable Embratel to expand its activities,
aiming not only to increase its operations in areas where it
already has a consolidated presence, but also to expand in other
segments of the telecommunications market in Brazil, specially
in higher value added services, such as net integration and
outsourcing.

CONTACT: Embratel Participacoes S.A.
         Silvia M.R. Pereira
         Investor Relations
         Phone: (55 21) 2121-9662
         Fax: (55 21) 2121-6388
         E-mail: silvia.pereira@embratel.com.br
                 invest@embratel.com.br


GERDAU: Refuses to Comment on Sipar, AcerBrag Reports
-----------------------------------------------------
Brazilian steelmaker Gerdau (NYSE: GGB) refuses to confirm
reports that it is either building a plant at its newly acquired
Argentine long steel mill Sipar, or acquiring Aceros Bragado
(AcerBrag).

Citing papers, Business News Americas reports that Gerdau CEO
Jorge Gerdau has said the Brazilian company is mulling one of
these two options to expand its presence in the Argentine
market.

"The Gerdau group does not confirm reports of the construction
of a new plant at Sipar, nor the acquisition of Aceros Bragado,"
a Gerdau official said.

Porto Alegre-based Gerdau recently acquired a majority stake in
long steel rolling plant Sipar in Santa Fe province for US$40
million.

CONTACT: Gerdau S.A.
         Avenida Farrapos 1811
         Porto Alerge, RS 90220-005
         Brazil
         Phone: +55 3323 2000
         Web site: http://www.gerdau.com.br


TELEMAR: Tender Offer Expires
-----------------------------
Tele Norte Leste Participacoes S.A. (TNL) announced Friday the
results of its cash tender offer for up to US$150,000,000 of its
US$300,000,000 8.00% notes due December 18, 2013 (the "Notes")
(CUSIP Nos.: 879246AB2, 879246AA4 and P90369AA0; ISIN Nos.
US879246AB24, US879246AA41 and USP90369AA07; Common Code Nos.
020292709 and 018258609). The offer expired at 5:00 p.m., New
York City time, on November 23, 2005.

TNL has been advised by the depositary that, as of the
expiration date of the offer, of the US$300,000,000 in aggregate
principal amount of Notes outstanding, US$208,229,000 had been
validly tendered and not validly withdrawn pursuant to the
offer. Of the Notes tendered and not validly withdrawn, TNL has
accepted for purchase an amount equal to US$150,000,000. As a
result, the proration factor for Notes validly tendered will be
approximately 72%.

TNL will pay a total consideration of US$1,080,87 per US$1,000
principal amount of the Notes plus accrued and unpaid interest
from the last interest payment date to, but excluding, the
settlement date, for the Notes accepted pursuant to the offer on
the settlement date, which is expected to be December 1, 2005.
Noteholders who did not validly tender their Notes prior to 5:00
p.m., New York City time, on Wednesday, October 26, 2005, will
not receive the early tender premium, equal to US$20 per
U.S.$1,000 principal amount of Notes, which is included in the
total consideration.

By taking advantage of the favorable moment to decrease its
average cost of funding, TNL reinforces its commitment to
maintain a sound balance sheet. The repurchase of the Notes is
in line with the Company's strategy of conducting the most
efficient management of its assets and liabilities.

TNL has retained Citigroup Corporate and Investment Banking to
act as Dealer Manager for the Offer and Global Bondholder
Services Corporation to act as the depositary and information
agent for the Offer.

Requests for documents may be directed to Global Bondholder
Services Corporation by telephone at +1 (866) 470-4200 (in the
United States) or +1 (212) 430-3774 or in writing at Global
Bondholder Services Corporation 65 Broadway - Suite 704, New
York, New York 10006, Attn. Corporate Actions. These documents
contain important information, and holders should read them
carefully before making any investment decision. Questions
regarding the Offer may be directed to Citigroup Corporate and
Investment Banking at +1 (800) 558-3745 (in the United States)
or +1 (212) 723-6108 (outside the United States, call collect)
or in writing at Citigroup Corporate and Investment Banking,
Liability Management Group, 390 Greenwich Street, 4th Floor, New
York, New York 10013.

This announcement is not an offer to purchase, nor a
solicitation of an offer to purchase, nor a solicitation of
tender with respect to, any Notes. The Offer is being made
solely upon the terms, and subject to the conditions, set forth
in the Offer to Purchase, dated October 11, 2005, and the
related Letter of Transmittal.

CONTACT:  TNE - INVESTOR RELATIONS
          Roberto Terziani
          E-mail: invest@telemar.com.br
          Tel: 55 21 3131 1208

          Carlos Lacerda
          E-mail: carlosl@telemar.com.br
          TEL: 55 21 3131 1314
          Fax: 55 21 3131 1155
          URL: http://www.telemar.com.br/ir

          THE GLOBAL CONSULTING GROUP
          Kevin Kirkeby
          E-mail: kkirkeby@hfgcg.com
          Tel: 1-646-284-9416/ Fax: 1-646-284-9494



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

JAPANESE HIGH: To Relate to Members Wind Up Account Dec. 16
-----------------------------------------------------------
                JAPANESE HIGH YIELD 98 LIMITED
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

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

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


MONTPELLIER VALUE: Final Meeting of Shareholders Set for Dec. 16
----------------------------------------------------------------
               MONTPELLIER VALUE FUND LTD.
                    (The "Company")

NOTICE is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the final meeting of shareholders of
the Company will be held at the offices of Q & H Nominees
Ltd., Third Floor, Harbour Centre, P.O. Box 1348
GT, Grand Cayman, Cayman Islands, B.W.I., on
16 December 2005 at 10:00 a.m. to consider the following
matters:

1. The Liquidator's account showing the manner in which the
winding up of the company has been conducted and the property of
the Company disposed of;

2. The hearing of any explanation that may be given by the
Liquidator in respect of the winding up of the Company; and

3. The manner in which the books, accounts and documentation of
the Company and of the Liquidator should be maintained and
subsequently disposed.

By Order of the Liquidator

NOTE: Any Member unable to attend may appoint a proxy by
completing, signing and returning the Form of Proxy before the
start of the Meeting. A proxy need not be a Member or creditor
of the Company.

CONTACT:  Q & H NOMINEES LTD., Voluntary Liquidator
          Third Floor, Harbour Centre, P.O. Box 1348 GT
          Grand Cayman, Cayman Islands


MULBERRY INVESTMENT: To Authorize Liquidators to Retain Records
---------------------------------------------------------------
              MULBERRY INVESTMENT FUND LIMITED
                       (The "Company")
                (In Voluntary Liquidation)
               The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of the Company will be held at
the registered office of the Company on 16th December 2005 at
2.30 p.m.

Business:

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

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

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

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


NEOPUS KAWASAKI: To Hold Final Meeting Dec. 16
----------------------------------------------
                       NEOPUS KAWASAKI
                 (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

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

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


NEPTUNE CORPORATION: To Lay Wind Up Accounts Before Meeting
-----------------------------------------------------------
                  NEPTUNE CORPORATION
               (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of the company will be
held at the offices of BNP Paribas Private Bank & Trust Cayman
Limited, 3rd Floor Royal Bank House, Shedden Road, George Town,
Grand Cayman on 15th December 2005 at 10:00 a.m.

Business:

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

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

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

CONTACT:  DARREN RILEY
          For and on behalf of
          Piccadilly Cayman Limited
          Voluntary Liquidator

          For enquiries: Ellen J. Christian
          Telephone: 345 945 9208
          Address for services:
          3rd Floor Royal Bank House, Shedden Road
          George Town, Grand Cayman


NETHERLANDS HOLDING: Final General Meeting Scheduled for Dec. 16
----------------------------------------------------------------
             NETHERLANDS HOLDING COMPANY, LTD.
                (In Voluntary Winding Up)
            The Companies Law (2004 Revision)
                         Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named Company
will be held at 15 Wayside Road, Burlington, MA 01803, on 16th
December 2005 for the purpose of presenting to the members an
account of the winding up of the Company and giving any
explanation thereof.

CONTACT:  INTERGEN TRANSMISSION SERVICES LLC
          Voluntary Liquidator
          c/o 15 Wayside Rd., Burlington, MA 01803


NEW SPRING: To Relate Wind Up Accounts at Dec. 15 Meeting
---------------------------------------------------------
                      NEW SPRING LIMITED
                 (In Voluntary liquidation)
              The Companies Law (2004 Revision)

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

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


NIKKO CITIGROUP: Final General Meeting Set for Dec. 15
------------------------------------------------------
              NIKKO CITIGROUP OVERSEAS LIMITED
                (In Voluntary Liquidation)
                    The Companies Law
                        Section 145

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

CONTACT:  STEVEN WILDERSPIN
          For and on behalf of
          MAPLES FINANCE JERSEY LIMITED
          Voluntary Liquidator
          Maples Finance Jersey Limited
          Le Masurier House, La Rue Le Masurier
          St. Helier, Jersey JE2 4YE


NISHIGOTANDA SPC: To Relate to Members Wind Up Account Dec. 16
--------------------------------------------------------------
               NISHIGOTANDA SPC HOLDING
              (In Voluntary Liquidation)
          The Companies Law (2004 Revision)
                      Section 145

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

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


NISHIJIMA ESTATE: To Explain Wind Up Process at Dec. 16 Meeting
---------------------------------------------------------------
           NISHIJIMA ESTATE HOLDING CO., LTD.
              (In Voluntary Liquidation)
           The Companies Law (2004 Revision)
                       Section 145

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

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


NK FUNDING: To Authorize Liquidators to Retain Records
------------------------------------------------------
                  NK FUNDING LIMITED
              (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of the company will be
held at the offices of BNP Paribas Private Bank & Trust Cayman
Limited, 3rd floor Royal Bank House, George Town, Grand Cayman,
on 15th December 2005 at 10:00 a.m.

Business:

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

1. To authorize the liquidator/s to retain the records of the
Company for a period of five years from the dissolution of the
Company, after which they may be destroyed.

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

CONTACT:  REGINA FORMAN
          For and on behalf of
          PICCADILLY CAYMAN LIMITED
          Voluntary Liquidator
          For enquiries: Regina Forman
          Telephone: 345 945 9208
          Fax: 345 945 9210
    
          Address for services:
          3rd Floor Royal Bank House
          George Town, Grand Cayman


NS HOLDING: Final General Meeting to be Held Dec. 16
----------------------------------------------------
                 NS HOLDING CORP (CAYMAN)
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)
                       Section 145

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

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


NYLIM ANDOVER: To Lay Wind Up Accounts Before Dec. 15 Meeting
-------------------------------------------------------------
            NYLIM ANDOVER PARTNERS OFFSHORE LTD.
                    (The "Company")
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of the Company will be
held at the offices of Ogier & Boxalls Attorneys, Queensgate
House, South Church Street, Grand Cayman, on 15th December 2005
at 10:00 a.m..

Business:

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

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

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

CONTACT:  OGIER
          On behalf of the Liquidator
          For enquiries: Julie O'Hara
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986

          Address for Service:
          P.O. Box 1234GT, Grand Cayman


NYLIM LEXINGTON: To Authorize Liquidator to Retain Records
----------------------------------------------------------
           NYLIM LEXINGTON PARTNERS OFFSHORE LTD.
                     (The "Company")
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of the Company will be
held at the offices of Ogier & Boxalls Attorneys, Queensgate
House, South Church Street, Grand Cayman, on 15th December 2005
at 10:00 a.m..

Business:

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

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

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

CONTACT:  OGIER
          On behalf of the Liquidator
          For enquiries: Julie O'Hara
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986
          Address for Service:
          P.O. Box 1234GT, Grand Cayman


OGC HOLDING: Final General Meeting to be Held Dec. 16
-----------------------------------------------------
               OGC HOLDING COMPANY, LTD.
               (In Voluntary Winding Up)
           The Companies Law (2004 Revision)
                        Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named Company
will be held at 15 Wayside Road, Burlington, MA 01803, on 16th
December 2005 for the purpose of presenting to the members an
account of the winding up of the Company and giving any
explanation thereof.

CONTACT:  INTERGEN TRANSMISSION SERVICES LLC
          Voluntary Liquidator
          c/o 15 Wayside Rd., Burlington, MA 01803


OLYMPUS ASSETS: Final Meeting to be Held Dec. 16
------------------------------------------------
                       Olympus Assets LDC
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the final meeting of shareholders of
the Company will be held at the offices of Q & H Nominees Ltd.,
Third Floor, Harbour Centre, P.O. Box 1348 GT, Grand Cayman,
Cayman Islands, on December 16, 2005 at 11:00 a.m. to consider
the following matters:

1. The Liquidator's account showing the manner in which the
winding up of the Company has been conducted and the property of
the Company disposed of;

2. The hearing of any explanation that may be given by the
Liquidator in respect of the winding up of the Company; and

3. The manner in which the books, accounts and documentation of
the Company and of the Liquidator should be maintained and
subsequently disposed.

By Order of the Liquidator

NOTE: Any Member unable to attend may appoint a proxy by
completing, signing and returning the Form of Proxy before the
start of the Meeting. A proxy need not be a Member or creditor
of the Company.

CONTACT: Q & H Nominees Ltd., Voluntary Liquidator
         Third Floor, Harbour Centre, P.O. Box 1348 GT
         Grand Cayman, Cayman Islands


OLYMPUS FUND: To Hold Final Meeting of Shareholders Dec. 16
-----------------------------------------------------------
                        Olympus Fund LDC
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
  
NOTICE is hereby given pursuant to Section 145 of the Companies
Law (2004 Revision) that the final meeting of shareholders of
the Company will be held at the offices of Q & H Nominees Ltd.,
Third Floor, Harbour Centre, P.O. Box 1348 GT, Grand Cayman,
Cayman Islands, on December 16, 2005 at 11:45 a.m. to consider
the following matters:

1. The Liquidator's account showing the manner in which the
winding up of the company has been conducted and the property of
the Company disposed of;

2. The hearing of any explanation that may be given by the
Liquidator in respect of the winding up of the Company; and

3. The manner in which the books, accounts and documentation of
the Company and of the Liquidator should be maintained and
subsequently disposed.

By Order of the Liquidator

NOTE: Any Member unable to attend may appoint a proxy by
completing, signing and returning the Form of Proxy before the
start of the Meeting. A proxy need not be a Member or creditor
of the Company.

CONTACT: Q & H Nominees Ltd., Voluntary Liquidator
         Third Floor, Harbour Centre, P.O. Box 1348 GT
         Grand Cayman, Cayman Islands


ORICO CONSUMER (SERIES III): To Lay Out Liquidation Accounts
------------------------------------------------------------
            Orico Consumer Loan Holdings Series III
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of Orico Consumer Loan
Holdings Series III will be held at the offices of BNP Paribas
Private Bank & Trust Cayman Limited, 3rd floor Royal Bank House,
George Town, Grand Cayman, on December 15, 2005 at 10:00 a.m.

Business:

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

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

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

CONTACT: Piccadilly Cayman Limited, Voluntary Liquidator
         Regina Forman
         3rd Floor Royal Bank House
         George Town, Grand Cayman
         Telephone: 345 945 9208
         Fax: 345 945 9210
         

ORICO CONSUMER (SERIES IV): Sets Final Meeting of Shareholders
--------------------------------------------------------------
            Orico Consumer Loan Holdings Series IV
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)
    
Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of Orico Consumer Loan
Holdings Series IV will be held at the offices of BNP Paribas
Private Bank & Trust Cayman Limited, 3rd floor Royal Bank House,
George Town, Grand Cayman, on December 15, 2005 at 10:00 a.m.

Business:

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

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

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

CONTACT: Piccadilly Cayman Limited, Voluntary Liquidator
         Regina Forman
         3rd Floor Royal Bank House
         George Town, Grand Cayman
         Telephone: 345 945 9208
         Fax: 345 945 9210


PACKAY HOLDINGS: Final Meeting Set for Dec. 16
----------------------------------------------
                       Packay Holdings Inc.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

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

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

CONTACT: Commerce Corporate Services Limited
         Voluntary Liquidator
         PO Box 694, Grand Cayman
         Telephone: 949 8666
         Facsimile: 949 7904


PARMALAT (CAYMAN): Liquidators Sue Principal Banker, Auditors
-------------------------------------------------------------
Food Holdings Limited, Dairy Holdings Limited, and Parmalat
Capital Finance Limited, three Cayman Islands companies,
presently in liquidation that suffered substantial losses
related to the collapse of Parmalat, have sued Parmalat's
principal banker and auditors, alleging a myriad of financial
improprieties, including fraud, negligent misrepresentation, and
breach of fiduciary duty. The Cayman companies' liquidators are
Gordon McRae and Jim Cleaver of Kroll (Cayman) Limited, who are
being advised by Walkers and Diamond McCarthy Taylor Finley &
Lee LLP in both matters.

The suits, in the U.S. District Court for the Southern District
of New York and the Superior Court in Mecklenburg County, North
Carolina, were filed at the instance of the liquidators of the
Cayman companies who are trying to reclaim the losses they
suffered as a result of financial impropriety relating to the
Italian food and milk processing giant, prior to its collapse in
2003. Together, the two lawsuits seek close to $1 billion for
the companies.

"We believe these are very strong claims," Allan Diamond, senior
partner of Diamond McCarthy Taylor Finley & Lee LLP, U.S.
Counsel to the liquidators, said. "As parties who clearly
participated, and knowingly assisted, in much of the wrongdoing,
these defendants will be held accountable."

The lawsuits allege that Bank of America and its subsidiaries
were intimately involved in the financial improprieties, and
worked with Parmalat insiders to orchestrate a series of
financial transactions designed to conceal Parmalat's
insolvency, while generating millions of dollars in fees and
interest for the bank. The lawsuits also make allegations of
negligence and fraud against the former auditors of Parmalat,
Deloitte Touche Tohmatsu and Grant Thornton.

"We want to see the money go directly back to the Cayman
companies, and ultimately to the creditors of those estates, as
would be the case in any normal insolvency," Guy Locke, Head of
Insolvency and Restructuring at Walkers, Cayman attorneys to the
liquidators said. "We are confident in our claims and look
forward to the decision of the court."

The New York lawsuit brought by Food Holdings Limited and Dairy
Holdings Limited names Bank of America Corporation, Banc of
America Securities, LLC, Bank of America, N.A., and certain
other Bank of America entities; (ii) Deloitte Touche Tohmatsu,
Deloitte & Touche S.p.A., Deloitte & Touche Tohmatsu Auditores
Indipendentes (Brazil), and certain other Deloitte entities; and
(iii) Grant Thornton International, Grant Thornton S.p.A., and
certain other Grant Thornton entities. The allegations include:
fraud, negligent misrepresentation, breach of fiduciary duty,
aiding and abetting breach of fiduciary duty, breach of
contract, unjust enrichment, civil conspiracy, and declaratory
judgment.

In the North Carolina lawsuit, Parmalat Capital Finance Limited,
names Bank of America Corporation, Bank of America National
Trust & Savings Association, Banc of America Securities, LLC,
Banc of America Securities, Ltd., Bank of America International
Ltd. and Bank of America, N.A. It alleges breach of fiduciary
duty, aiding and abetting breach of fiduciary duty, unjust
enrichment, and unlawful civil conspiracy.

CONTACTS:  LEVICK STRATEGIC COMMUNICATIONS FOR WALKERS
           Melissa Maslar, 202-973-1336
           Cell: 202-276-0070
           E-mail: mmaslar@levick.com

                      or

           Diamond McCarthy Taylor Finley & Lee LLP
           J. Gregory Taylor
           Tel: 214-389-5302
           E-mail: gtaylor@diamondmccarthy.com


PERSEUS CAPITAL: To Relate Wind Up Process to Members Dec. 16
-------------------------------------------------------------
                        Perseus Capital
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                          Section 145

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

CONTACT: Ms. Mora Goddard and Johann Le Roux
         Joint Voluntary Liquidators
         Maples Finance Limited, P.O. Box 1093GT
         Grand Cayman, Cayman Islands


PIKE GLOBAL: Wind Up Process to be Reported Dec. 15
---------------------------------------------------
                     Pike Global Hedge Ltd
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final general meeting of the shareholders of Pike Global
Hedge Ltd will be held at the offices of Deloitte, Fourth Floor,
Citrus Grove, P.O. Box 1787, George Town, Grand Cayman, on
December 15, 2005 at 10:30a.m.

Business:

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

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

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

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


PINE TREE CAPITAL: To Report on Liquidation Process Dec. 16
-----------------------------------------------------------
                   Pine Tree Capital Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision) the
final meeting of Pine Tree Capital Limited will be held at the
registered office of the Company on December 16, 2005 at 12:00
p.m.

Business:

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

2. To authorize the Liquidators to retain the records of the
Company for a period of 6 years from the dissolution of the
Company after which they may be destroyed.

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

CONTACT: Mr. Lawrence Edwards, Joint Voluntary Liquidator
         Jodi Smith
         PO Box 219GT, Grand Cayman
         Cayman Islands
         Telephone: (345) 914 8694
         Facsimile: (345) 949 4590


PINE TREE: Wind Up Process to be Explained Dec. 16
--------------------------------------------------
                         Pine Tree Fund
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision) the
final meeting of Pine Tree Fund will be held at the registered
office of the Company on December 16, 2005 at 10:00 a.m.

Business:

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

2. To authorize the Liquidators to retain the records of the
Company for a period of 6 years from the dissolution of the
Company after which they may be destroyed.

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

CONTACT: Mr. Lawrence Edwards, Joint Voluntary Liquidator
         Jodi Smith
         PO Box 219GT, Grand Cayman, Cayman Islands
         Telephone: (345) 914 8694
         Facsimile: (345) 949 4590


PIRHO LIMITED: Schedules Final General Meeting for Dec. 15
----------------------------------------------------------
                            Pirho Limited
                      (In Voluntary liquidation)
                   The Companies Law (2004 Revision)

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

CONTACT: Buchanan Limited, Voluntary Liquidator
         P.O. Box 1170, George Town, Grand Cayman


PRIMUS JAPAN: To Lay Accounts on Liquidation to Members Dec. 16
---------------------------------------------------------------
           Primus Japan Funding 03-A Holding Company
                  (In Voluntary Liquidation)
                The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of Primus Japan Funding 03-A
Holding Company will be held at the registered office of the
Company on December 16, 2005 at 9.30 a.m.

Business:

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

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

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

CONTAC: John Cullinane and Derrie Boggess
        Joint Voluntary Liquidators
        c/o Walkers SPV Limited
        Walker House, P.O. Box 908
        George Town, Grand Cayman


PRINCIPAL JAPAN: Final Meeting to be Held Dec. 15
-------------------------------------------------
                      Principal Japan No. 1
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of Principal Japan No. 1
will be held at the offices of BNP Paribas Private Bank & Trust
Cayman Limited, 3rd Floor Royal Bank House, Shedden Road, George
Town, Grand Cayman, on December 15, 2005 at 10:00 a.m.

Business:

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

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

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

COTNACT: Piccadilly Cayman Limited, Voluntary Liquidator
         Darren Riley
         Ellen J. Christian
         3rd Floor Royal Bank House, Shedden Road
         George Town, Grand Cayman
         Telephone: 345 945 9208
         

QUINDONE INVESTMENTS: Accounts on Wind Up to be Presented
---------------------------------------------------------
                    Quindone Investments Ltd.
                    (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

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

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


RAMAPO LIMITED: Final General Meeting Set for Dec. 15
-----------------------------------------------------
                        Ramapo Limited
                  (In Voluntary liquidation)
               The Companies Law (2004 Revision)

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

CONTACT: Buchanan Limited, Voluntary Liquidator
         P.O. Box 1170, George Town, Grand Cayman


RCB SECURITIZATION: Members to Hear Account of Wind Up Dec. 1
-------------------------------------------------------------
               RCB Securitization Corporation
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of RCB
Securitization Corporation will be held at the offices of
Deutsche Bank (Cayman) Limited, Elizabethan Square, George Town,
Grand Cayman, on December 1, 2005 for the purpose of presenting
to the members an account of the winding up of the Company and
giving any explanation thereof.

CONTACT: Mr. David Dyer, Voluntary Liquidator
         P.O. Box 1984GT
         Grand Cayman
         Telephone: (345) 949 8244
         Facsimile: (345) 949 5223



=========
C H I L E
=========

SR TELECOM: William Aziz to Remain as Interim CEO, President
------------------------------------------------------------
SR Telecom Inc. (TSX: SRX, Nasdaq: SRXA), a vendor of licensed
OFDM solutions for broadband access networks, announced that it
has extended its agreement with BlueTree Advisors to continue to
retain the services of William Aziz, the Company's current
Interim Chief Executive Officer and President.

Mr. Aziz is BlueTree Advisors' Managing Partner, and will
provide management services to SR Telecom through to December
31, 2006. Mr. Aziz was initially named as Chief Restructuring
Officer in April of this year. He has had extensive experience
in turnaround situations, holding senior management positions in
a number of publicly-traded and privately-held entities.

In addition, Paul Griswold, named to SR Telecom's Board of
Directors in August, becomes Vice Chairman of the Board and
Secretary, effective immediately. Mr. Griswold is CEO of SLI
Holdings International, LLC of Purchase New York. Mr. Griswold
has also held senior positions at Paxar Corporation and Pactiv
Corporation, and was Vice President of Packaging Development and
Procurement for Pepsi International.

"As recently announced, our third quarter showed tangible
results of our restructuring initiatives. We are confident that
under Mr. Aziz's leadership we have the right management team in
place to ensure further improvement," stated Company Chairman
Lionel Hurtubise.

SR TELECOM designs, manufactures and deploys versatile,
Broadband Fixed Wireless Access solutions. A pioneer in the
industry, its solutions include equipment, network planning,
project management, installation and maintenance. SR Telecom is
a principal member of WiMAX Forum, a cooperative industry
initiative which promotes the deployment of broadband wireless
access networks by using a global standard and certifying
interoperability of products and technologies.

CONTACT: SR TELECOM INC.
         William E. Aziz, Interim President and CEO
         Tel: (514) 335-2429, Extension 4613

         Rick Leckner, Maison Brison
         Tel: (514) 731-0000
         URL: http://www.srtelecom.com



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

DYOLL INSURANCE: Court Issues Ruling on Distribution of Funds
-------------------------------------------------------------
Jamaica's Supreme Court has ruled that non-Jamaican
policyholders of Dyoll Insurance will not have a share in the
amount deposited with the Financial Services Commission (FSC),
according to the Observer Reporter.

The court ruled that the $653 million held by the FSC had to be
distributed in accordance with the Insurance Act 2001, section
59, which says that the prescribed deposit, on the winding up of
an insurance company, should be applied first to settle the
claims of local policyholders.

"All moneys and securities for the time being held as a deposit
shall be delivered to the liquidator and shall be applied by
him, in the first instance, in discharge of the liabilities of
the company in respect of local policies," the law says.

Local policies have been defined in the court in this instance
as policies that were approved by Dyoll in Jamaica.

Meanwhile, the joint liquidators of Dyoll, John Lee of
PriceWaterhouseCoopers and Kenneth Krys of RSM Cayman, declined
to make a comment on the issue until they received the court
order in writing.

Dyoll is being wound up due to its inability to meet claims by
policyholders that arose from Hurricane Ivan, which slammed into
the Cayman Island in September 2004.



===========
M E X I C O
===========

ASARCO: Files Schedules of Assets and Liabilities
-------------------------------------------------
A.     Real Estate
          Arizona
             Mission Complex                         $6,219,988
             Ray Complex                             14,919,250
             Ray Complex Land Exchange                1,357,000
             Madera Canyon                            1,000,000
             Hardshell Mine                           8,000,000
             Tucson Office                            2,015,000
             Others                                     597,877
          Arkansas Coal Deposit                         600,000
          Colorado
             Globe Plant                              1,313,500
             Silverton                                  270,900
          Idaho sites                                   267,424
          Illinois -- Alton Site                        570,000
          Montana -- various sites                      858,691
          New Jersey -- Perth Amboy Site             13,400,000
          Ohio -- Columbus Site                         765,000
          Texas
             Additional land in El Paso               3,000,000
             Amarillo Copper Refinery                69,486,997
             Amarillo Zinc Refinery                      37,378
          Utah
             Technical Services Center                2,100,000
             Others                                      55,449
          Washington -- Tacoma Smelter               32,000,000

B.     Personal property
B.1    Cash on hand                                      25,096
B.2    Bank accounts
          Wells Fargo Operating                       5,414,525
          Bank One Concentration                      6,145,717
          Bank One Overnight Investments              1,781,617
          Wells Fargo Money Market                    5,049,101
          Bank One                                    1,160,534
          Others                                      1,464,021

B.3    Security deposits
          Insur PPD -- Workers Compensation             162,500
          Old Republic Work Comp. Insurance Deposit   1,296,502
          Indiana Comm Dept Enviro Mgmt Deposit         384,319
          Heritage Minerals Enviro Reclaim Deposit    1,000,000
          Chevron Texaco                              1,025,000
          El Paso Natural Gas                            73,998
          Southwest Gas Corporation                     197,069
          Phoenix Fuel                                   50,000
          Copper Basin Railway                          100,000
          Sasol Southwest                                30,000
          Electric Deposit                              320,384
          SCF of Arizona                                585,732
          Bureau of Land Management                      96,600
          Transwestern Commercial Services              156,765
          Deposit Societe Generale                       50,000
          Accounts & Note Receivable                    326,287

B.4    Household goods                                        0
B.5    Books, art work & collectibles                         0
B.6    Wearing apparel                                        0
B.7    Furs and jewelry                                       0
B.8    Firearms and sporting goods                            0
B.9    Interests in insurance policies                2,759,932
B.10   Annuities                                              0
B.11   Interests in retirement plans                 78,648,101
B.12   Stock interests                             undetermined
B.13   Interests in partnerships
          AR Silver Bell, Inc.                       25,904,563
          Silver Bell LLC                            25,540,425
          ASARCO Sta. Cruz, Inc.                      3,880,112
B.14   Bonds                                                  0
B.15   Accounts receivable
          Inter-segment receivable                   17,772,147
          Related party receivable                          139
          Trade receivables                          13,685,400
          Accounts and notes receivable              18,884,351
B.16   Alimony                                                0
B.17   Other liquidated debts owed
          Americas Mining Corporation
             ($100M promissory note, 7%,
              eight years)                           50,000,000
          Americas Mining Corporation
             ($123.25M promissory note, 7%,
              seven years)                           38,589,799
B.18   Equitable and future interests                         0
B.19   Contingent interests                                   0
B.20   Other contingent & unliquidated claims
          Claim promoted before IRS-future
             tax benefits derived from losses        48,929,395
          Federal fuel tax refund                        81,400
          Diesel fed excise tax refund                   29,793

B.21   Patents, copyrights & trademarks            undetermined
B.22   Other intangibles
          Capital improvements:
             On Mineral land                          7,836,248
             Including permits, air quality
                studies and roads                    22,886,645
          Mine stripping                            142,966,772
          Current Year CIP Add --
             Mineral Land No. 3                       1,275,084
          Long-lived asset -- Mission                 3,361,668
          Long-lived asset impairment
             E Helena                               (33,593,429)
          Depl-Mineral Land No. 1 -- SB HD              775,381
          Depl-Mineral Land No. 2 -- SB HD            5,949,988
          Depl-Mineral Land No. 2 -- Ray             (5,035,843)
          Depl-Mineral Land No. 3 -- Mission         (4,100,154)
          Depl-Mineral Land No. 3 -- Ray             (7,999,363)
          Depl-Mineral Land No. 3 -- SB HD          (18,563,845)
          Depr Assets Retirement Obligation          (1,341,720)
          Others                                       (967,418)

B.23   Automobiles                                      933,908
B.24   Boats                                                  0
B.25   Aircraft                                               0
B.26   Office equipment and supplies
          Amarillo                                        1,406
          Corporate ledger                            1,383,747
          East Helena                                    38,190
          El Paso                                       199,982
          Mission                                        32,256
          Ray                                            42,725
B.27   Machinery, furniture and fixtures
          Amarillo                                  $49,141,773
          Corporate Ledger                            1,065,019
          East Helena                                57,014,612
          El Paso                                    11,944,596
          Globe                                         887,275
          Mission                                    18,831,505
          Ray                                       205,014,942
          Salt Lake Research                            615,475
          Tennessee                                   8,101,034
B.28   Inventory
          Metals Inventory                         $136,635,238
          Warehouse Supplies                         33,572,017
B.29   Animals                                                0
B.30   Crops                                                  0
B.31   Farming equipment                                      0
B.32   Farm supplies                                          0
B.33   Other personal property
          Prepaid expenses                            2,237,028
          Total accounts receivable long-term         7,972,799
          Total engineering plan & projects           4,508,737
          Misc -- Northbrook Discount                   475,000
          Total several various other                   428,938

       TOTAL SCHEDULED ASSETS                    $1,164,904,494
                                                ===============

C.     Property claimed as exempt                Not applicable

D.     Secured claims
          Mitsui & Co. (U.S.A.), Inc.               $21,745,237
          Branin, Donald & Linda Branin, et al.       1,112,500
          Potter County Tax Office                    1,246,242
          Gila County Treasurer                       1,341,891
          Pinal County Treasurer                      2,023,615
          Salt River Project -- Electric Power        2,375,941
          Others                                      4,505,502

E.     Unsecured priority claims
          Taxes and other debts owed to government:
             New York State                          $1,863,705
             Internal revenue Service                 6,941,321
             State of California                      1,694,184
             Others                                      73,115
          Wages, salaries and commissions               310,932

F.     Unsecured non-priority claims               $491,721,329
          Long-term debt                           $448,713,768
          Accounts payable                           27,906,566
          Intercompany liabilities:
             Miner Mexico Internacional, Inc.         4,374,685
             Grupo Mexico S.A. de C.V.                3,300,000
             Others                                     686,890
          Employee-related liabilities                3,159,956
          Contractual obligations                     3,405,351
          Environmental liabilities                undetermined
          Litigation                               undetermined
          Taxes and other gov't. obligations            946,712
          Other obligations                        undetermined

       TOTAL SCHEDULED LIABILITIES                 undetermined
                                                  =============

ASARCO reports that the book value of its real property totals
$48,218,953.  The $158,834,454 total of the individual line
items shown in Schedule A reflects "the most current appraisal
value," ASARCO says, "to the extent available, or in the
alternative the tax appraisal value of each particular
property."  In all events, ASARCO says, book values shown in the
Company's accounting records, reflect outdated values.  

Headquartered in Tucson, Arizona, ASARCO LLC --
http://www.asarco.com/-- is an integrated copper mining,  
smelting and refining company.  Grupo Mexico S.A. de C.V. is
ASARCO's ultimate parent.  The Company filed for chapter 11
protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207).
James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A.
Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter
Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble,
Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the
Debtor in its restructuring efforts.  When the Debtor filed for
protection from its creditors,it listed $600 million in total
assets and $1 billion in total debts.

The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-
20521 through 05-20525).  They are Lac d'Amiante Du Quebec Ltee,
CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304),
Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex.
Case No. 05-21346) also filed for chapter 11 protection, and
ASARCO has asked that the three subsidiary cases be jointly
administered with its chapter 11 case.  On Oct. 24, 2005,
Encycle/Texas' case was converted to a Chapter 7 liquidation.
(ASARCO Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Service, Inc., 215/945-7000).


GRUPO MEXICO: Buys Ferrosur for $307M in ITM Stock
--------------------------------------------------
Copper producer Grupo Mexico bought railroad company Ferrosur
from billionaire Carlos Slim, paying MXN3.26 billion (US$307
million) in stock of its transportation unit, reports Bloomberg.

Sources from both sides revealed Mr. Slim gave Grupo Mexico 100%
of Ferrosur in exchange for a 25% stake in Grupo Mexico's
transportation division ITM.

Group Mexico already operates northwest railway company
Ferromex. Juan Rebolledo, Grupo Mexico's vice president for
international relations, said the acquisition of Ferrosur, which
operates in the south of the country, will give the Company
seamless transport operations from the Gulf coast state of
Veracruz to the Pacific coast and the U.S. border.

Mr. Slim owned Ferrosur through Grupo Carso SA, his industrial
group, and Grupo Financiero Inbursa SA. They had two-thirds and
one-third of Ferrosur, respectively, and now will own 17% and 8%
of Grupo Mexico's transportation unit, said Inbursa director
Frank Aguado.

Grupo Mexico is seeking to strengthen its transportation
division, which accounts for 18% of revenue, to reduce its
reliance on the metal business.

Ferrosur will allow Grupo Mexico to better fight competition
from Kansas City Southern, owner of a 6,000-mile rail network
linking the U.S. and Mexico.

CONTACT:  GRUPO MEXICO S.A. DE C.V.
          Avenida Baja California 200,
          Colonia Roma Sur
          06760 Mexico, D.F., Mexico
          Phone: +52-55-5264-7775
          Fax: +52-55-5264-7769
          Web site: http://www.gmexico.com



                            ***********


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