TCRLA_Public/060116.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, January 16, 2006, Vol. 7, Issue 11

                            Headlines


A R G E N T I N A

AGUAS PROVINCIALES: Drops ICSID Claim Against Argentina
BANCO HIPOTECARIO: Buys Back 2010, 2013 Bonds
EXPRESO TARDUCCI: Court Grants Reorganization Plea
GIFACO S.A.: Enters Bankruptcy on Court Orders
LA MANTOVANA: Concludes Reorganization

LOMA NEGRA: Shareholders Approve $500M, 5-Yr Bond Program
MAGLIERIA S.A.: Enters Bankruptcy on Court Orders
MARKETING DESIGN: Court Rules for Liquidation
METROGAS: Further Extends New Note Solicitation
PETROBRAS ENERGIA: To Conduct Exploration Activities

PROYECCION MEDICA: Completes Reorganization
T.A.R.I. S.R.L.: Gets Court Approval for Reorganization


B E R M U D A

AMR FOREIGN: Names Robin J Mayor as Liquidator
BAD NAUHEIM: Wind Up Process Begins
BANNON FUND: Robin J Mayor Selected as Liquidator
BARCLAYS CAPITAL: Starts Liquidation Process
BOURGEON FUND: Appoints Roderick M. Forrest as Liquidator

BQX LTD.: Joint Provisional Liquidators Released
CM V - MAX III: Robin J Mayor Appointed as Liquidator
CRONOS FUNDING: Voluntary Wind Up Begins
DUKES PLACE: Creditors to Prove Claims Until Jan. 18
EMPRESS TANKERS: Final Meeting Set for Jan. 26

FITX GROUP: Final General Meeting Set for Jan. 31
GLOBAL AIR: To be Liquidated Voluntarily
HAMPSHIRE LIMITED: Enters Voluntary Wind Up
HP FUNDING: Voluntary Wind Up Starts
JAL FSC LESSEE (NC): Creditors to Present Claims Jan. 18

JAL FSC LESSEE (PB): Final Meeting Scheduled for Feb. 8
JAL FSC LESSEE (PB2): Verification Ends Jan. 18
JEBSEN BELTSHIPS: To be Wound Up Voluntarily
MMC ENTERPRISE: Robin J Mayor Named Liquidator
MRM GLOBAL: Sets Final Meeting for Feb. 15

MRM U.S. EQUITY: Selects Patrick Reardon as Liquidator
MUSCAT-IP 220: Voluntary Liquidation Begins
NATIONAL BEER: Enters Voluntary Liquidation
NEW CAP REINSURANCE: Sets. Scheme Meeting Feb. 9
NEW WORLD: Court Orders Wind Up

PHILIPPINES LONG-TERM EQUITY: Starts Wind Up Process
PRG-SCHULTZ INSURANCE: Robin J Mayor Chosen as Liquidator
SHELL VENEZUELA: Selects Robin J Mayor as Liquidator
TONGLOK LTD: Appoints Nicholas Hoskins as Liquidator


B R A Z I L

BANCO SAFRA: S&P Assigns Counterparty Credit Ratings
KLABIN: To Conclude Electrostatic Precipitators Remodeling March
VARIG: NY Court Extends Bankruptcy Protection Until March 17


C A Y M A N   I S L A N D S

ATLANTIC SHAW: Voluntary Wind Up Process Begins
DHARMA CAPITAL: To be Liquidated Feb. 10
FIRESIDE INVESTMENTS: Proof of Claims Due Feb. 9
NAUTILUS EUROPE: Shareholder Resolves to Liquidate
PICO LTD: Names Joint Liquidators to Oversee Wind Up Process

TENET OFFSHORE: Creditors to Prove Debts Until Jan. 30


M E X I C O

BALLY TOTAL: Court Denies Motion For Expedited Discovery
BALLY TOTAL: Comments on Pardus' Response to Proposals
DESARROLLADORA HOMEX: Commences Offer to Exchange Notes

     -  -  -  -  -  -  -  -

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

AGUAS PROVINCIALES: Drops ICSID Claim Against Argentina
-------------------------------------------------------
Provincial water utility Aguas Provinciales de Santa Fe has
agreed to drop its lawsuit against the national government in
the World Bank's arbitration tribunal, the International Centre
for the Settlement of Investment Disputes (ICSID).

The decision came after the provincial government said it would
not approve French group Suez's planned sale of its stake in the
water company to a private buyer if the Company pressed its
claim.

Suez recently reached an agreement to sell the stake to Alberdi
Aguas, a unit of Santa Fe-based ceramic tile manufacturer
Ceramica Alberdi. However, provincial governor Alberto Hammerly
said Tuesday that authorities wouldn't allow the sale to go
through unless the Company withdraws its ICSID claim.

Hammerly said he has asked Aguas Provinciales if its other
shareholders - Suez, Spanish-owned Sociedad General de Aguas de
Barcelona SA and Interagua Servicios Integrales de Agua SA -
have also withdrawn their ICSID claims. The four companies are
listed as one joint party in their case against Argentina.

"If they don't decide to pull all of their ICSID claims, the
province of Santa Fe sadly will not be in conditions to accept
the transfer" of shares, Mr. Hammerly said.


BANCO HIPOTECARIO: Buys Back 2010, 2013 Bonds
---------------------------------------------
Argentine bank Banco Hipotecario informed the local securities
regulator CNV that in December, it bought back US$9.8 million in
subordinated bonds due 2010 and US$1.2 million in bonds maturing
in 2013. The bank said its dollar-denominated debt due in 2010
and 2013 now totals US$50 million and US$314 million
respectively.


EXPRESO TARDUCCI: Court Grants Reorganization Plea
--------------------------------------------------
Expreso Tarducci S.C.C. successfully petitioned for
reorganization after Villa Maria's civil and commercial court
issued a resolution opening the Company's insolvency
proceedings.

Under insolvency protection, the Company will continue to manage
its assets subject to certain conditions imposed by Argentine
law and the oversight of a court-appointed trustee.

Infobae relates that Mr. Alberto Ricardo Cabrera will serve as
trustee during the course of the reorganization. The trustee
will be accepting creditors' proofs of claim for verification
until Feb. 24, 2006.

After verifications, the trustee will prepare the individual
reports and submit it in court on April 10, 2006. He will also
present a general report for court review on May 30, 2006.

The Company will endorse the settlement proposal, drafted from
the submitted claims, for approval by the creditors during the
informative assembly scheduled on Nov. 8, 2006.

CONTACT:  Expreso Tarducci S.C.C.
          Bv. Alvear 467
          Villa Maria (Cordoba)

          Mr. Alberto Ricardo Cabrera, Trustee
          Martinez Mendoza 434
          Villa Maria (Cordoba)


GIFACO S.A.: Enters Bankruptcy on Court Orders
----------------------------------------------
Gifaco S.A. entered bankruptcy protection after a Buenos Aires
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 Ms. Monica Graciela
Aquim as trustee. Ms. Aquim will be verifying creditors' proofs
of claim until the end of the verification phase on March 17,
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 April 14, 2006 followed by the general report, which is due
on May 26, 2006.

CONTACT:  Gifaco S.A.
          Tucuman 1455
          Buenos Aires

          Ms. Monica Graciela Aquim, Trustee
          Uruguay 662
          Buenos Aires


LA MANTOVANA: Concludes Reorganization
--------------------------------------
The reorganization of Buenos Aires-based La Mantovana de
Servicios S.A. has ended. Data revealed by Infobae on its Web
site indicated that the process was concluded after Buenos Aires
court homologated the debt agreement signed between the Company
and its creditors.


LOMA NEGRA: Shareholders Approve $500M, 5-Yr Bond Program
---------------------------------------------------------
Argentine cement producer Loma Negra obtained approval from
shareholders to launch a US$500-million, five-year bond program,
reports Dow Jones Newswires.

The Company said it will to use the proceeds of the operation to
fund an expansion plan and refinance debt.

In a statement, Loma Negra's General Director, Juliano de
Oliveira, said that the shareholders assembly's approval of the
bond program "doesn't mean these securities are headed directly
to the market; rather, there's the possibility of using an
instrument that helps us advance in our plans to improve our
financial structure and expand the business."

Loma Negra also revealed it has secured a syndicated bank loan
for ARS295 million ($96.6 million), which will be partially paid
down using four bond series that come due in 2008, 2011 and
2013. The company provided no further details on the terms of
the loan.

The Company's new owner, Brazilian engineering concern Camargo
Correa, revealed in October last year a US$100-million
investment plan over the next three years to boost production
capacity.


MAGLIERIA S.A.: Enters Bankruptcy on Court Orders
-------------------------------------------------
Buenos Aires' civil and commercial court declared Maglieria S.A.
bankrupt after the Company defaulted on its debt payments. The
bankruptcy order effectively places the Company's affairs as
well as its assets under the control of court-appointed trustee,
Ms. Gloria L. Della Sala.

As the trustee, Ms. Sala is tasked with verifying the
authenticity of claims presented by the Company's creditors. The
verification phase is ongoing until March 6, 2006.

Following claims verification, the trustee will submit the
individual reports based on the forwarded claims for final
approval by the court on April 19, 2006. A general report will
also be submitted on June 2, 2006.

CONTACT:  Ms. Gloria L. Della Sala, Trustee
          Uruguay 660
          Buenos Aires


MARKETING DESIGN: Court Rules for Liquidation
---------------------------------------------
Buenos Aires' civil and commercial court ordered the liquidation
of Marketing Design S.A. after the Company defaulted on its
obligations, Infobae reveals. The liquidation pronouncement will
effectively place the Company's affairs as well as its assets
under the control of Mr. Juan Jose Romanelli, the court-
appointed trustee.

Mr. Romanelli will verify creditors' proofs of claim until March
1, 2006. The verified claims will serve as basis for the
individual reports to be submitted in court on April 12, 2006.
The submission of the general report follows on May 30, 2006.

CONTACT:  Marketing Design S.A.
          Charcas 3896
          Buenos Aires

          Mr. Juan Jose Romanelli, Trustee
          Gandara 2700
          Buenos Aires


METROGAS: Further Extends New Note Solicitation
-----------------------------------------------
MetroGAS S.A. (the Company) (BASE: metr; NYSE: MGS) (the
Company) announced Thursday that it is extending until 5:00
p.m., New York City time, on January 25, 2006, its new
solicitation (the APE Solicitation) from holders of its 9-7/8%
Series A Notes due 2003 (the Series A Notes), its 7.375% Series
B Notes due 2002 (the Series B Notes) and its Floating Rate
Series C Notes due 2004 (the "Series C Notes" and, together with
the Series A Notes and the Series B Notes, the "Existing Notes")
and its other unsecured financial indebtedness (the "Existing
Bank Debt" and, together with the Existing Notes, the "Existing
Debt") aggregating approximately the equivalent of U.S.$ 436.9
million principal amount of Existing Debt as of September 30,
2005, subject to certain eligibility requirements, of powers of
attorney authorizing the execution on behalf of the holders of
its Existing Notes of, and of support agreements committing
holders of its Existing Bank Debt to execute, an acuerdo
preventivo extrajudicial (APE). The Company may extend the
solicitation period past January 25, 2006.

The Company determined to further extend the solicitation
period, because there is still a significant number of holders
of Existing Debt that have expressed verbally their wish to
participate in the APE Solicitation were unable to complete
prior to the expiration date of the APE Solicitation (January
11, 2006) the technical steps that are required to permit them
to execute and deliver their powers of attorney and support
agreements.

APE Solicitation

As of 5:00 p.m., New York City time, on January 11, 2006, the
Company had received powers of attorney and support agreements,
together with the necessary supporting documentation, with
respect to the equivalent of approximately US$380.2 million
principal amount of Existing Debt. In addition, as of such time
and date, the Company had also received powers of attorney and
support agreements, but was awaiting the receipt of the
necessary supporting documentation, with respect to the
equivalent of an additional US$14.7 million principal amount of
Existing Debt.

The APE Solicitation will remain in all respects subject to all
terms and conditions described in the Company's Solicitation
Statement dated November 9, 2005, as the same has been modified
by a Solicitation Statement Supplement dated December 29, 2005,
and as the same may be further modified.   

The Settlement Agent for the APE Solicitation outside Argentina
is J.P. Morgan Chase Bank and its telephone and fax number are
+1 (212) 623-5136 and +1 (212) 623-6216, respectively. The
Settlement Agent for the APE Solicitation inside Argentina is
J.P. Morgan Chase Bank N.A., Sucursal Buenos Aires, and its
telephone/fax number is (54 11)-4348-3475/4325-8046.    
  
CONTACT:  METROGAS, S.A.
          Gregorio Araoz de Lamadrid 1360
          Buenos Aires
          Argentina
          CPA C 1267
          Phone: +54 11 4309 1010
          Fax:  +54 11 4309 1025
          Web site: http://www.metrogas.com.ar


PETROBRAS ENERGIA: To Conduct Exploration Activities
----------------------------------------------------
Petrobras Energia Participaciones S.A. (Buenos Aires: PBE, NYSE:
PZE), controlling company of Petrobras Energia S.A. (Buenos
Aires: PESA), announces that Petrobras Energia S.A., together
with Energia Argentina S.A. (Enarsa), YPF S.A. and Petrouruguay
S.A., signed a memorandum of agreement for the creation of a
consortium for the exploration, development, production and
commercialization of hydrocarbons in two offshore areas located
in the Argentine continental shelf slope, approximately 250 km.
East of the city of Mar del Plata, Province of Buenos Aires, at
depths ranging from 200 m to 3,000 m.

Petrobras Energia S.A. will have a 25% interest in the
consortium while Enarsa, YPF S.A. and Petrouruguay S.A. will
hold a 35%, 35% and 5% interest, respectively.

Exploration activities include 1,000 km2 of 3D seismic works and
drilling of an exploratory well. Petrobras Energia S.A., YPF
S.A. and Petrouruguay S.A. will be responsible, in proportion to
their interest, to contribute the funds necessary to finance the
investment corresponding to Enarsa during this stage. In the
event a commercial discovery is made, Enarsa will reimburse
Petrobras Energia S.A., YPF S.A. and Petrouruguay S.A. the funds
received.

Petrobras Energia S.A. will apply the technology and know-how
developed by Petrobras, a world leader in offshore exploration
and a pioneer in deep and ultra-deep water operations. Petrobras
operates the world's largest number of offshore oil and gas
production systems.  Petrobras' renowned leadership in this
field is a major contribution to this project.

CONTACT: Petrobras Energia Participaciones S.A.
         Edificio Perez Companc
         Maipu 1
         Buenos Aires, C 1084 ABA
         Argentina
         Phone: 54-11-4344-6000
         Website: http://www.petrobrasenergia.com


PROYECCION MEDICA: Completes Reorganization
-------------------------------------------
The reorganization of Proyeccion Medica S.A. has been concluded.
Data revealed by Infobae on its Web site indicated that the
process was concluded after a Buenos Aires court homologated the
debt agreement signed between the Company and its creditors.


T.A.R.I. S.R.L.: Gets Court Approval for Reorganization
-------------------------------------------------------
T.A.R.I. S.R.L. - Transporte Automotor Romero e Ibarra S.R.L.
will begin reorganization following the approval of its petition
by Buenos Aires' civil and commercial court. The opening of the
reorganization will allow the Company to negotiate a settlement
with its creditors in order to avoid a straight liquidation.

Mr. Adalberto Abel Corbelleri will oversee the reorganization
proceedings as the court-appointed trustee. He will verify
creditors' claims until March 10, 2006. The validated claims
will be presented in court as individual reports on April 25,
2006.

Mr. Corbelleri is also required by the court to submit a general
report essentially auditing the Company's accounting and
business records as well as summarizing important events
pertaining to the reorganization. The report will be presented
in court on June 8, 2006.

An Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the Company's
creditors for approval, is scheduled on Oct. 11, 2006.

CONTACT:  T.A.R.I. S.R.L. - Transporte Automotor Romero e Ibarra
          S.R.L.
          Posadas 1528
          Buenos Aires

          Mr. Adalberto Abel Corbelleri, Trustee
          Carabobo 237
          Buenos Aires



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

AMR FOREIGN: Names Robin J Mayor as Liquidator
----------------------------------------------
            In The Matter Of The Companies Act 1981

                            And

       In The Matter Of AMR Foreign Sales Corporation, Ltd

The Member of AMR Foreign Sales Corporation, Ltd, acting by
written consent without a meeting on December 29, 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 AMR Foreign Sales Corporation, Ltd, which is
being voluntarily wound up, are required, on or before January
19, 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 undersigned, at Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, HM DX,
Bermuda, the Liquidator of the Company, 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 Member of AMR Foreign Sales
Corporation, Ltd will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on February 6, 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


BAD NAUHEIM: Wind Up Process Begins
-----------------------------------
             In The Matter Of The Companies Act 1981

                              And

         In The Matter Of Bad Nauheim Properties Limited

The Member of Bad Nauheim Properties Limited, acting by written
consent without a meeting on December 30, 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 Bad Nauheim Properties Limited, which is being
voluntarily wound up, are required, on or before January 20,
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 undersigned, at Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, HM DX, Bermuda, the
Liquidator of the Company, 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 Member of Bad Nauheim
Properties Limited will be held at the offices of Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda on February 7, 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


BANNON FUND: Robin J Mayor Selected as Liquidator
-------------------------------------------------
             In The Matter Of The Companies Act 1981

                              And

              In The Matter Of The Bannon Fund Ltd

The Member of The Bannon Fund Ltd, acting by written consent
without a meeting on January 11, 2006 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 The Bannon Fund Ltd, which is being voluntarily
wound up, are required, on or before February 2, 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 undersigned, at Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, HM DX, Bermuda, the Liquidator
of the Company, 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 Member of The Bannon Fund Ltd
will be held at the offices of Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda on February
20, 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


BARCLAYS CAPITAL: Starts Liquidation Process
--------------------------------------------
             In The Matter Of The Companies Act 1981

                              And

      In The Matter Of Barclays Capital Asia Pacific Limited

By unanimous written resolution dated December 29, 2005, the
Members of Barclays Capital Asia Pacific Limited passed the
following Resolutions:

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

2. THAT Jacky Chung Wing Muk and Edward Simon Middleton be and
are hereby appointed Liquidators, jointly and severally, for the
purposes of such winding-up, such appointment to be effective
forthwith.

The Liquidator informs that:

- Creditors of Barclays Capital Asia Pacific Limited, which is
being voluntarily wound up, are required, on or before February
10, 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 Jacky Chung Wing Muk and/or Edward Simon Middleton, the
undersigned, at KPMG, 8th Floor, Prince's Building, 10 Chater
Road, Central, Hong Kong,, the Joint and Several Liquidators of
the Company, and if so required by notice in writing from the
Liquidators, and personally or by their solicitors, to come in
and prove their debts or claims at such time as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

CONTACT:  Mr. Jacky Chung Wing Muk and Edward Simon Middleton
          Joint and Several Liquidators
          KPMG, 8th Floor, Prince's Building
          10 Chater Road, Central, Hong Kong


BOURGEON FUND: Appoints Roderick M. Forrest as Liquidator
---------------------------------------------------------
            In The Matter Of The Companies Act, 1981

                             And

               In The Matter Of Bourgeon Fund Ltd.

Resolved

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

2. THAT Mr. Roderick M. Forrest be appointed Liquidator for the
purposes of such winding-up, such appointment to be effective
forthwith.

The Liquidator informs that:

- Creditors of Bourgeon Fund Ltd., which is being voluntarily
wound up, are required, on or before January 25, 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 Bourgeon Fund Ltd.
will be held at the offices of Wakefield Quin, Chancery Hall, 52
Reid Street, Hamilton, Bermuda on February 17, 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. Roderick Forrest, Liquidator
          Chancery Hall
          52 Reid Street, Hamilton
          Bermuda


BQX LTD.: Joint Provisional Liquidators Released
------------------------------------------------
In The Supreme Court Of Bermuda Companies (Winding-Up)
2002: No. 201

                   In The Matter Of Bqx Ltd.

                             And

             In The Matter Of The Companies Act 1981

Order

UPON hearing Counsel for the Joint Provisional Liquidators IT IS
HEREBY ORDERED that:

1. the joint provisional liquidators of BQX Ltd., in
Liquidation, be and are hereby released;

2. such release be advertised and at that time the Company be
and is deemed dissolved;

3. after a period of two years the books and records of the
Company may be destroyed; and

4. the costs of this application and any and all actions
authorized or sanctioned by the order of the Court be paid out
of the assets of the Company as an expense of the liquidation.

Dated: January 5, 2006
Geoffrey R. Bell
Puisne Judge


CM V - MAX III: Robin J Mayor Appointed as Liquidator
-----------------------------------------------------
            In The Matter Of The Companies Act 1981

                             And

            In The Matter Of CM V - Max III Limited

The Sole Member of CM V - Max III 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 V - Max III 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 said 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 V - Max III
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


CRONOS FUNDING: Voluntary Wind Up Begins
----------------------------------------
            In The Matter Of The Companies Act 1981

                             And

        In The Matter Of Cronos Funding (Bermuda) Limited

The Members of Cronos Funding (Bermuda) Limited, acting by
written consent without a meeting on December 23, 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 Cronos Funding (Bermuda) 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 Cronos Funding
(Bermuda) 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


DUKES PLACE: Creditors to Prove Claims Until Jan. 18
----------------------------------------------------
            In The Matter Of The Companies Act 1981

                             And

In The Matter Of Dukes Place Investment Holdings (Bermuda)
Limited

The Member of Dukes Place Investment Holdings (Bermuda) Limited,
acting by written consent without a meeting on December 29, 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 Dukes Place Investment Holdings (Bermuda)
Limited, which is being voluntarily wound up, are required, on
or before January 18, 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 undersigned, at Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, HM DX, Bermuda, the Liquidator of the Company, 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 Member of Dukes Place
Investment Holdings (Bermuda) 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


EMPRESS TANKERS: Final Meeting Set for Jan. 26
----------------------------------------------
            In The Matter Of The Companies Act, 1981

                              And

            In The Matter Of Empress Tankers Limited

NOTICE IS HEREBY GIVEN that at the final general meeting (FGM)
of the Members of the Company on December 13, 2005, it was
determined that the FGM be adjourned. The FGM will now be held
at the offices of Wakefield Quin, Chancery Hall, 52 Reid Street,
Hamilton, Bermuda on January 26, 2006 at 10:00 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. Max Quin, Liquidator
          Wakefield Quin, Chancery Hall
          52 Reid Street, Hamilton, Bermuda


FITX GROUP: Final General Meeting Set for Jan. 31
-------------------------------------------------
             In The Matter Of The Companies Act 1981

                              And

               In The Matter Of FITX Group Limited
                 In Members' Voluntary Winding Up

NOTICE IS HEREBY GIVEN that a Final General Meeting of the
Members of FITX Group Limited will be held at the offices of
Wakefield Quin, Chancery Hall, 52 Reid Street, Hamilton, Bermuda
on January 31, 2006 at 10:30 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:  FITX Group Limited
          Wakefield Quin, Chancery Hall
          52 Reid Street, Hamilton, Bermuda


GLOBAL AIR: To be Liquidated Voluntarily
----------------------------------------
             In The Matter Of The Companies Act 1981

                              And

               In The Matter Of Global Air Limited

The Sole Member of Global Air Limited, acting by written consent
without a meeting on January 4, 2006 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 Global Air Limited, which is being voluntarily
wound up, are required, on or before January 20, 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 undersigned, at Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, HM DX, Bermuda, the Liquidator
of the Company, 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 Global Air
Limited will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
February 10, 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


HAMPSHIRE LIMITED: Enters Voluntary Wind Up
-------------------------------------------
             In The Matter Of The Companies Act 1981

                              And

               In The Matter Of Hampshire Limited

The Sole Member of Hampshire 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 Hampshire 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 Hampshire
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


HP FUNDING: Voluntary Wind Up Starts
------------------------------------
             In The Matter Of The Companies Act 1981

                              And

                In The Matter Of HP Funding Ltd

The Member of HP Funding Ltd, acting by written consent without
a meeting on December 29, 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 HP Funding Ltd, which is being voluntarily wound
up, are required, on or before January 19, 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
undersigned, at Messrs. Conyers Dill & Pearman, Clarendon House,
Church Street, Hamilton, HM DX, Bermuda, the Liquidator of the
Company, 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 Member of HP Funding Ltd will
be held at the offices of Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda on February 6,
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


JAL FSC LESSEE (NC): Creditors to Present Claims Jan. 18
--------------------------------------------------------
             In The Matter Of The Companies Act 1981

                              And

        In The Matter Of Jal FSC Lessee (NC) Company, Ltd.

The Member of Jal FSC Lessee (NC) Company, Ltd., acting by
written consent without a meeting on December 30, 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 Jal FSC Lessee (NC) Company, Ltd., which is being
voluntarily wound up, are required, on or before January 18,
2006 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 Member of Jal FSC Lessee (NC)
Company, Ltd. will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on February 8, 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


JAL FSC LESSEE (PB): Final Meeting Scheduled for Feb. 8
-------------------------------------------------------
             In The Matter Of The Companies Act 1981

                               And

         In The Matter Of Jal FSC Lessee (PB) Company, Ltd.

The Member of Jal FSC Lessee (PB) Company, Ltd., acting by
written consent without a meeting on December 30, 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 Jal FSC Lessee (PB) Company, Ltd., which is being
voluntarily wound up, are required, on or before January 18,
2006 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 Liquiator, 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 Member of Jal FSC Lessee (PB)
Company, Ltd. will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on February 8, 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, Trustee
          Clarendon House, Church Street, Hamilton
          Bermuda


JAL FSC LESSEE (PB2): Verification Ends Jan. 18
-----------------------------------------------
           In The Matter Of The Companies Act 1981

                             And

       In The Matter of Jal FSC Lessee (Pb2) Company, Ltd.

The Member of Jal FSC Lessee (Pb2) Company, Ltd., acting by
written consent without a meeting on December 30, 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 Jal FSC Lessee (Pb2) Company, Ltd., which is
being voluntarily wound up, are required, on or before January
18, 2006 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 Member of Jal FSC Lessee (Pb2)
Company, Ltd. will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on February 8, 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


JEBSEN BELTSHIPS: To be Wound Up Voluntarily
--------------------------------------------
           In The Matter Of The Companies Act 1981

                             And

         In The Matter Of Jebsen Beltships Pool Ltd.

The Sole Member of Jebsen Beltships Pool Ltd., acting by written
consent without a meeting on December 23, 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 Jebsen Beltships Pool 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 Jebsen Beltships
Pool 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


MMC ENTERPRISE: Robin J Mayor Named Liquidator
----------------------------------------------
             In The Matter Of The Companies Act 1981

                               And

     In The Matter Of MMC Enterprise Risk International, Ltd

The Member of MMC Enterprise Risk International, Ltd, acting by
written consent without a meeting on December 29, 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 MMC Enterprise Risk International, Ltd, which is
being voluntarily wound up, are required, on or before January
18, 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 undersigned, at Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, HM DX,
Bermuda, the Liquidator of the Company, 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 Member of MMC Enterprise Risk
International, 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


MRM GLOBAL: Sets Final Meeting for Feb. 15
------------------------------------------
            In The Matter Of The Companies Act 1981

                            And

          In The Matter Of MRM Global Equity Fund Ltd

The Member of MRM Global Equity Fund Ltd, acting by written
consent without a meeting on December 31, 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 Patrick Reardon 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 MRM Global Equity Fund Ltd, which is being
voluntarily wound up, are required, on or before January 27,
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 Patrick
Reardon, the undersigned, c/o Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, HM DX, Bermuda, the
Liquidator of the Company, 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 Member of MRM Global Equity
Fund Ltd will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
February 15, 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. Patrick Reardon, Liquidator
          44 Church Street, Hamilton
          Bermuda


MRM U.S. EQUITY: Selects Patrick Reardon as Liquidator
------------------------------------------------------
             In The Matter Of The Companies Act 1981

                             And

            In The Matter Of MRM U.S. Equity Fund Ltd

The Member of MRM U.S. Equity Fund Ltd, acting by written
consent without a meeting on December 31, 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 Patrick Reardon 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 MRM U.S. Equity Fund Ltd, which is being
voluntarily wound up, are required, on or before January 27,
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 Patrick
Reardon, the Liquidator, c/o 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 Member of MRM U.S. Equity Fund
Ltd will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
February 15, 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. Patrick Reardon, Liquidator
          44 Church Street, Hamilton
          Bermuda


MUSCAT-IP 220: Voluntary Liquidation Begins
-------------------------------------------
             In The Matter Of The Companies Act 1981

                               And

      In The Matter Of Muscat-IP 220 Guaranteed Fund Limited

The Members of Muscat-IP 220 Guaranteed Fund 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 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 Muscat-IP 220 Guaranteed Fund 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
Beverly Mathias, the undersigned, at c/o Argonaut Limited,
Argonaut House, 5 Park Road, Hamilton HM O9, Bermuda, the
Liquidator of the Company, 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 Muscat-IP 220
Guaranteed Fund Limited 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


NATIONAL BEER: Enters Voluntary Liquidation
-------------------------------------------
            In The Matter Of The Companies Act, 1981

                              And

            National Beer Wholesalers Insurance Ltd.

By Written Resolution of the Members of National Beer
Wholesalers Insurance Ltd., adopted on January 6, 2006 the
following RESOLUTIONS were duly passed:

THAT the Company be wound up voluntarily pursuant to the
provisions of The Companies Act, 1981 and that Mr. Douglas H.
Pullen of Sofia House, 1st Floor, 48 Church Street, Hamilton
Bermuda be appointed Liquidator for the purpose of winding up
the Company.

The Liquidators informed that:

- Creditors of National Beer Wholesalers Insurance Ltd. are
required on or before January 27, 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 Liquidator to come in and prove their said
debts or claims at such time and place as shall be specified in
each 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 Member of National Beer
Wholesalers Insurance Ltd. will be held at Sofia House, 1st
Floor, 48 Church Street, Hamilton, Bermuda on February 8, 2006
at 10:00 a.m. 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.

CONTACT:  Mr. Douglas H. Pullen, Liquidator
          1st Floor Sofia House
          48 Church Street
          Hamilton, Bermuda


NEW CAP REINSURANCE: Sets. Scheme Meeting Feb. 9
------------------------------------------------
In The Supreme Court Of Bermuda
Civil Jurisdiction
In The High Court Of Justice Of England And Wales
Chancery Division
Companies Court
Claim No. 8379 of 2005

In The Matter Of New Cap Reinsurance Corporation (Bermuda)
Limited (In Liquidation)

                              And

In The Matter Of The Companies Act 1981 Of Bermuda, Section 99
      The Companies Act 1985 Of Great Britain, Section 425

Advertisement

NOTICE IS HEREBY GIVEN that, by Orders dated December 22, 2005
the Supreme Court of Bermuda and the High Court of England and
Wales have directed in accordance with Section 99 of the
Companies Act 1981 of Bermuda and Section 425 of the Companies
Act 1985 of Great Britain that a meeting (the Scheme Meeting) of
certain creditors (Scheme Creditors) (as defined in the Scheme
referred to below) of New Cap Reinsurance Corporation (Bermuda)
Limited (In Liquidation) (the Company) be convened for the
purpose of considering and, if thought fit, approving (with or
without modification) a scheme of arrangement (the Scheme)
proposed to be made between the Company and the Scheme
Creditors. The Scheme Meeting will be held at the offices of
Ernst & Young LLP, 1 More London Place, London SE1 2AF, United
Kingdom on February 9, 2006 at 10:00 a.m. (UK time) at which
place and time all Scheme Creditors are requested to attend.
Registration will commence at 9:45 a.m. (UK time).

Any person entitled to attend the Scheme Meeting can obtain
copies of the Scheme document, which includes the Scheme and the
Explanatory Statement required to be furnished pursuant to
Section 100 of the Companies Act 1981 of Bermuda and Section 426
of the Companies Act 1985 of Great Britain, from the office of
John C. McKenna, Ernst & Young, Reid Hall, Reid Street,
Hamilton, HM 11, Bermuda, and from the office of Gareth H.
Hughes, Ernst & Young LLP, 1 More London Place, London, SE1 2AF,
United Kingdom being joint liquidators of the Company (the Joint
Liquidators). These documents are available free of charge to
any person entitled to attend the Scheme Meeting during usual
business hours on any Business Day (as defined in the Scheme)
prior to the day appointed for the Scheme Meeting.

Scheme Creditors may vote in person at the Scheme Meeting or
they may appoint another person, whether a Scheme Creditor or
not, as their proxy to attend and vote in their place. A Form of
Proxy for use at the Scheme Meeting is available from the Joint
Liquidators at the above addresses.

It is requested that completed Forms of Proxy be lodged at Ernst
& Young, Reid Hall, Reid Street, Hamilton, HM 11, Bermuda and
marked for the attention of John C. McKenna, to be received no
later than 5:00 p.m. (Bermuda time) on February 3, 2006. Forms
of Proxy may be sent by facsimile transmission to +441 294 5318
by the same time and date provided the original forms are handed
to the Chairman of the Scheme Meeting at the meeting or posted
so as to be received by John C. McKenna at the above address in
Bermuda by no later than 3 Business Days after the Scheme
Meeting.

For voting purposes, the Joint Liquidators will generally be
prepared to admit Scheme Claims at the value placed upon them
for the purposes of the First Interim Dividend (as defined in
the Scheme) (including the reasonable value of any contingent
claims deferred for the purposes of the First Interim Dividend),
unless agreed otherwise by the Joint Liquidators and the Scheme
Creditor. If any Scheme Creditor either wishes to put forward
their claim at a different value for voting purposes or wishes
to put forward a new or different claim, the value of which was
not determined in connection with the First Interim Dividend,
then that Scheme Creditor should file a Proof of Debt form
attaching such reasonable information as will enable the Joint
Liquidators to place a just estimate on the value of the Scheme
Claim of the Scheme Creditor purely for voting purposes. A form
of Proof of Debt is available from the Joint Liquidators at
either of the above addresses. Proof of Debt forms must be
lodged at Ernst & Young, Reid Hall, Reid Street, Hamilton, HM
11, Bermuda or by facsimile to +441 294 5318 marked for the
attention of John C. McKenna to be received no later than 5:00pm
(Bermuda time) on February 3, 2006.

In either case, any Scheme Creditor who wishes to vote at the
Scheme Meeting must attend either in person or by proxy.

The Supreme Court of Bermuda and the High Court of England and
Wales have directed John C. McKenna, being one of the Joint
Liquidators, or, failing him, Gareth H. Hughes, to be Chairman
of the Scheme Meeting and have directed the Chairman to report
the results of the Scheme Meeting to the Bermuda Court and the
English Court.

The Scheme will be subject to the subsequent approval of the
Supreme Court of Bermuda and the High Court of England and
Wales.

Any inquiries relating to the Scheme should be directed to John
C. McKenna, of Ernst & Young, Reid Hall, 3 Reid Street, Hamilton
HM 12, Bermuda, Tel. No.: +441 295 7000, Fax: +441 294 5318 in
the first instance.

CONTACT:  Mr. John C. McKenna, Joint Liquidator
          Ernst & Young, Reid Hall
          Reid Street, Hamilton, HM 11, Bermuda

          Mr. Gareth H. Hughes, Joint Liquidator
          Ernst & Young LLP, 1 More London Place, London
          SE1 2AF, United Kingdom


NEW WORLD: Court Orders Wind Up
-------------------------------
In The Supreme Court Of Bermuda Companies
(Winding-Up)
2005: No. 391

     In The Matter Of New World Network International, Ltd.

                             And

            In The Matter Of The Companies Act 1981

Notice

TAKE NOTICE that an order was made in the Supreme Court on
January 6, 2006 winding-up NEW WORLD NETWORK INTERNATIONAL, LTD.
under the provisions of the Companies Act 1981 and appointing
Mark W R Smith of chartered accountants Deloitte & Touche in
Hamilton, Bermuda as the provisional liquidator of the Company.

Conyers Dill & Pearman
Attorneys for the Petitioner


PHILIPPINES LONG-TERM EQUITY: Starts Wind Up Process
----------------------------------------------------
            In The Matter Of The Companies Act, 1981

                             And

In The Matter Of Philippines Long Term Equity Fund Limited - In
Liquidation
               In Members' Voluntary Liquidation

TAKE NOTICE THAT the Members of Philippines Long Term Equity
Fund Limited - In Liquidation, on December 29, 2005, passed the
following resolutions:

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

b) That Mr. Peter C.B. Mitchell and Mr. Nigel J.S. Chatterjee of
PricewaterhouseCoopers be appointed as Joint Liquidators, both
jointly and severally, for the purposes of such winding-up, such
appointment to be effective forthwith.

The Liquidator informs that:

- The creditors of Philippines Long Term Equity Fund Limited -
In Liquidation, which is being voluntarily wound up, are
required on or before February 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 solicitors (if any) to the Joint Liquidator,
at PricewaterhouseCoopers, P.O. Box HM 1171, Hamilton, HM EX,
Bermuda, and if so required by notice in writing from the
Liquidators are 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.

CONTACT:  Mr. Nigel Chatterjee, Joint Liquidator
          PricewaterhouseCoopers
          Dorchester House
          7 Church Street, Hamilton
          Bermuda


PRG-SCHULTZ INSURANCE: Robin J Mayor Chosen as Liquidator
---------------------------------------------------------
             In The Matter Of The Companies Act 1981

                               And

         In The Matter Of PRG-Schultz Insurance Limited

The Member of PRG-Schultz Insurance 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 PRG-Schultz Insurance Limited, which is being
voluntarily wound up, are required, on or before January 13,
2006 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 said 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 Member of PRG-Schultz Insurance
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


SHELL VENEZUELA: Selects Robin J Mayor as Liquidator
----------------------------------------------------
             In The Matter Of The Companies Act 1981

                              And

      In The Matter Of Shell Venezuela Hydrocarbon Limited

The Sole Member of Shell Venezuela Hydrocarbon 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 Shell Venezuela Hydrocarbon 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 said
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 Shell Venezuela
Hydrocarbon 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


TONGLOK LTD: Appoints Nicholas Hoskins as Liquidator
----------------------------------------------------
             In The Matter Of The Companies Act, 1981

                               And

                  In The Matter Of Tonglok Ltd.

The following Resolutions of Tonglok Ltd., were adopted by the
Members by written consent on December 20, 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 Tonglok 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
said 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 Tonglok Ltd. will be
held at the offices of Wakefield Quin, Chancery Hall, 52 Reid
Street, Hamilton, Bermuda on January 31, 2006 at 10:00 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
          Chancery Hall
          52 Reid Street, Hamilton
          Bermuda



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

BANCO SAFRA: S&P Assigns Counterparty Credit Ratings
----------------------------------------------------
Standard & Poor's Ratings Services assigned Thursday its 'BB/B'
local currency counterparty credit and its 'BB-/B' foreign
currency counterparty credit ratings to Banco Safra S.A. The
outlook for the local currency ratings is stable and the outlook
for the foreign currency ratings is positive. As Standard &
Poor's started the surveillance of the Global Scale ratings of
the bank, it will no longer publish the 'BBpi' rating based on
public information.

"The ratings on Banco Safra consider the bank's differentiated
position and strong track record in the middle-market segment in
Brazil; the historical good asset quality indicators, which are
explained by the benefits derived from its position as a pioneer
bank operating with receivables; and its strong brand name and
the reputation of the controlling families," said Standard &
Poor's credit analyst Tamara Berenholc. "The ratings also
incorporate the lower-than-expected profitability for its target
markets; the strong competitive environment, particularly in the
middle-market segment and consequent challenges of growing this
business; and the bank's exposure to the economic risk of the
Brazilian financial system."

Banco Safra is the seventh-largest private banking organization
in the country with BrR35.8 billion of consolidated assets as of
June 2005 (equivalent to US$15.2 billion at BRL2,35 to US$1,0)
and market share in terms of assets and loans of 2.3% and 2.9%,
respectively, in 2005.
     
The stable outlook of the local currency rating balances the
expectation that the bank will be able to sustain its market
position while benefiting from the higher lending environment.
The outlook also incorporates the generation of asset quality
indicators (NPLs to total loans) below 4%, profitability ratios
of about 1.5%, and the ability to fund its growth pattern. In
the event of a downgrade or negative change for the local-
currency sovereign credit rating and/or outlook on Brazil, the
local currency credit rating and/or outlook on Banco Safra would
move in tandem. If, on the other hand, the sovereign local
currency rating has positive changes, the bank would not be
automatically affected. The rating could be negatively affected
if profitability levels are reduced as a consequence of the
difficult operating environment and competition, if asset
quality indicators are impaired as a result of relaxed
underwriting procedures, or if there is an adverse change on the
bank's business situation.

The positive outlook on the foreign currency rating mirrors the
outlook attributed to the Federative Republic of Brazil. At
current levels, a change in the foreign currency sovereign
credit rating would lead to a similar action on the foreign
currency rating on Banco Safra.

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at www.ratingsdirect.com. All ratings affected by this
rating action can be found on Standard & Poor's public Web site
at www.standardandpoors.com; under Credit Ratings in the left
navigation bar, select Find a Rating, then Credit Ratings
Search.

Primary Credit Analyst: Tamara Berenholc, Sao Paulo
(55) 11-5501-8950; tamara_berenholc@standardandpoors.com

Secondary Credit Analyst: Daniel Araujo, Sao Paulo
(55) 11-5501-8939; daniel_araujo@standardandpoors.com


KLABIN: To Conclude Electrostatic Precipitators Remodeling March
----------------------------------------------------------------
Klabin is taking action in advance of the deadlines established
by SEMA Resolution 41, issued by the Environmental Institute of
ParanA (IAP), and in March will conclude the remodeling of the
electrostatic precipitators of the Recovery Boiler at its Monte
Alegre (PR) Plant, on which 50% of the work has already been
completed.

SEMA Resolution 41, issued in December of 2002, limits
atmospheric emissions from recovery boilers to 105 mg/Nm3.  
However, with the alterations that are being made to the
equipment, after conclusion of the work the Klabin Monte Alegre
plant will be emitting less than 100 mg/Nm3; that is, a level
even lower than that stipulated by the IAP.

Klabin will invest BRL13 million in the project, which has as
its objective to comply with the new emissions limits set by
SEMA 41.  Under the terms of the resolution, the company would
have until December of 2007 to finalize adjustments to the
plant, but Klabin made the decision to act in advance of the
deadline.

"This action is in keeping with Klabin's Sustainability Policy,
which provides for ongoing reduction of the environmental
impacts arising from our industrial activities," says Julio
Cesar Nogueira, the Environment coordinator at Klabin Monte
Alegre.  He notes that, due to the change in equipment to be
carried out by March, there may occur some situations of
increase in the concentration of particulate material in the
atmosphere, generated by the paper and cellulose production
process at Telemaco Borba.  "However, it is important to recall
that these gases, at the concentrations at which they occur,
have no toxic effect," Julio Nogueira adds.

Klabin's pioneering actions in the area of sustainable
development have guaranteed the company national and
international recognition, with the successive firsts achieved
in terms of certifications from the FSC (Forest Stewardship
Council) - the most exacting certification body worldwide - for
its forests, its chain of custody for phyto-therapeutic products
and phyto-cosmetics and its chain of production for paperboard
and Kraftliner.  Klabin has also recently achieved Brazil's most
important environmental and sustainability prizes, such as the
ECO Award, CNI National Award, 13th Expression of Ecology Award,
3rd Bramex Environmental Award and the 3rd Brazilian
Environmental Benchmarking Award.

CONTACT: Klabin S.A.
         Mr. Ronald Seckelmann
         CFO and IR Director

         Mr. Luiz Marciano Candalaft
         IR Manager
         Phone: (5511) 3046-5847
         E-mail: marciano@klabin.com.br

         Mr. Gustavo Vittorazze Schroden
         IR Analyst
         Phone: (5511) 3046-5934
         E-mail: gvschroden@klabin.com.br


VARIG: NY Court Extends Bankruptcy Protection Until March 17
------------------------------------------------------------
Brazil's embattled flagship airline Viacao Aerea Rio-Grandense
(Varig) won an extension of its bankruptcy protection after
paying US$52 million to U.S. aircraft leasing companies on
Thursday.

Judge Robert Drain of the Bankruptcy Court of the Southern
District of New York extended Varig's protection until March 17,
during which time he will assess the progress of the Company's
restructuring plan.

Varig is due to present the plan to creditors on Jan. 31.

The airline was able to make the US$56 million debt payment to
the lessors following the sale of its cargo unit, VarigLog, to
U.S.-based fund Matlin Patterson and its maintenance subsidiary,
VEM, to the Portuguese airline TAP for a total of US$72.2
million. A deal that was only confirmed on Thursday.

Struggling under the weight of more than BRL7 billion ($3.06
billion) in debt, Varig sought local bankruptcy court protection
in June. However, leasing companies filed separate cases at the
New York court.



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

ATLANTIC SHAW: Voluntary Wind Up Process Begins
-----------------------------------------------
                 ATLANTIC SHAW LIMITED
              (In Voluntary Liquidation)
          The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of the above-named company at an extraordinary general meeting
of the shareholders held on the 23rd December 2005:

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

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

Creditors of the above-named company, which is being wound up
voluntarily, are required on or before 9th February 2006 to send
in their names and addresses and the particulars of their debts
or claims and the names and addresses of their attorneys-at-law
(if any) to the undersigned, the liquidator of the said company,
and if so required by notice in writing from the said liquidator
either by their attorneys-at-law or personally to come in and
prove the said debts or claims at such time and place as shall
be specified in such notice or, in default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.

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


DHARMA CAPITAL: To be Liquidated Feb. 10
----------------------------------------
            DHARMA CAPITAL MANAGEMENT LIMITED
               (In Voluntary Liquidation)
            The Companies Law (2004 Revision)

The following special resolution was passed by the sole
shareholder of this company on 22nd November 2005:

THAT the Company be wound-up voluntarily and that RICHARD L.
FINLAY, of CONYERS DILL & PEARMAN, CAYMAN, George Town, Grand
Cayman, Cayman Islands, be and is hereby appointed Liquidator
for the purposes of winding-up the Company.

Creditors of the company are to prove their debts or claims on
or before 10th February 2006 and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

Date of liquidation: 10th February 2006

CONTACT:  RICHARD L. FINLAY
          Voluntary Liquidator
          P.O. Box 2681 GT, Grand Cayman
          Contact for enquiries: Krysten Lumsden
          Telephone: (345) 945 3901
          Facsimile: (345) 945 3902


FIRESIDE INVESTMENTS: Proof of Claims Due Feb. 9
------------------------------------------------
              FIRESIDE INVESTMENTS LIMITED.
                    (The "Company")
               (In Voluntary Liquidation)
           The Companies Law (2004 Revision)

The following special resolution was passed by the shareholders
of the Company on the 16th December 2005:

THAT the Company be wound up voluntarily and THAT C.I. Directors
Ltd. be and is hereby appointed liquidator of the Company for
the purpose of winding up the Company.

Creditors of the Company are to prove their debts or claims on
or before the 9th February 2005 and to establish any title they
may have under the Companies Law (2004 Revision) ("the Companies
Law") or to be excluded from the benefit of any distribution
made before the debts are proved or from objecting to the
distribution.

Pursuant to section 145 of the Companies Law, the final general
meeting of the shareholders of the Company will be held at the
registered office of the Company at 9.00 a.m. on the 13th
February 2005 for the purpose of:

1. presenting to the members an account of the winding up of the
Company and a report of the liquidator giving an explanation
thereof; and

2. considering and (if thought fit) passing a resolution
pursuant to section 158(1)(b) of the Companies Law authorising
the liquidator to retain the books, accounts, papers and
documents of the Company for a period of five years from the
dissolution of the Company after which they may be destroyed.

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

CONTACT:  C.I. DIRECTORS LTD.
          Voluntary Liquidator
          P.O. Box 1110 GT, Grand Cayman
          Contact for enquiries: C.I. Directors Ltd.
          Telephone: (345) 949 7212
          Facsimile: (345) 949 0993
          Address for service:


NAUTILUS EUROPE: Shareholder Resolves to Liquidate
--------------------------------------------------
                  NAUTILUS EUROPE FUND LTD.
                 (In Voluntary Liquidation)
                       (The "Company")
              The Companies Law (2004 Revision)

Take notice that the following special resolutions were passed
by the shareholder of this Company on 14th December 2005:

THAT the Company be placed into voluntary liquidation forthwith;
and THAT Ian Wight and Stuart Sybersma, of Deloitte, be
appointed liquidators.

Creditors of the Company are to prove their debts or claims on
or before 9th February 2006, and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT:  STUART SYBERSMA
          Joint Voluntary Liquidator
          Contact for enquiries: Mark Pulvirenti
          Deloitte
          P.O. Box 1787 GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258


PICO LTD: Names Joint Liquidators to Oversee Wind Up Process
------------------------------------------------------------
                          PICO LTD.
                  (In Voluntary Liquidation)
              The Companies Law (2004 Revision)

The following written resolution was passed by the sole
shareholder of this company on 16th December 2005:

THAT the Company be wound-up voluntarily and that David A. K.
Walker and Lawrence Edwards, of PricewaterhouseCoopers,
Strathvale House, George Town, Grand Cayman, Cayman Islands, be
and are hereby appointed Joint Liquidators for the purposes of
winding-up the Company and that either of them shall have the
power to act alone in the winding-up.

Creditors of the company are to prove their debts or claims on
or before 31st January 2006 and to establish any title they may
have under the Companies Law (2004 Revision), or to be excluded
from the benefit of any distribution made before the debts are
proved or from objecting to the distribution.

CONTACT:  DAVID A. K. WALKER
          Joint Voluntary Liquidator
          PO Box 219GT, Grand Cayman, Cayman Islands
          Contact for enquiries: Aysha Jackson
          Telephone: (345) 914 8695
          Facsimile: (345) 949 4590


TENET OFFSHORE: Creditors to Prove Debts Until Jan. 30
------------------------------------------------------
     In the matter of Tenet Offshore Capital Partners, Ltd
                 (In Voluntary Liquidation)

Notice is hereby given that on August 22, 2005, resolutions were
passed by the shareholders of the Company placing the Company
into voluntary liquidation (solvent liquidation) and appointing
S.L.C Whicker and M Morrison of KPMG as joint liquidators.

Notice is also hereby given that, pursuant to Rule 4.182A of the
Insolvency Rules 1986, that the joint liquidators of the Company
intend to make a second and final distribution to creditors. Any
creditors of the Company are required to prove their debts on or
before January 30, 2006 by sending full details of their claims
to the joint liquidators at KPMG, PO Box 493 GT, Century Yard,
Grand Cayman, Cayman Islands (fax no. +1 345 949 7164).
Creditors must also, if so requested by the joint liquidators,
provide such further details and documentary evidence to support
their claims as the joint liquidators deem necessary.

The intended distribution to creditors will be the final
distribution to creditors and will be made without regard to any
claims not proved by January 30, 2006. A creditor who has not
proved his debt by that date, or who increases the claim in his
proof after that date, will not be entitled to disturb the
intended final distribution. The joint liquidators further
intend that, after paying or providing for a final distribution
in respect of creditors who have proved their claims, all funds
remaining in their hands following the final distribution to
creditors shall be distributed to the Company's shareholders
absolutely.

The Company is able to pay all its known liabilities in full.

CONTACT:  S.L.C. Whicker, Joint Voluntary Liquidator
          KPMG, PO Box 493 GT, Century Yard, Grand Cayman
          Cayman Islands
          Fax: 1 345 949 7164



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

BALLY TOTAL: Court Denies Motion For Expedited Discovery
--------------------------------------------------------
Investment funds Liberation Investments, L.P. and Liberation
Investments Ltd. (Liberation) announced that on January 11, 2006
the Court of Chancery of the State of Delaware (the Court)
denied a motion by Bally Total Fitness Holding Corporation
(Bally) for expedited discovery in its legal action seeking a
determination that its "poison pill" has been triggered.

The Court concluded that Bally failed to show that it would
suffer irreparable harm if its motion was not granted. In
addition, the Court said that Bally had waited too long to bring
its motion and that it would be unfair to subject Liberation to
"the heavy machinery of expedited discovery" before Bally's
annual stockholder meeting, which is scheduled to take place on
January 26, 2006.

The Court's decision arose out of a counterclaim filed by Bally
shortly before midnight on Monday January 9, 2006 in an action
originally brought before the Court in December of 2005 by
Liberation to challenge the legality of certain provisions
contained in Bally's "poison pill" plan that purport to prevent
one or more stockholders collectively holding in excess of 15%
of Bally's stock from, among other things, acting in concert to
run a proxy contest.

Liberation said that it believes that Bally's attempt to have
its "poison pill" triggered is the latest episode in a
continuing campaign to interfere with Liberation's proxy
solicitation efforts and prevent, at any cost, shareholders from
voting on Liberation's shareholder proposals.

Liberation commented, "Bally's attempted use of its `poison
pill' - an anti-takeover defense - as a club to beat down
shareholders intent on engaging in a legitimate expression of
shareholder democracy is brazen and unprecedented. Our proxy
campaign in no way seeks to seize control of Bally; we are not
even running a slate of director nominees for election. On the
contrary, we are keenly focused on fixing Bally's broken
corporate governance and creating a lasting mechanism that
aligns the incentives of Bally's CEO with those of its
shareholders. Why does Bally so fear these reforms?"

Gregg Frankel, President of Liberation Investment Group LLC,
commented, "This is the third time in recent weeks that a court
has rejected what we believe is a transparent Bally attempt to
undermine the possibility of an orderly and fair annual meeting
in which shareholder rights are taken seriously. Bally's
unyielding litigiousness is a shameful waste of shareholder
money in support of an effort to curb shareholder rights."

Liberation said that it was pleased that several of the
corporate governance reforms that it has repeatedly called on
Bally to adopt over the past 18 months have recently been
accepted by Bally. Liberation believes that Bally's
acknowledgment of past governance shortcomings is an important
first step toward achieving improved corporate governance.

Bally announced that, among other reforms, it had appointed a
lead director, which its existing corporate governance
guidelines have long required, and would establish a special
committee comprised of four independent directors to manage its
consideration of strategic alternatives. Four of seven current
Bally directors were appointed to their positions and have never
been voted into office by shareholders. Bally has not yet
publicly revealed whether it intends to permit non-elected
directors to serve on its special committee.

While Liberation views Bally's initial steps toward corporate
governance improvement as necessary and appropriate, Liberation
continues to insist that meaningful reform can only be achieved
if Bally redeems its "poison pill", declassifies its Board of
Directors, and separates the offices of Chief Executive Officer
and Chairman of the Board.

Liberation Investments, L.P. and Liberation Investments Ltd. are
private investment funds managed by Liberation Investment Group
LLC. Emanuel R. Pearlman is the majority member and general
manager of Liberation Investment Group LLC, and as such may be
deemed to be the beneficial owner of the shares of Bally owned
by the Liberation Funds.

CONTACT:  Bally Total Fitness
          Investors
          Janine Warell
          Phone: 773-864-6897

          Media
          Matt Messinger
          Phone: 773-864-6850

          URL: www.ballyfitness.com


BALLY TOTAL: Comments on Pardus' Response to Proposals
------------------------------------------------------
Bally Total Fitness (NYSE:BFT), the nation's leader in health
and fitness, commented Thursday on Thursday's letter from Pardus
Capital Management, its largest shareholder, and once again
encouraged shareholders to support the Board and management as
they consider their proxy vote before the January 26
shareholders meeting.

"We believe shareholders will recognize that Bally's extremely
reasonable settlement offer clearly demonstrates the Company and
its Board acted in good faith in responding to issues raised by
our largest shareholder. The Board developed our proposal after
our independent directors met with Pardus and listened carefully
to their concerns," said John W. Rogers, Jr., Lead Director.
"It's important to point out that we accommodated Pardus on the
vast majority of their demands."

Bally noted that its Board of Directors, over the past six
weeks, made substantial efforts to address Pardus' concerns, and
that it was in agreement on most of the terms cited in Pardus'
letter to stockholders on Thursday. However, the remaining
differences between the parties represent critical issues for
all stockholders.

-- Board Composition -- With regard to Board composition, the
Company has agreed to three out of 10 members for Pardus, a
number that is more than fair given their stake in the Company.
Bally's Board firmly urges shareholders to support the
nomination of Eric Langshur, who heads the Company's Audit
Committee and has played such an important role in restoring
credibility to Bally's financials.

-- Special Committee - Bally has already offered the very
committee Pardus' letter seeks, fully empowered and constituted
with independent directors, including Pardus' nominees.

-- Equity Compensation - As announced Wednesday, the Company has
amended its proposed 2006 Omnibus Equity Compensation Plan to
reduce the number of shares available under the Plan by more
than 40% 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.

-- Separation of Chairman and CEO - Bally believes that the
creation of the Lead Director position is an effective corporate
governance tool that has been successfully used by many
companies to strengthen Board oversight. Bally's Board believes
that separating the positions of Chairman and CEO during this
critical juncture -- while the Company is in the midst of
evaluating strategic alternatives regarding the possible sale,
recapitalization or other potential transactions -- would
damage, not create, value.

-- Rights Plan -- In exercising its fiduciary responsibilities
on behalf of all shareholders, the Board continues to believe
that amending Bally's Shareholder Rights Plan (which will expire
in July unless approved by shareholders) to enable a single
investor group that already owns nearly 15% of the shares -- and
whose ultimate agenda remains undisclosed -- to accumulate more
stock would be unwise. Allowing Pardus and Liberation to
together accumulate 35% of Bally's stock would effectively give
them a blocking position in the Company's strategic process.

"Despite the many similarities in the two proposals, we continue
to urge shareholders to carefully examine the facts as we
approach our annual meeting, since the choice is clear. We ask
shareholders to carefully consider the motives of each side, and
understand that this Board has made a good faith attempt to
accommodate Pardus over an extended period of discussions. We
strongly encourage shareholders 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,"
said Rogers.

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
          Dan Burch
          Phone: 212-929-5748


DESARROLLADORA HOMEX: Commences Offer to Exchange Notes
-------------------------------------------------------
Desarrolladora Homex, S.A. de C.V. (NYSE: HXM) (BMV: HOMEX)
(Homex or the Company) announced today that it has commenced its
offer to exchange up to $250,000,000 of its 7.50% Senior
Guaranteed Notes due 2015 for an equivalent amount of 7.50%
Senior Guaranteed Exchange Notes, which have been registered
under the Securities Act of 1933, as amended. The exchange offer
will expire at 5:00 p.m., New York City time, on February 14,
2006, unless such offer is extended by the Company.

About Homex

Desarrolladora Homex, S.A. de C.V. is a leading, vertically
integrated home development company focused on affordable entry-
level and middle-income housing in Mexico. It is one of the most
geographically diverse home builders in the country. Homex is
the fastest-growing of the publicly listed home builders in
Mexico, based on the increase in number of homes sold, revenues
and net income.

CONTACT:  DESARROLLADORA HOMEX, S.A. DE C.V.
          Carlos J. Moctezuma, Head of Investor Relations
          Tel: +011-52-66-7758-5838
          E-mail: cmoctezuma@homex.com.mx
                  investor.relations@homex.com.mx
          Web site: http://www.homex.com.mx




                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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Copyright 2006.  All rights reserved.  ISSN 1529-2746.

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