TCRLA_Public/051201.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

          Thursday, December 1, 2005, Vol. 6, Issue 238

                            Headlines


A R G E N T I N A

ACEROS ZAPLA: Workers, Lawmakers Work On Details of Stock Plan
CARPASA S.A.: Court Appoints Trustee for Reorganization
DAGFA S.A.: Court Grants Reorganization Motion
FRUTBEL S.R.L.: Liquidates Assets to Pay Debts
INDUSTRIAS GETEM: Court Favors Creditor's Bankruptcy Motion

INTERNATIONAL MICRO: Court Declares Company Bankrupt
IRSA: Creditors Reject $34.6M Debt Buyback Offer
MASTELLONE HERMANOS: S&P Reaffirms 'raD' Rating on $7M Bonds
MECAFER C.I.: Court to Oversee Reorganization
OCEANICA S.A.: Bankruptcy Initiated After Court Order

PACK ONE: Judge Approves Bankruptcy Petition
PINNACLE ENTERTAINMENT: Moody's Rates New $750M Facility at B1
QUIMITEMP S.A.: Court Agrees with Creditor's Bankruptcy Request
TELCOOP S.A.: Court Mandates Liquidation
TELEFONICA DE ARGENTINA: Continues to Pay off Corporate Bonds

TRIOMPHE S.A.: Court Designates Trustee for Liquidation
URU-CURE S.R.L.: Court Declares Company Bankrupt


B E R M U D A

INVESTMENT STRATEGIES: Claims to be Verified Until Dec. 14
J&H INVESTMENTS: Claims Filing Deadline Set for Dec. 19
JOHNSON & HIGGINS: Commences Voluntary Wind Up
PEKO OFFSHORE: Appoints Mr. Ernest A. Morrison as Liquidator


B R A Z I L

LOJAS COLOMBO: S&P Assigns 'B' Rating; Outlook Stable
SAFRA LEASING: Issues $2.23B Non-Convertible Debentures
ULTRAPAR PARTICIPACOES: S&P Assigns 'BB+' LC, FC Credit Ratings
UNIBANCO LEASING: Govt. Authorizes $910M Debenture Issue
VARIG: Court Denies Request to Compel Turnover of Receivables


C A Y M A N   I S L A N D S

168 HOLDINGS: Shareholders Elect to Wind Up Company
AFFINITY FUND: Shareholders Resolve to Liquidate Company
DIANA FUNDING: Moves Toward Liquidation
EMERALD ADVANTAGE: CFS Liquidators to Oversee Liquidation
ENTEREAL LIMITED: To be Wound Up Voluntarily

GPC CAYMAN: Voluntarily Wind Up Announced
IBS III: Shareholders Elect to Wind Up Entity
KAINTUCK OPPORTUNITY: Voluntary Liquidation Starts
KOCH NGL: To be Liquidated
MAPLE GROUP: Shareholder Decides to Liquidate Company

MAPLE GROUP: Appoints Joint Liquidators
MAPLE STRATEGY: Creditors Advised to File Claims in Wind Up
MARCEP INTERNATIONAL: Voluntarily Liquidating
MARINER OPPORTUNITIES: Enters Voluntary Wind Up
SHOVAL CONSISTENT: Shareholders Resolve to Liquidate

SYMMETRY INTERNATIONAL: Claims Verification to Close Dec. 28
WHITEFORD INTERNATIONAL: CFS Liquidators to Supervise Wind Up
WW GLOBAL: Creditors to Prove Claims Before Dec. 28
YA97A LIMITED: Voluntary Liquidation Begins
YJSHIMADA INC: Maheswaran Nagendram Appointed as Liquidator


C O L O M B I A

TENDERCO: Extends Purchase Deadline for Transtel Units


J A M A I C A

MIRANT CORP: Judge Robert Jones to Supervise Settlement Talks
KAISER ALUMINUM: Amended Plan of Reorganization Accepted


M E X I C O

ASARCO: Reorganization Plan Filing Deadline Extended to March 7
CALPINE CORP: Board Reorganizes Executive Management
EAGLEPICHER INCORPORATED: Bankruptcy Court OKs New Financing
GRUPO MEXICO: CFC Yet to Authorize Ferrosur Deal
METALFORMING TECHNOLOGIES: Court Extends Exclusive Period

VITRO: Signs Accord with Solutia for Shares Sale
XIGNUX: S&P Revises Outlook to Positive; Affirms Ratings


P U E R T O   R I C O

AOL LATIN AMERICA: Files Petitions for Relief Under Chapter 11
FIRST BANCORP: Appoints New Independent Director
FIRST BANCORP: Law Firm Extends Class Period for Class Suit


V E N E Z U E L A

PDVSA: To Sign Oil Supply Agreement with Paraguay Dec. 8
SIDOR: Workers Requesting Stock Transfer This Month

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

ACEROS ZAPLA: Workers, Lawmakers Work On Details of Stock Plan
---------------------------------------------------------------
Workers at steel products maker Aceros Zapla are currently in
discussions with legislators regarding the implementation of an
equity ownership program, reports Business News Americas. In
June, the government submitted a bill proposing the transfer of
10% of Aceros Zapla shares to workers. The proposal, according
to an unnamed Zapla worker, already has approval from half the
lawmakers.

"If consensus is reached, we can expect ratification in the next
few days," the worker added.

Aceros Zapla in the town of Palpala produces hot-rolled long
steel primarily for the oil and automobile industries, plus
machinery and equipment manufacturers. The company has 700
employees and average output of 5,000t/m.


CARPASA S.A.: Court Appoints Trustee for Reorganization
-------------------------------------------------------
Carpasa S.A., a company operating in Buenos Aires, is ready to
start its reorganization after the city's court appointed Ms.
Maria Cristina Agrelo to supervise the proceedings as trustee.

An Infobae report states that Ms. Agrelo will verify creditors
claims until Dec. 21, 2005. Afterwards, she will present these
claims as individual reports for final review by the court on
March 6, 2006. Ms. Agrelo will also provide the court with a
general report pertaining to the Company's reorganization on
April 19, 2006.

CONTACT: Ms. Maria Cristina Agrelo, Trustee
         Viamonte 1365
         Buenos Aires


DAGFA S.A.: Court Grants Reorganization Motion
----------------------------------------------
Dagfa S.A. successfully petitioned for reorganization after
Buenos Aires' civil and commercial court issued a resolution
opening the Company's insolvency proceedings. Under insolvency
protection, the Company will continue to manage its assets
subject to certain conditions imposed by Argentine law and the
oversight of a court-appointed trustee.

Infobae relates that Mr. Marcelo Carlos Rodriguez will serve as
trustee during the course of the reorganization. The trustee
will be accepting creditors' proofs of claim for verification
until Feb. 3, 2006.

After verifications, the trustee will prepare the individual
reports and submit it in court on March 3, 2006. He will also
present a general report for court review on April 17, 2006.

The Company will endorse the settlement proposal, drafted from
the submitted claims, for approval by the creditors during the
informative assembly scheduled on Oct. 26, 2006.

CONTACT: Mr. Marcelo Carlos Rodriguez, Trustee
         Cerrito 146
         Buenos Aires


FRUTBEL S.R.L.: Liquidates Assets to Pay Debts
----------------------------------------------
Buenos Aires-based Frutbel S.R.L. 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, Mr. Carlos Federico Berger. The
trustee will verify creditors' proofs of claim until Feb. 10,
2006. The validated claims will be presented in court as
individual reports on March 24, 2006.

Mr. Berger will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, May 5, 2006.

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

CONTACT: Mr. Carlos Federico Berger, Trustee
         Santiago del Estero 112
         Buenos Aires


INDUSTRIAS GETEM: Court Favors Creditor's Bankruptcy Motion
-----------------------------------------------------------
Court No. 14 of Buenos Aires' civil and commercial tribunal
declared Industrias Getem S.A. bankrupt, says La Nacion. The
ruling comes in approval of a petition filed by the Company's
creditor, Ms. Marisa Chamorro, for nonpayment of $1,200 in debt.

Trustee Hugo Mancusi will examine and authenticate creditors'
claims until March 22, 2006. This is done to determine the
nature and amount of the Company's debts. Creditors must have
their claims authenticated by the trustee by the said date in
order to qualify for the payments that will be made after the
Company's assets are liquidated.

Clerk No. 27 assists the court on the case, which will conclude
with the liquidation of the Company's assets.

CONTACT: Industrias Getem S.A.
         Gorostiaga 2332
         Buenos Aires

         Mr. Hugo Mancusi, Trustee
         Corrientes 3169
         Buenos Aires


INTERNATIONAL MICRO: Court Declares Company Bankrupt
----------------------------------------------------
Buenos Aires' civil and commercial court declared local company
International Micro Computers S.A. bankrupt, reports Infobae.
The Company was undergoing reorganization when the ruling was
issued.

The receiver, Mr. Juan Roque Treppo, will verify claims "por via
incidental", as the court ordered. The receiver will also be
responsible for the individual and general reports.

CONTACT: Mr. Juan Roque Treppo, Trustee
         Sarmiento 1183
         Buenos Aires


IRSA: Creditors Reject $34.6M Debt Buyback Offer
------------------------------------------------
Real estate developer IRSA-Inversiones y Representaciones's
US$34.6-million debt buyback offer closed with no acceptance
from its creditors, according to Dow Jones Newswires. IRSA
launched the offer in October, seeking to repurchase debt at 85%
of nominal value. The offer covered all of the Company's
guaranteed bonds, as well as a syndicated loan.

Maximiliano Feller, an analyst at Argentine Research, wrote in a
Tuesday note that IRSA will channel the funds earmarked for the
debt buyback into financing its various projects and
developments.

IRSA is moving ahead with a $15 million shopping center in the
province of Neuquen and is also interested in building a $35
million mall in the Buenos Aires neighborhood of Caballito.

CONTACT: IRSA Inversiones y Representaciones S.A.
         Alejandro Elsztain - Director
         Gabriel Blasi - CFO
         Phone: (5411) 4323 7449
         E-mail: finanzas@irsa.com.ar
         URL: http://www.irsa.com.ar


MASTELLONE HERMANOS: S&P Reaffirms 'raD' Rating on $7M Bonds
------------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
maintained its 'raD' rating on US$7.091 million worth of
corporate bonds issued by Mastellone Hermanos S.A., says the
CNV. The undated bond issue carries the description
"Obligaciones Negociables monto original U$S225 millones."

S&P assigns 'raD' to financial obligations that are currently in
default. The ratings agency said that the same rating may be
issued if interest or principal payments are not made on the due
even if the applicable grace period has not expired.

The ratings given were based on the Company's finances as of
Sep. 30, 2005.

CONTACT:  MASTELLONE HERMANOS S.A.
          Av. Leandro N. Alem 720
          (1001) - Buenos Aires
          Argentina
          Phone: 54 1 318-5000
          Fax: 54 1 313-6822


MECAFER C.I.: Court to Oversee Reorganization
---------------------------------------------
Mecafer C.I. S.A. will begin reorganization following the
approval of its petition by Buenos Aires' civil and commercial
court. The opening of the reorganization will allow the Company
to negotiate a settlement with its creditors in order to avoid a
straight liquidation.

Accounting firm Castro, Danovara & Asoc. will oversee the
reorganization proceedings as the court-appointed trustee. He
will verify creditors' claims until Feb. 15, 2006. The validated
claims will be presented in court as individual reports on March
29, 2006.

Castro, Danovara & Asoc. 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 May 10, 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. 10, 2006.

CONTACT: Castro, Danovara & Asoc., Trustee
         J. Salguero 2533
         Buenos Aires


OCEANICA S.A.: Bankruptcy Initiated After Court Order
-----------------------------------------------------
Rosario's civil and commercial court declared Oceanica S.A.
bankrupt after the Company defaulted on its debt payments. The
bankruptcy order effectively places the Company's affairs as
well as its assets under the control of court-appointed trustee,
who is tasked with verifying the authenticity of claims
presented by the Company's creditors.

Following claims verification, the trustee will submit the
individual reports based on the forwarded claims for final
approval by the court. A general report will also be submitted.

Dates for the end of the verification phase as well as the
submission of the reports are yet to be determined.

CONTACT: Oceanica S.A.
         9 de Julio 2351
         Rosario (Santa Fe)


PACK ONE: Judge Approves Bankruptcy Petition
--------------------------------------------
Plastic industry Pack One S.R.L. was declared bankrupt after
Court No. 14 of Buenos Aires' civil and commercial tribunal
endorsed the petition of Union Obreros y Empleados Plasticos for
the Company's liquidation. Argentine daily La Nacion reports
that Union Obreros y Empleados Plasticos has claims totaling
$1,290.59 against Pack One S.R.L.

The court assigned Ms. Marcela Vainberg to supervise the
liquidation process as trustee. Ms. Vainberg will validate
creditors' proofs of claim until Feb. 22, 2006.

The city's Clerk No. 27 assists the court in resolving this
case.

CONTACT: Pack One S.R.L.
         Tucuman 2190
         Buenos Aires

         Ms. Marcela Vainberg, Trustee
         Lavalle 2024
         Buenos Aires


PINNACLE ENTERTAINMENT: Moody's Rates New $750M Facility at B1
--------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Pinnacle
Entertainment, Inc.'s proposed $750 million senior secured bank
credit facility and affirmed the company's B2 corporate family
rating and Caa1 senior subordinated debt ratings.  The new bank
credit facility consists of a:

   * $450 million senior secured revolver due 2010;
   * $200 million senior secured funded term loan due 2011; and
   * $100 million senior secured delayed draw term loan due
     2011.

The new facility will replace Pinnacle's existing B1 rated $380
million senior secured bank credit facility and provide
additional overall liquidity as well as funding for the
company's St. Louis construction projects.  The rating outlook
is stable.

Pinnacle's B2 corporate family rating reflects the risks
associated with its high leverage and significant upcoming
development activity related to two casino projects in
St. Louis, Missouri.  Additionally, the rating takes into
account the continuing uncertainty regarding the amount and
timing of any insurance coverage related to Hurricane Katrina.  
The one-notch rating differential between the company's B1
senior secured bank loan rating and its B2 corporate family
rating reflects the superior recovery profile of the credit
facility relative to other debt obligations in Pinnacle's
capital structure.  Moody's decision to assign a higher rating
to the senior secured credit facilities was based on an analysis
of distressed asset and enterprise values and the determination
that senior secured lenders would be adequately protected under
distressed circumstances.

The stable ratings outlook considers that the uncertainty
regarding the amount and timing of any insurance coverage makes
it less likely there will be ratings improvement in the near-
term.  To the extent that:

   1) insurance matters are resolved in a manner that does not
      have a material negative impact on the company's overall
      financial profile;

   2) L'Auberge du Lac casino in Lake Charles, Louisiana
      continues to perform at or above initial expectations; and

   3) Pinnacle's other casino properties continue to improve, a
      higher rating would be considered.

The stable ratings outlook also takes into account that Pinnacle
is currently in compliance with the Missouri Gaming Commission's
requirement that the company have an interest coverage ratio of
at least 2.0 times before it can proceed with development in
St. Louis, Missouri.  The St. Louis development opportunities
are viewed as positive credit considerations in that they would
provide Pinnacle with an increased level of diversification, a
key factor with respect to longer-term ratings improvement.

These new ratings were assigned:

   * $450 million senior secured revolving credit facility
     due 2010 -- B1;

   * $200 million senior secured funded term loan due 2011 --
     B1; and

   * $100 million senior secured delayed draw term loan
     due 2011 -- B1.

Pinnacle's new bank facility will be secured by substantially
all of the company's tangible and intangible assets and will
include maintenance-type covenants related to leverage and
interest coverage, as well as a 50% excess cash flow sweep which
applies after 2006.  There will be a greenshoe option that can
increase the facility by an additional $250 million as long as
no event of default is in place, and can be applied to any bank
facility tranche.  The B1 rating on the company's existing $380
million bank facility will be withdrawn once the new bank
facility is in effect.

Pinnacle Entertainment:

   * owns casinos in:

     -- Nevada,
     -- Mississippi (currently closed),
     -- Louisiana,
     -- Indiana, and
     -- Argentina;

   * owns a hotel in Missouri; and

   * receives lease income from two card club casinos in the
     Los Angeles metropolitan area. (Troubled Company Reporter,
     Wednesday, Nov. 30, 2005, Vol. 9, No. 284)


QUIMITEMP S.A.: Court Agrees with Creditor's Bankruptcy Request
---------------------------------------------------------------
Quimitemp S.A. entered bankruptcy after Court No. 14 of Buenos
Aires' civil and commercial tribunal approved a bankruptcy
motion filed by Rey y Milberg S.A., reports La Nacion. The
Company's failure to pay US$5,170.47 in debt prompted the
creditor to file the petition.

Working with the city's Clerk No. 27, the court assigned Mr.
Mario Beckerman 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 March 21, 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: Quimitemp S.A.
         San Antonio 345
         Buenos Aires

         Mr. Mario Beckerman, Trustee
         Raul Scalabrini Ortiz 258
         Buenos Aires


TELCOOP S.A.: Court Mandates Liquidation
----------------------------------------
Telcoop S.A. prepares to wind-up its operations following the
bankruptcy pronouncement issued by Rosario's civil and
commercial court. The declaration effectively prohibits the
company from administering its assets, control of which will be
transferred to a court-appointed trustee.

Infobae reports that the court appointed trustee will be
reviewing creditors' proofs of claim. The verified claims will
serve as basis for the individual reports to be presented for
court approval. The trustee will also submit a general report of
the case.

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

CONTACT: Telcoop S.A.
         Mendoza 1559
         Rosario (Santa Fe)


TELEFONICA DE ARGENTINA: Continues to Pay off Corporate Bonds
-------------------------------------------------------------
Telefonica de Argentina S.A. informed the Bolsa de Comercio de
Buenos Aires that on November 21, 2005, it paid off the
following corporate bond:

- Class 3 Fixed Rate Series Coupon 8% due in February 2006, Par
Value $5,595,448.

Subsequently, on November 28, 2005, the corporate bonds were
paid off. Therefore the remaining outstanding amount is Par
Value $160,518,252.

CONTACT: Telefonica de Argentina S.A.
         Avenida Ingeniero Huergo 723
         Buenos Aires, Argentina
         Phone: 5411 4332-2066
         Web site: http://www.telefonica.com.ar


TRIOMPHE S.A.: Court Designates Trustee for Liquidation
-------------------------------------------------------
Buenos Aires accountant Mr. Jorge Juan Gerchkovich was assigned
trustee for the liquidation of local company Triomphe S.A.,
relates Infobae.

Mr. Jorge Juan Gerchkovich will verify creditors' claims until
Feb. 21, 2006, the source adds. After that, he will prepare the
individual reports, which are to be submitted in court on March
21, 2006. The submission of the general report should follow on
May 2, 2006.

CONTACT: Mr. Jorge Juan Gerchkovich, Trustee
         Lavalle 1882
         Buenos Aires


URU-CURE S.R.L.: Court Declares Company Bankrupt
------------------------------------------------
Court No. 3 of Buenos Aires' civil and commercial tribunal
declared local company Uru-Cure S.R.L. "Quiebra", relates La
Nacion. The court approved the bankruptcy petition filed by Dora
R. Alvarez, whom the Company has debts amounting to $302,110.

The Company will undergo the bankruptcy process with Ms. Mirta
Andrada as trustee. Creditors are required to present proofs of
their claim to Ms. Andrada for verification before Feb. 22,
2006. Creditors who fail to submit the required documents by the
said date will not qualify for any post-liquidation
distributions.

Clerk No. 5 assists the court on the case.

CONTACT: Uru-Cure S.R.L.
         Cordoba 966
         Buenos Aires

         Ms. Mirta Andrada, Trustee
         Malabia 187
         Buenos Aires



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

INVESTMENT STRATEGIES: Claims to be Verified Until Dec. 14
----------------------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                              And

   IN THE MATTER OF Investment Strategies International Ltd.
              (in Members' Voluntary Liquidation)

By Written Resolutions of the Members of the above-named
Company, on November 25, 2005, the following RESOLUTIONS were
duly passed:

RESOLVED that:

1) the Company be wound up voluntarily pursuant to the
provisions of the Companies Act, 1981; and

2) Mr Don S. Laurenceo, of "Milner House, 18 Parliament Street,
Hamilton, Bermuda be and is hereby appointed Liquidator for the
purposes of winding-up, such appointment to be effective
forthwith."

The Liquidator informs that:

- Creditors of the Company are required on or before December
14, 2005, to send their names and addresses and the particulars
of their debts or claims to the Liquidator of the Company and,
if so required by notice in writing from the Liquidator, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

- Final General Meeting of the Members of Investment Strategies
International Ltd. will be held at the offices of Cox Hallett
Wilkinson, Milner House, 18 Parliament Street, Hamilton HM12, on
January 3, 2006 at 10 o'clock in the forenoon for the following
purposes:

1) receiving an account showing the manner in which the winding-
up of the Company has been conducted and its property disposed
of and hearing any explanation that may be given by the
Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Don S. Laurenceo, Liquidator
         Milner House, 18 Parliament Street
         Hamilton, Bermuda


J&H INVESTMENTS: Claims Filing Deadline Set for Dec. 19
-------------------------------------------------------
             IN THE MATTER OF THE COMPANIES ACT 1981

          IN THE MATTER OF J&H Investments (Bermuda) Ltd.

The Members of J&H Investments (Bermuda) Ltd., acting by Special
General Meeting held on November 25, 2005 passed the following
resolutions:

1) THAT the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and

2) THAT Blake Alexander be and is hereby appointed Liquidator
for the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator informs that:

- Creditors of J&H Investments (Bermuda) Ltd., which is being
voluntarily wound up, are required, on or before December 19,
2005 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Blake
Alexander, the Liquidator of the Company, and if so required by
notice in writing from the Liquidator, and personally or by
their lawyers, to come in and prove their debts or claims at
such time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A final general meting of the Members of J&H Investments
(Bermuda) Ltd.will be held at the offices of Marsh Management
Services (Bermuda) Ltd., Victoria Hall, 11 Victoria Street,
Hamilton HM 11, Bermuda on December 28, 2005 at 11:00 a.m., or
as soon as possible thereafter, for the purpose of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Blake Alexander, Liquidator
         Marsh Management Services (Bermuda) Ltd.
         Victoria Hall, 11 Victoria Street
         Hamilton HM 11, Bermuda


JOHNSON & HIGGINS: Commences Voluntary Wind Up
----------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                              And

IN THE MATTER OF Johnson & Higgins Management Services Limited

The Members of Johnson & Higgins Management Services Limited,
acting by Special General Meeting held on November 25, 2005
passed the following resolutions:

1) THAT the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and

2) THAT Blake Alexander be and is hereby appointed Liquidator
for the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator informs that:

- Creditors of Johnson & Higgins Management Services Limited,
which is being voluntarily wound up, are required, on or before
December 19, 2005 to send their full Christian and Surnames,
their addresses and descriptions, full particulars of their
debts or claims, and the names and addresses of their lawyers
(if any) to Blake Alexander, the Liquidator of the Company, and
if so required by notice in writing from the Liquidator, and
personally or by their lawyers, to come in and prove their debts
or claims at such time and place as shall be specified in such
notice, or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

- A final general meting of the Members of Johnson & Higgins
Management Services Limited will be held at the offices of Marsh
Management Services (Bermuda) Ltd., Victoria Hall, 11 Victoria
Street, Hamilton HM 11, Bermuda on December 28, 2005 at 11:00
a.m., or as soon as possible thereafter, for the purpose of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Blake Alexander, Liquidator
         Marsh Management Services (Bermuda) Ltd.
         Victoria Hall, 11 Victoria Street
         Hamilton HM 11, Bermuda


PEKO OFFSHORE: Appoints Mr. Ernest A. Morrison as Liquidator
------------------------------------------------------------
             IN THE MATTER OF THE COMPANIES ACT 1981

                               And

             IN THE MATTER OF Peko Offshore Limited
               (in Member's Voluntary Liquidation)

By Written Resolutions of the Sole Member of Peko Offshore
Limited, on November 28, 2005, the following RESOLUTIONS were
duly passed:

RESOLVED that:

1) the Company be wound up voluntarily pursuant to the
provisions of the Companies Act, 1981; and

2) Mr. Ernest A. Morrison, of "Milner House, 18 Parliament
Street, Hamilton, Bermuda be and is hereby appointed Liquidator
for the purposes of winding-up, such appointment to be effective
forthwith."

The Liquidator informs that:

- Creditors of Peko Offshore Limited are required on or before
December 14, 2005, to send their names and addresses and the
particulars of their debts or claims to the Liquidator of the
Company and, if so required by notice in writing from the
Liquidator, to come in and prove their debts or claims at such
time and place as shall be specified in such notice or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- Final General Meeting of the Sole Member of Peko Offshore
Limited will be held at the offices of Cox Hallett Wilkinson,
Milner House, 18 Parliament Street, Hamilton HM12, on January 3,
2006 at 10 o'clock in the forenoon for the following purposes:

1) receiving an account showing the manner in which the winding-
up of the Company has been conducted and its property disposed
of and hearing any explanation that may be given by the
Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Ernest A. Morrison, Liquidator
         Milner House, 18 Parliament Street
         Hamilton, Bermuda



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

LOJAS COLOMBO: S&P Assigns 'B' Rating; Outlook Stable
-----------------------------------------------------
Standard & Poor's Rating Services assigned its 'B' local and
foreign currency corporate credit ratings to Brazil-based
retailer Lojas Colombo S.A. (Colombo). At the same time,
Standard & Poor's assigned its 'B' rating to the company's
proposed two-year $50 million senior unsecured notes. The
outlook on the corporate credit rating is stable.

Colombo is Brazil's third largest retailer of home appliances
and furnishing, with BrR1.0 billion net sales in 2004 (about
$350 million). The company's operating lease-adjusted total debt
amounted to BrR335 million at June 2005 (about $143 million).

"The ratings on Colombo reflect its vulnerable business
position, its exposure to the highly competitive Brazilian
retail industry, and a highly leveraged financial position",
said Standard & Poor's credit analyst Jean-Pierre Cote Gil.
"These negative factors are partly offset by Colombo's strong
regional position and the solid results of its consumer credit
operations, which could be further enhanced should a proposed
partnership agreement with a local private bank be successful,"
he added.

Colombo's proposed two-year senior unsecured notes and proceeds
from the proposed sale of 50% of its financial company,
Credifar, are expected to change Colombo's capital structure
considerably. Colombo is expected to use the forthcoming
proceeds to refinance short-term debt maturities and to fund its
growth plan.

The stable outlook on the rating reflects our expectations that
despite the expected improvements of Colombo's financial
profile, the company's operating results will remain exposed to
tight operating margins and to competitive risks, especially as
Colombo attempts to expand its operations in other regions.

Primary Credit Analyst: Jean-Pierre Cote Gil, Sao Paulo (55)-11-
5501-8949; jp_gil@standardandpoors.com

Secondary Credit Analyst: Milena Zaniboni, Sao Paulo (55) 11-
5501-8945; milena_zaniboni@standardandpoors.com


SAFRA LEASING: Issues $2.23B Non-Convertible Debentures
-------------------------------------------------------
Banco Safra's leasing unit, Safra Leasing S.A., has issued non-
convertible debentures totaling BRL5 billion (US$2.23 billion),
reports Dow Jones Newswires. The debentures will mature July
2015 and pay an annual interest rate linked with the DI, a local
interbank rate. The issue is being coordinated by Banco Safra de
Investimentos S.A. Proceeds of the issue will be earmarked for
leasing operations.


ULTRAPAR PARTICIPACOES: S&P Assigns 'BB+' LC, FC Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' local- and
foreign-currency corporate credit ratings to Ultrapar
Participacoes S.A. (Ultrapar), a Brazilian company with
operations in liquefied petroleum gas (LPG) distribution,
specialty chemicals production, and integrated logistic
services. The outlook is stable.

"The ratings reflect Ultrapar's exposure to volatile
petrochemical prices, the dependency of LPG demand on income and
population growth at its home market of Brazil, and strong
competition in LPG distribution," explained Standard & Poor's
credit analyst Reginaldo Takara. These negative factors are
offset by Ultrapar's moderate financial policies, which are
demonstrated by its strong liquidity and low financial leverage
(which has been historically preserved even under stressful
market conditions), adequate business diversification in two
low-correlated industries with favorable long-term fundamentals,
and favorable market positions in both of those businesses.

Ultrapar's 'BB+' ratings are one-notch higher than the 'BB'
local-currency ratings and two notches higher than the 'BB-'
foreign-currency sovereign ratings on the Federative Republic of
Brazil, Ultrapar's home country. This results from the
combination of Ultrapar's favorable business fundamentals with
its solid financial profile. Although essentially all of
company's operations are located in Brazil, we believe that
Ultrapar's sound business portfolio, adequate cash flow
resiliency and moderate financial policies allow it to weather
stressful scenarios (with a degree of stress compatible with its
rating category), affecting both the country and the
petrochemical industry at large. Ultrapar's business
fundamentals are positive for each of its operations and quite
strong altogether. The company has managed to sustain adequate
cash generation and strong liquidity even under depressed market
environments in Brazil, including the challenging present one.
Thanks to its robust financial profile, we see Ultrapar prepared
to withstand indirect sovereign risks related with a foreign-
currency default scenario, despite the company's relative
exposure to foreign currency fluctuations in the case of its
petrochemical raw materials and end product prices.

The stable outlook reflects our opinion that Ultrapar has
fundamentals to face stressful market and price conditions at
both of its most important markets (LPG and specialty chemicals)
in the medium term and still preserve liquidity and some cash
generation to manage the flow of debt maturities. At present
level, the ratings assume that Ultrapar will sustain strong
liquidity and very limited, if any, net debt in the future,
despite its intent to continue investing at its core businesses
and performing acquisitions (compatible with its size) to
strengthen its market position. We do not see upside potential
for Ultrapar's ratings in the medium term due to the limited
scope of its operations, especially when compared with other
larger conglomerates that benefit from higher investment and
leverage capacity and have higher business and geographic
diversity. Nevertheless, the ratings could fall under downward
pressure if our assessment about Ultrapar's long-term commitment
with low leverage is materially changed (in particular, if the
company decides to significantly leverage its balance sheet to
finance its participation in large petrochemical projects or
perform heavy-burdened acquisitions).

Ultrapar is a company with two main operations: LPG distribution
(through its fully-owned subsidiary Companhia Ultragaz S.A.) and
specialty petrochemicals (through its also fully-owned sub
Oxiteno S.A.). A third growing business (chemicals and other
liquid commodities transportation and storage, Ultracargo) adds
up to Ultrapar's business portfolio and reinforces the trend for
further business diversity in the long run.

Primary Credit Analyst: Reginaldo Takara, Sao Paulo (55) 11-
5501-8932; reginaldo_takara@standardandpoors.com

Secondary Credit Analyst: Beatriz Degani, Sao Paulo (55) 11-
5501-8933; beatriz_degani@standardandpoors.com
  

UNIBANCO LEASING: Govt. Authorizes $910M Debenture Issue
--------------------------------------------------------
Unibanco Leasing S.A., a unit of Uniao de Bancos Brasileiros
S.A.'s (Unibanco), has secured government clearance to issue
BRL2 billion ($910 million) worth of non-convertible debentures,
reveals Dow Jones Newswires. The debentures will mature in
November 2020 and will pay an annual interest rate linked to the
DI, the local interbank rate. Unibanco will coordinate the
operation.


VARIG: Court Denies Request to Compel Turnover of Receivables
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
denied the request of Vicente Cervo and Eduardo Zerwes, the
Foreign Representatives appointed in the reorganization
proceedings of VARIG S.A. and its debtor-affiliates, to compel
GE Commercial Aviation Services, LLC, to turn over the Foreign
Debtors' receivables in its possession.  The Court also denied
the Foreign Representatives' request to obligate JPMorgan Chase
Bank, NA, to turn over the proceeds of VARIG's receivables now
deposited at JPMorgan.

The foreign representatives had alleged that GECAS wrongfully
instructed JPMorgan Chase to distribute funds out of the Foreign
Debtors' JPMorgan account as accelerated payment of a
prepetition debt.  On GECAS' instructions, and without notice to
the Foreign Debtors, JP Morgan wired $5,076,961 to GECAS
Commercial.  The total amount disbursed by JPMorgan constituted
the proceeds of the Foreign Debtors' accounts receivable.

While the Debtors will not get the proceeds of VARIG's
receivables deposited at JPMorgan, the Court also directs GECAS
to return to JPMorgan, $5,076,979, representing all amounts
disbursed to GECAS on June 17, 2005 from the Collateral Account.   
That amount will be held and separately accounted for in the
Collateral Account, subject to further Court order.

Headquartered in Rio de Janeiro, Brazil, VARIG S.A. is Brazil's
largest air carrier and the largest air carrier in Latin
America.  VARIG's principal business is the transportation of
passengers and cargo by air on domestic routes within Brazil and
on international routes between Brazil and North and South
America, Europe and Asia.  VARIG carries approximately 13
million passengers annually and employs approximately 11,456
full-time employees, of which approximately 133 are employed in
the United States.

The Company, along with two affiliates, filed for a judicial
reorganization proceeding under the New Bankruptcy and
Restructuring Law of Brazil on June 17, 2005, due to a
competitive landscape, high fuel costs, cash flow deficit, and
high operating leverage.  The Debtors may be the first case
under the new law, which took effect on June 9, 2005.  Similar
to a chapter 11 debtor-in-possession under the U.S. Bankruptcy
Code, the Debtors remain in possession and control of their
estate pending the Judicial Reorganization.  Sergio Bermudes,
Esq., at Escritorio de Advocacia Sergio Bermudes, represents the
carrier in Brazil.

Each of the Debtors' Boards of Directors authorized Vicente
Cervo as foreign representative.  In this capacity, Mr. Cervo
filed a Sec. 304 petition on June 17, 2005 (Bankr. S.D.N.Y. Case
Nos. 05-14400 and 05-14402).  Rick B. Antonoff, Esq., at
Pillsbury Winthrop Shaw Pittman LLP represents Mr. Cervo in the
United States.  As of March 31, 2005, the Debtors reported
BRL2,979,309,000 in total assets and BRL9,474,930,000 in total
debts. (VARIG Bankruptcy News, Issue No. 12; Bankruptcy
Creditors' Service, Inc., 215/945-7000)



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

168 HOLDINGS: Shareholders Elect to Wind Up Company
---------------------------------------------------
                   168 HOLDINGS LIMITED
               (In Voluntary Liquidation)
            The Companies Law (2003 Revision)

The following special resolution was passed by the shareholders
of the above-named company at an extraordinary general meeting
of the shareholders held on 15th November 2005.

"That the company be voluntarily wound up and that Royhaven
Secretaries Limited, Coutts House, 1446 West Bay Road, PO Box
707 GT, Grand Cayman, be appointed as liquidator for the purpose
of winding up the company."

Creditors of the Company are to prove their debts or claims on
or before the 28th December 2005, and to establish any title
they may have under the Companies Law (2003 Revision), or to be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

CONTACT:  ROYHAVEN SECRETARIES LIMITED
          Voluntary Liquidator
          Officer for enquiries: Sharon Meghoo
          Telephone: 945-4777
          Facsimile: 945-4799

          Address for Services:
          P O Box 707GT, Grand Cayman
          Telephone: 945-4777
          Facsimile: 945-4799


AFFINITY FUND: Shareholders Resolve to Liquidate Company
--------------------------------------------------------
                      AFFINITY FUND
              (In Voluntary Liquidation)
                    (The "Company")
             The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the shareholders of this Company on 31st October 2005.

THAT the Company be placed into voluntary liquidation forthwith;
and

THAT Ian Wight and Stuart Sybersma of Deloitte be appointed
liquidators.

Creditors of the Company are to prove their debts or claims on
or before 28th December 2005, and to establish any title they
may have under the Companies Law (2004 Revision), or to be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

CONTACT:  STUART SYBERSMA
          Joint Voluntary Liquidator
          Contact for enquiries: Joshua Taylor, Deloitte
          P.O. Box 1787 GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258


DIANA FUNDING: Moves Toward Liquidation
---------------------------------------
                   DIANA FUNDING LIMITED
                (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

The following special resolution was passed by the shareholder
of the above-named Company at an extraordinary general meeting
of the shareholders held on 11th November 2005.

"THAT the Company be voluntarily wound up and that Janet
Crawshaw and Jamal Young be and are hereby appointed as
liquidators of the Company for the purpose of winding up the
Company."

Creditors of this company are to prove their debts or claims on
or before the 30th December 2005, and to establish any title
they may have under the Companies Law (2004 Revision), or to be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

CONTACT:  JANET CRAWSHAW and JAMAL YOUNG
          Joint Voluntary Liquidators
          Contact for enquiries: Marguerite Britton
          Telephone: (345) 949-7755
          Facsimile: (345) 949-7634

          Address for service:
          P.O. Box 1109GT, Grand Cayman
          Cayman Islands


EMERALD ADVANTAGE: CFS Liquidators to Oversee Liquidation
---------------------------------------------------------
           EMERALD ADVANTAGE OFFSHORE FUND, LTD.
                (In Voluntary Liquidation)
             The Companies Law (2003 Revision)

TAKE NOTICE that the following special resolutions were passed
by the shareholders of the above-mentioned company at an
extraordinary meeting held on 8th November 2005.

"THAT the company be placed into voluntary liquidation
forthwith;" and "THAT CFS Liquidators Ltd., of Windward 1,
Regatta Office Park, West Bay Road, P.O. Box 31106 SMB, Grand
Cayman, Cayman Islands, be appointed liquidator(s), jointly and
severally, for the purposes thereof."

Creditors of the company are to prove their debts or claims on
or before 28th December 2005, and to establish any title they
may have under the Companies Law (2003 Revision), or to be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

CONTACT:  CFS LIQUIDATORS LTD.
          Contact for enquiries: Victor Murray
          Telephone: (345) 949 - 3977
          Facsimile: (345) 949 - 3877

          Address for service:
          CFS Liquidators Ltd.
          C/O Windward 1, Regatta Office Park
          West Bay Road, P.O. Box 31106 SMB
          Grand Cayman, Cayman Islands


ENTEREAL LIMITED: To be Wound Up Voluntarily
--------------------------------------------
                      ENTEREAL LIMITED
                 (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

The following special resolution was passed by the above-named
Shareholders of the above-named Company on 7th November 2005.

THAT the Company be voluntarily wound up and that Mr. Maheswaran
Nagendram of P.O. Box 501, George Town, Grand Cayman, be and is
hereby appointed liquidator of the Company for that purpose.

Creditors of the Company are to prove their debts or claims on
or before 28th December 2005, and to establish any title they
may have under the Companies Law (2004 Revision), or to be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

CONTACT:  MR. MAHESWARAN NAGENDRAM
          Voluntary Liquidator


GPC CAYMAN: Voluntarily Wind Up Announced
-----------------------------------------
                       GPC CAYMAN LIMITED
                         (The "Company")
                  (In Voluntary Liquidation)
                 The Companies Law (Revised)

TAKE NOTICE THAT:

1. The following special resolutions of the Company were adopted
   on the 9th day of November 2005:

RESOLVED THAT:

2. The Company be wound up voluntarily under The Companies Law
   (Revised), section 132;

   (a) International BM Biomedicine Holdings (Cayman) Ltd be
        appointed as Liquidator;

   (b) The Liquidator be authorised if it thinks fit to
       distribute specific assets to members.

Creditors of the Company are required to prove their claims and
debts on or before 6th January 2006, and to establish any title
they may have under the Companies Law (Revised) or be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT:  INTERNATIONAL BM BIOMEDICINE HOLDINGS (CAYMAN) LTD
          John Arnold, Director
          Contact for enquiries: Ryan Haylock
          Tel: (345) 946 8002
          Fax: (345) 946 8003

          Address for service:
          P O Box 31083 SMB, George Town
          Grand Cayman


IBS III: Shareholders Elect to Wind Up Entity
---------------------------------------------
                 IBS III TRADING COMPANY
                     (The "Company")
               (In Voluntary Liquidation)
               Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
shareholders of the Company by written resolution dated 31st
October 2005:

"RESOLVED that the Company be voluntarily wound up and John
Cullinane and Derrie Boggess c/o Walkers SPV Limited, P.O. Box
908, George Town, Grand Cayman, Cayman Islands, be appointed as
Joint Liquidators to act for the purposes of such winding up."

NOTICE IS HEREBY GIVEN that the creditors of the Company which
is being wound up voluntarily are required within 30 days of the
publication of this notice, to send in their names and addresses
and the particulars of their debts and claims and the names and
addresses of their attorneys-at-law (if any) to the undersigned.
In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

CONTACT:  JOHN CULLINANE and DERRIE BOGGESS
          Joint Voluntary Liquidators
          Contact for enquiries: John Cullinane
          Telephone: (345) 914-6305

          The address of the Liquidator is:
          c/o Walkers SPV Limited
          Walker House, P.O. Box 908
          George Town, Grand Cayman


KAINTUCK OPPORTUNITY: Voluntary Liquidation Starts
--------------------------------------------------
                 KAINTUCK OPPORTUNITY FUND, LTD.
                   (In Voluntary Liquidation)
                        (The "Company")
                The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the shareholders of this Company on 31st October 2005.

THAT the Company be placed into voluntary liquidation forthwith;
and THAT Ian Wight and Stuart Sybersma of Deloitte be appointed
liquidators, jointly and severally, for the purposes thereof.

Creditors of the Company are to prove their debts or claims on
or before 15th December 2005, and to establish any title they
may have under the Companies Law (2004 Revision), or to be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

CONTACT:  STUART SYBERSMA
          Joint Voluntary Liquidator
          Contact for enquiries: Joshua Taylor, Deloitte
          P.O. Box 1787 GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258


KOCH NGL: To be Liquidated
--------------------------
                    KOCH NGL CAYMAN LTD.
                (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of the above named company on the 17th October 2005:

"That the Company be wound up voluntarily and that Andrew
Hersant and Chris Humphries both of Stuarts Walker Hersant
Attorneys-at-Law, Dr. Roy's drive, P.O. Box 2510 GT, Grand
Cayman, Cayman Islands, be and are hereby appointed as joint
liquidators of the Company for the purpose of winding up the
Company."

Creditors of this company are to prove their debts or claims on
or before the 29th December 2005, and to establish any title
they may have under the Companies Law (2004 Revision), or to be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

Pursuant to section 145 of the Companies Law (2004 Revision),
the final general meeting of the shareholders of this Company
will be held at 36A Dr Roy's Drive, Grand Cayman, Cayman
Islands, at 9am on the 30th December 2005 for the purpose of:

1. Presenting to the members an account of the winding up of the
   Company and giving an explanation thereof; and

2. Authorizing 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.

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:  ANDREW HERSANT and CHRIS HUMPHRIES
          Joint Voluntary Liquidators
          Contact for enquiries: Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888

          Address for service:
          P.O. Box 2510 GT, Grand Cayman


MAPLE GROUP: Shareholder Decides to Liquidate Company
-----------------------------------------------------
          MAPLE GROUP COMMERCIAL FINANCE FUND II LTD.
          MAPLE GROUP COMMERCIAL FINANCE FUND IV LTD.
                  (In Voluntary Liquidation)
                   (Together, the Companies)
               The Companies Law (2004 Revision)

The following resolutions were passed by the shareholder of the
above named Companies on 3rd November 2005.

- That the Companies be placed into voluntary winding up with
immediate effect.

- That Messrs G. James Cleaver and Gordon I. MacRae be appointed
joint liquidators of the Companies for the purposes thereof and
that they have the power to act jointly and severally.

Creditors of the Companies are to prove their debts or claims on
or before 28th December 2005,and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT: GORDON I. MACRAE
         Joint Voluntary Liquidator
         Contact for enquiries: Korie Drummond
         Kroll (Cayman) Limited, 4th Floor
         Bermuda House, Dr. Roy's Drive
         Grand Cayman
         Telephone +1 (345) 946-0081
         Fax +1 (345) 946-0082


MAPLE GROUP: Appoints Joint Liquidators
---------------------------------------
             Maple Group Commercial Finance V Ltd.
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following resolution was passed by the shareholder of Maple
Group Commercial Finance V Ltd. on November 3, 2005.

That the Company be placed into voluntary winding up with
immediate effect.

That Messrs G. James Cleaver and Gordon I. MacRae be appointed
joint liquidators of the Company for the purposes thereof and
that they have the power to act jointly and severally.

Creditors of the Company is to prove their debts or claims on or
before December 28, 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT: Mr. Gordon I. Macrae, Joint Voluntary Liquidator
         Korie Drummond
         Kroll (Cayman) Limited, 4th Floor
         Bermuda House, Dr. Roy's Drive
         Grand Cayman
         Telephone: 1 (345) 946-0081
         Fax: 1 (345) 946-0082


MAPLE STRATEGY: Creditors Advised to File Claims in Wind Up
-----------------------------------------------------------
                   Maple Strategy Fund "C" SPC
                               And
           Maple Group Commercial Finance Fund III Ltd.
                   (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

The following resolutions were passed by the shareholder of the
Companies on November 3, 2005:

That the Companies be placed into voluntary winding up with
immediate effect. That Messrs G. James Cleaver and Gordon I.
MacRae be appointed joint liquidators of the Companies for the
purposes thereof and that they have the power to act jointly and
severally.

Creditors of the Companies are to prove their debts or claims on
or before December 28, 2005, and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before such debts are
proved or from objecting to the distribution.

CONTACT: Mr. Gordon I. Macrae, Joint Voluntary Liquidator
         Korie Drummond
         Kroll (Cayman) Limited, 4th Floor
         Bermuda House, Dr. Roy's Drive
         Grand Cayman
         Phone: 1 (345) 946-0081
         Fax: 1 (345) 946-0082


MARCEP INTERNATIONAL: Voluntarily Liquidating
---------------------------------------------
             Marcep International Trade Finance Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

The following special resolution was passed by Unipart
Participaticoes Internacionais Ltd., a Cayman Islands
Corporation, the sole shareholder of Marcep International Trade
Finance Ltd., on October 27, 2005.

"That the company be placed in voluntarily liquidation and that
Mr. Ruy Ishikura, c/o P.O. Box 1334, 3rd Floor, Whitehall House,
238 North Church Street, George Town, Grand Cayman, Cayman
Islands, be appointed liquidator of the Company for the purpose
of such winding-up."

Creditors of the Company are to prove their debts or claims on
or before December 12, 2005, and to establish any title they may
have under the Companies Law (2004 Revision)) and the Articles
of Association of the Company. In default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved or from objecting to the distribution.

CONTACT: Mr. Ruy Ishikura, Voluntary Liquidator
         c/o P.O. Box 1334, Grand Cayman


MARINER OPPORTUNITIES: Enters Voluntary Wind Up
-----------------------------------------------
        Mariner Opportunities II International Fund, Ltd.
                   (In Voluntary Liquidation)
                   Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
shareholders of the Company by written resolution dated November
3, 2005:

"RESOLVED that the Company be voluntarily wound up and John
Cullinane and Derrie Boggess c/o Walkers SPV Limited, P.O. Box
908, George Town, Grand Cayman, Cayman Islands, be appointed as
Joint Liquidators to act for the purposes of such winding up."

NOTICE IS HEREBY GIVEN that the creditors of the Company which
is being wound up voluntarily are required within 30 days of the
publication of this notice, to send in their names and addresses
and the particulars of their debts and claims and the names and
addresses of their attorneys-at-law (if any) to the undersigned.
In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Date of Publication: November 16, 2005

CONTACT: Mr. John Cullinane and Derrie Boggess
         Joint Voluntary Liquidators
         c/o Walkers SPV Limited
         Walker House, P.O. Box 908
         George Town, Grand Cayman
         Telephone: (345) 914-6305


SHOVAL CONSISTENT: Shareholders Resolve to Liquidate
----------------------------------------------------
       Shoval Consistent Performance (Offshore) Fund, Ltd.
                   (In Voluntary Liquidation)
                   Companies Law (As Amended)

TAKE NOTICE THAT the following resolution was passed by the
shareholders of the Company by written resolution dated November
1, 2005:

"RESOLVED that the Company be voluntarily wound up and John
Cullinane and Derrie Boggess c/o Walkers SPV Limited, P.O. Box
908, George Town, Grand Cayman, Cayman Islands, be appointed as
Joint Liquidators to act for the purposes of such winding up."

NOTICE IS HEREBY GIVEN that the creditors of the Company which
is being wound up voluntarily are required within 30 days of the
publication of this notice, to send in their names and addresses
and the particulars of their debts and claims and the names and
addresses of their attorneys-at-law (if any) to the undersigned.
In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Date of Publication: November 16, 2005

CONTACT: John Cullinane and Derrie Boggess
         Joint Voluntary Liquidators
         c/o Walkers SPV Limited
         Walker House, P.O. Box 908
         George Town, Grand Cayman
         Telephone: (345) 914-6305


SYMMETRY INTERNATIONAL: Claims Verification to Close Dec. 28
------------------------------------------------------------
                 Symmetry International, Ltd.
                  (In Voluntary Liquidation)
                The Companies Law (as revised)

TAKE NOTICE that the following special resolutions were passed
by the shareholders of Symmetry International, Ltd. at an
extraordinary meeting held on November 3, 2005.

"THAT the Company be placed into voluntary liquidation
forthwith;" and

"THAT CFS Liquidators Ltd., of Windward 1, Regatta Office Park,
West Bay Road, P.O. Box 31106 SMB, Grand Cayman, Cayman Islands,
be appointed liquidator(s), jointly and severally, for the
purposes thereof."

Creditors of the Company are to prove their debts or claims on
or before December 28, 2005, and to establish any title they may
have under the Companies Law (2003 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT: CFS Liquidators Ltd, Liquidator
         M David Makin
         C/O Windward 1, Regatta Office Park
         West Bay Road, P.O. Box 31106 SMB
         Grand Cayman, Cayman Islands
         Telephone: (345) 949 - 3977
         Facsimile: (345) 949 - 3877


WHITEFORD INTERNATIONAL: CFS Liquidators to Supervise Wind Up
-------------------------------------------------------------
                 Whiteford International, Ltd.
                  (In Voluntary Liquidation)
                 The Companies Law (as revised)

TAKE NOTICE that the following special resolutions were passed
by the shareholders of Whiteford International, Ltd. at an
extraordinary meeting held on November 3, 2005.

"THAT the Company be placed into voluntary liquidation
forthwith;" and

"THAT CFS Liquidators Ltd., of Windward 1, Regatta Office
Park, West Bay Road, P.O. Box 31106 SMB, Grand Cayman, Cayman
Islands, be appointed liquidator(s), jointly and severally, for
the purposes thereof."

Creditors of the Company are to prove their debts or claims on
or before December 28, 2005, and to establish any title they may
have under the Companies Law (2003 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT: CFS Liquidators Ltd, Liquidator
         M David Makin
         C/O Windward 1, Regatta Office Park
         West Bay Road, P.O. Box 31106 SMB
         Grand Cayman, Cayman Islands
         Telephone: (345) 949 - 3977
         Facsimile: (345) 949 - 3877


WW GLOBAL: Creditors to Prove Claims Before Dec. 28
---------------------------------------------------
                    WW Global Holdings Ltd
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the shareholders of the Company on July 27, 2005.

THAT the Company be placed into voluntary liquidation forthwith;
and

THAT Ian Wight and Stuart Sybersma of Deloitte be appointed
liquidators.

Creditors of the Company are to prove their debts or claims on
or before December 28, 2005, and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

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


YA97A LIMITED: Voluntary Liquidation Begins
-------------------------------------------
                         YA97A Limited
                   (In Voluntary Liquidation)
                THE COMPANIES LAW (2004 Revision)

TAKE NOTICE THAT the following special resolution was passed by
the shareholders of YA97A Limited on November 15, 2005:

"IT IS RESOLVED that the Company be voluntarily wound-up and
that Trident Directors (Cayman) Ltd. of P.O. Box 847, Grand
Cayman, Cayman Islands, be and is hereby appointed liquidator of
the Company for the purposes of winding-up the Company and shall
have power to bind the Company for the purposes of such winding-
up."

NOTICE IS HEREBY GIVEN THAT creditors of YA97A Limited are
required to prove their debts and claims on or before December
28, 2005, and to establish any title they may have under the
Companies Law (2004 Revision), or be excluded from the benefit
of any distribution made before the debts are proved or from
objecting to the distribution.

CONTACT: Trident Directors (Cayman) Ltd., Voluntary Liquidator
         Donald Spence
         P.O. Box 847, George Town, Grand Cayman
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
  

YJSHIMADA INC: Maheswaran Nagendram Appointed as Liquidator
-----------------------------------------------------------
                        Yjshimada Inc.
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Yjshimada Inc. on November 4, 2005.

THAT the Company be voluntarily wound up and that Maheswaran
Nagendram of Scotiabank & Trust (Cayman) Ltd., P.O. Box 501 GT,
Grand Cayman, be appointed liquidator of the company for the
purpose.

Creditors of the Company are to prove their debts or claims on
or before December 5, 2005 and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

Date of liquidation: November 4, 2005

CONTACT: Maheswaran Nagendram, Voluntary Liquidator
         Scotiabank & Trust (Cayman) Ltd.
         P.O. Box 501 GT
         Grand Cayman



===============
C O L O M B I A
===============

TENDERCO: Extends Purchase Deadline for Transtel Units
------------------------------------------------------
Transtel Tenderco, Ltd. ("Tenderco"), a wholly-owned subsidiary
of Transtel S.A. ("Transtel"), announced Tuesday that it has
extended the expiration date of its Offer to Purchase all
outstanding Units, as described in the Offer to Purchase and
Consent Solicitation Statement, dated October 28, 2005, as
amended by Supplement No. 1 thereto, dated November 8, 2005 (as
so amended, the "Statement"), to 8:00 a.m., New York City time,
on Tuesday, December 13, 2005 (the "Expiration Time"), unless
such date is extended or earlier terminated. Tenders of Units
will continue to be accepted up to the Expiration Time, unless
extended or earlier terminated.

The obligation of Tenderco to accept for purchase and pay for
tendered Units and make consent payments is subject to the
satisfaction or waiver of certain conditions, including the
tender of at least 90% of the outstanding Units, completion of a
private placement of new notes and certain other conditions. As
of 8:00 a.m. November 29, 2005 (the originally scheduled
Expiration Time), more than 94% of the outstanding Units had
been tendered.

The complete terms and conditions of the tender offer and
consent solicitation are described in the Statement, copies of
which may be obtained by contacting MacKenzie Partners, Inc.,
the information agent for the tender offer and consent
solicitation, at +1 (212) 929-5550 (collect) or (800) 322- 2885
(U.S. toll-free). UBS Investment Bank is serving as dealer
manager and solicitation agent in connection with the tender
offer and consent solicitation. Additional information
concerning the tender offer and the consent solicitation may be
obtained by contacting UBS Investment Bank at +1 (203) 719-4210
(collect) or (888) 722-9555, extension 4210 (U.S. toll free).

This announcement is not an offer to purchase, a solicitation of
an offer to purchase or a solicitation of consents with respect
to any securities. The tender offer and consent solicitation are
being made solely by the Offer to Purchase.

Transtel is the largest fixed-line private telecommunications
company in Colombia, with a modern digital platform and
broadband capability. Transtel owns and operates seven telephone
systems and one cable system, providing voice, data and other
media services to residential and commercial subscribers in
Cali, Colombia's second largest city, and nine other cities in
southwestern Colombia with an aggregate population of
approximately 3.6 million people.



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

MIRANT CORP: Judge Robert Jones to Supervise Settlement Talks
-------------------------------------------------------------
The Hon. D. Michael Lynn of the U.S. Bankruptcy Court for the
Northern District of Texas designated Bankruptcy Judge Robert
Jones as Settlement Judge to supervise and assist in settlement
negotiations among Mirant Corporation and its debtor-affiliates,
landlords of Mirant Mid-Atlantic, LLC, and U.S. Bank, N.A., as
Pass-through Trustee, with respect to:

    -- the treatment of the MirMA Landlords under the Debtors'
       plan of reorganization; and

    -- pending disputes between the Debtors, on the one hand,
       and the MirMA Landlords and U.S. Bank, on the other hand.

Judge Jones will convene, as he deems necessary, meetings of, or
with one or more of, the parties.  Therefore, the parties are
required to attend each meeting.

Additionally, the parties are also required to submit
information or statements of position as Judge Jones may
require.

                        Parties Stipulate

Given the potential for the assumption of the MirMA Leases, the
parties do not believe it is necessary or appropriate to
litigate the Claims Objections at this time.

Hence, the parties agree that all proceedings and requirements
regarding the Objections are stayed indefinitely -- to be
litigated if necessary or appropriate after a determination of
the assumption or rejection of the MirMA Leases.

Because the Debtors filed objections to the MirMA Claims before
entry of the Disclosure Statement Order, the parties agree that
each and all of the MirMa Claims are disallowed for voting
purposes only.  To the extent that a particular MirMA Claim is
temporarily allowed for voting purposes, then that MirMA Claim
may vote to the extent temporarily allowed.

Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that  
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590).  Thomas E. Lauria, Esq., at White &
Case LLP, represents the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $20,574,000,000 in assets and $11,401,000,000 in debts.
(Mirant Bankruptcy News, Issue No. 82 Bankruptcy Creditors'
Service, Inc., 215/945-7000)


KAISER ALUMINUM: Amended Plan of Reorganization Accepted
--------------------------------------------------------
Kaiser Aluminum announced Tuesday that the company's Second
Amended Plan of Reorganization (the "Plan") has been accepted by
all classes of creditors entitled to vote on the Plan. A voting
report filed with the U.S. Bankruptcy Court for the District of
Delaware (the "Bankruptcy Court") by Logan & Company, the claims
agent in Kaiser Aluminum's Chapter 11 case, indicates that on an
aggregate basis more than 90 percent of Kaiser Aluminum's
creditors who voted -- representing more than 90 percent of the
claim amounts that voted -- accepted the Plan. Based on these
voting results, Kaiser Aluminum is positioned to proceed with
confirmation of the Plan.

"The company's reorganization has addressed a significant number
of very complex issues," said Jack A. Hockema, president and CEO
of Kaiser Aluminum. "Many difficult decisions had to be weighed
to achieve a fair and equitable outcome for all the creditors
involved. That the plan was accepted by such an overwhelming
majority of our creditors is a testament to the dedication and
tireless efforts of all those involved in the process."

Hockema added, "The company is now poised to emerge as a strong
and viable leader in the fabricated aluminum products market. We
could not have reached this point without the strong support
provided by our customers, suppliers and the loyal Kaiser
Aluminum employees who remained focused on running the business
with excellence."

The Bankruptcy Court approved the Disclosure Statement related
to the Plan on September 7, 2005. The Disclosure Statement and
Kaiser Aluminum's Form 10-Q for the period ended September 30,
2005 provide additional detail on the Plan and the related
proposed distributions. In addition, the Plan and related
Disclosure Statement are posted in the Restructuring section of
Kaiser Aluminum's web site at www.kaiseraluminum.com.

Notwithstanding the broad creditor support for the Plan, certain
objections to the Plan have been filed and some additional
limited objections are expected. Kaiser Aluminum, through its
advisors, will attempt to reach a consensual resolution of as
many of these objections as possible over the coming weeks. The
Bankruptcy Court has scheduled hearings on January 9, 2006 and
January 10, 2006 to consider confirmation of the Plan and hear
any unresolved objections.

In addition to the required entry of an order confirming the
Plan by the Bankruptcy Court, the United States District Court
must affirm the confirmation order. No assurances can be
provided as to whether or when the Bankruptcy Court will confirm
the Plan, the District Court will affirm the confirmation order,
or the Plan will be consummated, and, if consummated, as to the
amount of distributions to be made to individual creditors.

Kaiser Aluminum (OTCBB:KLUCQ) is a leading producer of
fabricated aluminum products for aerospace and high-strength,
general engineering, automotive, and custom industrial
applications.

CONTACT: Kaiser Aluminum
         Geoff Mordock
         Phone: 213-489-8271



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

ASARCO: Reorganization Plan Filing Deadline Extended to March 7
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas in
Corpus Christi extended ASARCO LLC and its debtor-affiliates'
exclusive plan filing and solicitation deadline.  The Debtors,
including Encycle, Inc., and ASARCO Consulting, Inc., have the
exclusive right to file a plan of reorganization until March 7,
2006.  The Debtors' exclusive period to solicit acceptances of
that plan is extended until May 6, 2006.

As previously reported in the Troubled Company Reporter on Oct.
21, 2005, the Debtors contend that an extension will permit them
to file their plan of reorganization, seek approval of their
disclosure statement, and seek confirmation of that plan in an
orderly manner and with the least expense.  In addition, the
extension will also allow the Debtors to continue their efforts
to settle various cases and controversies with their
constituencies, which will increase the potential for early
payout of allowed claims.

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).


CALPINE CORP: Board Reorganizes Executive Management
----------------------------------------------------
Calpine Corporation's (NYSE: CPN) Board of Directors announced
Tuesday changes in Calpine's executive management with the
departure of Peter Cartwright, Calpine Chairman, President and
Chief Executive Officer, and Executive Vice President and Chief
Financial Officer Robert D. Kelly. The Board believes that these
management changes are essential to better address Calpine's
financial challenges and to provide a new direction for the
company.

Calpine's Lead Director Kenneth T. Derr has been named Chairman
of the Board and Acting Chief Executive Officer of Calpine. Derr
retired from Chevron Corporation in 1999, having served 11 years
as Chairman of the Board and Chief Executive Officer. The Board
expects to announce a new Chief Executive Officer in the very
near future. Eric N. Pryor, Executive Vice President and Deputy
Chief Financial Officer, will serve as interim Chief Financial
Officer.

Speaking on behalf of the Board, Derr said, "Pete founded
Calpine and has been the driving force behind the company's
tremendous growth in the North American power industry. His 20
plus years of leadership have culminated in Calpine becoming one
of North America's largest power producers."

A major power company, Calpine Corporation supplies customers
and communities with electricity from clean, efficient, natural
gas-fired and geothermal power plants. Calpine owns, leases and
operates integrated systems of plants in 21 U.S. states and in
three Canadian provinces and is building a plant in Mexico.
Calpine was founded in 1984. It is included in the S&P 500 Index
and is publicly traded on the New York Stock Exchange under the
symbol CPN. For more information, visit http://www.calpine.com.

CONTACT: Calpine Corporation
         Media, Katherine Potter
         Tel: +1-408-792-1168
         E-mail: kpotter@calpine.com

         Investors, Rick Barraza
         Tel: +1-408-792-1125
         E-mail: rickb@calpine.com

         Karen Bunton
         Tel: +1-408-792-1121
         E-mail: kbunton@calpine.com


EAGLEPICHER INCORPORATED: Bankruptcy Court OKs New Financing
------------------------------------------------------------
EaglePicher Incorporated announced Tuesday that it and certain
Debtor affiliates agreed to a term sheet with their Official
Committee of Unsecured Creditors for a consensual plan of
reorganization in their Chapter 11 cases. The plan term sheet
provides for the transfer of substantially all of the operating
assets of the Debtors to newly formed companies. Under the plan,
all of the common stock of the new holding company will be
distributed to holders of the Company's 9.75% Senior Notes and
certain other unsecured non-trade creditors, with unsecured
trade creditors receiving their pro rata share of the plan
consideration, if any, in the form of cash payments over time or
a single discounted cash payment. The Creditors Committee
consists of Tennenbaum Capital Partners, LLC, Angelo, Gordon &
Company, L.P., JP Morgan High Yield Partners, Excel Polymers,
Inc. and The United Steelworkers of America. Funds managed by
Tennenbaum and Angelo, Gordon together own a majority of the
9.75% Senior Notes. Implementation of the transactions
contemplated by the plan term sheet is subject to Bankruptcy
Court approval.

EaglePicher also announced it has obtained Bankruptcy Court
approval of a previously announced commitment from Goldman Sachs
Credit Partners L.P. for $295 million of senior secured debtor-
in-possession financing and a commitment from Tennenbaum and
Angelo, Gordon for $50 million of junior secured debtor-in-
possession financing, subject to normal closing conditions. This
financing is convertible at the Debtors' option (subject to
lender approval of the Debtors' plan of reorganization and other
conditions) into post-reorganization financing for the new
companies formed through the plan of reorganization and will
provide sufficient funding to complete the reorganization. The
parties are in the process of finalizing the terms and
documentation of the financing.

"In combination with the financing commitments we announced
previously, we believe that reaching agreement with the
Creditors Committee on the key elements of a plan of
reorganization represents a significant milestone for
EaglePicher to emerge from bankruptcy. The financing provides us
the funding to repay all secured creditors in full, distribute
fair value to our unsecured creditors and properly finance each
of our businesses going forward," according to Stuart B.
Gleichenhaus, interim CEO and Chief Restructuring Officer.

The Company, its parent EaglePicher Holdings, Inc. and certain
of their U.S. subsidiaries filed Chapter 11 petitions in the
U.S. Bankruptcy Court in the Southern District of Ohio in
Cincinnati on April 11, 2005. EaglePicher is represented by
Stephen D. Lerner of Squire, Sanders & Dempsey L.L.P. Houlihan
Lokey Howard & Zukin is EaglePicher's financial and
restructuring advisor. The Creditors Committee is represented by
Paul S. Aronzon of Milbank, Tweed, Hadley & McCloy LLP. Miller
Buckfire & Co., LLC is financial advisor to the Creditors
Committee.

EaglePicher Incorporated, founded in 1843, and headquartered in
Phoenix, Arizona, is a diversified manufacturer and marketer of
innovative, advanced technology and industrial products and
services for space, defense, environmental, automotive, medical,
filtration, pharmaceutical, nuclear power, semi-conductor and
commercial applications worldwide. The company has 4,200
employees and operates more than 30 plants in the U.S., Canada,
Mexico, Korea, and Germany.

CONTACT: Stuart Gleichenhaus
         (602) 794-9600


GRUPO MEXICO: CFC Yet to Authorize Ferrosur Deal
------------------------------------------------
Copper producer Grupo Mexico is awaiting authorization from the
federal antitrust commission (CFC) on its acquisition of 100% of
southern railway Ferrosur, reports Business News Americas.

Grupo Mexico, which already operates northwest railway Ferromex,
last week revealed it bought Ferrosur from billionaire Carlos
Slim, paying MXN3.26 billion (US$307 million) in stock of its
transportation unit ITM.

Transport secretary Aaron Dychter said the authorization [for
the acquisition] has been requested, "but there is still no
response as I understand it." Dychter, however, stressed that
this did not imply that the deal would be either rejected or
approved.

CFC insiders said the institution has 60 days in which to issue
a decision on the purchase of Ferrosur. They noted, however,
that the process could take longer if the five CFC commissioners
require more information.

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


METALFORMING TECHNOLOGIES: Court Extends Exclusive Period
---------------------------------------------------------
The Honorable Mary F. Walrath of the U.S. Bankruptcy Court for
the District of Delaware extended until Feb. 11, 2006, the time
within which Metalforming Technologies, Inc., and its debtor-
affiliates have the exclusive right to file a chapter 11 plan.  
Judge Walrath also extended the Debtors' exclusive right to
solicit acceptances of that plan to April 12, 2006.

As reported in the Troubled Company Reporter on Oct. 25, 2005,
the Debtors asked for the extension citing that:

    (1) their Chapter 11 cases are large and complex;

    (2) they have not been dilatory in their cases;

    (3) the Committee and Lenders have been, and will continue   
        to be, involved in all aspects of their chapter 11
        cases; and

    (4) they are paying their ongoing expenses as they become
        due.

Headquartered in Chicago, Illinois, Metalforming Technologies,
Inc., and its debtor-affiliates manufacture seating components,
stamped and welded powertrain components, closure systems,
airbag housings and charge air tubing assemblies for automobiles
and light trucks.  The Company and eight of its affiliates filed
for chapter 11 protection on June 16, 2005 (Bankr. D. Del. Case
Nos. 05-11697 through 05-11705).  Joel A. Waite, Esq., Robert S.
Brady, Esq., and Sean Matthew Beach, Esq., at Young Conaway
Stargatt & Taylor, represent the Debtors in their restructuring
efforts.  As of May 1, 2005, the Debtors reported $108 million
in total assets and $111 million in total debts. (Troubled
Company Reporter, Tuesday, Nov. 29, 2005, Vol. 9, No. 283)


VITRO: Signs Accord with Solutia for Shares Sale
------------------------------------------------
Vitro, S.A. de C.V. (NYSE: VTO and BMV: VITROA) announced
Tuesday that its subsidiary Vitro Plan S.A. de C.V. has signed
an agreement with Solutia to pursue the sale of its 51 percent
of shares in Quimica M, S.A. de C.V., a joint venture between
these two companies located in the vicinity of the city of
Puebla in Mexico, with Solutia currently owing 49 percent of the
shares.

The closing of the transaction for approximately US$20 million
is subject to approval from by governmental authorities in
Mexico and the US.

With annual sales in 2004 of US$47 million, Quimica M produces
PVB interlayers which are used by major glass producers such as
Vitro to make laminated glass for use in automobiles and
buildings.

This sale is in line with Vitro's Strategic Plan aimed at
reducing the Company's debt.

Vitro, S.A. de C.V. (NYSE: VTO; BMV: VITROA), through its
subsidiary companies, is one of the world's leading glass
producers.

Vitro is a major participant in three principal businesses: flat
glass, glass containers and glassware. Its subsidiaries serve
multiple product markets, including construction and automotive
glass; food and beverage, wine, liquor, cosmetics and
pharmaceutical glass containers; glassware for commercial,
industrial and retail uses.

Vitro also produces raw materials, equipment and capital goods
for industrial uses. Founded in 1909 in Monterrey, Mexico-based
Vitro has joint ventures with major world-class partners and
industry leaders that provide its subsidiaries with access to
international markets, distribution channels and state-of-the-
art technology.

Vitro's subsidiaries have facilities and distribution centers in
nine countries, located in North, Central and South America, and
Europe, and export to more than 70 countries worldwide.

CONTACT: Vitro S.A. de C.V.
         Media Monterrey
         Albert Chico
         Phone: 52 (81) 8863-1335
         E-mail: achico@vitro.com

         Financial Community
         Leticia Vargas/Adrian Meouchi
         Phone: 52 (81) 8863-1210 /1350
         E-mail: lvargasv@vitro.com
                 ameouchi@vitro.com

         U.S. Contacts
         Susan Borinelli / Michael Fehle
         The Breakstone Group
         Phone: 646-452-2336
         E-mail: sborinelli@breakstone-group.com
                 mfehle@breakstone-group.com
         URL: http://www.vitro.com


XIGNUX: S&P Revises Outlook to Positive; Affirms Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its ratings on
Xignux S.A. de C.V., including Xignux's 'BB-' local and foreign
long-term corporate credit rating and the 'B+' rating assigned
to Xignux's notes due 2009. The outlook was revised to positive
from stable.

"The rating actions reflect the sustained improvement in
Xignux's financial performance year-to-date," said Standard &
Poor's credit analyst Jose Coballasi. "In our opinion, Xignux's
efforts to reduce its debt and improve its capital structure,
coupled with the group's ongoing initiatives to strengthen its
competitive position, have laid a foundation that could lead to
a stronger financial profile going forward."

The ratings on Xignux S.A. de C.V. (Xignux) reflect its high
leverage and the cyclical nature of most of its end markets,
particularly the construction and automotive industries. The
ratings also consider Xignux's significant market-share
positions, product diversity, and vertical integration. Its
emphasis on high quality has attracted world-recognized joint-
venture partners, providing Xignux, a diversified holding
company, with low-cost access to state-of-the-art technology and
enhancement of its export possibilities.

Xignux is a diversified holding company, the subsidiaries of
which manufacture a variety of products, mostly for industrial
markets. The company sells auto parts, food, cable, foundry,
power and distribution transformers.

The outlook is positive. Xignux's efforts to reduce its debt and
improve its capital structure, coupled with the group's ongoing
initiatives to strengthen its competitive position, have laid a
foundation that could lead to a stronger financial profile. A
positive rating action is possible should Xignux's LTM EBITDA
interest coverage, total debt/EBITDA, and FFO/total debt ratios
remain steady at about 4.5x, 2.5x, and 25% during the next
calendar year and going forward. A weakening of the company's
financial and operating performance, particularly as a result of
lower operating margins in the down part of the cycle, could
lead to a negative rating action.

Primary Credit Analyst: Jose Coballasi, Mexico City
(52)55-5081-4414; jose_coballasi@standardandpoors.com

Secondary Credit Analyst: Juan P Becerra, Mexico City
(52) 55-5081-4416



=====================
P U E R T O   R I C O
=====================

AOL LATIN AMERICA: Files Petitions for Relief Under Chapter 11
--------------------------------------------------------------
America Online Latin America, Inc. (AOLA) and its subsidiaries
AOL Puerto Rico Management Services, Inc., America Online
Caribbean Basin, Inc. and AOL Latin America Management LLC each
filed voluntary petitions (Bankruptcy Petitions) for relief
under Chapter 11 of the United States Bankruptcy Code in the
United States Bankruptcy Court for the District of Delaware on
June 24, 2005.

On November 22, 2005, AOLA and the above-listed debtor-in-
possession subsidiaries filed their consolidated monthly
operating report for September 2005, with the United States
Bankruptcy Court for the District of Delaware.

CONTACT: AOL Latin America
         6600 N. Andrews Ave.
         Suite 400 Ft. Lauderdale
         FL 33309
         Phone:(954) 233-1803


FIRST BANCORP: Appoints New Independent Director
------------------------------------------------
First BanCorp (NYSE: FBP) announced Monday that it has appointed
accounting expert Fernando Rodriguez Amaro as an independent
member of the Corporation's Board of Directors. Mr. Rodriguez
Amaro will also serve as an additional financial expert on the
Audit Committee of the Board.

Mr. Rodriguez Amaro, 57, whose accounting career spans nearly 35
years, is currently Managing Partner and Partner in Charge of
the Audit and Accounting Division of RSM ROC & Company, one of
Puerto Rico's leading accounting firms. During his 25 years at
the firm, Mr. Rodriguez Amaro has led company audits in a
variety of industries, including insurance, real estate,
wholesale, retail, manufacturing and broadcasting. Mr. Rodriguez
Amaro has served as a litigation consultant, expert witness and
special master in a number of complex accounting cases.

"Fernando Rodriguez Amaro brings a unique mix of highly-specific
business, finance and accounting expertise to our Board of
Directors," said Luis Beauchamp, President and Chief Executive
Officer of First BanCorp. "His extensive experience in financial
issues will be of great service to our audit committee and our
shareholders as we continue to complete our ongoing review of
certain accounting and other matters."

Prior to joining RSM ROC, Mr. Rodriguez Amaro served as an Audit
Manager with Arthur Andersen & Co., where, for over nine years,
he conducted audits of public and private companies, as well as
universities and non-profit organizations.

Mr. Rodriguez Amaro holds several designations, including that
of Certified Public Accountant, Certified Fraud Examiner and
Certified Valuation Analyst.

                  About First BanCorp

First BanCorp is the parent company of FirstBank Puerto Rico, a
state chartered commercial bank in Puerto Rico, the Virgin
Islands and Florida; of FirstBank Insurance Agency; and of Ponce
General Corporation. First BanCorp, FirstBank Puerto Rico and
UniBank, the thrift subsidiary of Ponce General, all operate
within U.S. banking laws and regulations. The corporation
operates a total of 140 financial services facilities throughout
Puerto Rico, the U.S. and British Virgin Islands, and Florida
(USA). Among the subsidiaries of FirstBank Puerto Rico are Money
Express, a finance company; First Leasing and Car Rental, a car
and truck rental leasing company; and FirstMortgage, a mortgage
banking company. In the U.S. and British Virgin Islands, the
Bank operates FirstBank Insurance VI, an insurance agency; First
Trade, Inc., a foreign corporation management company; and First
Express, a small loan company.

First BanCorp's common and preferred shares trade on the New
York Stock Exchange under the symbols FBP, FBPPrA, FBPPrB,
FBPPrC, FBPPrD and FBPPrE.

CONTACT:  FIRST BANCORP
          Alan Cohen, Senior VP, Marketing and Public Relations
          Tel: +1-787-729-8256
          Cell: +1-787-685-4229
          E-mail: alan.cohen@firstbankpr.com


FIRST BANCORP: Law Firm Extends Class Period for Class Suit
-----------------------------------------------------------
The following statement was issued Monday by the law firm of
Schiffrin & Barroway, LLP:

The Class Period for the class action lawsuit filed in the
United States District Court for the Western District of Texas
on behalf of all securities purchasers of First BanCorp (NYSE:
FBP) ("First BanCorp" or the "Company") has been extended from
October 20, 2003 to October 24, 2005, to March 31, 2003 to
October 24, 2005.

If you wish to discuss this action or have any questions
concerning this notice or your rights or interests with respect
to these matters, please contact Schiffrin & Barroway, LLP
(Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll-free
at 1-888-299-7706 or 1-610-667-7706, or via e-mail at
info@sbclasslaw.com.

The complaint charges First BanCorp, Angel Alvarez-Perez
("Alvarez-Perez") and Annie Astor-Carbonell ("Astor-Carbonell")
with violations of the Securities Exchange Act of 1934. First
BanCorp operates as the holding company for FirstBank Puerto
Rico, which provides various financial services in Puerto Rico,
the U.S. Virgin Islands, and British Virgin Islands. The
complaint alleges that defendants' Class Period representations
regarding First BanCorp's financial statements, business, and
prospects were materially false and misleading when made.
Specifically, the defendants failed to disclose: (1) that First
BanCorp improperly classified, for accounting purposes, mortgage
transactions with other financial institutions (most notably
Doral Financial Corp. and R&G Financial Corp.) as purchases
rather than loans by the Company and its subsidiaries secured by
the mortgages; (2) that the improper methodology used by the
Company on these loans caused the Company to materially inflate
its financial results; (3) that as a consequence of this, the
Company's financial statements were presented in violation of
Generally Accepted Accounting Principles ("GAAP"); (4) that the
Company lacked the necessary personnel and controls to issue
accurate financial reports and projections; and (5) that as a
result of the above, the value of the Company's net income and
financial results were materially overstated at all relevant
times.

During the Class Period, defendants embarked on a five-year
scheme to inflate the financial results of First BanCorp by
manipulating its accounting on mortgage transactions with other
financial institutions (most notably Doral Financial Corp. and
R&G Financial Corp.). The scheme began to unravel for defendants
in 2005. On August 11, 2005, First BanCorp announced that it was
delaying the filing of its Form 10-Q for the quarter ended June
30, 2005. According to First BanCorp, it indicated that on
August 1, 2005, the Audit Committee (the "Committee") of First
BanCorp determined that the Committee should review the
background and accounting for certain purchases of mortgage
loans made by the Company between 2000 and 2005. In reaction to
this announcement, the price of First BanCorp stock fell
dramatically, from $22.73 per share on August 10, 2005 to $21.00
per share on August 11, 2005, a one-day drop of $1.73 per share,
or 7.61 percent, on unusually heavy trading volume.

Following the above disclosure, First BanCorp, on August 25,
2005, after the market closed, announced that the SEC was
conducting an informal inquiry into the Company's accounting.
According to the Company, the inquiry pertained to, among other
things, the accounting for mortgage loans purchased by the
Company from two other financial institutions (Doral Financial
Corp. and R&G Financial Corp.) during the calendar years 2000
through 2004. In reaction to this announcement, the price of
First BanCorp stock fell dramatically, from $20.02 per share on
August 25, 2005 to $18.23 per share on August 26, 2005, a one-
day drop of $1.79 per share, or 8.94 percent, on unusually heavy
trading volume.

About one month later, on September 30, 2005, First BanCorp,
after the market closed, announced a series of management
changes. According to the Company, defendant Alvarez-Perez had
stepped down as President and Chief Executive Officer and
announced that he would retire effective December 31, 2005, as
Chairman of the Board of Directors. In addition, defendant
Astor- Carbonell had resigned from her position as Chief
Financial Officer and as a member of the Board of Directors, and
informed the Company that she would retire on October 31, 2005.
In reaction to this announcement, the price of First BanCorp
stock fell dramatically, from $16.92 per share on September 30,
2005 to $15.56 per share on October 3, 2005, a drop of $1.36 per
share, or 8.04 percent, on unusually heavy trading volume.

Then, on October 21, 2005, after the close of the market, First
BanCorp announced that the SEC had issued a formal order of
investigation in its investigation into the Company. According
to First BanCorp, the investigation, which stemmed out of an
informal inquiry announced by the Company in late August 2005,
appeared to relate to, among other things, transactions in which
FirstBank acquired a substantial number of mortgage loans from
other Puerto Rican financial institutions (Doral Financial Corp.
and R&G Financial Corp.). In reaction to this announcement, the
price of First BanCorp stock fell dramatically, from $15.25 per
share on October 21, 2005 to $14.03 per share on October 24,
2005, a one-day drop of $1.22 per share, or 8 percent, on
unusually heavy trading volume.

Plaintiff seeks to recover damages on behalf of class members
and is represented by the law firm of Schiffrin & Barroway,
which prosecutes class actions in both state and federal courts
throughout the country. Schiffrin & Barroway is a driving force
behind corporate governance reform, and has recovered billions
of dollars on behalf of institutional and individual investors
from the United States and around the world. For more
information about Schiffrin & Barroway, or to sign up to
participate in this action online, please visit
http://www.sbclasslaw.com.

If you are a member of the class described above, you may, not
later than January 2, 2006 move the Court to serve as lead
plaintiff of the class, if you so choose. A lead plaintiff is a
representative party that acts on behalf of other class members
in directing the litigation. In order to be appointed lead
plaintiff, the Court must determine that the class member's
claim is typical of the claims of other class members, and that
the class member will adequately represent the class. Under
certain circumstances, one or more class members may together
serve as "lead plaintiff." Your ability to share in any recovery
is not, however, affected by the decision whether or not to
serve as a lead plaintiff. You may retain Schiffrin & Barroway,
or other counsel of your choice, to serve as your counsel in
this action.

CONTACT:  Schiffrin & Barroway, LLP
          Darren J. Check, Esq.
          Richard A. Maniskas, Esq.
          280 King of Prussia Road
          Radnor, PA 19087
          1-888-299-7706 (toll-free) or 1-610-667-7706
          E-mail: info@sbclasslaw.com



=================
V E N E Z U E L A
=================

PDVSA: To Sign Oil Supply Agreement with Paraguay Dec. 8
--------------------------------------------------------
Venezuela's state-owned oil company Petroleos de Venezuela SA
(PDVSA) will sign an oil supply agreement with its Paraguayan
counterpart, Petroleos Paraguayos (Petropar), at the Mercosur
summit on Dec. 8, reports Dow Jones Newswires.

Under the agreement, PdVSA will start shipping 18,600 barrels of
crude oil products a day to Petropar in late February or March.

Paraguay will have to pay for 75% of the value of its purchases
from Venezuela within 90 days, with an interest rate of 2%.

Petropar President Armando Rodriguez said Paraguay has 15 years
to pay the remaining 25%, also financed at an interest rate of
2%, with a grace period of another two years, Rodriguez said.


SIDOR: Workers Requesting Stock Transfer This Month
---------------------------------------------------
Sidor staff representative Giovanni Barrios said workers want to
start receiving the 2.86 million class-B shares in the
steelmaker this month, relates Business News Americas.

"The most important thing for us is that the process needs to
get going as quickly as possible so that by December we can
begin with the transfer," Barrios said.

In the latest development, an accord to approve the draft
consensus minutes was reached last week, thereby setting out the
terms and agreements for the stock transfer. Moreover,
participants have agreed on a sales price, which will not
include state holding company CVG's wish to increase the price.

This final sales round is part of Sidor's workers participation
program (PPL), which aims to transfer the remaining 10.39% piece
of Sidor as part of an arrangement to give workers 20% ownership
in the Company.






                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

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Copyright 2005.  All rights reserved.  ISSN 1529-2746.

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