TCRLA_Public/060102.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

          Monday, January 2, 2006, Vol. 7, Issue 1

                            Headlines

A R G E N T I N A

ABDALA AUTO: Seeks Reorganization Approval from Court
ACINDAR: Court Clears Sale of Tube Assets to Techint Units
AGAROTTI S.A.: Debt Payments Halted, Moves to Reorganize
AGUAS CORDOBESAS: Congress Ratifies Renegotiated Contract
BANCO HIPOTECARIO: Initiates Mandatory Redemption of Notes

CLAXSON INTERACTIVE: Fitch Maintains `B(arg)-' Rating on Bonds
CRESUD: Becomes Agropecuaria Cervera Shareholder
DANIEL BRUSCA: Awaits Court Decision on Reorganization Petition
EASA: Fitch Affirms 'D(arg)' Rating on $200M Notes
EDENOR: $600M Bonds Maintain Default Rating

FUREX S.A.: Set to Reorganize
KEIRIN S.A.: Files Petition to Reorganize
NORBERTO G. FRESIA: Gets Court Approval to Reorganize
SERRA HNOS.: Closes Reorganization
TGN: Fitch Assigns D(arg) Rating to Various Bonds


B O L I V I A

BANCO DE CREDITO: Moody's Withdraws Ratings


B R A Z I L

AOL LATIN AMERICA: Subsidiary Enters Coordination Agreement
BANCO ABC: Fitch Assigns International Ratings
BRASKEM: Announces Payment of Interest on Own Capital
NET SERVICOS: Banco Opportunity Sells Preferred Shares
PARMALAT GROUP: Preliminary Injunction Extended to February 7

UNIBANCO: Approves Payment of Quarterly Interests


C A Y M A N   I S L A N D S

AKAVY LIMITED: Shareholders Resolve to Wind Up Company
AMARRES LIMITED: Appoints Buchanan Limited as Liquidator
AMAZON LTD: Commences Voluntary Wind Up
ANNA INVESTMENT: To be Placed into Voluntary Liquidation
APPALOOSA ARBITRAGE: Deadline for Proofs of Claim is Jan. 30

AWM FINE: Names Joint Voluntary Liquidators
BLACKSTONE DISTRESSED: Commences Voluntary Wind Up
CCMSI REINSURANCE: Global Captive Management to Oversee Wind Up
CLAIBORNE CAPITAL: Sets Jan. 14 as Deadline for Proofs of Claim
CMEC GE: Deadline for Proofs of Claim Set for Jan. 19

CONCHA LIMITED: To Authorize Liquidator to Distribute Assets
DATABASE LIMITED: Debt Particulars Due for Submission Jan. 12
GLOBAL CITY: Taps Buchanan Limited as Liquidator
HAPUNA LIMITED: Debt Particulars Due for Submission Jan. 12
HARMONIOUS LIMITED: To Authorize Liquidator to Distribute Assets

INWOOD CAPITAL: Appoints Liquidators
KH INVESTMENT: Enters Voluntary Liquidation
KW PROPERTY: To Wind Up Voluntarily
MPF THREE: To be Wound Up Voluntarily
N&S LIMITED: Resolves to Liquidate

NIPOMO LIMITED: Selects Buchanan Limited as Liquidator
PARALLAX LIQUID: CFS Liquidators to Supervise Wind Up
PREMIER OIL: Creditors to Submit Claims for Verification
SAMSUNG CAPITAL: Starts Liquidation
SAPPHIRE BLUE: Wind Up Process Begins

SWIFT ARMOUR: Starts Voluntary Liquidation
TRILOGY CONVERGENCE: Liquidators to Verify Creditors' Claims
TRILOGY CONVERGENCE (EUROPE): Taps Olympia Capital as Liquidator
WILLOW IAM: To be Placed into Voluntary Liquidation
YACHTCREW (CAYMAN): Chooses CDL Company as Liquidator


C O L O M B I A

GRANAHORRAR: BBVA Likely to Complete Acquisition in March
TELECOM: EPM Formalizes Participation in Upcoming Bidding


M E X I C O

CALPINE CORP: Wants to Continue Using Cash Management System


P E R U

FUNSUR: Losses From Strike Reach $15M


T R I N I D A D   &   T O B A G O

NFM: Workers Reject VSEP

     -  -  -  -  -  -  -  -

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

ABDALA AUTO: Seeks Reorganization Approval from Court
-----------------------------------------------------
Court No. 20 of Buenos Aires' is currently reviewing the merits
of the reorganization petition filed by Abdala Auto S.A.
Argentine daily La Nacion reports that the Company filed the
request after defaulting on its debt payments since Nov. 30,
2005.

The reorganization petition, if granted by the court, will allow
Abdala Auto S.A. to negotiate a settlement with its creditors in
order to avoid a straight liquidation. Clerk No. 39 assists the
court on this case.

CONTACT:  Abdala Auto S.A.
          Lavalle 1382
          Buenos Aires


ACINDAR: Court Clears Sale of Tube Assets to Techint Units
----------------------------------------------------------
Steelmaker Acindar has secured approval from court to sell its
tubes division to units of industrial conglomerate Techint for
US$83.2 million, reports Business News Americas.

Under contracts signed with Acindar in November, Techint unit
Siat is acquiring a tubemaking plant in Villa Constitucion while
Siderar, another Technint unit, is buying a plant in Rosario and
an Acindar holding named Impeco SA.

The deal already has a green light from Argentine antitrust
regulators, which conditioned their approval on a Techint
commitment to supply steel coils to tubemakers under "non-
discriminatory conditions."

"Now everything is legally approved and the only thing we need
to do is to clear the details with Siderar and companies of
Techint and then complete the transfer of the business,"
Business News Americas quoted Acindar spokesperson Gustavo
Pittaluga as saying.

"There are just some details to see to and I estimate this will
be done in a few more days," the official added.

Acindar had long been looking to sell its tube assets, deeming
that business non-strategic because of its focus on flat
steelmaking.

Acindar is Argentina's largest producer of long steel, and is
controlled by Brazilian steelmaker Belgo-Mineira. The Company
exports 25% of its production, primarily to Bolivia, Brazil,
Chile, Peru and the US.

Siat is a unit of Luxembourg-based steel pipe manufacturer
Tenaris (NYSE: TS) and Siderar is part of the Latin American
steelmaking giant Ternium. Both Ternium and Tenaris are related
to the Techint group.

CONTACT: Acindar Industria Argentina de Aceros S.A.
         2739 Estanislao Zeballos Beccar
         Buenos Aires
         Argentina B1643AGY
         Phone: +54 11 4719 8500
         Fax: +54 11 4719 8501
         Web site: http://www.acindar.ar.com


AGAROTTI S.A.: Debt Payments Halted, Moves to Reorganize
--------------------------------------------------------
Court No. 23 of Buenos Aires' civil and commercial tribunal is
studying the request for reorganization submitted by local
company Agarotti S.A., says La Nacion.

The report adds that that the Company filed a "Concurso
Preventivo" petition following cessation of debt payments at the
end of year 2000.

The city's Clerk No. 46 assists the court on this case.

CONTACT:  Agarotti S.A.
          Tucuman 1581
          Buenos Aires


AGUAS CORDOBESAS: Congress Ratifies Renegotiated Contract
---------------------------------------------------------
The Cordoba Province's congress has passed the bill ratifying
the contract with water concessionaire Aguas Cordobesas, reports
Business News Americas.

This means that Aguas Cordobesas can now impose between 25% and
50% rate increase for medium-income neighborhoods and by up to
100% for the wealthiest sectors. Meanwhile, prices will remain
substantially smaller for low-income households.

These planned rates increase were included in the contract
agreement signed between the utility and the Cordoba provincial
government just recently.

In exchange for the approval of the rates hike, the main
shareholders of Aguas Cordobesas, French firm Suez and Spanish
partner Aguas de Barcelona (Agbar), agreed to continue in the
concession, as well as call off the US$108 million lawsuit filed
with the International Center for Settlement of Investment
Disputes (ICSID).

The proposed increase in water charges was met with public
opposition, leading Cordoba mayor Luis Juez to take legal action
the agreement. However, Judge Carlos Lescano deemed the
challenge inadmissible.


BANCO HIPOTECARIO: Initiates Mandatory Redemption of Notes
----------------------------------------------------------
Banco Hipotecario S.A. announced on December 13, 2005 that it
initiated a mandatory redemption of its entire outstanding
medium-term guaranteed notes due 2010 (the Notes). All Notes
will be redeemed on January 13, 2006 at a redemption price of
100% of the principal amount thereof, plus accrued and unpaid
interest to January 13, 2006.

The Notes must be presented to HSBC Bank USA, National
Association, as paying agent for the redemption, on or prior to
January 13, 2006, at the address set forth in the Notice of
Redemption, dated December 7, 2005, sent that day to all
registered holders.

Interest on the Notes will cease to accrue on and after January
13, 2006 and the only remaining right of holders of the Notes
will be to receive payment of the redemption price upon
surrender to the paying agent, plus accrued and unpaid interest
up to, but not including, January 13, 2006.

Banco Hipotecario reported that on November 23, 2005, it
repurchased at par all of the medium-term guaranteed loans that
were outstanding as of that date from International Finance
Corporation (IFC) and other financial institutions that the Bank
issued to financial institutions that had participated in the
restructuring of the Bank's indebtedness consummated in January
2004. Pursuant to the terms of the indenture under which the
medium-term guaranteed notes were issued, the repurchase of the
medium-term guaranteed loans from IFC and the other financial
institutions required the Bank to effect a full redemption, at
par (plus accrued and unpaid interest), of the medium-term
guaranteed notes outstanding. At the time the redemption becomes
effective, all outstanding medium-term guaranteed notes will be
cancelled and the attached StARs will remain outstanding and
become separately traded securities.

Upon consummation of this redemption, Banco Hipotecario will
effectively have repurchased or redeemed all of the restructured
debt due 2010 that was issued in its 2004 restructuring. On the
date of the restructuring, the Bank's medium-term guaranteed
debt outstanding totaled US$268 million.

Following completion of the redemption, Banco Hipotecario will
become the first Argentine institution that restructured its
debt portfolio following the economic crisis that has proceeded
to repurchase or redeem a full tranche of the debt issued in the
restructuring. Giving effect to the redemption of its medium-
term guaranteed notes scheduled for January 2006, Banco
Hipotecario will have repurchased or redeemed an aggregate of
US$454 million of its restructured indebtedness in the past 20
months, including long-term indebtedness issued in connection
with the restructuring.

CONTACT:  Banco Hipotecario S.A.
          Marcelo Icikson
          Nicolas Vocos
          Capital Markets
          Phone: (54-11) 4347-5122
          Fax: (54-11) 4347-5874


CLAXSON INTERACTIVE: Fitch Maintains `B(arg)-' Rating on Bonds
--------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. is maintaining its
'B(arg)-' rating on US$44.4 million worth of undated
"Obligaciones negociables" bonds issued by Claxson Interactive
Group Inc.

The action, according to Argentina's securities regulator, the
CNV, was based on the Company's financial status as of Sep. 30,
2005.

Fitch said that a `B(arg)' rating indicates significant credit
risk although a limited margin of safety remains. Capacity for
payment at this juncture is dependent on a sustained, favorable
business climate.

Claxson (XSONF.OB) is a multimedia company providing branded
entertainment content targeted to Spanish and Portuguese
speakers around the world. Claxson has a portfolio of popular
entertainment brands that are distributed over multiple
platforms through its assets in pay television, radio and the
Internet.

Headquartered in Buenos Aires, Argentina, and Miami, Florida,
Claxson has a presence in the United States and all key Ibero-
American countries, including without limitation, Argentina,
Mexico, Chile, Brazil, Spain and Portugal. Claxson's principal
shareholders are the Cisneros Group of Companies and funds
affiliated with Hicks, Muse, Tate & Furst Inc.

CONTACT: Claxson Interactive Group Inc.
         Juan Iramain
         Phone: 011-5411-4339-3701
                      or
         Jose Antonio Ituarte
         Phone: 011-5411-4339-3700


CRESUD: Becomes Agropecuaria Cervera Shareholder
------------------------------------------------
Cresud S.A.C.I.F. y A reported in a letter sent to the Comision
Nacional de Valores on December 28, 2005 that along with its
controlled company, INVERSIONES GANADERAS S.A., it has become
shareholders of the company Agropecuaria Cervera S.A. (ACER),
through the execution of a swap agreement (contrato de mutuo).

ACER shares were assigned by the shareholders as follows: a) in
favor of CRESUD, 36,000 common, nominative, non-endorsable,
class A shares, of pesos one ($1) nominal value each and each
entitled to five (5) votes; and b) in favor of IGSA, 4,000
common, nominative, non-endorsable, class A shares, of pesos one
($1) nominal value each and each entitled to five votes.

ACER owns, among other assets and rights, a concession for the
implementation of an integral development project (biological,
economic and social) on various real properties located in the
department of Anta, Province of Salta, and it is duly authorized
to perform an outstanding agricultural-cattle and forestry
project.

In consideration for the swap, the following acts were made:

A) CRESUD assigned 3,800,000 Notes convertible in common shares
with an 8% yearly interest rate and maturing in 2007 and its
options of nominal value one dollar (US$1) each, issued by IRSA
INVERSIONES Y REPRESENTACIONES SOCIEDAD ANONIMA.

B) CRESUD-IGSA paid the amount of pesos one million sixty-nine
thousand four hundred and seventy with forty cents
[$1,069,470.40]- resulting from the contributions made in due
course to the company in ACER.

Without prejudice to the above, the Company considers it most
favorable for its corporate interests to keep Mr. Cervera in its
Board of Directors, taking into account his expertise in the
area.

Furthermore, the transaction has been approved by the National
Commission for the Defense of Competition.

CONTACT: Cresud S.A.C.I.F. y A.
         Gabriel Blasi -- CFO
         Phone: 011-54-11-4323-7449
         E-mail: finanzas@cresud.com.ar
         URL: http://www.cresud.com.ar


DANIEL BRUSCA: Awaits Court Decision on Reorganization Petition
---------------------------------------------------------------
Daniel Brusca S.A. filed a petition for reorganization to Buenos
Aires' civil and commercial Court No. 24 after the Company
failed to pay its creditors since May 20 this year.

The court, with the assistance of Clerk No. 47, is yet
considering whether to grant approval.

CONTACT:  Daniel Brusca S.A.
          Alfredo Bufano 1560
          Buenos Aires


EASA: Fitch Affirms 'D(arg)' Rating on $200M Notes
--------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. confirmed the
'D(arg)' rating assigned to US$200 million worth of Obligaciones
Negociables (ON) issued by Electricidad Argentina S.A. (EASA).

The rating action, the Comision Nacional de Valores (CNV)
revealed on its Web site, is based on EASA's financial status as
of Sep. 30, 2005.

Fitch assigns a D(arg) rating on financial commitments that are
currently in default.


EDENOR: $600M Bonds Maintain Default Rating
-------------------------------------------
The Argentine arm of credit ratings agency Fitch Ratings
maintains its `D' local scale rating on US$600 million of bonds
issued by power distributor Edenor, reports Business News
Americas.

Fitch attributes the rating to Edenor's inability to make its
credit payments, which are in US dollars, due to the devaluation
of the peso and the government having frozen rates.

The rating agency believes Edenor is operating in an uncertain
environment pending renegotiations with the Argentine
government.

Edenor, which serves over 2.2 million clients in the northern
part of capital city Buenos Aires, is in the process of
restructuring its US$524 million debt with its creditors.


FUREX S.A.: Set to Reorganize
-----------------------------
Buenos Aires' civil and commercial Court No. 24 is now analyzing
whether to approve a petition to reorganize filed by Furex S.A.
La Nacion recalls that the company filed a "Concurso Preventivo"
petition following cessation of debt payments on Nov. 30 this
year. Clerk No. 38 is assisting the court on the Company's case.

CONTACT:  Furex S.A.
          Lavalle 750
          Buenos Aires


KEIRIN S.A.: Files Petition to Reorganize
-----------------------------------------
Keirin S.A. filed a "Concurso Preventivo" motion, reports La
Nacion. The Company is seeking to reorganize its finances
following cessation of debt payments since November this year.
The Company's case is pending before Court No. 23 of Buenos
Aires' civil and commercial tribunal, who is
assisted by Clerk No. 45.

CONTACT:  Keirin S.A.
          Estrada 108
          Buenos Aires


NORBERTO G. FRESIA: Gets Court Approval to Reorganize
-----------------------------------------------------
Norberto G. Fresia S.A. will begin reorganization following the
approval of its petition by Buenos Aires' civil and commercial
tribunal. The opening of the reorganization will allow the
Company to negotiate a settlement with its creditors in order to
avoid a straight liquidation.

Mr. Santos Ernesto Luparelli will oversee the reorganization
proceedings as the court-appointed trustee. He will verify
creditors' claims until March 23, 2006. The validated claims
will be presented in court as individual reports on May 4, 2006.

Mr. Luparelli is also required by the court to submit a general
report essentially auditing the Company's accounting and
business records as well as summarizing important events
pertaining to the reorganization. The report will be presented
in court on June 29, 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 Dec. 11, 2006.

CONTACT:  Norberto G. Fresia S.A.
          Avda. Belgrano 355
          Buenos Aires

          Mr. Santos Ernesto Luparelli, Trustee
          Paraguay 2067
          Buenos Aires


SERRA HNOS.: Closes Reorganization
----------------------------------
The reorganization of Serra Hnos. S.R.L. has 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.


TGN: Fitch Assigns D(arg) Rating to Various Bonds
-------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. confirmed its D(arg)
rating to debt securities issued by Transportadora de Gas del
Norte S.A., according to the country's securities regulator, the
Comision Nacional de Valores (CNV).

The rating action, taken based on the Company's financial status
as of Sep. 30, 2005, affected the following debt issues:

- US$300 million worth of undated bonds described as "Programa
   de Obligaciones Negociables;"

- US$320 million worth of bonds described as "Programa Global
   de ONs simples o convertibles en acciones ordinarias,
   autorizado por AGOyE de 21.2.96 y ampliado en USD 70 Mio por
   AE del 17.5.96." These bonds matured on Feb. 1, 2001;

- US$20 million worth of bonds described as "Serie I emitida
   bajo el Progr. Global de Ons Simples por un monto de US$ 320
   mm." These bonds will mature on July 1, 2009;

- US$154 million worth of bonds described as "Serie II emitida
   bajo el Progr. Global de Ons Simples por un monto de US$ 320
   mm." These bonds will mature on Aug. 1, 2008;

- US$10.7 million worth of bonds described as "Serie III
   emitida bajo el Progr. Global de Ons Simples por un monto de
   US$ 320 mm." These bonds will mature on July 1, 2009

- US$50 million worth of bonds described as "Serie III, con
   vencimiento en octubre de 2004, emitida bajo el Programa
   Global de Obligaciones Negociables simples (USD 300 Mio)
   vencido en 03.99." These bonds matured on Oct. 1, 2004;

- US$9.3 million worth of bonds described as "Serie IV emitida
   bajo el Progr. Global de Ons Simples por un monto de US$ 320
   mm." These bonds will mature on July 1, 2009;

- US$46 million worth of bonds described as "Serie IV, con
   vencimiento en junio de 2002, emitida bajo el Programa Global
   de ONs simples (USD 300 Mio) vencido en 03.99." These bonds
   matured on June 3, 2002;

- US$24 million worth of bonds described as "Serie V, con
   vencimiento en junio de 2004, emitida bajo el Programa Global
   de ONs simples (USD 300 Mio) vencido en 03.99." These bonds
   matured on June 1, 2004;

- US$60.5 million worth of bonds described as "Serie VI emitida
   bajo el Progr. Global de Ons Simples por un monto de US$ 320
   mm." These bonds will mature on Sep. 1, 2008

- US$20 million worth of bonds described as "Serie VII, con
   vencimiento en marzo de 2003, emitida bajo el Programa Global
   de ONs simples (USD 300 Mio) vencido en 03.99." These bonds
   matured on March 3, 2003

Fitch said that a D(arg) rating is assigned to bonds that are in
payment default or whose obligor is seeking bankruptcy
protection.

CONTACT:  Transportadora De Gas Del Norte (TGN)
          Don Bosco 3672, (C120ABF)
          Buenos Aires, Argentina.
          Phone: (+54 11) 4959-2000
          Fax: (+54 11) 4959-2242
          Home Page: www.tgn.com.ar



=============
B O L I V I A
=============

BANCO DE CREDITO: Moody's Withdraws Ratings
-------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
Banco de Credito de Bolivia S.A. for business reasons. This
action does not reflect a change in Banco de Credito de
Bolivia's creditworthiness.For further details please refer to
Moody's Withdrawal Policy on moodys.com.

The bank has no rated foreign or local currency debt
outstanding.

The following ratings were withdrawn:

- Long Term Foreign Currency Deposits: Caa1
- Short Term Foreign Currency Deposits: Not Prime
- Long Term Local Currency Deposits: Caa1
- Short Term Local Currency Deposits: Not Prime
- Bank Financial Strength: E
- National Scale Rating: A1.bo

Banco de Credito de Bolivia S.A. is a subsidiary of Banco de
Credito del Peru and is based in La Paz, Bolivia. As of
09/30/05, Banco de Credito de Bolivia S.A. was the fourth
largest bank in terms of deposits, with Bo$ 3.3 billion and
13.5% of market share.



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

AOL LATIN AMERICA: Subsidiary Enters Coordination Agreement
-----------------------------------------------------------
America Online Latin America, Inc.'s ("AOLA") subsidiary in
Brazil, AOL Brasil Ltda. ("AOL Brazil"), entered on December 22,
2005 into a Marketing Operations Coordination Agreement (the
"Agreement") with Terra Networks Brasil S.A. ("Terra"). Pursuant
to the Agreement, AOL Brazil and Terra will engage in a joint
marketing effort to encourage AOL Brazil's subscriber base to
migrate to Terra's services.

As consideration, Terra will make four payments to AOL Brazil
which, in the aggregate, are estimated to amount to
approximately $1.9 million, but are estimated to be not less
than approximately $760,000. The amount of the consideration
will be based upon the number of AOL Brazil subscribers that
switch to Terra's services and pay one monthly bill and the
number of AOL Brazil subscribers on the effective date of the
Agreement.

On the effective date of the Agreement, AOL Brazil will inform
Terra of the number of active subscribers to the AOL Brazil
service. If AOL Brazil and Terra are unable to agree upon such
calculation within six business days, the Agreement will
terminate with no liability to either party. The closing of the
Agreement is subject to a number of conditions, including the
approval of 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


BANCO ABC: Fitch Assigns International Ratings
----------------------------------------------
Fitch Ratings has assigned Banco ABC Brasil S.A. ("ABCbr") Long-
and Short-term foreign currency ratings of 'BB- (BB minus)' and
'B' respectively. It has also assigned Long- and Short-term
local currency ratings of 'BB' and 'B', respectively. The
Outlooks on both Long-term ratings are Positive. An Individual
rating of 'C/D' is assigned.

At the same time, Fitch has upgraded ABCbr's Support rating to
'3' from '4'. ABCbr's National ratings are affirmed at Long-term
'A(bra)' with Stable Outlook and Short-term 'F1(bra)'.

The upgrade of the Support rating reflects a higher, albeit
moderate, probability of support from parent Arab Banking Corp.
("ABC", rated 'BBB'/Stable Outlook) in case of need. This change
in Support considers the improvement in the local operating
environment and ABC's historical support to its Brazilian
subsidiary. ABC also provides operational support to ABCbr
through incisive controls and close supervision. ABC's support
is the driver of ABCbr's Long-term International and National
ratings.

The Individual rating reflects the expertise and successful
track record of ABCbr's management. It also factors in its
stable performance through several Brazilian crises and
conservative risk management in line with ABC's global policy as
reflected in its above-average asset quality. These qualities
are tempered by the bank's size, certain restrictions imposed as
to the ABCbr's size, given its nature as a non-core business for
its parent and the wholesale nature of its business, which
translate into significant concentrations on both sides of the
balance sheet and modest profitability. Fitch notes that the
bank could improve its minimum liquidity - a weakness that is
factored into ABCbr's ratings.

The Positive Outlook for ABCbr's International Long-term ratings
reflects the positive Outlook of Brazil's sovereign ratings
(Foreign Currency ratings of 'BB-/B' Positive Outlook).

ABC is controlled (99.99%) by Marsau Uruguay Holdings S.A.
(equity of USD170.3m in H12005), which, in turn, is controlled
(83.9%) by Arab Banking. The remaining shares of the two
entities belong to executives and partners of ABC.

CONTACTS: Claudio Gallina, Sao Paulo, +55-11-4504-2600
          Kathryn Beeck, Sao Paulo, +55-11-4504-2600
          Peter Shaw, New York, +1-212-908-0553

MEDIA RELATIONS: Jaqueline Carvalho, Rio de Janeiro RJ
                 Tel: +55 21 4503 2623


BRASKEM: Announces Payment of Interests on Own Capital
------------------------------------------------------
Braskem (NYSE: BAK) (Bovespa: BRKM5) (LATIBEX: XBRK),
supplementary to the relevant fact announcement published on
December 14, 2005, informed its shareholders and the market that
on the present date its Board of Directors established the
amount of Interests on Own Capital to be distributed, pursuant
to the provisions of Law 9,249/95 and paragraph 6 of Article 44
of the company's bylaws, with reference to the fiscal year
ending December 31, 2005.

National Roll of Juridical Persons (CNPJ) no. 42.150.391/0001 -
70 Business Registration Number (NIRE) no. 29.300.006.939

PAYMENT OF INTEREST ON OWN CAPITAL

As the Shareholders have already been informed, the Board of
Directors met on December 13, 2005 and authorized payment to
Braskem shareholders of up to BRL385,000,000.00 in interest
attributable to shareholders' equity; it delegated the decision
on the exact amount to be credited to the shareholders to the
executive board, within the limit set by the board of directors
in relation to the amount to be determined at the end of the
financial year 2005, pursuant to the legal and statutory limits
and rules of the Company and imputing said amount to the
priority obligatory dividends for the financial year 2005, under
the terms of Law no. 9.249/95 and paragraph 6 of Article 44 of
the company's by-laws.

Therefore at the meeting held on this date, the Board of
Directors decided:

1. to pay the shareholders interest attributable to
shareholders' equity in the total gross amount of
BRL270,000,000.00, of which:
  
a) BRL179,367,987.39 for holders of "A" class preferred shares
and holders of American Depositary Receipts (ADRs), which
corresponds to the gross amount of BRL0.746145 per share and
BRL1.492290 per ADR (each ADR traded on the New York Stock
Exchange - NYSE: BAK - corresponds to 2 class "A" preferred
shares);
    
b) BRL452,881.35 for holders of "B" class preferred shares,
which corresponds to the gross amount of BRL0.563940 per share,
which is equivalent to 6% of the unit value of a share, pursuant
to the article 9 of the Braskem By-Laws; and
    
c) BRL90,179,131.26 for holders of common stock, which
corresponds to the gross amount of BRL0.746145 per share.

2. that the corresponding credit in the accounting records of
Braskem will be made on December 29, 2005, individually for each
shareholder on the basis of the stock position on the same date;

3. that payment will be made within 60 days of the Ordinary
General Meeting due to be held in 2006, on the basis of the
stock position on December 29, 2005, which will be taken as
"Brazilian Record Date" to fulfill obligations under the ADR
program maintained by Braskem in the United States of America
("Brazilian Record Date" - NYSE), being the shares traded on the
stock exchanges "ex" of this interest on own capital as of
January 2, 2006 (Brazilian Ex-Date - NYSE).

As legally required, payment of interests will be made net of
income tax which will be withheld at source at the rate of 15%
under Law no. 9.249/95, except for corporate or legal entity
shareholders that show that they are exempt or immune under the
provisions of Law no. 9.532/97, or for publicly quoted or
closely held supplementary pension entities, insurance companies
or scheduled individual retirement fund managers that have
adhered to the Special Taxation Regime pursuant to Provisional
Measure no. 2.222/01 and Law no. 10.431/02.

Any shareholders resident or domiciled in a country that does
not tax this income or taxes it at a rate of less than twenty
percent (20%), as mentioned in Art. 24 of Law 9.430/96, are
subject to income tax withheld at source at the rate of twenty-
five percent (25%).

CONTACT:  Braskem
          Investor Relations Area
          Jose Marcos Treiger
          Phone: 011-55-11-3443-9529
          E-mail: jm.treiger@braskem.com.br

          Luiz Henrique Valverde
          Phone: 011-55-11-3443-9744
          E-mail: luiz.valverde@braskem.com.br

          Luciana Paulo Ferreira
          Phone: 011-55-11-3443-9178
          E-mail: luciana.ferreira@braskem.com.br

          URL: http://www.braskem.com.br


NET SERVICOS: Banco Opportunity Sells Preferred Shares
------------------------------------------------------
Net Servicos de Comunicacao S.A. (Company or NET) announced
Banco Opportunity S.A. has sold 6,376,100 preferred shares
issued by Net Servicos de Comunicacao S.A.

Banco Opportunity S.A. is the manager of the funds Opportunity
Logica II FIA, Opportunity Logica II Institucional FIA, OPP I
FIA, Opportunity I FIA, Opportunity Mercado a Vista FIA,
Opportunity Renda Variavel FIA, Opportunity Midi FI
Multimercado, Opportunity Special FIA and Luxor FI Multimercado
(Funds), announces that, on December 22, 2005, it has sold
6,376,100 preferred shares issued by Net Servicos de Comunicacao
S.A.

The Funds now manage altogether a total of 4.73% of the total
outstanding PN shares issued by the Company. The signatory
informs that the mentioned above sale, is part of the Funds
investment strategy, not having the intent to change the
Company's current ownership structure.

CONTACT: Net Servicos de Comunicacao S.A.
         Marcio Minoru
         Phone: 5511-2111-2811
         E-mail: minoru@netservicos.com.br
                       or
         Sandro Pina
         Phone: 5511-2111-2721
         E-mail: sandro.pina@netservicos.com.br
         URL: http://www.netservicos.com.br


PARMALAT GROUP: Preliminary Injunction Extended to February 7
-------------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York enjoins and restrains all
persons subject to the jurisdiction of the U.S. court from
commencing or continuing any action to collect a prepetition
debt against Parmalat SpA and its affiliates and subsidiaries,
on an interim basis, without obtaining permission from the
Bankruptcy Court.

The Preliminary Injunction, however, does not apply to:

   -- the furtherance or prosecution of claims of creditors
      against these subsidiaries or affiliates of the Foreign
      Debtors:

         (i) Subsidiaries or affiliates of the Foreign Debtors
             covered by currently pending liquidation,
             insolvency, administration or reorganization cases
             or proceedings, including those based in Brazil,
             the Cayman Islands, Chile, Germany, Hungary,
             Ireland and the United States;

        (ii) Subsidiaries or affiliates conducting business
             operations in Spain, Canada, Nicaragua, Venezuela,
             South Africa, Australia, Mexico, Costa Rica,
             Mauritius, Uruguay (only Parmalat Uruguay S.A.),
             Argentina, the Dominican Republic and the United
             States, including, but not limited to, BF Holdings,
             USA, Inc., Mother's Cake & Cookie Co., and Archway
             Cookies, LLC;

       (iii) Wishaw Trading S.A.; and

        (iv) former officers and directors as of December 23,
             2003, of the Foreign Debtors,

      but only to the extent that the prosecution or furtherance
      of claims does not impact upon, obtain possession of or
      seek control over assets, claims or property of the
      Foreign Debtors; and

   -- discovery against the Foreign Debtors by defendants in
      these pending actions:

         (i) Bondi v. Grant Thornton International, et al.,
             No. 04-Civ.-9711 (LAK) (S.D.N.Y.); and

        (ii) Bondi v. Bank of America Corporation, et al.,
             No. 1:04cv215 (W.D.N.C.); and

   -- any other matter to which the injunction does not apply as
      determined by the U.S. District Court for the Southern
      District of New York.

Judge Drain will convene another hearing on February 7, 2006, at
10:00 a.m. to consider whether to continue the terms of the
Preliminary Injunction.  The Preliminary Injunction Order will
remain in effect through February 8, 2006.

Headquartered in Wallington, New Jersey, Parmalat USA
Corporation -- http://www.parmalatusa.com/-- generates more  
than 7 billion euros in annual revenue.  The Parmalat Group's
40-some brand product line includes milk, yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices and employs over 36,000
workers in 139 plants located in 31 countries on six continents.  
The Company filed for chapter 11 protection on February 24, 2004
(Bankr. S.D.N.Y. Case No. 04-11139).  Gary Holtzer, Esq., and
Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP,
represent the Debtors.  When the U.S. Debtors filed for
bankruptcy protection, they reported more than $200 million in
assets and debts.  The U.S. Debtors emerged from bankruptcy on
April 13, 2005.  (Parmalat Bankruptcy News, Issue No. 67;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


UNIBANCO: Approves Payment of Quarterly Interests
-------------------------------------------------
The Board of Directors of UNIBANCO - UNIAO DE BANCOS BRASILEIROS
S.A. ("Unibanco") and of UNIBANCO HOLDINGS S.A. ("Unibanco
Holdings") approved, on Thursday the payment of Quarterly
Interests, related to the fourth quarter of 2005.

PAYMENT OF INTEREST ON CAPITAL STOCK

A) The Board of Directors of UNIBANCO - UNIAO DE BANCOS
BRASILEIROS S.A. ("Unibanco") and of UNIBANCO HOLDINGS S.A.
("Unibanco Holdings") approved, on the present date, as proposed
by their respective Boards of Officers on December 19, 2005:

I. The payment of Quarterly Interests, related to the fourth
quarter of 2005, in the gross total amount of BRL56.8 million
and BRL27.4 million, and net total amount of BRL48.2 million and
BRL23.3 million, respectively to Unibanco and Unibanco Holdings,
to be made on January 31, 2006.

This payment shall be considered as part of the mandatory
dividend corresponding to the fiscal year of 2005, in accordance
with the provisions of paragraph 7 of the article 9 of the
Federal Law 9,249/95, paragraph 8 of article 44 of the by-laws
of Unibanco and of the sole paragraph of article 35 of the by-
laws of Unibanco Holdings.

II. The payment of interest on capital stock, qualified as
complementary to the interest on capital declared and paid
related to the profit ascertained in the second semester of
2005, in the gross total amount of BRL280.0 million and BRL130.3
million, and net total amount of BRL238.0 million and BRL110.7
million, respectively to Unibanco and Unibanco Holdings, to be
made on January 31, 2006.

This payment shall be considered as part of the mandatory
dividend corresponding to the fiscal year of 2005, in accordance
with the provisions of paragraph 7th of the article 9 of the
Federal Law 9,249/95, paragraph 8th of article 44 of the by-laws
of Unibanco and of the sole paragraph of article 35 of the by-
laws of Unibanco Holdings.

B) Considering the proposals described in items (I) and (II)
above, the total amount approved to be paid on interests on
capital stock on January 31st, 2006 is the gross amounts of
BRL336.8 million and BRL157.7 million, and the net amounts of
BRL286.2 million and BRL134.1 million, respectively to Unibanco
and Unibanco Holdings. Such values correspond to: (I) quarterly
interests related to the fourth quarter of 2005 of Unibanco and
Unibanco Holdings; (II) complementary interest on capital
related to the second semester of 2005 of Unibanco and Unibanco
Holdings.

C) The payment of the due amounts, pursuant to the table above,
shall be made according to the procedures and places set forth
below:

1. GDSs' holders:

The payment shall be made directly to the foreign depositary
bank - Bank of New York - which will forward it to the entitled
shareholders.

2. Other shareholders:

2.1. Shareholders who are Unibanco's registered account holders:
The payment shall be made by means of credit in the respective
bank accounts.

2.2. Shareholders who hold bank accounts in other banks, who
have already provided to Unibanco, the bank, branch and bank
account numbers:
The payment shall be made by means of electronic transfer
(DOC/TED), according to the respective amounts.

2.3. Shareholders whose shares are deposited in the Sao Paulo
Stock Exhange's custody:

The payment will be made directly to the Sao Paulo Stock
Exchange, which shall forward such amounts to the entitled
shareholders, by means of the depositary brokers.

2.4. Shareholders for whom the abovementioned situations are not
applicable:

The payment shall be made at any Unibanco's branch at their
convenience upon presentation of Identity Card (RG) and Tax
Enrollment Card (CPF).

2.5. Shareholders who hold bearer share certificates which still
have not been converted to the book-entry system:

The payment will be made upon delivery of the respective
certificates for mandatory conversion.

2.5.1. Assistance to the conversion will be provided by our
Shareholders Assistance department in the address set forth
below, where relevant shareholders shall attend and present the
respective certificates, as well as the Identity Card (RG) and
Tax Enrollment Card (CPF).

Sao Paulo - SP: Av. Eusebio Matoso, 1,375 - 6th floor - ButantA

2.5.2. For all other locations, such assistance shall be made at
Unibanco's branches.

D) As per the approved proposals:

In Brazil, the date of December 29, 2005, will be considered as
"Record Date" for the purpose of determining the right to
receive the payment of interest on capital stock to be paid on
January 31, 2006. Unibanco's and Unibanco Holdings' shares and
Units will be traded ex-interest on capital stock from December
30, 2005 on.

In the United States of America, January 04, 2006 will be
considered as "Record Date" for the purpose of attending the
obligations assumed by the GDS program maintained by the
Companies. The GDSs will trade ex-interest on capital stock from
December 30, 2005 on.

To see net values: http://bankrupt.com/misc/UNIBANCO.htm

CONTACT: UNIBANCO - UNIAO DE BANCOS BRASILEIROS S.A.
         Investor Relations Area
         Unibanco - Uniao de Bancos Brasileiros S.A.
         Av. Eusebio Matoso, 891 - 15th floor
         Sao Paulo, SP 05423-901- Brazil
         Phone: (55 11) 3097-1980
         Fax: (55 11) 3813-6182
         E-mail: investor.relations@unibanco.com
         URL: www.ir.unibanco.com



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

AKAVY LIMITED: Shareholders Resolve to Wind Up Company
------------------------------------------------------
                      AKAVY LIMITED
               (In Voluntary Liquidation)
            The Companies Law (2004 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 the 1st December 2005:

THAT the Company be voluntarily wound up under the Companies Law
(2004) Revision); and

THAT Buchanan Limited be appointed as liquidator, and that the
liquidator be authorized if it think fit, to distribute specific
assets to members.

Creditors of the above named company, which is being wound up
voluntarily, are required on or before 12th January 2006, to
send in their names and addresses and the particulars of their
debts or claims and the names and addresses of their attorneys-
at-law (if any) to the undersigned, the liquidator of the said
company and if so required by notice in writing from the said
liquidator either by their attorneys-at-law or personally to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT:  BUCHANAN LIMITED
          Voluntary Liquidator
          P.O. Box 1170 GT, Grand Cayman
          George Town, Grand Cayman
          Contact for enquires: Timothy Haddleton
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360
          

AMARRES LIMITED: Appoints Buchanan Limited as Liquidator
--------------------------------------------------------
                       AMARRES LIMITED
                (In Voluntary Liquidation)
             The Companies Law (2004 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 the 1st December 2005:

THAT the Company be voluntarily wound up under the Companies Law
(2004) Revision); and

THAT Buchanan Limited be appointed as liquidator, and that the
liquidator be authorized if it think fit, to distribute specific
assets to members.

Creditors of the above named company, which is being wound up
voluntarily, are required on or before 12th January 2006, to
send in their names and addresses and the particulars of their
debts or claims and the names and addresses of their attorneys-
at-law (if any) to the undersigned, the liquidator of the said
company and if so required by notice in writing from the said
liquidator either by their attorneys-at-law or personally to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT:  BUCHANAN LIMITED
          Voluntary Liquidator
          P.O. Box 1170 GT, Grand Cayman
          George Town, Grand Cayman
          Contact for enquires: Timothy Haddleton
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


AMAZON LTD: Commences Voluntary Wind Up
---------------------------------------
                         AMAZON LTD
                 (In Voluntary Liquidation)
             The Companies Law (2004 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 the 1st December 2005:

THAT the Company be voluntarily wound up under the Companies Law
(2004) Revision); and

THAT Buchanan Limited be appointed as liquidator, and that the
liquidator be authorized if it think fit, to distribute specific
assets to members.

Creditors of the above named company, which is being wound up
voluntarily, are required on or before 12th January 2006, to
send in their names and addresses and the particulars of their
debts or claims and the names and addresses of their attorneys-
at-law (if any) to the undersigned, the liquidator of the said
company and if so required by notice in writing from the said
liquidator either by their attorneys-at-law or personally to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT:  BUCHANAN LIMITED
          Voluntary Liquidator
          P.O. Box 1170 GT, Grand Cayman
          George Town, Grand Cayman
          Contact for enquires: Timothy Haddleton
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


ANNA INVESTMENT: To be Placed into Voluntary Liquidation
--------------------------------------------------------
                 ANNA INVESTMENT LIMITED
               (In Voluntary Liquidation)
                     (The "Company")
            The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the sole shareholder of this Company on 5th December 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 27th January 2006, 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
          P.O. Box 1787 GT, Grand Cayman
          Cayman Islands
          Contact for enquiries: Joshua Taylor, Deloitte
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


APPALOOSA ARBITRAGE: Deadline for Proofs of Claim is Jan. 30
------------------------------------------------------------
                 APPALOOSA ARBITRAGE FUND, LTD.
                  (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

TAKE NOTICE THAT the following special resolution was passed by
the shareholders of the above-mentioned company on 30th November
2005:

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 the above named company
are hereby required on or before 30th January 2005, 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
          P.O. Box 847GT, Grand Cayman
          Contact for enquiries: Deana Walters
          Telephone: (345) 949-0880
          Facsimile: (345) 949-0881


AWM FINE: Names Joint Voluntary Liquidators
-------------------------------------------
             AWM FINE WINE FUND LIMITED
                 ("The Company")
            (In Voluntary Liquidation)
         The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of the above-named company pursuant to Section
132(b) of the Cayman Islands' Companies Law (2004 Revision):

That the company be wound up voluntarily and Terje Sommer and
Jens A Wilhelmson, be appointed as joint voluntary liquidators
of the Company.

Creditors of this Company are to prove their debts or claims on
or before 6th January 2006, and 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:  TERJE SOMMER and JENS A WILHELMSON
          Voluntary Liquidators
          Walkers, P O Box 265GT
          George Town, Grand Cayman, Cayman Islands
          Contact for enquiries: Nick Robinson
          Telephone: 345 914-4216
          Facsimile: 345 814-4216


BLACKSTONE DISTRESSED: Commences Voluntary Wind Up
--------------------------------------------------
    BLACKSTONE DISTRESSED OPPORTUNITIES OFFSHORE FUND LTD.
                     (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 8th
December 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: 12th December 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
          Contact for enquiries: John Cullinane
          Telephone: (345) 914-6305


CCMSI REINSURANCE: Global Captive Management to Oversee Wind Up
---------------------------------------------------------------
                 CCMSI REINSURANCE, LTD.
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

TAKE NOTICE THAT the following resolution was passed as a
special resolution by the shareholders of the above-mentioned
company by written resolution dated 13th December 2005.

That the Company be voluntarily wound up and that Global Captive
Management Ltd. of Genesis Building, P.O. Box 1363GT, Grand
Cayman, Cayman Islands, be appointed liquidator of the Company
for the purposes of such winding-up.

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

Date of Publication: 28th day of December 2005

CONTACT:  PETER MACKAY
          For and on behalf of Global Captive Management Ltd.
          Voluntary Liquidator
          Genesis Building, P.O. Box 1363GT
          Grand Cayman, Cayman Islands
          Telephone: (345) 949-7966


CLAIBORNE CAPITAL: Sets Jan. 14 as Deadline for Proofs of Claim
---------------------------------------------------------------
         CLAIBORNE CAPITAL PARTNERS (CAYMAN), LTD
                    (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 9th
December 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: 14th December 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
          Contact for enquiries: John Cullinane
          Telephone: (345) 914-6305


CMEC GE: Deadline for Proofs of Claim Set for Jan. 19
-----------------------------------------------------
        CMEC GE CAPITAL CHINA INDUSTRIAL HOLDINGS LIMITED
                   (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

Creditors of the company are to prove their debts or claims on
or before 19th January 2006, 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:  JOHN ROBERT LEES
          Voluntary Liquidator
          1904 Hong Kong Club Building
          3A Chater Road, Centra, Hong Kong
          Contact for Enquiries: John Lees & Associates Limited
          Telephone: + 852 2842 5030
          Facsimile: + 852 2526 0771


CONCHA LIMITED: To Authorize Liquidator to Distribute Assets
------------------------------------------------------------
                        CONCHA LIMITED
                  In Voluntary Liquidation
              The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of the above-named company at an extraordinary general meeting
held on 16th December 2005:

THAT the company be voluntarily wound up under the Companies Law
(2004 Revision) and that Griffin Management Limited be appointed
as liquidator, and that the liquidator be authorized, if it
think fit, to distribute specific assets to members.

Creditors of the above-named company, which is being wound up
voluntarily, are required on or before 30th January 2006, to
send in their names and addresses and particulars of their debts
or claims and the names and addresses of their attorneys-at-law
(if any) to the undersigned, the liquidators of the said
company, and if so required by notice in writing from the said
liquidators, either by their attorneys-at-law or personally, to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

Date of Publication: 16th day of December 2005

CONTACT:  GRIFFIN MANAGEMENT LIMITED
          Voluntary Liquidator
          Caledonian Bank & Trust Limited
          Caledonian House, 69 Dr. Roy's Drive
          P.O. Box 1043 GT, Grand Cayman
          Cayman Islands
          Contact for enquires: Janeen Aljadir
          Telephone: (345) 949-4943
          Facsimile: (345) 814-4859


DATABASE LIMITED: Debt Particulars Due for Submission Jan. 12
-------------------------------------------------------------
                      DATABASE LIMITED
                 (In Voluntary Liquidation)
             The Companies Law (2004 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 the 1st December 2005:

THAT the Company be voluntarily wound up under the Companies Law
(2004) Revision); and THAT Buchanan Limited be appointed as
liquidator, and that the liquidator be authorized if it think
fit, to distribute specific assets to members.

Creditors of the above named company, which is being wound up
voluntarily, are required on or before 12th January 2006, to
send in their names and addresses and the particulars of their
debts or claims and the names and addresses of their attorneys-
at-law (if any) to the undersigned, the liquidator of the said
company and if so required by notice in writing from the said
liquidator either by their attorneys-at-law or personally to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT:  BUCHANAN LIMITED
          Voluntary Liquidator
          P.O. Box 1170 GT, Grand Cayman
          George Town, Grand Cayman
          Contact for enquires: Timothy Haddleton
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


GLOBAL CITY: Taps Buchanan Limited as Liquidator
------------------------------------------------
             GLOBAL CITY INVESTMENTS LIMITED
               (In Voluntary Liquidation)
          The Companies Law (2004 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 the 1st December 2005:

THAT the Company be voluntarily wound up under the Companies Law
(2004) Revision); and THAT Buchanan Limited be appointed as
liquidator, and that the liquidator be authorized if it think
fit, to distribute specific assets to members.

Creditors of the above named company, which is being wound up
voluntarily, are required on or before 12th January 2006, to
send in their names and addresses and the particulars of their
debts or claims and the names and addresses of their attorneys-
at-law (if any) to the undersigned, the liquidator of the said
company and if so required by notice in writing from the said
liquidator either by their attorneys-at-law or personally to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT:  BUCHANAN LIMITED
          Voluntary Liquidator
          P.O. Box 1170 GT, Grand Cayman
          George Town, Grand Cayman
          Contact for enquires: Timothy Haddleton
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


HAPUNA LIMITED: Debt Particulars Due for Submission Jan. 12
-----------------------------------------------------------
                        HAPUNA LIMITED
                 (In Voluntary Liquidation)
              The Companies Law (2004 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 the 1st December 2005:

THAT the Company be voluntarily wound up under the Companies Law
(2004) Revision); and THAT Buchanan Limited be appointed as
liquidator, and that the liquidator be authorized if it think
fit, to distribute specific assets to members.

Creditors of the above named company, which is being wound up
voluntarily, are required on or before 12th January 2006, to
send in their names and addresses and the particulars of their
debts or claims and the names and addresses of their attorneys-
at-law (if any) to the undersigned, the liquidator of the said
company and if so required by notice in writing from the said
liquidator either by their attorneys-at-law or personally to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT:  BUCHANAN LIMITED
          Voluntary Liquidator
          P.O. Box 1170 GT, Grand Cayman
          George Town, Grand Cayman
          Contact for enquires: Timothy Haddleton
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


HARMONIOUS LIMITED: To Authorize Liquidator to Distribute Assets
----------------------------------------------------------------
                  HARMONIOUS LIMITED
             (In Voluntary Liquidation)
           The Companies Law (2004 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 the 1st December 2005:

THAT the Company be voluntarily wound up under the Companies Law
(2004) Revision); and THAT Buchanan Limited be appointed as
liquidator, and that the liquidator be authorized if it think
fit, to distribute specific assets to members.

Creditors of the above named company, which is being wound up
voluntarily, are required on or before 12th January 2006, to
send in their names and addresses and the particulars of their
debts or claims and the names and addresses of their attorneys-
at-law (if any) to the undersigned, the liquidator of the said
company and if so required by notice in writing from the said
liquidator either by their attorneys-at-law or personally to
come in and prove the said debts or claims at such time and
place as shall be specified in such notice or, in default
thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT:  BUCHANAN LIMITED
          Voluntary Liquidator
          P.O. Box 1170 GT, Grand Cayman
          George Town, Grand Cayman
          Contact for enquires: Timothy Haddleton
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


INWOOD CAPITAL: Appoints Liquidators
------------------------------------
                Inwood Capital 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 December
5, 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: December 9, 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


KH INVESTMENT: Enters Voluntary Liquidation
-------------------------------------------
                         KH Investment
                   (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 December
12, 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: December 12, 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


KW PROPERTY: To Wind Up Voluntarily
-----------------------------------
                   KW Property Cayman II, Inc
                   (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
17, 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: December 2, 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


MPF THREE: To be Wound Up Voluntarily
-------------------------------------
                      MPF Three Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following written resolutions of the sole shareholder of the
Company were passed on November 15, 2005.

WHEREBY it was resolved as a special resolution:

THAT the Company be wound up voluntarily.

WHEREBY it was resolved as an ordinary resolution:

THAT Mr. G. James Cleaver and Mr. Gordon I. MacRae of Kroll
(Cayman) Limited, P.O. Box 1102 GT, 4th Floor, Bermuda House,
British American Centre, Dr. Roy's Drive, Grand Cayman, Cayman
Islands, be appointed as joint voluntary liquidators for the
purposes of such winding-up, and are to act jointly and
severally as liquidator of the Company.

Creditors of the Company are to prove their debts or claims on
or before January 30, 2006, 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


N&S LIMITED: Resolves to Liquidate
----------------------------------
                         N&S Limited
                 (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
28, 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: December 14, 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


NIPOMO LIMITED: Selects Buchanan Limited as Liquidator
------------------------------------------------------
                           Nipomo Limited
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

The following special resolution was passed, by the shareholders
of Nipomo Limited at an extraordinary general meeting of the
shareholders held on December 1, 2005:

THAT the Company be voluntarily wound up under the Companies Law
(2004) Revision); and

THAT Buchanan Limited be appointed as liquidator, and that the
liquidator be authorized if it thinks fit, to distribute
specific assets to members.

Creditors of Nipomo Limited, which is being wound up
voluntarily, are required on or before January 12, 2006, to send
in their names and addresses and the particulars of their debts
or claims and the names and addresses of their attorneys-at-law
(if any) to the undersigned, the liquidator of the said company
and if so required by notice in writing from the said liquidator
either by their attorneys-at-law or personally to come in and
prove the said debts or claims at such time and place as shall
be specified in such notice or, in default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.

CONTACT:  Buchanan Limited, Voluntary Liquidator
          Timothy Haddleton
          P.O. Box 1170 GT, Grand Cayman
          George Town, Grand Cayman
          P.O. Box 1170 GT, Grand Cayman
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


PARALLAX LIQUID: CFS Liquidators to Supervise Wind Up
-----------------------------------------------------
                   Parallax Liquid Asia Fund, Ltd
                     (In Voluntary Liquidation)
                   The Companies Law (As Revised)

TAKE NOTICE that the following special resolutions were passed
by the shareholders of Parallax Liquid Asia Fund, Ltd at an
extraordinary meeting held on December 5, 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 January 26, 2006 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


PREMIER OIL: Creditors to Submit Claims for Verification
--------------------------------------------------------
                   Premier Oil Natuna Sea 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: December 9, 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


SAMSUNG CAPITAL: Starts Liquidation
-----------------------------------
                  Samsung Capital Auto 2002-1
                  (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 December
8, 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: December 8, 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


SAPPHIRE BLUE: Wind Up Process Begins
-------------------------------------
                         Sapphire Blue
                  (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 December
12, 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: December 12, 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


SWIFT ARMOUR: Starts Voluntary Liquidation
------------------------------------------
                     Swift Armour Holdings Co.
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

TAKE NOTICE THAT the following written resolution was passed by
the sole shareholder of Swift Armour Holdings Co. on December 5,
2005:

IT IS RESOLVED AS A SPECIAL RESOLUTION that the Company be
placed into voluntary liquidation and that Mrs. Irma Graciela
Defensa, whose address is c/o Walkers, PO Box 265GT, Walker
House, Mary Street, George Town, Grand Cayman, Cayman Islands,
be and is hereby appointed voluntary liquidator (the Liquidator)
of the Company and that she shall have full power to act alone
in the winding up.

NOTICE IS HEREBY GIVEN that any creditors of Swift Armour
Holdings Co. which is being wound up voluntarily may within 21
days of this notice send in their names and addresses and the
particulars of their debts and claims to the undersigned so that
such debts, when proved, may be included in any distribution.

Date of Publication: December 5, 2005

CONTACT:  Mrs. Irma Graciela Defensa, Voluntary Liquidator
          c/o PO Box 265GT
          Walker House, Mary Street
          George Town, Grand Cayman, Cayman Islands


TRILOGY CONVERGENCE: Liquidators to Verify Creditors' Claims
------------------------------------------------------------
              Trilogy Convergence Master Fund Ltd.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

TAKE NOTICE THAT the following special resolution was passed by
the shareholders of Trilogy Convergence Master Fund Ltd. on
November 24, 2005:

THAT the Company be voluntarily wound up under the Companies Law
(2004 Revision) and that Olympia Capital (Cayman) Limited of
Williams House, 20 Reid Street, Hamilton HM 11, Bermuda, be
appointed as liquidator, and that the liquidator be and is
hereby authorized to do any such act or thing considered by such
liquidator to be necessary or desirable in connection with the
liquidation of the Company and the winding up of its affairs.

Creditors of Trilogy Convergence Master Fund Ltd., which is
being wound up voluntarily, are required on or before January
28, 2006, to send in their names and addresses and particulars
of their debts or claims and the names and addresses of their
attorneys-at-law (if any) to the undersigned, the Liquidator of
the Company, and if so required by notice in writing from the
said liquidator, either by their attorneys-at-law or personally,
to come in and prove the said debts or claims no later than the
date set for the final meeting of shareholders to be held at the
aforementioned address of the liquidator at 11:00 am on January
30, 2006, convened for the purpose of approving the final
distributions and accounts of the Company, in default thereof,
they will be excluded from the benefit of any distribution made
before such debts are proved.

CONTACT:  Olympia Capital (Cayman) Limited, Voluntary Liquidator
          Carolynn D. Hiron or Sasha Castle
          Olympia Capital (Cayman) Limited
          Williams House, 20 Reid Street
          Telephone: (441) 298-5034
          Facsimile: (441) 292-3358


TRILOGY CONVERGENCE (EUROPE): Taps Olympia Capital as Liquidator
----------------------------------------------------------------
                 Trilogy Convergence Europe SPC
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

TAKE NOTICE THAT the following special resolution was passed by
the sole shareholder of Trilogy Convergence Europe SPC on
November 24, 2005:

THAT the Company be voluntarily wound up under the Companies Law
(2004 Revision) and that Olympia Capital (Cayman) Limited of
Williams House, 20 Reid Street, Hamilton HM 11, Bermuda, be
appointed as liquidator, and that the liquidator be and is
hereby authorized to do any such act or thing considered by such
liquidator to be necessary or desirable in connection with the
liquidation of the Company and the winding up of its affairs.

Creditors of Trilogy Convergence Europe SPC, which is being
wound up voluntarily, are required on or before January 28,
2006, to send in their names and addresses and particulars of
their debts or claims and the names and addresses of their
attorneys-at-law (if any) to the undersigned, the Liquidator of
the Company, and if so required by notice in writing from the
said Liquidator, either by their attorneys-at-law or personally,
to come in and prove the said debts or claims no later than the
date set for the final meeting of shareholders to be held at the
aforementioned address of the liquidator at 11:00 am on January
30, 2006, convened for the purpose of approving the final
distributions and accounts of the Company, in default thereof,
they will be excluded from the benefit of any distribution made
before such debts are proved.
Dated this 16th day of December 2005.

CONTACT:  Olympia Capital (Cayman) Limited, Voluntary Liquidator
          Carolynn D. Hiron or Sasha Castle
          Olympia Capital (Cayman) Limited
          Williams House, 20 Reid Street
          Hamilton HM 11, Bermuda
          Telephone: (441) 298-5034
          Facsimile: (441) 292-3358


WILLOW IAM: To be Placed into Voluntary Liquidation
---------------------------------------------------
                      Willow Iam Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of Willow Iam Limited at an extraordinary general meeting held
on December 5, 2005:

RESOLVED that the Company be placed into voluntary liquidation
and that Westport Services Ltd. of P.O. Box 1111, Grand Cayman,
Cayman Islands, be appointed liquidator for the purpose of such
winding-up.

Creditors of the Company are to prove their debts or claims on
or before January 18, 2006, 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 such debts are
proved or from objecting to the distribution.

Date of Liquidation: December 5, 2005

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


YACHTCREW (CAYMAN): Chooses CDL Company as Liquidator
-----------------------------------------------------
                    Yachtcrew (Cayman) Ltd.
                   (In Voluntary Liquidation)
                THE COMPANIES LAW (2004 Revision)

TAKE NOTICE THAT the following special resolution was passed by
the shareholder of Yachtcrew (Cayman) Ltd. at a general meeting
held on December 12, 2005.

That the Company be voluntarily wound up and CDL Company Ltd. be
appointed as liquidator for the purposes of such winding-up.

Creditors of Yachtcrew (Cayman) Ltd., which is being wound up
voluntarily, are required on or before January 30, 2006, to send
in their names and addresses and particulars of their debts or
claims and the names and addresses of their attorneys-at-law (if
any) to the undersigned, the liquidator of the said company, and
if so required by notice in writing from the said liquidator,
either by their attorneys-at-law or personally, to come in and
prove the said debts or claims at such time and place as shall
be specified in such notice or, in default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.

CONTACT:  CDL Company Ltd., Voluntary Liquidator
          P.O. Box 31106SMB, Grand Cayman



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

GRANAHORRAR: BBVA Likely to Complete Acquisition in March
---------------------------------------------------------
BBVA Colombia, a unit of Spanish banking giant BBVA (NYSE: BBV),
expects to wrap up its acquisition of 98.8% stake in state-owned
mortgage lender Granahorrar in March, says Business News
Americas.

BBVA Colombia won the public auction for the stake in October
with a COP970-billion (US$424mn) bid, more than double the
minimum price of COP429.76 billion set by the government for the
privatization. Banking regulator Superbancaria approved the sale
in November.

Granahorrar was intervened by the government during the
country's financial crisis in the late 1990s to save it from
bankruptcy. Between January and September, Granahorrar has
assets of COP3.729 trillion and a credit portfolio of COP1.8
trillion. It has 132 branches and employs 2,300 employees in the
country.

BBVA Colombia, the third-largest banking franchise in Colombia,
had total assets of around US$3.3 billion at September 2005. Pro
forma figures indicate that, once the Granahorrar acquisition is
complete, BBVA Colombia would secure a leading position in the
industry, holding around 11.1% of the system's total deposits.


TELECOM: EPM Formalizes Participation in Upcoming Bidding
---------------------------------------------------------
Fixed line operator EPM has formalized its participation in the
race to become a strategic partner for state-run fixed line
operator Colombia Telecomunicaciones (Telecom), reports Business
News Americas.

An EPM source confirmed that the company has paid the COP40-
million (US$17,500) fee required to register as a candidate in
the bidding. EPM has signed a confidentiality agreement and
purchased the right to access confidential Telecom information
in the Company's data room, the two requirements for
participating in the bidding.

The Colombian government had agreed earlier this year to grant
Telecom's control to Telmex, owned by Latin America's wealthiest
man, Carlos Slim. Telmex had agreed to invest US$350 million in
the state-run company for a stake of 50% plus one share and also
assume pension and other liabilities worth US$3.3 billion from
Telecomunicaciones' liquidated predecessor.

But the Colombian comptroller's office opposed the agreement,
prompting the government to open the opportunity to other
possible bidders, such as Telefonica, ETB and EPM.

ETB also recently paid the data room fee, and said it believes
it can finance a partnership with Telecom without resorting to
third party financing.



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

CALPINE CORP: Wants to Continue Using Cash Management System
------------------------------------------------------------          
In the ordinary course of business, and as is common with large,
complex businesses, the Calpine Companies maintain an integrated
Cash Management System that provides well-established mechanisms
for the collection, concentration, management and disbursement
of funds used in their domestic operations.

The Cash Management System consists of over 600 bank accounts
which is essential to enable the Calpine Companies to centrally
control and monitor corporate funds, invest idle cash, ensure
cash availability and liquidity, comply with the requirements of
its numerous financing agreements, and reduce administrative
expenses by facilitating the movement of funds and enhance the
development of accurate account balance and presentment
information.  These controls are crucial given the significant
volume of cash transactions -- approaching $20,000,000,000 --
managed through the Cash Management System.

The Cash Management System is comprised of several accounts
maintained at the corporate level by the parent entity, Calpine
Corporation, accounts at Calpine Energy Services, LP, a wholly
owned subsidiary of Calpine, and many other accounts maintained
at the 92 power generating companies or alternative fuel and
generation and processing projects.  

Many of the Projects have various agency agreements with CES.  
The Agency Agreements, which generally have extended terms,
provide for CES to, among other things:

    (i) procure or manage fuel requirements for the Projects;
   
   (ii) meet external performance standards for transmission of
        electricity; and

  (iii) either, take all of the excess electrical power
        generated by a Project for a fixed or indexed price or,
        negotiate and manage, as agent, the sale of power from
        the Projects' facilities.

In most cases, because CES manages the natural gas input and the
power output, CES is an essential conduit by which many of the
relevant Projects operate their businesses.

The cash management arrangements of each of the Projects vary
according to each of the Project's relationship with CES, as
well as whether the financing agreements with the applicable
financial institutions require the Project to segregate cash
into restricted trust accounts.

The principal components of the Cash Management System:

I.   The Corporate Accounts

     A. The Corporate Concentration Account maintained at the
        Union Bank of California.  Funds deposited in this
        account are generated primarily from the operations of
        CES and the waterfalls the various Projects.

     B. Transfers from the Corporate Concentration Account go to
        the:
        
        * Master Disbursement Account to fund various payments
          including fuel and disbursements to third parties;

        * Payroll Accounts for all employee-related obligations;

        * Overnight Investment Account where excess cash from
          the Corporate Concentration Account is automatically
          swept at the end of each day; and

        * Investment Accounts where funds are invested in
          accordance with Calpine's investment guidelines.

II.  The CES Subsystem

     A. Settlement for the sale of power that CES purchases from
        the Projects and third parties is put into an account at
        the Union Bank of California.  Sometimes, the funds
        expected to be received are offset by amounts that CES
        may owe to a customer or counter party for either the
        purchase of power or natural gas; and

     B. Revenue account sweeps are funds in the CES account that
        are swept into the Corporate Concentration Account
        daily.  Funds are subsequently returned to one or more
        disbursement accounts to meet the payment of obligations
        to third parties for the purchase of fuel.

III. The Project Level Cash Management Subsystem

     A. The Financed Project Subsystem -- Certain of the
        Projects consist of power generating companies that have
        arrangements with direct Project lenders that require
        cash generated from the sale of their power to
        intercompany customers or directly to third parties to
        be deposited into cash subsystems, consisting of one or
        multiple accounts, depending on the Project.  Most of
        these Waterfall Accounts are defined in the credit
        agreements or leases of the Projects.  The principal
        components of the cash management subsystem associated
        with the Waterfall Accounts:
        
        * Transfers from CES and other customers; and

        * Transfers from the Waterfall Accounts and other
          accounts;

     B. The Unfinanced Project Subsystem -- A small number of
        Projects do not have arrangements with financial
        institutions that require them to segregate cash or to
        apply the cash proceeds of the sale of power into a
        waterfall.  The unfinanced project companies still
        reimburse Calpine for the various employee services,
        administrative costs and payments made on that Company's
        behalf. After all of a Project's direct costs and
        Calpine reimbursements are paid, the remaining funds may
        be available to Calpine for other general uses.

IV.  Non-U.S. Affiliates maintain bank accounts at U.S. and non-
     U.S. financial institutions to facilitate the operation of
     their businesses and otherwise fulfill financial and
     contractual requirements with lenders and suppliers.  These
     affiliates are linked to the Cash Management System
     primarily through periodic disbursements to Calpine or
     through Calpine's funding of the non-U.S. affiliates'
     capital or operational requirements.

To facilitate Calpine Corporation and its debtor-affiliates'
transition into Chapter 11 operations, the Debtors sought and
obtained the U.S. Bankruptcy Court for the Southern District of
New York's authority to continue using their integrated Cash
Management System on an interim basis.

Richard M. Cieri, Esq., at Kirkland & Ellis LLP, in New York,
contends that given the substantial size and complexity of the
Debtors' business operations, a successful reorganization of the
Debtors' businesses cannot be achieved if the Debtors' cash
management procedures are substantially disrupted.

Mr. Cieri also notes that the Cash Management System, with only
slight variations made over time in the ordinary course of
business, has been used for at least nine years and constitutes
a customary and essential business practice.  Preserving
"business as usual" and avoiding the unnecessary distractions
that inevitably would be associated with any substantial
disruption of the Cash Management System will facilitate the
Debtors' stabilization of their postpetition business operations
and will assist the Debtors in their reorganization efforts.  

In addition, given the Debtors' corporate and financial
structure and the number of affiliated entities, reaching about
400, participating in the Cash Management System, it would be
difficult and unduly burdensome for the Debtors to establish a
new cash management for each separate legal entity.

Headquartered in San Jose, California, 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.  Its customized products and services
include wholesale and retail electricity, gas turbine components
and services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services.  The Company filed for chapter 11 protection on Dec.
20, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200).  Richard M.
Cieri, Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq., and
Robert G. Burns, Esq., Kirkland & Ellis LLP represent the
Debtors in their restructuring efforts.  As of Dec. 19, 2005,
the Debtors listed $26,628,755,663 in total assets and
$22,535,577,121 in total liabilities. (Calpine Bankruptcy News,
Issue No. 2; Bankruptcy Creditors' Service, Inc., 215/945-7000)



=======
P E R U
=======

FUNSUR: Losses From Strike Reach $15M
-------------------------------------
Compania Minera Minsur SAA's Funsur SA tin refinery and smelter
has reported losses of US$15 million due to the strike, which
entered its 24th day Thursday, reports Business News Americas.

The strike began Dec. 5 when 130 workers walked off the job,
calling for a salary hike and better working conditions. They
initially sought an increase of PEN5.0 (US$1.5) per day, which
has now been cut to PEN4.0 in an effort to reach an agreement.

The labor ministry is now taking charge of the case after
negotiations between workers and Funsur did not resolve the
issue.

Funsur, located south of Lima, processes all the tin produced by
Minsur. The unit has stopped producing some 115t/d of refined
tin due to the strike.

Minsur operates Peru's only tin mine, the San Rafael mine in the
southern department of Puno. The company exports more than 99%
of its product. Tin output was 3,317 tons in September, down
1.9% from the same month in the previous year, according to
figures from the Ministry of Energy and Mines.



=================================
T R I N I D A D   &   T O B A G O
=================================

NFM: Workers Reject VSEP
------------------------
Several workers at National Flour Mills (NFM) launched
demonstrations Thursday outside the Company's headquarters to
show dissent to the current Voluntary Separation Plan (VSEP),
according to The Trinidad Express.

"They [NFM] want to give workers from one to five years service,
three weeks pay for each year worked. That's worse than
retrenchment because retrenchment is six weeks for every year
that you work," the Daily Express quoted one of the protesting
workers as saying.

"People who are 50 years and over, they want to give them
pensions right away, so therefore, you're cutting money for
people who have about 20 years service, they are just going to
cut them and they will lose out on all their years of service."

The protester said the case "will definitely head to the
Industrial Court" as both the union and management were not
backing down from their positions.

"We know that if it goes to the Industrial Court, the most the
workers would get is six weeks. We have a lawyer as a CEO and he
knows all the loopholes. The Government hasn't even contributed
any input like they did in the case of Caroni," she said.

President General of the Seamen and Waterfront Workers Trade
Union (SWWTU), Michael Annisette, who represents the workers, on
Thursday slammed the package offered by NFM as unworkable.

"They're closing down the Edible Oils Complex, sending home all
45 of the workers from there. The Rice Mill- they're sending all
16 of those workers. They are sending home 22 of the 28 Flour
Mill workers, the Feed Mill-of the 46 workers there, ten are
going home; of the 20 at Logistics, five are going; of the 65 at
Maintenance, 25 are going home and at Milling and Packaging 16
of the 53 workers there are going home," Mr. Annisette said.

The staff cuts will see 139 workers on the breadline.

"We've asked for a livable package, not a traditional package,
since the latter doesn't deal with all the social, economic and
psychological issues of the day," he said.

"In addition to severance, we've proposed that the company pay
65% of the workers monthly or weekly earnings for a maximum of
one year or until the worker gets a job within the year.

"We are also saying that there shouldn't be any disparities in
the formula used for calculating benefits for the monthly, daily
or casual workers and we don't want any actuarial reductions in
worker's pension benefits who are required to leave the
company."

Mr. Annisette said that the SWWTU has proposed that it take over
the Rice Mill and run it, "since they've said it's no longer
viable".

                            ***********

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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and
Sheryl Joy P. Olano, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2746.

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