TCRLA_Public/051209.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, December 9, 2005, Vol. 6, Issue 244

                            Headlines


A R G E N T I N A

AES CORP: Drops All ICSID Claims Against Argentina
BANCO BICA: Hopes to Reopen Mid-2006
COOPERATIVA PARA: Enters Bankruptcy on Court Orders
MAR DEL PLATA: Court Rules for Liquidation
METROGAS: Debt Restructuring Reduces Gas Argentino's Stake

PENTY S.A.: Liquidates Assets to Pay Debts
RIED CORRUGADO: Enters Bankruptcy on Court Orders
ROCIG S.A.: Concludes Reorganization
SALUD CONTEMPORANEA: Closes Reorganization
SANATORIO DOLORES: Verification Deadline Fixed


B A R B A D O S

COURTS BARBADOS: Reports Positive Turnaround


B R A Z I L

CEMIG: To Declare Extraordinary Dividends
GLOBO COMUNICACAO: Posts Net Revenue of BRL1,459 Mln in 3Q05
VARIG: Inks Credit Card Agreement with Argentine Bank


C A Y M A N   I S L A N D S

ACHILLES LIMITED: To Hold Extraordinary Final Meeting Dec. 29
ANCHOR POINT: To Discuss Wind Up Process Dec. 28
BRUNSWICK PARTNERS: To Present to Members Winding Up Account
BV INVESTMENT: Liquidator to Report on Wind Up Process Dec. 29
CHADWICK LIMITED: To Hold Final General Meeting Dec. 28

EAGLE LIMITED: To Present Wind Up Process Dec. 28
GABLE LIMITED: To Authorize Liquidators to Retain Records
IS A ROSE: Schedules Final Meeting for Dec. 28
JHFC AUTO: To Hold Extraordinary Final Meeting Dec. 29
J-SHOP CORP: To Authorize Liquidators to Retain Records

KENMAR GLOBAL: Schedules Final Meeting for Dec. 29
MEGAL FINANCE: To Relate Wind Up Process to Members Dec. 28
PEOPLE NOW.COM: To Approve Conduct of Liquidation Jan. 13
QUEROS LTD: To Authorize Liquidators to Retain Records
SCARLET LIMITED: To Authorize Liquidators to Retain Records

SCINTO FINANCIAL: To Report on Liquidation Process Dec. 28
SOUTH DOWN: To Explain Wind Up Process to Members
THE UNIFUND: Final Meeting Set for Dec. 29
TOLL CI: To Relate Liquidation Info Jan. 3
WORLD RESOURCES: To Hold Extraordinary Final Meeting Dec. 29


M E X I C O

AXTEL: Sells $368.6M Shares in Initial Stock Offering
BALLY TOTAL: Injunction Hearing Set for January
BALLY TOTAL: Court Orders Presentation of Records to LILP
CALPINE CORP: Delisted from NYSE, New OTC Ticker Symbol is CPNL
KANSAS CITY: Shelf Registration Assigned Prelim 'BB-/B+/B-'

MINERA MEXICO: Faces Consolidated Class Action Suit


P E R U

* PERU: IDB Approves $200M Loan

     -  -  -  -  -  -  -  -

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

AES CORP: Drops All ICSID Claims Against Argentina
--------------------------------------------------
U.S.-based AES Corp. has suspended all of its claims against
Argentina in the World Bank's arbitration tribunal, the
International Center for the Settlement of Investment Disputes
(ICSID).

AES' Argentina country Manager Eduardo Dutrey said the
suspension of the seven claims was a result of new contracts the
Company is reaching for its minor holdings throughout the
country.

In mid-April, AES suspended its claim for Edelap, a power
distributor, which reached a new contract agreement with the
government earlier this year that included rate hikes.

Argentina froze electricity tariffs in 2002 to protect consumers
from spiraling inflation after a currency devaluation. But the
freeze forced some firms to default on their dollar debts and
halt investment plans. As a result, these firms went to the
arbitration body, accusing the government of breaking contracts
and seeking more than US$17 billion in damages.

The current government has made withdrawal of ICSID claims a key
condition for advancing in contract renegotiations.


BANCO BICA: Hopes to Reopen Mid-2006
------------------------------------
Banco Bica is seeking authorization from the Central Bank to
reopen its doors by mid-2006, reports Business News Americas.

The bank closed in 1997 due to the increasing need for capital
following the peso-US dollar peg. The bank then sold its assets
to local group Roggio, which later merged Banco Bica with Banco
Suquia. Since then, Bica has been operating as a cooperative
with over 350,000 members.

Bica director Norberto Michel is confident about its return, as
the central bank has said it views its request for a banking
license favorably.

Bica's net equity amounts to ARS50 million (US$16.7mn).


COOPERATIVA PARA: Enters Bankruptcy on Court Orders
---------------------------------------------------
Cooperativa para el Personal de YPF Gral. Mosconi de Vivienda,
Urbanismo, Consumo, Credito, Turismo y Servicios Sociales
Limitada (V.U.C.C.T.S.S.) enters bankruptcy protection after a
Buenos Aires court ordered the Company's liquidation. The order
effectively transfers control of the Company's assets to a
court-appointed trustee who will supervise the liquidation
proceedings.

Infobae reports that the court selected Mr. Hector Jorge Vigetti
as trustee. Mr. Vigetti will be verifying creditors' proofs of
claim until the end of the verification phase on Feb. 3, 2006.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the Company's accounting
and business records. The individual reports will be submitted
on March 17, 2006 followed by the general report, which is due
on May 3, 2006.

CONTACT:  Cooperativa para el Personal de YPF Gral. Mosconi de
          Vivienda, Urbanismo, Consumo, Credito, Turismo y
          Servicios Sociales Limitada (V.U.C.C.T.S.S.)
          Avda. Pedro Medrano 46
          Buenos Aires

          Mr. Hector Jorge Vigetti, Trustee
          Montevideo 711
          Buenos Aires


MAR DEL PLATA: Court Rules for Liquidation
------------------------------------------
Buenos Aires' civil and commercial court ordered the liquidation
of Mar del Plata Salud S.A. after the Company defaulted on its
obligations, Infobae reveals. The liquidation pronouncement will
effectively place the Company's affairs as well as its assets
under the control of Mr. Cesar Stock, the court-appointed
trustee.

Mr. Stock will verify creditors' proofs of claim until Feb. 28,
2006. The verified claims will serve as basis for the individual
reports to be submitted in court on April 11, 2006. The
submission of the general report follows on May 26, 2006.

CONTACT:  Mr. Cesar Stock, Trustee
          Avda. Corrientes 4149
          Buenos Aires


METROGAS: Debt Restructuring Reduces Gas Argentino's Stake
----------------------------------------------------------
Gas Argentino's stake in Argentine gas distributor Metrogas has
fallen to 51% after it agreed on a debt-for-equity swap with the
unit's creditors, reports Dow Jones Newswires.

In a filing to the local stock exchange, Gas Argentino said it
will pay down the totality of its debt in exchange for a partial
transfer of shares. The size of the debt has not been revealed.

Gas Argentino previously held 70% of Metrogas, with another 10%
in the hands of employees and the remaining 20% floating on the
Buenos Aires and New York stock exchanges. Gas Argentino had two
shareholders: BG Group PLC (BRG) with 54.67% and Repsol-YPF
(REP) with 45.33%.

In the new structure, BG Group's stake in Gas Argentino falls to
38.3% and Repsol-YPF's stake drops to 31.7%. Ashmore
International Utilities will now have 30% of Gas Argentino.

Gas Argentino retains a majority stake in Metrogas, but its
holding falls to 51%. Ashmore Funds will own a direct 3.65%
stake in Metrogas, while Marathon Funds will have 15.35% and BG
Group will have 6.8%. The Company's employees still have their
10% stake. Metrogas' float has been reduced to 13.2%.

Metrogas' debt-restructuring offer expires Dec. 12.

Metrogas scrapped a stalled proposal and launched a new one in
mid-November, offering US$750 for every $1,000 in defaulted debt
up to $150 million. The Company also proposed to exchange old
series of debt for new notes due in 2014.

Metrogas is Argentina's largest natural gas distributor serving
about 1.9 million customers through a 35-year exclusive
concession to distribute natural gas in the Buenos Aires
metropolitan region, Argentina's most densely populated area.

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


PENTY S.A.: Liquidates Assets to Pay Debts
------------------------------------------
Buenos Aires-based Penty S.A. will begin liquidating its assets
following the pronouncement of the city's civil and commercial
court that the Company is bankrupt, reports Infobae.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Mr. Fernando Jose Marziale. The
trustee will verify creditors' proofs of claim until Feb. 7,
2006. The validated claims will be presented in court as
individual reports on March 21, 2006.

Mr. Marziale will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, on May 2, 2006.

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

CONTACT:  Penty S.A.
          Chacabuco 1121
          Buenos Aires

          Mr. Fernando Jose Marziale, Trustee
          Avda. Callao 930
          Buenos Aires


RIED CORRUGADO: Enters Bankruptcy on Court Orders
-------------------------------------------------
A Buenos Aires court declared Ried Corrugado S.R.L. 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, Mr. Jorge
Serrano.

As the trustee, Mr. Serrano is tasked with verifying the
authenticity of claims presented by the Company's creditors. The
verification phase is ongoing until Feb. 8, 2006.

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

CONTACT:  Mr. Jorge Serrano, Trustee
          Uruguay 662
          Buenos Aires


ROCIG S.A.: Concludes Reorganization
------------------------------------
The reorganization of Buenos Aires-based Rocig S.A. has ended.
Data revealed by Infobae on its Web site indicated that the
process was concluded after Buenos Aires' civil and commercial
court homologated the debt agreement signed between the Company
and its creditors.


SALUD CONTEMPORANEA: Closes Reorganization
------------------------------------------
The reorganization of Salud Contemporanea S.A. has been
concluded. Data revealed by Infobae on its Web site indicated
that the process was concluded after Buenos Aires' civil and
commercial court homologated the debt agreement signed between
the Company and its creditors.


SANATORIO DOLORES: Verification Deadline Fixed
----------------------------------------------
The verification of creditors' claims for the Sanatorio Dolores
S.R.L. insolvency case is set to end on Feb. 20, 2006, states
Infobae. Mr. Guillermo Mackinlay, the court-appointed trustee
tasked with examining the claims, will submit the validation
results as individual reports on April 11, 2006. He will also
present a general report in court on May 18, 2006.

On Nov. 6, 2006, the company's creditors will vote on the
settlement proposal prepared by the company.

CONTACT:  Sanatorio Dolores S.R.L.
          Buenos Aires 495
          Dolores

          Mr. Guillermo Mackinlay, Trustee
          Lara 48
          Dolores



===============
B A R B A D O S
===============

COURTS BARBADOS: Reports Positive Turnaround
--------------------------------------------
Courts Barbados Limited registered a net profit of $2.1 million
over the six-month period ending October 2, reversing a loss of
$2.1 million for the corresponding period in 2004, the Daily
Nation reports.

Company chairman Stuart Miller attributed the positive results
to the strategic review of Courts' key operations and
implementation of a "robust strategic" action plan. Strong sales
in all categories also contributed to the improved results,
Miller added.

Regarding the planned disposal of the overseas businesses of
Courts PLC in Britain, Miller said the process of finding a
buyer was well advanced.

"If successfully concluded, it is likely that the resulting
transaction will involve, as part of the acquisition of Court
PLC's Caribbean assets, an offer being made to all shareholders
of Courts Barbados Limited to acquire all their shares," Miller
said.

"Although discussions with potential purchasers are, we
understand, at an advanced stage, the timetable and outcome are
uncertain," he added.

Uncertainty notwithstanding, Miller said the board was putting
itself in a position to "respond appropriately", should an offer
for Courts Barbados be made.

CONTACT:  Mailing Address:
          Courts Barbados Ltd
          P.O. Box 689C
          Bridgetown
          Barbados

          Registered Offices and Head Office:
          Courts Barbados Ltd.
          St. George Street
          Bridgetown
          St. Michael

          Head Office Telephone & Fax:
          Tel: +(246)-431-6850
          Fax: +(246)-429-5445



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

CEMIG: To Declare Extraordinary Dividends
-----------------------------------------
The Board of Directors of Cemig (Companhia Energetica de Minas
Gerais) approved in a meeting of held on December 7, 2005, the
declaration of extraordinary dividends.

The following are the resolutions approved:

1. To sign the Fourth Amendment to the Contract to Assign the
Outstanding Credit Rights Balance on the CRC ("Results
Compensation") Account ("the CRC Contract"), between Cemig and
the state of Minas Gerais, in accordance with the company
Strategic Plan for the years 2005-/2035.

2. To authorize: (i) the assignment, by Cemig, to the
Receivables Investment Fund (FIDC) being structured by Banco
ITAU BBA ("the Fund"), of the credits made up of the
installments owed by the State of Minas Gerais under the CRC
Contract, for an amount to be established by a valuation opinion
approved by the auditor contracted by the Fund, such assignment
being subject to the agreement of the State of Minas Gerais; and
also (ii) subscription by Cemig of the total of the subordinated
units of the Fund, for the amount of the difference between the
value of the credits and the value of the total of the senior
units.

3. To declare extraordinary dividends, in the amount of BRL897
million, corresponding to BRL5.534143888 per thousand shares, to
be paid on December 29, 2005, to be paid in a single payment to
stockholders whose names are in the Nominal Share Registry on
December 22, 2005, for the purposes of Clause 205 of Law
6404/76. We draw attention to the fact that the making of this
payment is conditional on homologation, by the Extraordinary
General Meeting of Stockholders to be held on December 23, 2005,
of the Fourth Amendment to the Contract to Assign the
Outstanding Credit Rights Balance on the CRC (Results
Compensation) Account, between Cemig and the state of Minas
Gerais.

4. To call an Extraordinary General Meeting of Stockholders to
be held on December 23, 2005, at 10 a.m., to decide on the
signature of the Fourth Amendment to the Contract to Assign the
Outstanding Credit Rights Balance on the CRC (Results
Compensation) Account, between Cemig and the state of Minas
Gerais.

5. To call an Extraordinary General Meeting of Stockholders to
be held on December 23, 2005, at 5 p.m., to decide on changes to
the company's bylaws.

CONTACT: Companhia Energetica De Minas Gerais - CEMIG
         Investor Relations:
         Phone: 31 3299-3930
                31 3299-4015
         URL: www.cemig.com.br
         E-Mail: ri@cemig.com.br
         Fax: 31 3299-3934
              31 3299-3933


GLOBO COMUNICACAO: Posts Net Revenue of BRL1,459 Mln in 3Q05
------------------------------------------------------------
Globo Comunicacao e Participacoes S.A. (Globo or Company)
announced Wednesday financial results for the quarter ended
September 30, 2005. Globo is the company resulting from the
merger of TV Globo Ltda. with and into Globo Comunicacoes e
Participacoes S.A. (Globopar).

HIGHLIGHTS

Globo's Pro-forma Net Revenue was BRL1,459.0 million in 3Q05,
6.4% higher than in 3Q04. In 9M05 net revenue amounted to
BRL3,992.0 million, 6.4% higher than in the same period of 2004.

Globo's Pro-forma EBITDA reached BRL406.4 million and BRL1,030.8
million, increasing 3.2% and 2.3%, respectively, in 3Q05 and
9M05.

On July 20, 2005, Globo announced the successful completion of
the restructuring of approximately US$1.3 billion of its debt.

The Company's total debt decreased from US$1,996.7 million as of
June 30, 2005 to US$1,494.1 million as of September 30, 2005.

The Company announced that it would voluntarily prepay on
December 7, 2005 more than US$300 million of its outstanding
bonds. Therefore, Globo will end this year with more than US$600
million of debt reduction, in accordance with the objective to
reduce the Company's leverage.

The merger of TV Globo with and into Globopar was approved by
the applicable Brazilian authority in August 2005.

On October 17, 2005 Standard & Poor's Rating Services raised the
Company's global (foreign and local currency) ratings to 'B+'.

Pro-forma EBITDA for the Company Group reached BRL384.7 million
in 3Q05 (30.3% of EBITDA margin), and BRL953.8 million in 9M05
(27.7% of EBITDA margin).

ADVERTISING MARKET OVERVIEW

The Brazilian media advertising expenditures increased by 15.4%
in the first eight months of 2005 compared to the same period of
2004 reaching BRL9.6 billion by the end of August 2005. During
the same period, the advertising market for broadcast and Pay-TV
increased 16.7%. Historically, television is the largest
advertising medium in Brazil, generating more advertising
revenues than all other media combined. The 2004 full-year
advertising expenditures for broadcast and Pay-TV were estimated
to account for BRL8.5 billion, or 63% of total advertising
market expenditures. (Source: "Intermeios" - the independent
measure of the Brazilian advertising market,
www.projetointermeios.com.br)

TV GLOBO AUDIENCE PERFORMANCE

As shown in the table above, in the last twelve months (LTM)
ended September 2005, TV Globo's audience ratings continued to
be at historical levels, at 23% and 36% for the time periods
from 7:00 a.m. to midnight and from 6:00 p.m. to midnight,
respectively. The small variation in the audience share was
basically a consequence of the increase in the number of TV sets
that were turned on during the LTM ended September 2005 compared
to the prior LTM period.

FINANCIAL STATEMENTS PRESENTATION

Globo's Consolidated Financial Statements include proportional
consolidation for certain subsidiaries, according to Globo's
ownership interest at the end of each period.

Subsidiaries that are proportionately consolidated include Net
Servicos de Comunicacao S/A ("Net Servicos") (46.97% as at
September 30, 2004 and 13.16% as at September 30, 2005), the
programming companies Endemol Globo S/A ("Endemol") (50%),
Telecine Programacao de Filmes Ltda. ("Telecine") (50%) and USA
Brasil Programadora Ltda. ("USA Brasil") (50%) and a subsidiary
of Globo, which holds a controlling interest in Net Servicos, GB
Empreendimentos e Participacoes S/A ("GB") (17%). Sky Brasil
Servicos Ltda.'s ("Sky Brasil") have been recognized by Globo
under the equity method.

For information regarding Net Servicos refer to
www.netservicos.com.br.

RELEVANT AND RECENT EVENTS

Sale of TV Sky Shop

Globo sold all of its shares of TV SKY SHOP S/A ("Shoptime"),
which represented 44% of the capital stock of Shoptime, to
Americanas.com S/A - Com‚rcio Eletronico for BRL49.5 million. In
accordance with the Consolidated Trust Deed, 75% of this amount
was deposited in the Brazilian Cash Collateral Account.

Net Servicos' Capital Increase In the meeting held on November
8, 2005, the Net Servicos' Board of Directors approved the Net
Servicos' capital increase amounting to BRL85.7 million. The
capital increase will occur upon the capitalization of the tax
incentives resulting from the amortization of the incorporated
premium, in view of the merger of Globotel Participacoes S.A.
(Globotel).

The capital increase maintains the same proportion of the number
of shares of all existing classes. The issuance and subscription
prices will be BRL0.88 per each voting share and per each non-
voting share.

Thus, it will be issued a total of 39,706,606 common shares and
57,630,258 preferred shares. In accordance with the CVM
Instruction 319/99 and Article 171 of Law 6.404/76, shares will
be issued in contra-entry to the credit capitalization for the
benefit of the controlling shareholder Roma Participacoes Ltda.
("Romapar"). Each shareholder shall exercise the preemptive
rights on shares and shall pay the amount due directly to
Romapar. Shareholders shall exercise the preemptive right within
the maximum period of 30 (thirty) days, as from the date of
disclosure of the Notice to Shareholders.

Any proceeds received by Romapar are to be pledged or deposited
in a Brazilian collateral account as and to the extent required
by the terms of the Consolidated Trust Deed and other related
documents.

For more information about Net Servicos capital increase refer
to www.netservicos.com.br.

Sale of Interest Ownership in Seguradora Roma

On November 28, 2005, Globo and Sao Marcos Empreendimentos
Imobiliarios Ltda. ("Sao Marcos") entered into an agreement with
Mapfre Vera Cruz Seguradora S.A. ("Mapfre") pursuant to which
Globo and Sao Marcos shall sell the totality of their majority
stake in Seguradora Roma S.A. ("Seguradora"), representing,
collectively, 53.7% of Seguradora's total capital stock to
Mapfre. Globo's stake is 52.05% of Seguradora's total capital
stock.

Upon consummation of such transaction, Mapfre will become the
owner of 99.7% of the total capital of Seguradora.
The transaction will be submitted to the appropriate Brazilian
governmental authorities and will be consummated when approved
by the regulatory agency "Superintendˆncia de Seguros Privados
(SUSEP)".

PRO-FORMA EARNINGS ANALYSIS: GLOBO

Globo Consolidated Net Revenue

The Company's net revenue increased BRL88.0 million, reaching
BRL1,459 million, when comparing 3Q05 with 3Q04, as presented on
the table below, mainly due to:

1) BRL100.4 million increase due to higher advertising revenue
mainly explained by the advertising market growth;

2) BRL59.6 million increase in Content/Programming revenues,
mainly due to the improvement in the Pay-TV programming
activity;

3) BRL41.1 million increase in Other, mainly related to revenues
deriving from the broadcasting of sports events that in 2005
occurred in September, whereas in 2004 these events took place
in October; and

4) BRL113.1 million reduction at Net Servicos, related to the
lower ownership interest held by Globo in Net Servicos.

Cost of sales

The Company's costs of sales, excluding depreciation, increased
BRL7.8 million when comparing 3Q05 with 3Q04. The cost of sales
reported on financial statements includes depreciation of
BRL25.1 million in 3Q05 and BRL35.4 million in 3Q04. The impact
on the
Company's cost of sales, excluding depreciation, was mainly due
to:

1) BRL43.7 million increase related to production costs due to
the broadcasting of sports events that in 2005 occurred in
September, whereas in 2004 these events took place in October;

2) BRL31.1 million increase mainly explained by the inflation
impact on certain contracts that are adjusted based on the last
12-month inflation rate and on employee and talent compensation;
and

3) BRL66.9 million reduction at Net Servicos, related to the
lower ownership interest held by Globo in Net Servicos.

General and administrative expenses

The Company's general and administrative expenses increased
BRL45.7 million when comparing 3Q05 with 3Q04, mainly due to:

1) BRL37.6 million increase due to extraordinary expenses
associated with the completion of the debt restructuring
process;

2) BRL10.8 million increase due to an extraordinary tax reversal
provision made in 3Q04;

3) BRL7.5 million increase mainly due to expenses related to
sports events programming;

4) BRL3.9 million increase mainly explained by the inflation
impact in prices and salaries;

5) BRL2.3 million increase related to contingencies and
actuarial provisions; and

6) BRL17.1 million reduction at Net Servicos, related to the
lower ownership interest held by Globo in Net Servicos.

Selling expenses

The Company's selling expenses increased BRL17.8 million when
comparing 3Q05 with 3Q04, mainly due to:

1) BRL23.8 million increase related to marketing, promotions and
other selling expenses mainly explained by advertising revenues
growth;

2) BRL6.4 million increase mainly explained by the inflation
impact in prices and salaries; and

3) BRL9.5 million reduction at Net Servicos, related to the
lower ownership interest held by Globo in Net Servicos.

Other operating (expenses) income, net

The Company operating income decreased BRL4.1 million when
comparing 3Q05 with 3Q04 mainly due to:

1) BRL9.2 million increase in the income mainly related to pay-
per-view soccer championships;

2) BRL5.2 million increase in the expenses due to higher
magazine subscriptions cancellation and expenses related to
inventory write-off; and

3) BRL7.4 million decrease in the income of Net Servicos due to
the lower ownership interest held by Globo in Net Servicos.

EBITDA

The Company's EBITDA increased BRL12.6 million, reaching
BRL406.4 million, when comparing 3Q05 with 3Q04, mainly due to
the drivers explained before.

Equity loss and provision for losses on investments

The Company's equity loss decreased BRL10.2 million, reaching an
income of BRL9.2 million when comparing 3Q05 with 3Q04, mainly
due to the reversion of the provision for losses on investments
related to the sale of Shoptime.

Amortization of goodwill

The Company's amortization of goodwill decreased BRL11.7 million
(or 23.3%), reaching BRL38.6 million when comparing 3Q05 with
3Q04. This change was mainly related to the reduction of Globo's
ownership interest in Net Servicos, the sale of Vicom (Net
Servicos' subsidiary on data transmission services business) and
the full amortization of goodwill of certain subsidiaries in
2004.

Net interest (expenses) income

The Company's net interest income increased BRL574.0 million,
reaching BRL666.5 million when comparing 3Q05 with 3Q04. The
impact on the Company's net interest income was mainly due to:

1) Interest income increased BRL46.9 million mainly due to the
higher cash balance in 2005;

2) Interest expenses decreased by BRL767.4 million mostly due to
the incremental nonrecurring income related to debt
restructuring process; and

3) Monetary and exchange rate variation decreased BRL239.0
million mainly due to the appreciation of the Brazilian Real in
relation to the US dollar, from 8.0% in 3Q04 to 5.5% in 3Q05.

Non-operating income

The Company's non-operating income increased BRL49.4 million,
reaching BRL53.9 million, when comparing 3Q05 with 3Q04, mostly
due to the sale of interest in Shoptime.

Income tax and social contribution benefit (expense)

The Company's income tax and social contribution decreased
BRL126.6 million when comparing 3Q05 to 3Q04, mainly due to the
deferred income tax and social contribution benefit recorded in
this quarter.

Net income (loss)

The Company's net income increased BRL789.3 million, reaching an
income of BRL1,134.4 million, when comparing 3Q05 to 3Q04,
mainly due to the gains related to the debt restructuring.

Additions to property, plant and equipment

The Company's additions to property, plant and equipment
increased BRL4.0 million, reaching BRL35.7 million, when
comparing 3Q05 to 3Q04.

PRO-FORMA FINANCIAL HIGHLIGHTS OF THE COMPANY GROUP

The cash and cash equivalents (including debt collateral
deposits) position for this group of companies was BRL968.2
million as of September 30, 2005.

Net revenues for the Company Group amounted to BRL1,270.6
million in 3Q05 (15.1% YOY growth) and BRL3,449.0 million in
9M05 (15.9% YOY growth).

EBITDA for the Company Group reached BRL384.7 million in 3Q05
(30.3% of EBITDA margin), and BRL953.8 million in 9M05 (27.7% of
EBITDA margin).

Information Regarding Debt Obligations

On July 20, 2005 Globo announced the successful completion of
the restructuring of approximately US$1.3 billion (as at
December 31, 2002) of its debt.

As of September 30, 2005, Globo's total debt was US$1,494.2
million, a decrease of US$502.6 million compared to US$1,996.7
million as of June 30, 2005. The conclusion of the restructuring
process on July 20, 2005 is the main reason for this decrease as
explained in the Earnings Release of June 30, 2005.

As of September 30, 2005, total debt for Company Group was
US$1,426.3 million.

Globo Comunicacao e Participacoes S.A. ("Globo") is the name of
the company resulting from the merger of TV Globo Ltda. with and
into Globo Comunicacoes e Participacoes S. A. - Globopar.

CONTACT:  Globo Comunicacao e Participacoes S. A. - Globopar
          Stefan Alexander or Marta Meirelles
          Phone: 55 21 2540-4444
          E-mail: IR@globopar.com.br

          URL: www.globopar.com.br

          Lidia Borus
          FIRB - Financial Investor Relations Brasil
          Phone: 55 11 3897-6404
          E-mail: lidia.borus@firb.com


VARIG: Inks Credit Card Agreement with Argentine Bank
-----------------------------------------------------
Argentine bank Banco Patagonia has sealed an accord with
Brazilian airline Varig to offer free airline mileage through
Varig's frequent flyer Smiles program with credit cards issued
by the bank. Business News Americas reports that the arrangement
will be implemented in February 2006.



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

ACHILLES LIMITED: To Hold Extraordinary Final Meeting Dec. 29
-------------------------------------------------------------
                   ACHILLES LIMITED
               (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of the
above-named company will be held at the offices of Deutsche Bank
(Cayman) Limited, Elizabethan Square, George Town, Grand Cayman,
on 29th December 2005 for the purpose of presenting to the
members an account of the winding up of the company and giving
any explanation thereof.

CONTACT:  ALAN CORKISH
          Voluntary Liquidator
          Contact for enquiries:
          Telephone: (345) 949 8244
          Facsimile: (345) 949 5223
          P.O. Box 1984GT, Grand Cayman


ANCHOR POINT: To Discuss Wind Up Process Dec. 28
------------------------------------------------
              ANCHOR POINT MASTER FUND, LTD.
               (In Voluntary Liquidation)
               The Companies Law (Revised)

Pursuant to section 145 of the Companies Law (Revised), the
final meeting of the sole shareholder of this company will be
held at the offices of Ogier Attorneys, Queensgate House, South
Church Street, Grand Cayman, on 28th December 2005 at 12:30 p.m.
(local time).

Business:

1. To lay accounts before the meeting showing how the winding-up
has been conducted and how the property has been disposed of to
the date of the final winding-up on 28th December 2005.

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

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

CONTACT:  OGIER
          On behalf of the Liquidator
          Contact for enquiries: Alric Lindsay
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


BRUNSWICK PARTNERS: To Present to Members Winding Up Account
------------------------------------------------------------
              BRUNSWICK PARTNERS FOUR LIMITED
                (In voluntary winding up)
             The Companies Law (2004 Revision)
                       Section 145

NOTICE is hereby given pursuant to Section 145 of the Companies
Law that the final general meeting of the above-named Company
will be held at the offices of Leman Management Limited, Suite
One, No.2 Reid Street, Hamilton HM 11, Bermuda, on 29th December
2005 (rescheduled from 10 November 2005) at 10 a.m. for the
purpose of presenting to the members an account of the winding
up of the Company and giving any explanation thereof.

CONTACT:  EDWARD ALLANBY
          Voluntary Liquidator
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309GT, Ugland House
          South Church Street, George Town
          Grand Cayman, Cayman Islands


BV INVESTMENT: Liquidator to Report on Wind Up Process Dec. 29
--------------------------------------------------------------
                 BV INVESTMENT COMPANY
              (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to section 145 of the Companies
Law, that the extraordinary final meeting of the sole
shareholder of the above company will be held on the 29th
December 2005.

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

CONTACT:  COMMERCE CORPORATE SERVICES LIMITED
          Voluntary Liquidator
          PO Box 694GT, Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 7904


CHADWICK LIMITED: To Hold Final General Meeting Dec. 28
-------------------------------------------------------
NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the final general meeting of Chadwick
(General Partner) Limited (the "Company") will be held at the
offices of Procific, PO Box 7106, Abu Dhabi, United Arab
Emirates, on 28th December 2005 at 8:30 a.m.

Business:

1. To lay accounts before the members showing how the winding up
has been conducted and how the property of the Company has been
disposed of and the debts and obligations of the Company
discharged as at the final winding up on 28th December 2005;

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

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

CONTACT:  ABUBAKER AL-KHOURI
          Voluntary Liquidator
          Contact for Enquiries: Nigel Sanders, Walkers
          Walker House, Mary Street
          George Town, Grand Cayman
          Tel 345 949 0100 / Fax 345 945 6544


EAGLE LIMITED: To Present Wind Up Process Dec. 28
-------------------------------------------------
NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the final general meeting of Eagle
(General Partner) Limited (the "Company") will be held at 250
North Bridge Road, #13-01 Raffles City Tower, Singapore, 17901,
on 28th December 2005 at 9 a.m.

Business:

1. To lay accounts before the members showing how the winding up
has been conducted and how the property of the Company has been
disposed of and the debts and obligations of the Company
discharged as at the final winding up on 28th December 2005;

2. To authorise the liquidators to retain the records of the
Company for a period of five years form the dissolution of the
Company after which the may be destroyed.

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

CONTACT:  KUNNASAGARAN CHINNIAH
          Voluntary Liquidator
          Contact for Enquiries: Nigel Sanders, Walkers
          Walker House, Mary Street
          George Town, Grand Cayman,
          Tel 345 949 0100 / Fax 345 945 6544


GABLE LIMITED: To Authorize Liquidators to Retain Records
---------------------------------------------------------
NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the final general meeting of Gable
(General Partner) Limited (the "Company") will be held at 195
Darlington Recton Road, Liginier, Pennsylvania 15658, USA, on
28th December 2005 at 9 a.m.

Business:

1. To lay accounts before the members showing how the winding up
has been conducted and how the property of the Company has been
disposed of and the debts and obligations of the Company
discharged as at the final winding up on 28th December 2005;

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

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

CONTACT:  ARTHUR MILTENBERGER
          Joint Voluntary Liquidators
          Contact for Enquiries: Nigel Sanders, Walkers
          Walker House, Mary Street
          George Town, Grand Cayman,
          Tel 345 949 0100 / Fax 345 945 6544


IS A ROSE: Schedules Final Meeting for Dec. 28
----------------------------------------------
              IS A ROSE YACHTING SERVICES LTD.
                 (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision) the
final meeting of this company will be held at the registered
office of the company on 28th December 2005 at 10:00 a.m.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of to
the date of final winding up on 28th December 2005.

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

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

CONTACT:  LAWRENCE EDWARDS
          Joint Voluntary Liquidator
          Contact for Enquiries: Jodi Smith
          Telephone: (345) 914 8694
          Facsimile: (345) 949 4590
          PO Box 219GT, Grand Cayman
          Cayman Islands


JHFC AUTO: To Hold Extraordinary Final Meeting Dec. 29
------------------------------------------------------
              JHFC AUTO LOAN FUNDING CORP.
               (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the extraordinary final meeting of the
above-named company will be held at the offices of Deutsche
Bank (Cayman) Limited, Elizabethan Square, George Town, Grand
Cayman, on 29th December 2005, for the purpose of presenting to
the members an account of the winding up of the company and
giving any explanation thereof.

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


J-SHOP CORP: To Authorize Liquidators to Retain Records
-------------------------------------------------------
                     J-SHOP CORP. III
                  (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the extraordinary final meeting of the shareholder of this
Company will be held at the offices of HSBC Financial Services
(Cayman) Limited, P.O. Box 1109, George Town, Grand Cayman,
Cayman Islands, on 30th December 2005 at 10:30 a.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at the final winding up on 30th December 2005.

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

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

CONTACT:  JANET CRAWSHAW and JAMAL YOUNG
          Joint Voluntary Liquidators
          Contact for enquiries: Marguerite Britton
          Telephone: (345) 949-7755
          Facsimile: (345) 949-7634
          P.O. Box 1109GT, George Town
          Grand Cayman, Cayman Islands


KENMAR GLOBAL: Schedules Final Meeting for Dec. 29
--------------------------------------------------
             KENMAR GLOBAL EQUITY FUND LIMITED
                      (The "Company")
                (In Voluntary Liquidation)
              The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of the Company will be held at
the registered office of the Company on 29th December 2005 at
1:30 p.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on 29th December 2005.

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

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

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


MEGAL FINANCE: To Relate Wind Up Process to Members Dec. 28
-----------------------------------------------------------
                   MEGAL FINANCE COMPANY LIMITED
                          ("The Company")
                    (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the extraordinary final general meeting of the shareholders of
the above-named Company will be held at the offices of HSBC
Financial Services (Cayman) Limited, P.O. Box 1109, George Town,
Grand Cayman, Cayman Islands, on Wednesday, 28th December 2005,
at 10:00 a.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at the final winding up at the close of business on 28th
December 2005.

2. To authorize the joint voluntary liquidators, pursuant to
section 158 of the Companies Law (2004 Revision), to retain the
books and records of the Company and of the liquidators for a
period of six years from the dissolution of the Company, after
which they may be disposed of in such manner as the joint
voluntary liquidators think fit.

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

CONTACT:  MR. BERND HOHMANN and MR. BRUNO DANVIN
          Joint Voluntary Liquidators
          Contact for Enquiries: Nick Robinson
          Telephone: (345) 914 4216
          Facsimile: (345) 814 4216
          P.O. Box 265GT, Walker House, Mary Street
          Grand Cayman


PEOPLE NOW.COM: To Approve Conduct of Liquidation Jan. 13
---------------------------------------------------------
               PEOPLE NOW.COM (CI) LIMITED
               (In Voluntary Liquidation)
                    ("The Company")

Pursuant to the Companies Law (2003 Revision) (CAP. 22) Section
145 NOTICE is hereby given that the final general meeting of the
sole shareholder of the Company will be held at the office of
KPMG, 27/F, Alexandra House, 16-20 Chater Road, Central, Hong
Kong, on 13th January 2006 at 3:00 p.m.

Business:

1. To confirm, ratify and approve the conduct of the liquidation
by the joint and several liquidators, Jacky Chung Wing Muk and
Edward Simon Middleton;

2. To approve the quantum of the joint and several liquidators'
remuneration, that being fixed by the time properly spent by the
joint and several liquidators and their staff;

3. To lay accounts before the meeting showing how the winding up
has been conducted and how the property of the Company has been
disposed of as at the date of the final meeting and to approve
such accounts; and

4. To authorize the joint and several liquidators to pass all or
any of the books and records to the shareholders for retention
after the dissolution of the Company.

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

CONTACT:  EDWARD SIMON MIDDLETON
          Joint and Several Liquidator
          Contact for enquiries: Anita Mow
          27/F, Alexandra House
          16-20 Chater Road, Central, Hong Kong
          Telephone: (852) 3121 9824
          Facsimile: (852) 2869 7357


QUEROS LTD: To Authorize Liquidators to Retain Records
------------------------------------------------------
                       QUEROS LTD
              (In Voluntary Liquidation)
           The Companies Law (2003 Revision)

Pursuant to section 145 of the Companies Law (2003 Revision),
the final general meeting of the sole shareholder of this
company will be held at the registered office of the company on
30th December 2005

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on 30th December 2005.

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

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

CONTACT:  CFS LIQUIDATORS LTD.
          Contact for enquiries: Victor Murray
          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


SCARLET LIMITED: To Authorize Liquidators to Retain Records
-----------------------------------------------------------
NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the final general meeting of Scarlet
(General Partner) Limited (the "Company") will be held at 142
Holborn Bars, London EC1N 2NH, England, on 28th December 2005 at
9 a.m.

Business:

1. To lay accounts before the members showing how the winding up
has been conducted and how the property of the Company has been
disposed of and the debts and obligations of the Company
discharged as at the final winding up on 28th December 2005;

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

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

CONTACT:  JAMES KEITH HASLETT
          Voluntary Liquidator
          Contact for Enquiries: Nigel Sanders, Walkers
          Walker House, Mary Street
          George Town, Grand Cayman
          Tel 345 949 0100 / Fax 345 945 6544


SCINTO FINANCIAL: To Report on Liquidation Process Dec. 28
----------------------------------------------------------
                Scinto Financial Services Ltd.
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of the Company will be
held at the offices of Ogier & Boxalls Attorneys, Queensgate
House, South Church Street, Grand Cayman, on December 28, 2005
at 10:30 a.m.

Business:

1. To lay accounts before the meeting showing how the winding-up
has been conducted and how the property has been disposed of to
date of final winding-up on December 28, 2005.

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

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

CONTACT: Ogier
         On behalf of the Liquidator
         Julie O'Hara
         P.O. Box 1234GT, Grand Cayman
         Telephone: (345) 949 9876
         Facsimile: (345) 949 1986


SOUTH DOWN: To Explain Wind Up Process to Members
-------------------------------------------------
                South Down Investments Limited
                            Notice

NOTICE is hereby given pursuant to section 145 of the Companies
Law (2004 Revision) that the final general meeting of South Down
Investments Limited (the "Company") will be held at the offices
of Walkers, Walker House, Mary Street, George Town, Grand
Cayman, on December 30, 2005.

Business

1. To lay accounts before the members showing how the winding up
has been conducted and how the property of the Company has been
disposed of and the debts and obligations of the Company
discharged as at the final winding up on December 29, 2005;

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

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

CONTACT:  Condor Nominees Limited, Voluntary Liquidator
          Nigel Sanders
          P.O. Box 265GT, Walker House, Mary Street
          Grand Cayman
          Telephone: (345) 914 4203
          Facsimile: (345) 814 8203


THE UNIFUND: Final Meeting Set for Dec. 29
------------------------------------------
               The Unifund Brazilian Equities Ltd.
                   (In Voluntary Liquidation)
                   The Companies Law (Revised)

Pursuant to Section 145 of the Companies Law (Revised), the
final meeting of the sole shareholder of The Unifund Brazilian
Equities Ltd. will be held at 3rd Floor, Queensgate House, 113
South Church Street, Grand Cayman, on December 29, 2005 at
10.00 a.m.

Business:

1. To lay accounts before the meeting showing how the winding-up
has been conducted and how the property has been disposed of.

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

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

CONTACT:  Ogier
          On behalf of the Liquidator
          Glenn Kennedy
          P.O. Box 1234 GT, Grand Cayman
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1987


TOLL CI: To Relate Liquidation Info Jan. 3
------------------------------------------
                        Toll CI Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of Toll CI Limited will be
held at the registered office of the Company, on January 3, 2006
at 10:00 a.m.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of to
the date of final winding up on January 3, 2006.

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

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

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


WORLD RESOURCES: To Hold Extraordinary Final Meeting Dec. 29
------------------------------------------------------------
                 World Resources Corporation
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN, pursuant to section 145 of the Companies
Law, that the extraordinary final meeting of the sole
shareholder of World Resources Corporation will be held on
December 29, 2005.

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

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



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

AXTEL: Sells $368.6M Shares in Initial Stock Offering
-----------------------------------------------------
Mexican telecoms company Axtel SA and shareholders sold US$368.6
million of shares to local and international investors in an
initial public offering.

The Company, which is 40.5% owned by foreign investors including
billionaire George Soros and the Blackstone Group LP, sold
shares for MXN25.50 per share.

Axtel, which competes with Carlos Slim's Telefonos de Mexico SA
as a provider of local, long-distance and Internet services in
the country's largest cities, plans to use the proceeds to
increase its network and expand into new regions.

Meanwhile, Axtel Chief Executive Tomas Milmo announced Wednesday
that the Company is in talks with competitors that could lead to
an acquisition and further expansion of its network using the
latest wireless technology.

"We have been in talks with several companies, not only Alestra
and Avantel, and those talks will continue," he said.

Axtel plans to invest US$150 million next year, Milmo said. It
currently has a cash position of US$100 million and will receive
another US$100 million from its initial public offering.

CONTACT:  Axtel, S.A. de C.V.
          Jose Manuel Basave
          Corporate Communication
          E-mail: jmbasave@axtel.com.mx
          URL: www.axtel.com.mx


BALLY TOTAL: Injunction Hearing Set for January
-----------------------------------------------
Bally Total Fitness Corporation (NYSE:BFT), the leading operator
and provider of health and fitness clubs, products and services,
announced Wednesday that the U.S. District Court for the
District of Delaware has scheduled a preliminary injunction
hearing for early January 2006 to address Bally's allegations
made in a federal lawsuit filed against Liberation Investments,
L.P.

The hearing will address Bally's contention that Liberation has
filed various disclosure documents with the Securities and
Exchange Commission that "contain materially false statements
and fail to disclose material facts regarding (their) motives,
intentions, and conflicts of interest resulting from their
undisclosed associations" with prior management and undisclosed
agreements with other shareholders to nominate and solicit
proxies for the election of Liberation's loyalists to the Board.
As outlined in the complaint, "(t)hough Pearlman masquerades as
a disinterested investor with the interests of all stockholders
at heart," the fact is that he has long been associated with
Bally's former CEO, Lee Hillman, including serving as a
consultant to Bally's management during Mr. Hillman's tenure. It
was during that tenure that Mr. Hillman has been deemed by an
independent investigation conducted by a former SEC attorney on
behalf of Bally's Audit Committee to have created a "culture
that encouraged aggressive accounting," which ultimately led to
the Company's financial restatements issued on November 30,
2005.

Mr. Pearlman was an employee/consultant to Bally Total Fitness
from 1996-2002 during which period the Company paid him millions
in fees. Mr. Pearlman's consultant work was ended shortly after
Mr. Toback became CEO. Mr. Pearlman and Mr. Hillman, CEO of
Liberation Investment Advisory Group, have remained business
partners, with Mr. Hillman being part of an investment group
that backed Liberation Investments L.P. As Hillman and Pearlman
continued to work together, Liberation Investments L.P.
nominated Mr. Hillman as a director during a proxy contest in
August 2003 to the Board of Directors of InterTAN.

The complaint contends that Liberation's disclosure documents,
which includes the group's stockholder proposal seeking to amend
the Company's bylaws to give stockholders the power to remove
the Company's chief executive officer, "misrepresent the true
purpose and effect of the Stockholder Proposal and fail to
disclose the fact that the Stockholder Proposal is illegal on
its face and invalid under Delaware law and Bally's certificate
of incorporation."

In a related case in Delaware Chancery Court, the Chancellor
deferred action on Bally's request to have a recent shareholder
proposal from Liberation declared illegal and invalid until the
outcome of the shareholder vote is known.

Bally Total Fitness is the largest and only nationwide
commercial operator of fitness centers in the U.S., with nearly
440 facilities located in 29 states, Mexico, Canada, Korea,
China and the Caribbean under the Bally Total Fitness(R), Crunch
Fitness(SM), Gorilla Sports(SM), Pinnacle Fitness(R), Bally
Sports Clubs(R) and Sports Clubs of Canada (R) brands. Bally
offers a unique platform for distribution of a wide range of
products and services targeted to active, fitness-conscious
adult consumers.

CONTACT:  Bally Total Fitness
          Janine Warell (Investors)
          Phone: 773-864-6897
                    or
          Matt Messinger (Media)
          Phone: 773-864-6850

          URL: www.ballyfitness.com


BALLY TOTAL: Court Orders Presentation of Records to LILP
---------------------------------------------------------
The Court of Chancery of the State of Delaware in and for New
Castle County (the Court) ordered Bally Total Fitness Holding
Corporation to produce, subject to a confidentiality agreement
to be agreed upon by the parties, books and records to
plaintiffs for inspection and copying stating all minutes of
Bally's board of directors and/or any committees thereof, and
all materials and documents that have been submitted to or
considered by Bally's board of directors and/or any committee
thereof, which relate to the matters addressed in categories 1 -
8 of plaintiffs' October 28, 2005 Demand Letter.

On December 6, 2005, the Court granted an Order in Liberation
Investments, L.P., et al v. Bally Total Fitness Holdings
Corporation, C.A. No. 1779-N, the action arising out of the
Complaint, pursuant to which the Company was compelled to
produce, subject to the terms of a confidentiality agreement to
be agreed upon by the parties, "all minutes of Bally's board of
directors and/or any committees thereof, and all materials and
documents that have been submitted to or considered by Bally's
board of directors and/or any committee thereof" relating to,
among other things, the matters set forth in clauses (i), (ii)
and (iii) of the preceding paragraph (the "Compelled
Materials"). The Order requires the Company to produce the
Compelled Materials to LILP and LILTD by no later than December
8, 2005.

The Order also compels the Company to produce its stockholder
list and related materials to LILP and LILTD, subject to the
terms of a confidentiality agreement to be agreed upon by the
parties, within three business days of the filing by LILP and
LILTD of a preliminary proxy statement with the Securities and
Exchange Commission.

On December 7, 2005, LILP and LILTD submitted a letter to the
Board requesting an explanation of certain actions taken by the
Company and members of its management in connection with the
Company's equity compensation plans.

LILP, LILTD, Liberation Investment Group, LLC (LIGLLC), Emanuel
R. Pearlman and Gregg Frankel will be deemed to be participants
in the solicitation in connection with the Proposal. The number
of shares of the Company's common stock beneficially owned by
these persons as of November 21, 2005 is as follows: LILP
(2,662,963), LILTD (1,436,487), LIGLLC (4,099,450), Mr. Pearlman
(4,134,450), Gregg Frankel (0).

As previously publicly reported, Liberation Investments, LP
(LILP) and Liberation Investments Ltd. (LILTD) filed a complaint
(the Complaint) with the Court of Chancery of the State of
Delaware in and for New Castle County (the Court) on November
10, 2005 pursuant to Section 220 of the Delaware General
Corporation Law seeking to compel Bally Total Fitness Holding
Corporation (the Company) to permit them to inspect the
Company's stockholder list and certain books and records of the
Company relating to, among other things, the (i) adoption by the
Company's Board of Directors (the Board) on October 18, 2005 of
a Stockholder Rights Plan, (ii) independence of certain
directors and the circumstances of their appointment to the
Board and (iii) Company's retention of Russell Reynolds
Associates (RRA) to find independent directors and the
relationship between RRA and existing directors of the Company.

In a letter sent to the Company on December 6, 2005, LILP and
LILTD Chairman and Chief Executive Officer Emanuel R. Pearlman
wrote:

As you know, Liberation Investments, L.P., Liberation
Investments, Ltd. and their affiliates (collectively,
Liberation) own approximately 10.9% of the outstanding common
stock of Bally Total Fitness Holding Corporation (Bally or the
Company), making Liberation Bally's second largest shareholder.

On November 11, 2005 we wrote to urge you to exercise your
fiduciary duties diligently. We advised you that sales of the
equity of Bally must be effected through a transparent process
designed to maximize the consideration to be paid to the Company
or its shareholders and ensure a level playing field to
encourage the participation of all interested purchasers. In
your letter in reply on November 15, 2005, Mr. Bassewitz
affirmed that "Liberation and all Bally stockholders can be
certain that the directors are well aware of and, as always,
will act in accordance with their fiduciary duties in connection
with any and all matters that come before the Board".

However, we write now to express our concern about certain
matters disclosed by the Company in recent filings that appear
to cast doubt on the Board's adherence to its fiduciary duties
and commitment to the interests of its stockholders.

Please provide an explanation of the Company's recent equity
compensation grants. Generous equity compensation packages were
granted as of November 29, 2005 to all members of senior
management-with the largest grant made to Mr. Toback at
approximately $946,350 1 in restricted stock in addition to
options to purchase an additional 62,000 shares-despite the fact
that members of Bally's senior management had previously
received more than adequate equity compensation this year.
Grants of equity compensation had already been made to the same
members of management on March 8, 2005, at which time Mr. Toback
was granted approximately $841,200 2 in restricted stock grants
in addition to options to purchase an additional 170,000 shares.
Please explain what stockholder interest was served by awarding
this additional compensation to Mr. Toback and the other members
of management. We are at a loss to understand why you believe
these grants are consistent with your fiduciary duties.

1. This figure is based on information contained in Bally's
public filings and the November 28, 2005 closing price of
Bally's common stock on the New York Stock Exchange, as reported
in Bally's public filings.

2. This figure is based on information contained in Bally's
public filings and the November 28, 2005 closing price of
Bally's common stock on the New York Stock Exchange, as reported
in Bally's public filings.

In addition, the Company announced on November 30, 2005 that all
stock options issued under its equity compensation plans had
vested and all restrictions on restricted stock grants issued
under such plans had lapsed due to a change in control triggered
by accumulations of Bally's common stock by Liberation and
Pardus European Special Opportunities Master Fund L.P. But you
failed to disclose to your stockholders in your November 30
filings that both of your equity compensation plans provide that
the acceleration of vesting and the lapsing of restrictions do
not occur automatically when an investor acquires in excess of
10% of Bally's common stock, but only upon a decision to
accelerate made in the discretion of the Board appointed
committees that administer the plans. The 1996 Long-Term
Incentive Plan, Bally's principal equity compensation plan,
further provides that the decision of the Board appointed
committee that administers the plan to accelerate must take
"into account the purposes of [the] Plan".

As we read the 1996 Long-Term Incentive Plan, its primary
purpose is to attract and retain important talent, but by
accelerating vesting and the lapsing of restrictions you have,
on the contrary, eliminated the very incentive for key employees
to remain with the Company by enabling them to immediately cash
in on what was meant to be deferred equity compensation. We have
read in recent press releases and regulatory filings that many
Company insiders have done just that by selling approximately
1,200,000 shares of Bally stock since the Company released its
financial results on November 30, 2005, in many cases within
fewer than 48 hours of the release of such financial results and
while, according to Bally filings, the Securities and Exchange
Commission and Department of Justice continue investigations in
connection with the Company's financial reporting. Bally public
filings have revealed very little about the Securities and
Exchange Commission and Department of Justice investigations,
but it is difficult to imagine that insiders are not better
informed about their progress than stockholders. Furthermore,
the recent acceleration of vesting and lapsing of restrictions
does not appear to have induced any new key employees to accept
employment with Bally. Some of the equity grants that benefited
from the acceleration decision were accompanied by generous tax
gross-up rights to their recipients upon exercise or lapsing of
restrictions. How then did the Board appointed committees that
administer the plans conclude that the decision to accelerate
vesting and the lapsing of restrictions was consistent with
their fiduciary duties to the Company? What shareholder interest
did the Board appointed committees that administers the plans
believe they were advancing with their decision to accelerate?

Even though I was granted 35,000 shares of Bally restricted
stock in 1998 and therefore, based on information contained in
Bally's public filings, stand to financially benefit from the
actions of the Board appointed committees that administer the
plans, I nevertheless strongly believe that the decision to
accelerate vesting and lapsing of restrictions on all of the
outstanding equity compensation grants under the 1996 Long-Term
Incentive Plan and the Inducement Plan was inconsistent with the
fiduciary duties of the Board appointed committees and I
therefore believe that the decision should be rescinded
immediately and that insiders should repurchase Bally shares
they have opportunistically sold to date. I also believe that
all restrictions that attached to the equity grants prior to
acceleration should be reinstated, including restrictions on my
shares and the shares to that I believe should be repurchased by
insiders.

Based, in part, on the foregoing, we are not satisfied that you
are properly exercising your fiduciary duties to stockholders.
We anticipate your prompt response to the concerns identified
above. Please note that we reserve the right to take the
necessary action to protect the interests of shareholders, and,
if the facts warrant, will seek to hold directors personally
liable for any losses that befall the Company or its
shareholders as a result of the Board's failure to observe its
fiduciary duties.

CONTACT: Bally Total Fitness
         Janine Warell (Investors)
         Phone: 773-864-6897
                   or
         Matt Messinger (Media)
         Phone: 773-864-6850

         URL: www.ballyfitness.com


CALPINE CORP: Delisted from NYSE, New OTC Ticker Symbol is CPNL
---------------------------------------------------------------
Calpine Corporation (NYSE: CPN) was notified by the New York
Stock Exchange (NYSE) that the company's common stock will no
longer be traded on the NYSE.  Shares in Calpine now trade over
the counter under the CPNL ticker symbol.

The NYSE attributed its decision to suspend trading to the
abnormally low selling price of Calpine's common stock and the
company's current financial condition.

Calpine Corporation -- http://www.calpine.com/-- 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.

As reported in the Troubled Company Reporter, Calpine Corp. has
until January 22, 2006, to restore a $313 million deposit.
Calpine has suggested it won't have the funds available, and has
warned that a chapter 11 filing is possible.  Fitch, S&P and
Moody's have placed their junk ratings on all of Calpine's
second-lien and unsecured debt obligations. (Troubled Company
Reporter, Wednesday, Dec. 7, 2005, Vol. 9, No. 290)


KANSAS CITY: Shelf Registration Assigned Prelim 'BB-/B+/B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned a preliminary 'BB-'
senior secured rating, a preliminary 'B+' senior unsecured
rating, and a preliminary 'B-' preferred stock rating to Kansas
City Southern's (BB-/Stable/--) universal shelf registration. At
the same time, Standard & Poor's assigned its 'B-' rating to the
company's $210 million cumulative perpetual preferred stock
issue. The preferred stock is being used to repurchase the
shares of Kansas City Southern common stock recently sold by
Grupo TMM S.A. The Kansas City, Mo.-based freight railroad has
about $1.8 billion of lease-adjusted debt.

"The ratings reflect Kansas City Southern's leveraged capital
structure and challenges associated with the integration of its
Mexican subsidiary TFM S.A. de C.V. [recently renamed Kansas
City Southern de Mexico S.A. de C.V.], offset by the favorable
characteristics of the U.S. freight railroad industry and the
company's strategically located rail network," said Standard &
Poor's credit analyst Lisa Jenkins. Kansas City Southern is a
Class 1 (large) U.S. freight railroad. It is significantly
smaller and less diversified than its peers but operates a very
strategically located rail network in the central U.S. With the
acquisition of its Mexican affiliate in April 2005, Kansas City
Southern should be better able to take advantage of its north-
south route orientation and NAFTA trade opportunities. Kansas
City Southern de Mexico (KCSM) serves the three largest cities
in Mexico, representing a majority of the Mexican population and
GDP. Its rail lines connect with the principal border gateway
and largest freight exchange point between the U.S. and Mexico
at Nuevo Laredo/Laredo and serves three of the four principal
seaports in Mexico.

Ratings are based on the expectation that credit protection
measures will improve at Kansas City Southern over the next two
years as a result of benefits from the integration of KCSM and
from continuing healthy market fundamentals. If the improvement
exceeds the levels factored into current ratings, the outlook
could be revised to positive.

Primary Credit Analyst: Lisa Jenkins, New York (1) 212-438-7697;
lisa_jenkins@standardandpoors.com


MINERA MEXICO: Faces Consolidated Class Action Suit
---------------------------------------------------
Southern Copper Corporation and Minera Mexico S.A. de C.V. face
a consolidated class action derivative lawsuit filed in the
Delaware Court of Chancery (New Castle County) late in December
2004 and early January 2005 relating to the merger transaction
between the two parties.

On January 31, 2005, the three actions, styled "Lemon Bay, LLP
v. Americas Mining Corporation, et al., Civil Action No. 961-N,"
"Therault Trust v. Luis Palomino Bonilla, et al., and Southern
Copper Corporation, et al., Civil Action No. 969-N," and "James
Sousa v. Southern Copper Corporation, et al., Civil Action No.
978-N" were consolidated into one action titled, "In re Southern
Copper Corporation Shareholder Derivative Litigation, Consol.
C.A. No. 961-N" and the complaint filed in Lemon Bay was
designated as the operative complaint in the consolidated
lawsuit. The consolidated action purports to be brought on
behalf of the Company's common stockholders.

The consolidated complaint alleges, among other things, that the
Transaction is the result of breaches of fiduciary duties by the
Company's directors and is not entirely fair to the Company and
its minority stockholders. The consolidated complaint seeks,
among other things, a preliminarily and permanent injunction to
enjoin the Transaction, the award of damages to the class, the
award of damages to the Company and such other relief that the
court deems equitable, including interest, attorneys' and
experts' fees and costs. (Class Action Reporter, Thursday, Dec.
8, 2005, Issue 243)



=======
P E R U
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* PERU: IDB Approves $200M Loan
-------------------------------
The Inter-American Development Bank Wednesday approved a $200
million loan to Peru to support government efforts to strengthen
and improve its capacity for management, budgeting, public
investment and the formation of partnerships with the private
sector.

The project was structured using a programmatic approach to help
Peru meet its external financing needs for 2005 and may be
followed by IDB loans for equal amounts in 2006 and 2007 to
support the continuity of the program.

Under the framework of the program Peru will modernize and
streamline the national public investment system and improve
public management quality, expenditure monitoring and
administrative and financial systems. A Fiscal Stabilization
Fund will be established as part of a broad effort to strengthen
and stabilize the decentralization process.

A conceptual model will be constructed as a tool to promote
greater public-private partnership in infrastructure development
to raise investment efficiency and resource levels using a
better distribution and management of the risks.

A results-based strategy will be employed to the restructuring
of budget management and the evaluation of public expenditure
applying the use of incentives, and to the upgrading of the
efficiency, quality and transparency of regulatory and
management systems.

As part of the lending operation Peru is committed to continuing
its ongoing measures to ensure a macroeconomic environment
consistent with the government's objectives to achieve greater
effectiveness of its public management systems.

The Bank also has approved a parallel technical cooperation loan
of $5 million to support the implementation of the programmatic
operation and a $450,000 grant specifically for the related
Strategy and Action Plan for Development Effectiveness and
Management by Results in Peru.

The policy-based, programmatic loan reflects the IDB's strategy
of support for Peru's efforts to modernize and decentralize the
state while increasing national competitiveness and
productivity. The loan, to be delivered in a single tranche, is
for a 20-year term, with a five-year grace period, at a floating
interest rate based on LIBOR.

CONTACT: Inter-American Development Bank
         Website: http://www.iadb.org/



                            ***********


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