TCRLA_Public/060110.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, January 10, 2006, Vol. 7, Issue 7

                            Headlines



A R G E N T I N A

CRESUD: Holders Exercise Warrant Rights on Jan. 4
IRSA: Holders Exercise Warrant Rights
MACRO BANSUD: Offers to Sell 150.7M Class B Shares
MEDICINE OF THE WORLD: Court Deems Bankruptcy Necessary
RECIBAIRES S.R.L.: Verification Deadline Approaches

SERVICORRIENTES S.R.L.: Gets Court Approval for Reorganization


B R A Z I L

AES CORP.: Trustee Notifies Company for Failure to File Reports
VARIG: To Sell VEM, VarigLog Separately


C A Y M A N   I S L A N D S

ALPHAGEN CEPHEUS: To Authorize Liquidator to Retain Records
ALPHAGEN CURRENCY: To Hold Final Meeting Jan. 30
AUDIO HOLDINGS: Schedules Final Meeting of Shareholders
AUDIO INVESTMENTS: To Authorize Liquidator to Retain Records
BANCO DO BRASIL: Moody's Assigns Ba1 Rating to $300M Notes

CONFERENCE EQUITY: To Lay Wind Up Accounts Before Jan. 31 Mtg.
CONFERENCE FINANCE: Sets Shareholders' Final Meeting for Jan. 31
CONFERENCE HOLDINGS: Final Meeting to be Held Jan. 31
CONFERENCE IIP: To Authorize Liquidator to Retain Records
CONFERENCE INVESTMENTS: To Lay Wind Up Accounts Before Meeting

ECI EQUITY: Sets Final Meeting of Shareholders for Jan. 31
ECI FINANCE: To Authorize Liquidator to Retain Records
ECI HOLDINGS: Sets Final Meeting of Shareholders for Jan. 31
ECI INVESTMENTS: To Explain Winding Up Process Jan. 31
EQUITY ECI: To Lay Wind Up Accounts Before Jan. 31 Meeting

EXECUTIVE EQUITY: To Explain Wind Up Process to Members Jan. 31
EXECUTIVE IIP: To Explain Wind Up Process Jan. 31
FIRST SHIP: To Give Accounts on Liquidation on Jan. 30
FORWARD FUNDING: To Present Accounts on Wind Up Jan. 30
GLOBAL CAPITAL: To Lay Liquidation Accounts Before Jan. 30 Mtg.

HIMO INVESTORS: Shareholders to Hear Wind Up Progress
MARCEAU LTD.: Schedules Final Shareholder Meeting Jan. 31
PERCON MANAGED: Final Meeting Set for Jan. 30
PSAM PANORAMA: To Hold Final Meeting Jan. 27
SCL ENTERPRISE: To Report on Wind Up Process Jan. 30

SOUTH-EAST EUROPEAN: To Lay Wind Up Accounts Before Jan. 27 Mtg.
TUPPERWARE HOLDINGS: To Show Manner of Wind Up Jan. 31
VCM LIMITED: To Give Explanation on Liquidation Jan. 30
VENTURE CAPITAL: Schedules Final Meeting for Jan. 30
WINTHROP U.S.: Final Meeting to be Held Jan. 30


J A M A I C A

KAISER ALUMINUM: Gramercy & SABL Want $5M Admin. Expense Paid
MIRANT CORP: Registers 1.5 Billion Shares for Plan Distributions


M E X I C O

GRUPO MEXICO: Electrical Problems Shut Down Zinc Refinery
GRUPO TRIBASA: Emerges From Bankruptcy Protection With New Name
LUZ Y FUERZA: Unveils $6.36M Planned Investment for Public Works


P A R A G U A Y

BANCO UNION/ORIENTAL: NY Judge Orders Repayment of Stolen Funds


P E R U

FUNSUR: Workers End Strike, Accept PEN2 Pay Rise Per Day


T R I N I D A D   &   T O B A G O

BWIA: Commences Restructuring Process

     -  -  -  -  -  -  -  -

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

CRESUD: Holders Exercise Warrant Rights on Jan. 4
-------------------------------------------------
The holders of the Convertible Notes of Cresud S.A.C.I.F. y A
that had already exercised their conversion right exercised
their warrant rights on January 4, 2006.

In a letter sent to the Bolsa de Comercio de Buenos Aires and
Comision Nacional de Valores the Company reported that a
reduction of 33,061 warrants and an increase of 65,106 ordinary
shares face value pesos 1 (V$N 1) each was made.

As a result, the amount of shares of the Company goes from
169,163,203 to 169,228,309. The amount of warrants outstanding
is 40,200,657. The exercise of the warrant was performed
according to terms and conditions established in the prospectus
of issuance. The amount of shares acquired is equal to the
amount of shares into which it was converted the convertible
note at a price of US$0.6093 for each share face value pesos 1.
Therefore US$39,669.20 entered into the Company.

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  


IRSA: Holders Exercise Warrant Rights
-------------------------------------
IRSA Inversiones y Representaciones Sociedad Anonima reported in
a letter sent to the Bolsa de Comercio and Comision Nacional de
Valores that on January 4, 2006, the holders of Company's
Convertible Notes that already had exercised their conversion
right exercised their warrant rights.

Hence, a reduction of 192,667 warrants and an increase of
353,517 ordinary shares face value pesos 1 (V$N 1) each was
made. As a result, the amount of shares of the Company goes from
368,447,883 to 368,801,400. The new amount of warrants
outstanding is 57,561,804.

The exercise of the warrant was performed according to terms and
conditions established in the prospectus of issuance. The amount
of shares acquired is equal to the amount of shares into which
it was converted the convertible note at a price of US$0.6541
for each share face value pesos 1. Therefore US$231,235.75
entered into the Company.

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


MACRO BANSUD: Offers to Sell 150.7M Class B Shares
--------------------------------------------------
Argentine bank Banco Macro Bansud SA will sell up to 150.7
million Class B shares in a global offering through underwriters
UBS Investment Bank and Raymond James, Dow Jones Newswires
reports.

In a registration filed Friday with the U.S. Securities and
Exchange Commission, the bank said it expects to raise as much
as US$286 million from the offering, on the basis of the average
price of its Class B shares that currently trade on Argentina's
Buenos Aires Stock Exchange under the symbol BSUD.

The bank said it intends to apply to list its Class B shares, in
the form of American depositary shares, for trade on the New
York Stock Exchange under the symbol BMA.

The bank said it intends to use the net proceeds from the U.S.
offering for general corporate purposes. Some of the shares will
be offered by its shareholders, and the company said it won't
receive the proceeds from these shareholder sales.


MEDICINE OF THE WORLD: Court Deems Bankruptcy Necessary
-------------------------------------------------------
Medicine Of The World S.A., which was undergoing reorganization,
entered bankruptcy on orders from a Buenos Aires court. Infobae
relates that the court appointed accounting firm Estudio Picado,
Levy, de Angelis y Asociados, to be the receiver on the case.
The trustee will conduct the credit verification process "por
via incidental."

CONTACT:  Estudio Picado, Levy, de Angelis y Asociados
          Trustee
          Bernardo de Irigoyen 330
          Buenos Aires


RECIBAIRES S.R.L.: Verification Deadline Approaches
---------------------------------------------------
The verification of claims for the Recibaires S.R.L. bankruptcy
will end on March 28, 2006 according to Infobae. Creditors with
claims against the bankrupt company must present proof of the
liabilities to Mr. Ruben Angel Scaletta, the court-appointed
trustee, before the deadline.

Buenos Aires' civil and commercial court handles the Company's
case. The bankruptcy will conclude with the liquidation of the
Company's assets to pay its creditors.

CONTACT:  Recibaires S.R.L.
          Camacua 20
          Buenos Aires

          Mr. Ruben Angel Scaletta, Trustee
          Piedras 1077
          Buenos Aires


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

Ms. Ana Maria Rosa Serranu will oversee the reorganization
proceedings as the court-appointed trustee. He will verify
creditors' claims until Feb. 22, 2006. The validated claims will
be presented in court as individual reports on April 5, 2006.

Ms. Serranu is also required by the court to submit a general
report essentially auditing the Company's accounting and
business records as well as summarizing important events
pertaining to the reorganization. The report will be presented
in court on June 1, 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:  Servicorrientes S.R.L.  
          Corrientes 3832
          Rosario (Santa Fe)
          
          Ms. Ana Maria Rosa Serranu, Trustee
          Santa Fe 1261
          Rosario (Santa Fe)



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

AES CORP.: Trustee Notifies Company for Failure to File Reports
---------------------------------------------------------------
The AES Corp. received on December 30, 2005 notice from the
trustee under indentures governing the Company's outstanding
senior unsecured notes, senior subordinated notes and junior
subordinated convertible notes (totaling approximately $2.8
billion aggregate principal amount), specifying that the Company
is not in compliance with the reporting covenant under such
indentures due to the Company's failure to timely file its
quarterly reports on Form 10-Q for the quarters ended June 30,
2005 and September 30, 2005 with the trustee and the Securities
and Exchange Commission.  

As a result of the receipt of such notice, if the Company fails
to file such reports by February 28, 2006 (which is the date 60
days after the Company's receipt of the notice) an Event of
Default will occur under such indentures.  

If an Event of Default were to occur, either the trustee under
any of the indentures or the holders of at least 25% of the
outstanding principal amount of any such series of notes would
have the right to accelerate the maturity of that series of
notes and declare them immediately due and payable, unless
holders of a majority of such series of notes waive compliance
with the filing requirement.

As previously reported, the lenders under the Company's credit
facility have extended until January 20, 2006 the waiver of any
default or event of default under the Amended and Restated
Credit Agreement which may arise by virtue of the Company's
failure to deliver to the lenders the Company's quarterly
reports on Form 10-Q.

All of the Company's indentures, other than the indenture
governing its junior subordinated convertible notes, contain a
cross default provision which provides that an event of default
occurs there under when an event of default occurs under any
other indebtedness of AES in excess of $50 million and as a
result of such default, the maturity of such debt has been
accelerated and such acceleration has not been rescinded or
annulled within 60 days.  

The Amended and Restated Credit Agreement also contains a cross-
default provision that provides that the Company's default on
indebtedness in amounts in excess of $50 million would
constitute an event of default under the Amended and Restated
Credit Agreement.  As of December 31, 2005, the total amount of
indebtedness outstanding under the Amended and Restated Credit
Agreement was $200 million and $294 million of letters of credit
were issued. The total amount of indebtedness under the
Company's indentures with cross default provisions was $3.8
billion.

The Company believes that the receipt of the notice from the
trustee will not have a material adverse effect on the Company
because it expects to cure the default by filing all required
periodic reports with the SEC, the trustee and the lenders under
its credit facility no later than January 20, 2006.

CONTACT: AES Corporation
         Media Contact
         Robin Pence
         Phone: 703-682-6552
                  or
         Investor Contact
         Scott Cunningham
         Phone: 703-682-6336   


VARIG: To Sell VEM, VarigLog Separately
---------------------------------------
Brazil's embattled flagship airline Viacao Aerea Rio-Grandense
(Varig) has reached a decision to sell its profitable logistics
and maintenance subsidiaries separately, reports Dow Jones
Newswires.

Airline President Marcelo Bottini revealed the Company plans to
sell the logistics wing VarigLog to U.S. investment fund Matlin
Patterson, and the VEM maintenance wing to Portuguese airline
TAP.

In November last year, Varig closed a deal to sell the cargo and
maintenance subsidiaries to a consortium led by Portuguese
airline TAP for US$62 million in order to avoid the repossession
of a number of its jets in the U.S. However, a clause in the
deal allows other companies to take the subsidiaries should they
make higher bids.

Matlin Patterson had offered US$55 million for VarigLog, or
US$77 million, for the two, while TAP has said that its main
interest is in the maintenance wing.

Meanwhile, conglomerate Docas Investmentos, owned by Nelson
Tanure, said it would maintain its bid of US$139 million for the
two subsidiaries and will take court auction because the bid was
ignored.



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

ALPHAGEN CEPHEUS: To Authorize Liquidator to Retain Records
-----------------------------------------------------------
                 ALPHAGEN CEPHEUS FUND LIMITED
                 In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of this company will
be held at the offices of Close Brothers (Cayman) Limited, 4th
Floor Harbour Place, George Town, Grand Cayman, on the 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 liquidator to retain the records of the
company for a period of six years from the dissolution of the
company, after which they may be destroyed.

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

CONTACT:  LINBURGH MARTIN
          Joint Voluntary Liquidator
          Close Brothers (Cayman) Limited
          4TH Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Contact for enquires: Thiry Gordon
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


ALPHAGEN CURRENCY: To Hold Final Meeting Jan. 30
------------------------------------------------
                  ALPHAGEN CURRENCY FUND LIMITED
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of this company will
be held at the offices of Close Brothers (Cayman) Limited, 4th
Floor Harbour Place, George Town, Grand Cayman, on the 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 liquidator to retain the records of the
company for a period of six years from the dissolution of the
company, after which they may be destroyed.

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

CONTACT:  LINBURGH MARTIN
          Joint Voluntary Liquidator
          Contact for enquires: Thiry Gordon
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman


AUDIO HOLDINGS: Schedules Final Meeting of Shareholders
-------------------------------------------------------
                     AUDIO HOLDINGS LIMITED
                   (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this company will be
held at the registered office of the company, on 31st January
2006, at 11:45 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 to
the date of final winding up on 31st January 2006.

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

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

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          Officer for enquiries: Allison Lovinggood-Jackson
          Telephone: 345 949-5122
          Facsimile: 345 949-7920
          P.O. Box 1111, Grand Cayman, Cayman Islands


AUDIO INVESTMENTS: To Authorize Liquidator to Retain Records
------------------------------------------------------------
                   AUDIO INVESTMENTS LIMITED
                  (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this company will be
held at the registered office of the company, on 31st January
2006 at 11:30 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 to
the date of final winding up on 31st January 2006.

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

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

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          Officer for enquiries: Allison Lovinggood-Jackson
          Telephone: 345 949-5122
          Facsimile: 345 949-7920
          P.O. Box 1111, Grand Cayman, Cayman Islands


BANCO DO BRASIL: Moody's Assigns Ba1 Rating to $300M Notes
----------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Banco do
Brasil S.A.- Grand Cayman Branch's proposed US$300 million
perpetual non-cumulative junior-subordinated securities. The Ba1
rating is the result of joint probabilities of default that are
incorporated into Banco do Brasil's credit risk rating, which is
indicated by its A3 global local currency rating, and by
Brazil's Ba3 foreign currency ceiling for bonds and notes. The
outlook on the rating is stable.

Moody's noted that the subordination and other features of the
proposed securities were taken into consideration in the
assignment of the bond rating. However, given the A3 global
local currency rating, the notching that would usually be
applied to subordinated issues does not affect the final foreign
currency rating outcome.

In addition, the rating agency noted that the proposed
securities were assigned a basket B on its Debt-Equity Continuum
(A is most debt-like and E is most equity-like). As such, they
will be treated as 25% equity and 75% debt when Moody's applies
its adjustments to Banco do Brasil's credit metrics. Moody's
noted that upon approval of Tier 1 regulations by the Central
Bank of Brazil, Banco do Brasil may elect to qualify the
securities as Tier 1 capital, at which point Moody's may
reassess its basket treatment.

In determining the basket assignment under its Hybrid Criteria,
Moody's ranks hybrid securities relative to the features of
common equity, including No Maturity, No Ongoing Payments, and
Loss Absorption. The rankings can be either none, weak, moderate
or strong relative to common equity, with none being the closest
to debt and strong the closest to equity.

Moody's basket B designation considered the features of the
proposed securities, including the perpetual maturity, and
optional, non-cumulative payment deferral mechanism. The
securities represent the bank's most junior subordinated debt
and rank pari passu with the most senior preferred stock, if any
would be issued (Banco do Brasil currently has no preferred
stock outstanding). Moreover, there are limited rights to
investors, no material events of default, and the securities do
not cross-default. As such, the securities would form a loss-
absorbing cushion for senior creditors. (Please refer to Moody's
Rating Methodology "Refinement to Moody's Tool Kit:
Evolutionary, Not Revolutionary", of February 2005).

Banco do Brasil is the largest bank in Brazil, with assets of
approximately US$110 billion as of September 2005. The bank's
franchise and distribution network, which is geographically and
product-diversified, ensures its dominance over the banking
system's core deposits, with 21% market share. The increasing
contribution of core revenues to the bank's profits reflects the
strength of its business franchise and the commitment of its
management to align the bank with market standards.

Moody's has recently upgraded Banco do Brasil's financial
strength rating to D, in an indication of improved financial
metrics, earnings and capital quality, in particular. Moody's
also assigns an A3 global local currency rating to Banco do
Brasil, which incorporates the strong likelihood of government
support in the event of a systemic crisis. This conclusion is
based on Banco do Brasil's dominant share of the Brazilian
deposits market and on its importance to the Brazilian banking
system, as well as on its ownership and history of support.

Banco do Brasil S.A. is headquartered in Brasilia, Brazil, and
it had total assets of approximately US$110 billion as of
September 2005.

The following rating was assigned:

Banco do Brasil S.A. Grand Cayman Branch's US$300 million
perpetual non-cumulative junior- subordinated securities -- Ba1
long-term foreign currency subordinated bond rating, stable
outlook


CONFERENCE EQUITY: To Lay Wind Up Accounts Before Jan. 31 Mtg.
--------------------------------------------------------------
                 CONFERENCE EQUITY LIMITED
                 (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this company will be
held at the registered office of the company, on 31st January
2006, at 11:00 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 to
the date of final winding up on 31st January 2006.

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

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

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          Officer for enquiries: Allison Lovinggood-Jackson
          Telephone: 345 949-5122
          Facsimile: 345 949-7920
          P.O. Box 1111, Grand Cayman, Cayman Islands


CONFERENCE FINANCE: Sets Shareholders' Final Meeting for Jan. 31
----------------------------------------------------------------
                 CONFERENCE FINANCE LIMITED
                 (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this company will be
held at the registered office of the company, on 31st January
2006, at 1:15 pm.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of to
the date of final winding up on 31st January 2006.

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

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

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          Officer for enquiries: Allison Lovinggood-Jackson
          Telephone: 345 949-5122
          Facsimile: 345 949-7920
          P.O. Box 1111, Grand Cayman, Cayman Islands


CONFERENCE HOLDINGS: Final Meeting to be Held Jan. 31
-----------------------------------------------------
                   CONFERENCE HOLDINGS LIMITED
                    (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this company will be
held at the registered office of the company, on 31st January
2006, at 10:30 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 to
the date of final winding up on 31st January 2006.

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

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

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          Officer for enquiries: Allison Lovinggood-Jackson
          Telephone: 345 949-5122
          Facsimile: 345 949-7920
          P.O. Box 1111, Grand Cayman, Cayman Islands


CONFERENCE IIP: To Authorize Liquidator to Retain Records
---------------------------------------------------------
                     CONFERENCE IIP LIMITED
                    (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this company will be
held at the registered office of the company, on 31st January
2006, at 12:15 pm.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of to
the date of final winding up on 31st January 2006.

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

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

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          Officer for enquiries: Allison Lovinggood-Jackson
          Telephone: 345 949-5122
          Facsimile: 345 949-7920
          P.O. Box 1111, Grand Cayman, Cayman Islands


CONFERENCE INVESTMENTS: To Lay Wind Up Accounts Before Meeting
--------------------------------------------------------------
               CONFERENCE INVESTMENTS LIMITED
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this company will be
held at the registered office of the company, on 31st January
2006, at 10:45 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 to
the date of final winding up on 31st January 2006.

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

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

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          Officer for enquiries: Allison Lovinggood-Jackson
          Telephone: 345 949-5122
          Facsimile: 345 949-7920
          P.O. Box 1111, Grand Cayman, Cayman Islands


ECI EQUITY: Sets Final Meeting of Shareholders for Jan. 31
----------------------------------------------------------
                      ECI EQUITY LIMITED
                (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this company will be
held at the registered office of the company, on 31st 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 to
the date of final winding up on 31st January 2006.

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

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

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          Officer for enquiries: Allison Lovinggood-Jackson
          Telephone: 345 949-5122
          Facsimile: 345 949-7920
          P.O. Box 1111, Grand Cayman, Cayman Islands


ECI FINANCE: To Authorize Liquidator to Retain Records
------------------------------------------------------
                    ECI FINANCE LIMITED
                 (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this company will be
held at the registered office of the company, on 31st January
2006, at 1:00 pm.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of to
the date of final winding up on 31st January 2006.

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

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

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          Officer for enquiries: Allison Lovinggood-Jackson
          Telephone: 345 949-5122
          Facsimile: 345 949-7920
          P.O. Box 1111, Grand Cayman, Cayman Islands


ECI HOLDINGS: Sets Final Meeting of Shareholders for Jan. 31
------------------------------------------------------------
                   ECI HOLDINGS LIMITED
                (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this company will be
held at the registered office of the company, on 31st January
2006, at 12:45 pm.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of to
the date of final winding up on 31st January 2006.

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

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

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          P.O. Box 1111, Grand Cayman, Cayman Islands
          Officer for enquiries: Allison Lovinggood-Jackson
          Telephone: 345 949-5122
          Facsimile: 345 949-7920


ECI INVESTMENTS: To Explain Winding Up Process Jan. 31
------------------------------------------------------
                  ECI INVESTMENTS LIMITED
                (In Voluntary Liquidation)
             The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this company will be
held at the registered office of the company, on 31st January
2006 at 10:15 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 to
the date of final winding up on 31st January 2006.

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

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

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          P.O. Box 1111, Grand Cayman, Cayman Islands
          Officer for enquiries: Allison Lovinggood-Jackson
          Telephone: 345 949-5122
          Facsimile: 345 949-7920


EQUITY ECI: To Lay Wind Up Accounts Before Jan. 31 Meeting
----------------------------------------------------------
                      EQUITY ECI LIMITED
                  (In Voluntary Liquidation)
               The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of this company will be
held at the registered office of the company, on 31st January
2006 at 12:30 pm.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of to
the date of final winding up on 31st January 2006.

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

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

CONTACT:  WESTPORT SERVICES LTD.
          Voluntary Liquidator
          Officer for enquiries: Allison Lovinggood-Jackson
          Telephone: 345 949-5122
          Facsimile: 345 949-7920
          P.O. Box 1111, Grand Cayman, Cayman Islands


EXECUTIVE EQUITY: To Explain Wind Up Process to Members Jan. 31
---------------------------------------------------------------
                      Executive Equity Limited
                     (In Voluntary Liquidation)
                  The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of Executive Equity
Limited will be held at the registered office of the Company, on
January 31, 2006, at 11:15 a.m.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of to
the date of final winding up on January 31, 2006.

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

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

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


EXECUTIVE IIP: To Explain Wind Up Process Jan. 31
-------------------------------------------------
                        Executive IIP Limited
                      (In Voluntary Liquidation)
                   The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of Executive IIP Limited
will be held at the registered office of the company, on January
31, 2006, at 12:00 p.m.

Business:

1. To lay accounts before the meeting showing how the winding up
has been conducted and how the property has been disposed of to
the date of final winding up on January 31, 2006.

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

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

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


FIRST SHIP: To Give Accounts on Liquidation on Jan. 30
------------------------------------------------------
              First Ship Commodity Products Offshore, Ltd
                      (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 First Ship Commodity
Products Offshore, Ltd will be held at the registered office of
the Company on January 30, 2006, at 12:30 p.m.

Business:

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


FORWARD FUNDING: To Present Accounts on Wind Up Jan. 30
-------------------------------------------------------
                       Forward Funding Corp.
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of Forward Funding Corp.
will be held at the offices of BNP Paribas Private Bank & Trust
Cayman Limited, 3rd Floor Royal Bank House, Shedden Road, George
Town, Grand Cayman, on January 30, 2006, at 10:00 a.m.

Business:

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

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

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

CONTACT:  Piccadilly Cayman Limited, Voluntary Liquidator
          Ellen J. Christian
          3rd Floor Royal Bank House, Shedden Road
          George Town, Grand Cayman
          Telephone: 345 945-9208
          Fax: 345 945-9210


GLOBAL CAPITAL: To Lay Liquidation Accounts Before Jan. 30 Mtg.
---------------------------------------------------------------
                  Global Capital Ventures Limited
                    (In Voluntary Liquidation)
                 The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholder of Global Capital Ventures
Limited will be held at the offices of HSBC Financial Services
(Cayman) Limited, P.O. Box 1109, George Town, Grand Cayman,
Cayman Islands, on January 30, 2006, at 10:00 a.m.

Business:

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

CONTACT:  Ms. Sylvia Lewis, Joint Voluntary Liquidator
          P.O. Box 1109GT, Grand Cayman
          Cayman Islands
          Telephone: 949-7755
          Facsimile: 949-7634


HIMO INVESTORS: Shareholders to Hear Wind Up Progress
-----------------------------------------------------
                      Himo Investors, Ltd.
                  (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 Himo Investors, Ltd. will
be held at the registered office of the Company on January 30,
2006, at 1:30 p.m.

Business:

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


MARCEAU LTD.: Schedules Final Shareholders Meeting Jan. 31
----------------------------------------------------------
                             Marceau Ltd.
                      (In Voluntary Liquidation)
                   The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of Marceau Ltd. will
be held at the offices of Close Brothers (Cayman) Limited, 4th
Floor Harbour Place, George Town, Grand Cayman, on January 31,
2006, at 10:00 a.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on January 31, 2006.

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

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

CONTACT:  Mr. Linburgh Martin, Joint Voluntary Liquidator
          Neil Gray
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


PERCON MANAGED: Final Meeting Set for Jan. 30
---------------------------------------------
                      Percon Managed Futures Fund
                       (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 Percon Managed Futures Fund
will be held at the registered office of the Company on January
30, 2006, at 2:30 p.m.

Business:

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


PSAM PANORAMA: To Hold Final Meeting Jan. 27
--------------------------------------------
                    PSAM Panorama Fund Limited
                    (In Voluntary Liquidation)
                The Companies Law (2004 Revision)

TAKE NOTICE THAT pursuant to Section 145 of the Companies Law
(2004 Revision) that the final meeting of the shareholders of
PSAM Panorama Fund Limited will be held at the offices of
Walkers, PO Box 265GT, Walker House, Mary Street, George Town,
Grand Cayman, Cayman Islands, on January 27, 2006, at 10:00 a.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at the final winding up and for hearing any explanation that
may be given by the liquidator.

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 time they may be destroyed.

Any member entitled to attend and vote is permitted to appoint a
proxy to attend and vote instead of him and such proxy need to
be a member.

CONTACT:  Mr. Jeffrey Hodkin, Voluntary Liquidator
          Schroder Cayman Bank and Trust Company Limited
          PO Box 1040 GT, Grand Cayman
          Cayman Islands


SCL ENTERPRISE: To Report on Wind Up Process Jan. 30
----------------------------------------------------
                    SCL Enterprise Holdings Limited
                      (In Voluntary Liquidation)
                   The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholders of SCL Enterprise Holdings
Limited will be held at the offices of BNP Paribas Private Bank
& Trust Cayman Limited, 3rd Floor Royal Bank House, Shedden
Road, George Town, Grand Cayman, on January 30, 2006, at 10:00
a.m.

Business:

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

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

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

CONTACT:  Piccadilly Cayman Limited, Voluntary Liquidator
          Ellen J. Christian
          3rd Floor Royal Bank House, Shedden Road
          George Town, Grand Cayman
          Telephone: 345 945-9208
          Fax: 345 945-9210


SOUTH-EAST EUROPEAN: To Lay Wind Up Accounts Before Jan. 27 Mtg.
----------------------------------------------------------------
         SOUTH-EAST EUROPEAN FUND MANAGEMENT LIMITED
                (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

TAKE NOTICE THAT pursuant to Section 145 of the Companies Law
(2004 Revision) that the final meeting of the shareholders of
the above-named company will be held at the offices of Walkers,
PO Box 265GT, Walker House, Mary Street, George Town, Grand
Cayman, Cayman Islands, on 27th 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 the final winding up and for hearing any explanation that
may be given by the liquidator.

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 time they may be destroyed.

Any member entitled to attend and vote is permitted to appoint a
proxy to attend and vote instead of him and such proxy need to
be a member.
Dated this 30th day of November 2005.

CONTACT:  MR. JOHANNES SOLICH
          Voluntary Liquidator
          CA IB Corporate Finance Beratungs GmbH
          Julius Tandler-Platz 3, Vienna, A-1091, Austria


TUPPERWARE HOLDINGS: To Show Manner of Wind Up Jan. 31
------------------------------------------------------
                       Tupperware Holdings Ltd.
                      (In Voluntary Liquidation)
                   The Companies Law (2004 Revision)

Pursuant to section 145 of the Companies Law (2004 Revision),
the final meeting of the sole shareholder of Tupperware Holdings
Ltd. will be held at the offices of Close Brothers (Cayman)
Limited, 4th Floor Harbour Place, George Town, Grand Cayman, on
January 31, 2006, at 10:00 a.m.

Business:

1. To lay accounts before the meeting, showing how the winding
up has been conducted and how the property has been disposed of,
as at final winding up on January 31, 2006.

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

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

CONTACT:  Mr. Linburgh Martin, Joint Voluntary Liquidator
          Neil Gray
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbour Place
          P.O. Box 1034GT, Grand Cayman
          Telephone: (345) 949-8455
          Facsimile: (345) 949-8499


VCM LIMITED: To Give Explanation on Liquidation Jan. 30
-------------------------------------------------------
                              VCM Limited
                       (In Voluntary Liquidation)
                    The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholder of VCM Limited will be held
at the offices of HSBC Financial Services (Cayman) Limited, P.O.
Box 1109, George Town, Grand Cayman, Cayman Islands, on January
30, 2006, at 10:00 a.m.

Business:

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

CONTACT:  Ms. Sylvia Lewis, Joint Voluntary Liquidator
          P.O. Box 1109GT, Grand Cayman
          Cayman Islands
          Telephone: 949-7755
          Facsimile: 949-7634


VENTURE CAPITAL: Schedules Final Meeting for Jan. 30
----------------------------------------------------
                  Venture Capital Investments Limited
                      (In Voluntary Liquidation)
                   The Companies Law (2004 Revision)

Pursuant to Section 145 of the Companies Law (2004 Revision),
the final meeting of the shareholder of Venture Capital
Investments Limited will be held at the offices of HSBC
Financial Services (Cayman) Limited, P.O. Box 1109, George Town,
Grand Cayman, Cayman Islands, on January 30, 2006, at 10:00 a.m.

Business:

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

CONTACT:  Ms. Sylvia Lewis, Joint Voluntary Liquidator
          P.O. Box 1109GT, Grand Cayman
          Cayman Islands
          Telephone: 949-7755
          Facsimile: 949-7634


WINTHROP U.S.: Final Meeting to be Held Jan. 30
-----------------------------------------------
                  Winthrop U.S. Fixed Income Fund, Ltd
                       (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 Winthrop U.S. Fixed Income
Fund, Ltd will be held at the registered office of the Company
on January 30, 2006, at 2:00 p.m.

Business:

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



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

KAISER ALUMINUM: Gramercy & SABL Want $5M Admin. Expense Paid
-------------------------------------------------------------
Michael D. Debaecke, Esq., at Blank Rome L.L.P., in Wilmington,
Delaware, relates that before February 12, 2002, Kaiser Aluminum
& Chemical Corporation owned and operated the Gramercy Refinery,
an alumina refinery that processed bauxite into alumina, in
Gramercy, Louisiana.

In 1979, the Jamaican Government granted Kaiser Bauxite Company,
a wholly owned subsidiary of KACC, a 40-year lease to mine
bauxite on the coast of Jamaica.  The Jamaican Government,
through JBM, a Jamaican state-owned corporation, joined KBC to
form Kaiser Jamaica Bauxite Company to operate the leased
bauxite mine.

On May 17, 2004, KACC and KBC executed a purchase agreement to
sell to Gramercy Alumina L.L.C. and St. Ann Bauxite Limited the
Gramercy refinery and KBC's interests in KJBC.

Mr. Debaecke notes that the Purchase Agreement contains numerous
disclosure requirements surrounding KJBC operations' current and
former employees, including requirements to disclose employee-
related benefit plans.

The sale of the Gramercy refinery and KBC interests in the KJBC
operations closed on September 30, 2004.

In the ordinary course of business, SABL hired Rambarran &
Associates Limited Consulting Actuaries to perform actuarial
services of SABL's employee-related obligations.  On March 2,
2005, Rambarran informed SABL that the life and health benefit
costs accrued under certain retirement pension plans was
$7,200,000 as of September 30, 2004.

Mr. Debaecke says that prior to being informed by Rambarran,
Gramercy and SABL had no knowledge of the retirement plans or
the accrued retirement benefits as these were not disclosed in
the Purchase Agreement, in the exhibits, or schedules.

On June 17, 2005, Gramercy and SABL submitted to Kaiser Aluminum
Corporation and its debtor-affiliates a letter seeking
indemnification for the accrued retirement benefits.  The
Debtors responded on June 29, 2005, with a letter that said they
"were unable to understand the nature of the claim or to assess
the validity thereof."

However, Mr. Debaecke says the Debtors continuously provided
benefits under the retirement plans to retired employees since
1978.

Gramercy and SABL objected to the disclosure statement the
Debtors filed in connection with their Joint Plan of
Reorganization.  The Debtors amended the Plan and Disclosure
Statement, indicating that KACC does not believe that Gramercy
and SABL are entitled to indemnification in respect of the
retirement plans and the accrued retirement benefits and that
the Debtors intend to "vigorously defend against that claim."

Against this backdrop, Gramercy and SABL ask the U.S. Bankruptcy
Court for the District of Delaware to:

   (1) declare that the Debtors breached the Purchase Agreement
       because they failed to list or otherwise disclose or
       describe the retirement plans and the accrued retirement
       benefits in the Purchase Agreement;

   (2) declare that the Debtors breached the Purchase Agreement
       because they failed to satisfy the accrued retirement
       benefits that stood at $7,200,000 on the closing date;

   (3) determine that the Debtors are obligated to pay them
       $5,000,000 in connection with liabilities unknowingly
       incurred and damages suffered for at least $7,200,000.  
       The Debtors' indemnification obligations are limited to
       $5,000,000 under the Purchase Agreement; and

   (4) direct the Debtors to pay them $5,000,000 as an
       administrative expense payable under the Debtors' Chapter
       11 case.

Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corporation -- http://www.kaiseraluminum.com/-- is a leading  
producer of fabricated aluminum products for aerospace and high-
strength, general engineering, automotive, and custom industrial
applications.  The Company filed for chapter 11 protection on
February 12, 2002 (Bankr. Del. Case No. 02-10429), and has sold
off a number of its commodity businesses during course of its
cases.  Corinne Ball, Esq., at Jones Day, represents the Debtors
in their restructuring efforts.  On June 30, 2004, the Debtors
listed $1.619 billion in assets and $3.396 billion in debts.
(Kaiser Bankruptcy News, Issue No. 87; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


MIRANT CORP: Registers 1.5 Billion Shares for Plan Distributions
----------------------------------------------------------------
Mirant Corporation filed a Registration Statement with the U.S.
Securities and Exchange Commission to allow the resale of 1.5
billion shares of common stock, a portion of which will be
distributed under the Company's plan of reorganization.  

The company is also registering two series of warrants to
purchase common shares.  

The Company successfully emerged from Chapter 11 bankruptcy
protection on Jan. 3, 2006.  

As reported in the Troubled Company Reporter on Jan. 4, 2006,
under its Plan of Reorganization, Mirant is converting more
than$6 billion of debt and liabilities into equity in the
reorganized company and will nearly halve its overall debt.

In accordance with the Plan of Reorganization, Mirant will issue
300 million shares of common stock to its creditors and existing
equity holders.  Additional shares will be reserved for issuance
pursuant to the company's employee stock programs, and for
issuance in connection with the Series A and Series B Warrants
being distributed under the Plan of Reorganization.  Mirant has
begun its initial distributions of common stock and cash
provided for in its Plan of Reorganization, and expects to
complete these initial distributions by the middle of January
2006.

                   Description of Common Stock

The Company is authorized to issue up to an aggregate of 1.5
billion common shares.  The Company is also authorized to issue
up to an aggregate of 100 million shares of preferred stock,
$0.01 par value per share, in one or more series.  Each series
of preferred stock will have powers, preferences and rights
(including voting rights), as will be determined by the
Company's Board of Directors. The rights of holders of common
shares will be subject to, and may be adversely affected by, the
rights of holders of any preferred stock that may be issued in
the future.

Holders of common shares share ratably in all dividends as may
from time to time be declared by the Company's Board of
Directors in respect of the Common Stock, whether upon
liquidation or dissolution or otherwise.

Holders of common shares do not have any preemptive rights with
respect to the Common Stock or any other securities of the
Company, or to any obligations convertible (directly or
indirectly) into the Company's securities.

All of the voting power of the Company's stockholders will be
vested in the holders of common shares.

                   Description of the Warrants

The Warrants will expire at 5:00 p.m., New York City time, on
January 3, 2011.

The Series A Warrants will entitle the holders to purchase
initially an aggregate of up to 35,294,118 common shares.  The
Series B Warrants will entitle the holders to purchase initially
an aggregate of up to 17,647,059 common shares.

The exercise price of the Series A Warrants will initially be
set at a price equal to $21.87 per share, and the exercise price
of the Series B Warrants will initially be set at a price equal
to $20.54 per share.  

The Company has applied for re-listing with the New York Stock
Exchange and expects to begin trading on Jan. 11, 2006, under
the ticker symbol MIR.

A full-text copy of the Registration Statement is available for
free at http://ResearchArchives.com/t/s?430

Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that  
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590).  Thomas E. Lauria, Esq., at White &
Case LLP, represents the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $20,574,000,000 in assets and $11,401,000,000 in debts.
(Troubled Company Reporter, Monday, Jan. 9, 2006, Vol. 10, No.
7)



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

GRUPO MEXICO: Electrical Problems Shut Down Zinc Refinery
---------------------------------------------------------
Mexican mining and metals giant Grupo Mexico SA has suspended
operations at its zinc refinery in San Luis Potosi state due to
an electrical problem.

The Company said it is examining damage to the facility, but
doesn't expect to suffer any significant financial impact. Grupo
Mexico said it will sell zinc concentrates until the refinery is
back in operation.

"We don't know how long it will be, we have to check the control
areas, the wiring, and do studies," said Juan Rebolledo, Grupo
Mexico's vice president for international affairs.


GRUPO TRIBASA: Emerges From Bankruptcy Protection With New Name
---------------------------------------------------------------
Grupo Tribasa, once Mexico's second-largest construction
company, has emerged from bankruptcy protection and is now
operating under the name Pinfra SA (Promotora y Operadora de
Infraestructura), reports Dow Jones Newswires.

Chief Financial Officer Carlos Cesarman said that Pinfra, after
selling off assets, including much of its machinery, and
slashing its workforce, is now focused on infrastructure
operation rather than construction.

"We would be in construction as a consequence, not as a cause,"
Mr. Cesarman said.

The Company has also resumed trading at the Mexican Stock
Exchange under the symbol PINFRA.MX. Several analysts believe
there won't be much investor interest in the Company's shares
after all the problems it went through, although the resumption
provides a chance for existing shareholders to exit after a
four-year freeze.

Tribasa shares were halted in May 2001, months before it was
forced into bankruptcy proceedings by creditors seeking payment
of debts. Claims against Tribasa and its main unit, Trituradores
Basalticos y Derivados (TBD) totaled about US$1.5 billion at the
exchange rate of the time. Final settlements, which were paid
using proceeds from asset sales and the securitization of future
highway tolls, included debt write-downs ranging from 70% to
90%.

Tribasa's 2004 annual report revealed the Penaloza family and
related parties held 47.5% of the shares.

"It's still quite public," Mr. Cesarman said.


LUZ Y FUERZA: Unveils $6.36M Planned Investment for Public Works
----------------------------------------------------------------
State-owned power distributor Luz y Fuerza del Centro (LFC)
plans to spend MXN67.6 million (US$6.36mn) in public works
projects this year, Business News Americas reports, citing LFC
annual investment program.

From March-August 2006, LFC will invest MXN10 million in the
supervision of civil and electromechanical works on the 14 new
power projects to be built by US firm General Electric (NYSE:
GE) in the Federal District (DF) and Mexico state (Edomex).

The projects, which require estimated investments totaling
US$500 million, are designed to help ease LFC's distribution
bottleneck and reduce its dependence on state power firm CFE for
generation.

LFC will invest the rest of its 2006 public works budget to
revamp its buildings and facilities in Mexico City.



===============
P A R A G U A Y
===============

BANCO UNION/ORIENTAL: NY Judge Orders Repayment of Stolen Funds
---------------------------------------------------------------
A New York judge has ordered Paraguay's former banking regulator
Carlos Jose Pecci, two government officials and charity group
Fundacion Humanitaria Paraguay to repay US$22 million in funds
siphoned out of two intervened Paraguayan banks. Pecci and the
other defendants have been accused of siphoning US$16 million
out of Banco Union and Banco Oriental in 2000. The court ruled
that the defendants had to pay back the original US$16 million
as well as US$6 million in accumulated interest. The defendants
have 10 days to appeal the ruling.



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

FUNSUR: Workers End Strike, Accept PEN2 Pay Rise Per Day
--------------------------------------------------------
Unionized workers at Funsur SA, the tin refinery and smelter
unit of Compania Minera Minsur SA, have decided to go back to
work on Saturday after agreeing to a new deal that will give
them a pay raise of PEN2 (US$0.58) per day, reports Business
News Americas.

Roughly 130 Funsur workers started striking December 5 to demand
a pay increase of PEN10 per day. The strike halted operations at
the plant, which processes concentrates for Minsur.

Union officials had said the strike cost the Company around US$1
million a day by stopping 115 metric tons of production a day.

Company executive Fortunato Brescia said, however, that while
some costs were incurred, the Company was able to continue
operating normally since it has sufficient stock.

"We had enough stock to continue sales in December and we have
enough for all of January," he said.



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

BWIA: Commences Restructuring Process
-------------------------------------
National airline BWIA has begun negotiating with management and
union leaders on a series of proposals aimed at transforming the
ailing carrier, The Trinidad Express reports.

"We have commenced discussions with the unions to negotiate the
new proposals," said Arthur Lok Jack, chairman of the new board
of directors of BWIA.

An aviation source revealed that the new proposals include
reduced sick leave and vacation days, no overtime for working on
public holidays, no travel benefits, no medical plan and a 1%
increase in salaries.

In a press release issued Thursday, Dionne Ligoure, manager
corporate communications at BWIA, said: "At the meetings (with
the unions), the chairman provided an overview of the new
mandate from the Government of the Republic of Trinidad and
Tobago (GORTT), which stipulated among other things that the
GORTT would inject US$250 million in equity in either a
restructured BWIA or a new entity provided that certain
conditions were met including changes in the work rules and
cultural transformation."

"These changes are deemed necessary to facilitate operational
efficiencies, increased productivity and provide a safe,
reliable and customer driven service," said the BWIA press
release.

BWIA is expected to meet with the Aviation, Communication and
Allied Workers Union (ACAWU), the Trinidad and Tobago Airline
Pilots Association (TALPA), and the Superintendents Association
and Communication, Transport and General Workers Union (CATTU)
again Monday. Lok Jack said the negotiation of the new proposals
is required in the restructuring process of the Company.

"We are hoping to totally restructure BWIA and transform the
organization into what it should look like, so we cannot do
business as usual," he added.



                            ***********


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

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