TCRLA_Public/060105.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, January 5, 2006, Vol. 7, Issue 4

                            Headlines

A R G E N T I N A

ACCESS PLANET: Court Rules for Liquidation
AEROLINEAS ARGENTINAS: To Invest ARS4.3Mln in Bus Fleet
BLISTAL S.A.: Closes Reorganization
CRESUD: Executes Swap Agreement
FREM S.R.L.: Liquidates Assets to Pay Debts

LABORATORIO INTEGRAL: Gets Court Approval to Reorganize
L.O.P. S.A.: Enters Bankruptcy on Court Orders
MEGAFORMAS ARGENTINA: Court Orders Liquidation
TELPAX S.A.: Files Petition to Undergo Reorganization
VIDELPI S.A.: Court Designates Trustee for Liquidation

* ARGENTINA: Wipes Out $9.5B Debt With IMF


B E R M U D A

FOSTER WHEELER: Awarded EPC Contract by AES Deepwater
GLOBAL CROSSING: Finalizes Sale of Small Business Group
ROSEMONT RE: Goshawk Insurance Reviews Loss Provisions
HEDGEWORLD MARKETS: Goes Into Voluntary Liquidation
LORAL SPACE: XTAR Names Vice President, Government Markets


B R A Z I L

COPEL: Directors Approve Forecasted CAPEX for 2006
CVRD: Vale Overseas Launches Debt Tender Offer
CVRD: To Offer 10-Year Notes Through Subsidiary
CVRD: Fitch Assigns 'BB' FC Rating to Vale Overseas' Issuance
SADIA: To Extinguish Right to Earn Dividends 10% Higher


C A Y M A N   I S L A N D S

ARGENTORUM INVESTMENTS: Commences Liquidation
AS LEVERAGE: Creditors Have Until Jan. 28 to Prove Debt Claims
CAMELOTFUND INTERNATIONAL: Schedules Final Meeting for Jan. 30
COMREX HOLDING: Names Martin Couch, Richard Gordon Liquidators
COURT AND CORE: Sets Deadline for Submission of Debt Particulars

CREDIT FRONTIER: Mark Wanless, Tun Win to Oversee Liquidation
CTMPII FC: To Approve Remuneration of Joint Liquidators
CTMPII FUNDING: To Approve Report of Joint Liquidators
CTMPII FUNDING (MS): To Lay Before Members Winding Up Accounts
DIRECTNET HOLDINGS: Final Meeting Set for Jan. 30

EMINENT FUNDING: Taps Guy Major, Richard Gordon as Liquidators
ENDEAVOUR ENERGY: Debt Particulars Due Jan. 26
GT TMK: Proofs of Debt Due Jan. 28
HAMERSLEY INVESTMENTS: Liquidator to Distribute Assets
IST DEVELOPMENT: Begins Liquidation

MASTERPIECE HOLDINGS: Buchanan Limited to Supervise Wind Up
MILLION STONE: Appoints Mark Wanless, Tun Win as Liquidators
NM HOLDING: To be Placed into Voluntary Liquidation
NOVO MUNDO: Voluntary Wind Up Begins
PREPO HOLDINGS: To Wind Up Voluntarily

S.F. KUGAYAMA: Nobuhiro Sakano Appointed Liquidator
S.F. NISHISHINJUKU: Resolves to Liquidate Voluntarily
SOLEIL ASSET: Creditors to Prove Claims Until Jan. 30
SRE HOLDINGS: Claims Verification Phase to Close Jan. 28
SYMPHONIA: Liquidators to Verify Creditors' Claims

T.K.R. CORPORATION: Chooses Liquidators to Supervise Wind Up
TB FINANCE: Selects Phillip Hinds, Emile Small as Liquidators
TCI FOCUS: Liquidators to Stop Claims Verification Jan. 28
WMC CAYMAN I: Starts Voluntary Wind Up
WMC CAYMAN II: Creditors Given Until Jan. 28 to Prove Claims


C O L O M B I A

ECOPETROL: Adopts Contingency Plan Following Guerrilla Attacks


C O S T A   R I C A

RICA FOODS: Receives Non-Compliance Notification from the AMEX


M E X I C O

DESARROLLADORA HOMEX: Names Mario Gonzalez CFO
GRUPO ELEKTRA: Grupo Salinas Companies Report Solid Performance
PILGRIM'S PRIDE: Revises First Fiscal Quarter Earnings Guidance
PLIANT CORPORATION: Mexican Ops Not Included in Ch. 11 Filing


P E R U

NUEVO MUNDO: Regulators Cleared to Carry Out Liquidation


T R I N I D A D   &   T O B A G O

NFM: Union Wants to Meet with Management

     -  -  -  -  -  -  -  -

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

ACCESS PLANET: Court Rules for Liquidation
------------------------------------------
Buenos Aires' civil and commercial court ordered the liquidation
of Access Planet S.A. after the Company defaulted on its
obligations, Infobae reveals. The liquidation pronouncement will
effectively place the Company's affairs as well as its assets
under the control of Mr. Eduardo Victor Facciuto, the court-
appointed trustee.

Mr. Facciuto will verify creditors' proofs of claim until March
24, 2006. The verified claims will serve as basis for the
individual reports to be submitted in court on May 15, 2006. The
submission of the general report follows on June 28, 2006.

CONTACT:  Mr. Eduardo Victor Facciuto, Trustee
          Arevalo 3070
          Buenos Aires


AEROLINEAS ARGENTINAS: To Invest ARS4.3Mln in Bus Fleet
-------------------------------------------------------
Beginning January 1, 2006, Aerolineas Argentinas/Austral
incorporated a fleet of twelve new buses for the transportation
of passengers between Ezeiza and Jorge Newbery airports.

The new units that will be operated by Aerohandling's staff
required an investment of ARS4.3 million and the creation of 42
new job positions.

Eight of them shall be assigned to Jorge Newbery airport and
four to Ezeiza International Airport for the internal
transportation of passengers between boarding platforms and
airplanes.

Thus, Aerolíneas Argentinas/Austral continues its investment
plan not only with the incorporation of new airplanes but also
with everything that has to do with logistics on the ground.

The vehicles, state-of-the-art buses, have been fully equipped
in our country by Italbus, and they boast advanced technical
elements that minimize pollution and provide more comfort to
passengers.

Technical information of the news buses

- Model: Mercedes Benz 0 500 U Low Entry (Extra Low)

- Intelligent Pneumatic Suspension (enables to lower suspension
and facilitates access to the bus)

- Automatic ZF Gear Box

- Air Conditioning System (cool/heat)

- All models have five doors (two on the left side and three on
the right side)

- Capacity for 76 passengers (11 seats and two suitcase racks)

- Airport lights system and radio communications set

CONTACT: AEROLINEAS ARGENTINAS
         Torre Bouchard 547, 1106 Buenos Aires, ARGENTINA
         Phone: (54-11) 4310-3000
         Fax: (54-11) 4310-3585
         E-mail: volar@aerolineas.com.ar
         Web site: www.aerolineas.com.ar


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


CRESUD: Executes Swap Agreement
-------------------------------
Cresud S.A.C.I. y A reported in a letter sent to the Comision
Nacional de Valores on December 29, 2005 that it executed a swap
agreement with Mr. Nestor V. Cervera, Mr. Alberto R. Boggione
and Inmobiliaria Cervera S.A. the amount of 3,580,886.47392
Convertible Notes issued by IRSA Inversiones y Representaciones
Sociedad Anonima, due in 2007, with face value of US$1 and an
interest rate of 8%. These Convertible Notes were acquired by
Mr. Nestor V. Cervera, Mr. Alberto R. Boggione and Inmobiliaria
Cervera S.A. in an 82%, 4% and 14% respectively.

The transaction was made through Raymond James S.A. Sociedad de
Bolsa, for a price of ARS7.20 per each Convertible Note.

If the conversion of the Convertible Notes and warrants permuted
were made, it would result in a conversion for the amount of
13,140,868 shares with one vote each.

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


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

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Mr. Norberto Jorge Volpe. The
trustee will verify creditors' proofs of claim until March 21,
2006. The validated claims will be presented in court as
individual reports on May 3, 2006.

Mr. Volpe will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, on June 15, 2006.

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

CONTACT:  Mr. Norberto Jorge Volpe, Trustee
          Maipu 859
          Buenos Aires


LABORATORIO INTEGRAL: Gets Court Approval to Reorganize
-------------------------------------------------------
Laboratorio Integral S.R.L. will begin reorganization following
the approval of its petition by a Buenos Aires court. The
opening of the reorganization will allow the Company to
negotiate a settlement with its creditors in order to avoid a
straight liquidation.

Mr. Martin Alejandro Stolkiner will oversee the reorganization
proceedings as the court-appointed trustee. He will verify
creditors' claims until March 27, 2006. The validated claims
will be presented in court as individual reports on May 11,
2006.

Mr. Stolkiner is also required by the court to submit a general
report essentially auditing the Company's accounting and
business records as well as summarizing important events
pertaining to the reorganization. The report will be presented
in court on May 26, 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 Nov. 2, 2006.

CONTACT:  Laboratorio Integral S.R.L.
          Gascon 656
          Buenos Aires

          Mr. Martin Alejandro Stolkiner, Trustee
          Avda. Cordoba 1367
          Buenos Aires


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

Infobae reports that the court selected Mr. Jose Angel Sallon as
trustee. Mr. Sallon will be verifying creditors' proofs of claim
until the end of the verification phase on April 7, 2006.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the Company's accounting
and business records. Dates for the submission of the reports
are yet to be disclosed.

CONTACT:  Mr. Jose Angel Sallon, Trustee
          Libertad 860
          Buenos Aires


MEGAFORMAS ARGENTINA: Court Orders Liquidation
----------------------------------------------
Megaformas Argentina S.A. prepares to wind-up its operations
following the bankruptcy pronouncement issued by a Buenos Aires
court. The declaration effectively prohibits the company from
administering its assets, control of which will be transferred
to a court-appointed trustee.

Infobae reports that the court appointed Ms. Mariela Adriana
Bellani as trustee. Ms. Bellani will be reviewing creditors'
proofs of claim until March 13, 2006. The verified claims will
serve as basis for the individual reports. The trustee will also
submit a general report of the case. Dates for the presentation
of the reports in court are yet to be disclosed.

CONTACT:  Ms. Mariela Adriana Bellani, Trustee
          Marcelo T. de Alvear 1364
          Buenos Aires


TELPAX S.A.: Files Petition to Undergo Reorganization
-----------------------------------------------------
Telpax S.A., a company operating in Buenos Aires, has requested
for reorganization after failing to pay its liabilities, reports
Infobae.

The reorganization petition, once approved by the court, will
allow the Company to negotiate a settlement with its creditors
in order to avoid a straight liquidation.

The case is pending before a Buenos Aires court.

CONTACT:  Telpax S.A.
          Bacacay 2653
          PB Depto


VIDELPI S.A.: Court Designates Trustee for Liquidation
------------------------------------------------------
Buenos Aires accountant Marcelo G. Dborkin was assigned trustee
for the liquidation of local company Videlpi S.A., relates
Infobae.

Mr. Dborkin will verify creditors' claims until March 17, 2006,
the source adds. After that, he will prepare the individual
reports, which are to be submitted in court on May 3, 2006. The
submission of the general report should follow on June 15, 2006.

The city's civil and commercial court handles the Company's
case.

CONTACT:  Mr. Marcelo G. Dborkin, Trustee
          Avda. Callao 295
          Buenos Aires


* ARGENTINA: Wipes Out $9.5B Debt With IMF
------------------------------------------
Argentina canceled its entire US$9.5 billion debt to the
International Monetary Fund on Tuesday, a move which gives the
government more room to carry out economic policies that have
not always met with the fund's approval.

"This is the start of a new phase," Argentina's Economy Minister
Felisa Miceli said after the transaction was completed.

On December 15, 2005, Argentine President Nestor Kirchner
announced his government's intention to make an early repayment
of its entire outstanding obligations to the IMF by using nearly
a third of its foreign reserves.

Argentina's reserves totaled US$18.5 billion after the payment,
down from US$28.05 billion on Tuesday, Central Bank Governor
Martin Redrado said, describing the payment as the "the central
bank's most important and complex transaction in its 70-year
history."

Meanwhile, Miceli denied a report in Clarin newspaper Tuesday
that said the government would make a new debt swap offer to
creditors holding about US$20 billion in defaulted bonds that
didn't accept the country's restructuring offer last year.

The government gave creditors new bonds worth about 30 cents per
$1 of defaulted securities, an offer that was accepted by 76
percent of bondholders. The swap was completed June 2.

"Our position remains the same," Mr. Miceli said. "We made one
offer and we are not planning to make a new one."

The IMF, which had outstanding loans to Argentina for 22
straight years until Tuesday, had been pushing Kirchner's
administration to make a new offer to creditors who held out of
the restructuring.



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

FOSTER WHEELER: Awarded EPC Contract by AES Deepwater
----------------------------------------------------
Foster Wheeler Ltd. (Nasdaq: FWLT) announced Tuesday that a U.S.
subsidiary has been awarded an engineering, procurement, and
construction (EPC) contract by AES Deepwater, Inc. to supply and
install state-of-the-art combustion and selective catalytic
reduction (SCR) systems at AES Deepwater's petroleum-coke-fired
power station in Pasadena, Texas. AES Deepwater is 100 percent
owned by AES Corporation, a leading international company which
generates and distributes power in 26 countries. The terms of
the award, which will be included in the company's fourth-
quarter bookings, were not disclosed.

Scheduled to begin operation in the spring of 2007, this will be
the first SCR installation in the United States on a boiler
firing 100 percent petroleum coke. Foster Wheeler designed and
supplied the original pulverized-coke boiler for the Deepwater
plant, which started commercial operations in 1986.

The company's EPC role for this installation will also include
commissioning and testing.

"Foster Wheeler is pleased to be awarded this contract by AES
Deepwater," said Bernard H. Cherry, chief executive officer of
Foster Wheeler Global Power Group. "This award confirms our
leadership in low-NOx solutions in the U.S., and reflects the
quality and the depth of our technical and project execution
expertise."

These combustion and SCR systems will improve air quality,
reducing smokestack emissions of smog-producing nitrogen oxides
by nearly 90 percent. Foster Wheeler's proven combustion and SCR
technologies have been extremely effective in reducing NOx
emissions from fossil fuel-fired plants. With more than one
hundred installations, Foster Wheeler continues to be a leading
supplier of environmental solutions.

"We are pleased with our choice of Foster Wheeler," said
Jennifer Didlo, president of AES Deepwater. "We have selected
Foster Wheeler as the most qualified company for this exciting
project. We require an EPC contractor with a proven track record
and the ability to integrate well with our team. Foster Wheeler
meets these requirements."

Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of engineering, procurement,
construction, manufacturing, project development and management,
research and plant operation services. Foster Wheeler serves the
refining, upstream oil and gas, LNG and gas-to-liquids,
petrochemical, chemicals, power, pharmaceuticals, biotechnology
and healthcare industries. The corporation is based in Hamilton,
Bermuda, and its operational headquarters are in Clinton, New
Jersey, USA.

CONTACT:  Foster Wheeler Ltd.
          Media: Maureen Bingert
          Tel: 908-730-4444

          Eileen Mansfield
          Tel: 908-713-2502
          Other Inquiries: 908-730-4000
          URL: http://www.fwc.com


GLOBAL CROSSING: Finalizes Sale of Small Business Group
-------------------------------------------------------
Global Crossing (Nasdaq: GLBC) announced Tuesday that it has
completed the sale of its small business group (SBG) to Matrix
Telecom(R), a Platinum Equity company, for $40.5 million. GC
previously received $32.5 million in the second quarter of 2005,
and with the closing of the transaction, it has received the
remaining proceeds due. As previously announced, after estimated
purchase price adjustments, the payment of certain fees and
deduction of certain retained liabilities, Global Crossing's net
cash proceeds were approximately $35 million.

In addition to the sale closing, Global Crossing and Matrix have
executed a long-term carrier services agreement under which
Global Crossing is providing a full suite of voice, data and IP
services to Matrix. Revenue from this agreement is in addition
to the cash proceeds mentioned above.

"Our business is firmly focused on serving multinational
enterprises and carriers with global, converged IP services, and
completing this transaction allows us to continue executing on
our long-term strategy," said John Legere, Global Crossing's
chief executive officer. "I want to thank the SBG employees for
their excellent performance, and I know they'll be true assets
to Matrix Telecom."

Global Crossing (Nasdaq: GLBC) provides telecommunications
solutions over the world's first integrated global IP-based
network. Its core network connects more than 300 cities and 30
countries worldwide, and delivers services to nearly 600 cities,
60 countries and 6 continents around the globe. The company's
global sales and support model matches the network footprint
and, like the network, delivers a consistent customer experience
worldwide.

Global Crossing IP services are global in scale, linking the
world's enterprises, governments and carriers with customers,
employees and partners worldwide in a secure environment that is
ideally suited for IP-based business applications, allowing e-
commerce to thrive. The company offers a full range of managed
data and voice products including Global Crossing IP VPN
Service, Global Crossing Managed Services and Global Crossing
VoIP services, to 36 percent of the Fortune 500, as well as 700
carriers, mobile operators and ISPs.

CONTACT:  Global Crossing
          Press Contacts
          Tisha Kresler
          Phone: 1 973 937 0146
          E-mail: PR@globalcrossing.com

          Kendra Langlie
          Latin America
          Phone: 1 305 808 5912
          E-mail: LatAmPR@globalcrossing.com

          Mish Desmidt
          Europe
          Phone: 44 (0) 1256 732 866
          E-mail: EuropePR@globalcrossing.com

          Analysts/Investors Contact
          Laurinda Pang
          Phone 1 800 836 0342
          E-mail: glbc@globalcrossing.com

          URL: http://www.globalcrossing.com


ROSEMONT RE: Goshawk Insurance Reviews Loss Provisions
------------------------------------------------------
Following their appointment on 18 November 2005, the new Board
and management of Goshawk Insurance Holdings plc and its
subsidiary Rosemont Re Ltd. have undertaken a review of the loss
provisions that have been established in the light of the 2005
hurricanes and some of the legacy issues arising from business
in earlier years.

Rosemont Re is taking a more conservative approach to
catastrophe loss escalation which will result in additional
reserves in the region of US$25 million (leading to an aggregate
estimated reserve of US$130 million net) being established for
hurricanes Katrina, Rita and Wilma.  Further reserves are also
likely to be established for some of the legacy (non-
catastrophe) business underwritten in prior years.

In addition, the previously announced breaches of certain
banking covenants by the Group have resulted in Rosemont Re
being required to recognize in its accounts a GBP15 million
liability to the Group's Banks (although this will have no
effect in the Group's consolidated accounts which already
include the liability as part of the Group's outstanding debt).

As a result of the increased loss provisions and liability
recognition (offset to an extent by the proceeds of the recent
disposal and premiums earned during the period to 31st December
2005), Rosemont Re's statutory solvency is below the minimum
level required under the license granted to it by the Bermuda
Monetary Authority (BMA).  The BMA has substantial powers in
relation to the entities it regulates and Rosemont Re will now
be required to receive BMA consent to any distribution made by
Rosemont Re to its parent company.  In addition, the Group
continues to be in breach of various covenants and undertakings
to its Banks.

The Directors are continuing to explore with the BMA and the
Group's Banks possible options regarding the current working
capital position of the Group (which was set out in detail in
the circular to shareholders dated 28 November 2005) including a
possible equity issue, although there can be no certainty at
this stage that this will lead to a resolution of these matters.

This announcement contains statements that are forward-looking
in nature.  Such statements are based on currently available
information.  Forward-looking statements involve known and
unknown risks, uncertainties and other factors, which may cause
the actual results or outcome to differ materially from
projections made in forward-looking statements made by the
Company.

                        About the Company

GoshawK Insurance Holdings plc is a London-based holding company
which, through its subsidiary Rosemont Reinsurance Limited,
underwrites specialist reinsurance business for its clients
internationally.

For the year ended 31 December 2004, it reported loss after tax
of US$3 million compared to a loss after tax of US$108 million a
year earlier.  Together with reserve movements of US$4 million,
this represented a decrease of US$7 million in net assets, which
stand at US$172 million.

On September 6, GoshawK announced its preliminary net loss
estimate.  Since then, market loss estimates have nearly doubled
causing the company to increase its gross loss estimate by 30%
from US$99 million to US$130 million.  This resulted in an
increased net loss estimate for Katrina from a range of US$25
million to US$30 million to a revised total of US$60 million.

CONTACT:  GOSHAWK INSURANCE HOLDINGS PLC
          52 Jermyn Street
          London SW1Y 6LX
          Phone: +44 (0) 20 7499 2355
          Fax: +44 (0) 20 7491 7247
          Web site: http://www.goshawk.co.uk


HEDGEWORLD MARKETS: Goes Into Voluntary Liquidation
---------------------------------------------------
HedgeWorld Markets Limited, a company that provides key data to
the hedge fund industry, has gone into voluntary liquidation,
The Royal Gazette reports.

According to a legal notice filed last week by liquidator
Nicholas Hoskins, creditors of the Company have until January 16
to file any claims.

HedgeWorld has also voluntarily resigned and withdrew its
trading membership from the Bermuda Stock Exchange.

COMPANY DESCRIPTION

HedgeWorld is the hedge fund industry's authoritative
information source and a leader in the development of online
markets for hedge funds. The Company provides key data through
its Web-based portal, recently being acquired by Lipper Inc., a
global provider of mutual fund information and analysis and a
wholly owned subsidiary of Reuters. Since its sale to Lipper,
HedgeWorld has become a business division within Lipper Inc.

CONTACT:  HedgeWorld Markets Limited
          4 Park Road, Hamilton HM11, Bermuda
          Telephone: 441-296 0650
          Fax: 441-296 0654
          Email: jwong@hedgeworld.com
          URL: http://www.hedgeworld.com


LORAL SPACE: XTAR Names Vice President, Government Markets
----------------------------------------------------------
XTAR, LLC announced Tuesday that it has named Larry D. Haughey
vice president, government markets. Mr. Haughey will be
responsible for the sales and marketing of XTAR's unique X-band
services to the U.S. government's commercial and military
sectors, including the Departments of Defense, State and
Homeland Security. He will report to Denis Curtin, chief
operating officer of XTAR. XTAR is a joint venture between Loral
Space & Communications (NASDAQ: LORL) and HISDESAT.

Mr. Haughey was previously executive sales branch manager for
MCI where he was responsible for sales of voice, data, IP, and
other specialized services to the Defense Information Systems
Agency (DISA), the Office of the Secretary of Defense (OSD),
Joint Programs and DoD International Services.

Before joining MCI, Mr. Haughey was director of RBOC services at
Teleglobe International, where he was responsible for sales to
the regional bell operating companies (RBOC) and independent
telephone companies. Mr. Haughey also served in similar roles at
IDB, Contel ASC and COMSAT. Mr. Haughey began his career in the
government communications field in 1981 at the Defense
Communications Agency (DCA), now known as DISA.

Mr. Haughey received his bachelor's degree in business
administration and accounting from Southern Illinois University
and completed the U.S. Navy's Defense Cost and Price Analysis
and the U.S. Army's Management of Defense Acquisition Contracts
programs. He is a veteran of the U.S. Army.

XTAR, LLC, headquartered in Rockville, Md., is a new satellite
communications company committed to serving the long-haul
communications, logistics and infrastructure requirements of the
U.S., Spanish and allied governments. XTAR operates the XTAR-EUR
satellite, which provides X-band services from Eastern Brazil
and the Atlantic Ocean, across all of Europe, Africa and the
Middle East to as far east as Singapore. The company is a joint
venture between Loral Space & Communications, which owns 56
percent, and HISDESAT, which owns 44 percent.

HISDESAT Servicios Estrategicos S.A. is a Spanish company
headquartered in Madrid. HISDESAT's aims are the acquisition,
operation and commercialization of Government-oriented space
systems, beginning with satellite communications in the X- and
Ka-band frequencies. HISDESAT is owned jointly by HISPASAT,
S.A., the Spanish commercial satellite services company, INSA
and the leaders of Spain's space industries: EADS-CASA Espacio,
INDRA and SENER. HISDESAT will provide enhanced capabilities,
including Ka-band, for Spain's defense applications.

Loral Space & Communications is a satellite communications
company. Its Space Systems/Loral division is a world-class
leader in the design and manufacture of satellites and satellite
systems for commercial and government applications including
direct-to-home television, broadband communications, wireless
telephony, weather monitoring and air traffic management.
Through its Loral Skynet division, it owns and operates a fleet
of telecommunications satellites used to broadcast video
entertainment programming, distribute broadband data, and
provide access to Internet services and other value-added
communications services.

CONTACT: Loral Space & Communications Ltd.
         600 Third Avenue
         New York, NY 10016
         USA
         URL: http://www.loral.com
         Phone: 212-697-1105



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

COPEL: Directors Approve Forecasted CAPEX for 2006
--------------------------------------------------
Copel's forecasted CAPEX for 2006 was approved at the 111th
Ordinary Meeting of the Board of Directors, held on December 13,
2005.

The amount accomplished in 2005 will only be available by the
end of March 2006, when the Company will disclose 2005 results.

Forecasted CAPEX:

                        BRL million
   Generation          21.6
   Transmission         176.8
   Distribution         317.4
   Telecommunications       34.9
   Partnerships           2.4

   TOTAL            553.1*


*CAPEX takes into consideration only the amount regarding
Copel's wholly owned subsidiaries. Copel's CAPEX, being a
forecasted amount, is reviewed on an annual basis.

CONTACT:  Copel
          Investor Relations
          E-mail: ri@copel.com
          Phone: (55-41) 3222-2027


CVRD: Vale Overseas Launches Debt Tender Offer
----------------------------------------------
Companhia Vale do Rio Doce (CVRD) announced Tuesday that its
wholly-owned subsidiary Vale Overseas Limited (Vale Overseas)
has launched a cash tender offer for its $300 million of notes
due 2013. The purpose of the offer is to manage CVRD's
consolidated debt portfolio, reducing the amount of higher-
coupon yield and less liquid debt issues.

Vale Overseas is offering to purchase any and all of its US$300
million outstanding aggregate principal amount of 9.000%
Guaranteed Notes due 2013 (CUSIP Nos.: 91911TAD5, 91911TAC7 and
G9317UAB1). The offer is made upon the terms, and subject to the
conditions, set forth in the offer to purchase dated January 3,
2006. CVRD also announces that Vale Overseas intends to issue
new debt and to use all or part of the proceeds from the new
debt issuance to purchase the securities tendered and accepted
in the tender offer. The tender offer is conditioned on the
completion of the new debt issuance on or prior to the
settlement date for the tender offer.

The purchase price for each $1,000.00 principal amount of
securities validly tendered and not validly withdrawn pursuant
to the offer shall be equal - as described in the offer to
purchase - to the sum of the present value on the settlement
date for the offer of $1,000.00 principal amount of the
securities and the present value of the interest payments due on
such principal amount from the last interest payment date until
the maturity date - determined on the basis of a yield to the
maturity date equal to the sum of (x) the bid-side yield (as
quoted on Bloomberg PX1 on the price determination date at 2:00
p.m. New York City time) of the United States Treasury 4.500%
Notes due November 15, 2015 plus (y) a fixed spread of 157 basis
points (such price being rounded to the nearest cent)- minus
accrued and unpaid interest from the last interest payment date
to, but excluding, the settlement date, payable on the
settlement date. In addition, registered holders of securities
who validly tender and do not validly withdraw their securities
in the offer will also receive accrued and unpaid interest from
the last interest payment date to, but excluding, the settlement
date, payable on the settlement date. The price determination
date is expected to be Thursday, January 5, 2006.

The offer is scheduled to expire at 5:00 p.m., US Eastern
Standard time, on Tuesday, January 10, 2006, unless earlier
terminated or extended (such date and time, as they may be
extended, the "Expiration Date"). Settlement of the offer is
expected to occur on the third business day following the
Expiration Date.

Vale Overseas has retained J.P. Morgan Securities Inc. to serve
as Dealer Manager for the offer, JPMorgan Chase Bank, N.A. to
serve as the depositary for the offer, J.P. Morgan Bank
Luxembourg S.A. to serve as Luxembourg agent for the offer and
D.F. King & Co., Inc. to serve as information agent for the
offer. J.P. Morgan Securities Inc. also is acting as underwriter
on the concurrent debt issuance.

Requests for the offer to purchase and the related letter of
transmittal and supplements to the documents may be directed to
D.F. King & Co., Inc. by calling (800) 290-6429 (calling toll-
free in the United States) or 1-212-269-5550 (outside the Unites
States, call collect) or in writing at 48 Wall Street, New York,
New York 10005. These documents contain important information,
and holders should read them carefully before making any
investment decision. Questions regarding the offer may be
directed to J.P. Morgan Securities Inc. at (866) 846-2874
(calling toll-free in the United States) or 1-212-834-7279
(outside the United States, call collect).

This announcement does not constitute an offer to purchase or a
solicitation of an offer to sell securities. The offer is being
made solely by the offer to purchase.

CONTACT:  Companhia Vale do Rio Doce (CVRD)
          Roberto Castello Branco
          Tel: +011-55-21-3814-4540
          E-mail: roberto.castello.branco@cvrd.com.br

          Alessandra Gadelha
          Tel: +011-55-21-3814-4053
          E-mail: alessandra.gadelha@cvrd.com.br

          Barbara Geluda
          Tel: +011-55-21-3814-4557
          E-mail: barbara.geluda@cvrd.com.br

          Daniela Tinoco
          Tel: +011-55-21-3814-4946
          E-mail: daniela.tinoco@cvrd.com.br

          Eduardo Mello Franco
          Tel: +011-55-21-3814-9849
          E-mail: eduardo.mello.franco@cvrd.com.br

          Fabio Lima
          Tel: +011-55-21-3814-4271
          E-mail: fabio.lima@cvrd.com.br


CVRD: To Offer 10-Year Notes Through Subsidiary
-----------------------------------------------
Companhia Vale do Rio Doce (CVRD) announced Tuesday that it
plans to offer ten-year notes in the international capital
markets through its wholly-owned subsidiary Vale Overseas
Limited (Vale Overseas). The net proceeds of the offering will
be used for CVRD's general corporate purposes, including payment
of the purchase price for any and all of Vale Overseas' US$300
million 9.000% Guaranteed Notes due 2013 that are tendered and
accepted by Vale Overseas in the concurrent tender offer
launched Tuesday and expected to expire on Tuesday, January 10,
2006, unless extended or earlier terminated.

The notes will be unsecured and unsubordinated obligations of
Vale Overseas and will be fully and unconditionally guaranteed
by CVRD. The guarantee will rank pari passu with all of CVRD's
other unsecured and unsubordinated debt obligations.

J.P. Morgan Securities Inc. is acting as underwriter on the
notes offering and dealer manager on the tender offer.

CVRD and Vale Overseas have filed a registration statement
(including a prospectus) with the Securities Exchange Commission
(SEC) for the offering of the notes. Before you invest, you
should read the prospectus in that registration statement and
other documents CVRD and Vale Overseas have filed with the SEC
for more complete information about the companies and the
offering. You may get these documents for free by visiting EDGAR
on the SEC Web site at www.sec.gov. Alternatively, J.P. Morgan
Securities Inc. will arrange to send you the prospectus if you
request it by calling toll-free (866) 846-2874 (in the United
States), or by calling collect 1-212- 834-7279 (outside the
United States).

CONTACT:  Companhia Vale do Rio Doce (CVRD)
          Roberto Castello Branco
          Tel: +011-55-21-3814-4540
          E-mail: roberto.castello.branco@cvrd.com.br

          Alessandra Gadelha
          Tel: +011-55-21-3814-4053
          E-mail: alessandra.gadelha@cvrd.com.br

          Barbara Geluda
          Tel: +011-55-21-3814-4557
          E-mail: barbara.geluda@cvrd.com.br

          Daniela Tinoco
          Tel: +011-55-21-3814-4946
          E-mail: daniela.tinoco@cvrd.com.br

          Eduardo Mello Franco
          Tel: +011-55-21-3814-9849
          E-mail: eduardo.mello.franco@cvrd.com.br

          Fabio Lima
          Tel: +011-55-21-3814-4271
          E-mail: fabio.lima@cvrd.com.br


CVRD: Fitch Assigns 'BB' FC Rating to Vale Overseas' Issuance
-------------------------------------------------------------
Fitch Ratings has assigned a long-term foreign currency rating
of 'BB' to Vale Overseas Limited's (Vale Overseas) proposed
US$300 million issuance due 2016. Vale Overseas is a wholly
owned subsidiary of Companhia Vale do Rio Doce (CVRD), a large
diversified mining company located in Brazil. The notes are
unsecured obligations of Vale Overseas and are unconditionally
guaranteed by CVRD. The obligation to guarantee the notes rank
pari passu with all of CVRD's other unsecured and unsubordinated
debt obligations. Fitch expects the proceeds of this issuance to
be used for general corporate purposes and primarily to pay down
US$300 million of Vale Overseas' 9.0% guaranteed notes due 2013.

Fitch also maintains the following ratings for CVRD and CVRD
Finance Ltd., a wholly owned subsidiary of CVRD:

  -- CVRD foreign currency rating: 'BB', Outlook Positive;
  -- CVRD local currency rating: 'BBB' Outlook Stable;
  -- CVRD national scale rating: 'AAA(bra)', Outlook Stable;
  -- CVRD Finance Ltd.: series 2000-1 and series 2000-3: 'BBB';
  -- CVRD Finance Ltd., series 2000-2 and series 2003-1: 'AAA'.

CVRD's ratings are supported by the company's strong financial
profile and dominant global position as the world's largest
producer and exporter of iron ore. The company's leading
industry position is primarily a result of its low-cost
production capabilities, its high-quality iron ore, and an
extensive and integrated transportation system consisting of
railways and port facilities. The fully integrated nature, from
mine to port, of CVRD's operations and the high iron content of
its ore, result in a competitive cost structure that provides
significant protection from price fluctuations in the cyclical
metals markets.

CVRD stands to benefit from favorable industry conditions
characterized by a strong price environment for iron ore and a
positive outlook for demand over the near to medium term. CVRD
is the leading producer in the iron ore industry, followed by
BHP Billiton Ltd. and Rio Tinto with operations in Australia.
Consumers of iron ore face an international market dominated by
just a few large rivals that have significant influence in
annual iron ore price negotiations. Iron ore prices rose by
about 72% in 2005 and 18% in 2004. These price increases, along
with those of several other commodities, have been driven by the
confluence of a relatively strong global economy and China's
surging demand for raw materials. Due to constraints in mining
and logistics and continued strong demand by China for higher
quality imported raw materials, iron ore prices are expected to
remain high in 2006 and 2007 compared with historical levels.

CVRD's strong cash generation has resulted in an improving
financial profile. In the first nine months of 2005, CVRD
generated operating EBITDA of US$4.8 billion and had total debt
of US$3.9 billion. CVRD's ratio of total debt-to-operating
EBITDA has declined to 0.6 times (x) as of Sept. 30, 2005, from
2.1x at year-end 2003, and the ratio of net debt-to-operating
EBITDA has decreased to 0.4x from 1.8x over the same period.

CVRD's foreign currency rating of 'BB', Rating Outlook Positive
exceeds the foreign currency rating and country ceiling of
Brazil by one notch. CVRD's Rating Outlook Positive status
mirrors the Rating Outlook Positive status of the foreign
currency rating of the Federative Republic of Brazil, as CVRD's
foreign currency ratings remain linked to the 'BB-' foreign
currency rating of the sovereign.

CVRD's foreign currency rating reflects the strength of the
company's iron ore exporting business and the associated hard
currency generation. The rating is further supported by the
company's low leverage and strong liquidity position. CVRD's
consolidated cash balance of US$1.2 billion at Sept. 30, 2005,
covers short-term debt by about 1.4x. Existing offshore cash
balances and access to U.S. dollar credit lines help mitigate
the transfer and convertibility risks associated with a 'BB-'
rated sovereign. CVRD's liquidity position is supported by
US$750 million in committed credit lines from an international
bank consortium. The company intends to use these short-term
facilities only in times of financial crisis and periods of
tight liquidity. Offshore cash and funds available under
committed credit facilities cover CVRD's annual debt service by
about 1.0x.

CVRD, headquartered in Brazil, is the world's largest producer
and exporter of iron ore and pellets, with a share of
approximately 32% in the global seaborne iron ore trade of about
600 million tons. In 2004, consolidated sales totaled 231
million tons and consisted of 204 million tons of iron ore and
27 million tons of pellets. In addition to iron ore, CVRD
produces nonferrous minerals and metals, provides logistics
services and has strategic interests in the steel industry.

CONTACT:  Fitch Ratings
          Anita Saha, CFA
          Tel: 312-368-3179

          Joe Bormann, CFA
          Tel: 312-368-3349

          Ricardo Carvalho
          Tel: +55-21-4503-2600

          (Media Relations)
          Christopher Kimble
          Tel: 212-908-0226


SADIA: To Extinguish Right to Earn Dividends 10% Higher
-------------------------------------------------------
Sadia S.A. reported on December 20, 2005 that, in accordance
with the Notice to Shareholders filed with the Brazilian
Securities Exchange Commission - CVM and with the Sao Paulo
Stock Exchange - BOVESPA, it has approved the proposal submitted
by its Board of Directors to extinguish the right of title
holders of preferred shares to earn dividends 10% higher, per
share, than those paid to title holders of common shares and to
allow dissenting preferred shareholders who have acquired shares
up to and including the closing of business on October 27, 2005
to exercise their right of withdrawal from this Company.

The pertinent shareholders may exercise this right within 30
days following the publication of this announcement and of the
corresponding Minutes of the Extraordinary and Special
Shareholders Meeting, therefore, from December 21, 2005 up to
and including January 19, 2006.

CONTACT:  Sadia S.A.
          Rua Fortunato Ferraz, 365 - 2nd Floor
          05093-901 - Sao Paulo - SP - Brazil
          Phone: (55 11) 2113-3552

          URL: www.sadia.com.br


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

ARGENTORUM INVESTMENTS: Commences Liquidation
---------------------------------------------
                ARGENTORUM INVESTMENTS LTD.
                (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

The following special resolution was passed, by the shareholders
of the above-mentioned company at an extraordinary general
meeting of the shareholders held on the 15th 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 30th 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
          Contact for enquires: Timothy Haddleton
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


AS LEVERAGE: Creditors Have Until Jan. 28 to Prove Debt Claims
--------------------------------------------------------------
                AS LEVERAGE ONE HOLDINGS
               (In Voluntary Liquidation)
           The Companies Law (2004 Revision)
                       Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 14th
December 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Mark Wanless and Tun Win be appointed as liquidators of the
Company.

Creditors of the above-named company are to prove their debts or
claims on or before 28th January 2006, and to send full
particulars of their debts or claims to the joint liquidators of
the said company. In default thereof, they will be excluded from
the benefit of any distribution made before the debts are
proved.

CONTACT:  MARK WANLESS and TUN WIN
          Joint Voluntary Liquidators
          Maples Finance Jersey Limited, 2nd Floor
          Le Masurier House, La Rue Le Masurier
          St. Helier, Jersey JE2 4YE


CAMELOTFUND INTERNATIONAL: Schedules Final Meeting for Jan. 30
--------------------------------------------------------------
              CAMELOTFUND INTERNATIONAL LIMITED
                      (The "Company")
                (In Voluntary Liquidation)
              The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of the Company will be held at
the registered office of the Company on 30th January 2006, at
9:00 am.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on 30th January 2006.

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

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

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


COMREX HOLDING: Names Martin Couch, Richard Gordon Liquidators
--------------------------------------------------------------
                    COMREX HOLDING, INC.
                (In Voluntary Liquidation)
             The Companies Law (2004 Revision)
                         Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 14th
December 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Martin Couch and Richard Gordon be appointed, jointly and
severally, as liquidators of the Company.

Creditors of the above-named company are to prove their debts or
claims on or before 28th January 2006, and to send full
particulars of their debts or claims to the joint liquidators of
the said company. In default thereof, they will be excluded from
the benefit of any distribution made before the debts are proved
or from objecting to the distribution.

CONTACT:  MARTIN COUCH and RICHARD GORDON
          Joint Voluntary Liquidator
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


COURT AND CORE: Sets Deadline for Submission of Debt Particulars
----------------------------------------------------------------
                 COURT AND CORE HOLDING INC.
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)
                        Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 14th
December 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Mark Wanless and Tun Win be appointed as liquidators of the
Company.

Creditors of the above-named company are to prove their debts or
claims on or before 28th January 2006, and to send full
particulars of their debts or claims to the joint liquidators of
the said company. In default thereof, they will be excluded from
the benefit of any distribution made before the debts are
proved.

CONTACT:  MARK WANLESS and TUN WIN
          Joint Voluntary Liquidators
          Maples Finance Jersey Limited, 2nd Floor
          Le Masurier House, La Rue Le Masurier
          St. Helier, Jersey JE2 4YE


CREDIT FRONTIER: Mark Wanless, Tun Win to Oversee Liquidation
-------------------------------------------------------------
                      CREDIT FRONTIER I
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)
                         Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 13th
December 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Mark Wanless and Tun Win be appointed as liquidators of the
Company.

Creditors of the above-named company are to prove their debts or
claims on or before 28th January 2006, and to send full
particulars of their debts or claims to the joint liquidators of
the said company. In default thereof, they will be excluded from
the benefit of any distribution made before the debts are
proved.

CONTACT:  MARK WANLESS and TUN WIN
          Joint Liquidators
          Maples Finance Jersey Limited, 2nd Floor
          Le Masurier House, La Rue Le Masurier
          St. Helier, Jersey JE2 4YE


CTMPII FC: To Approve Remuneration of Joint Liquidators
-------------------------------------------------------
                  CTMPII FC MONMOUTH (GCM)
                 (In Voluntary Liquidation)
                   Companies Law (Revised)

NOTICE IS HEREBY GIVEN, pursuant to Section 145 of the Companies
Law, that the final meeting of the members of CTMP II FC
MONMOUTH (GCM) will be held at its Registered Office, Caledonian
House, 69 Dr. Roy's Drive, Grand Cayman, Cayman Islands on the
20th January 2006, at 9:00 am. The purpose of the meeting will
be to:

1. Lay before the members of the Company the report of the joint
liquidators on the winding up of the Company;

2. Approve the report of the joint liquidators; and

3. Approve the remuneration of the joint liquidators.

CONTACT:  BERNARD MCGRATH
          Joint Voluntary Liquidator
          Caledonian House
          PO Box 1043 GT, George Town
          Grand Cayman
          Tel: 949-0050
          Fax: 949-8062


CTMPII FUNDING: To Approve Report of Joint Liquidators
------------------------------------------------------
                  CTMPII FUNDING CORP (BS)
                 (In Voluntary Liquidation)
                   Companies Law (Revised)

NOTICE IS HEREBY GIVEN, pursuant to Section 145 of the Companies
Law, that the final meeting of the members of CTMP II FUNDING
CORP (BS) will be held at its Registered Office, Caledonian
House, 69 Dr. Roy's Drive, Grand Cayman, Cayman Islands on the
20th January 2006, at 9:00 am. The purpose of the meeting will
be to:

1. Lay before the members of the Company the report of the joint
liquidators on the winding up of the Company;

2. Approve the report of the joint liquidators; and

3. Approve the remuneration of the joint liquidators.

CONTACT:  BERNARD MCGRATH
          Joint Voluntary Liquidator
          Bernard McGrath, Caledonian House
          PO Box 1043 GT, George Town, Grand Cayman
          Tel 949-0050
          Fax 949-8062


CTMPII FUNDING (MS): To Lay Before Members Winding Up Accounts
--------------------------------------------------------------
                  CTMPII FUNDING CORP (MS)
                 (In Voluntary Liquidation)
                   Companies Law (Revised)

NOTICE IS HEREBY GIVEN, pursuant to Section 145 of the Companies
Law, that the final meeting of the members of CTMP II FUNDING
CORP (MS) will be held at its Registered Office, Caledonian
House, 69 Dr. Roy's Drive, Grand Cayman, Cayman Islands on the
20th January 2006, at 9:00 am. The purpose of the meeting will
be to:

1. Lay before the members of the Company the report of the joint
liquidators on the winding up of the Company;

2. Approve the report of the joint liquidators; and

3. Approve the remuneration of the joint liquidators.

CONTACT:  BERNARD MCGRATH
          Joint Voluntary Liquidator
          Caledonian House
          PO Box 1043 GT, George Town, Grand Cayman
          Tel 9490050
          Fax 9498062


DIRECTNET HOLDINGS: Final Meeting Set for Jan. 30
-------------------------------------------------
              DIRECTNET HOLDINGS (CAYMAN) LIMITED
                       (The "Company")
                 (In Voluntary Liquidation)
               The Companies Law (As Amended)

Pursuant to Section 145 of the Companies Law (as amended), the
final meeting of the shareholders of the Company will be held at
the registered office of the Company on 30th January 2006, at
10:00 am.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on 30th January 2006.

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

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

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


EMINENT FUNDING: Taps Guy Major, Richard Gordon as Liquidators
--------------------------------------------------------------
                  EMINENT FUNDING I, LTD.
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)
                     Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 6th
December 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Guy Major and Richard Gordon be appointed, jointly and
severally, as liquidators of the Company.

Creditors of the above-named company are to prove their debts or
claims on or before 28th January 2006, and to send full
particulars of their debts or claims to the joint liquidators of
the said company. In default thereof, they will be excluded from
the benefit of any distribution made before the debts are proved
or from objecting to the distribution.

CONTACT:  GUY MAJOR and RICHARD GORDON
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


ENDEAVOUR ENERGY: Debt Particulars Due Jan. 26
----------------------------------------------
           ENDEAVOUR ENERGY INTERNATIONAL, INC.
                (In Voluntary Winding Up)
            The Companies Law (2004 Revision)

NOTICE IS HEREBY GIVEN that the creditors of the above named
Company which is being wound up voluntarily are required on or
before 26th 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 attorneys-at-law for 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:  WILLIAM L. TRANSIER
          Voluntary Liquidator
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309GT, Ugland House
          South Church Street, George Town
          Grand Cayman, Cayman Islands


GT TMK: Proofs of Debt Due Jan. 28
----------------------------------
                  GT TMK HOLDINGS LIMITED
                (In Voluntary Liquidation)
             The Companies Law (2004 Revision)
                       Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 14th
December 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Mark Wanless and Tun Win be appointed as liquidators of the
Company.

Creditors of the above-named company are to prove their debts or
claims on or before 28 January 2006, and to send full
particulars of their debts or claims to the joint liquidators of
the said company. In default thereof, they will be excluded from
the benefit of any distribution made before the debts are
proved.

CONTACT:  MARK WANLESS and TUN WIN
          Joint Voluntary Liquidators
          Maples Finance Jersey Limited, 2nd Floor
          Le Masurier House, La Rue Le Masurier
          St. Helier, Jersey JE2 4YE


HAMERSLEY INVESTMENTS: Liquidator to Distribute Assets
------------------------------------------------------
                HAMERSLEY INVESTMENTS LIMITED
                 (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

The following special resolution was passed, by the shareholders
of the above-mentioned company at an extraordinary general
meeting of the shareholders held on the 15th 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 30th 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
          Contact for enquires: Timothy Haddleton
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


IST DEVELOPMENT: Begins Liquidation
-----------------------------------
                IST DEVELOPMENT CAYMAN LIMITED
                  (In Voluntary Liquidation)
             The Companies Law (2004 Revision)
                        Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of the above-mentioned Company at an
extraordinary general meeting of the shareholder(s) held on 15th
December 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Mark Wanless and Tun Win be appointed as liquidators of the
Company.

Creditors of the above-named company are to prove their debts or
claims on or before 28th January 2006, and to send full
particulars of their debts or claims to the joint liquidators of
the said company. In default thereof, they will be excluded from
the benefit of any distribution made before the debts are
proved.

CONTACT:  MARK WANLESS and TUN WIN
          Joint Voluntary Liquidators
          Maples Finance Jersey Limited, 2nd Floor
          Le Masurier House, La Rue Le Masurier
          St. Helier, Jersey JE2 4YE


MASTERPIECE HOLDINGS: Buchanan Limited to Supervise Wind Up
-----------------------------------------------------------
                  Masterpiece Holdings Limited
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

The following special resolution was passed, by the shareholders
of Masterpiece Holdings Limited at an extraordinary general
meeting of the shareholders held on December 15, 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 Masterpiece Holdings Limited, which is being wound
up voluntarily, are required on or before January 30, 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
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


MILLION STONE: Appoints Mark Wanless, Tun Win as Liquidators
------------------------------------------------------------
                    Million Stone Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                         Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Million Stone Limited at an extraordinary
general meeting of the shareholder(s) held on December 14, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Mark Wanless and Tun Win be appointed as liquidators of the
Company.

Creditors of Million Stone Limited are to prove their debts or
claims on or before January 28, 2006, and to send full
particulars of their debts or claims to the joint liquidators of
the Company. In default thereof, they will be excluded from the
benefit of any distribution made before the debts are proved.

CONTACT:  Mark Wanless and Tun Win
          Joint Voluntary Liquidators
          Maples Finance Jersey Limited, 2nd Floor
          Le Masurier House, La Rue Le Masurier
          St. Helier, Jersey JE2 4YE


NM HOLDING: To be Placed into Voluntary Liquidation
---------------------------------------------------
                       NM Holding, Inc.
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                         Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of NM Holding, Inc. at an extraordinary
general meeting of the shareholder(s) held on December 9, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Suzan Merren and Emile Small be appointed, jointly and
severally, as liquidators of the Company.

Creditors of NM Holding, Inc. are to prove their debts or claims
on or before January 28, 2006, and to send full particulars of
their debts or claims to the joint liquidators of the Company.
In default thereof, they will be excluded from the benefit of
any distribution made before the debts are proved or from
objecting to the distribution.

CONTACT:  Ms. Suzan Merren and Ms. Emile Small
          Joint Voluntary Liquidator
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


NOVO MUNDO: Voluntary Wind Up Begins
------------------------------------
                     Novo Mundo Limited
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

The following special resolution was passed, by the shareholders
of Novo Mundo Limited at an extraordinary general meeting of the
shareholders held on December 15, 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 authorised if it think
fit, to distribute specific assets to members.

Creditors of Novo Mundo Limited, which is being wound up
voluntarily, are required on or before January 30, 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
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360


PREPO HOLDINGS: To Wind Up Voluntarily
--------------------------------------
                       Prepo Holdings Inc.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of Prepo Holdings Inc. on November 25, 2005.

THAT the Company be wound up voluntarily and that Marcos
Wettreich of Rua Goethe no.6, Botafogo, Zip Code 22281-020, City
of Rio de Janeiro, State of Rio de Janeiro, Brazil, be appointed
as liquidator for the purpose of the winding up of the Company.

Creditors of Prepo Holdings Inc. are to prove their debts or
claims by or before January 13, 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: November 25, 2005

CONTACT:  Mr. Marcos Wettreich, Liquidator
          Giorgio Subiotto
          c/o Ogier
          PO Box 1234 GT
          Grand Cayman, Cayman Islands
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986


S.F. KUGAYAMA: Nobuhiro Sakano Appointed Liquidator
---------------------------------------------------
            S.F. Kugayama Development Holdings, Inc.
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                         Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of S.F. Kugayama Development Holdings, Inc.
at an extraordinary general meeting of the shareholder(s) held
on December 6, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Nobuhiro Sakano be appointed liquidator of the Company.

Creditors of S.F. Kugayama Development Holdings, Inc. are to
prove their debts or claims on or before January 28, 2006, and
to send full particulars of their debts or claims to the joint
liquidators of the Company. In default thereof, they will be
excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

CONTACT:  Nobuhiro Sakano, Joint Voluntary Liquidator
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


S.F. NISHISHINJUKU: Resolves to Liquidate Voluntarily
-----------------------------------------------------
         S.F. Nishishinjuku Development Holdings, Inc.
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                         Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of S.F. Nishishinjuku Development Holdings,
Inc. at an extraordinary general meeting of the shareholder(s)
held on December 6, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Nobuhiro Sakano be appointed liquidator of the Company.

Creditors of S.F. Nishishinjuku Development Holdings, Inc. are
to prove their debts or claims on or before January 28, 2006,
and to send full particulars of their debts or claims to the
joint liquidators of the Company. In default thereof, they will
be excluded from the benefit of any distribution made before the
debts are proved or from objecting to the distribution.

CONTACT:  Nobuhiro Sakano, Joint Voluntary Liquidator
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


SOLEIL ASSET: Creditors to Prove Claims Until Jan. 30
-----------------------------------------------------
                  Soleil Asset Securitization Ltd
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

The following special resolution was passed by the shareholder
of Soleil Asset Securitzation Ltd at an extraordinary general
meeting of the shareholder held on December 16, 2005.

THAT the Company be voluntarily wound up and that Cereita
Lawrence and Kareen Watler be and are hereby appointed as
liquidators of the Company for the purpose of winding up 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 the debts are
proved or from objecting to the distribution.

Date of Liquidation: December 16, 2005

CONTACT:  Ms. Cereita Lawrence and Ms. Kareen Watler
          Joint Voluntary Liquidators
          P.O. Box 1109GT, Grand Cayman
          Telephone: (345) 949-7755
          Facsimile: (345) 949-7634


SRE HOLDINGS: Claims Verification Phase to Close Jan. 28
--------------------------------------------------------
                       SRE Holdings, Inc.
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                          Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of SRE Holdings, Inc. at an extraordinary
general meeting of the shareholder(s) held on December 12, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Wendy Ebanks and Richard Gordon be appointed, jointly and
severally, as liquidators of the Company.

Creditors of SRE Holdings, Inc. are to prove their debts or
claims on or before January 28, 2006, and to send full
particulars of their debts or claims to the joint liquidators of
the Company. In default thereof, they will be excluded from the
benefit of any distribution made before the debts are proved or
from objecting to the distribution.

CONTACT:  Ms. Wendy Ebanks and Mr. Richard Gordon
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


SYMPHONIA: Liquidators to Verify Creditors' Claims
--------------------------------------------------
                         Symphonia
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)
                        Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of Symphonia at an extraordinary general
meeting of the shareholder(s) held on December 13, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Mark Wanless and Tun Win be appointed as liquidators of the
Company.

Creditors of Symphonia are to prove their debts or claims on or
before January 28, 2006, and to send full particulars of their
debts or claims to the joint liquidators of the Company. In
default thereof, they will be excluded from the benefit of any
distribution made before the debts are proved.

CONTACT:  Mark Wanless and Tun Win, Joint Liquidators
          Maples Finance Jersey Limited, 2nd Floor
          Le Masurier House, La Rue Le Masurier
          St. Helier, Jersey JE2 4YE


T.K.R. CORPORATION: Chooses Liquidators to Supervise Wind Up
------------------------------------------------------------
                       T.K.R. Corporation
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)
                          Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of T.K.R. Corporation at an extraordinary
general meeting of the shareholder(s) held on December 15, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Carlos Farjallah and Johann Le Roux be appointed, jointly
and severally, as liquidators of the Company.

Creditors of T.K.R. Corporation are to prove their debts or
claims on or before January 28, 2006, and to send full
particulars of their debts or claims to the joint liquidators of
the Company. In default thereof, they will be excluded from the
benefit of any distribution made before the debts are proved or
from objecting to the distribution.

CONTACT:  Mr. Johann Leroux, Joint Voluntary Liquidator
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


TB FINANCE: Selects Phillip Hinds, Emile Small as Liquidators
-------------------------------------------------------------
                  TB Finance (Cayman) Limited
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                         Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of TB Finance (Cayman) Limited at an
extraordinary general meeting of the shareholder(s) held on
December 8, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Phillip Hinds and Emile Small be appointed, jointly and
severally, as liquidators of the Company.

Creditors of TB Finance (Cayman) Limited are to prove their
debts or claims on or before January 28, 2006, and to send full
particulars of their debts or claims to the joint liquidators of
the Company. In default thereof, they will be excluded from the
benefit of any distribution made before the debts are proved or
from objecting to the distribution.

CONTACT:  Phillip Hinds and Emile Small
          Joint Voluntary Liquidators
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


TCI FOCUS: Liquidators to Stop Claims Verification Jan. 28
----------------------------------------------------------
                          TCI Focus Fund
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of TCI Focus Fund at an extraordinary general
meeting of the shareholders held on December 15, 2005:

That the Company be voluntarily wound up and that N. Jeffrey
Arkley and John Sutlic, of P.O. Box 1034GT, Grand Cayman, be and
are hereby appointed joint liquidators, to act jointly and
severally, for the purposes of such winding up.

Creditors of the Company are to prove their debts or claims on
or before January 28, 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:  Mr. John Sutlic, Joint Voluntary Liquidator
          Thiry Gordon
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


WMC CAYMAN I: Starts Voluntary Wind Up
--------------------------------------
                           WMC Cayman I
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)
                            Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of WMC Cayman I at an extraordinary general
meeting of the shareholder(s) held on December 12, 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Wendy Ebanks and Mike Hughes be appointed, jointly and
severally, as liquidators of the Company.

Creditors of WMC Cayman I are to prove their debts or claims on
or before January 28, 2006, and to send full particulars of
their debts or claims to the joint liquidators of the Company.
In default thereof, they will be excluded from the benefit of
any distribution made before the debts are proved or from
objecting to the distribution.

CONTACT:  Mr. Mike Hughes, Joint Voluntary Liquidator
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands


WMC CAYMAN II: Creditors Given Until Jan. 28 to Prove Claims
------------------------------------------------------------
                        WMC Cayman II
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)
                         Section 135

TAKE NOTICE that the following special resolution was passed by
the shareholder(s) of WMC Cayman II at an extraordinary general
meeting of the shareholder(s) held on December 12 2005:

THAT the Company be placed into voluntary liquidation forthwith.

THAT Wendy Ebanks and Mike Hughes be appointed, jointly and
severally, as liquidators of the Company.

Creditors of WMC Cayman II are to prove their debts or claims on
or before January 28, 2006, and to send full particulars of
their debts or claims to the joint liquidators of the Company.
In default thereof, they will be excluded from the benefit of
any distribution made before the debts are proved or from
objecting to the distribution.

CONTACT:  Mr. Mike Hughes, Joint Voluntary Liquidator
          Maples Finance Limited, P.O. Box 1093GT
          Grand Cayman, Cayman Islands



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

ECOPETROL: Adopts Contingency Plan Following Guerrilla Attacks
--------------------------------------------------------------
State oil company Ecopetrol has embarked on a contingency plan
to minimize the damage to the environment and rivers in the
southern Putumayo state following three terrorist attacks on the
Company's eight wells and three pipelines on New Year's Eve.

The contingency plan, according to an Ecopetrol spokesperson,
consists of suspending the use of the oil pipelines,
constructing barriers to control contamination and informing
local Amazon communities how to take precautions.

The plan has been jointly adopted by the regional committee for
disaster prevention and control (Crepad), the government agency
in charge of sustainable development (Corpoamazonia) and the
armed forces, the spokesperson said.



===================
C O S T A   R I C A
===================

RICA FOODS: Receives Non-Compliance Notification from the AMEX
--------------------------------------------------------------
As expected and pursuant to prior conversations with the
American Stock Exchange ("AMEX"), Rica Foods, Inc. (Amex: RCF;
the "Company") announced that it received notice (the "AMEX
Notice") from the staff of the AMEX indicating that the Company
is not in compliance with certain of the AMEX continued listing
standards.

As previously disclosed by the Company on Form 8-K filed on
December 21, 2005, the Board of Directors of the Company
received a letter from a shareholder alleging the occurrence of
certain undisclosed transactions between the Company and Mr.
Calixto Chaves, his affiliates and/or Industrias Avicolas
Integrades, S.A., a Nicaraguan poultry and animal feed company,
during Mr. Chaves' tenure as Chief Executive Officer of Rica
from August 1996 until January 2005. A Special Investigation
Subcommittee (the "Committee") of the Audit Committee was
established and charged with, among other things: (i) conducting
an investigation relating to the allegations and (ii) reviewing
the allegations to determine other facts reasonably necessary to
allow the Company and its advisers to determine the appropriate
disclosures necessary or desirable in connection therewith.

Although the Committee's investigation is on-going, the
Committee has secured certain statements and/or documents that
indicate all of the alleged debts, pledges and guaranties of the
Company have been satisfied and/or cancelled since at least July
2004.

Based on the Committee's work to date, the Company believes that
the alleged transactions will have an effect on certain of the
Company's previously filed financial statements and/or notes
related thereto. Accordingly, on December 15, 2005, the Board of
Directors determined that the Company's audited and un-audited
financial statements and related independent auditors' reports
since December 1999 should no longer be relied upon.

As previously disclosed by the Company, Stonefield Josephson,
Inc., the Company's independent accountant ("Stonefield"),
effective December 15, 2005, withdrew its audit reports dated
December 27, 2004, December 29, 2003 and May 23, 2003 with
respect to the Company's financial statements for the fiscal
years ended September 30, 2004, 2003 and 2002 (the "Stonefield
Audited Financial Statements") and indicated to the Company that
that it should make appropriate disclosure that the Stonefield
Audited Financial Statements and the related audit reports
should not be relied upon. The AMEX Notice indicates that, in
light of the foregoing, the Company's Annual Reports on Form 10-
K for the fiscal years ended September 30, 2004, 2003 and 2002
are now considered defective filings, which constitutes a
violation of Sections 134 and 1101 of the AMEX Company Guide and
a material violation of the Company's listing agreement with the
AMEX.

The AMEX Notice indicates that the Company is required to
contact the AMEX by January 4, 2006 to, among other things,
discuss any new developments and indicate whether or not the
Company intends to submit a Compliance Plan (as defined below).
The AMEX Notice further indicates that, in order to maintain its
AMEX listing, the Company must submit a plan by January 10,
2006, advising the AMEX of actions it has taken, or will take,
that would bring the Company in compliance with the Sections 134
and 1101 of the AMEX Company Guide by no later than February 22,
2006 (the "Compliance Plan"). The Company intends to use its
best efforts to provide the Compliance Plan to the AMEX prior to
the required date

If the Compliance Plan is accepted by the AMEX, the listing of
the Company's common stock will continue pursuant to an
extension. The AMEX Notice states that if the Company fails to
provide an acceptable plan by January 10, 2006 or is not in
compliance with the continued listing standards by February 22,
2006, the AMEX may initiate delisting proceedings, as
appropriate. In either event, the Company may appeal if the AMEX
staff makes a determination to initiate delisting proceedings in
accordance with applicable AMEX rules.

In the AMEX Notice, the AMEX also noted that, within five days
of the date of the AMEX Notice, the Company will be included in
a list of issuers, which is posted daily on the AMEX website,
that are not in compliance with the continued listing standards
and ".LF" will be appended to the Company's trading symbols
whenever such trading symbols are transmitted with a quotation
or trade. Accordingly, RCF will trade as RCF.LF. The website
posting and indicator will remain in effect until the Company
has regained compliance with all applicable continued listing
standards.

The Company is devoting substantial resources and working with
its independent auditors to complete and file restated financial
statements as soon as reasonably possible and to restore its
compliance with the AMEX requirements. However, despite the
Company's best efforts, there can be no assurances that the
Company will be able to regain compliance with all applicable
AMEX continued listing standards by February 22, 2006 or that
its independent auditors will consent to the Company's revised
accounting treatment or reissue their audit reports on the
Company's restated financial statements.

ABOUT RICA FOODS, INC.

The Company's operations are largely conducted through its
operating subsidiary, Corporacion Pipasa, S.A. Pipasa's primary
business is derived from the production and sale of broiler
chickens, processed chicken, beef and pork by-products,
commercial eggs, and premixed feed and concentrate for livestock
and domestic animals. The Company's subsidiaries own 97 urban
and rural outlets throughout Costa Rica, three modern processing
plants and four animal feed plants. Pipasa exports its products
to all countries in Central America, Colombia, Dominican
Republic and Hong Kong.

CONTACT:  Rica Foods, Inc.
          Mauricio Marenco
          Tel: +1-305-858-9480
          E-mail: mmarenco@ricafoods.com



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

DESARROLLADORA HOMEX: Names Mario Gonzalez CFO
----------------------------------------------
Desarrolladora Homex, S.A. de C.V. (NYSE: HXM) (BMV: HOMEX)
(Homex or the Company) announced Tuesday that Mario Alberto
Gonzalez Padilla has been appointed Chief Financial Officer
effective January 30, 2006. Mr. Gonzalez replaces Roberto
Carrillo Herrera who has continued to serve in an interim
capacity while the Company searched for a new CFO. Mr. Carrillo
was the CFO of Casas Beta prior to its acquisition by Homex and
has contributed to the integration of the operations of the two
companies. Mr. Carrillo will remain employed by the Company
until the end of January in order to help in the transition of
the new CFO.

"Mario's public company experience and financial leadership
skills will be invaluable as we take Homex to the next level as
a leader in the homebuilding industry," commented Gerardo de
Nicolas, Chief Executive Officer at Homex. "For the last several
months we have been focused on integrating Casas Beta into
Homex's operating and IT platforms. We have benefited greatly
during this critical transition period from the assistance of
Roberto Carrillo, who had been Chief Financial Officer at Casas
Beta. Going forward, Mario will help us drive the financial
strategy and ensure best practices in areas like resource
allocation and risk management."

Mr. Gonzalez is a seasoned financial executive with more than 20
years of senior-level financial experience. Since 2003, Mr.
Gonzalez, 47, was Chief Financial Officer of Consultores de
Integracion de Sistemas (CIS), a Mexico City-based management
consulting firm that advises Fortune 500 companies and others
with operations in Latin America. From 2001 to 2003, he was
Chief Financial Officer for Panamerican Beverages, Inc., a New
York Stock Exchange listed company and the primary Latin
American Coca Cola bottler and distributor. From 1995 to 2001,
Mr. Gonzalez was employed in various senior- level financial
positions with Grupo TMM, S.A. de C.V., a major Mexican
transportation and logistics services company. At the time of
his departure from Grupo TMM, he was Chief Financial Officer of
Transportacion Ferroviaria Mexicana (TFM), a SEC reporting
company and a major Mexican railways company, and also served as
Corporate Controller for Transportacion Maritima Mexicana, S.A.
de C.V. (TMM). Mr. Gonzalez has also held a variety of senior-
level financial positions internationally at Dow Chemical Co.

Mr. Gonzalez holds a master's degree in Business Administration
and Engineering Administration from George Washington University
and a bachelor's degree in Industrial Engineering from the
Universidad Autonoma de Mexico.

About Homex

Desarrolladora Homex, S.A. de C.V. is a leading, vertically-
integrated home development company focused on affordable entry-
level and middle-income housing in Mexico. It is one of the most
geographically diverse home builders in the country. Homex has a
leading position in the top four markets in the country and is
the largest builder in Mexico, based on the number of homes sold
and net income.

CONTACT:  Investor Contacts
          investor.relations@homex.com.mx

          Carlos J. Moctezuma
          Head of Investor Relations
          +5266-7758-5838
          cmoctezuma@homex.com.mx
          URL: http://www.homex.com.mx


GRUPO ELEKTRA: Grupo Salinas Companies Report Solid Performance
---------------------------------------------------------------
Grupo Salinas, a group of dynamic, fast growing and
technologically advanced companies deeply committed to the
modernization of Mexico, stated Tuesday that 2005 represented a
year of growth and profitability for most of the businesses that
are part of the organization.

"Throughout 2005, we have seen a solid performance across a
number of businesses, including Banco Azteca, Iusacell, Unefon,
Elektra, TV Azteca and Azteca America," said Ricardo B. Salinas,
Chairman and Founder of Grupo Salinas. " The sectors in which we
participate were dynamic, and we outgrew many of these
industries because the direction of our businesses was clear: to
maximize return through adding the highest value to society."

"We have a passion for successful businesses, and in the process
we make customers benefit from our high quality products and
services; thus a good year for Grupo Salinas is a good year for
Mexico and its consumers," added Mr. Salinas. "And the size and
dynamism of our Group has a positive impact on the performance
of the overall economy."

The combined 2005 sales from all of Grupo Salinas' companies
equaled more than US$4 billion, representing 0.6 percent of
Mexico's Gross Domestic Product and accounting for the
employment of 50,000 individuals, making the group of companies
one of the largest private employers in the nation.

In 2005 a major trend was the continued popularity of Spanish-
language television by U.S. Hispanic audiences. Indeed, Azteca
America-a subsidiary of TV Azteca-achieved national network
status in the U.S., as defined by Nielsen, thus creating a long-
term distribution platform that will help to increase audience
share and advertising. Azteca America has presence in 43 markets
that are home to 80 percent of U.S. Hispanics. A recent
affiliation agreement with Comcast as well as plans for new
affiliates across the country promises to make 2006 another
record year for Azteca America.

From a financial perspective, TV Azteca continued to distribute
cash to its shareholders, and in 2005 made disbursements of
US$80 million. Adding this to prior cash distributions since
June 2003, total disbursements under the plan have been US$405
million, equivalent to a 20 percent yield, on current market
prices.

In the financial sector, Banco Azteca celebrated its third year
in operation with an increase of more than 20 percent in its
credit portfolio and deposits, and the balance of over 7 million
savings accounts and 5 million credit accounts. The credit
portfolio and deposits growth was well in excess of the national
average, making it one of the ten largest banks in Mexico, and
the second largest in terms of its distribution network.

Grupo Salinas' financial division also continued its strong
support of the traditionally under-banked segments of the
Mexican population. Banco Azteca opened 50,000 savings accounts
per week, granted 60,000 credit accounts weekly; and developed
the Empresario Azteca credit program, consisting of
microfinancing to allow small entrepreneurs to form a business,
employ themselves, and create jobs for others.

Working with Banco Azteca to deliver much needed services to an
under-served population, Elektra, a retail chain store, grew to
more than 1,000 outlets in 2005. Door-to-door sales campaigns
and in-store Banco Azteca branch offices brought services to
consumers with entrepreneurial and consumer needs.

Additionally, the money transfer business handled nearly 10
percent of the transfers from the U.S. to Mexico, which in
aggregate account for about US$20 billion. Grupo Elektra enjoyed
a growing presence in five Latin American countries as well,
with plans to enter additional markets in the new year.

Mobile telephony companies Grupo Iusacell and Unefon reported
also solid numbers in 2005; together they reached 3 million
subscribers in Mexico. And just as Iusacell achieved double
digit EBITDA growth, and state of the art 3G applications for
corporations and individuals, Unefon continued to attract a
growing customer base by offering the lowest pre-paid mobile
service in Mexico.

"We are tremendously excited about 2006 and look forward to
continuing to putting our strategy for growth into place," Mr.
Salinas continued. "With the innovative new programs we have
planned, we are predicting another year of growth for our
organization, our partners, our customers, and Mexico."

CONTACT: Grupo Elektra S.A. de C.V.
         Dinorah Macias
         Investor Relations
         Phone: 52 (55) 1720-7821
         Fax: 52 (55) 1720-7822
         E-mail: dmacias@elektra.com.mx

         Grupo Salinas
         Bruno Rangel
         Director of Investor Relations
         Phone: 52 (55) 1720 9167
         Fax: 52 (55) 1720 0831
         E-mail: jrangelk@tvazteca.com.mx


PILGRIM'S PRIDE: Revises First Fiscal Quarter Earnings Guidance
---------------------------------------------------------------
Pilgrim's Pride Corporation (NYSE: PPC) announced Tuesday that
it is lowering its previously issued earnings guidance for its
first quarter of fiscal 2006 to a range of $0.36 to $0.41 per
share, which excludes charges associated with the further
restructuring of its Turkey operations and certain one time tax
benefits in the Company's Mexico operations, which amounts have
not been fully determined at this time, however, we currently do
not expect the net of these two items to be material, versus the
$0.75 to $0.85 per share range previously communicated by the
Company. The results for the quarter are expected to be less
than previously forecasted due primarily to a significantly
worse than expected performance in the Company's Mexico
operations and lower sales prices realized during the quarter on
chicken leg quarters in its U.S. operations.

"We are extremely disappointed with the results realized this
quarter by our Mexico operations," stated Mr. O.B. Goolsby,
President and Chief Executive Officer of Pilgrim's Pride
Corporation. "After turning in a record performance last fiscal
year, the turn about we saw this quarter was significant as
sales momentum during the Christmas holiday season in Mexico
failed to live up to expectations and last year's performance.
Additionally, our U.S. operations were negatively impacted by
sharp declines in the selling price for chicken leg quarters,
which declined from an average selling price of $0.45 per pound
in the fourth fiscal quarter of 2005 to approximately $0.29 per
pound in the first fiscal quarter of 2006. We attribute this
drop in selling price primarily to the effects focus and concern
over avian influenza has had on international demand for poultry
products and to the disruptions caused by having to reroute
product in transit to locations other than those intended as
these concerns materialized."

Turkey Division Restructuring

"Today we also are announcing plans to further restructure our
turkey business by ceasing the production of ground turkey and
cooked turkey deli breast meat items at our Franconia, PA
further processing plant effective March 3, 2006. After this
time, this facility will focus strictly on the Company's
profitable refrigerated salads line and our Turkey operations
will be limited to fresh and frozen whole turkeys, produced in
New Oxford, PA." Goolsby added.

"The restructuring is expected to have a positive impact on
annualized pre-tax earnings of approximately $10 - $15 million
per year, reduce working capital employed in the Franconia plant
by approximately $13 million and will result in a reduction in
workforce of approximately 300 employees."

The Company is also withdrawing its previously issued guidance
for the rest of fiscal 2006, which is not being updated at this
time.

Pilgrim's Pride Corporation is the second-largest poultry
producer in the United States and Mexico and the largest chicken
producer in Puerto Rico. Pilgrim's Pride employs more than
40,000 people and has major operations in Texas, Alabama,
Arkansas, Georgia, Kentucky, Louisiana, North Carolina,
Pennsylvania, Tennessee, Virginia, West Virginia, Mexico and
Puerto Rico, with other facilities in Arizona, California,
Florida, Iowa, Mississippi, Utah and Wisconsin.

Pilgrim's Pride products are sold to foodservice, retail and
frozen entree customers. The Company's primary distribution is
through retailers, foodservice distributors and restaurants
throughout the United States and Puerto Rico and in the Northern
and Central regions of Mexico.

CONTACT:  Pilgrim's Pride Corporation
          Rick Cogdill
          (903) 434-1508
    URL: http://www.pilgrimspride.com


PLIANT CORPORATION: Mexican Ops Not Included in Ch. 11 Filing
-------------------------------------------------------------
Pliant Corporation announced Tuesday that, in order to complete
a financial restructuring that will significantly reduce debt
and annual interest expense, the Company and certain of its
subsidiaries have filed voluntary petitions for reorganization
under Chapter 11 of the U.S. Bankruptcy Code. The filings were
made Tuesday in the U.S. Bankruptcy Court for the District of
Delaware.

Pliant expects to continue to operate in the normal course of
business during the reorganization process. All of the Company's
24 manufacturing and research and development facilities around
the world are open and continuing to serve customers as usual.
Pliant's operations in Mexico, Germany, and Australia were not
included in the Chapter 11 filing and are not subject to the
reorganization proceedings. Three of the Company's subsidiaries
with Canadian operations will seek recognition of the Chapter 11
proceedings in a Canadian court as "foreign proceedings"
pursuant to Canada's Companies' Creditors Arrangement Act.

Pliant intends to use the Chapter 11 reorganization process to
complete its previously announced financial restructuring, which
would reduce debt by up to $578 million and annual interest
expense by up to $84 million. The Company intends to file a plan
of reorganization to implement the agreed restructuring in the
near term. The holders of more than two-thirds of Pliant's 13%
Senior Subordinated Notes and the holders of a majority of its
preferred and common stock have agreed to support the
restructuring transaction and vote in favor of the plan of
reorganization.

To fund its continuing operations during the reorganization
process, Pliant has secured a commitment for debtor-in-
possession (DIP) financing from GE Commercial Finance that will
provide Pliant with additional liquidity of approximately $70
million. Subject to court approval, these funds will be
available to satisfy obligations associated with conducting the
Company's business, including payment under normal terms for
goods and services provided after Tuesday's filing and payment
of wages and benefits to active employees and retirees.

Harold C. Bevis, Pliant's President and Chief Executive Officer,
said: "During the past two years Pliant has taken numerous steps
to strengthen operations, expand product offerings and improve
the quality of service we provide to our customers. Our
strategic plan is designed to position Pliant for a stronger
future, with a focus on innovation, customer service, accretive
sales growth and operational excellence. We believe that it will
enable us to consistently meet and exceed the expectations of
our diverse customer base, while continuing to win new business
from some of the most important names in Corporate America."

He continued, "Today, as the next step in the implementation of
our strategic plan, we have taken decisive action to position
Pliant to succeed in the long term. Our leadership team and
Board of Directors made the decision to file for Chapter 11
because a court-supervised reorganization will allow us to most
efficiently resolve our financial challenges and build on our
recent accomplishments. Because we enter Chapter 11 with a pre-
negotiated debt reduction agreement with several of our
stakeholders, we are optimistic that we can complete the process
quickly."

Bevis noted that Pliant expects its operations to function
normally during the Chapter 11 process, with very little change
in how it conducts business:

  -- Employees will continue to be paid.  Pliant fully expects
that there will be no interruptions to salary or benefits for
employees.

  -- Pliant will meet customer obligations. The Company
anticipates that its manufacturing and research and development
facilities will remain open on normal schedules, and that it
will continue to fulfill customer orders and provide
uninterrupted customer service.

  -- Suppliers will be paid.  Pliant intends to continue paying
all suppliers for goods and services they provide after the
filing. The Company also anticipates that its proposed plan of
reorganization will leave suppliers unimpaired for any pre-
petition claims they may have incurred.

A Difficult Industry Environment

In motions filed with the Bankruptcy Court, Pliant reported that
its decision to file for Chapter 11 was influenced by several
factors, including challenging industry conditions -- namely the
increase in the price of raw materials. The principal raw
materials used by Pliant are polyethylene, PVC and polypropylene
(collectively referred to as "resin"), which are petrochemical
products whose price and availability are linked closely to the
market supply of crude oil and natural gas. The cost of resin
constituted nearly two-thirds of Pliant's total manufacturing
costs in the first half of 2005. Recent events such as Hurricane
Katrina and Hurricane Rita triggered severe increases in the
price of resin and tightened availability. Coupled with the
tightening of trade terms by certain of Pliant's key suppliers,
this increase in the price of resin resulted in a steady
deterioration of the Company's liquidity position.

Financial Restructuring Transaction

Pliant's proposed financial restructuring is intended to improve
its liquidity position significantly through the elimination of
$41.6 million of annual cash interest payments. On December 28,
2005, Pliant entered into Support Agreements with the holders of
more than two-thirds of its 13% Senior Subordinated Notes, the
holders of a majority of the outstanding shares of its
mandatorily redeemable preferred stock and the holders of a
majority of the outstanding shares of its common stock, pursuant
to which such holders agreed, subject to the terms and
conditions contained in the Support Agreements, to support the
Company's proposed financial restructuring. Under the terms of
this restructuring, (i) holders of Pliant's $320 million of 13%
Senior Subordinated Notes will (a) receive up to $35 million in
new debt in consideration for accrued interest that was payable
on December 1, 2005, and (b) exchange all of their 13% Senior
Subordinated Notes for a combination of 30% of the reorganized
Company's common stock and at least $260 million of a newly
issued Series AA Redeemable Preferred Stock, which will not be
subject to mandatory redemption, and (ii) holders of Pliant's
$278 million of mandatorily redeemable preferred stock will
exchange all of their mandatorily redeemable preferred stock for
a combination of up to $75.5 million of a new Series AA
Redeemable Preferred Stock and a percentage of the reorganized
Company's common stock to be determined. Completion of the
restructuring is subject to a number of conditions, including
completion of a plan of reorganization and other definitive
documentation, receipt of formal approval of the plan of
reorganization from the holders of at least two-thirds in claim
amount and 50% in number of the 13% Senior Subordinated Notes
that vote on the plan, and bankruptcy court approval. The
holders of more than two-thirds of Pliant's 13% Senior
Subordinated Notes have agreed to vote in favor of the plan of
reorganization.

Pliant's principal legal advisors for the Chapter 11 proceedings
are Sidley Austin LLP and Young Conaway Stargatt & Taylor LLP.
The Company's financial advisor is Jefferies & Company, Inc.

About Pliant

Pliant Corporation is a leading producer of value-added film and
flexible packaging products for personal care, medical, food,
industrial and agricultural markets. The Company operates 24
manufacturing and research and development facilities around the
world, and employs approximately 3,000 people.

CONTACT:  Kekst and Company
          Media: Mark Semer or Michael Freitag
          +1-212-521-4800

          Pliant Corporation
          Investor Inquiries: Stephen T. Auburn
          General Counsel & Investor Relations
          Tel: +1-847-969-3319
          URL: http://www.pliantcorp.com



=======
P E R U
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NUEVO MUNDO: Regulators Cleared to Carry Out Liquidation
--------------------------------------------------------
Banking regulator SBS can now proceed with the liquidation of
intervened bank Banco Nuevo Mundo, reports Business News
Americas.

Authorities intervened Nuevo Mundo in December 2000 when former
President Alberto Fujimori went into exile in Japan causing a
run on deposits and liquidity problems at the bank.

Authorities then moved to liquidate the bank. But a lower court
suspended the process in June last year amid a dispute between
SBS and the owner of Nuevo Mundo, the local Levy group.

Recently, however, the Supreme Court ordered regulators to
proceed with the liquidation of Nuevo Mundo to protect the
interests of the bank's creditors and depositors.



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

NFM: Union Wants to Meet with Management
----------------------------------------
The union representing workers at the National Flour Mills (NFM)
hopes to meet with the Company's management before the end of
the week to discuss their concerns regarding the future of the
workers recently sent on the breadline, the Trinidad Express
reports.

Some 139 workers were sent home after the NFM closed its Edible
Oils Complex and Rice Mill.

Michael Annisette, president general of the Seamen and
Waterfront Workers Trade Union (SWWTU), said "the wholesale
sending home of workers and giving them severance cannot be the
solution for this society."

"The question remains of what happens to these workers, their
futures and their families and all the social and psychological
implications that go with sending workers home, " Mr. Annisette
added.

He said that because of these consequences the union is putting
across issues to the NFM management that deals with the
retraining of workers so that they can be put back into the
society as productive individuals.

At the same time, the union is preparing to send its counter
proposals to the NFM management after rejecting the Company's
Voluntary Separation Plan last week.


                            ***********


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
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Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and
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Copyright 2006.  All rights reserved.  ISSN 1529-2746.

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