/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/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. *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter - Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and Sheryl Joy P. Olano, Editors. Copyright 2006. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is $575 per half-year, delivered via e-mail. 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