/raid1/www/Hosts/bankrupt/TCRAP_Public/060913.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, September 13, 2006, Vol. 9, No. 182
Headlines
A U S T R A L I A & N E W Z E A L A N D
ABATTIS PROPERTIES: Creditors Must Prove Debts by Sept. 18
AUCKLAND ALUMINUM: Court to Hear ACC's Petition on Sept. 21
AUSTRALIAN COMMERCIAL: Creditors Appoint Official Liquidators
BETTANY PTY: Placed Under Creditors' Voluntary Wind-Up
BLOCKMACK PTY: To Declare Second Dividend on September 26
BONNY VIEW: Members to Receive Wind-Up Report on September 26
C&G PLUMBING: Members Resolve to Wind Up Operations
C & R FINANCE: Shareholders Opt for Voluntary Liquidation
CENTERCOAST CONSTRUCTIONS: To Declare Dividend on October 25
COWRA ABATTOIR: Workers Vote to Liquidate Business
CUSTOMER SYSTEMS: Undergoes Voluntary Liquidation
E M & J F: To Declare First and Final Dividend on October 20
EAMES COMPUTER: Shareholders Opt for Voluntary Liquidation
EWJ HOLDINGS: Court to Hear CIR's Liquidation Bid on Sept. 21
FOTO CLUB: Members Pass Resolution to Liquidate Business
G.M.S. LANDSCAPING: Members Pass Resolution to Wind Up Firm
GEOFF THIESS: Members' Final Meeting Set on September 29
GR8 PUB: Creditors Must Prove Debts by September 22
IANJOHN ENGINEERING: Commences Wind-Up of Operations
INNOVATION CONTRACT: Faces Liquidation Proceedings
JANSSEN & DOMETT: Appoints Jordan and Vance as Liquidators
KANADALE LIMITED: Liquidation Bid Hearing Set on Sept. 21
LAYERDALE PTY: Creditors' Proofs of Debt Due on September 19
LITOM PTY: Members to Receive Wind-Up Report
LONE PINE: To Declare First and Final Dividend
MAUCH INVESTMENTS: Hearing of CIR's Liquidation Bid on Sept.21
NIGHT OWL: Members Resolve to Wind Up Business Operations
NO COMMISSION: Faces Liquidation Petition from APL
ONEPUKE LIVESTOCK: Shareholders Opt for Voluntary Liquidation
PARAGON COMMUNICATION: Final Meeting Scheduled on October 2
PERLITE CORPORATION: Enters Voluntary Liquidation
PRO-TECT: To Declare Dividend on September 27
QUE 3 DESIGN: Shuts Down Business Operations
RAETIHI HAULAGE: Shareholders Appoints Liquidator
RAN HOLDINGS: N. Popov Arrested for Alleged Fraudulent Deal
RETREAT RETAIL: Set to Halt Business Operations
ROOFING SERVICES: Liquidation Process Initiated
SERVICE STATION: Hearing of Liquidation Bid Slated for Sept.21
SILVERBIRD NOMINEES: To Declare Second Dividend on September 26
SILK ROAD: Court Sets Date to Hear Liquidation Bid
SPORTINGPULSE N.Z.: Names Williams as Official Liquidator
STRATHFIELD: FY06 Loss Decreases, Turnaround on Track
STRATHFIELD: Marcus Einfeld Steps Aside as Chairman
TAHM PROMOTIONS: Enters Voluntary Wind-Up
TEDCON MACHINERY: Members & Creditors Resolve to Close Business
TELAP PTY: Shareholders Pass Wind-Up Resolution
TOUCHTEC EQUIPMENT: Creditors' Proofs of Claim Due on Sept.18
WWWICKED PTY: To Declare First and Final Dividend
XTREME ENTERPRISES: Members Opt for Voluntary Wind Up
C H I N A & H O N G K O N G
ACXIOM CORP: ValueAct Proxy Contest Impacts Fiscal 2007 Earnings
BALLY TOTAL: Taps Eastwest Marketing for Promotional Chores
BEST POWER: Court Favors Wind-Up Petition
CHOI'S FAR: Enters Wind-Up Proceedings
CHUEN KEE: High Court Issues Wind-Up Order
CITIC BANK: Individual D/E Rating Stays, Fitch Says
DIGITAL NETWORK: Posts US$82,275 Net Loss in First Half of 2006
EURO-TEC: Court Favors Wind-Up
FUNG LI: Court Issues Wind-Up Order
H.K. FULLSON: Court Favors Wind-Up
HONGENT DEVELOPMENT: Receives Wind-Up Order from Court
IAC BANK: Fitch Keeps D/E Individual Rating
INDUSTRIAL BANK: Fitch Affirms Individual Rating at D/E
JUMBO WAVE: Liquidation Process Initiated
PEAK ART: Court Issues Wind-Up Order
POLYLION LTD: Receive Wind-Up Order from Court
TSZ WAN: Receive Wind-Up Order on August 16
YAN LUEN: To Wind up Operations
I N D I A
FORD MOTOR: Turnaround Plan Could Cost Up to 40,000 Jobs
FORD MOTOR: New President & CEO Getting US$2 Mil. Annual Salary
FREESCALE SEMICONDUCTOR: Expands Indian Operations
READER'S DIGEST: Posts Fiscal Q4 and Full Fiscal Year Results
SILICON GRAPHICS: Files Supplements to First Amended Plan
SILICON GRAPHICS: Creditor Objects to Plan Confirmation
SILICON GRAPHICS: Court Extends Exclusivity Period to Dec. 29
SILICON GRAPHICS: Lampe Conway Resists Plan Confirmation
I N D O N E S I A
BANK DANAMON: Posts 57% Lower Profit for First Half 2006
LIPPO BANK: Net Profit Increases 11% in First Half 2006
DJAKARTA TRANS: To Receive IDR40 Billion in Gov't Bailout Funds
DJAKARTA TRANS: City Administration Should Run Affairs
DJAKARTA TRANS: Government Pays Drivers
EXCELCOMINDO PRATAMA: Installs New Directors
HM SAMPOERNA: Second Quarter Net Profit Up 21%
PUPUK ISKANDAR: To Get IDR150 Billion in Gov't Bailout Funds
WICAKSANA OVERSEAS: Forex Gains Fuel IDR36.73-Billion Net Income
J A P A N
DURA AUTOMOTIVE: Defers Dividend Payment on Preferred Securities
METALDYNE CORP: Consents to US$2 Billion Asahi Tec Acquisition
MITSUBISHI MOTORS: Says 2007-2008 Models Meeting Safety Criteria
MITSUBISHI MOTORS: Equips Shops with Complaints Database
K O R E A
DAEWOO ELECTRONICS: India's Videocon Emerges Top Bidder
HANAROTELECOM: SK Telecom Takeover Probable, Korea Times Says
KOREA EXCHANGE: Kookmin To Postpone Acquisition Deal Deadline
WOORI FINANCE: South Korea to Sell 78% Stake by March 2008
M A L A Y S I A
BUKIT KATIL: Bourse Delists Securities
COMSA FARMS: First Quarter Revenue Falls 70% to MYR7 Million
CONSOLIDATED FARMS: Bourse Delists Securities
DCEIL INTERNATIONAL: Triggers Practice Note 17 Criterion
DCEIL INTERNATIONAL: Unable to Pay Outstanding Debts
DCEIL INTERNATIONAL: Books MYR39.3M Pre-tax Loss in 4th Quarter
LFE CORPORATION: Subsidiary Named Defendant in Estinplus Suit
METROPLEX BERHAD: Wind-Up Hearing Adjourned to November 14
PUTERA CAPITAL: Affin Bank Seeks MYR3.5-million Settlement
TALAM CORPORATION: Event of Default Occurs
TENAGA NASIONAL: Lists and Quotes 546,542 New Shares
TENCO BERHAD: To Hold 22nd AGM on September 26
P H I L I P P I N E S
BAYAN TELECOMMUNICATIONS: Projects 29% EBITDA Growth for 2006
DEVELOPMENT BANK: Supports Manila-Cavite Expressway Project
MIRANT CORP: Assures Philippine Employees of Adequate Protection
NATIONAL POWER: Inks MOU with EVN for Technical Cooperation
NATIONAL POWER: Board Confirms Appointment of Three Senior Execs
S I N G A P O R E
DELL INC: SEC Accounting Probe Delays Quarterly Report Filing
DIGILAND INT'L: Inks MoU with Advanced Manufacturing and Ximeta
FOSTER WHEELER: Units to Proceed with Shell's Initial EPC Phase
FOSTER WHEELER: Proceeds With ExxonMobil's Early FEED Phase
FREESCALE SEMICONDUCTOR: Posts US$260M Earnings for 2nd Quarter
FREESCALE SEMICONDUCTOR: In Buyout Talks with Investment Firms
GN PACKAGING: Creditors Must Prove Debts by September 27
HIAP HENG CHNG: Creditors' Proofs of Debt Due on September 22
INFORMATICS EDUCATION: Former CEO's Trial Kicks Off
REFCO INC: Wants Exclusive Plan-Filing Period Extended to Dec. 5
REFCO INC: Wants Removal Period Extended to December 12
TECHNIK-SOIL: High Court to Hear Wind-Up Petition on Sept. 22
T H A I L A N D
KRUNG THAI: To Pay THB432MM for 50% Stake in TSEC Securities
PERKINELMER INC: Board Declares US$0.07 Per Share Dividend
PERKINELMER INC: Earns US$35.7 Million in Quarter Ended July 2
PERKINELMER INC: Acquires Macri Tech. & NTD Labs for US$57-Mil.
* Upcoming Meetings, Conferences and Seminars
- - - - - - - -
============================================
A U S T R A L I A & N E W Z E A L A N D
============================================
ABATTIS PROPERTIES: Creditors Must Prove Debts by Sept. 18
----------------------------------------------------------
Creditors of Abattis Properties Ltd are required to prove their
debts to Joint Liquidators Barry Phillip Jordan and David Stuart
Vance by September 18, 2006.
Failure to show proofs of claim on the due date will exclude a
creditor from sharing in any distribution the company will make.
The Joint and Several Liquidators can be reached at:
Barry Philip Jordan
c/oRobert Campbell at McCallum Petterson
Level Eight, The Todd Building
95 Customhouse Quay (P.O. Box 3156)
Wellington, New Zealand
Telephone: (04) 499 7796
Facsimile: (04) 499 7784
AUCKLAND ALUMINUM: Court to Hear ACC's Petition on Sept. 21
-----------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
against Auckland Aluminum Scaffolding Services Ltd on Sept. 21,
2006, at 10:45 a.m.
The Accident Compensation Commission filed the petition with the
Court on June 27, 2006.
The Solicitor for the Plaintiff can be reached at:
Dianne S. Lester
Credit Consultants Debt Services NZ Ltd
Level Three, 3-9 Church Street
P.O. Box 213 or D.X. S.X. 10?069
Wellington, New Zealand
Telephone: (04) 470 5972
AUSTRALIAN COMMERCIAL: Creditors Appoint Official Liquidators
-------------------------------------------------------------
Members and creditors of Australian Commercial Abseiling
Services Pty Ltd convened on August 23, 2006, and resolved to
wind up the company's operations.
In this regard, R.A. Sutcliffe was appointed as liquidator.
The Liquidator can be reached at:
R. A. Sutcliffe
Ground Floor, 192-198 High Street
Northcote, Victoria 3070
Australia
Telephone:(03) 9482 6277
BETTANY PTY: Placed Under Creditors' Voluntary Wind-Up
------------------------------------------------------
Creditors of Bettany Pty Ltd met on August 23, 2006, and
resolved to voluntarily wind up the company's operations.
Subsequently, K.L. Sutherland was appointed as liquidator.
Mr. Sutherland can be reached at:
K. L. Sutherland
Bent & Cougle Pty Ltd
Chartered Accountants
Level 5, 332 St Kilda Road
Melbourne, Victoria 3004
Australia
BLOCKMACK PTY: To Declare Second Dividend on September 26
---------------------------------------------------------
Blockmack Pty Ltd will pay its second dividend to creditors on
September 26, 2006.
In this regard, creditors are required to file their proofs of
debt by September 25, 2006, for them to share in the company's
dividend distribution.
The liquidator can be reached at:
R. G. Shoobridge
Deloitte Touche Tohmatsu
Chartered Accountants
22 Elizabeth Street
Hobart, Tasmania 7000
Australia
Telephone:(03) 6237 7000
BONNY VIEW: Members to Receive Wind-Up Report on September 26
-------------------------------------------------------------
Members of Bonny View Corporation Ltd will convene on Sept. 26,
2006, at 11:00 a.m., to receive the liquidators' accounts on
company's wind-up proceedings and property disposal exercises.
According to the Troubled Company Reporter - Asia Pacific, the
company declared its first and final dividend on June 3, 2005.
The joint liquidators can be reached at:
Todd Kelly
Peter Morris
c/o Foremans Business Advisors
Suite 1, 29 Lake Street
Cairns, Queensland 4870
Australia
C&G PLUMBING: Members Resolve to Wind Up Operations
---------------------------------------------------
At an extraordinary general meeting on August 23, 2006, the
members of C&G Plumbing Services Pty Ltd resolved to voluntarily
wind up the company's operations.
The creditors appointed Michael Stephen Hawkins Royal as
liquidator at a separate meeting held later that day.
The Liquidator can be reached at:
Michael Stephen Hawkins Royal
Suite 9, 305-307 The Kingsway
Caringbah, New South Wales 2229
Australia
Telephone:(02) 9531 8365
Facsimile:(02) 9531 8367
C & R FINANCE: Shareholders Opt for Voluntary Liquidation
---------------------------------------------------------
On March 31, 2006, shareholders of C & R Finance Ltd resolved to
voluntary liquidate the company.
Michael Gerard Schimanski was subsequently appointed as official
liquidator.
The Liquidator can be reached at:
M. G. Schimanski
119 Blenheim Road (P.O. Box 8621)
Christchurch, New Zealand
Telephone: (03) 343 4448
Facsimile: (03) 348 2262
CENTERCOAST CONSTRUCTIONS: To Declare Dividend on October 25
------------------------------------------------------------
Centercoast Constructions Pty Ltd will pay its first and final
dividend to priority creditors on October 25, 2006, to the
exclusion of those who will be unable to file their proofs of
claim by September 30, 2006.
The Liquidator can be reached at:
M. G. Mccann
Grant Thornton
Level 4, Grant Thornton House
102 Adelaide Street
Brisbane, Queensland 4000
Australia
Telephone:(07) 3222 0200
Facsimile:(07) 3222 0446
COWRA ABATTOIR: Workers Vote to Liquidate Business
--------------------------------------------------
The Australian Council of Trade Unions secretary, Greg Combet,
accuses Cowra Abattoir's owner, David Mulligan, of transferring
almost AU$2 million from the NSW company before it collapsed,
the Australian Associated Press relates.
The report says that the abattoir's workers have voted to
liquidate the business.
According to The Age, Australasian Meat Industry Employees Union
organizer Mark Perkins said that Cowra's 200 workers were owed
nearly AU$3 million in entitlements.
By voting to liquidate the company, it was hoped the workers
would receive their entitlements sooner, the paper cites Mr.
Perkins, as saying.
The Age relates that Prime Minister John Howard, Workplace
Relations Minister Kevin Andrews, and the Office of Workplace
Services supported Mr. Mulligan when he used the Government's
new workplace laws to sack 27 workers at the abattoir and offer
them their jobs back with a 30% pay cut.
"Now we find from the administrators of the collapsed abattoir
that there may have been breaches of the corporations law
including possible insolvent trading," the paper cites Mr.
Combet as saying.
Thus, there were calls asking Mr. Howard to apologize for his
alleged support of the company. However, Mr. Howard denied that
he had defended the company during its industrial turmoil. He
asserts that "the argument made by the Labor Party and the
unions that the retrenchment of these workers was due entirely
to the operation of the new Work Choices legislation was wrong,"
Mr. Howard said, according to The Age.
"The evidence to date is that that claim is wrong, if they have
any evidence to the contrary, give it to [the Australian
Securities and Investments Commission]," Mr. Howard further
said.
The Age notes that Mr. Howard did not comment directly on the
alleged monetary transfer, which is believed to have occurred
just weeks before administrator Mark Cooper, from Sydney
insolvency firm Frasers, placed the abattoir in administration
in August and put it up for sale.
According to Mr. Perkins, workers are waiting on the Federal
Government's decision whether they could receive payouts under
the General Employee Entitlements and Redundancy Scheme, the
paper relates.
Mr. Combet said that the Federal Government should immediately
re-examine the case to ensure workers received their
entitlements and that the ASIC should look for any breaches of
the Corporations Act, The Age notes.
Administrators' Report Reveal Mortgages
Mr. Combet took note of a report from administrators, who
identified four mortgages totaling more than AU$1.7 million.
According to the report, the mortgages had been taken out on the
company through the National Australia Bank and paid in cash to
a holding company under the sole proprietorship of Cowra
Abattoir owners PD Mulligan, the AAP relates.
Two of the transactions, totaling AU$930,000, were made after
the OWS investigated the company, the AAP reveals.
"That this situation has occurred to workers while the so-called
regulator of workplace issues, the government's OWS, was
investigating them is a disgrace," The Age notes, citing Mr.
Combet.
CUSTOMER SYSTEMS: Undergoes Voluntary Liquidation
-------------------------------------------------
At a general meeting held on August 23, 2006, the members of
Customer Systems Australia Pty Ltd resolved to voluntarily wind
up the company's operations.
At the creditors' meeting held that same day, Craig Crosbie was
appointed as liquidator.
The Liquidator can be reached at:
Craig Crosbie
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne, Victoria 3000
Australia
E M & J F: To Declare First and Final Dividend on October 20
------------------------------------------------------------
E M & J F Pty Ltd will declare its first and final dividend to
creditors on October 20, 2006, to the exclusion of those who
cannot prove their claims by September 26, 2006.
The Liquidator can be reached at:
Brian Silvia
Ferrier Hodgson
Level 13, 225 George Street
Sydney, New South Wales 2000
Australia
EAMES COMPUTER: Shareholders Opt for Voluntary Liquidation
----------------------------------------------------------
Shareholders of Eames Computer Services Pty Ltd convened on
August 23, 2006, and decided to voluntariyy liquidate the
company's operations.
Accordingly, K.L. Sutherland and H. A. MacKinnon were appointed
as joint and several liquidators.
The Joint and Several Liquidators can be reached at:
H. A. Mackinnon
K. L. Sutherland
Bent & Cougle Pty Ltd
Chartered Accountants
332 St Kilda Road
Melbourne, Victoria 3004
Australia
EWJ HOLDINGS: Court to Hear CIR's Liquidation Bid on Sept. 21
-------------------------------------------------------------
A liquidation petition filed against EWJ Holdings Ltd will be
heard before the High Court of Auckland on September 21, 2006,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition with the
court on June 29, 2006.
The Solicitor for the Plaintiff can be reached at:
Geraldine Ann Ryan
Auckland South Service Centre
17 Putney Way (P.O. Box 76-198)
Manukau City, New Zealand
Telephone: (09) 984 2002
FOTO CLUB: Members Pass Resolution to Liquidate Business
--------------------------------------------------------
On August 23, 2006, the members of Foto Club (Vic) Pty Ltd
passed a special resolution to liquidate the company's business.
Accordingly, Gregory Stuart Andrews was appointed as liquidator.
The Liquidator can be reached at:
G. S. Andrews
G. S. Andrews & Associates
22 Drummond Street
Carlton, Victoria 3053
Australia
Telephone:(03) 9662 2666
Facsimile:(03) 9662 9544
G.M.S. LANDSCAPING: Members Pass Resolution to Wind Up Firm
-----------------------------------------------------------
Members of G.M.S. Landscaping Pty Ltd on August 22, 2006, passed
a special resolution to voluntarily wind up the company's
operations.
Subsequently, creditorsappointed Gregory John Keith as
liquidator at a separate meeting held that same day.
The Liquidator can be reached at:
G. J. Keith
Grant Thornton
Rialto Towers, Level 35
South Tower, 525 Collins Street
Melbourne, Victoria 3000
Australia
GEOFF THIESS: Members' Final Meeting Set on September 29
--------------------------------------------------------
A final meeting will be held for the members of Geoff Thiess
Developments Pty Ltd on September 29, 2006, 9:00 a.m.
During the meeting, Liquidator Michael Owen will report on the
company's wind-up proceedings and property disposal exercises.
As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced a voluntary wind-up of its operations on
September 12, 2005.
The Liquidator can be reached at:
Michael Owen
BDO Kendalls, Level 18
300 Queen Street
Brisbane, Queensland 4000
Australia
GR8 PUB: Creditors Must Prove Debts by September 22
---------------------------------------------------
Creditors of GR8 Pub Investments Pty Ltd are required to file
their proofs of claim to Liquidator Greg Sharpe by September 22,
2006.
Failure to prove debts will exclude a creditor from sharing in
the company's dividend distribution.
The Liquidator can be reached at:
Greg Sharpe
Barrington Practice
4/7 Narabang Way
Belrose, New South Wales 2085
Australia
IANJOHN ENGINEERING: Commences Wind-Up of Operations
----------------------------------------------------
At a general meeting held on August 23, 2006, the members of
IanJohn Engineering Pty Ltd resolved to voluntarily wind up the
company's operations and appoint Philip Newman and Clyde Peter
White as liquidators.
The Liquidators can be reached at:
P. Newman
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street
Melbourne
Australia
INNOVATION CONTRACT: Faces Liquidation Proceedings
--------------------------------------------------
A petition to liquidate Innovation Contract Services Ltd will be
heard before the High Court of Auckland on September 21, 2006,
at 10:00 a.m.
Exide Technologies Ltd filed the petition with the Court on
June 19, 2006.
The Solicitor for the Plaintiff can be reached at:
Dianne S. Lester
Credit Consultants Debt Services NZ Ltd
Level Three, 3-9 Church Street
(P.O. Box 213 or D.X. S.X. 10?069)
Wellington, New Zealand
Telephone: (04) 470 5972
JANSSEN & DOMETT: Appoints Jordan and Vance as Liquidators
----------------------------------------------------------
The High Court of Wellington appointed Barry Phillip Jordan and
David Stuart Vance as Joint and Several Liquidators for Janssen
& Domett Design Ltd on August 21, 2006.
The Joint Liquidators require the company's creditors to prove
their debts by September 18, 2006. Failure to present proofs of
claim will exclude a creditor from sharing in any distribution
the company will make.
The Joint and Several Liquidators can be reached at:
Barry Philip Jordan
c/oRobert Campbell at McCallum Petterson
Level Eight, The Todd Building
95 Customhouse Quay (P.O. Box 3156)
Wellington, New Zealand
Telephone: (04) 499 7796
Facsimile: (04) 499 7784
KANADALE LIMITED: Liquidation Bid Hearing Set on Sept. 21
---------------------------------------------------------
A liquidation petition filed against Kanadale Ltd will be heard
before the High Court of Auckland on September 21, 2006, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition with the
court on June 29, 2006.
The Solicitor for the Plaintiff can be reached at:
Kristal Louise Gallagher
Auckland South Service Centre
17 Putney Way (P.O. Box 76-198)
Manukau City, New Zealand
Telephone: (09) 985 7148
LAYERDALE PTY: Creditors' Proofs of Debt Due on September 19
------------------------------------------------------------
Creditors of Layerdale Pty Ltd are required to submit their
proofs of claims by September 19, 2006, for them to share in the
company's dividend distribution.
The liquidator can be reached at:
Alison Nicole Schelberg
WHK LRK-Walkers
146 Mort Street
Toowoomba, Queensland 4350
Australia
LITOM PTY: Members to Receive Wind-Up Report
--------------------------------------------
A final meeting of the members of Litom Pty Ltd will be held on
September 30, 2006, 10:00 a.m., to receive the report of
Liquidator Kevin John Munro on the company's wind-up proceedings
and property disposal exercises.
The Liquidator can be reached at:
Kevin John Munro
Munro Lawyers
Level 12, 111 Elizabeth Street
Sydney, New South Wales 2000
Australia
LONE PINE: To Declare First and Final Dividend
----------------------------------------------
Lone Pine Limited will declare the first and final dividend for
its priority creditors on September 19, 2006. Creditor who
cannot prove their claims by September 12, 2006, will be
excluded from the distribution.
The company will also declare the first and final dividend for
its non-priority creditors on September 20, 2006. Creditors who
can prove their claims by September 13, 2006, will be included
in the distribution.
The liquidator can be reached at:
Raj Khatri
Solvency & Forensic Accountants
8th Floor, 102 Adelaide Street
Brisbane Queensland 4000
Australia
Telephone:(07) 3225 4312
Facsimile:(07) 3225 4311
Web site: http://www.worrells.net.au
MAUCH INVESTMENTS: Hearing of CIR's Liquidation Bid on Sept.21
--------------------------------------------------------------
A liquidation petition filed against Mauch Investments Ltd will
be heard before the High Court of Auckland on September 21,
2006, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition with the
court on June 29, 2006.
The Solicitor for the Plaintiff can be reached at:
Geraldine Ann Ryan
Auckland South Service Centre
17 Putney Way (P.O. Box 76-198)
Manukau City, New Zealand
Telephone: (09) 984 2002
NIGHT OWL: Members Resolve to Wind Up Business Operations
---------------------------------------------------------
At a general meeting on August 23, 2006, the members of Night
Owl Art & Design Pty Ltd resolved to voluntarily wind up the
Company's business operations.
At the creditors meeting held on that day, Richard Herbert
Judson was appointed as liquidator.
The Liquidator can be reached at:
Richard Herbert Judson
Judson & Co
Chartered Accountants
Suite 4, Level 1
10 Park Road
Cheltenham, Victoria 3192
Australia
Telephone: 9585 4155
NO COMMISSION: Faces Liquidation Petition from APL
--------------------------------------------------
On August 23, 2006, Associated Press Ltd filed a liquidation
petition against No Commission Property Sales Dunedin North Ltd,
with the High Court of Dunedin.
The Court will hear the petition on September 21, 2006, at 10:00
a.m.
The Solicitor for the Plaintiff can be reached at:
R.A. Mcl. Fraser
Receivables Management (NZ) Ltd
Level Eight, 7 City Road
Auckland, New Zealand
P.O. Box 5519, Wellesley Street
Auckland, New Zealand
Facsimile: (09) 919 3697
ONEPUKE LIVESTOCK: Shareholders Opt for Voluntary Liquidation
-------------------------------------------------------------
On August 24, 2006, shareholders of Onepuke Livestock Ltd
resolved to voluntary liquidate the company and appoint
Liquidator Hamish John Pryde to oversee the proceedings.
Subsequently, creditors are required to file their proofs of
claim to Mr. Pryde by September 28, 2006. Failure to prove
claims will exclude a creditor from sharing in any distribution
the company will make.
The Liquidator can be reached at:
Hamish Pryde
Brumby Simpson Partners Limited
P.O. Box 1245, Palmerston North
New Zealand
Telephone: (06) 356 4808
Facsimile: (06) 356 8525
PARAGON COMMUNICATION: Final Meeting Scheduled on October 2
-----------------------------------------------------------
A final meeting of the members and creditors of Paragon
Communication Management will be held on October 2, 2006, 11:30
a.m.
During the meeting, Liquidator P.A. Lucas will give the final
accounts of the Company's wind-up and property disposal
exercises.
The Liquidator can be reached at:
P.A. Lucas
P. A. Lucas & Co
Chartered Accountants
Level 8, ING Building
100 Edward Street
Brisbane, Queensland 4000
Australia
PERLITE CORPORATION: Enters Voluntary Liquidation
-------------------------------------------------
After a meeting on August 23, 2006, the members of Perlite
Corporation (O'Seas) Pty Ltd decided to voluntarily wind up the
company's operations.
Subsequently, Garth D. Olling and Paul Andrew Billingham were
nominated as Joint and Several Liquidators.
The Joint and Several Liquidators can be reached at:
Paul Andrew Billingham
G. D. Olling
Grant Thornton
Level 17, 383 Kent Street
Sydney, New South Wales 2000
Australia
PRO-TECT: To Declare Dividend on September 27
---------------------------------------------
Pro-tect Investments Holdings Pty Ltd will declare dividend to
its creditors on September 27, 2006. Creditors who cannot prove
their claims by September 26, 2006, will be excluded in the
distribution.
The Troubled Company Reporter - Asia Pacific previously reported
that the company's declaration of dividend was fixed on March
17, 2006.
The Liquidator can be reached at:
D. A. Turner
PKF
11th Floor, 485 Latrobe Street
Melbourne, Victoria 3000
Australia
QUE 3 DESIGN: Shuts Down Business Operations
--------------------------------------------
The members of QUE 3 Design Pty Ltd convened on August 23, 2006,
and passed a special resolution to wind up the company's
operations.
The creditors appointed Peter Gountzos and Richard John as joint
and several liquidators at their meeting held later that day.
The Joint and Several Liquidators can be reached at:
Peter Gountzos
CJL Partners
Level 3, 180 Flinders Lane
Melbourne, Victoria 3000
Australia
Telephone:(03) 9639 4779
Facsimile:(03) 9639 4773
RAETIHI HAULAGE: Shareholders Appoints Liquidator
-------------------------------------------------
John Francis Managh was appointed Liquidator of Raetihi Haulage
Ltd on August 23, 2006, by the shareholders of the company.
The Liquidator can be reached at:
John Managh
Gladstone Chambers
50 Tennyson Street (P.O. Box 1022)
Napier, New Zealand
Telephone/Facsimile: (06) 835 6280
Email: jmanagh@xtra.co.nz
RAN HOLDINGS: N. Popov Arrested for Alleged Fraudulent Deal
-----------------------------------------------------------
On September 11, 2006, the Australian Federal Police at Brisbane
Airport arrested Nicholai Dimitri Popov, a former director of
RAN Holdings International Pty Ltd. Mr. Popov was in possession
of a one-way airline ticket to Munich, Germany.
The Australian Securities and Investments Commission was
recently granted an arrest warrant by the New South Wales Local
Court for Mr. Popov after his return to Australia from the
Ukraine and Germany in June 2006.
The ASIC was conducting an investigation into the activities of
Mr. Popov when he left Australia in November 2004. The ASIC was
also investigating Mr. Popov's fellow director at Radisson Maine
Property Group Pty Ltd -- Robert Bassili -- who left Australia
in December 2004.
Mr. Popov was arrested on one count of 178 BB of contravening
the NSW Crimes Act in relation to an alleged fraudulent property
deal involving a young Sydney couple who had lost AU$245,000.
Mr. Popov appeared in the Brisbane Magistrates Court and was
remanded in custody and ordered to be extradited to Sydney. Mr.
Popov will appear in the Downing Centre Court on September 13,
2006.
On October 28, 2004, the NSW Supreme Court ordered the wind-up
of RAN Holdings International and its main subsidiary, Radisson
Maine Property Group.
RAN Holdings and Radisson Maine were involved in raising money
from the public for property development in Victoria when their
companies were placed in liquidation.
The ASIC's investigation is continuing and Mr. Popov will be
prosecuted by the Commonwealth Director of Public Prosecutions.
* * *
As reported in the Troubled Company Reporter - Asia Pacific on
November 1, 2004, David Lombe, of Deloitte, was appointed as
provisional liquidator of the Sydney-based property companies,
RAN Holdings International Pty Ltd and its main subsidiary
company, Radisson Maine Property Group (Australia) Pty Ltd.
The Australian Securities and Investments Commission commenced
an investigation into the Radisson Maine Group of companies
after information suggesting that the companies, and
particularly its main trading firm, Radisson Maine Property, may
be trading while insolvent.
The Radisson Maine Group was primarily involved in the property
market, with Robert Bassili as its chief executive officer and
as sole director of Radisson Maine Property.
Nicholai Dimitri Popov was the sole director of Ran Holdings.
The Court found that the companies were insolvent and should be
wound up based on the opinion expressed by the provisional
liquidator's reports and as there was no proof that any further
funding would be received.
RETREAT RETAIL: Set to Halt Business Operations
-----------------------------------------------
Creditors of Retreat Retail Services Pty Ltd held a general
meeting on August 21, 2006, and resolved that the company should
wind up its operations.
Gideon Rathner and David Coyne were subsequently appointed as
joint and several liquidators.
The Joint and Several Liquidators can be reached at:
Gideon Rathner
Lowe Lippmann
Chartered Accountants
5 St Kilda Road
St Kilda, Victoria 3182
Australia
ROOFING SERVICES: Liquidation Process Initiated
-----------------------------------------------
On August 21, 2006, the High Court of Wellington appointed Barry
Phillip Jordan and David Stuart Vance as Joint and Several
Liquidators of Roofing Services Ltd.
Accordingly, the Joint Liquidators required the company's
creditors to file their proofs of claim by September 18, 2006.
Failure to prove their debt will exclude any creditor from
sharing in any distribution the company will make.
The Troubled Company Reporter - Asia Pacific previously reported
that the company was facing a liquidation petition filed by the
Commissioner of Inland Revenue on May 4, 2006.
The Joint and Several Liquidators can be reached at:
Barry Philip Jordan
c/oRobert Campbell at McCallum Petterson
Level Eight, The Todd Building
95 Customhouse Quay (P.O. Box 3156)
Wellington, New Zealand
Telephone: (04) 499 7796
Facsimile: (04) 499 7784
SERVICE STATION: Hearing of Liquidation Bid Slated for Sept.21
--------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against The Service Station Ltd, on September 21, 2006, at
10:45 a.m.
The Commissioner of Inland Revenue filed the petition on June
29, 2006.
The Solicitor for the Plaintiff can be reached at:
Geraldine Ann Ryan
Auckland South Service Centre
17 Putney Way (P.O. Box 76-198)
Manukau City, New Zealand
Telephone: (09) 984 2002
SILVERBIRD NOMINEES: To Declare Second Dividend on September 26
---------------------------------------------------------------
Silverbird Nominees Pty Ltd will declare the second and final
ordinary dividend for its creditors on September 26, 2006, to
the exclusion of those who will not be able to prove their
claims by September 15, 2006.
The Troubled Company Reporter - Asia Pacific previously reported
that the company declared its first and final preferential
dividend on May 31, 2005.
The Deed Administrator can be reached at:
K. A. Strickland
SimsPartners
Level 12, 40 St George's Terrace
Perth, Western Australia 6000
Australia
SILK ROAD: Court Sets Date to Hear Liquidation Bid
--------------------------------------------------
The High Court of Wellington will hear a liquidation petition
filed against Silk Road Developments Ltd on September 18, 2006.
Carters -- a division of Carter Holt Harvey Ltd -- filed the
petition with the Court on July 24, 2006.
The Solicitor for the Plaintiff can be reached at:
Karl Robinson
Offices of Edmund Lawler & Associates
P.O. Box 25-931, St Heliers
Auckland, New Zealand
SPORTINGPULSE N.Z.: Names Williams as Official Liquidator
---------------------------------------------------------
On August 21, 2006, Bryan Edward Williams was named official
Liquidator of Sportingpulse New Zealand Pty Ltd.
Accordingly, creditors of the company are required to prove
their debts by September 18, 2006. Failure to provide proofs of
claim will exclude a creditor from sharing in any distribution
the company will make.
The Liquidator can be reached at:
Bryan Edward Williams
Bryan Williams & Associates
Insolvency Practitioners
131 Taupaki Road, R.D. 2
Henderson 0782
New Zealand
Telephone: (09) 412 9762
Facsimile: (09) 412 9763
STRATHFIELD: FY06 Loss Decreases, Turnaround on Track
-----------------------------------------------------
Strathfield Group expects to report a profit this year and says
that its long-awaited turnaround is on track, the Australian
Associated Press relates.
According to the AAP, Strathfield reported an unaudited net loss
of AU$5.3 million for 2005/2006, which was an improvement from a
AU$10.8-million loss in the prior fiscal year.
At July 2, 2006, the consolidated entity's total assets of
AU$53,445,000 exceeded total liabilities of AU$41,032,000.
However, its current liabilities of AU$40,828,000 exceeded
current assets of AU$38,890,000, showing strained liquidity.
Strathfield noted that it does not expect any significant change
to these results after completing the audit, which is underway.
No one-off profits from franchising are included in the results
for the full-year 2006.
The Australian cites the company as saying in a statement that
it is well on track to return to a positive net profit after tax
for fiscal 2007. "Strathfield management continues to focus on
improving bottom line profits whilst decreasing the business
risk profile," the company said.
For the nine-month period since the appointment of a new
management, earnings before interest, tax, depreciation and
amortization was AU$3 million -- or AU$4.4 million, excluding
one-off costs from redundancies, stock write-downs and
franchising.
In net profit terms for that nine months, the results were a
AU$475,000 loss, or AU$940,000 profit after one-offs,
respectively, The Australian says.
The paper reveals that revenue from ordinary activities for the
12 months to July 2, 2006, fell 24% to AU$154.36 million.
No dividend was declared, The Australian notes.
A full-text copy of Strathfield's Preliminary Final Report for
the 52-weeks ended July 2, 2006, is available for free at:
http://www.strathfield.com/SGL_site/asx_docs/056%20Preliminary%20Final%20Report%202006.pdf
Going Concern
The company's auditor is considering maintaining the previous
audit emphasis of matter as to going concern. To continue as a
going concern the consolidated entity requires:
* generation of sufficient funds from operating activities;
* completion of current negotiations in relation to financing
arrangements; and
* the continued support of its bankers and creditors.
Strathfield noted that its auditors have also not been given
sufficient information to form a view on the carrying value of
the Cavastowe receivable.
The company's management believes that Strathfield is well on
track to return to a positive NPAT for 2007 and that the
Cavastowe debt is recoverable.
As reported in the Troubled Company Reporter - Asia Pacific on
August 1, 2005, Strathfield disclosed that its founder and
director, Andrew Kelly, was seeking an "alternative repayment
plan" on the AU$7.6 million "owed" by his Cavastowe company
whereby he would resign from Strathfield's board and repay just
AU$5.5 million on "an extended interest-free repayment
timetable". Strathfield would pay the shortfall with a "net
present value profit impact of an additional AU$3 million loss,"
the TCR-AP noted.
About Strathfield
Strathfield Group Limited -- http://www.strathfield.com/-- is
one of the largest independent retailers of mobile communication
products in Australia, with 86 outlets nationwide. Strathfield
offers a large range of products including Car, Home, and Mobile
entertainment and communication tools. Strathfield is the
leader in in-car entertainment, and provides quality "on the
spot" installation services through its outlets.
The Company has focused on paying down debt and entered into
restructuring. After losing AU$41 million in 2003, Strathfield
Group has run its cash reserves dangerously low. The Company
undertook a capital raising of approximately AU$22.2 million
through a AU$12.6 million placement and AU$9.6-million Rights
Issue of ordinary shares. The shareholders previously approved
the placement of 126 million ordinary shares at AU$0.10.
Strathfield's major shareholder, Kelly Group Holdings Pty
Limited, has agreed to underwrite the rights issue to
AU$8 million and has advanced to the Company, as a loan,
AU$8 million of the issue.
The Group has since been into a series of recapitalizations, and
has suffered from a series of losses, defaults and a major
management team revamp in 2005.
STRATHFIELD: Marcus Einfeld Steps Aside as Chairman
---------------------------------------------------
In a statement, Strathfield Group Limited revealed that Marcus
Einfeld has decided to step aside as Chairman, while he
addresses non-company related matters. However, Mr. Einfeld
will remain a non-executive director of the company.
Richard Poole will assume the role as Chairman.
About Strathfield
Strathfield Group Limited -- http://www.strathfield.com/-- is
one of the largest independent retailers of mobile communication
products in Australia, with 86 outlets nationwide. Strathfield
offers a large range of products including Car, Home, and Mobile
entertainment and communication tools. Strathfield is the
leader in in-car entertainment, and provides quality "on the
spot" installation services through its outlets.
The Company has focused on paying down debt and entered into
restructuring. After losing AU$41 million in 2003, Strathfield
Group has run its cash reserves dangerously low. The Company
undertook a capital raising of approximately AU$22.2 million
through a AU$12.6 million placement and AU$9.6m Rights Issue of
ordinary shares. The shareholders previously approved the
placement of 126 million ordinary shares at AU$0.10.
Strathfield's major shareholder, Kelly Group Holdings Pty
Limited, has agreed to underwrite the rights issue to AU$8
million and has advanced to the Company, as a loan, AU$8 million
of the issue.
The Group has since been into a series of recapitalizations and
has suffered from a series of losses, defaults and a major
management team revamp in 2005.
TAHM PROMOTIONS: Enters Voluntary Wind-Up
-----------------------------------------
The members and creditors of Tahm Promotions & Consultants Pty
Ltd convened on August 23, 2006, and agreed that the company
should voluntarily wind up its operations.
In this regard, Ozem Kassem was appointed liquidator.
The Liquidator can be reached at:
Ozem Kassem
Cor Cordis Chartered Accountants
Level 8, 50 Carrington Street
Sydney, New South Wales
Australia
Telephone:(02) 8221 8433
e-mail: okassem@corcordis.com.au
TEDCON MACHINERY: Members & Creditors Resolve to Close Business
---------------------------------------------------------------
At a general meeting on August 22, 2006, the members and
creditors of Tedcon Machinery Pty Ltd resolved to close the
company's business and distribute the proceeds of its assets.
Accordingly, Gregory Stuart Andrews was appointed as liquidator.
The Liquidator can be reached at:
G. S. Andrews
G. S. Andrews & Assocs
22 Drummond Street
Carlton, Victoria 3053
Australia
Telephone:(03) 9662 2666
Facsimile:(03) 9662 9544
TELAP PTY: Shareholders Pass Wind-Up Resolution
-----------------------------------------------
Shareholders of Telap Pty Ltd held a general meeting on August
22, 2006, and passed a special resolution to voluntarily wind up
the company's operations.
Accordingly John Gordon Hinde was appointed as liquidator.
The Liquidator can be reached at:
John Gordon Hinde
c/o Wynn & Bennett
Chartered Accountants
Level 10, 5 Elizabeth Street
Sydney, New South Wales 2000
Australia
TOUCHTEC EQUIPMENT: Creditors' Proofs of Claim Due on Sept.18
-------------------------------------------------------------
On August 21, 2006, the High Court of Wellington appointed David
Stuart Vance and Bruce McCallum as Joint and Several Liquidators
of Touchtec Equipment Marketing Ltd.
In this regard, the Joint Liquidators required the creditors of
the company to file their proofs of claim by September 18, 2006.
Failure to prove their debt will exclude any creditor from
sharing in any distribution the company will make.
The Joint and Several Liquidators can be reached at:
David Vance
McCallum Petterson, Level Eight
The Todd Building
95 Customhouse Quay (P.O. Box 3156)
Wellington, New Zealand
Telephone: (04) 499 7796
Facsimile: (04) 499 7784
WWWICKED PTY: To Declare First and Final Dividend
-------------------------------------------------
WWWICKED Pty Ltd will declare its final dividend on October 31,
2006.
Creditors who cannot prove their claims by September 26, 2006,
will be excluded from sharing in any distribution the Company
will make.
The Troubled Company Reporter - Asia Pacific previously reported
that the company commenced a voluntary wind-up of its operations
on August 11, 2006.
The Liquidator can be reached at:
Anthony Grieves
WalterTurnbull
44 Sydney Avenue
Barton, ACT 2600
Australia
XTREME ENTERPRISES: Members Opt for Voluntary Wind Up
-----------------------------------------------------
At a general meeting on August 22, 2006, members of Xtreme
Enterprises Pty Ltd decided that the company must voluntarily
commence a wind-up of its operations.
Creditors consequently appointed Leigh Dudman as liquidator at
their meeting held that same day.
The Liquidator can be reached at:
Leigh Dudman
B. K. Taylor & Co
8/608 St Kilda Road
Melbourne, Victoria 3004
Australia
================================
C H I N A & H O N G K O N G
================================
ACXIOM CORP: ValueAct Proxy Contest Impacts Fiscal 2007 Earnings
----------------------------------------------------------------
Acxiom Corporation quantified the expected cumulative financial
impact of the successful completion of the proxy contest with
ValueAct Capital, the anticipated completion of the Dutch
Auction Self Tender, a US$800 million credit facility, and other
items reported on the first-quarter earnings conference call
held July 26, 2006. The net impact of these items will reduce
the midpoint of the original fiscal year 2007 Financial Road Map
earnings target by six to seven cents per fully diluted share.
The six- to seven-cent reduction reflects the anticipated impact
for fiscal 2007 of these five items:
The fiscal 2007 Road Map targets, communicated during the fiscal
2006 year-end conference call on May 17, 2006, were based on 90
million weighted average shares outstanding. Subsequently, the
company reported a net 2 million share increase related to
greater-than-expected exercises of 2.5 million stock options,
partially offset by share repurchases of 0.5 million shares.
The net increase of approximately 2 million shares will increase
the fiscal 2007 weighted average share count to 91 million, a
weighted average increase of 1 million shares that is expected
to result in a reduction of one cent in fiscal 2007 EPS.
The company incurred proxy contest expenses related to financial
and non-financial advisory fees of approximately US$1.2 million
in addition to expenses previously reported. These fees were
not anticipated in the earlier fiscal 2007 Road Map targets and
are expected to reduce fiscal 2007 EPS by approximately one
cent.
The company expects to repurchase up to US$300 million of its
shares through the Dutch Auction Self Tender scheduled to close
on Sept. 12, 2006. The impact on the weighted average fully
diluted shares outstanding for fiscal 2007 is expected to be a
reduction of approximately 6.0 to 6.5 million shares or an
increase to fiscal 2007 EPS of approximately seven to eight
cents.
The company expects to incur incremental interest expense of
approximately US$14.3 million related to the incremental
borrowings under the new credit facilities scheduled to close on
Sept. 15, 2006. These borrowings are to fund the DAST,
restructure existing debt and be available for general corporate
purposes. These costs are anticipated to result in an
approximate 10-cent reduction in fiscal 2007 EPS.
During the first-quarter earnings conference call, the company
reported that its effective tax rate for fiscal year 2007 was
expected to be 39%. Previously reported targets anticipated an
effective tax rate of 38%. The one percentage point increase is
expected to result in an approximate two-cent reduction in
fiscal 2007 EPS.
"Since the fiscal 2006 year-end conference call, we have
publicly provided a significant amount of information to
investors, and management is clarifying that information so that
shareholders have a more complete view of Acxiom's full-year
earnings expectation for fiscal year 2007. While the amounts
for the DAST and the credit facilities continue to be estimates,
we do not expect the final amounts to differ materially from our
current expectations," said Frank Cotroneo, Acxiom's Chief
Financial Officer.
About Acxiom Corporation
Based in Little Rock, Arkansas, Acxiom Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world. The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership. Founded in 1969, Acxiom has
locations throughout the United States, Europe, Australia and
China.
BALLY TOTAL: Taps Eastwest Marketing for Promotional Chores
-----------------------------------------------------------
Bally Total Fitness Holding Corp told Adweek that it has chosen
Eastwest Marketing Group to handle creative and promotional
chores.
BNamericas relates that several shops as well as Bally Total's
in-house marketing department previously handled the assignment.
According to BNamericas, Bally Total spent about US$75 million
in measured media in 2005. In the first half of this year, the
firm spent almost US$50 million, for each Nielsen Monitor-Plus.
Jim McDonald, the Bally Total CMO, said in a statement, "We
believe in taking an integrated marketing approach and were
impressed with Eastwest's one-stop shop capabilities. Their
combination of big ideas, broad-market communications and
street-level, business-building execution was truly unique."
BNamericas notes that Eastwest's assignment includes creating
the brand in "traditional above-the-line media" and "below-the-
line activities" that include national promotions and guerrilla
marketing campaigns. The activities are aimed at driving yearly
national gym memberships.
Chris Bragas, the chief executive officer of Eastwest, told
BNamericas, "This is an extremely exciting period of growth for
Bally and we're delighted to help them generate increased
revenue and take the brand to the next level."
* * *
Bally Total Fitness Holding Corp
-- http://www.Ballyfitness.com-- is a commercial operator of
fitness centers, with over 400 facilities located in 29 states,
Mexico, Canada, Korea, the Caribbean, and China under the Bally
Total Fitness, Bally Sports Clubs and Sports Clubs of Canada
brands.
* * *
As reported in the Troubled Company Reporter on March 17, 2006,
Standard & Poor's Ratings Services held its ratings on Bally
Total Fitness Holding Corp., including the 'CCC' corporate
credit rating, on CreditWatch with developing implications,
where they were placed on Dec. 2, 2005.
BEST POWER: Court Favors Wind-Up Petition
-----------------------------------------
The High Court of Hong Kong on August 16, 2006, released a wind-
up order against Best Power Enterprises Ltd.
The court received the wind-up petition on June 14, 2006.
CHOI'S FAR: Enters Wind-Up Proceedings
--------------------------------------
The High Court of Hong Kong issued a wind-up order against
Choi's Far East Company Ltd operations on August 16, 2006.
According to the Troubled Company Reporter - Asia Pacific, Ng
Pui Sze filed the wind-up petition with the court on June 14,
2006. The petition was heard on August 16, 2006.
CHUEN KEE: High Court Issues Wind-Up Order
------------------------------------------
The High Court of Hong Kong issued a wind-up order against Chuen
Kee Motor Car Trading Company Ltd's operations on August 16,
2006.
According to the Troubled Company Reporter - Asia Pacific, The
Bank of China (Hong Kong) Ltd filed the petition with the court
on June 15, 2006.
CITIC BANK: Individual D/E Rating Stays, Fitch Says
---------------------------------------------------
Fitch Ratings affirmed on September 11, 2006, the Individual D/E
and Support 3 ratings of China CITIC Bank. The ratings outlook
is stable.
China CITIC Bank's Individual rating reflects its strengthened
financial profile, bolstered by recent capital injections from
its parent, CITIC Group, and the introduction of much-improved
risk management systems. However, brisk loan growth and modest
earnings are a concern.
China CITIC's loan portfolio has expanded at an average annual
rate of 21% -- compounded -- since 2002, and was up a very
strong 19% -- un-annualized -- in H106. Asset quality ratios
are now broadly in line with peers, with an end-2005 ratio of
NPLs/total loans of 4.1% (H1: 2.9%), loan loss reserve coverage
of 78%, and special mention loans/total loans 4.1%. However,
China CITIC's profitability remains quite modest, with return on
assets of just 0.5% last year.
Since 2004, China CITIC has received two injections of capital
from CITIC Group, which have boosted the bank's regulatory
capital ratios. However, the ratio of equity/assets has shown
much more muted progress due to the rapid growth of loans and
assets.
China CITIC recently has shown some of the strongest
improvements in risk management among the banks under Fitch's
coverage, including the introduction of an economic capital
management system, comprehensive stress testing, and a new 10-
grade customer rating system.
DIGITAL NETWORK: Posts US$82,275 Net Loss in First Half of 2006
---------------------------------------------------------------
Digital Network Alliance International Inc.'s unaudited
financial statement for the first half period ended June 30,
2006, reflects US$82,275 as compared with US$194,007 net loss
posted in the same period last year.
The company's un-audited balance sheet as of June 30, 2006,
shows strained liquidity with current assets at US$269,905
available to pay US$749,294 current total liabilities coming due
within the next 12 months. Total shareholders' deficit as of
June 30, 2006, amounted to US$444,012.
Child, Van Wagoner & Bradshaw, PLLC raised a going concern on
the company's continued operation after auditing its annual
financial statement ended December 31, 2005.
Based on the company's consolidated financial statement ended
December 31, 2005, and 2004, the Company had an accumulated
deficit of US$2,657,954 and US$2,201,484 and working capital
deficit of US$397,635 and US$61,409. The Company also realized
net losses of US$456,470 and US$2,141,081 for the years ended
December 31, 2005 and 2004, respectively.
* * *
Digital Network Alliance International, Inc. was incorporated on
August 20, 1997 in the State of Delaware as Sheffield Products,
Inc. On August 13, 2004 the Company acquired all of the
outstanding stock of Digital Network Alliance Holdings (BVI)
Inc., a British Virgin Islands Corporation in exchange for stock
of the Company. On November 30, 2004 the Company changed its
name to Digital Network Alliance International, Inc.
The principal activities of the consolidated company are that of
provision of voice termination, satellite and broadband Internet
services throughout the Asia Pacific region, including Hong
Kong, Singapore, Indonesia, Bangladesh, Pakistan and Mongolia.
EURO-TEC: Court Favors Wind-Up
------------------------------
The High Court of Hong Kong issued a wind-up order against Euro-
Tec (H.K.) Ltd on August 16, 2006.
According to the Troubled Company Reporter - Asia Pacific, Dah
Sing Bank filed the petition before the Court on June 16, 2006.
FUNG LI: Court Issues Wind-Up Order
-----------------------------------
Fung Li Plastic Manufactory Ltd received on August 16, 2006, a
High Court of Hong Kong order to wind up its operations.
According to the Troubled Company Reporter - Asia Pacific, Tang
Yap Kwan filed the petition on June 19, 2006.
H.K. FULLSON: Court Favors Wind-Up
----------------------------------
On August 15, 2006, the High Court of Hong Kong issued a wind-up
order against H.K. Fullson Company Ltd.
A wind-up petition was filed with the Court on May 19, 2005.
HONGENT DEVELOPMENT: Receives Wind-Up Order from Court
------------------------------------------------------
On August 16, 2006, Hongent Development Ltd received a wind-up
order from the High Court of Hong Kong.
The Troubled Company Reporter - Asia Pacific previously reported
that Wong Man Kit filed the petition on June 14, 2006.
IAC BANK: Fitch Keeps D/E Individual Rating
-------------------------------------------
Fitch Ratings affirmed on September 11, 2006, the ratings of
Industrial & Commercial Bank of China. The ratings are:
-- Long-term Issuer Default rating at A-,
-- Individual at D/E; and
-- Support at 1,
The outlook on the ratings is stable.
Industrial and Commercial Bank of China's (ICBC) IDR is one
notch below China's sovereign IDR of 'A' and is driven by very
high expectations of state support in the event of need.
Reflecting improved financials following last year's government-
financed capital and problem loan support, the outlook for
ICBC's Individual rating is positive, pending further
strengthening of its asset quality, profitability, and risk
management.
Like its three state-owned peers, ICBC has been undergoing major
internal restructuring across almost every dimension --
including corporate governance, risk management, and audit -- in
preparation for its IPO later this year. The bank dramatically
restated its 2004 financials to account for embedded losses on
its non-performing loans ("NPLs"), and its 2005 figures show a
striking improvement. However, it remains to be seen whether
recent balance sheet improvement will be transitory or if it is
the start of a longer lasting change.
The agency notes that relative to its peers, ICBC's asset
quality indicators remain on the weak side, with the ratio of
NPLs/Total loans at 4.7%, its loan loss reserve coverage at 54%,
and the ratio 'special mention' loans/total loans at 9.2%.
ICBC's earnings are quite thin relative to other international
banks its size, though generally on par with peers, with return
on assets at a modest 0.6% in 2005.
The bank's capital ratios improved significantly following last
year's support measures, and are expected to strengthen even
further following ICBC's upcoming IPO.
INDUSTRIAL BANK: Fitch Affirms Individual Rating at D/E
-------------------------------------------------------
Fitch Ratings affirmed on September 11, 2006, the Individual D/E
and Support 4 ratings of Industrial Bank. The ratings outlook
is stable.
Industrial Bank's (IB) Individual rating reflects the bank's
relatively decent asset quality, combined with concerns about
its very rapid asset growth, modest profitability, and limited
capital.
Since 2001, IB has registered the fastest asset growth among
nationwide commercial banks at an average 40% annually on a
compounded basis. Thus far, asset quality remains relatively
sound, with the bank's 2005 5-tier NPL ratio at 2.3%, loan loss
reserve coverage at 91%, and special mention loans occupying a
better-than-average 3.3%. However, the agency notes that
adjusted for write-offs the nominal amount of NPLs increased by
1.3% of total loans in 2005 -- the upper end of the range for
nationwide peers.
IB has been adjusting its balance sheet towards lower-risk,
lower-yielding assets to shore up its regulatory capital ratios.
As a result, the bank's net interest margin declined 13 bps in
2005 to 2.38%. Non-interest income also remains quite low at
just 4.6% of assets -- the lowest among all nationwide
commercial banks.
Under pressure from the combination of rapid growth and thin
profits, IB's ratio of equity/assets fell to 2.7% in 2005,
although its total capital adequacy ratio held steady at 8.1%
reflecting the switch toward lower-risk assets.
JUMBO WAVE: Liquidation Process Initiated
-----------------------------------------
On August 16, 2006, the High Court of Hong Kong issued a wind-up
order against the operations of Jumbo Wave Ltd.
On July 11, 2006, the Troubled Company Reporter - Asia Pacific
reported that Carjade Company Ltd filed a petition to wind-up
the company's operation before the court.
PEAK ART: Court Issues Wind-Up Order
------------------------------------
On August 16, 2006, the High Court of Hong Kong ordered Peak Art
Advertising Company Ltd to wind up its operations.
On July 19, 2006, the Troubled Company Reporter - Asia Pacific
reported that Lim Mou San Lewis filed petition to wind-up the
company's operation before the court.
The petition was heard on August 16, 2006.
POLYLION LTD: Receive Wind-Up Order from Court
----------------------------------------------
On August 16, 2006, the High Court of Hong Kong ordered the wind
up of Polylion Ltd's operations.
According to the Troubled Company Reporter - Asia Pacific, Woo
Long Engineering & Construction Co Ltd filed the petition with
the court on June 19, 2006.
The petition was heard before the court on August 16, 2006.
TSZ WAN: Receive Wind-Up Order on August 16
-------------------------------------------
TSZ Wan Shan Ltd received a wind-up order from the High Court of
Hong Kong on August 16, 2006.
According to the Troubled Company Reporter - Asia Pacific, Li
Lai Ha filed a petition with the court to wind up the company's
operation on June 16, 2006.
YAN LUEN: To Wind up Operations
-------------------------------
On August 16, 2006, the High Court of Hong Kong issued a wind-up
order against Yan Luen Tsui Yuk Grass Company Ltd's operations.
According to the Troubled Company Reporter - Asia Pacific, Mok
Man Cham filed the petition before the Court on June 14, 2006.
=========
I N D I A
=========
FORD MOTOR: Turnaround Plan Could Cost Up to 40,000 Jobs
--------------------------------------------------------
Ford Motor Co. could opt to cut its workforce by up to 40,000 as
the Company braces to accelerate its restructuring efforts, the
Associated Press reports.
Ford, which had previously disclosed a reduction of plant-
related employment by 25,000 to 30,000 by 2012 as part of its
"Way Forward" plan, may speed up the lay-offs as pressure for a
faster turnaround mounts. The Company had disclosed changes to
its "Way Forward" plan as it reeled from a US$254-million net
loss in the second quarter of 2006.
According to the Associated Press, the Company's Board or
Directors will meet today and on Thursday to consider the
additional job cuts.
About Ford Motor
Ford Motor Company, headquartered in Dearborn, Michigan, U.S.A.,
is the world's third largest automobile manufacturer. It has
operations all over the world, including India.
On Aug. 22, 2006, Dominion Bond Rating Service placed long-term
debt rating of Ford Motor Company Under Review with Negative
Implications following announcement that Ford will sharply
reduce its North American vehicle production in 2006. DBRS
lowered on July 21, 2006, Ford Motor Company's long-term debt
rating to B from BB, and lowered its short-term debt rating to
R-3 middle from R-3 high. DBRS also lowered Ford Motor Credit
Company's long-term debt rating to BB(low) from BB, and
confirmed Ford Credit's short-term debt rating at R-3(high).
Fitch Ratings downgraded on August 18, 2006, the Issuer Default
Rating of Ford Motor Company and Ford Motor Credit Company to
'B' from 'B+'. Fitch also lowered Ford's senior unsecured
rating to 'B+/RR3' from 'BB-/RR3' and Ford Credit's senior
unsecured rating to 'BB-/RR2' from 'BB/RR2'. The Rating Outlook
remains Negative.
Standard & Poor's Ratings Services on August 18, 2006, placed
its 'B+' long-term and 'B-2' short-term ratings on Ford Motor
Co., Ford Motor Credit Co., and related entities on CreditWatch
with negative implications. The 'BB-' long-term rating and 'B-
2' short-term ratings on FCE Bank PLC, Ford Motor Credit's
European bank, were also placed on CreditWatch with negative
implications, reflecting its linkage to the Ford rating.
On July 24, 2006, Moody's Investors Service lowered the
Corporate Family and senior unsecured ratings of Ford Motor
Company to B2 from Ba3 and the senior unsecured rating of Ford
Motor Credit Company to Ba3 from Ba2. The Speculative Grade
Liquidity rating of Ford has been confirmed at SGL-1, indicating
very good liquidity over the coming 12-month period. The
outlook for the ratings is negative.
FORD MOTOR: New President & CEO Getting US$2 Mil. Annual Salary
---------------------------------------------------------------
Alan Mulally, the newly appointed president and chief executive
officer of Ford Motor Company, will receive a US$2,000,000 per
year base salary from the Company.
Mr. Mulally replaces William Clay Ford, Jr. Mr. Ford was
appointed Executive Chairman of the Company effective Sept. 1,
2006.
As part of the hiring arrangement, the Company also agreed to
pay Mr. Mulally, no later than Sept. 15, 2006, US$7,500,000 as a
hiring bonus and US$11,000,000 as an offset for forfeited
performance and stock option awards at his former employer. He
may elect to defer these amounts in whole or in part under the
Ford's Deferred Compensation Plan.
Effective Sept. 1, 2006, the Company granted Mr. Mulally:
a) 3,000,000 ten-year nonqualified options that vest 33% one
year after the grant date, 33% two years after the grant
date and 34% three years after the grant date; and
b) 1,000,000 five year non-qualified performance-based
options that vest based on the regular way trading
closing price of Ford common stock on the New York Stock
Exchange reaching certain thresholds that are maintained
for a period of at least 30 consecutive trading days as
follows:
-- 250,000 options vest after Ford common stock closes
at least US$15 per share for such a period,
-- an additional 250,000 options vest after Ford
common stock closes at least US$20 per share for
such a period,
-- an additional 250,000 options vest after Ford
common stock closes at least US$25 per share for
such a period and an additional 250,000 options
vest after Ford common stock closes at least US$30
per share for such a period.
All of the options granted to Mr. Mulally have an option price
equal to the grant date's current fair market value of US$8.28
per share (based on the average of the high and low trading
price on the New York Stock Exchange on the grant date).
In addition, effective Sept. 1, 2006, the Company granted Mr.
Mulally 600,000 restricted stock units. The units vest as to
200,000 units one year after the grant date, 200,000 units two
years after the grant date and 200,000 units three years after
the grant date. Dividend equivalent payments will be made in
cash until the restrictions lapse. When the restrictions lapse,
the units will be valued based on the closing price of Ford
common stock on the New York Stock Exchange on the date of lapse
and paid out in cash as soon as practicable thereafter.
Mr. Mulally may elect to defer a portion of these payments under
the Deferred Compensation Plan. Further, the Company agreed
that the 2007 performance-based restricted stock unit
opportunity and stock options to be granted to Mr. Mulally in
March 2007 will have a minimum grant date value of US$6,000,000
and US$5,000,000, respectively. The Company also agreed that
his target bonus opportunity for 2007 will be 175% of his base
salary.
Mr. Mulally is required to use Company aircraft for personal
travel under the Company's executive security program. When
traveling on personal business on Company aircraft, Mr. Mulally
will be entitled to be accompanied by his wife, children and any
guests, at Company expense.
About Ford Motor
Ford Motor Company, headquartered in Dearborn, Michigan, U.S.A.,
is the world's third largest automobile manufacturer. It has
operations all over the world, including India.
On Aug. 22, 2006, Dominion Bond Rating Service placed long-term
debt rating of Ford Motor Company Under Review with Negative
Implications following announcement that Ford will sharply
reduce its North American vehicle production in 2006. DBRS
lowered on July 21, 2006, Ford Motor Company's long-term debt
rating to B from BB, and lowered its short-term debt rating to
R-3 middle from R-3 high. DBRS also lowered Ford Motor Credit
Company's long-term debt rating to BB(low) from BB, and
confirmed Ford Credit's short-term debt rating at R-3(high).
Fitch Ratings downgraded on August 18, 2006, the Issuer Default
Rating of Ford Motor Company and Ford Motor Credit Company to
'B' from 'B+'. Fitch also lowered Ford's senior unsecured
rating to 'B+/RR3' from 'BB-/RR3' and Ford Credit's senior
unsecured rating to 'BB-/RR2' from 'BB/RR2'. The Rating Outlook
remains Negative.
Standard & Poor's Ratings Services on August 18, 2006, placed
its 'B+' long-term and 'B-2' short-term ratings on Ford Motor
Co., Ford Motor Credit Co., and related entities on CreditWatch
with negative implications. The 'BB-' long-term rating and 'B-
2' short-term ratings on FCE Bank PLC, Ford Motor Credit's
European bank, were also placed on CreditWatch with negative
implications, reflecting its linkage to the Ford rating.
On July 24, 2006, Moody's Investors Service lowered the
Corporate Family and senior unsecured ratings of Ford Motor
Company to B2 from Ba3 and the senior unsecured rating of Ford
Motor Credit Company to Ba3 from Ba2. The Speculative Grade
Liquidity rating of Ford has been confirmed at SGL-1, indicating
very good liquidity over the coming 12-month period. The
outlook for the ratings is negative.
FREESCALE SEMICONDUCTOR: Expands Indian Operations
--------------------------------------------------
Freescale Semiconductor is expanding its India operations with a
new 100,000-square-foot facility in Bangalore to support
Freescale's research and development in software for wireless
technologies. This follows the company's recent acquisition of
campus in Noida to support expansion plans.
"Investment in this facility strengthens Freescale's software
platform solutions for mobile and consumer devices," said
Sandeep Chennakeshu, senior vice president and general manager
of Freescale's wireless and mobile systems group. "The new
center will develop software for wireless technology and house a
state-of-the art-laboratory for software validation."
The Bangalore center develops best-in-class embedded platform
software solutions for cellular protocols, multimedia, security
and connectivity These platform solutions have support for
multiple operating systems like Symbian, Linux and WinCE.
"Our Bangalore center is an integral part of Freescale's global
design innovation for advanced wireless technologies," said
Ganesh Guruswamy, country manager and director, Freescale
Semiconductor India Pvt Ltd. "We will continue to focus our
investment in India to generate value for our customers and
maintain our technology leadership."
About Freescale India
Headquartered in Noida, Freescale India's operations include a
research and development centre in Noida, with a software centre
and sales office in Bangalore. Focused on next-generation
technologies, the company employs about 700 engineers and has
recently announced plans to hire 1,500 engineers over the next
four years. The India Design Centre has filed more than 30
patents over the last two years.
About Freescale Semiconductor
Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale became a publicly traded company in July 2004. The
company has design, research and development, manufacturing or
sales operations in more than 30 countries, including Australia,
China, Hong Kong, India, Japan, Korea, Malaysia, Singapore and
Taiwan.
The company's 7-1/8% Senior Notes due 2014 carry Moody's
Investors Service's Ba1 rating.
READER'S DIGEST: Posts Fiscal Q4 and Full Fiscal Year Results
-------------------------------------------------------------
The Reader's Digest Association Inc. has reported results for
the fourth quarter and full year of Fiscal 2006 ended June 30,
2006.
Results for the Fiscal 2006 fourth quarter, versus the same
quarter in Fiscal 2005:
* Revenues were US$557 million, up slightly versus last year.
Adjusting for foreign-currency exchange fluctuation,
consolidated revenues were down 1%.
* Reported operating profits were US$28 million, including a
US$(10) million restructuring charge, mainly for Books Are
Fun (BAF), a US$(7) million inventory charge to revalue BAF
inventory for discontinued lines of business and to
facilitate sales through alternative channels, and a
US$(6) million charge at QSP reflecting the cost of a
strategic reduction in chocolate purchases. Reported
operating profits in the Fiscal 2005 fourth quarter were
US$28 million.
* Adjusted Operating Profits were US$45 million, versus
US$39 million in Fiscal 2005.
* Reported EPS was US$0.13, versus US$0.11 the prior year.
Adjusted EPS was US$0.24 in Fiscal 2006, versus US$0.19
last year.
"As we expected, RD North America and RD International had
strong operating profit growth in the fourth quarter, improving
by 67% and 24% respectively," said Eric Schrier, President and
Chief Executive Officer.
"But results declined sharply at Consumer Business Services. The
decline principally reflects lower operating results at Books
Are Fun, as well as continued investments to restore that
business to greater profitability through realignment,
restructuring and strengthening the sales force. Company-wide
free cash flow was significantly below last year's quarter, but
we expect cash flows to return to much more robust levels in
Fiscal 2007."
4Q Variance Explanation
* Revenues: Consolidated revenues were up slightly to
US$557 million, down 1% currency-neutral. RD North
America increased 7% to US$245 million. RD International
was up 3% to US$259 million, up 2% currency-neutral.
Consumer Business Services revenues declined 25% to
US$60 million, mainly attributable to BAF.
* Profits: Adjusted operating profit was US$45 million,
versus adjusted operating profit of US$39 million in last
year's quarter. RDNA profit increased 67% to
US$46 million. RDI profit was US$33 million, up 24%. The
profit increases by the core businesses were partly offset
by losses at CBS, down US$(21) million, including the
US$(13) million in BAF inventory charges and the reduction
in chocolate purchases at QSP.
Highlights for the Full Year Fiscal 2006:
* Improved total company revenues slightly, currency neutral.
* Grew revenues and profits at RDNA and RDI.
* Grew profits at QSP, including the 4Q QSP charge.
* Launched Taste of Home Entertaining party plan business.
* Launched businesses in six new international markets and
tested in two others.
* Launched new magazines Every Day with Rachael Ray, Daheim
in Deutschland, and Reader's Digest magazine in Romania,
Croatia and Slovenia.
* Completed the acquisition of Allrecipes.com.
* Repurchased 4.3 million shares of RDA stock.
"In Fiscal 2006, we continued the positive momentum in our two
largest segments, RD North America and RD International, while
at the same time investing in these businesses to drive future
growth," Schrier said.
"We also addressed many of our toughest issues head on,
including the cost structure at QSP and high chocolate purchase
commitments. We initiated a comprehensive turnaround program at
Books Are Fun, the costs of which contributed to lower results
in the near term but positions this unit for recovery beginning
in Fiscal 2007."
Following the close of the quarter, the company announced it has
hired David A. Krishock, former President and CEO of Scholastic
Book Fairs, an executive with extensive senior-level
accomplishments in marketing, branding and direct sales, to be
the new President of Books Are Fun. Krishock will work with
Thomas Gardner, the company's Executive Vice President to whom
BAF reports, and Tom Barry, who has been serving as Interim
President of BAF, to accelerate the unit's turnaround.
"We are delighted to welcome Dave Krishock as Books Are Fun's
new President, as we return this unit to healthier profit
margins," Schrier said. "Books Are Fun is a critically important
channel for our products, as well as a creator of proprietary
products that we can sell in our other channels."
For full-year Fiscal 2006 versus Fiscal 2005:
* Revenues were US$2.4 billion, down slightly versus Fiscal
2005 (up slightly, currency neutral).
* Reported operating loss was US$(45) million, versus
US$(34) million.
* Adjusted operating profits were US$156 million in Fiscal
2006 versus US$158 million.
* Reported EPS was US$(1.24) versus US$(0.95). Adjusted EPS
was US$0.84 in Fiscal 2006, consistent with the most
recently announced guidance range of US$0.83 - US$0.88,
versus US$0.87 last year.
Full Year Fiscal 2006 Variance Explanation
* Revenues: RDA revenues were up slightly, currency-neutral
for the first time in five years. RDNA increased 2% to
US$939 million. RDI was up 4%, currency-neutral to
US$1.03 billion. CBS revenue declined by 8%, driven
principally by declines at BAF and to a lesser extent, QSP.
* Profits: Adjusted operating profits were US$156 million.
RDNA profits improved by 26% to US$115 million. RDI
profits
improved by 3% (or 4%, currency-neutral) to US$78 million.
CBS reported a loss of US$(3) million, down
US$(32) million, including US$(13) million in inventory
charges and the reduction in chocolate purchases.
Restructuring Charges
During the quarter, the company recorded restructuring charges
of US$(10) million, of which US$(3) million is non-cash,
primarily related to the BAF turnaround program and to a lesser
extent to strategic downsizing activities undertaken at other
business units.
Free Cash Flow
Free Cash Flow (change in cash before the change in total
borrowings, dividends, share repurchases, divestitures and
acquisitions) was US$(12) million, versus US$19 million in last
year's quarter. For the full year, free cash flow was
US$32 million, significantly below last year and expectations.
Management expects that free cash flow will return to more
normalized levels in Fiscal 2007, to a range of US$120 million
to US$140 million, as much of the negative variances this year
were one-time in nature, related to 2006 investments, or will be
recovered in Fiscal 2007.
The principal drivers of the unfavorable Fiscal 2006 cash
performance were a substantial increase in working capital,
lower Adjusted EBITDA results principally at BAF, and higher tax
payments. The major components of the working capital variance
were investments related to new initiatives (new-country
business launches, Every Day with Rachael Ray, Taste of Home
Entertaining and Allrecipes.com), business restructuring and
sales-rep retention programs at Books Are Fun, timing issues in
the fourth quarter related to magazine and book mailings, and a
number of non-cash income benefits in 2006. For Fiscal 2007,
there are several initiatives underway to improve working
capital including a reduction in inventory levels at BAF and
chocolate purchases at QSP.
Share Repurchase Program
During the quarter, the company repurchased about 1.4 million
shares of its stock at a total cost of about US$20 million under
the US$100 million share repurchase authorization announced in
April 2005. As of June 30, 2006, the company purchased about 5
million shares at a total cost of US$70 million under that
authorization.
Outlook
For Fiscal 2006, the company launched a new three-year plan to
shift its focus from stabilization to sustainable, top- and
bottom-line growth by diversifying the core business, deepening
customer relationships and leveraging its global scale. Despite
the shortfall at BAF, total company revenues grew over the prior
year, currency neutral. Gains were driven by contributions from
established businesses, reflecting a more stable active customer
base, and contributions from new businesses launched within the
past 24 months.
In Fiscal 2007, the company expects to continue to grow both
revenues and profits, principally driven by:
* Accelerating growth from new launches including businesses
in new international markets, the magazine Every Day with
Rachael Ray, and Taste of Home Entertaining.
* Further strengthening RDNA, RDI and QSP.
* Returning BAF to profitability through the division's five-
part plan that includes new management, cost reduction,
strengthening the sales force, focusing on the core book
and gift businesses, and improving the business model. The
goals of the plan are to maintain and expand BAF's leading
position in the display marketing business, improve
operating profit margins, and position the business for
long-term revenue growth.
* Expanding RDA's Internet/digital presence by integrating
RDA's existing food and Web activities with Allrecipes.com,
the recently acquired leading home cooks website. For full-
year Fiscal 2007, RDA expects:
* Total company revenues to grow mid-single digits.
* Total company operating profits to grow in low double
digits, reflecting high single-digit profit growth at RDNA
and RDI, and significantly improved profits at CBS in
comparison with Adjusted Operating Profits. These gains
will be partly offset by higher Corporate expenses related
to an expected increase in legal fees as we move the BAF
lawsuits to trial, as well as the absence of favorable one-
time items in 2006 including the reversal of a legal
reserve and reduced management compensation.
* EPS to improve to a range of US$0.88 to US$0.98 per share.
* Free cash flow in the US$120 million to US$140 million
range, which will be used to complete the company's
US$100 million share repurchase program and to pay down
debt.
The company expects year-over-year revenues to grow in each of
the four quarters and operating profits to grow in every quarter
except Q1, when operating losses will increase significantly
because of increased investment spending and a planned shift in
timing of customer-acquisition marketing activities.
Reader's Digest North America (RDNA)
In the Fiscal 2006 fourth quarter, revenues at RDNA were US$245
million, an improvement of 7% over last year, and operating
profits were US$46 million, up 67% over last year. Revenue
growth was driven by higher sales of Reiman's newer titles
Backyard Living, Birds & Blooms Extra, and Cooking for 2,
increased sales of Children's Publishing titles, and
contributions from new launches Every Day with Rachael Ray and
Taste of Home Entertaining. Results also include revenues from
Allrecipes.com, acquired in April. These gains were partly
offset by advertising declines at Reader's Digest magazine and
the division's smaller publications. Operating profit gains
were driven by higher profits from Reiman's book businesses,
reduced promotion and fulfillment costs at US Magazines, Reiman,
and US Books and Home Entertainment (BHE), and lower
amortization cost at Reiman.
For the full year, revenues grew by 2% to US$939 million, the
first year-over-year growth in revenues, excluding acquisitions,
in six years. Revenue growth was driven by higher sales of
Reiman magazines and the continued success of new initiatives
Every Day with Rachael Ray and Taste of Home Entertaining.
Profits improved by 26%, or US$24 million, to US$115 million,
principally driven by a reduction in amortization expense at
Reiman of US$21 million but partly offset by significant
investment in the successful new-business launches. In
addition, profits improved at Reader's Digest magazine and US
BHE because of lower promotion costs. This marks the fourth
consecutive year of profit growth at RDNA despite increased
investment in the new initiatives.
Reader's Digest International (RDI)
In the fourth quarter, revenues at RDI grew by 3% to US$259
million, and operating profits improved by 24% to US$33 million.
Excluding the effects of foreign currency translation, revenues
and profits increased by 2% and 23% respectively. Revenue gains
were driven by higher sales in established markets like Russia,
Australia, Asia, and Mexico, and from newer markets Romania,
Croatia, Slovenia, Ukraine, and Bulgaria. The growth in
operating profits reflect revenue-driven profit gains in
Australia, Asia, Russia, Croatia, and Slovenia, and lower costs
in France and Germany, offset by softness in some Central
European markets.
For the full year, revenues at RDI grew by 2%, or 4% exchange
neutral, to US$1,031 million, representing the first year-over-
year increase in revenues in five years. Revenue gains were
driven by growth in several markets including Germany, France,
Benelux, Australia, Asia, Hungary, Brazil and Russia, as well as
significant revenue growth from 10 businesses launched in new
countries since 2004. The strongest indicator of healthy sales
is the active customer base, which grew in Fiscal 2006.
Operating profit grew by 3%, or 4% exchange neutral, to US$78
million. Profit growth principally reflects revenue-led profit
gains in the markets. Margins remained relatively flat in Fiscal
2006 as improved profits were partly offset by investments to
drive incremental revenues.
Consumer Business Services
In the fourth quarter, CBS reported revenues of US$60 million,
down from US$81 million last year, and operating losses of
US$(30) million, versus a loss of US$(9) million last year. For
the full year, CBS reported revenues of US$446 million, down
from US$485 million last year, and operating losses of US$(3)
million, versus profits of US$29 million last year. Operating
losses in both the quarter and the year include a charge at BAF
of US$(7) million to revalue inventory for discontinued lines of
business and to sell through alternative channels and a US$(6)
million charge reflecting the cost of a strategic reduction of
chocolate purchases.
QSP revenues were down for the quarter and the full year, mainly
because of fewer magazine sales versus Fiscal 2005. Operating
profits, excluding the QSP charge, increased versus last year,
mainly because of a successful cost-reduction program.
For the quarter and the year, BAF revenue declines were driven
by fewer events and lower event averages, which produced lower
operating results versus Fiscal 2005. Operating losses were
exacerbated by the impact of the program to realign and
reposition the unit to improve its long-term profitability.
These factors included discontinuation of several lines of
business (to focus on the core book and gift businesses),
aggressive sales representative retention programs, and higher
legal fees incurred in connection with suits against the former
founder of BAF, Imagine Nation Books and certain former
executives of Books Are Fun.
Details of the company's Fourth Quarter Report are available for
free at:
http://bankrupt.com/misc/tcrap_readersdigestfinancials091206.pdf
http://bankrupt.com/misc/tcrap_readersdigestopeps091206.pdf
About Reader's Digest
Headquartered in Pleasantville, New York, The Reader's Digest
Association, Inc, -- http://www.rda.com-- is a global publisher
and direct marketer of products including magazines, books,
recorded music collections and home videos. Products include
Readers Digest magazine, which is published in 50 editions and
21 languages. Annual revenues approximate US$2.4 billion.
Reader's Digest has offices in Korea, Malaysia, Singapore,
Philippines, Thailand and India.
* * *
The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service placed The Reader's Digest
Association, Inc.'s Ba1 Corporate Family Rating and Ba2 senior
unsecured note rating on review for possible downgrade. The
review is prompted by increasing debt to fund acquisitions and
return of capital to shareholders, deterioration in cash
generation, and Moody's concern regarding the company's weakened
liquidity position.
Another TCR-AP report stated that Standard & Poor's Ratings
Services placed its ratings, including the 'BB' corporate credit
and 'BB-' senior unsecured debt ratings, on Reader's Digest
Association Inc. on CreditWatch with negative implications.
SILICON GRAPHICS: Files Supplements to First Amended Plan
---------------------------------------------------------
Silicon Graphics Inc. and its debtor-affiliates delivered to the
United States Bankruptcy Court for the Southern District of New
York additional supplements to their First Amended Joint Plan of
Reorganization on August 29, 2006, which, among other things,
disclose:
-- the names of the initial members of the new board of
directors of Reorganized Debtor Silicon Graphics, Inc.:
* Dennis McKenna,
* Eugene Davis,
* Anthony Grillo,
* Kevin Katari,
* James Mesterharm, and
* Chun Won Yi;
-- Barry Weinert and Kathy Lanterman as the initial members
of the new board of directors of 12 Reorganized Debtors,
specifically:
(1) Cray Asia/Pacific, Inc.,
(2) Cray Financial Corporation,
(3) Cray Research America Latina, Ltd.,
(4) Cray Research Eastern Europe, Ltd.,
(5) Cray Research India, Ltd.,
(6) Cray Research International, Inc.,
(7) ParaGraph International, Inc.,
(8) Silicon Graphics Federal, Inc.,
(9) Silicon Graphics Real Estate, Inc.,
(10) Silicon Graphics World Trade Corporation,
(11) Silicon Studio, Inc., and
(12) WTI Development, Inc.; and
-- Silicon Graphics, Inc., as the sole member of the new
board of Reorganized Cray Research, LLC.
The Plan Supplement also includes:
(a) a new organizational documents form,
(b) a registration rights agreement form,
(c) a new management agreements form,
(d) a management incentive plan form,
(e) a liquidating trust agreement,
(f) schedules 8.1 (A) and (B),
(g) a list of customer support agreements,
(h) schedule 12.9,
(i) a subscription rights form, and
(j) a new common stock form.
A full-text copy of the Supplement to the Amended Plan is
available for free at http://researcharchives.com/t/s?110c
Debtors Will Assume Customer Support Agreements
The Debtors notify the Court that they intend to assume and
continue those agreements needed to provide customer support,
maintenance, warranty service, or similar support to end-user
customers.
The Debtors also intend to assume:
(i) the unexpired leases and executory contracts listed on
Schedules 8.1(A) and (B) of the Plan Supplement;
(ii) all agreements between the Debtors and any U.S.
governmental entity;
(iii) all agreements entered into by the Debtors for the
primary purpose of governing the non-disclosure of
confidential or sensitive information; and
(iv) all agreements the primary purpose of which is the
licensing of intellectual property rights by the Debtors
from third parties.
About Silicon Graphics
Headquartered in Mountain View, California, Silicon Graphics,
Inc. (OTC: SGID) -- http://www.sgi.com/-- offers high-
performance computing. SGI helps customers solve their
computing challenges, whether it's sharing images to aid in
brain surgery, finding oil more efficiently, studying global
climate, providing technologies for homeland security and
defense, enabling the transition from analog to digital
broadcasting, or helping enterprises manage large data.
Silicon Graphics has operations in India, Australia, China,
Japan, New Zealand and sales offices in Hong Kong, Korea,
Malaysia, Indonesia, the Philippines, Singapore, Thailand, and
Vietnam.
The Debtor and 13 of its affiliates filed for Chapter 11
protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990).
Debtor affiliates filing separate chapter 11 petitions:
* Silicon Graphics Federal, Inc.
* Cray Research, LLC
* Silicon Graphics Real Estate, Inc.
* Silicon Graphics World Trade Corporation
* Silicon Studio, Inc.
* Cray Research America Latina Ltd.
* Cray Research Eastern Europe Ltd.
* Cray Research India Ltd.
* Cray Research International, Inc.
* Cray Financial Corporation
* Cray Asia/Pacific, Inc.
* ParaGraph International, Inc.
* WTI-Development, Inc.
Gary Holtzer, Esq., and Shai Y. Waisman, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed total assets of US$369,416,815 and total
debts of US$664,268,602.
As of July 28, 2006, the company has total assets of
US$352,980,000 and total liabilities of US$662,258,000 resulting
into a stockholders' deficit of US$309,278,000.
SILICON GRAPHICS: Creditor Objects to Plan Confirmation
-------------------------------------------------------
Storage Technology Corporation, a creditor and party-in-interest
in Silicon Graphics, Inc., and its debtor-affiliates' Chapter 11
cases, objects to confirmation of the Debtors' First Amended
Joint Plan of Reorganization to the extent that the Plan seeks
to assume any executory contract between the Debtors and
Storagetek without a full and immediate cure of defaults and
adequate assurance of future performance.
According to Patrick M. Costello, Esq., at Bialson, Bergen &
Schwab, in Palo Alto, California, Storagetek and SGI are parties
to executory contracts, particularly, a product sales Agreement,
an umbrella services agreement, and customer support agreements.
As of the Petition Date, SGI owed Storagetek:
* US$743,935 for data storage equipment and products
delivered; and
* US$152,742 and US$147,742 for support and maintenance
services.
Storagetek objects to any attempt by the Debtors to postpone the
assumption of any Storagetek executory contract to a date after
the confirmation, Mr. Costello says. If SGI is going to seek to
assume any contract with Storagetek, it must do so as part of
the Plan, and must demonstrate that it will cure all defaults
and provide adequate assurance of future performance as part of
Plan confirmation.
Storagetek further requests that the Plan Confirmation Order
provide that the full cure amount be paid no more than five
business days after the Plan Effective Date.
In the event of a dispute as to the precise dollar amount of any
cure amount, the Debtors should be required to pay the
undisputed portion within five business days of the Plan
Effective Date and deposit a sum equal to the disputed portion
in a segregated account, Mr. Costello explains.
About Silicon Graphics
Headquartered in Mountain View, California, Silicon Graphics,
Inc. (OTC: SGID) -- http://www.sgi.com/-- offers high-
performance computing. SGI helps customers solve their
computing challenges, whether it's sharing images to aid in
brain surgery, finding oil more efficiently, studying global
climate, providing technologies for homeland security and
defense, enabling the transition from analog to digital
broadcasting, or helping enterprises manage large data.
Silicon Graphics has operations in India, Australia, China,
Japan, New Zealand and sales offices in Hong Kong, Korea,
Malaysia, Indonesia, the Philippines, Singapore, Thailand, and
Vietnam.
The Debtor and 13 of its affiliates filed for Chapter 11
protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990).
Debtor affiliates filing separate chapter 11 petitions:
* Silicon Graphics Federal, Inc.
* Cray Research, LLC
* Silicon Graphics Real Estate, Inc.
* Silicon Graphics World Trade Corporation
* Silicon Studio, Inc.
* Cray Research America Latina Ltd.
* Cray Research Eastern Europe Ltd.
* Cray Research India Ltd.
* Cray Research International, Inc.
* Cray Financial Corporation
* Cray Asia/Pacific, Inc.
* ParaGraph International, Inc.
* WTI-Development, Inc.
Gary Holtzer, Esq., and Shai Y. Waisman, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed total assets of US$369,416,815 and total
debts of US$664,268,602.
As of July 28, 2006, the company has total assets of
US$352,980,000 and total liabilities of US$662,258,000 resulting
into a stockholders' deficit of US$309,278,000.
SILICON GRAPHICS: Court Extends Exclusivity Period to Dec. 29
-------------------------------------------------------------
The United States Bankruptcy Court for the District of New York
approved the request of Silicon Graphics, Inc., and its debtor-
affiliates to extend their:
* Exclusive Plan Proposal Period through and including
Dec. 29, 2006; and
* Exclusive Solicitation Period through and including
Feb. 28, 2007.
As reported in the Troubled Company Reporter on Aug. 23, 2006,
Gary Holtzer, Esq., at Weil, Gotshal & Manges LLP, in New York,
told Judge Lifland that the Debtors' Chapter 11 cases were
sufficiently large and complex to warrant the requested
extension.
About Silicon Graphics
Headquartered in Mountain View, California, Silicon Graphics,
Inc. (OTC: SGID) -- http://www.sgi.com/-- offers high-
performance computing. SGI helps customers solve their
computing challenges, whether it's sharing images to aid in
brain surgery, finding oil more efficiently, studying global
climate, providing technologies for homeland security and
defense, enabling the transition from analog to digital
broadcasting, or helping enterprises manage large data.
Silicon Graphics has operations in India, Australia, China,
Japan, New Zealand and sales offices in Hong Kong, Korea,
Malaysia, Indonesia, the Philippines, Singapore, Thailand, and
Vietnam.
The Debtor and 13 of its affiliates filed for Chapter 11
protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990).
Debtor affiliates filing separate chapter 11 petitions:
* Silicon Graphics Federal, Inc.
* Cray Research, LLC
* Silicon Graphics Real Estate, Inc.
* Silicon Graphics World Trade Corporation
* Silicon Studio, Inc.
* Cray Research America Latina Ltd.
* Cray Research Eastern Europe Ltd.
* Cray Research India Ltd.
* Cray Research International, Inc.
* Cray Financial Corporation
* Cray Asia/Pacific, Inc.
* ParaGraph International, Inc.
* WTI-Development, Inc.
Gary Holtzer, Esq., and Shai Y. Waisman, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed total assets of US$369,416,815 and total
debts of US$664,268,602.
As of July 28, 2006, the company has total assets of
US$352,980,000 and total liabilities of US$662,258,000 resulting
into a stockholders' deficit of US$309,278,000.
SILICON GRAPHICS: Lampe Conway Resists Plan Confirmation
--------------------------------------------------------
Lampe, Conway & Co., LLC, Silicon Graphics, Inc., its debtor-
affiliates, the SGI Noteholders and the Official Committee of
Unsecured Creditors has reached consensus concerning certain
components of a Chapter 11 plan in June 2006.
"Lampe Conway continues to support confirmation of the Plan and
the terms of the Global Settlement to which it already agreed.
However, the Debtors (at the insistence of the SGI Noteholders)
have breached certain terms of the Plan that were consistent
with the Global Settlement on key issues relating to the Lampe
Conway Rights Offering Option," Susheel Kirpalani, Esq., at
Milbank, Tweed, Hadley & McCloy LLP, asserts.
Specifically, Mr. Kirpalani says, both the Backstop Purchasers
and Lampe Conway were expressly promised in the Plan and the
Global Settlement that they would receive agreements governing
their participation in the Rights Offering.
Subsequently, the Debtors prepared an agreement for the Backstop
Purchasers, which was recently approved by the Court, but
refused to prepare any such agreement for Lampe Conway.
"It is fundamentally unfair," Mr. Kirpalani argues. "They have
violated not only the spirit and a key component of the Global
Settlement, but also the very terms of the Plan."
Furthermore, Mr. Kirpalani continues, the Plan should be
modified with respect to the mechanics of Plan and Plan
Supplement amendments:
(1) To reflect the Global Settlement, the Plan should
provide that Lampe Conway will receive notice with
respect to modifications and must consent to amendments
that are materially adverse to Lampe Conway; and
(2) The Plan provision which states that the Debtors need
only secure Lampe Conway's consent to modifications to
the Plan Supplement documents "where reasonably
necessary" must be deleted.
About Silicon Graphics
Headquartered in Mountain View, California, Silicon Graphics,
Inc. (OTC: SGID) -- http://www.sgi.com/-- offers high-
performance computing. SGI helps customers solve their
computing challenges, whether it's sharing images to aid in
brain surgery, finding oil more efficiently, studying global
climate, providing technologies for homeland security and
defense, enabling the transition from analog to digital
broadcasting, or helping enterprises manage large data.
Silicon Graphics has operations in India, Australia, China,
Japan, New Zealand and sales offices in Hong Kong, Korea,
Malaysia, Indonesia, the Philippines, Singapore, Thailand, and
Vietnam.
The Debtor and 13 of its affiliates filed for Chapter 11
protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990).
Debtor affiliates filing separate chapter 11 petitions:
* Silicon Graphics Federal, Inc.
* Cray Research, LLC
* Silicon Graphics Real Estate, Inc.
* Silicon Graphics World Trade Corporation
* Silicon Studio, Inc.
* Cray Research America Latina Ltd.
* Cray Research Eastern Europe Ltd.
* Cray Research India Ltd.
* Cray Research International, Inc.
* Cray Financial Corporation
* Cray Asia/Pacific, Inc.
* ParaGraph International, Inc.
* WTI-Development, Inc.
Gary Holtzer, Esq., and Shai Y. Waisman, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed total assets of US$369,416,815 and total
debts of US$664,268,602.
As of July 28, 2006, the company has total assets of
US$352,980,000 and total liabilities of US$662,258,000 resulting
into a stockholders' deficit of US$309,278,000.
=================
I N D O N E S I A
=================
BANK DANAMON: Posts 57% Lower Profit for First Half 2006
--------------------------------------------------------
PT Bank Danamon Indonesia Tbk posted a net profit after tax of
IDR307 billion in the second quarter of 2006, up 23% from the
first quarter 2006 net profit of IDR251 billion, a bank press
release said.
Net profit after tax for the first half of 2006 was
IDR558 billion, 57% lower compared with the IDR1.29-trillion net
profit recorded for the same period last year, largely due to
the absence of nonrecurring items. Excluding non-recurring
items, normalized net profit after tax was 10% lower than last
year's.
Hence, Basic Earning per Share for the 2006 first half was
IDR113.6 as compared with the IDR261.9 EPS for the 2005 first
half, while ROAA and ROAE stood at 1.6% and 12.7%, respectively,
in the first half of 2006.
Net interest income increased by 14% to IDR1.39 trillion in the
second quarter of 2006. As a result, net interest income
totaled IDR2.62 trillion in the first half of 2006, up by 15%
from the same period last year due to higher interest income on
the back of loan expansion. Interest income grew by 28% to
IDR5.20 trillion in the first half of 2006 from
IDR3.718 trillion in the same period last year on the back of
13% loan growth.
Loans contributed to over 73% of total interest income in the
2006 first half while government bonds portfolio contributed to
another 18% of interest income. Total interest expense rose by
78% to IDR2.577 trillion in the first half of 2006 from
IDR1.451 trillion in the same period last year due to higher
cost of funds and growing funding base. High interest rates and
tight monetary policy caused the cost of funds to shoot up to
8.7% as compared to 5.5% in the first half of 2005. Net
interest margin slightly declined to 8.8% in the first half of
2006 from 9.1% in the first half of 2005 as over 45% of loans
are fixed rate and thus are not repriceable. However, net
interest margin improved to 9.2% in the second quarter of 2006
from 8.4% in the first quarter of 2006.
Normalized fee income in the second quarter of 2006 is
IDR338 billion, up by 8% from IDR313 billion in the previous
quarter, bringing a total fee income of IDR651 billion in the
first half of 2006. This fee income rose by 17% as compared to
IDR558 billion in the first half 2005 largely due to the
increased in credit related fees that rose by 43% to
IDR274 billion as well as the consolidation of Adira Insurance
and Quantum.
Operating expenses went up by 5% to IDR813 billion in the second
quarter of 2006 compared to IDR777 billion in the first quarter
of 2006. Hence, operating expenses totaled IDR1.59 trillion in
the first half of 2006, up by 20% from IDR1.33 trillion in the
first half of 2005.
General and administrative expenses increased by 25% to
IDR656 billion in the first half of 2006 as the company added 70
DSP SEMM units and 24 Adira Finance outlets throughout the year.
In the first half of 2006, salaries and employee benefits
expenses rose by 17% to IDR910 billion due to an increase in
employee benefits as well as head counts in relation to business
expansion. As a result, cost-to-income ratio rose slightly to
48.8% in the first half of 2006 from 47.0% in same period last
year. However, cost to income ratio improved to 46.0% in the
second quarter 2006 as compared to 50.3% in the previous
quarter.
Non-performing loans ratio rose to 3.6% in the second quarter of
2006 from 3.4% in the pervious quarter and 2.7% a year earlier
on the back of unfavorable operating environments. High
interest rates, high inflation rates and slower economic growth
particularly since the second half of 2005 have unfavorably
impacted the credit quality in several businesses. Having been
in the mass market business for two years, DSP loan portfolio is
maturing and thus resulted in higher NPL. NPL in consumer auto-
financing business rose slightly due to changes in the loan
classification policy in June 2005. However, net NPL remained
zero as loan loss provision of IDR1.75 trillion exceeded NPL
(after taking into account the collateral value) with the
coverage ratio reaching 131.2% as of June 30, 2006. In the
second quarter of 2006, government bonds increased another 4%
from the previous quarter to IDR17.153 trillion as of June 30,
2006. Fixed rate bonds made up 49% of the total portfolio while
the remaining 51% are floating rate bonds with an average
duration of 1.6 years. Government bonds now accounted for 23%
of the bank's assets, down from 25% a year earlier, consequently
their contribution to interest income went down slightly to 18%
from 21% in the same period last year.
Despite competitive market condition, total interest-bearing
funding increased by another 7% in the second quarter of 2006 to
IDR61.81 trillion as of June 30, 2006, supported by deposit
growth. Total deposits grew by 7% in the second quarter of 2006
to IDR51.73 trillion as of June 30, 2006, representing 84% of
total interest bearing funding. Total deposits grew by 15%
compared to IDR44.79 trillion in June last year. Current
accounts and savings accounted for 21% of total funding as of
June 30, 2006. Long term funding consisting of senior bonds,
subordinated debts, securities sold under repurchase agreements
and other borrowings made up another 16% of funding.
Capitalization, as measured by equity to asset ratio, stood at
10.9% as of June 30, 2006, as compared to 12.7% a year earlier
due to asset expansion. The bank's capital adequacy ratio
decreased to 22.9% as of June 30, 2006, from 23.5% a year
earlier. Tier-1 and Tier-2 capital ratio stood at 17.3% and
7.9% as of June 30, 2006, compared to 17.3% and 9.0%,
respectively, by June 30, 2005.
The press release includes these balance sheet items (in IDR
billions):
As of As of
06/30/2005 06/30/2006 % change
---------- ---------- --------
Total Assets 65,021 74,531 14.6%
Total Loans 34,290 38,625 12.6%
Total Government Bonds 16,011 17,153 7.1%
Deposits 44,786 51,727 15.5%
Total Equity 8,232 8,102 (1.6%)
The press release includes these key financial ratios:
As of As of
06/30/2005 06/30/2006 % change
---------- ---------- --------
Net Interest Margin 9.1% 8.8% (0.3)
Normalized Cost to Income 47.0% 48.8% 1.8
Normalized ROAA 2.2% 1.7% (0.5)
Normalized ROAE 17.9% 13.8% (4.1)
Reported ROAA 4.2% 1.6% (2.6)
Reported ROAE 34.3% 12.7% (21.6)
Loan/Deposits 77.4% 75.6% (1.8)
Gross NPL/Total Loans 2.7% 3.6% 0.9
Loan Loss Allowances/NPL 132.2% 131.2% (1.0)
Net Open Position 2.4% 0.9% (1.5)
Capital Adequacy Ratio 23.5% 22.9% (0.6)
Equity/Asset 12.7% 10.9% (1.8)
Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking. Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services. The Bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers. DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income. Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.
* * *
The Troubled Company Reporter - Asia Pacific reported on
July 5, 2006, that Moody's Investors Service has placed Bank
Danamon Indonesia's D- bank financial strength rating on review
for possible upgrade.
These ratings were unaffected:
-- Subordinated debt of Ba3. The outlook is stable; and
-- Long-term/short-term deposit of B2/Not Prime. The outlook
is stable.
Fitch Ratings, according to a May 24, 2006 TCR-AP report,
affirmed Bank Danamon's:
* Long-term Foreign Currency Issuer Default Rating at 'BB-';
* Short-term at 'B';
* Individual at 'C/D'; and
* Support at '4'.
LIPPO BANK: Net Profit Increases 11% in First Half 2006
-------------------------------------------------------
PT Lippo Bank Tbk's operating income for the first half of 2006
grew 20% Year-on-Year to IDR967 billion, due to a 37% YoY jump
in net interest income to IDR766 billion, according to a bank
press release.
The growth in net interest income came on the back of strong
loans growth and improved earning asset structure as reflected
by the significant net interest margin expansion to 7.1% in the
first half of 2006 from 4.9% in 2005. It helped Lippo Bank
offset a 19% YoY decline in other operating income to
IDR201 billion due to market-to-market losses from the
securities portfolio and reduction of income from foreclosed
assets that have been disposed.
The loan book grew by 44% YoY to IDR9.75 trillion which can be
attributed to a combination of strong growth in consumer and
commercial loans, which rose by 84% YoY to IDR2.13 trillion and
nearly 100% YoY to IDR4.75 trillion, respectively.
Strong loans growth was achieved without compromising its
quality, in fact gross NPL improved to 2.0% in the first half of
2006 from 5.4% a year before. On the liabilities side, deposits
grew by 5% YoY to IDR24.6 trillion. LB's deposits franchise
remains strong in "checking accounts and savings," wherein both
contributed to 70% of total deposits. As loans outgrew
deposits, LDR was increased to 39.6% in the first half of 2006
from 28.8% in the previous year.
Lippo Bank undertook a significant restructuring exercise in the
first half of 2006 as part of the Transformation Program by
introducing a voluntary early retirement scheme which resulted
in a one-time charge off in excess of IDR100 billion. Operating
expenses excluding provisions and the one-time charge was
managed to a respectable growth rate of 5% in light of the high
inflation environment Indonesia has experienced in the last 12
months. LB operational efficiency remains sound and would be
reflected in an improvement of Cost-to-Income Ratio to 58%
without the one-time charge in first half of 2006 from 66% in
first half of 2005.
Lippo Bank recorded a 9% YoY growth in pre-provision operating
profit to IDR299 billion. All in all, net profit before tax
showed a healthy growth by 13% YoY to IDR328 billion. LB's
capital remains strong with shareholder's equity amounting to
IDR2.93 trillion in the first half of 2006, a 19% YoY increase
compared to the previous year, and capital adequacy ratio
remained at a healthy level of 20%.
The press release also includes these balance sheet items (in
IDR billions):
As of As of
06/30/2005 06/30/2006 % change
---------- ---------- --------
Assets 26,812 28,606 7
Deposits 23,485 24,601 5
Gross loans 6,763 9,752 44
Equity 2,471 2,934 19
Lippo Bank's financial statement for the half-year period ended
June 30, 2006, is available for free at:
http://www.bes.co.id/Financial/2006/06/LPBN_200606.zip
About Lippo Bank
Headquartered in Jakarta, Indonesia, PT Lippo Bank Tbk --
http://www.lippobank.co.id/-- offers two product segments:
Consumer Products -- comprised of personal accounts, debit
cards, distribution cards, VIP banking, credit cards, loans,
bancassurance, payment services, loyalty programs and safe
deposit boxes -- and Corporate Products -- consisting of
LippoKredit, LippoTrade, LippoGiro, LippoDeposit, e-LippoLink
and MFTS. The bank is supported by 134 branch offices, 21 sub-
branch offices, 238 cash offices and four payment service
offices nationwide.
* * *
The Troubled Company Reporter - Asia Pacific reported on
December 28, 2005, that Fitch Ratings Services has affirmed Bank
Lippo's Individual rating at 'D', while upgrading its support
rating to '4' from '5' to reflect the entry of Khazanah Nasional
Berhad, the investment arm of the Malaysian government, as the
majority shareholder of the bank.
DJAKARTA TRANS: To Receive IDR40 Billion in Gov't Bailout Funds
---------------------------------------------------------------
The Indonesian Government plans to provide IDR40 billion in
bailout funds to Djakarta Transportation Bus Company or PT
Perusahaan Pengangkutan Djakarta, the Jakarta Post states.
According to the report, the Government has allotted
IDR2.19 trillion (US$241 million) of its the 2006 state budget
for several troubled state-owned enterprises.
Muhammad Said Didu, secretary to the State Minister for State
Enterprises, said that the SOEs must provide concrete business
plans for the use of the funds.
The state equity participation funds will be financed through
this year's planned IDR3 trillion SOE privatization program.
Djakarta Transportation Bus Company, or PT Perusahaan
Pengangkutan Djakarta, is a state-owned bus company. In 2004,
PPD had 1,815 of its buses serving 116 Jakartan routes. That
number has shrunk to 300 today.
DJAKARTA TRANS: City Administration Should Run Affairs
------------------------------------------------------
Responding to the case of mismanaged public bus company
Perusahaan Pengangkutan Djakarta, Indonesian Transportation
Society's chairman, Bambang Susantono, told The Jakarta Post
that the business should be overseen by Jakarta's own
administration.
"Unless there is a (national) strategic value to it. But PPD
has none," Mr. Susantono added.
PPD is jointly supervised by the Transportation Ministry and the
State Ministry for State Enterprises.
Although there were concerns that PPD's unhealthy financial
performance was due to corruption, better city-wide public bus
management could help the company survive, Mr. Susantono said.
"But, first of all, PPD needs re-sizing, as its workforce
exceeds its operating capacity," Mr. Susantono said.
"Therefore, lay-offs seem to be inevitable."
Mr. Susantono said reforming PPD's corporate culture would also
be necessary to get the company back on its feet.
Currently, the company's buses are being operated by a total of
4,300 employees. The company plans to cut this to 3,700 this
year.
Djakarta Transportation Bus Company, or PT Perusahaan
Pengangkutan Djakarta, is a state-owned bus company. In 2004,
PPD had 1,815 of its buses serving 116 Jakartan routes. That
number has shrunk to 300 today.
DJAKARTA TRANS: Government Pays Drivers
---------------------------------------
Drivers from state-owned Perusahaan Pengangkutan Djakarta or
Djarkta Transportation Bus Company, succeeded in winning eight
months' worth of back pay from the Indonesian Government, the
Jakarta Post reports.
State Minister for State Enterprises Sugiharto and
Transportation Minister Hatta Rajasa said that the drivers would
be paid with funds drawn from other state-owned companies. The
drivers have since resumed operations after a two-day strike.
The drivers' two-day demonstration on Monday and Tuesday caused
severe traffic jams as about 80 buses drove in a convoy to the
Presidential Palace. Some 2,000 PPD bus drivers and co-drivers
had reportedly not been paid for eight months because of the
company's financial problems.
The Government said that it also plans to revamp PPD's
management using a "holistic approach" and will make further
decisions on the company's future in September 2006.
PPD finance director Hendarko has previously told The Jakarta
Post that the company suffers monthly losses of about
IDR3.9 billion, while it needs IDR4.8 billion a month to pay its
drivers. The company plans to fire 600 of its 4,300 employees
this year to save on operating costs. PPD owns 14 depots and
300 buses.
Separately, Jakarta Governor Sutiyoso said that the Jakarta
administration was willing to take over PPD as a city-owned
company as long as the "restructuring" of the company's
management had already been settled.
The city also plans to buy four PPD depots, worth about
IDR420 billion, to be used as TransJakarta buses depots.
"We have allocated IDR41 billion in the city's additional
spending budget, currently being deliberated by the city
council, to buy one depot this year. We will allocate more
funds in next year's budget to buy three more depots," Governor
Sutiyoso said.
Djakarta Transportation Bus Company, or PT Perusahaan
Pengangkutan Djakarta, is a state-owned bus company. In 2004,
PPD had 1,815 of its buses serving 116 Jakartan routes. That
number has shrunk to 300 today.
EXCELCOMINDO PRATAMA: Installs New Directors
--------------------------------------------
P.T. Excelcomindo Pratama, Tbk, conducted an Extraordinary
General Meeting of Shareholders on September 1, 2006, at the
Ritz-Carlton Hotel, Jakarta, according to a company release.
The EGM approved the appointment of Hasnul Suhaimi as the
President Director of XL -- replacing Christian M. De Faria --
and the appointment of Joy Wahyudi as the Director.
"I am committed to lead XL in its journey to achieve the vision
to be the preferred information and communication technologies
provider for business and individual in Indonesia," stated
Hasnul Suhaimi as the new leader of XL. "XL will consistently
grow along the parameters of its Four Strategic Pillars:
Coverage Expansion, Capacity and Product Development,
Development of Corporate Market, New Technology, and Synergy
with the TM Group. I am confident that the strategy, in
addition to the commitment and tenacity of all members of the XL
team, XL will be able to improve its operational and business
performance in the future."
Hasnul continued, "I appreciate the confidence of the
shareholders in entrusting me to lead XL to become a leading
information and communication company in Indonesia. I see that
XL has a strong foundation for future growth, thanks to the hard
work and team work of the management and staff of XL.
Furthermore, with full support from Telekom Malaysia, I am sure
that XL's performance will keep improving."
The Troubled Company Reporter - Asia Pacific reported on
August 28, 2006, that in the first half of 2006, PT Excelcomindo
Pratama Tbk reported a gross revenue of IDR2.6 trillion, an
increase of 50% compared to the IDR1.7 trillion gross revenue
reported for the first half of 2005. As for net profit,
Excelcomindo reported a turnaround, from a net loss of
IDR53 billion in the first half of 2005, to a profit of
IDR358 billion in the first half of 2006. Furthermore,
Excelcomindo also reported a 41% increase in its EBITDA --
Earnings Before Interest, Tax, Depreciation & Amortization --
from IDR854 billion in 2005, to IDR1.2 trillion in 2006.
About Excelcomindo
Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
(VoIP) services. In addition, Excelcomindoprovides voice, data
and other value-added cellular telecommunications services. Its
product lines include jempol, bebas and xplor. The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
call centers. Excelcomindo starter packs and voucher reloads
are also sold by independent retailers.
Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%. TM and
its parent Khazanah together hold 73.7% in XL.
* * *
A May 23, 2006 report of the Troubled Company Reporter - Asia
Pacific stated that Moody's Investors Service has upgraded the
foreign currency senior unsecured bond rating of Excelcomindo
Finance Company B.V. to Ba3 from B1. The outlook is stable. At
the same time, Moody's has affirmed PT Excelcomindo Pratama's
Ba2 local currency corporate family rating. The rating outlook
remains stable.
A subsequent TCR-AP report stated that Fitch Ratings, on June 5,
2006, upgraded PT Excelcomindo Pratama's Long-term foreign
currency and local currency Issuer Default Ratings to 'BB-' from
'B+'. The outlook on the ratings is stable.
HM SAMPOERNA: Second Quarter Net Profit Up 21%
----------------------------------------------
PT Hanjaya Mandala Sampoerna Tbk posted a IDR1.89-billion net
income for the six months ended June 30, 2006, 20.87% higher
than the IDR1.57-billion net income posted a year before,
according to a company filing.
Net sales amounted to IDR14.60 billion in the first half of
2006, 29.41% higher than the net sales of IDR11.28 billion
posted in the first half of 2005. Cost of goods sold was at
IDR10.39 billion for the 2006 first half, giving the company a
gross profit of IDR4.21 billion.
Total operating expenses as well as operating income increased
to IDR1.41 billion and IDR2.80 billion, respectively, in the
first half of 2006.
As of June 30, 2006, the company has current assets of
IDR8.91 billion and total assets of IDR12.39 billion, against
current liabilities and total liabilities of IDR4.58 billion and
IDR6.57 billion, respectively.
About HM Sampoerna
Surabaya, East Java-based PT Hanjaya Mandala Sampoerna Tbk --
http://www.sampoerna.com-- manufactures hand rolled and
machine-rolled clove-blended cigarettes. The company distributes
its products in the domestic and international market. Through
its subsidiaries, the company also develops properties.
Standard and Poors gave HM Sampoerna's Long Term Foreign Issuer
Credit a 'BB+' rating effective on November 3, 2005.
PUPUK ISKANDAR: To Get IDR150 Billion in Gov't Bailout Funds
------------------------------------------------------------
The Indonesian Government intends to give PT Pupuk Iskandar Muda
IDR150 billion in bailout funds, the Jakarta Post reports.
According to the Post, the move is part of the Government's
effort to help several troubled state-owned enterprises. The
Government, the report said, allotted IDR2.19 trillion (US$241
million) of its 2006 state budget for its bailout plans.
Muhammad Said Didu, secretary to the State Minister for State
Enterprises, said that the SOEs must provide concrete business
plans for the use of the funds.
The state equity participation funds will be financed through
this year's planned IDR3 trillion SOE privatization program.
About Pupuk Iskandar Muda
Based in North Aceh, Indonesia, PT Pupuk Iskandar Muda --
http://www.pim.co.id/-- is a state-owned fertilizer company.
The company ceased its operations in July 2005 due to the lack
of gas feedstock supply. It had previously said that it would
have to stop its operations if the government was unable to find
gas to feed the plant.
The Troubled Company Reporter - Asia Pacific reported on
December 8, 2005, that Pupuk Iskandar might let go of its entire
workforce, consisting of 1,200 workers as there are no signs
that the company would resume its operations.
WICAKSANA OVERSEAS: Forex Gains Fuel IDR36.73-Billion Net Income
----------------------------------------------------------------
For the six months ended June 30, 2006, PT Wicaksana Overseas
International Tbk's revenues totaled IDR357.27 billion, a 10%
decrease from the IDR395.82-billion revenue recorded for the
first six months of 2005, Reuters reports.
The company's net income for the current period totaled
IDR31.30 billion, versus a loss of IDR44.36 billion in the prior
year. Revenues reflect a decrease in sales of food and
beverages. Net income was offset by a foreign exchange gain of
IDR36.73 billion against a loss of IDR28.19 billion in the prior
year.
Headquartered in Jakarta, Indonesia, PT Wicaksana Overseas
International Tbk -- http://www.wicaksana.co.id/-- is a
distribution company. The company distributes food, drinks,
cigarettes and other related products. The company's
subsidiaries, which are engaged in the general trading business
and the distribution sector, include PT Wicaksana Supra Ekatama
and PT Wira Logitama Saksama.
The Troubled Company Reporter - Asia Pacific reported on
September 1, 2006, that Wicaksana Overseas has a shareholders'
deficit of US$32.88 million.
=========
J A P A N
=========
DURA AUTOMOTIVE: Defers Dividend Payment on Preferred Securities
----------------------------------------------------------------
Dura Automotive Systems, Inc., has elected to defer the dividend
payment on the 7 1/2% Convertible Trust Preferred Securities
issued by the Dura Automotive Capital Trust that would have
otherwise been paid on Sept. 30. The 7 1/2% Convertible Trust
Preferred Securities are traded on the Nasdaq Global Market
under the symbol "DRRAP".
The terms of the Dura Automotive Capital Trust and the
underlying 7 1/2% Convertible Subordinated Debentures due 2028
issued by the Company to the Capital Trust permit the deferral
of dividends and the underlying interest payments on the
Debentures for up to 20 consecutive quarters.
This is the first such deferral and any decision on any future
deferrals will be reviewed on a quarterly basis. The deferral
of the dividend is consistent with the Company's ongoing
evaluation of its capital structure.
About DURA Automotive
Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries. DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers. It has 59 manufacturing and product development
facilities located in the United States, Brazil, Canada, China,
Czech Republic, France, Germany, Mexico, Portugal, Slovakia,
Spain and the United Kingdom. The group also has a presence in
India and Japan.
* * *
As reported in the Troubled Company Reporter on Aug. 1, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'. The
rating outlook is negative.
METALDYNE CORP: Consents to US$2 Billion Asahi Tec Acquisition
--------------------------------------------------------------
Metaldyne Corporation has agreed to be acquired by Asahi Tec
Corporation, a Shizuoka, Japan-based chassis and powertrain
component supplier in the passenger car/light truck and
medium/heavy truck segments.
The total value of the transaction, which has been approved by
both the Asahi Tec and Metaldyne Boards of Directors, will be
approximately US$1.2 billion, including Metaldyne's debt. The
transaction is targeted to be completed in the fourth quarter of
2006.
The deal has been negotiated with the full support of Asahi
Tec's major investor RHJ International. RHJI is a diversified
holding company focused on creating long-term value for its
shareholders and building on its existing businesses in Japan
and elsewhere.
"Our customers are expanding their operations globally,
increasingly outsourcing higher, value added manufacturing
processes and developing strategies that address these changes,"
said Tim Leuliette, Metaldyne chairman, president and CEO.
"One of the most dramatic changes is where vehicles will be
developed in the future. According to CSM Worldwide, by 2012,
half of all vehicle development worldwide is expected to be done
in the Asia Pacific region. Suppliers that will be successful
and competitive in the future must be ready to rapidly respond
to customers as they execute these changes."
Acquiring Metaldyne will expand Asahi Tec's geographic footprint
and product portfolio and create a powerful global automotive
supplier of highly engineered, precision modules and components
for powertrain and chassis that can better serve its global
customers on a local basis.
Asahi Tec has a significant presence in Japan, with additional
operations in Thailand and China. Metaldyne has significant
operations in North America, Europe, Korea and China and is
growing in India and Brazil. After the transaction, both
companies will be well positioned to benefit from growth in
emerging markets in Asia as well as the success of transplants
in North America and Europe.
"This acquisition will increase Asahi Tec's customer base,
geographic footprint and product portfolio," said Shoichiro
Irimajiri, chairman of Asahi Tec. "We will be able to bring new
products and services to market more rapidly and more
efficiently thanks to the increased scale of Metaldyne's
operations and a strong and widely recognized management team."
The transaction offers both companies synergies. Specifically,
it is expected to:
-- expand the global footprint and customer base;
-- create a strong, experienced combined Asahi Tec and
Metaldyne management team;
-- enhance engineering capabilities and technology
leadership in powertrain and chassis;
-- expand research and development capabilities;
-- broaden manufacturing capabilities, including aluminum
castings, ductile iron castings, powdered metals and
precision machining;
-- strengthen the product portfolio;
-- reduce costs through joint procurement;
-- improve facility utilization; and
-- expand the market opportunity for light vehicles
(Metaldyne) and heavy trucks (Asahi Tec).
"Metaldyne and Asahi Tec have come together to create a
stronger, more globally competitive company," said Mr.
Leuliette. "All our customers, employees and investors are
better served by a stronger, better capitalized, more globally
capable company."
In addition, Metaldyne will continue to operate independently
and will keep its name. Mr. Leuliette will continue to oversee
day-to-day operations as chairman and CEO of Metaldyne.
Under the new organizational structure Mr. Leuliette and Mr.
Irimajiri will serve as co chairmen of Asahi Tec. Mr. Irimajiri
also will be chief technical officer. Leuliette will focus on
operations and also hold the position of co-CEO, which he will
share with Akira Nakamura, who continues his role as president
of Asahi Tec. Mr. Leuliette also will become an industrial
partner in RHJI.
Transaction Details
The transaction will be effected through a cash out merger in
which Metaldyne will become a wholly owned subsidiary of Asahi
Tec. Holders of 97% of Metaldyne's common stock will receive
US$2.18 for each share of Metaldyne's common stock. The balance
of the common stockholders will receive at least US$2.40 for
each share of Metaldyne common stock, and may receive a higher
price if Asahi Tec's average stock price increases over a
specified period prior to closing.
Holders of 97% of Metaldyne's common stock and certain of its
preferred stockholders have agreed to reinvest their proceeds in
a private placement of Asahi Tec common stock. The remaining
Metaldyne preferred stockholders are reinvesting their proceeds
in Asahi Tec convertible preferred stock to be issued in a
private placement.
RHJI and co-investors, Mitsui & Co. Ltd. and CHUO MITSUI Growth
Capital Investment Limited Partnership II, have agreed to invest
US$188 million in Asahi Tec, between US$150 million and US$175
million of which will be contributed to Metaldyne for debt
reduction. RHJI will remain the largest stockholder of Asahi
Tec.
Metaldyne's Board of Directors declared a distribution of all
the common stock and common stock equivalents of TriMas
Corporation that are currently owned by Metaldyne to Metaldyne's
common stockholders of record on the business day prior to the
merger. This distribution is conditioned upon, among other
things, the occurrence of the merger and the receipt of certain
consents and approvals.
Closing of the merger is subject to customary conditions,
including U.S. and Japanese regulatory approvals, the closing of
the private placement to Metaldyne's reinvesting stockholders
and stockholder approvals at Asahi Tec and Metaldyne. The
merger has already been approved by the holders of a majority of
Metaldyne's common stock and its preferred stockholders.
In addition, the closing of the merger is subject to the
refinancing of Metaldyne's senior bank debt, the receipt of
certain consents and waivers from Metaldyne's bondholders and
the completion of a tender for a minimum of US$225 million
aggregate principal amount of Metaldyne's 11% senior
subordinated notes due 2012 and 10% senior subordinated notes
due 2014 at a tender price reflecting the price of the 11% notes
during the recent pre-announcement period.
All US$31.7 million in outstanding principal amount of the 10%
senior subordinated notes are currently held by DaimlerChrysler
Corporation. A condition of the tender offer also includes
seeking a waiver of the bonds' change of control provisions.
The notes that remain outstanding after completion of the tender
and consents will not benefit from any new guarantees or other
credit support from Asahi Tec or any of its current
subsidiaries.
Further, Asahi Tec may elect not to close if Metaldyne's rating
for senior term debt is lowered below certain levels and its
interest cost for that debt exceeds certain levels.
Metaldyne was advised by Lazard Freres & Co. on this
transaction. Asahi Tec was advised by Deutsche Bank Securities
Inc., NikkoCitigroup Ltd. and Mizuho Corporate Advisory Co.,
Ltd.
About Asahi Tec
Headquartered in Shizuoka, Japan, Asahi Tec
-- http://www.asahitec.co.jp/-- primarily designs, manufactures
and sells ductile iron cast auto parts for truck and
construction machinery OEMs, aluminum casting parts for truck
and passenger car OEMs and aluminum wheels for automobile OEMs.
Asahi Tec also designs, manufactures and sells environmental
systems, equipment and development technologies used by local
governments and municipalities and electrical hardware and
equipment used by electricity generators. The company employs
more than3,500 employees at facilities in Japan, Thailand and
China.
About RHJ International
RHJ International is a limited liability company organized under
the laws of Belgium. It is a diversified holding company
focused on creating long-term value for its shareholders by
acquiring and operating businesses in attractive industries in
Japan and elsewhere.
About Metaldyne
Headquartered in Plymouth, Mich., Metaldyne Corp --
http://www.metaldyne.com/-- is a leading global designer and
supplier of metal-based components, assemblies and modules for
transportation related powertrain and chassis applications
including engine, transmission/transfer case, wheel end and
suspension, axle and driveline, and noise and vibration control
products to the motor vehicle industry.
The company has operations in these Asian locations: Suzhou,
China; Pyeongtaek, Korea; Jamshedpur, India; and Yokohama,
Japan.
MITSUBISHI MOTORS: Says 2007-2008 Models Meeting Safety Criteria
----------------------------------------------------------------
As part of its ongoing participation in industry-led voluntary
efforts to improve vehicle safety, Mitsubishi Motors North
America, on September 10, 2006, revealed that the majority of
its 2007 model year vehicles and early model year 2008 vehicles
will comply with the voluntary design and performance criteria
set out in 2003 by member companies of the Alliance of
Automobile Manufacturers, the Association of International
Automobile Manufacturers and the Insurance Institute for Highway
Safety.
These voluntary design and performance safety criteria pertain
to vehicle compatibility in front-to-front and front-to-side
impact collisions, and are helping to drive the adoption of
numerous vehicle safety enhancements ahead of federal
requirements. Mitsubishi is among the sixteen automakers
participating in this voluntary effort.
In front-to-front collisions, Mitsubishi Motor's family of model
year 2007 SUVs -- specifically the Endeavor and the all-new
Outlander -- meet the voluntary design criteria and newly added
structural assessment. The purpose of these criteria is to
enhance the front-to-front crash compatibility between SUVs and
passenger vehicles by promoting better alignment of the front-
end energy absorbing structures.
Manufacturers have been working to improve this architectural
feature by modifying truck frames. The voluntary standard
governs structural alignment for the entire light-duty vehicle
fleet. While the compatibility initiative has set 2009 as the
deadline requiring 100 percent of each manufacturer's vehicle
line to comply, Mitsubishi is proud to announce that 100 percent
of its applicable vehicle line is now in compliance.
In front-to-side collisions, the model year 2007 Outlander,
Endeavor, Galant, Eclipse, Eclipse Spyder, and early Model Year
2008 Lancer - all equipped with side air bags - meet the new
voluntary performance criteria. Front-to-side collisions, where
the striking vehicle is a light truck or SUV, represent
significant compatibility challenges. The new voluntary
performance criteria place a high priority on enhancing the
protection of occupants inside vehicles struck in the side. One
of the ways to accomplish this is by enhancing head protection
of occupants in struck vehicles.
To evaluate the performance of its vehicles against these
industry-led voluntary design and performance safety criteria,
Mitsubishi Motors conducted extensive studies and performed
actual crash testing. Mitsubishi Motors fully embraces the
safety performance criteria embodied in the industry-led effort
and remains committed to improving the performance of Mitsubishi
vehicles and their safety systems.
About Mitsubishi Motors
Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.
The Company also operates consumer-financing services and
provides this to its customer base. MMC adopted the "Mitsubishi
Motors Revitalization Plan" on January 28, 2005, as its three-
year business plan covering fiscal 2005 through 2007, after
investor DaimlerChrysler backed out from the Company. The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."
Mitsubishi Motors North America Inc. is responsible for all
manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States. Mitsubishi Motors sells coupes,
convertibles, sedans, sport utility vehicles, and light trucks
through a network of approximately 540 dealers.
* * *
Japan Credit Rating Agency, Ltd., on July 18, 2006, upgraded the
Company's senior debts rating to BB- from B- with a stable
outlook, as its restructuring has been going well as planned,
with Mitsubishi group firms increasing their stakes in MMC to
34.3% as of March 31, 2006.
Rating & Investment Information Inc. had on July 31, 2006,
upgraded its issuer rating on Mitsubishi Motors Corp. from CCC+
to B with a stable outlook and its commercial paper rating from
c to b, and has removed the rating from its monitor at the same
time.
MITSUBISHI MOTORS: Equips Shops with Complaints Database
--------------------------------------------------------
Mitsubishi Motors Corporation has launched a new information
system that will send customer's product complaints in real time
to different dealer shops nationwide, Japan Corporate News
Network reports.
The new system will feature database of the product as well as
statistical analysis that will reduce lead-time in product
recalls. To speed up on its cause findings, the database has an
additional pop-up function to warn about faulty product or
parts, according to JCN.
CrissCross News says that Mitsubishi's 154 domestic dealers will
receive the new database by next month.
About Mitsubishi Motors
Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.
The Company also operates consumer-financing services and
provides this to its customer base. MMC adopted the "Mitsubishi
Motors Revitalization Plan" on January 28, 2005, as its three-
year business plan covering fiscal 2005 through 2007, after
investor DaimlerChrysler backed out from the Company. The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."
Mitsubishi Motors North America Inc. is responsible for all
manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States. Mitsubishi Motors sells coupes,
convertibles, sedans, sport utility vehicles, and light trucks
through a network of approximately 540 dealers.
* * *
Japan Credit Rating Agency, Ltd., on July 18, 2006, upgraded the
Company's senior debts rating to BB- from B- with a stable
outlook, as its restructuring has been going well as planned,
with Mitsubishi group firms increasing their stakes in MMC to
34.3% as of March 31, 2006.
Rating & Investment Information Inc. had on July 31, 2006,
upgraded its issuer rating on Mitsubishi Motors Corp. from CCC+
to B with a stable outlook and its commercial paper rating from
c to b, and has removed the rating from its monitor at the same
time.
=========
K O R E A
=========
DAEWOO ELECTRONICS: India's Videocon Emerges Top Bidder
-------------------------------------------------------
India's Videocon Industries Inc. has submitted the winning bid
for Daewoo Electronics Co. Ltd., FinanceAsia.com says.
According to The Wall Street Journal, Daewoo's creditors,
including Woori Bank and Korea Asset Management Corp., have
picked the consortium led by Videocon as the preferred bidder to
buy a 97.6% controlling stake in Daewoo.
The Korea Times notes that United States-based fund Ripplewood
Holdings partnered with Videocon in the bidding.
The Videocon Group has offered around US$650-700 million for the
electronics company, FinanceAsia relates. Korea Times says that
if successful, it will be the largest foreign capital takeover
of a Korean manufacturing firm since Shanghai Auto's acquisition
of Ssangyong Motor in 2004.
FinanceAsia says that Woori Bank did not confirm the price
offered by Videocon, saying it was subject to "confirmatory due
diligence."
Videocon can become the new owner of Daewoo as early as December
2006, after two months of due diligence, Korea Times cites Park
Ki-hoon of Woori Bank as saying.
According to the reports, Korean equity firm MBK Partners -- run
by ex-Carlyel Asia boss, Michael Kim -- was named as the reserve
bidder.
Korea Times relates that creditors acknowledged public concern
regarding foreigners taking over the company and regarding
technology leaks. However, Korea Times notes, creditors
explained that they had no choice but to pick a foreign firm as
the preferred bidder, since there was no better offer from a
Korean candidate.
Videocon is a key player in India's consumer electronics
industry. As per Prime Broking research, dated July 27, 2006,
Videocon is expected to announce a turnover of around
INR114 billion (US$2.5 billion) for the current 12-month fiscal
period, including sales derived from two 2005 acquisitions.
Daewoo's sales revenue at KRW2.16 trillion (US$2.26billion) will
add significantly to Videocon, FinanceAsia states. At the
indicative price of US$700 million represents a sales multiple
of 0.31 on Daewoo's sales.
FinanceAsia further notes that Daewoo Electronics operates six
plants in South Korea and 18 outside the country. Its total
assets at the end of 2005 were KRW1.65 trillion. Its
electronics business made a loss of KRW94 billion for the last
fiscal year which was attributed to the won's strengthening --
which adversely impacted exports.
About Daewoo Electronics
Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer
electronics company. It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.
The Troubled Company Reporter - Asia Pacific reported on
November 14, 2005, that creditors of Daewoo Electronics have
placed the firm for sale for US$1 billion. ABN Amro,
PricewaterhouseCoopers and Woori Bank were appointed to find a
buyer for the business.
According to the TCR-AP, Daewoo Electronics has been under a
debt workout program since January 2000, months after its parent
group -- the Daewoo Group -- collapsed under debts of nearly
US$80 billion in 1999.
Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%. The net loss compares with the
KRW30-billion profit the company posted in 2004. Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.
HANAROTELECOM: SK Telecom Takeover Probable, Korea Times Says
-------------------------------------------------------------
Mobile phone operator SK Telecom may take over hanarotelecom,
Inc., The Korea Times reports.
Citing Kim Kyong-mo, an analyst at Mirae Asset, The Times says
that SK Telecom will be desperate to gain fixed-line capacity
because it seems worried that it may lose its top position in
the mobile market if it sticks to the wireless sector.
SK could fuse with Hanaro or other landline carriers, Mr. Kyong-
mo adds.
Stan Jung at Woori Securities believes that Hanaro is "arguably
the most attractive target for SK Telecom," the newspaper says.
Both telecom companies, however, denied any forthcoming
partnership between them, The Times notes.
Kim Tae-gyu of The Times relates that in response to the recent
M&A rumors, both SK Telecom and Hanaro had each made negative
disclosures to the local bourses. Mr. Kim explains that under
relevant regulations, companies cannot make decisions contrary
to announcements over the next three months.
About hanarotelecom
hanarotelecom Inc. -- http://www.hanaro.com/-- is the second
largest player in the Korean local telephone market. It
provides high-speed Internet services in Korea. It provides
high-speed Internet services in Korea. In June 2001, the
company integrated broadband Internet access services which
included ADSL, Hybrid Fiber Coaxial cables and Broadband
Wireless Local Loop into a single brand called HanaFOS.
hanarotelecom offers VoIP services to its broadband business
customers as a bundled service and also as a stand alone
service.
* * *
Moody's Investor Service has given hanarotelecom's long-term
corporate family and its senior unsecured debt 'Ba2' ratings.
Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit 'BB'
ratings.
KOREA EXCHANGE: Kookmin To Postpone Acquisition Deal Deadline
-------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
August 29, 2006, that the deadline for United States-based Lone
Star Funds to complete its planned sale of Korea Exchange Bank
to Kookmin Bank may be extended beyond Sept. 16, 2006, which is
the original deadline set for Lone Star to complete the KEB
Sale.
An earlier TCR-AP report on March 24, 2006, stated that Lone
Star agreed to sell its 64.62% stake in the formerly state-owned
KEB to Kookmin for KRW6.42 trillion. In May, however, the
parties agreed to a KRW6.33 purchase price.
The acquisition is part of Kookmin's plans to expand its global
business network.
In an update, AFX News Limited relates that Kookmin will
commence negotiations with Lone Star this week to postpone the
September 16 deadline.
Aside from the extension, Kookmin also wants to maintain the
terms of the May deal, AFX News says, citing Kookmin's senior
executive vice president, Kim Ki-Hong.
Mr. Kim told AFX that Lone Star had proposed some changes to the
May contract but Kookmin didn't find it acceptable.
According to the AFX report, the terms of the May deal also
provided that Kookmin will not make any payments until South
Korean prosecutors complete their investigation of Lone Star's
purchase of KEB in 2002, and until regulators approve the
acquisition.
About Kookmin Bank
Kookmin Bank -- http://inf.kbstar.com/-- provides various
commercial banking services, such as deposits, credit cards,
trust funds, foreign exchange transactions, and corporate
finance. The bank also offers Internet banking services.
Moody's Investors Service gave Kookmin Bank a Bank Financial
Strength rating of D+ effective March 27, 2006.
Fitch Ratings gave the bank a B/C rating.
About Korea Exchange
Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--
was established in January 1967 by the Government originally as
a specialist foreign exchange bank. It retains its strength in
trade finance and foreign exchange. In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets. It operates a branch network of 317 domestic and
28 overseas offices. During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health. However, since then, its
operating performance stabilized, and the bank has reported
consecutive quarterly profits since the end of 2003.
Fitch Ratings gave Korea Exchange Bank a 'C' Individual Rating
effective on June 17, 2005.
Moody's Investors Service gave KEB a 'D' Bank Financial Strength
Rating effective on May 9, 2006.
* * *
South Korean politicians -- led by the main opposition Grand
National Party -- have alleged that the Korea Exchange shares
were sold cheap to United States-based Lone Star Funds after the
Bank's financial status was incorrectly reported. Korea
Exchange denied the allegations in March 2006.
The Board of Audit and Inspections and the Supreme Public
Prosecutors' Office initiated separate investigations into the
matter. On June 20, 2006, the BAI determined that Lone Star's
acquisition of Korea Exchange was led by management with the
approval of the financial supervisory bureau. BAI found that
KEB exaggerated its insolvency and falsely recorded the Bank for
International Settlements' capital adequacy ratio at 6.16%,
which is below the 8% threshold for healthy banks.
Prosecutors are investigating whether there were any
transgressions of law in the process of selling KEB and whether
bribes were given to officials. If prosecutors will find solid
evidence that the data was cooked up, it might lead to the
nullification of the KEB sale to Lone Star and the arrest of
regulators, policymakers and former KEB executives.
WOORI FINANCE: South Korea to Sell 78% Stake by March 2008
----------------------------------------------------------
The South Korean Government plans to dispose of its 78% stake in
Woori Financial Holdings Co. by March 2008, The Korea Times
reports, citing Korea's Ministry of Finance and Economy.
State-run Korea Deposit Insurance Corp. owns the
KRW12.1-trillion (US$12.6 billion) stake in Woori Finance.
The sale of South Korea's stake in the holding company is part
of the Government's plan to recover KRW164.8 trillion in
taxpayers' money used to bail out companies after the 1997-98
Asian financial crisis, Kim Kyoungwha and Seyoon Kim of
Bloomberg News relate.
Worried about the sale's negative impact in the stock market,
market watchers suggests that the government sell its
controlling stake to multiple investors in phases to prevent
share prices from falling sharply, The Times says.
Sale Deadline May be Extended, Says Bloomberg
According to Bloomberg, citing South Korea Finance Minister Kwon
Okyu, the Government may extend the March 2008 sale target.
In an interview with Bloomberg, the Finance Minister admits to
the difficulty of finding a buyer.
"If possible, I'd like to extend the deadline further to find a
strategic buyer," Mr. Okyu said. "I believe that a fixed time
may hinder a flexible approach to find a strategic buyer."
The Troubled Company Reporter - Asia Pacific reported on
August 15, 2006, that Woori Finance reported a KRW1-trillion net
income for the first half of 2006, a 21.49% increase from the
previous corresponding period's recorded net income of
KRW826.86 billion.
About Woori Finance Holdings
Woori Finance Holdings Co., Ltd. -- http://www.woorifg.com/--
is a holding company of Woori Bank, Kwangju Bank, Kyongnam Bank,
and Woori Credit Card. The Company manages and controls its
financial subsidiaries. It engages in a range of businesses,
including commercial banking, credit cards, capital markets
activities, international banking, asset management, and
bancassurance.
Fitch Ratings gave Woori Finance Holdings a 'B/C' Individual
Rating effective on September 30, 2005.
===============
M A L A Y S I A
===============
BUKIT KATIL: Bourse Delists Securities
--------------------------------------
The Troubled Company Reporter - Asia Pacific reported that Bursa
Malaysia Securities Berhad decided in June 2006, to delist Bukit
Katil Resources Berhad's securities from the Official List of
Bursa Securities.
Bursa Securities determined that Bukit Katil does not have an
adequate level of financial condition to warrant continued
delisting.
The delisting of the securities, effective September 5, 2006,
was not averted despite Bukit Katil's appeal.
Accordingly, the Bursa Securities advises Bukit Katil
shareholders that, with respect to securities that are currently
deposited with Bursa Malaysia Depository Sdn Bhd, the securities
may remain deposited with the Depository regardless of the
removal from the Official List.
Shareholders who intend to hold their securities in the form of
physical certificates have the option to withdraw their
securities from their Central Depository System accounts. To
withdraw, shareholders have to submit an application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository.
For more information on the withdrawal procedures, shareholders
can contact any participating organization of Bursa Securities
or Bursa Securities' general line at 03-2034 7000.
About Bukit Katil
Headquartered in Kuala Lumpur, Malaysia, Bukit Katil Resources
Berhad is engaged in money lending and oil palm and rubber
production. Other activities include investment holding,
software development, property investment and development and
manufacturing of bricks and ceramic products. Operations are
carried out in Malaysia and India. The Company has defaulted on
several loan facilities and admits that it does not have
sufficient cash to pay its debts.
As of December 31, 2005, the Company recorded a deficit of
MYR129,981,000. The Company, on December 16, 2005, presented an
application to regularize its financial condition through debt
restructuring, which was subsequently rejected by the Securities
Commission.
As of June 30, 2006, the Company's balance sheet showed that the
company has total assets of MYR56.557 million and total
liabilities of MYR136.751 million, resulting into a
stockholders' deficit of MYR80.194 million.
COMSA FARMS: First Quarter Revenue Falls 70% to MYR7 Million
------------------------------------------------------------
Comsa Farms Berhad released its unaudited financial report for
the first quarter ended June 30, 2006.
For the quarter under review, the group recorded a turnover of
MYR7.09 million, a decrease of 70% compared with the
MYR23.32-million turnover posted in the same quarter last year.
The decrease was mainly due to lower selling prices for eggs,
scale down of operations of its layers farms due to cash flow
constraints and cessation of broiler and breeding businesses
during the third and fourth quarters of 2006.
In a statement to Bursa Malaysia Securities Berhad, Comsa Farms
explained the decline in egg prices was a result of bird flu
outbreaks in February and March 2006.
With the lower revenue, the group incurred a net loss of
MYR11.14 million in the quarter ended June 30, 2006, as against
a net loss of MYR2.4 million in the quarter ended June 30, 2006.
The group's June 30, 2006, balance sheet revealed strained
liquidity with MYR33.8 million in current assets available to
pay MYR186.57 million in current liabilities coming due within
the next 12 months.
As of June 30, 2006, the group has total assets of
MYR186.45 million and total liabilities of MYR280.32 million,
resulting into a stockholders' deficit of MYR93.75 million.
There was no dividend declared for the financial period ended
June 30, 2006.
In view of the uncertainties of the poultry industry and the
group's current financial position, the board of directors
expect the group to operate under a very challenging environment
for the subsequent financial year.
Comsa Farms' First Quarter Report is available for free at:
http://bankrupt.com/misc/tcrap_comsafarms091206.pdf
About Comsa Farms
Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff. Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.
On April 10, 2006, the Company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.
As of June 30, 2006, the group has total assets of
MYR186.45 million and total liabilities of MYR280.32 million,
resulting into a stockholders' deficit of MYR93.75 million.
CONSOLIDATED FARMS: Bourse Delists Securities
---------------------------------------------
Bursa Malaysia Securities Berhad removed on September 5, 2006,
the securities of Consolidated Farms Berhad from the Official
List of Bursa Securities.
As reported by the Troubled Company Reporter - Asia Pacific,
Bursa Securities decided to delist the securities after
concluding that the Company does not have an adequate level of
financial condition to warrant continued listing.
Consolidated Farms appealed the decision but the Bourse resolved
to disallow the appeal and continue with the delisting.
In connection with the removal, Bursa Securities advises holders
with respect to Consolidated Farm's securities that are
currently deposited with Bursa Malaysia Depository Sdn Bhd, the
securities, despite the delisting, may remain deposited there.
Withdrawal from the Bursa Depository is not mandatory, the
Bourse says.
On the other hand, shareholders who intend to hold their
securities in the form of physical certificates can withdraw
their securities from their Central Depository System accounts
maintained with Bursa Depository. In this case, the Bourse
directs shareholders to submit an application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository.
For further information on the withdrawal procedures,
shareholders can contact any participating organization of Bursa
Securities or Bursa Securities' general line at 03-2034 7000.
About Consolidated Farms
Headquartered in Kuala Lumpur, Malaysia, Consolidated Farms Bhd
-- http://www.confarm.com/-- is engaged in poultry farming
which includes operating of breeder farm, production and
processing of organic fertilizer, feed milling, and
manufacturing and sale of egg trays. Other activities include
manufacturing and processing of eggs into pasteurized eggs and
de-shelled hard-boiled eggs. The Company is a Practice Note 4
concern currently undergoing a restructuring exercise to address
its debt problem. The Company had appointed Deloitte KassimChan
Business Services Sdn Bhd as advisor for the restructuring
exercise. As of March 31, 2006, Confarm said that it will not
be able to settle all its debts in full when they fall due
within the next 12 months hence, the Company was unable to
provide a solvency declaration.
The Company's April 30, 2006, balance sheet showed total
liabilities of MYR203,323,000 exceeding total assets of
MYR133,822,000, resulting into a stockholders' equity deficit of
MYR69,501,000.
Bursa Malaysia Securities Berhad has decided to delist
Consolidated Farms Berhad's securities on September 5, 2006, as
the Company "does not have an adequate level of financial
condition" to warrant continued listing on the Bourse.
DCEIL INTERNATIONAL: Triggers Practice Note 17 Criterion
--------------------------------------------------------
DCEIL International Berhad disclosed on August 30, 2006, that it
has become an affected listed issuer pursuant to the provisions
of Amended Practice Note 17/2005, as it is unable to provide a
solvency declaration to Bursa Malaysia Securities Berhad. In
addition, DCEIL's wholly owned subsidiaries -- DCEIL Sdn Bhd and
DCEIL Imex Sdn Bhd -- have defaulted on loans.
As an affected listed issuer, DCEIL is required to formulate and
implement a plan to regularize its financial condition within a
timeframe stipulated by relevant authorities.
In the event DCEIL fails to comply with all the provisions of
Amended PN 17, Bursa Securities may commence delisting
proceedings against the company.
DCEIL's board of directors is currently working on formulating a
debt restructuring scheme to regularize its financial condition.
Upon completion, a requisite announcement detailing the said
Scheme will be submitted to Bursa Malaysia Securities Berhad.
About DCEIL
DCEIL International Bhd is principally involved in trading,
distribution and installation of ceilings and partitioning
works. Its other activities include manufacturing of toilet
partitions and investment holding. The Group operates in
Malaysia and other foreign countries.
DCEIL is classified under Practice Note 1 and Practice Note 17
of the Bursa Malaysia Securities Berhad's Listing Requirements.
DCEIL INTERNATIONAL: Unable to Pay Outstanding Debts
----------------------------------------------------
DCEIL International Berhad's wholly owned subsidiaries -- DCEIL
Sdn Bnd and DCEIL IMex Sdn Bhd -- have defaulted on some baking
facilities repayments to their lenders.
Imex has, on August 24, 2006, received a demand letter from the
solicitor of Malayan Banking Berhad for payment of the
outstanding balance of MYR311,793 and MYR5,225,045 as of
July 31, 2006, together with accrued interest until the date of
full settlement. The amount is in respect of an overdraft
facility of MYR300,000 and Islamic trade facilities -- made up
of Letter of Credit Murabahah, Murabahah Trust Receipt, Islamic
Accepted Bill and Islamic Bank Guarantee -- of MYR5,000,000
granted by Malayan Banking Berhad to Imex. The facilities were
secured by a corporate guarantee from DCEIL International.
DCEIL and its subsidiaries are unable to service loan repayments
to the lenders due to the difficult collection as a result of
the contraction of the construction sector. The company added
that the group's cash flow is only sufficient to meet its
current working capital requirements.
DCEIL told Bursa Malaysia Securities Berhad that it is reviewing
various debt restructuring options to address its financial
condition including negotiating with banks and financial
institutions to restructure the loans.
The defaults have no further impact on the group because the
outstanding payables have been accrued and are reflected in the
group's financial statements. However, DCEIL admitted it will
not provide a solvency declaration due to the group, as it is
unable to repay all its debts within a 12-month period.
A detailed list of the banking facilities in default is
available for free at:
http://bankrupt.com/misc/tcrap_dceilinternational091206.doc
About DCEIL
DCEIL International Bhd is principally involved in trading,
distribution and installation of ceilings and partitioning
works. Its other activities include manufacturing of toilet
partitions and investment holding. The Group operates in
Malaysia and other foreign countries.
DCEIL is classified under Practice Note 1 and Practice Note 17
of the Bursa Malaysia Securities Berhad's Listing Requirements.
DCEIL INTERNATIONAL: Books MYR39.3M Pre-tax Loss in 4th Quarter
---------------------------------------------------------------
DCEIL International Berhad has submitted for public release its
unaudited financial report for the fourth quarter ended June 30,
2006.
The group registered revenue of MYR94.2 million as compared with
the previous financial year's MYR122.7 million revenue. This
represents a 23% decrease in turnover and was mainly due to the
contraction in the domestic construction sector.
The group registered a loss before tax of MYR30.9 million for
the current financial year as compared to a loss before tax of
MYR5.9 million in the last financial year. This was mainly due
to provision for doubtful debts, write down of inventories and
additional cost incurred from termination of contracts.
The group registered revenue of MYR2.8 million in the current
quarter as compared with preceding quarter of MYR25.8 million.
The group registered a loss before tax of MYR39.3 million in the
current quarter as compared to a profit before tax of
MYR1.8 million in the preceding quarter. The reduction in
turnover was mainly attributed to the contraction in the
domestic construction sector. The loss before tax was mainly
attributed to provision for doubtful debts, write down of
inventories and additional cost incurred.
The group's balance sheet as of June 30, 2006, revealed total
assets of MYR227.23 million, total liabilities of
MYR131.99 million and total stockholders' equity of
MYR95.24 million.
There was no dividend recommended during the current quarter and
the financial year under review.
DCEIL's Fourth Quarter Report and its accompanying notes are
available for free at:
http://bankrupt.com/misc/tcrap_dceilinternational061206.xls
http://bankrupt.com/misc/tcrap_dceilinternationalnotes091206.doc
About DCEIL
DCEIL International Bhd is principally involved in trading,
distribution and installation of ceilings and partitioning
works. Its other activities include manufacturing of toilet
partitions and investment holding. The Group operates in
Malaysia and other foreign countries.
DCEIL is classified under Practice Note 1 and Practice Note 17
of the Bursa Malaysia Securities Berhad's Listing Requirements.
LFE CORPORATION: Subsidiary Named Defendant in Estinplus Suit
-------------------------------------------------------------
LFE Corporation Berhad discloses that its wholly owned
subsidiary, LFE Engineering Sdn. Bhd., is one of the defendants
in a material litigation initiated by Estinplus Sdn. Bhd.
On August 2, 2006, Estinplus filed a Writ of Statement of Claim
against LFEE and Bounty Engineering & Construction Sdn. Bhd.
The claim relates to two mechanical and electrical engineering
sub-contracts awarded by LFEE to Bounty.
Estinplus asserts from Bounty and LFEE a total sum of
MYR2,161,418 for, inter alia, works done and materials supplied
under the sub-contracts.
LFEE contends that it has no contractual relationship with
Estinplus. The Estinplus claim, if any, should be against
Bounty, LFEE says.
LFEE's solicitors had filed the Memorandum of Appearance on
August 29 and plans to file their defense in due course.
LFEE's solicitors are of the view that the prospects of LFEE in
resisting the claim are good.
About LFE Corporation
Headquartered in Selangor Darul Ehsan, Malaysia, LFE Corporation
Berhad -- http://www.lfe.com.my/-- is an investment holding
company. Through its subsidiaries, LFE provides general and
specialized electrical and mechanical engineering services and
maintenance works. LFE also invests in properties and
manufactures electrical busbar trunking sysments, equipment,
components as well as other related electrical products.
LFE posted net losses for two consecutive years --
MYR1.5 million in 2004 and MYR38.7 million in 2005.
METROPLEX BERHAD: Wind-Up Hearing Adjourned to November 14
----------------------------------------------------------
The hearing of Hong Leong Bank Berhad's wind-up petition against
Metroplex Berhad's subsidiary, Peninsular Park Sdn Bhd, was
adjourned from August 29, 2006, to November 14, 2006, as there
was no Judge in court.
The Troubled Company Reporter - Asia Pacific reported on May 16,
2006, that a wind-up petition was served on Peninsular Park Sdn
Bhd on Feb. 24, 2006, by solicitors of Hong Leong Bank Berhad.
The petition was presented at the Shah Alam High Court on
January 26, 2006.
According to the TCR-AP, the petition was initially fixed for
hearing on May 24, 2006. However, the Kuala Lumpur High Court
adjourned the hearing to August 29, to enable Peninsular's legal
counsel to file reply to the plaintiff's affidavit served on
May 18, 2006.
Hong Leong Bank had claimed for a sum of MYR4,990,744 as of
September 16, 2005, under a judgment dated December 15, 2000.
The TCR-AP recounts that Peninsular Park had entered into a
contract with Nikmat Unik Sdn Bhd for earthworks or for the
building of roads and drainage in respect of a project in Batang
Kali. On September 23, 1996, Nikmat entered into a Factoring
Agreement with Hong Leong Leasing Berhad whereby Nikmat assigned
all proceeds from the said contract to Hong Leong Leasing.
Nikmat and Hong Leong Leasing had informed Peninsular Park that
all outstanding debts payable by the Company to Nikmat be paid
directly to Hong Leong Leasing.
On October 14, 2005, the Petitioner, through its solicitors, had
demanded for Peninsular Park to pay the Debt. Peninsular Park,
however, was unable to pay the Debt.
About Metroplex Berhad
Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations. Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school. Operations are
carried out in Malaysia, Hong Kong, and the Philippines.
On April 28, 2005, Morgan Stanley Emerging Markets Inc. had
filed a wind-up petition against the Company with the Kuala
Lumpur High Court. In the event the wind-up petition succeeds,
the Company will be put into liquidation.
Metroplex Berhad's April 30, 2006 balance sheet revealed total
liabilities of MYR1,417,778,000 exceeding total assets of
MYR1,214,518,000, resulting into a shareholders' deficit of
MYR203,260,000.
PUTERA CAPITAL: Affin Bank Seeks MYR3.5-million Settlement
----------------------------------------------------------
Affin Bank Berhad served Putera Capital Bank a Writ of Summons
together with a statement of claim.
The lawsuit, pending in the Kuala Lumpur High Court, alleges
that Putera Capital is liable to Affin Bank for:
1) full settlement of MYR3,571,697 as of June 30, 2006,
arising from the default in repayment of banking
facilities granted to Putera;
2) related interest from the date of judgment to final
settlement date; and
3) legal costs.
Putera Capital says its solicitors will take the appropriate
actions to attend to the lawsuit. The Company will also be
negotiating with Affin Bank to resolve the matter amicably.
The Troubled Company Reporter - Asia Pacific reported on May 10,
2006, that Putera was required to submit a plan to regularize
its financial conditions.
Putera informs Bursa Malaysia that it is still in the process of
working out the possible Regularization Plan.
Putera is given four months to submit its Plan to the relevant
authorities for approval.
About Putera Capital Berhad
Headquartered in Kamunting-Taiping, Malaysia, Putera Capital
Berhad is principally involved in the investment and development
of properties. Its other activities include the manufacture and
sale of yarn and woven fabrics, construction and management of
water and sewage treatment plant, contractor of construction
projects, distribution of marble, tiles, and related business
and investment holding.
The company has been suffering losses in the past two financial
years and is likely to do the same in the financial year ended
May 2006. The Company, under new ruling by Bursa Malaysia,
risks being suspended if its shareholders funds run into deficit
and it is designated a Practice Note 17 company, or cash
strapped counter. Putera Capital attributes its "weak
performance" to production capacity constraints in its textile
division and the absence of contributions from its engineering
and construction arm, which has had difficulty replenishing its
order book.
TALAM CORPORATION: Event of Default Occurs
------------------------------------------
An event of default in payment of various bonds and banking
facilities by Talam Corporation Berhad and its subsidiary
companies, except for Ample Zone Berhad, has occurred.
Talam and its subsidiary companies are unable to service the
loan repayments to the lending banks due to their very tight
overall working capital positions arising from work stoppage
over a series of factors.
The group is in discussion with all the lending banks to
negotiate on a restructuring scheme for the various bonds and
banking facilities of the Company and its subsidiary companies
in order to regularize their financial position.
The financial and legal implications in respect of the default
in payments including the extent of the listed issuer's
liability in respect of the obligations incurred under the
agreements for the indebtedness
With the default, the lending banks could recall their
respective bonds and banking facilities and demand for
repayments. However, the lending banks are prepared to enter
into negotiations with the Company and its subsidiaries on a
financial restructuring scheme to regularize the Company's and
its subsidiaries' financial position.
The default in payments will cause cross default in all bonds
and banking facilities granted to Talam and its subsidiary
companies.
The Company and its subsidiary companies said they will be able
to settle all their debts in full within the next 12 months upon
the restructuring scheme for the various bonds and banking
facilities of the Company and its subsidiary companies being
agreed to by the bondholders/lending banks and undertakes to
provide Bursa Securities the Solvency Declaration duly executed
by the company's board of directors.
About Talam Corp.
Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad is principally engaged in property development. Its
other activities include trading building materials,
manufacturing of ready mixed concrete, provision for higher
educational programs, development and management of hotel, golf
and country club horticulturists, agriculturists and landscaping
designers and contractors and investment holding. Operations of
the Group are carried out in Malaysia and China.
The Company has accumulated losses and debt in the past few
years. As of January 31, 2006, the Company registered
accumulated losses of MYR253,898,000. In a bid to cut back on
its liabilities, the firm has proposed a debt restructuring
scheme, which is still pending approval of relevant authorities.
As reported by the Troubled Company reporter - Asia Pacific on
September 11, 2006, Ernst & Young has raised doubt on Talam's
going concern ability, citing the group's losses and default in
loan repayments.
TENAGA NASIONAL: Lists and Quotes 546,542 New Shares
----------------------------------------------------
On September 7, 2006, Bursa Malaysia granted listing and
quotation to Tenaga Nasional Berhad's additional 546,542 new
ordinary shares of MYR1.00 each.
The shares arose from the conversion of US$1,165,000 nominal
value of the five-year (2002/2007) guaranteed exchangeable bonds
issued by Tenaga's wholly-owned subsidiary TNB Capital Ltd.
About Tenaga Nasional
Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,
transmission, distribution and sale of electricity. The Company
also manufactures, sells and repairs transformers and
switchgears. It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services. It also undertakes repairs and
maintenance of motor vehicles. The Group operates in Malaysia
and Mauritius.
The Company is currently undertaking liability management
exercises, which are expected to extend the Company's debt
maturity profile and reduce refinancing risk.
Moody's gave the Company a 'Ba' rating due to the Company's
relatively high financial leverage and significant PPA
obligations.
TENCO BERHAD: To Hold 22nd AGM on September 26
----------------------------------------------
Tenco Berhad's 22nd Annual General Meeting will be held at No.
5, Jalan Pelabur 23/1, 40300 Shah Alam, Selangor Darul Ehsan,
Malaysia on September 26, 2006, at 10:30 a.m.
During the meeting, members will be asked:
-- to received the Audited Financial Statements for the
year ended March 31, 2006, and the related reports of
the directors and auditors;
-- to re-elect as directors
* Lee Ahn Chien @ Lee Ow Kim;
* Kwan Swee Keong; and
* Wong Keng Shin;
-- to reappoint Tai, Yapp & Co as auditors and to authorize
the board of directors to fix the auditors'
remuneration;
-- to approve the payment of directors' fees of MYR30,000
for the financial year ended March 31, 2006;
-- to empower the directors to issue shares in the company
as they deem fit provided that the aggregate number of
shares issued does not exceed 10% of the issued capital
of the company; and
-- to transact any other business of which due notice will
have been given.
About Tenco Berhad
Headquartered in Selangor, Malaysia, Tenco Berhad's principal
activities are manufacturing and selling of polymer, chemicals,
adhesive, decorative coatings and related products, building
materials, equipment and consumer products. Other activities
include investment holding and provision of management services.
The Group operates in Malaysia, Singapore and Canada.
Tenco is classified as a Practice Note 17 company because its
current shareholders' equity on a consolidated basis is less
than 25% of its issued and paid up capital, and it defaulted on
various loan facilities and is unable to provide a solvency
declaration. Tenco is required to submit its financial
regularization plan to relevant authorities not later than
January 8, 2007.
=====================
P H I L I P P I N E S
=====================
BAYAN TELECOMMUNICATIONS: Projects 29% EBITDA Growth for 2006
-------------------------------------------------------------
Bayan Telecommunications Inc.'s chief executive consultant,
Tunde Fafunwa, said that BayanTel is revising its net revenue
outlook for 2006 at PHP5.8 billion from the original
PHPP5.4-billion projection due to stronger second half revenues
from its data business as initiatives to upgrade its facilities
and infrastructure continue to gain traction.
The revised outlook represents a 14% growth from the
PHP5.09-billion posted in 2005.
BayanTel is also poised to post EBITDA of PHP2.43 billion, a 29%
increase compared to PHPP1.88 billion last year.
To further strengthen its cash position, BayanTel has been
tracking higher than target collection levels on the average
over the first half of the year.
Mr. Fafunwa says BayanTel is looking at a strong second half
from its data business, including DSL and Internet services. As
of July, total revenues from its Internet services have grown
26% at PHP351 million compared to PHP277 million during the same
period last year.
BayanTel DSL subscribers have grown to about 20,000,
representing more than 100% growth for the last three years, the
company says.
Mr. Fafunwa further says that BayanTel's investments to expand
facilities to cover major commercial business districts to
deliver high bandwidth and IP-based services like Metro
Ethernet, IP-VPN, and value-added managed services as well as
upgrade its backbone connectivity to the Visayas and Mindanao
regions has fulfilled strong demand in high growth industries
like call centers and business process outsourcing providers.
"The projected increase in net revenue, EBITDA and positive
operating income underscore that we are on the right track to
sustain our momentum for growth, although profitability is
certainly a daunting challenge for the organization as we
continue to operate under a rehabilitation program."
The company's rehabilitation program remains on course with
total of PHP1.4 billion in interest and principal payments
already paid to the creditors since the implementation of the
plan in 2004.
In June 2006, the company paid interest and principal payments
amounting to about PHP180 million.
Mr. Fafunwa also reveals that BayanTel as a model for future
growth and revenue replacement for its traditional businesses,
is focusing on wireless applications that is different from
services that are widely available today.
As proof of concept, BayanTel recently rolled out BayanTel Span,
a fixed line service which uses code division multiple access
technology which allows limited mobility within services for a
fixed monthly charge and value added services like SMS.
The service was recently launched in selected parts of Marikina
and Manila, and in cities of Tacloban, Davao, and General
Santos.
"We are bullish about the prospects of Span given its high value
proposition of limited mobility with unlimited calling within
the network. We hope to make the service more widely deployed
in the next coming months, particularly in major cities outside
of Manila," Mr. Fafunwa adds.
Mr. Fafunwa further reveals that BayanTel will soon deploy a
full suite of wireless services that can deliver voice, data,
and Internet like widespread wi-fi hotspots and wide area
wireless broadband.
"We are confident that as long as we continue our focus on
differentiating ourselves in the market through disruptive
products and services and delivering and guaranteeing customer
satisfaction, we will yield profitable results," Mr. Fafunwa
says.
* * *
Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993. Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC
and is formerly known as International Communications
Corporation. BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications. BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.
In a report by the Troubled Company Reporter - Asia Pacific on
July 4, 2006, the Company has paid over PHP900 million in
principal and interest on its debts amounting to
PHP25.39 billion in aggregate, of which creditors own
PHP14.74 billion, while PHP10.65 billion is due to its
bondholders.
On June 28, 2004, the Pasig Regional Trial Court Branch 158
approved the Company's financial rehabilitation based on
sustainable debt level of PHP17.13 billion, payable over 19
years. According to RTC Judge Rodolfo R. Bonifacio, the
remainder of BayanTel's debt may be converted to another
appropriate instrument that will not be a financial burden to
parent Benpres Holdings Corp. It also mandated BayanTel to
treat all creditors equally. Some of BayanTel's creditors have
appealed the lower court decision.
DEVELOPMENT BANK: Supports Manila-Cavite Expressway Project
-----------------------------------------------------------
The Development Bank of the Philippines and four other private
banks recently signed a PHP3.5-billion omnibus loan agreement
with UEM-MARA Philippines Corporation to partially finance the
construction of segment 4 of the Manila-Cavite Toll Expressway
project.
The seven-kilometer, four-lane toll road project will extend the
existing Coastal Road from Zapote, Alabang to Kawit, Cavite, and
provide the public with a safe and more convenient expressway
for the efficient travel of goods and motorists from Manila to
Cavite. The project is expected to be completed by 2008.
"With UMPC's efficient and safe expressway, or the R1 Extension
Project, the compounding of productivity will be highly
possible. And as UMPC's project gives way to more industrial
park and ecozone developments in Cavite, new doors will open to
a lot more possibilities, including the decongestion of Metro
Manila and the reinforcement of Cavite as another formidable
center of growth," President David said after the signing
ceremonies.
Mr. David added that the extension project is a work-in-progress
and is deemed to provide the major tailwind for the succeeding
infrastructure segments that make up the whole R-1 Expressway.
"We need to continue to work together, cooperate, and be
supportive to see this project through, to realize its promise
and full potential," Mr. David said.
UMPC Chairman Cesar Virata acknowledged the support of the DBP
and the private sector in the undertaking and pledged to
complete the project on time. "We promise to execute what is
written on the agreement and we can proudly say that so many
people and enterprises will benefit from your assistance."
Under the agreement, the Bank will lend PHP1.5 billion for the
project while the four other participating banks -- Banco de Oro
Universal Bank, China Banking Corporation, Equitable PCI Bank,
and Union Bank of the Philippines -- will lend PHP500 million
each. DBP and BDO Capital & Investment Corporation arranged the
eight-year syndicated loan for UMPC.
About DBP
Development Bank of the Philippines --
http://www.devbankphil.com.ph/-- is the Philippines's most
progressive development banking institution, providing for the
medium and long-term financing needs of enterprises, with
emphasis on small and medium-scale industries, particularly in
the countryside.
* * *
On, September 4, 2006, Fitch Ratings assigned a rating of 'BB-'
to DBP's hybrid issue of up to US$130 million.
Standard & Poor's Ratings Services also assigned its 'B+' long-
term issue credit ratings to the bank's Tier-I Hybrid Security
of up to US$130 million. S&P also assigned its 'BB-/B' foreign
currency and 'BB+/B' local currency counterparty credit ratings
to DBP, with a stable outlook.
MIRANT CORP: Assures Philippine Employees of Adequate Protection
----------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific, on September 11,
2006, cited a report from The Manila Times stating that
employees of Mirant Philippines Inc. may seek Malacanang's
intervention in ensuring just separation packages before the
sale of Mirant Corporation's Philippine-based assets.
The report cites company sources as revealing that the company's
main office in Atlanta has not laid out any separation package
for its Philippine employees.
However, a report from the Philippine Inquirer relates that
Mirant Philippines' chairman and president, Jose Leviste Jr.,
assured the employees of full protection in the company's assets
sale.
"Our employees are well protected in our plan to sell the
offshore mother company that owns Pagbilao and Sual because we
are selling the company, not the assets," the paper cites Mr.
Leviste, as saying. "This means all existing contracts with and
obligations to employees will remain intact," Mr. Leviste
explained.
If an employee will be separated for reasons permitted by law,
he or she will be amply protected, Mr. Leviste further said.
According to Mr. Leviste, the law requires a severance pay of
one month for every year of employment in case of redundancy and
one-half month's pay for every year of service in case of
retrenchment, but Mirant gives a severance pay of 2.5 months for
every year of employment based on 14 months a year, plus
benefits.
Under the law an employee with a five-year tenure earning
PHP20,000 a month should get a severance pay of PHP50,000, but a
comparable Mirant employee would get PHP292,000 excluding the
benefits in the base, Mr. Leviste added.
About Mirant
Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines. Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally. Mirant
Corporation filed for Chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590), and emerged under the terms of a
confirmed Second Amended Plan on Jan. 3, 2006. Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in
their successful restructuring. When the Debtors filed for
protection from their creditors, they listed US$20,574,000,000
in assets and US$11,401,000,000 in debts. The Debtors emerged
from bankruptcy on Jan. 3, 2006.
* * *
As reported in the Troubled Company Reporter on July 17, 2006,
Moody's Investors Service downgraded the ratings of Mirant
Corporation and its subsidiaries Mirant North America, LLC and
Mirant Americas Generation, LLC. The Ba2 rating for Mirant Mid-
Atlantic, LLC's secured pass through trust certificates was
affirmed. Additionally, Mirant's Speculative Grade Liquidity
rating was revised to SGL-2 from SGL-1. The rating outlook is
stable for Mirant, MNA, MAG, and MIRMA.
Moody's downgraded Mirant Americas Generation, LLC's Senior
Unsecured Regular Bond/Debenture, to B3 from B2. Moody's also
downgraded Mirant Corporation's Corporate Family Rating, to B2
from B1, and Speculative Grade Liquidity Rating, to SGL-2 from
SGL-1. Mirant North America, LLC's Senior Secured Bank Credit
Facility, was also downgraded to B1 from Ba3 and its Senior
Unsecured Regular Bond/Debenture, to B2 from B1.
As reported in the Troubled Company Reporter on July 13, 2006,
Fitch Ratings placed the ratings of Mirant Corp., including the
Issuer Default Rating of 'B+', and its subsidiaries on Rating
Watch Negative following its announced plans to buy back stock
and sell its Philippine and Caribbean assets.
Ratings affected are Mirant Corp.'s 'B+' Issuer Default Rating
and Mirant Mid-Atlantic LLC's 'B+' Issuer Default Rating and the
Pass-through certificates' 'BB+/Recovery Rating RR1'.
Fitch also placed Mirant North America, Inc.'s Issuer Default
Rating of 'B+', Senior secured bank debt's 'BB/RR1' rating,
Senior secured term loan's 'BB/RR1' rating, and Senior unsecured
notes' 'BB-/RR1' rating on Rating Watch Negative. Mirant
Americas Generation, LLC's Issuer Default Rating of 'B+' and
Senior unsecured notes' 'B/RR5' rating was included as well.
Standard & Poor's Ratings Services also placed the 'B+'
corporate credit ratings on Mirant Corp. and its subsidiaries,
Mirant North American LLC, Mirant Americas Generating LLC, and
Mirant Mid-Atlantic LLC, on CreditWatch with negative
implications.
NATIONAL POWER: Inks MOU with EVN for Technical Cooperation
-----------------------------------------------------------
National Power has signed a Memorandum of Understanding with
Electricite de Vietnam for an enhanced cooperation and exchange
of experience and technical know-how in the field of
power generation.
The MOU, which was signed in Hanoi on September 1, 2006, by
National Power president, Cyril C. del Callar and EVN president
and CEO Dao Van Hung, comes on the heels of a similar agreement
forged between National Power and Electricite du Laos.
As reported in the Troubled Company Reporter - Asia Pacific on
August 29, 2006, National Power will soon be exporting its
professional services and expertise in electric plant
engineering, operations and maintenance services, and rural
electrification, with the signing of an MOU with Electricite Du
Laos on July 28, 2006, during the 24th ASEAN Ministers on Energy
Meeting held in Laos.
The MOU between National Power and EVN seeks to foster greater
cooperation in:
(a) analyzing techniques and designing projects;
(b) preparation of bid documents for turnkey Build-Operate-
Transfer projects;
(c) management and operation of power plants;
(d) supervision and minimization of environmental impacts;
and
(e) rural electrification and operation of diesel power
plants in off-grid areas.
Aside from Vietnam and Laos, National Power is setting its
sights on negotiating similar agreements with Myanmar and
Cambodia.
"We are confident that we will be able to sign similar
agreements with other utilities in the ASEAN region, because
National Power has parallel experiences with them, given the
similarities in our geography, culture, society and history,"
Mr. del Callar earlier said. "Exchanging expertise with them
will strengthen our ties as a people and as economic partners."
About National Power
Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities. It works
with independent producers under a build-operate-transfer
program. With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies. To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion. It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.
* * *
National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers. The Company posted a PHP29.9 billion loss in
2004, after a net loss of PHP117 billion in 2003.
The Government absorbed National Power's PHP200 billion debt,
which was incurred when the government-owned-and-controlled
corporation adopted international accounting standards, forcing
the Company to report its foreign exchange losses.
The Troubled Company Reporter - Asia Pacific reported on April
5, 2006, that for 2005, National Power posted a PHP16-million
profit for the first time in seven years, on the Energy
Regulation Commission's approval of a rate increase, the use of
improved fuel mix and better fuel prices.
NATIONAL POWER: Board Confirms Appointment of Three Senior Execs
----------------------------------------------------------------
The National Power Board confirms the appointments of:
1) Oscar Lorico as Vice President of the Sales & Services
Group;
2) Vedalisa N. Arevalo as Senior Department Manager of the
Internal Audit; and
3) Peter Jude Thadeus E. Bacalso as Senior Department Manager
of the IPP Contracts Management Departments.
The appointments of Messrs. Lorico and Bacalso took effect on
August 25, 2006. Ms. Arevalo's appointment, on the other hand,
took effect on August 3, 2006.
Mr. Lorico has been with National Power for the last 34 years
and has a broad work experience that includes power plant
engineering/construction, administration and finance services,
corporate planning, IPP contracts management, bids and awards,
and sales. As OIC-VP of Sales and Services, Mr. Lorico was in
charge of the Corporation's Marketing & Commercial Relations,
Accounts Management, Power Economics, and Information System &
Technology Departments.
Ms. Arevalo is a Certified Internal Auditor and a Certified
Public Accountant. The Institute of Internal Auditors, a high-
ranking organization in the field of internal auditing,
conferred Ms. Arevalo's certification as an auditor.
Mr.Bacalso graduated Magna cum Laude in BS Mechanical
Engineering from the University of San Jose Recoletos in 1983.
About National Power
Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities. It works
with independent producers under a build-operate-transfer
program. With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies. To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion. It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.
* * *
National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers. The Company posted a PHP29.9 billion loss in
2004, after a net loss of PHP117 billion in 2003.
The Government absorbed National Power's PHP200 billion debt,
which was incurred when the government-owned-and-controlled
corporation adopted international accounting standards, forcing
the Company to report its foreign exchange losses.
The Troubled Company Reporter - Asia Pacific reported on April
5, 2006, that for 2005, National Power posted a PHP16-million
profit for the first time in seven years, on the Energy
Regulation Commission's approval of a rate increase, the use of
improved fuel mix and better fuel prices.
=================
S I N G A P O R E
=================
DELL INC: SEC Accounting Probe Delays Quarterly Report Filing
-------------------------------------------------------------
Dell Inc. is delaying filing of the Form 10-Q for its fiscal
second quarter ended August 4, 2006. The company said it plans
to file the report as soon as possible.
The company disclosed that it is unable to file its quarterly
report because of questions raised in connection with an
informal investigation by the United States Securities and
Exchange Commission into certain accounting and financial
reporting matters and the subsequently initiated independent
investigation by the Audit Committee of its board of directors.
The investigations have indicated the possibility of
misstatements in prior period financial reports, including
issues relating to accruals, reserves and other balance sheet
items that may affect the company's previously reported
financial results.
The company is working with the Audit Committee and with the
company's independent auditors to determine if any restatements
of prior period financial reports will be necessary.
"We have not yet reached any conclusion on materiality as to
these issues," said Don Carty, chairman of the Audit Committee
reviewing the matter. "We are continuing to investigate the
matter fully," Mr. Carty added.
The SEC requests for information have been joined by a similar
request from the United States Attorney for the Southern
District of New York, who has subpoenaed documents related to
the company's financial reporting from 2002 to the present.
"We are fully cooperating with the investigations and working to
resolve any and all issues raised in connection with those
investigations as quickly as possible, and we will take any
appropriate remedial or corrective actions to address any
problems," Chairman Michael Dell said.
In light of these developments, the company has suspended its
ongoing share repurchase program until further notice. In
addition, given the delay in its 10-Q filing, the company has
postponed the meeting with analysts that was to be held
tomorrow, September 13 and will reschedule it to a later date.
About Dell Inc.
Dell, Inc. -- http://www.dell.com-- designs, develops,
manufactures, markets, sells, and provides support for various
computer systems and services to customers worldwide.
In Asia, Dell is headquartered in Singapore, with manufacturing
facilities in Malaysia and China and regional offices in these
Asia Pacific countries: Australia, China, India, Indonesia,
Japan, Korea, Malaysia, Philippines, Singapore, Taiwan and
Thailand.
DIGILAND INT'L: Inks MoU with Advanced Manufacturing and Ximeta
---------------------------------------------------------------
Digiland International Limited entered on November 19, 2005,
and January 16, 2006, into an agreement and an addendum
agreement with Ximeta, Inc. for the grant by Ximeta to Digiland
of manufacturing rights and distribution rights in respect of
Ximeta's products.
Moreover on June 14, 2006, Ximeta granted Digiland an option to
subscribe for shares in Ximeta constituting 6.96% of the
enlarged issued share capital of Ximeta.
In connection with this, Digiland has entered into a non-binding
Memorandum of Understanding with Advanced Manufacturing
Corporation Pte Ltd, a wholly owned subsidiary of Advanced
Integrated Manufacturing Corp. Ltd and Ximeta, Inc.
Under the MoU:
-- Digiland will own 52% of AIM and Ximeta's enlarged issued
and paid-up share capital following AIM's and Ximeta's
acquisition of additional shares. This will be done after
Digiland will exercise the option to subscribe for shares
of AIM and Ximeta, in its agreement on November 19, 2005;
-- cash and shares in the Digiland or a combination of both
will pay the purchase amount of US$10,574,567;
-- AIM and Ximeta will grant a share option to some of its
current shareholders and the new board of directors that
will be formed after the Proposed Purchase will decide the
shares comprising the share option; and
-- only if there is a need to raise additional working
capital from the date of completion of the Proposed
Purchase to December 31, 2007, the AIM and Ximeta will
grant a share option over 15,000,000 of its new shares to
the shareholders of AIM and Ximeta following the Proposed
Purchase, for and option share price of US$1.50 per share.
The number of option shares granted to Digiland shall be
in accordance with its proportion of the total
shareholdings of AIM and Ximeta. The share option
exercise, if applicable will expire by March 31, 2008.
Digiland will release an announcement if a formal contract is
signed between the parties.
About Digiland International
Digiland International Limited -- http://www.digiland.com.sg/--
is a major distributor of IT products and provider of IT
services in the Asia-Pacific. The Digiland International Group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited. It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific.
* * *
The company has reported a loss of US$44.7 million for the year
ended June 2004, and US$18.7 million for the year ended June
2005 due to the negative impact of the highly cyclical nature of
the computer industry.
Sales were adversely affected by the shortening product cycles
of IT products and downward pressure on selling prices as newer
and more technologically advanced products enter mass
production. Aside from recurring losses, the company's
subsidiaries have also been bombarded by wind-up petitions filed
by creditors.
FOSTER WHEELER: Units to Proceed with Shell's Initial EPC Phase
---------------------------------------------------------------
Foster Wheeler Ltd. disclosed that its United Kingdom
subsidiary, Foster Wheeler Energy Limited, and its Singapore
subsidiary, Foster Wheeler Asia Pacific Pte. Ltd., both of which
are part of its Global Engineering and Construction Group, have
been instructed by Shell Eastern Petroleum (Pte.) Ltd. to
proceed with the initial engineering, procurement and
construction management or EPC for a world-scale ethylene
oxide/mono-ethylene glycol (EO/MEG) plant and a significant
refinery modification project in Singapore.
The Foster Wheeler contract values for this initial work, which
were not disclosed, will be included in the company's third-
quarter 2006 bookings. The company expects to make further
bookings in 2006 upon signature of the contracts for the full
EPC scope.
Foster Wheeler Energy has already completed the basic design and
engineering package or BDEP for the new EO/MEG plant, which
utilizes Shell's proprietary "Omega" technology. Foster
Wheeler's Asia Pacific operations have completed the BDEP for
the modifications to the Bukom Refinery and project
specification for the sulfur recovery and high vacuum unit.
Foster Wheeler will now carry this work through into the
implementation phase of the project.
"We are pleased to have appointed Foster Wheeler as our EPC
contractor and look forward to the successful outcome we
expect," said Pieter Eijsberg of Shell, general manager for the
project.
"As one of the leading engineering, procurement and construction
contractors in Singapore, Foster Wheeler has a 30-year track
record of delivering safe and successful projects," said Umberto
della Sala, chief executive officer, Foster Wheeler Global
Engineering and Construction Group. "We are proud to assist
Shell in realizing their investment objectives and intend to
build on our own demanding high standards and our excellent
working relationship with Shell to deliver this new EO/MEG plant
and the refinery modifications safely and successfully."
The new 750,000 tons per annum EO/MEG plant, to be located on
Jurong Island, will use feedstock from an ethylene cracker to be
built by others on Bukom Island, Singapore. Both the cracker
and the EO/MEG plant are part of a project known as the Shell
Eastern Petrochemicals Complex, which includes in its scope the
construction and integration of the new facilities with Shell's
existing refinery at Bukom to capture the benefits of oil-
chemicals integration.
About Foster Wheeler
With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services. Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.
The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.
* * *
Standard & Poor's Ratings Services assigned its 'BB-' bank loan
rating and '1' recovery rating on Foster Wheeler Ltd.'s proposed
five-year, US$350 million senior secured credit facilities due
2011, reflecting a high expectation of full recovery of
principal (100%) in the event of a payment default.
Moody's Investors Service has assigned a Ba3 rating to Foster
Wheeler LLC's proposed US$350 million senior secured domestic
credit facility subject to final documentation. The credit
facility is expected to consist of a five-year US$200 million
revolving credit facility and a five-year US$150 million
synthetic letter of credit facility. The proposed facility will
replace Foater Wheeler's existing US$250 million senior secured
credit facility and provide increased bonding capacity to
support Foster Wheeler's growing operations while reducing
bonding costs. In addition, Moody's affirmed all existing
ratings. The rating outlook is positive.
FOSTER WHEELER: Proceeds With ExxonMobil's Early FEED Phase
-----------------------------------------------------------
ExxonMobil Asia Pacific Pte has authorized Foster Wheeler Ltd.
Ltd. to proceed with the early phase of the front-end
engineering design or FEED for certain downstream units and
associated plant infrastructure of the Singapore Parallel Train
or SPT project. In January 2006, Foster Wheeler announced the
award of a project coordination and services contract by
ExxonMobil Asia Pacific Pte. Ltd. to a team of Foster Wheeler
and WorleyParsons for the study phase of the SPT project, a
potential new world-scale steam-cracking complex at ExxonMobil's
Singapore refining and chemical plant site. The possible new
complex now under study includes an ethylene cracker and
downstream plants for the production of ethylene and propylene
derivatives.
The Foster Wheeler team has been authorized, under its contract,
to undertake the FEED of selected process units and the overall
SPT project infrastructure.
The Foster Wheeler contract value for this phase of the FEED was
not disclosed and will be included in the company's second- and
third-quarter 2006 bookings.
"We are pleased that this project has now progressed to the next
stage," said Steve Davies, chairman and chief executive officer
of Foster Wheeler Energy Limited. "We have built an excellent
working relationship with the ExxonMobil team and are committed
to leveraging our in-depth technical expertise to deliver a
high-quality FEED to assist ExxonMobil in realizing its plans
for a world-scale steam-cracking complex in Singapore."
About Foster Wheeler
With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services. Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.
The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.
* * *
Standard & Poor's Ratings Services assigned its 'BB-' bank loan
rating and '1' recovery rating on Foster Wheeler Ltd.'s proposed
five-year, US$350 million senior secured credit facilities due
2011, reflecting a high expectation of full recovery of
principal (100%) in the event of a payment default.
Moody's Investors Service has assigned a Ba3 rating to Foster
Wheeler LLC's proposed US$350 million senior secured domestic
credit facility subject to final documentation. The credit
facility is expected to consist of a five-year US$200 million
revolving credit facility and a five-year US$150 million
synthetic letter of credit facility. The proposed facility will
replace Foater Wheeler's existing US$250 million senior secured
credit facility and provide increased bonding capacity to
support Foster Wheeler's growing operations while reducing
bonding costs. In addition, Moody's affirmed all existing
ratings. The rating outlook is positive.
FREESCALE SEMICONDUCTOR: Posts US$260M Earnings for 2nd Quarter
---------------------------------------------------------------
Freescale Semiconductor Inc. has released its financial results
for the second quarter ended June 30, 2006.
For the fiscal year ended June 2006, the company posted net
earnings of US$260 million and net sales of US$1.60 billion.
Net earnings benefited from increased sales and higher gross
margin performance compared to both the prior quarter and the
previous year. Diluted earnings per share was at US$.61
including certain favorable one-time income tax items totaling
US$14 million, or US$.03 per diluted share, and stock option
expense of US$14 million or US$.03 per diluted share
During the second quarter of 2006, the company recorded US$14
million in one-time, non-cash tax benefits associated with
reducing its valuation allowance by US$10 million in one of its
foreign entities and a US$4 million tax benefit associated with
changes in tax legislation in the State of Texas.
Operating earnings for the second quarter of 2006 were US$251
million or 15.7% of net sales compared to US$207 million or
13.6% of net sales for the first quarter of 2006 and US$137
million or 9.3% of sales for the second quarter of 2005.
"As we celebrate the second anniversary of our IPO, the
Freescale team continues to make solid progress on improving our
operational performance and we are starting to see the benefit
of our focus on accelerating revenue growth," said Michel Mayer,
chairman and CEO of Freescale Semiconductor.
* Operating Highlights
-- Gross margin for the second quarter of 2006 was 46%,
compared to 45.3% in the first quarter of 2006 and 41% in
the second quarter of 2005. Gross margin benefited
primarily from higher sales and improvements to the
company's product mix.
* Transportation and Standard Products
-- The Transportation and Standard Products segment reported
net sales of US$697 million in the second quarter of 2006,
compared to US$653 million in the first quarter of 2006
and US$651 million in the second quarter of 2005. The
segment's operating earnings were US$144 million in the
second quarter of 2006 -- 21% of net sales --, compared to
US$129 million in the first quarter of 2006 and US$75
million in the second quarter of 2005.
* Networking and Computing Systems
-- The Networking and Computing Systems segment reported net
sales of US$370 million, compared to US$351 million in the
first quarter of 2006 and US$387 million in the second
quarter of 2005. Operating earnings in the second quarter
were US$102 million -- 28% of net sales -- compared to
US$81 million in the first quarter of 2006 and US$87
million in the second quarter of 2005.
* Wireless and Mobile Solutions
-- The Wireless and Mobile Solutions segment reported net
sales of US$514 million in the second quarter of 2006,
compared to US$506 million in the first quarter of 2006
and US$417 million in the second quarter of 2005. The
segment generated operating earnings of US$26 million --
5% of net sales -- in the second quarter of 2006, compared
to US$34 million in the first quarter of 2006 and an
operating loss of $1 million in the second quarter of
2005.
* Other Operations
-- Other operations, which includes revenues and expenses not
directly attributed to any of the segments, reported an
operating loss of US$21 million in the second quarter of
2006 compared to operating losses of US$37 million in the
first quarter of 2006 and losses of US$24 million in the
second quarter of 2005.
About Freescale Semiconductor
Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale became a publicly traded company in July 2004. The
company has design, research and development, manufacturing or
sales operations in more than 30 countries, including Australia,
China, Hong Kong, India, Japan, Korea, Malaysia, Singapore and
Taiwan.
* * *
The company's 7-1/8% Senior Notes due 2014 carry Moody's
Investors Service's Ba1 rating.
FREESCALE SEMICONDUCTOR: In Buyout Talks with Investment Firms
--------------------------------------------------------------
Freescale Semiconductor Inc. is in discussions with parties
relating to a possible business transaction.
According to Associated Press, a group of investment companies,
including Texas Pacific Group Ventures Inc. and The Blackstone
Group, is planning to buy the chipmaker.
There can be no assurances that any transaction will result from
these discussions.
To protect the interests of its stockholders, employees and
customers, Freescale said that it will not comment further on
these discussions unless and until it is appropriate to do so.
About Freescale Semiconductor
Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale became a publicly traded company in July 2004. The
company has design, research and development, manufacturing or
sales operations in more than 30 countries, including Australia,
China, Hong Kong, India, Japan, Korea, Malaysia, Singapore and
Taiwan.
* * *
The company's 7-1/8% Senior Notes due 2014 carry Moody's
Investors Service's Ba1 rating.
GN PACKAGING: Creditors Must Prove Debts by September 27
--------------------------------------------------------
The creditors of GN Packaging Industries Pte Ltd are required to
file their proofs of claim by September 27, 2006, for them to
share in the company's dividend distribution.
The liquidator can be reached at:
Don M Ho, FCPA
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705
Telephone: 6532 0320 (8 lines)
Facsimile: 6532 0331
HIAP HENG CHNG: Creditors' Proofs of Debt Due on September 22
-------------------------------------------------------------
Liquidators Ong Yew Huat and Seshadri Rajagopalan required the
creditors of Hiap Heng Chng (Singapore) Pte Ltd to submit their
proofs of debt by September 22, 2006.
Failure to comply with the requirement will exclude a creditor
from sharing in any distribution the company will make.
The Liquidators can be reached at:
Ong Yew Huat
Seshadri Rajagopalan
c/o 10 Collyer Quay #21-01
Ocean Building
Singapore 049315
INFORMATICS EDUCATION: Former CEO's Trial Kicks Off
---------------------------------------------------
The trial of Ong Boon Kheng, the former chief executive officer
of Informatics Education -- previously known as Informatics
Holdings -- had begun on September 11, 2006, according to
Channel NewsAsia.
Mr. Ong is charged with three counts of giving misleading
statements regarding Informatics' profits in 2003. The profit
overstatements for the three quarters ended December 31, 2003,
amount to some SGD15.8 million, Channel NewsAsia says. Mr. Ong
is also accused of one count of issuing a misleading profit
warning in 2004 under the Securities and Futures Act.
According to Channel NewsAsia, Former Informatics Chief
Financial Officer Patrick Lau, who worked for the company from
March 31, 2003, to August 31, 2003, took the stand as a
prosecution witness on Monday. Mr. Lau fielded questions
related to a financing scheme that led to net profit numbers
being overstated in quarterly financial reports.
The scheme, which was known to Mr. Lau, Mr. Ong and Mr. Tai,
booked some loan applications as an upfront of the company's
revenues - even as they were being processed, Channel NewsAsia
adds.
Mr. Lau revealed that booking the loans as revenue during the
application stage was a deviation under the Financial Reporting
Standards of Singapore.
Informatics' external investigator Ernst and Young had released
a statement on April 30, 2004, that there was no fault in the
company's financial results, but later retracted its statement
when Mr. Ong resigned from his position as CEO.
About Informatics Education
Formerly known as Informatics Holdings, Ltd., Informatics
Education Ltd -- http://www.informatics.edu.sg/-- was
established in 1983, in response to Asia's economic growth
fostering tremendous demands for skilled information technology
manpower and knowledge-based workers to build and sustain the
rapid economic development in the region. Informatics' core
business activities are training and education, IT-related
services and franchise operations. Informatics was at the
center of a scandal that began in mid-April 2004 when it
admitted that it has overstated profits and understated costs
for the nine months ended December 2003 in its quarterly
financial statement. The scandal started a string of losses for
the education services provider.
Significant Doubt
On July 11, 2006, Ernst and Young, the company's independent
auditors, raised substantial doubt on the company's ability to
continue as a going concern, with The group's net loss of
SG$22,818,000 for the year ended March 31, 2006. As at March 31,
2006, the group was in a net shareholders' deficit position of
SG$14,772,000." E&Y adds: "As at 31 March 2006, the ability of
the group and company to meet its financial obligations and to
continue as going concerns depend on the group's success in
implementing its plans to streamline its business and generating
sufficient positive cash flows from its operations."
REFCO INC: Wants Exclusive Plan-Filing Period Extended to Dec. 5
----------------------------------------------------------------
Refco Inc., and its debtor-affiliates ask the United States
Bankruptcy Court for the Southern District of New York to
extend, for an additional 95 days, the periods for them to:
-- exclusively file a Chapter 11 plan through and including
December 5, 2006; and
-- solicit acceptances of that plan until February 3, 2007,
without prejudice to the Debtors' right to seek further
extensions of the Exclusive Periods.
From the outset of their Chapter 11 cases, the Debtors have
worked diligently to stabilize and preserve the value of their
businesses, Sally McDonald Henry, Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, in New York, tells the Bankruptcy Court.
After the Debtors filed for bankruptcy, Ms. Henry relates, the
Debtors initiated the process to sell their regulated futures
brokerage business. Despite facing numerous complicated issues,
the Debtors managed in roughly a month to hold a competitive
auction with five active bidders and structure the sale of their
assets in an unprecedented dual-bankruptcy structure, ultimately
resulting in enormous benefit to the estates through a sale of
futures brokerage business to Man Financial Inc.
Ms. Henry notes that through the Man Sale and various other
smaller asset sales, more than $1,000,000,000 in proceeds has
come into the Refco, Inc. estates for ultimate distribution to
creditors. The Debtors and Marc Kirschner, the Chapter 11
Trustee of Refco Capital Markets, Ltd.'s estate, continue to
analyze and value their remaining assets to realize value for
the Debtors' creditors and interest holders for distribution
through a plan of reorganization.
Concurrently with managing the orderly sale and wind-down of
their business operations, Ms. Henry states that the Debtors
have been involved in numerous complex and expedited litigations
that have returned significant value to their estates and have
helped to clarify legal positions of various case
constituencies. The Debtors continue to evaluate other possible
causes of action against various parties that might serve as
additional sources of value to fund a plan.
In addition, the Debtors and their advisors continue to devote
significant time and effort to analyze, among others:
(i) the complex web of intercompany obligations among the
Debtors; and
(ii) the quantification and evaluation of claims asserted
against the Debtors' estates by third-party creditors.
Although the claims analysis process has been ongoing since the
Petition Date, Ms. Henry points out that the claims bar date
recently passed and the last of the timely filed proofs of claim
was added to the claims register as of August 21, 2006. Thus,
the full-blown claims analysis is only in its early stages, and
the results of that process may fundamentally affect the
structure of any proposed reorganization plan.
In this light, Ms. Henry states that the Debtors have been able
to develop a framework for a consensual resolution of their
cases. The process is ongoing, and the Debtors' models may
require revision as newly received claims data is used to
confirm or revise the Debtors' underlying liability assumptions.
Furthermore, the Debtors continue to assess potential claims and
causes of action that may provide additional assets to fund a
reorganization plan.
Now that the Debtors' efforts have yielded fruit and the
groundwork for a global resolution of their cases is in place,
the Debtors should be given the opportunity to bring the process
to completion, Ms. Henry tells Judge Drain.
The Debtors maintain that the Exclusive Periods are designed to
afford them the opportunity to negotiate and propose a Plan
without the disruption that might be caused by competing plans.
A hearing on the Debtors' Second Extension Motion will be held
on September 12, 2006, at 10:00 a.m.
About Refco Inc.
Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore. In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products. Refco is one of
the largest global clearing firms for derivatives.
The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.
Refco LLC, an affiliate, filed for chapter 7 protection on Nov.
25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC, is a
regulated commodity futures company that has businesses in the
United States, London, Asia and Canada. Refco, LLC, filed for
bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc. Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.
On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner
is represented by Bingham McCutchen LLP. RCM is Refco's
operating subsidiary based in Bermuda.
Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262). (Refco Bankruptcy News,
Issue No. 40; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
REFCO INC: Wants Removal Period Extended to December 12
-------------------------------------------------------
Refco Inc., and its debtor-affiliates ask the United States
Bankruptcy Court for the Southern District of New York to
extend, until Dec. 12, 2006, the period within which they may
file notices of removal with respect to actions, pursuant to
Bankruptcy Rule 9006(b).
The Debtors tell the Court that when they filed for bankruptcy,
they were plaintiffs in 37 actions and proceedings in a variety
of state and federal courts throughout the country.
Sally McDonald Henry, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York, relates that neither the Debtors nor
Refco Capital Markets, Ltd., has reviewed all the Actions to
determine whether any of those should be removed under Rule
9027(a)(2) of the Federal Rules of Bankruptcy Procedure because
the Debtors have continued to focus primarily on winding down
their businesses and formulating a global resolution of their
cases.
Ms. Henry asserts that the extension of the Removal Period will
afford the Debtors sufficient opportunity to assess whether the
Actions can and should be removed, hence, protecting their
valuable right to adjudicate lawsuits under Section 1452 of the
Judiciary and Judicial Procedure Code.
Until the Debtors have had a sufficient time to develop a
consensual plan of reorganization in their cases, it would be
premature to allow the Removal Period to lapse, as the plan
formation process may well impact the Debtors' decisions
regarding the removal of the Actions, Ms. Henry insists.
About Refco Inc.
Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore. In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products. Refco is one of
the largest global clearing firms for derivatives.
The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.
Refco LLC, an affiliate, filed for chapter 7 protection on Nov.
25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC, is a
regulated commodity futures company that has businesses in the
United States, London, Asia and Canada. Refco, LLC, filed for
bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc. Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.
On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner
is represented by Bingham McCutchen LLP. RCM is Refco's
operating subsidiary based in Bermuda.
Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262). (Refco Bankruptcy News,
Issue No. 40; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
TECHNIK-SOIL: High Court to Hear Wind-Up Petition on Sept. 22
-------------------------------------------------------------
Singland Heavy Machinery & Construction Pte. Ltd. has filed on
August 28, 2006, an application to wind up Technik-Soil (Asia)
Pte. Ltd.
The High Court of Singapore will hear the wind-up petition on
September 22, 2006, at 10:00 a.m.
The Solicitors for the Plaintiffs can be reached at:
CH Partners
230 Orchard Road #07-232A
Faber House
Singapore 238854
===============
T H A I L A N D
===============
KRUNG THAI: To Pay THB432MM for 50% Stake in TSEC Securities
------------------------------------------------------------
Krung Thai Bank PCL revealed on September 8, 2006, that it would
pay THB432 million (US$12 million) for a 50% stake in small-
sized broker TSEC Securities, Reuters reports.
In a statement to the Stock Exchange of Thailand, Krung Thai
said that the investment is part of its aim to enhance its full-
scale financial services.
Reuters relates that the deal, which is expected to close this
month, is KTB's second acquisition in brokerage businesses since
2002. The bank holds a 19.6% stake in Trinity Watthana, a
holding company of Trinity Securities.
TSEC Securities will issue new shares to KTB to raise its
capital to THB864 million from 432 million, Reuters adds.
TSEC Securities' total assets amount to THB368 million. It made
a net loss of THB33 million on revenues of THB68 million in the
first half of 2006, the KTB statement said.
Krung Thai Bank Public Company Limited -- http://www.ktb.co.th/
-- began its operation on March 14, 1966, through the merger of
business between the Agricultural Bank Limited and the
Provincial Bank Limited with the Ministry of Finance as its
major shareholder.
The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.
* * *
On May 30, 2006, The Troubled Company Reporter - Asia Pacific
reported that Moody's Investors Service upgraded Krung Thai's
bank financial strength rating to D- from E+.
In addition, Moody's assigned on September 11, 2006, a Ba1
rating to Krung Thai's Hybrid Tier 1 securities being issued via
its Singapore branch. The rating outlook is stable.
Moreover, Standard & Poor's Ratings Services assigned its BB+
rating to the proposed perpetual, non-cumulative, hybrid Tier-I
securities by Krung Thai.
Fitch also affirmed KTB's Long-term foreign currency Issuer
Default rating at BBB+ with a Stable Outlook, Short-term foreign
currency rating at F2, foreign currency subordinated debt rating
at BBB, Individual rating at C/D and Support rating at 2.
PERKINELMER INC: Board Declares US$0.07 Per Share Dividend
----------------------------------------------------------
The Board of Directors of PerkinElmer, Inc., has declared a
regular quarterly dividend of US$.07 per share of common stock.
This dividend is payable on Nov. 10, 2006, to all shareholders
of record at the close of business on Oct. 20, 2006.
PerkinElmer Inc. (NYSE: PKI) -- http://www.perkinelmer.com/--
is a global technology leader driving growth and innovation in
Health Sciences and Photonics markets to improve the quality of
life. PerkinElmer reported revenues of US$1.5 billion in 2005,
has 8,000 employees serving customers in more than 125
countries, including China and Thailand, and is a component of
the S&P 500 Index.
* * *
PerkinElmer Inc.'s Long Term Subordinated Debt carry Moody's
Investors Service's Ba1 rating.
PERKINELMER INC: Earns US$35.7 Million in Quarter Ended July 2
--------------------------------------------------------------
PerkinElmer, Inc., generated revenues of US$377 million for the
second quarter ended July 2, 2006. Second quarter 2006 revenue
of US$377 million increased 2% over the second quarter of 2005.
Revenue growth was 3% in Life and Analytical Sciences and 1% in
Optoelectronics compared to the same period last year. Second
quarter 2006 revenue from Health Sciences end markets,
representing 83% of total revenues for the quarter, increased 3%
over the same period of 2005, while second quarter revenue from
Photonics end markets increased 1% over the same period.
GAAP operating profit during the second quarter of 2006 was
US$35.7 million, while GAAP operating margin for the same period
was 9.5%. Second quarter 2006 operating profit excluding
intangibles amortization of US$7.8 million, stock option expense
of US$2.1 million and a restructuring reversal of US$.3 million
was US$45.3 million, or 12.0% as a percentage of revenue for the
quarter, representing an increase of 30 basis points compared to
the same period of last year.
Recently, the Company completed three acquisitions in the
priority growth areas of screening, diagnostics and service.
Within screening and diagnostics, the Company acquired the
business and associated intellectual property of NTD
Laboratories and Spectral Genomics. NTD Laboratories is a
leading provider of first-trimester prenatal risk assessment,
while Spectral Genomics is a leader in molecular karyotyping
technology used to research chromosomal abnormalities. NTD
Laboratories and Spectral Genomics provide additional technology
and a broader platform to drive the Company's high growth
screening and diagnostics strategies.
Within service, the Company acquired Clinical & Analytical
Services Solutions, an asset management firm that the Company
expects will allow it to drive laboratory efficiency and cost
savings for customers through asset management and expert
maintenance.
"We were pleased to deliver excellent cash EPS growth during the
quarter, with strong performance in our key growth platforms of
genetic screening, imaging and service," said Gregory L. Summe,
chairman and CEO of the Company. "We remain focused on driving
growth in these platforms as evidenced by our strategic
acquisitions of NTD Laboratories, Spectral Genomics and C&A as
well as our increased investment in R&D. We are committed to
further increasing our investment in these attractive growth
areas," added Mr. Summe.
The Company generated operating cash flows of US$53.2 million in
the second quarter of 2006. Free cash flow for the second
quarter of 2006, defined as operating cash flow of US$53.2
million less capital expenditures of US$12.2 million, was US$41
million. This number includes a tax payment of US$4.6 million
related to the gain on the divestiture of Fluid Sciences. Free
cash flow, net of divestiture taxes, was US$45.6 million.
Financial Guidance
For the third quarter of 2006, the Company projects GAAP
earnings per share from continuing operations of between US$.22
and US$.24. Excluding the impact of intangibles amortization
and stock option expense, the Company projects earnings per
share from continuing operations of between US$.27 and US$.29
for the third quarter of 2006, an increase of approximately 13%
to 21% over the third quarter 2005. For the full year 2006, the
Company projects GAAP earnings per share from continuing
operations of between US$.95 and US$1.00, and earnings per share
excluding intangibles amortization and stock option expense, of
between US$1.15 and US$1.20 per share. This reflects
approximately US$.05 per share change in full year cash EPS
guidance due to dilution from acquisitions and increased growth
investments in the second half of 2006.
PerkinElmer Inc. (NYSE: PKI) -- http://www.perkinelmer.com/--
is a global technology leader driving growth and innovation in
Health Sciences and Photonics markets to improve the quality of
life. PerkinElmer reported revenues of US$1.5 billion in 2005,
has 8,000 employees serving customers in more than 125
countries, including China and Thailand, and is a component of
the S&P 500 Index.
* * *
PerkinElmer Inc.'s Long Term Subordinated Debt carries Moody's
Investors Service's Ba1 rating.
PERKINELMER INC: Acquires Macri Tech. & NTD Labs for US$57-Mil.
--------------------------------------------------------------
PerkinElmer, Inc., completed its acquisition of J.N. Macri
Technologies, LLC, and NTD Laboratories, Inc. The purchase
price for both transactions was approximately US$56.65 million.
"This acquisition represents the next step in our initiative to
build a comprehensive screening and diagnostics capability in
maternal health," Gregory L. Summe, chairman and chief executive
officer of PerkinElmer, Inc. said. "It provides a leading
position in free Beta hCG measurement in the U.S. and will be an
integral part of expanding our maternal health portfolio
globally."
"This acquisition provides an opportunity to strengthen our
position with clinicians and our existing laboratory partners as
a result of NTD's strong and established relationships with
maternal health care providers," Robert F. Friel, president,
PerkinElmer Life and Analytical Sciences said. "We expect this
agreement will accelerate PerkinElmer's own maternal health
research and development initiatives, by giving us the ability
to better understand first-hand the needs of the clinical
community. Our future plans include the introduction of the
free Beta hCG biomarker, which is used throughout Europe, on
PerkinElmer's proprietary platforms, further extending our
maternal health solutions."
Dr. James Macri, president, NTD Laboratories said. "We expect
the combination of NTD's expertise in providing first-trimester
prenatal screening services with PerkinElmer's market-leading
application expertise and strong distribution channels will
accelerate wider access to this important technology to
clinicians and patients."
About J.N. Macri Technologies
J.N. Macri holds and licenses global patents related to free
beta Human Chorionic Gonadotropin, a peptide hormone produced in
the early stage of pregnancy that is widely recognized as a
critical biomarker for first-trimester prenatal risk assessment.
About NTD Laboratories
NTD Laboratories, Inc. offers laboratory developed and validated
testing under the brand name UltraScreen, of which free Beta hCG
is a vital component. NTD Labs generated US$15 million of
revenue in its last fiscal year ending June 2006.
About PerkinElmer
PerkinElmer Inc. (NYSE: PKI) -- http://www.perkinelmer.com/--
is a global technology leader driving growth and innovation in
Health Sciences and Photonics markets to improve the quality of
life. PerkinElmer reported revenues of US$1.5 billion in 2005,
has 8,000 employees serving customers in more than 125
countries, including China and Thailand, and is a component of
the S&P 500 Index.
* * *
PerkinElmer Inc.'s Long Term Subordinated Debt carries Moody's
Investors Service's Ba1 rating.
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
September 13, 2006
Turnaround Management Association - Australia
Networking Function Australia
Parramatta, Australia
Telephone: 0438-653-179
e-mail: tma_aust@bigpond.net.au
September 21, 2006
Insolvency Practitioners Association Of Australia
Study Group Meetings
Chartered Accountants House, Sydney, Australia
Telephone: 9416-2395
e-mail: amanda_taylor@aapt.net.au
September 26-27, 2006
American Bankruptcy Institute
Airline Restructuring
Helmsley Park Lane Hotel, New York, NY
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
October 5, 2006
Turnaround Management Association - Australia
UTS Fundamentals of Turnaround Management Australia
Mecure Hotel - Haymarket
Telephone: 0438-653-179
e-mail: tma_aust@bigpond.net.au
October 11, 2006
INSOL
INSOL Lenders, Australia Technical Day
Brisbane, Australia
Web site: http://www.insol.org/
October 11-14, 2006
Turnaround Management Association - Australia
2006 Annual Convention
JW Marriott Grande Lakes, Orlando, FL, USA
e-mail: livaldi@turnaround.org
October 11, 2006
Turnaround Management Association - Australia
Professional Development Meeting Australia
TBA
Telephone: 0438-653-179
e-mail: tma_aust@bigpond.net.au
October 12, 2006
Insolvency Practitioners Association Of Australia
IPAA National Conference 2006
Stamford Plaza, Brisbane City,
Queensland, Australia
Telephone: 07-3367-0500
e-mail: corinne.templeton@invigorate.com.au
October 12, 2006
Turnaround Management Association - Australia
UTS Fundamentals of Turnaround Managment Australia
Melbourne, Australia
Telephone: 0438-653-179
e-mail: tma_aust@bigpond.net.au
October 19, 2006
Insolvency Practitioners Association Of Australia
Study Group Meetings
Chartered Accountants House, Sydney, Australia
Telephone: 9416-2395
e-mail: amanda_taylor@aapt.net.au
October 31 - November 1, 2006
International Women's Insolvency & Restructuring Confederation
IWIRC Annual Conference
San Francisco, CA, USA
Web site: http://www.iwirc.com/
November 7-8, 2006
International Monetary Fund and the Financial
Supervisory Service
Macroprudential Supervision: Challenges for Financial
Supervisors
Seoul, South Korea
Telephone: 82-2-3771-5114
Web site: http://www.fss.or.kr/
November 9-10, 2006
Turnaround Management Association - Australia
TMA Australia National Conference Australia
TBA
Telephone: 0438-653-179
e-mail: tma_aust@bigpond.net.au
November 15, 2006
LI TMA Formal Event
TMA Australia National Conference
Long Island, New York, USA
Web site: http://www.turnaround.org/
November 16, 2006
Insolvency Practitioners Association of Australia
Study Group Meetings
Chartered Accountants House, Sydney, Australia
Telephone: 9416-2395
e-mail: amanda_taylor@aapt.net.au
December 13, 2006
Turnaround Management Association - Australia
Christmas Function Australia
GE Commercial Finance, George Street,
Sydney, Australia
Telephone: 0438-653-179
e-mail: tma_aust@bigpond.net.au
February 2007
American Bankruptcy Institute
International Insolvency Symposium
San Juan, Puerto Rico
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org
March 27-31, 2007
Turnaround Management Association - Australia
2007 TMA Spring Conference
Four Seasons Las Colinas, Dallas, TX, USA
e-mail: livaldi@turnaround.org
April 11-15, 2007
American Bankruptcy Institute
ABI Annual Spring Meeting
J.W. Marriott, Washington, DC, USA
Telephone: 1-703-739-0800
Web site: http://www.abiworld.org/
October 16-19, 2007
Turnaround Management Association - Australia
TMA 2007 Annual Convention
Boston Marriott Copley Place, Boston, MA, USA
e-mail: livaldi@turnaround.org
March 25-29, 2008
Turnaround Management Association - Australia
TMA Spring Conference
Ritz Carlton Grande Lakes, Orlando, FL, USA
e-mail: livaldi@turnaround.org
October 28-31, 2008
Turnaround Management Association - Australia
TMA 2008 Annual Convention
New Orleans Marriott, New Orleans, LA, USA
e-mail: livaldi@turnaround.org
October 5-9, 2009
Turnaround Management Association - Australia
TMA 2009 Annual Convention
JW Marriott Desert Ridge, Phoenix, AZ, USA
e-mail: livaldi@turnaround.org
October 4-8, 2010
Turnaround Management Association - Australia
TMA 2010 Annual Convention
JW Marriot Grande Lakes, Orlando, FL, USA
e-mail: livaldi@turnaround.org
Beard Audio Conferences
Coming Changes in Small Business Bankruptcy
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Audio Conferences CD
Beard Audio Conferences
Distressed Real Estate under BAPCPA
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Changes to Cross-Border Insolvencies
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Healthcare Bankruptcy Reforms
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Calpine's Chapter 11 Filing
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Changing Roles & Responsibilities of Creditors' Committees
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Validating Distressed Security Portfolios: Year-End Price
Validation and Risk Assessment
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Employee Benefits and Executive Compensation
under the New Code
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Dana's Chapter 11 Filing
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Reverse Mergers-the New IPO?
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Fundamentals of Corporate Bankruptcy and Restructuring
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
High-Yield Opportunities in Distressed Investing
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Privacy Rights, Protections & Pitfalls in Bankruptcy
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
When Tenants File -- A Landlord's BAPCPA Survival Guide
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
Beard Audio Conferences
Clash of the Titans -- Bankruptcy vs. IP Rights
Audio Conference Recording
Telephone: 240-629-3300
Web site: http://www.beardaudioconferences.com/
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
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 - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Catherine Gutib, Valerie Udtuhan, Francis
Chicano, Reiza Dejito, Freya Natasha Fernandez, and Peter A.
Chapman, Editors.
Copyright 2006. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***