TCRLA_Public/060113.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, January 13, 2006, Vol. 7, Issue 10

                            Headlines

A R G E N T I N A

AGUAS PROVINCIALES: Governor Tells Suez to Drop ICSID Lawsuit
BLU S.R.L.: Enters Bankruptcy on Court Orders
CAMILO SANTOS: Court Authorizes Plan, Concludes Reorganization
RAR S.A.: Completes Reorganization


B E R M U D A

ADVANCED THERAPEUTIC: Begins Voluntary Liquidation
AGORA CAPITAL: Appoints Beverly Mathias as Liquidator
ALEXANDRIA LIMITED: Voluntary Wind Up Begins
AQ ASIAN: Shareholder Resolves to Liquidate Voluntarily
BELLAGO INSURANCE: Issues Notice of Final General Meeting

BELVEDERE INSURANCE: Sets Distribution Claim Filing Deadline  
CM CONGRESS: Chooses Robin J Mayor as Liquidator
CM CONSTELLATION: Names Robin J Mayor Liquidator
EVEREST RE: Final Meeting of Sole Member Set for Jan. 25
F.P.C. MANAGEMENT: Nicholas J Hoskins Chosen as Liquidator

FIRST HIGH YIELD: Appoints Carolynn D. Hiron as Liquidator
FOSTER WHEELER: To Create Supercritical CFB Boiler Island
HEDGEWORLD MARKETS: Creditors' Info Due Jan. 16
LAIF IX: Members to Resolve Company's Dissolution Feb. 3
LAIF XVI: Members to Decide Disposal Method for Books, Docs

MAN ESP INVESTMENTS: Final General Meeting to be Held Feb. 3
MAN ESP MASTER: Members to Hear Wind Up Account Feb. 3
M.S. COMPANY: Enters Voluntary Liquidation
MLA INSURANCE: To Appoint Permanent Liquidator Jan. 17
PANTHER LIMITED: Creditors Have Until Jan. 16 to Send Info

PBST CO.: Final General Meeting of Members to be Held Jan. 27
PETRUS LIMITED: Final General Members Meeting Set for Jan. 25
REFCO INC: RCM Account Holder Proceedings Stayed Until Jan. 31
SALEM LAKE: To be Wound Up Voluntarily
VICTORY CITY: Final Meeting of Sole Member to be Held Jan. 25


B O L I V I A

AGUAS DEL TUNARI: Deputy Minister Recommends Dissolution


B R A Z I L

COPEL: Shareholders Approve Changes in Bylaws
COPEL: Converts A-Class Preferred Nominative Shares to B-Class
VARIG: Must Make $56M Debt Payment to Keep Fleet Intact


C O L O M B I A

MEGABANCO: Fogafin Seeks Investment Bank to Organize Sale


M E X I C O

BALLY TOTAL: Appoints John W. Rogers, Jr. Lead Director
SATMEX: Secures Another Extension to Make Financial Proposal


P E R U

* PERU: IMF Completes Third Review of Stand-By Arrangement


V E N E Z U E L A

PDVSA: CITGO Seeks to Delist Senior Notes from NYSE

     -  -  -  -  -  -  -  -

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

AGUAS PROVINCIALES: Governor Tells Suez to Drop ICSID Lawsuit
-------------------------------------------------------------
The provincial government of Argentina's Santa Fe said it will
not approve the sale of French utility Suez's stake in the local
water company unless Suez withdraws its claim in the World
Bank's International Centre for the Settlement of Investment
Disputes (ICSID) against the national government.

Suez recently agreed to sell its stake in Aguas Provinciales de
Santa Fe to Alberdi Aguas, a unit of Santa Fe-based ceramic tile
manufacturer Ceramica Alberdi. The French group is scheduled to
shed its stake on Jan. 13. However, provincial governor Alberto
Hammerly said Tuesday that authorities wouldn't allow the sale
to go through unless Suez withdraws its ICSID claim.

"We have been working on each and every detail of transferring
the shares, but I don't see it as that simple or that easy to
resolve today," Mr. Hammerly said Tuesday.

"There's a series of requirements that must be met between now
and Thursday, and one of the fundamental things is the
withdrawal of the claims in ICSID, that for us is 'sine qua
non."'

"If necessary, we are going to take charge of the service on
Friday afternoon or Saturday," he added.


BLU S.R.L.: Enters Bankruptcy on Court Orders
---------------------------------------------
Blu S.R.L. entered 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. Daniel Ernesto
Altman as trustee. Mr. Altman will be verifying creditors'
proofs of claim until the end of the verification phase on March
31, 2006.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the Company's accounting
and business records. The individual reports will be submitted
on June 1, 2006 followed by the general report, which is due on
July 14, 2006.

CONTACT:  Blu S.R.L.
          Uruguay 385
          Buenos Aires


CAMILO SANTOS: Court Authorizes Plan, Concludes Reorganization
--------------------------------------------------------------
Camilo Santos Maderas S.A. concluded its reorganization process,
according to data released by Infobae on its Web site. The
conclusion came after Chubut's civil and commercial court
homologated the debt plan signed between the Company and its
creditors.


RAR S.A.: Completes Reorganization
----------------------------------
The reorganization of Rar S.A. has been concluded. Data revealed
by Infobae on its Web site indicated that the process was
concluded after Cordoba's civil and commercial court homologated
the debt agreement signed between the Company and its creditors.



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

ADVANCED THERAPEUTIC: Begins Voluntary Liquidation
--------------------------------------------------
           In The Matter Of The Companies Act 1981

                             And
          
     In The Matter Of Advanced Therapeutic Systems, Limited

The Members of Advanced Therapeutic Systems, Limited, acting by
written consent without a meeting on December 28, 2005 passed
the following resolutions:

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

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

The Liquidator informs that:

- Creditors of Advanced Therapeutic Systems, Limited, which is
being voluntarily wound up, are required, on or before January
13, 2006 to send their full Christian and Surnames, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their lawyers (if any) to
Robin J Mayor, the Liquidator, at Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, HM DX,
Bermuda, and if so required by notice in writing from the
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Members of Advanced Therapeutic
Systems, Limited will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on February 2, 2006 at 9:30 a.m., or as soon as possible
thereafter, for the purposes of:

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

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

3) by resolution dissolving the Company.

CONTACT:  Mr. Robin J Mayor, Liquidator
          Clarendon House
          Church Street, Hamilton
          Bermuda


AGORA CAPITAL: Appoints Beverly Mathias as Liquidator
-----------------------------------------------------
            In The Matter Of The Companies Act 1981

                              And

         In The Matter Of Agora Capital Management Ltd.

The Members of Agora Capital Management Ltd., acting by written
consent without a meeting on December 22, 2005 passed the
following resolutions:

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

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

The Liquidator informs that:

- Creditors of Agora Capital Management Ltd., which is being
voluntarily wound up, are required, on or before January 13,
2006 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Beverly
Mathias, the Liquidator, at c/o Argonaut Limited, Argonaut
House, 5 Park Road, Hamilton HM O9, Bermuda, and if so required
by notice in writing from the Liquidator, and personally or by
their lawyers, to come in and prove their debts or claims at
such time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A final general meeting of the Members of Agora Capital
Management Ltd. will be held at the offices of Argonaut Limited,
Argonaut House, 5 Park Road, Hamilton HM O9, Bermuda, on
February 3, 2006 at 9:30 a.m., or as soon as possible
thereafter, for the purposes of:

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

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

3) by resolution dissolving the Company.

CONTACT:  Ms. Beverly Mathias, Liquidator
          c/o Argonaut Limited, Argonaut House
          5 Park Road, Hamilton HM O9, Bermuda


ALEXANDRIA LIMITED: Voluntary Wind Up Begins
--------------------------------------------
            In The Matter Of The Companies Act 1981

                              And

              In The Matter Of Alexandria Limited

The Sole Member of Alexandria Limited, acting by written consent
without a meeting on December 28, 2005 passed the following
resolutions:

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

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

- Creditors of Alexandria Limited, which is being voluntarily
wound up, are required, on or before January 13, 2006, to send
their full Christian and Surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their lawyers (if any) to Robin J Mayor,
the Liquidator, at Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, HM DX, Bermuda, and if so
required by notice in writing from the Liquidator, and
personally or by their lawyers, to come in and prove their debts
or claims at such time and place as shall be specified in such
notice, or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

- A final general meeting of the Sole Member of Alexandria
Limited will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
February 3, 2006 at 9:30 a.m., or as soon as possible
thereafter, for the purposes of:

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

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

3) by resolution dissolving the Company.

CONTACT:  Mr. Robin J Mayor, Liquidator
          Clarendon House
          Church Street, Hamilton
          Bermuda


AQ ASIAN: Shareholder Resolves to Liquidate Voluntarily
-------------------------------------------------------
            In The Matter Of The Companies Act, 1981

                             And

      In The Matter Of AQ Asian Absolute Return Fund Limited
               (In Member's Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that by way of a Written Resolution of
the sole Shareholder dated December 21, 2005, the following
resolutions were passed:

a) the Company be wound up voluntarily pursuant to the
provisions of the Companies Act, 1981 [as amended]; and

b) Carolynn D. Hiron be and is hereby appointed Liquidator of
the Company for the purposes of such winding-up, such
appointment to be effective forthwith.

The Liquidator informs that:

- Creditors of AQ Asian Absolute Return Fund Limited which is
being voluntarily wound up, are required on or before January
17, 2006 to send their full Christian and Surnames, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their attorneys (if any)
to the Liquidator of the Company at Olympia Capital
International Inc., c/o Williams House, 20 Reid Street,
Hamilton, Bermuda, and if so required by Notice in writing from
the Liquidator, and personally or by their attorneys, to come in
and prove their debts or claims at such time and place as shall
be specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A Final General Meeting of the Sole Shareholder of AQ Asian
Absolute Return Fund Limited will be held at the offices of
Williams House, 20 Reid Street, Hamilton, Bermuda on January 26,
2006 or as soon as possible thereafter for the purposes of:

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

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

c) by resolution dissolving the Company.

CONTACT:  Ms. Carolynn D. Hiron, Liquidator
          Williams House
          20 Reid Street, Hamilton
          Bermuda


BELLAGO INSURANCE: Issues Notice of Final General Meeting
---------------------------------------------------------
A final general meeting of the Members of BELLAGO INSURANCE
LIMITED will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
Jan. 27, 2006 at 9.30am, or as soon as possible thereafter, for
the purposes of:

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

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

  (3)  by resolution dissolving the Company.

                          *  *  *

The Members of BELLAGO INSURANCE LIMITED, acting by written
consent without a meeting on Dec. 16, 2005, resolved that the
Company be wound up voluntarily (pursuant to the provisions of
the Companies Act 1981) and that Robin J Mayor be appointed
Liquidator for the purposes of such winding-up

CONTACT: ROBIN J MAYOR, Liquidator  
         Clarendon House, Church Street
         Hamilton, Bermuda


BELVEDERE INSURANCE: Sets Distribution Claim Filing Deadline  
------------------------------------------------------------
In The Supreme Court Of Bermuda
Civil Jurisdiction
2005: No. 292
In The Matter Of Belvedere Insurance Company Limited
(In Liquidation)
And In The Matter Of The Companies Act 1981

Scheme Effective Date and Bar Date

Notice is hereby given that the Scheme of Arrangement between
Belvedere Insurance Company Limited (in liquidation)
("Belvedere" or the "Company") and its Creditors became
effective on December 20, 2005.

In accordance with the terms of the Scheme, Creditors are now
required to file a Distribution Claim Form on or before the Bar
Date which is Monday, February 20, 2006 (being the first working
day after 60 days following the Effective Date of December 20,
2005).

Distribution Claim Forms can be downloaded from the Liquidation
Website, www.belvedere-liquidation.com. Letters are being
forwarded to all Creditors giving notice of the Bar Date and
directing them to the Liquidation Website for Distribution Claim
Forms. If you are unable to download a Distribution Claim Form
from the Liquidation Website, contact James Makin via:

  E-mail: belvedere-liquidation@kpmg.bm
           OR MAIL TO

       KPMG
       Crown House
       4 Par-la-Ville Road
       Hamilton HM08, Bermuda

  Fax: 1 441 295 8280
  Phone: 1 441 294 2652

Creditors must return the completed Distribution Claim Form so
as to reach the Company at the offices of KPMG at the above
address on or before the Bar Date. To facilitate a faster
lodgment of your Distributions Claims Forms you may scan and e-
mail your form or fax it, however faxes will only be accepted if
legible.

Instructions for the completion of the Distribution Claim Form
are provided with the form.

If you provided details of your claim in the form of a completed
Provision of Information Form or Voting Claim Form we will send
to you a completed Distribution Claim Form showing your Accepted
Scheme Claim, as well as any Disputed Scheme Claims including
claims that require further supporting information before they
can be assessed for acceptance. This should be signed and
returned to the Company to confirm your agreement, or a revised
Distribution Claim Form should be submitted along with copies of
documents supporting the changes. Any revised Distribution
Claims Forms must be filed before the Bar Date. If you expected
to receive a completed Distribution Claim Form and have not done
so by December 31, 2005 please contact James Makin.

If you do not receive advice of your Accepted Scheme Claim in
the form of a completed distribution claim form you must file a
Distribution Claim Form by the Scheme Bar date otherwise your
Scheme Claim will be valued at nil and the Company will have no
further liability to you.

CONTACT:  Anthony McMahon and Malcolm Butterfield, Liquidators
          Attorneys: ATTRIDE-STIRLING & WOLONIECKI
          Crawford House
          50 Cedar Avenue
          Hamilton HM11


CM CONGRESS: Chooses Robin J Mayor as Liquidator
------------------------------------------------
             In The Matter Of The Companies Act 1981

                               And

            In The Matter Of CM Congress Shipping Ltd.

The Sole Member of CM Congress Shipping Ltd., acting by written
consent without a meeting on December 28, 2005 passed the
following resolutions:

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

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

The Liquidator informs that:

- Creditors of CM Congress Shipping Ltd., which is being
voluntarily wound up, are required, on or before January 13,
2006, to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J
Mayor, the Liquidator, at Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, HM DX, Bermuda, and if
so required by notice in writing from the Liquidator, and
personally or by their lawyers, to come in and prove their debts
or claims at such time and place as shall be specified in such
notice, or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

- A final general meeting of the Sole Member of CM Congress
Shipping Ltd. will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on February 3, 2006 at 9:30 a.m., or as soon as possible
thereafter, for the purposes of:

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

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

3) by resolution dissolving the Company.

CONTACT:  Mr. Robin J Mayor, Liquidator
          Clarendon House
          Church Street, Hamilton
          Bermuda


CM CONSTELLATION: Names Robin J Mayor Liquidator
------------------------------------------------
             In The Matter Of The Companies Act 1981

                              And

        In The Matter Of CM Constellation Shipping Limited

The Sole Member of CM Constellation Shipping Limited, acting by
written consent without a meeting on December 28, 2005 passed
the following resolutions:

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

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

The Liquidator informs that:

- Creditors of CM Constellation Shipping Limited, which is being
voluntarily wound up, are required, on or before January 13,
2006, to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J
Mayor, the Liquidator, at Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, HM DX, Bermuda, and if
so required by notice in writing from the Liquidator, and
personally or by their lawyers, to come in and prove their debts
or claims at such time and place as shall be specified in such
notice, or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

- A final general meeting of the Sole Member of CM Constellation
Shipping Limited will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on February 3, 2006 at 9:30 a.m., or as soon as possible
thereafter, for the purposes of:

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

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

3) by resolution dissolving the Company.


CONTACT:  Mr. Robin J Mayor, Liquidator
          Clarendon House
          Church Street, Hamilton
          Bermuda


EVEREST RE: Final Meeting of Sole Member Set for Jan. 25
--------------------------------------------------------
A final general meeting of the Sole Member of Everest Re.
Holdings, Ltd. Company will be held at the offices of Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda on Jan. 25, 2006 at 9.30am, or as soon as
possible thereafter, for the purposes of:

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

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

(3)  by resolution dissolving the Company.

                          *  *  *

The Sole Member of Everest Re. Holdings, Ltd., acting by written
consent without a meeting on Dec. 15, 2005 resolved that the
Company be wound up voluntarily (pursuant to the provisions of
the Companies Act 1981) and that Robin J Mayor be appointed
Liquidator for the purposes of such winding-up

CONTACT: ROBIN J MAYOR, Liquidator  
         Clarendon House, Church Street
         Hamilton, Bermuda


F.P.C. MANAGEMENT: Nicholas J Hoskins Chosen as Liquidator
----------------------------------------------------------
               In The Matter Of The Companies Act 1981
                    Members' Voluntary Winding Up

                 Notice Of Appointment Of Liquidator

                  F.P.C. Management (Bermuda) Ltd.

Resolved

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

2. THAT Mr. Nicholas J Hoskins be appointed Liquidator for the
purposes of such winding-up, such appointment to be effective
forthwith.

The Liquidator informs that:

- Creditors of F.P.C. Management (Bermuda) Ltd., which is being
voluntarily wound up, are required, on or before January 16,
2006 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their attorneys (if any) to the
Liquidator of the Company at Wakefield Quin, Chancery Hall, 52
Reid Street, Hamilton, Bermuda and if so required by notice in
writing from the Liquidator, and personally or by their
attorneys, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A Final General Meeting of the Members of F.P.C. Management
(Bermuda) Ltd. will be held at the offices of Wakefield Quin,
Chancery Hall, 52 Reid Street, Hamilton, Bermuda on January 23,
2006 at 10 a.m., or soon as possible thereafter, for the
purposes of: having an account laid before them showing the
manner in which the winding-up has been conducted and how the
property of the Company has been disposed of and of hearing any
explanation that may be given by the Liquidator; determining by
Resolution the manner in which the books, accounts and documents
of the Company and of the Liquidator thereof, shall be disposed
of; and by Resolution dissolving the Company.

CONTACT:  Mr. Nicholas Hoskins, Liquidator
          Wakefield Quin, Chancery Hall
          52 Reid Street, Hamilton HM 12, Bermuda


FIRST HIGH YIELD: Appoints Carolynn D. Hiron as Liquidator
----------------------------------------------------------
           In The Mattter Of The Companies Act, 1981

                              And

      In The Matter Of First High Yield Investors Limited
              (In Member's Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that by way of a Written Resolution of
the sole Shareholder dated December 21, 2005, the following
resolutions were passed:

a) the Company be wound up voluntarily pursuant to the
provisions of the Companies Act, 1981 [as amended]; and

b) Carolynn D. Hiron be and is hereby appointed Liquidator of
the Company for the purposes of such winding-up, such
appointment to be effective forthwith

The Liquidator informs that:

- Creditors of First High Yield Investors Limited which is being
voluntarily wound up, are required on or before January 17, 2006
to send their full Christian and Surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their attorneys (if any) to the
Liquidator of the Company at Olympia Capital International Inc.,
c/o Williams House, 20 Reid Street, Hamilton, Bermuda, and if so
required by Notice in writing from the Liquidator, and
personally or by their attorneys, to come in and prove their
debts or claims at such time and place as shall be specified in
such notice, or in default thereof they will be excluded from
the benefit of any distribution made before such debts are
proved.

- A Final General Meeting of the Sole Shareholder of First High
Yield Investors Limited will be held at the offices of Williams
House, 20 Reid Street, Hamilton, Bermuda on January 26, 2006 or
as soon as possible thereafter for the purposes of:

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

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

c) by resolution dissolving the Company.

CONTACT:  Ms. Carolynn D. Hiron
          Williams House
          20 Reid Street, Hamilton
          Bermuda


FOSTER WHEELER: To Create Supercritical CFB Boiler Island
---------------------------------------------------------
Foster Wheeler Ltd. (Nasdaq:FWLT) announced Wednesday that its
Finnish subsidiary, Foster Wheeler Energia Oy, and its Polish
subsidiary, Foster Wheeler Energia Polska Sp. z o.o., both part
of Foster Wheeler's Global Power Group, have received Full
Notice To Proceed (NTP) from Poland's Poludniowy Koncern
Energetyczny (PKE) for the design, supply and erection of the
circulating fluidized-bed (CFB) boiler island for a new 460 MWe
power plant at Lagisza in southern Poland. The total investment
cost for the new power plant is approximately $550 million.

The contract is valued at approximately $200 million, of which
$175 million will be included in Foster Wheeler's fourth-quarter
2005 bookings. Foster Wheeler has already undertaken pre-NTP
phase activities, which included engineering and procurement
services as well as placing purchase orders for pressure parts
materials. A booking of approximately $25 million was included
in the company's third-quarter 2005 bookings, relating to these
pre-NTP activities.

"This boiler island represents a double world-first: the world's
largest CFB boiler and the world's first supercritical CFB
unit," said Bernard H. Cherry, chief executive officer of Foster
Wheeler's Global Power Group. "The project marks a crucial step
forward in bringing our CFB boiler technology to utility scale.
By integrating the supercritical steam cycle and once-through
technology into our world-leading CFB technology, we will be
providing PKE a cutting edge engineering solution for the clean
and efficient combustion of solid fuel. This is another example
of Foster Wheeler's commitment to supply cost-effective twenty-
first century environmental solutions to our customers in power
industries. This advanced technology significantly increases
opportunities for power generating industries to take full
advantage of the substantial domestic coal reserves held by many
industrialized nations."

The new Lagisza unit, due for start-up at the beginning of 2009,
will be built alongside PKE's existing 840 MWe power station at
Lagisza, and is part of an ongoing program by PKE, one of
Poland's largest electricity utilities, to replace outdated
capacity with modern, high-efficiency, environmentally friendly
technologies.

"This project will be another important investment in our power
plants to be executed by Foster Wheeler. I expect this
cooperation will be as successful and beneficial to PKE and its
customers as previous projects," said Jan Kurp, president and
chief executive officer of PKE.

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
          United States     
          Maureen Bingert
          Phone: 908-730-4444
          E-mail: maureen_bingert@fwc.com
                     or
          Finland
          Tarja Pitkanen
          Phone: 358 (0)10 393 7395
          E-mail: Tarja_Pitkanen@fwfin.fwc.com
                     or
          Other Inquiries
          Phone: 908-730-4000
          E-mail: fw@fwc.com

          URL: www.fwc.com


HEDGEWORLD MARKETS: Creditors' Info Due Jan. 16
-----------------------------------------------
Creditors of HedgeWorld Markets Limited, a company that is being
voluntarily wound up, are required, on or before the Jan. 16,
2006 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their attorneys (if any) to Mr.
Nicholas Hoskins, the Liquidator of the said Company at
Wakefield Quin, Chancery Hall, 52 Reid Street, Hamilton, Bermuda
and if so required by notice in writing from the said
Liquidator, and personally or by their attorneys, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

A Final General Meeting of the Members of the above named
Company will be held at the offices of Wakefield Quin, Chancery
Hall, 52 Reid Street, Hamilton, Bermuda on the Jan. 31, 2006 at
10am, or soon as possible thereafter, for the purposes of:
having an account laid before them showing the manner in which
the winding-up has been conducted and how the property of the
Company has been disposed of and of hearing any explanation that
may be given by the Liquidator; determining by Resolution the
manner in which the books, accounts and documents of the Company
and of the Liquidator thereof, shall be disposed of; and by
Resolution dissolving the Company.

CONTACT:  Mr. Nicholas J Hoskins, Liquidator
          Wakefield Quin, Chancery Hall
          52 Reid Street, Hamilton HM 12
          Bermuda


LAIF IX: Members to Resolve Company's Dissolution Feb. 3
--------------------------------------------------------
A final general meeting of the Members of LAIF IX LTD. will be
held at the offices of Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, Bermuda on Feb. 3, 2006 at
9.30am, or as soon as possible thereafter, for the purposes of:

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

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

  (3)  by resolution dissolving the Company.

                          *  *  *

The Members of LAIF IX LTD., acting by written consent without a
meeting on Dec. 15, 2005, resolved that the Company be wound up
voluntarily (pursuant to the provisions of the Companies Act
1981) and that Robin J Mayor be appointed Liquidator for the
purposes of such winding-up.

CONTACT:  ROBIN J MAYOR, Liquidator
          Clarendon House, Church Street
          Hamilton, Bermuda


LAIF XVI: Members to Decide Disposal Method for Books, Docs
-----------------------------------------------------------
A final general meeting of the Members of LAIF XVI LTD. will be
held at the offices of Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, Bermuda on Feb. 3, 2006 at
9.30am, or as soon as possible thereafter, for the purposes of:

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

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

  (3)  by resolution dissolving the Company.

                          *  *  *

The Members of LAIF XVI LTD., acting by written consent without
a meeting on Dec. 15, 2005, resolved that the Company be wound
up voluntarily (pursuant to the provisions of the Companies Act
1981) and that Robin J Mayor be appointed Liquidator for the
purposes of such winding-up.

CONTACT:  ROBIN J MAYOR, Liquidator
          Clarendon House, Church Street
          Hamilton, Bermuda


MAN ESP INVESTMENTS: Final General Meeting to be Held Feb. 3
------------------------------------------------------------
A final general meeting of the Members of Man ESP Investments
Ltd. will be held at the offices of Argonaut Limited, Argonaut
House, 5 Park Road, Hamilton HM O9, Bermuda, on Feb. 3, 2006 at
9.30am, or as soon as possible thereafter, for the purposes of:

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

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

  (3)  by resolution dissolving the Company.

                          *  *  *

The Members of Man ESP Investments Ltd., acting by written
consent without a meeting on Dec. 15, 2005, resolved that the
Company be wound up voluntarily (pursuant to the provisions of
the Companies Act 1981) and that Beverly Mathias be appointed
Liquidator for the purposes of such winding-up

CONTACT:  BEVERLY MATHIAS, Liquidator
          c/o Argonaut Limited, Argonaut House
          5 Park Road, Hamilton HM O9
          Bermuda


MAN ESP MASTER: Members to Hear Wind Up Account Feb. 3
------------------------------------------------------
A final general meeting of the Members of Man ESP Master Fund
Ltd. will be held at the offices of Argonaut Limited, Argonaut
House, 5 Park Road, Hamilton HM O9, Bermuda, on Feb. 3, 2006 at
9.30am, or as soon as possible thereafter, for the purposes of:

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

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

  (3)  by resolution dissolving the Company.

                          *  *  *

The Members of Man ESP Master Fund Ltd., acting by written
consent without a meeting on Dec. 15, 2005, resolved that the
Company be wound up voluntarily (pursuant to the provisions of
the Companies Act 1981) and that Beverly Mathias be appointed
Liquidator for the purposes of such winding-up

CONTACT:  BEVERLY MATHIAS, Liquidator
          c/o Argonaut Limited, Argonaut House
          5 Park Road, Hamilton HM O9
          Bermuda


M.S. COMPANY: Enters Voluntary Liquidation
------------------------------------------
            In The Matter Of The Companies Act 1981

                            And

             In The Matter Of M.S. Company Limited
              (in Member's Voluntary Liquidation)

By Written Resolutions of the Sole Member of M.S. Company
Limited, on December 16, 2005, the following resolutions were
duly passed:

RESOLVED that:

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

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

The Liquidator informs that:

- Creditors of M.S. Company Limited are required on or before
January 6, 2006, to send their names and addresses and the
particulars of their debts or claims to the Liquidator of the
Company and, if so required by notice in writing from the said
Liquidator, to come in and prove their 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.

- The Final General Meeting of the Members of M.S. Company
Limited will be held at the offices of Cox Hallett Wilkinson,
Milner House, 18 Parliament Street, Hamilton HM12, on January
24, 2006 at 10 o'clock in the forenoon for the following
purposes:

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

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

3) by resolution dissolving the Company.

CONTACT:  Kerri Viera, Liquidator
          Milner House
          18 Parliament Street, Hamilton, Bermuda


MLA INSURANCE: To Appoint Permanent Liquidator Jan. 17
------------------------------------------------------
In The Supreme Court Of Bermuda Companies
(Winding-Up)
No. 305 of 2005

            In The Matter Of The Companies Act 1981

                           And

         In The Matter Of MLA Insurance Company Limited

     Notice To Contributories And Creditors Of First Meeting

(Under the order for winding-up MLA Insurance Company Limited
dated October 27, 2005)

NOTICE IS HEREBY GIVEN that the first meetings of contributories
and creditors in the above matter will be held at the offices of
KPMG Financial Advisory Services Limited, Crown House, 4 Par-la-
Ville Road, Hamilton, Bermuda at 9:00 a.m. (contributories) and
10:00 a.m. (creditors) on Tuesday, January 17, 2006. The purpose
of the meetings is to consider the appointment of the permanent
liquidator and whether a committee of inspection should be
appointed in respect of the Company.

Proxy forms and Proof of Debt forms to be used at the meeting
have been couriered and faxed to all known contributories and
creditors and must be lodged with the Provisional Liquidator at
the offices of KPMG Financial Advisory Services Limited, Crown
House, 4 Par-la-Ville Road, Hamilton, Bermuda by 5 p.m. (Bermuda
time) on Friday, January 12, 2006.

Facsimile copies of proxy forms and proof of debt forms received
by the deadline will be accepted (send to + 1 441 295 8280)
provided the original is brought to the meeting.

CONTACT: Mr. Michael Morrison, Provisional Liquidator
         KPMG Financial Advisory Services Limited
         Crown House, 4 Par-la-Ville Road, Hamilton, Bermuda


PANTHER LIMITED: Creditors Have Until Jan. 16 to Send Info
----------------------------------------------------------
Creditors of PANTHER LIMITED are required, on or before Jan. 16,
2006 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their solicitors (if any) to the
undersigned at 3rd Floor, Par La Ville Place, 14 Par La Ville
Road, Hamilton, Bermuda, the Liquidator of the said Company, and
if so required by notice in writing from the said Liquidator,
and personally or by their solicitors, to come in and prove
their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

A Final General Meeting of the Members of PANTHER LIMITED will
be held at 3rd Floor, Par La Ville Place, 14 Par La Ville Road,
Hamilton, Bermuda on Feb. 6, 2006 for the purpose of having an
account laid before them, showing the manner in which the
winding-up has been conducted, and the property of the Company
disposed of, and of hearing any explanation that may be given by
the Liquidator, and also of determining by Resolution the manner
in which the books, accounts and documents of the Company and of
the Liquidator thereof, shall be disposed of.

                          *  *  *

The Members of PANTHER LIMITED, acting by written consent
without a meeting on Dec. 19, 2005, resolved that the Company be
wound up voluntarily (pursuant to the provisions of The
Companies Act 1981) and that Mr. Arthur E. M. Jones be appointed
Liquidator for the purpose of such winding-up

CONTACT:  ARTHUR E. M. JONES, Liquidator
          3rd Floor, Par La Ville Place
          14 Par La Ville Road
          Hamilton, Bermuda


PBST CO.: Final General Meeting of Members to be Held Jan. 27
-------------------------------------------------------------
A final general meeting of the Members of the PBST CO. LTD. will
be held at the offices of Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda on Jan. 27,
2006 at 9.30am, or as soon as possible thereafter, for the
purposes of:

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

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

  (3)  by resolution dissolving the Company.

                          *  *  *

The Members of PBST CO. LTD., acting by written consent without
a meeting on Dec. 16, 2005, resolved that the Company be wound
up voluntarily (pursuant to the provisions of the Companies Act
1981) and that Robin J Mayor be appointed Liquidator for the
purposes of such winding-up

CONTACT: ROBIN J MAYOR, Liquidator  
         Clarendon House, Church Street
         Hamilton, Bermuda


PETRUS LIMITED: Final General Members Meeting Set for Jan. 25
-------------------------------------------------------------
A final general meeting of the Members of PETRUS LIMITED will be
held at the offices of Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, Bermuda on 25th January, 2006 at
9.30am, or as soon as possible thereafter, for the purposes of:

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

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

  (3)  by resolution dissolving the Company.

                          *  *  *

The Members of PETRUS LIMITED, acting by written consent without
a meeting on Dec. 20, 2005, resolved that the Company be wound
up voluntarily (pursuant to the provisions of the Companies Act
1981) and that Robin J Mayor be appointed Liquidator for the
purposes of such winding-up.

CONTACT: ROBIN J MAYOR, Liquidator  
         Clarendon House, Church Street
         Hamilton, Bermuda


REFCO INC: RCM Account Holder Proceedings Stayed Until Jan. 31
--------------------------------------------------------------
As previously reported in the Troubled Company Reporter on Nov.
15, 2005, Anthony W. Clark, Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, in Wilmington, Delaware, reports,
approximately 45 holders of accounts with Refco Capital Markets,
Ltd., have raised, in adversary proceedings, motions and
objections filed with the U.S. Bankruptcy Court for the Southern
District of New York, and in correspondence with the Debtors, a
common and overarching issue -- whether certain securities and
other property held by RCM are property of the bankruptcy estate
or in some way belong, in whole or in part, to the account
holders.

Refco Inc., and its debtor-affiliates seek the Court's authority
to pursue determination of the Estate Property Issue through the
defendant class action adversary proceeding procedure.  The
Debtors also ask the Honorable Robert D. Drain of the Southern
District of New York Bankruptcy Court to stay all pending and
future individual RCM account holder proceedings, which raise
the Estate Property Issue until the class action has been
concluded.

                       *     *     *

At the Debtors' request, Judge Drain continues the stay of
proceedings through and including January 31, 2006.

The Court directs the Debtors to use their best efforts to
produce documents to, and make witnesses available for
deposition by, parties-in-interest.  The persons identified in
the Debtors' Notice of Designation of Witnesses filed on
December 5, 2005, will be made available for deposition from
January 5, 2006, through and including January 16, 2006, on
specified topics.

The protocol for questioning witnesses at the depositions will
be:

   * by the Official Committee of Unsecured Creditors;

   * by counsel selected by the customer group that requested
     conversion of Refco Capital Markets, Ltd.'s Chapter 11 case
     to a stockbroker liquidation;

   * by counsel selected by parties-in-interest who oppose
     the Conversion Motion;

   * by counsel for any other party-in-interest who desires to
     examine the witness; and

   * by the Debtors' counsel.

All parties, including the Debtors, the Customer Group and the
Official Committee of Unsecured Creditors, may seek discovery
from additional parties and will confer with those parties to
agree upon a schedule to conduct that discovery.

The Court also directs the Debtors to post on their Web site a
statement concerning whether margin loans to RCM Clients were
netted against the cash positions reflected in the account
statements sent by the Debtors to each of RCM's clients in
accordance with the Initial Order.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services  
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  
Refco reported $16.5 billion in assets and $16.8 billion in
debts to the Bankruptcy Court on the first day of its chapter 11
cases.  (Refco Bankruptcy News, Issue No. 18; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


SALEM LAKE: To be Wound Up Voluntarily
--------------------------------------
           In The Matter Of The Companies Act, 1981
   
                            And

           In The Matter Of Salem Lake Insurance Ltd.

The following Resolutions of Salem Lake Insurance Ltd. were
adopted by the Members by written consent on December 19, 2005.

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

b) that Nicholas Hoskins be appointed Liquidator for the
purposes of such winding-up, such appointment to be effective
forthwith.

The Liquidator informs that:

- Creditors of Salem Lake Insurance Ltd., which is being
voluntarily wound up, are required, on or before January 16,
2006 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their attorneys (if any) to the
Liquidator of the Company at Wakefield Quin, Chancery Hall, 52
Reid Street, Hamilton, Bermuda and if so required by notice in
writing from the Liquidator, and personally or by their
attorneys, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A Final General Meeting of the Members of Salem Lake Insurance
Ltd. will be held at the offices of Wakefield Quin, Chancery
Hall, 52 Reid Street, Hamilton, Bermuda on January 30, 2006 at
11am, or soon as possible thereafter, for the purposes of:
having an account laid before them showing the manner in which
the winding-up has been conducted and how the property of the
Company has been disposed of and of hearing any explanation that
may be given by the Liquidator; determining by Resolution the
manner in which the books, accounts and documents of the Company
and of the Liquidator thereof, shall be disposed of; and by
Resolution dissolving the Company.

CONTACT:  Mr. Nicholas Hoskins, Liquidator
          Chancery Hall
          52 Reid Street, Hamilton
          Bermuda


VICTORY CITY: Final Meeting of Sole Member to be Held Jan. 25
-------------------------------------------------------------
A final general meeting of the Sole Member of Victory City
International Holdings Limited will be held at the offices of
Messrs. Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda on Jan. 25, 2006 at 9.30am, or as soon as
possible thereafter, for the purposes of:

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

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

  (3)  by resolution dissolving the Company.

                          *  *  *

The Sole Member of the Victory City International Holdings
Limited, acting by written consent without a meeting on Dec. 19,
2005, resolved that the Company be wound up voluntarily
(pursuant to the provisions of the Companies Act 1981) and that
Robin J Mayor be appointed Liquidator for the purposes of such
winding-up

I, Robin J Mayor of Clarendon House, Church Street, Hamilton in
the Islands of Bermuda, hereby give you notice that I have been
appointed Liquidator of UPS Re. Ltd. (the "Company") by a
resolution of the Company dated 19th December 2005.

CONTACT: ROBIN J MAYOR, Liquidator  
         Clarendon House, Church Street
         Hamilton, Bermuda



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

AGUAS DEL TUNARI: Deputy Minister Recommends Dissolution
--------------------------------------------------------
Bolivian Deputy Basic Services Minister Eduardo Rojas has
advised the new government to try to dissolve Cochabamba water
utility Aguas del Tunari to avoid problems with local minority
shareholders, reports Business News Americas.

"The dissolution of the company is one of the administrative
actions that the government of [president-elect] Evo Morales
should carry out immediately so as to avoid further problems,"
Mr. Rojas said.  President-elect Morales, from the leftist MAS
party, takes office January 22.

The government recently agreed to buy the shares of U.S.-based
International Water (55%) and Spanish company Abengoa (25%) in
Aguas del Tunari. The government bought the shares for a nominal
price of one boliviano from each of the controlling companies,
meaning, it paid two bolivianos for 80% of the stock.

The remaining 20% of the utility will remain in the hands of
Bolivian companies Soboce, ICE, Constructora Petricevic and ICA,
each of which holds 5% in the firm.

The deal involved the state taking responsibility for the firm's
liabilities of US$8.2 million, although Rojas has denied the
government will have to pay the debts.

Furthermore, the deal was aimed at stopping the shareholders'
demand for US$50 million compensation filed with the
International Center for Settlement of Investment Disputes
(ICSID). Decree 11313, issued December 15, states that once the
stock purchase and general agreement come into effect, the
necessary actions will be taken to end the request for
arbitration made by the company with ICSID.

The government cancelled Aguas del Tunari's contract in 2000 due
to civil disturbances in protests against the concessionaire,
just one year into the contract.



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

COPEL: Shareholders Approve Changes in Bylaws
---------------------------------------------
The Shareholders of Companhia Paranaense De Energia - Copel
approved in a meeting held Wednesday the changes in the
Company's Bylaws to transfer the responsibility for Copel's
participation in other corporations from the Business Management
Office to the Finance and Investor Relations Office.

Summary of the Minutes of the 167th Special Shareholders'
Meeting

1. VENUE: Rua Coronel Dulcidio, n 800, Curitiba - State of
Parana.

2. DATE AND TIME: January 11, 2006 - at 2:00 p.m.

3. CALL NOTICE: Call notice published by the Official Gazette of
the State and newspapers "O Estado do Parana" and "Diario
Comercio Industria e Servicos - DCI".

4. QUORUM: eighty-six wholes, seventeen hundredth percent
(86.17%) of the voting capital, as per signatures on the
Shareholders' Attendance Book 3, page 39.

5. PRESIDING BOARD: Sergio Botto De Lacerda - Chairman; Paulo
Roberto Trompczynski - acting CEO of the Company; Marlos Gaio -
Secretary.

6. DELIBERATIONS:

I. Approved, by unanimous vote, the changes in the Company's
Bylaws to transfer the responsibility for Copel's participation
in other corporations from the Business Management Office to the
Finance and Investor Relations Office, through the exclusion if
items VIII and IX of article 23 and the inclusion of items VII
and VIII in article 24, with the following wording: "Art. 24 It
is the responsibility of the Chief Financial and Investor
Relations Officer: (...) VII - to promote the management of
assets of companies where the Company has participation; and
VIII - to coordinate studies and implementation of new
businesses' opportunities with our without third parties".

II. Approved, by unanimous vote, the adequacy of the head of
article 4, in accordance with the prerogative foreseen at
paragraph 1 of article 7, both in the Company's bylaws, due to
the conversion of PNA shares into PNB shares, as requested by
shareholders;

III. Dismissed from Copel's Board of Directors, by unanimous
vote, with the abstention from the shareholder BNDES
Participacoes S.A. - BNDESPAR, trough its representative, Ms.
Maria Aparecida Rodrigues Placa, elected for the 2005/2007
office period as a representative of the Company's employees,
substantiated by articles 153, 154, 155 and 158, subparagraph
II, of the Brazilian Corporate Law, being a responsibility of
the Executive Board to call an election jointly with the
Company's employees, under the terms of the applicable state
regulations, and to nominate the representative elected by the
Company's employees on the election at a new Special
Shareholders' Meeting, which will be timely called.

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


COPEL: Converts A-Class Preferred Nominative Shares to B-Class
--------------------------------------------------------------
Companhia Paranaense de Energia - Copel announced to its
shareholders and to the market on January 6, 2006 that, during
the period between December 1, 2005 and December 31, 2005, at
shareholders' request, 10,412 A-class preferred nominative
shares (PNA) were converted into B-class preferred nominative
shares (PNB), as provided for in the Company's Bylaws, Paragraph
1 of Article 7.

Therefore, at the next General Shareholders' Meeting, Article 4
of the Company's Bylaws shall be registered with the following
wording:

"Article 4 - Underwritten paid up capital is BRL3,480,000,000.00
represented by 273,655,376,270 shares, with no par value,
composed of 145,031,080,782 ordinary shares, and 128,624,295,488
preferred shares, of which 403,715,012 are class 'A' shares, and
128,220,580,476 are class 'B' shares."

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


VARIG: Must Make $56M Debt Payment to Keep Fleet Intact
-------------------------------------------------------
Brazil's cash-strapped flagship airline Viacao Aerea Rio-
Grandense (Varig) must pay a debt of US$56 million to U.S.
aircraft leasing companies before a bankruptcy court hearing
Friday or risk the repossession of its planes when they land on
U.S. soil.

On Dec. 21, Judge Robert Drain of the Bankruptcy Court of the
Southern District of New York ruled that Varig will be able
to keep its fleet intact until at least Jan. 12, so long as it
makes payments to aircraft leasing companies.

Varig has raised US$29 million and, via Portuguese airline TAP
and U.S. investment bank JP Morgan, is negotiating the payment
of receivables from state-run oil distributor BR Distribuidora
and the return of some US$30 million paid ahead of schedule to
the International Air Transport Association.

The BR Distribuidora receivables are in a J.P. Morgan account.

Struggling under the weight of more than BRL7 billion ($3.1
billion) in debt, Varig sought local bankruptcy court protection
in June. However, leasing companies filed separate cases at a
New York bankruptcy court.

Ansett Worldwide Aviation, which has 14 planes leased to Varig,
reportedly requested that the bankruptcy court allow the leasing
companies to repossess the planes, alleging Varig continues to
take parts from the leased planes to keep others in the air.



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

MEGABANCO: Fogafin Seeks Investment Bank to Organize Sale
---------------------------------------------------------
Deposit guarantee agency Fogafin is looking for an investment
bank to manage the sale of intervened commercial bank Megabanco,
reports Business News Americas.

According to the timetable, Fogafin will accept bids until Jan.
16 and award the contract on Jan. 31. Fogafin wants to complete
the sale of Megabanco during the first half of this year.

As of end-August, Megabanco's assets totaled COP2.1 trillion
(US$913mn) and equity stood at COP132 billion.



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

BALLY TOTAL: Appoints John W. Rogers, Jr. Lead Director
-------------------------------------------------------
Bally Total Fitness (NYSE:BFT), the nation's leader in health
and fitness, announced Wednesday four initiatives to demonstrate
the Company's strong commitment to effective corporate
governance practices and ensure an open and fair strategic
process as Bally's Board considers a sale or recapitalization of
the Company.

The Company announced that John W. Rogers, Jr. has been
appointed as Lead Director of the Bally Board to move the
Company forward in close collaboration with management and the
other directors. Mr. Rogers is Chairman and CEO of Ariel Capital
Management, LLC, a privately owned Chicago-based money
management firm with $19.4 billion in assets under management.

Bally also said it is establishing a special committee comprised
of four independent directors, led by John Rogers, Jr., to
manage the strategic process with J.P. Morgan Securities Inc.
and The Blackstone Group, the Company's outside financial
advisors, in evaluating alternatives relative to the possible
sale, recapitalization or other strategic transaction involving
the Company.

The Board also said it will amend the Company's proposed 2006
Omnibus Equity Compensation Plan to reduce the number of shares
available under the Plan from 2.5 million shares to 1.75 million
shares. Until the conclusion of the strategic process, Bally has
agreed to restrict the use of those shares to incentive and
inducement awards to retain key middle and lower level
employees, not senior management.

Additionally, the Board reiterated that Bally's management will
not align itself in any way with any bidder during the process
for the sale or refinancing of the Company until a winning
bidder has been chosen.

"We believe today's (Wednesday) actions clearly demonstrate
Bally's commitment to effective corporate governance practices,"
said Rogers. "I look forward to working with the rest of the
independent directors and Bally's management team in my expanded
role, particularly in helping lead the execution of the
Company's strategic plan to create value for shareholders. As we
approach our annual meeting, shareholders have a clear choice as
they consider their proxy vote. Rather than supporting two self-
interested hedge funds, we urge Bally's shareholders to examine
the facts, look at the track records of all sides, and vote to
support this Board and management team so that we can continue
to pursue a plan that is clearly working to create long-term
value for shareholders."

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

CONTACT:  Bally Total Fitness, Chicago
          Investors
          Janine Warell
          Phone: 773-864-6897
          Media
          Matt Messinger
          Phone: 773-864-6850

          URL: www.ballyfitness.com

                    or
   
          MacKenzie Partners
          Additional Investor Contacts
          Jeanne Carr
          Phone: 212-929-5916
                    or
          Dan Burch
          Phone: 212-929-5748


SATMEX: Secures Another Extension to Make Financial Proposal
------------------------------------------------------------
Mexico's financially troubled satellite operator Satmex now has
until April 27, 2006 to make a financial restructuring proposal
to its US creditors, reports Business News Americas.

Satmex and its US creditors reached an agreement at the end of
July to allow bankruptcy proceedings to go ahead under Mexican
jurisdiction. As part of the deal, Satmex officials originally
agreed to make a financial proposal by October 31. Close to that
date, a New York bankruptcy court granted the first extension to
Jan 10.

Recently however, Satmex requested for another extension. In
support of that request, case supervisor Tomas Heather presented
to the US court a progress report on Satmex's bankruptcy
proceedings, which in Mexico are called "concurso mercantil".

Satmex said it continues in its efforts to ensure that the
Satmex 6 satellite will be launched by the end of May. As part
of the August agreement, Satmex also agreed to launch the
satellite - which is seen as essential for the future survival
of the company - by June 30, 2006.

Late last year, a senior official at bankruptcy institute Ifecom
said that Satmex was close to reaching a deal with its creditors
to restructure its more than US$800 million of debt, of which
US$523 million is in default.



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

* PERU: IMF Completes Third Review of Stand-By Arrangement
----------------------------------------------------------
The Executive Board of the International Monetary Fund completed
the third review of Peru's economic performance under a 26-month
Stand-By Arrangement approved on June 9, 2004. The completion of
the review makes available for purchase a total equivalent to
SDR 204.4 million (about US$296 million). The Peruvian
authorities intend to continue to treat the arrangement as
precautionary.

In completing the review, the Board granted a waiver for the
non-applicability of the December 31, 2005 quantitative
performance criteria.

CONTACT:  International Monetary Fund - IMF
          External Relations Department
          Public Affairs    
          Phone: 202-623-7300
          Fax: 202-623-6278

          Media Relations
          Phone: 202-623-7100
          Fax: 202-623-6772



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

PDVSA: CITGO Seeks to Delist Senior Notes from NYSE
-------------------------------------------------
CITGO Petroleum Corporation announced Wednesday that it has
filed an application to delist its 7 and 7/8 percent Senior
Notes due May 15, 2006 (the "Notes") that are currently listed
on the New York Stock Exchange and to apply for withdrawal of
the Notes' Section 12(b) registration with the Securities and
Exchange Commission.  CITGO expects the delisting and the
deregistration to be effective in February 2006.

CITGO, based in Houston, is a refiner, transporter and marketer
of transportation fuels, lubricants, petrochemicals, refined
waxes, asphalt and other industrial products.  The company is
owned by PDV America, Inc., an indirect wholly owned subsidiary
of Petroleos de Venezuela, S.A., the national oil company of the
Bolivarian Republic of Venezuela.




                            ***********


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