/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/060920.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 20, 2006, Vol. 9, No. 187 Headlines A U S T R A L I A & N E W Z E A L A N D ADSTEAM MARINE: SvitzerWijsmuller to Decide on Takeover Bid AUSCLASS HOLDINGS: Prepares to Declare Dividend to Creditors BRONWYN TAYLOR: Names Fatupaito and Agnew as Liquidators BURCHLEY PTY: Shuts Down Business Operations BURRABOI PASTORAL: Liquidator to Present Wind-Up Report CHALLISTON PTY: Set to Declare Dividend on September 27 CRC FOR INTELLIGENT: Enters Voluntary Liquidation E.C. MENZIES: Creditors' Proofs of Claim Due on Oct. 2 ELECTRONIC ACCESSORIES: Under Liquidation With AU$1.2-Mil Debt ENVIROLOGIC INTERNATIONAL: Final Meeting Scheduled on October 31 FBA HOLDINGS: Members to Convene on September 28 FELTEX CARPETS: Posts NZ$57,654,000 Loss for FY 2006 FOOD WORX: Appoints Joint and Several Liquidators FORTESCUE METALS: Awards Locomotives Contract to GE FORTESCUE METALS: Appoints J. Blanning as Mining Head FREMANTLE SHIPWRIGHTING: Members to Receive Wind-Up Report FSL HOLDINGS: Final Meeting Scheduled on September 28 GULF BUILDERS: Creditors' Proofs of Debt Due on Sept. 30 HESTAK PTY: Members Decide to Cease Operations HERBIE HOLDINGS: Creditors Must Prove Debts by October 6 HOLKER PTY: Liquidator Reilly to Present Wind-Up Report HAURAKI CONCRETE: Court to Hear CIR's Liquidation Bid on Nov. 23 INNOVATIVE LIFESTYLES: Names Brown and Rodewald as Liquidators JOHNO'S SKILLED: Court Issues Wind-Up Order KARMIC TRANSPORT: Names Shephard and Dunphy as Liquidators M.Q.F. QUEENSLAND: Members Opt for Voluntary Liquidation MAINLY ELECTRICAL: Creditors' Proofs of Claim Due on Sept. 25 MANDARIN RESTAURANT: Appoints Joint and Several Liquidators MIB MANAGEMENT: Members Agree to Voluntarily Liquidate Business NETWORK EVENTS: Final Meeting Scheduled for October 20 N.Z. SCHOOL OF BUSINESS: Creditors Must Prove Debts by Oct. 13 ORIGIN AFRICA: Commenced Liquidation Proceedings OSBORNE HOLDINGS: Hearing of CIR's Liquidation Bid Set on Nov.30 PANDORA PASTORAL: Members to Receive Wind-Up Report on Oct. 26 PASMINCO COCKLE: To Declare Dividend on September 28 PASMINCO FINANCE: To Declare Dividend on September 28 PASMINCO PACIFIC: Creditors' Proofs of Claim Due on September 20 PATANNE FLOORS: Members and Creditors to Hear Wind-Up Report PERMANANCE PTY: Members Opt to Shut Down Operations PETELAN PTY: Members and Creditors Set to Meet on Sept. 22 PHARMACY WHAREHOUSE: Shareholders Opt for Voluntary Liquidation RED PC: Creditors Proofs of Claim Due on Nov.24 REDLAKE NOMINEES: Final Meeting Slated for October 3 ROTHSCHILD AUSTRALIA (AIRCRAFT): Enters Voluntary Wind-Up ROTHSCHILD AUSTRALIA (BUSINESS): Members Opt for Wind-Up SALINAS AIR: Placed Under Voluntary Liquidation SCHUTT PRODUCTIONS: Enters Voluntary Wind-Up SPG PROPERTY: Members Resolve to Wind Up Firm STARPLAN VENTURES: Winds Up Business Operations STEEL IMPORTS: Faces Liquidation Proceedings SYKES RESIDENTIAL: Creditors Must Prove Debts by Sept. 22 TP EXTENDED: Appoints Danny Vrkic as Liquidator T.W. TYRES: Creditors' Proofs of Claim Due on Sept. 29 TAURANGA GLASS: Appoints Brown and Rodewald as Liquidators UNISOURCE EQUIPMENT: Falls into Liquidation VILLAGE ROADSHOW: Annual General Meeting Set on Nov. 20, 2005 WORTHINGTON MANAGEMENT: Appoints Shephard, Dunphy as Liquidators C H I N A & H O N G K O N G ACTIVE GAINER: High Court Issues Wind-Up Order ACXIOM CORP: Posts Final Results of Dutch Auction Tender Offer AGILE PROPERTY: Non-Investment Grade Bond Earns US$400-Mil. AGRICULTURAL BANK: Plans to Set Up Fund Management Venture ANJALI (H.K.): Names Yuen as Liquidator BALLY TOTAL: Amends Employment Pacts with Senior Executives BETAKE MARKETING: Members' Final Meeting Slated for Oct. 16 BETONSPORTS: Costa Rican Employees Allegedly Sell Customer Names BETONSPORTS PLC: Ban on U.S. Ops Extended; Gambles on Asia BLACK JADE: Wind-Up Petition Hearing Set on October 18 BONNE BONNE: To Wind Up Operations ECO INFORMATION: Court Approves Wind-Up Petition FONTECH INDUSTRIAL: Appoints Leung as Liquidator FRIENDFIELD LABEL: Wind-Up Petition Hearing Slated for Oct. 18 GILMAN CONTAINER: Faces Wind-Up Proceedings HARVEST EMPEROR: Appoints Joint and Several Liquidators HAYES LIMITED: Liquidator Ceases to Act for Company HING YIP: Faces Wind-Up Proceedings HONG KONG PACKING: Court Sets Date to Hear Wind-Up Bid HUTCHISON SATELLITE: Liquidators Steps Aside KENBERG LTD: Names Tso and Ching as Joint Liquidators MANDARIN ORIENTAL: Shareholders Resolve to Wind-Up Company MASSEY ENERGY: Can Access up to US$175M in Amended Debt Facility METRON TECHNOLOGY (HK): Creditors Must Prove Debts by Oct. 6 METRON (FAR EAST): Creditors' Proofs of Claim Due on Oct. 6 OUTMATCHING TELECOM: Creditors Must Prove Debts by Oct. 16 SILVER ROOF: Liquidation Process Initiated SUPER DATA: Creditors' First Meeting Fixed on October 3 TEXCHEM RESOURCES: Incorporates Chinese Subsidiary TOPMOND FOOD: Creditors Appoint Liquidator VESTA LTD: Members Resolve to Wind Up Operations YORKSHIRE BIHK: Creditors' Proofs of Claim Due on Sept. 29 I N D I A BANK OF BARODA: Net Profit Up 4.06% in First Quarter BANK OF BARODA: Opens New Overseas Branches BANK OF BARODA: Plans INR10-Billion Bond Issue CANARA BANK: Posts INR1.91 Billion for First Quarter FY 2006-07 CANARA BANK: CRISIL Rates INR5.75-Billion Bond Issue 'AAA' CANARA BANK: Finalizes Overseas Capital Raising Plan CENTURION BANK: To Raise INR417 Crore Via Preferential Issue CORPBANK: Allies with Oriental Bank and Indian Bank CORPBANK: Records INR1.44-Billion Net Profit in June Quarter GENERAL MOTORS: Ford Merger Unlikely, Analysts Say GMAC LLC: Offers to Buy Deferred Interest Debentures HDFC BANK: Net Profit Rises to INR1,157 Crore in First Quarter HDFC BANK: Allots 268,800 Shares to Employees Under ESOS ICICI BANK: CRISIL Rates Tier-I Perpetual Bonds 'AAA' INDUSTRIAL DEVELOPMENT: CRISIL Reaffirms Ratings Post-UWB Merger PUNJAB NATIONAL: CRISIL Reaffirms Ratings on Unit PUNJAB NATIONAL: Ventures Into Credit Card Business PUNJAB NATIONAL: Posts INR3.68-Bil Net Profit for June Quarter I N D O N E S I A LIPPO BANK: Fitch Affirms 'D' Individual Rating J A P A N BANCO BRADESCO: Enters Partnership with AirPlus International FORD MOTOR: General Motors Merger Unlikely Says Analysts FORD MOTOR: Critics Hit on Latest Restructure Plan JAPAN AIRLINES: To Add Flight After Thai Airport Opens K O R E A AMKOR TECHNOLOGY: Seeks Consents for Waivers of Default AMKOR TECNOLOGY: U.S. SEC Expands Probe ARROW ELECTRONICS: Names Four New Heads JINRO LTD: To Raise KRW475 Billion Via Seoul Listing to Pay Debt SANDISK CORP: To Release 3rd Quarter Financials on Oct. 19 SANDISK CORP: German Court Quashes Injunction Seizing Products SK CORP: Incheon Oil to Curb September Operations M A L A Y S I A CHASE PERDANA: In Talks to Defer RCSLS Redemption CYGAL BERHAD: SC Denies Deadline Extension Request GENERAL MOTORS: Forges Partnership with DRB-Hicom KIG GLASS: Bourse Defers Delisting Pending Decision on Appeal MALAYSIA AIRLINES: Invites Pitch for Advertising Account MBF CORPORATION: Places Subsidiary Under Voluntary Wind-Up MERCES HOLDINGS: Faces Wind-Up Proceedings METROPLEX BERHAD: August Default Totals MYR1,790,952,184 METROPLEX BERHAD: Court Rules on Liquidator's Remuneration PANGLOBAL BERHAD: Taisho Wants to Intervene in RO Proceedings PAXELENT CORPORATION: Unit Serves Judgment on Dibena PROTON HOLDINGS: Needs to Deal with Control Issues, Analysts Say TELEKOM MALAYSIA: Unit to be Dissolved By December 7 TENAGA NASIONAL: To List and Quote New Shares Today P H I L I P P I N E S APEX MINING: Posts PHP46 Million Net Loss for Fiscal Year 2005 APEX MINING: Starts Pre-Commissioning at the Masara Mine ASIA AMALGAMATED: Suffers Recurrent Losses, No Turnaround Plan DEVELOPMENT BANK: Sandiganbayan Dismisses Graft Case v. Execs MIRANT CORP: FirstGEn Confirms Bid for Philippine Assets S I N G A P O R E AVAGO TECHNOLOGIES: Sues Elan in Taiwan for Patent Infringement FREESCALE: To Sell Company for US$17.6 Bln to Blackstone, et al. HIBEX SINGAPORE: High Court to Hear Petition on September 25 OVERSEAS SHIPHOLDING: Will Declare 25 Cents-Per-Share Dividend PACIFIC CENTURY: Posts Revised Financials for Second Quarter QNITY NETWORKS: Pays First and Final Dividend REFCO INC: Classification & Treatment of Claims Under Plan REFCO INC: Files Chapter 11 Reorganization Plan VAN HIN FURNITURE: Faces Wind-Up Proceedings T H A I L A N D DATAMAT PCL: To Appoint Auditors to Review Company's Financials THAI PETROCHEMICAL: To Sign US800-Mil Loan Deal to Pay Debts * Upcoming Meetings, Conferences and Seminars - - - - - - - - ============================================ A U S T R A L I A & N E W Z E A L A N D ============================================ ADSTEAM MARINE: SvitzerWijsmuller to Decide on Takeover Bid ----------------------------------------------------------- As reported in the Troubled Company Reporter - Asia Pacific on September 4, 2006, the United Kingdom Office of Fair Trading will refer the proposed acquisition of Adsteam Marine Ltd by SvitzerWijsmuller to the U.K. Competition Commission. The TCR-AP previously reported that SvitzerWijsmuller A/S revealed a recommended cash takeover offer for all of Adsteam's shares including those issued on the exercise of share acquisition rights under Adsteam's long-term incentive plan. Under the terms of SvitzerWijsmuller's cash offer, Adsteam shareholders will receive AU$2.54 per share. A follow up report from the Sydney Morning Herald relates that SvitzerWijsmuller has until the end of this week to decide whether it will extend its AU$2.54 a share offer, which expires on September 29, 2006, and wait for the U.K. Competition Commission to make its final decision on the proposed merger on February 14, 2007. The report reveals that Adsteam's largest shareholder, Investors Mutual, agreed to the offer last week. Thus, Svitzer now has acceptances for 16% of Adsteam's shares. However, the Sydney Herald notes that Svitzer has not provided signals on whether it is willing to waive the condition in the original offer for the deal not to be referred to the British competition watchdog. According to the paper, this condition was already broken when the OFT referred the matter to the regulator after raising concerns about a "substantial lessening of competition" stemming from the merger of Britain's two largest tug companies. Given the OFT views are not final nor binding, it is possible that Svitzer could change the condition for the deal to get Competition Commission approval instead, the Sydney Herald states. Submissions on the deal from interested parties are due on September 22, 2006, the Sydney Herald says, noting that Svitzer and Adsteam have already provided undertakings to divest certain businesses in the U.K., but have declined to say which ones. According to the Sydney Herald, the OFT's findings stated that "[w]hile this divestment could be enough to protect marginal customers, it would not guard infra-marginal customers." There were no details of the OFT's undertakings from its findings. Yet, the OFT noted that the "widest structural offer. . .would not restore premerger competition dynamics," the paper relates. According to the Sydney Herald, if the deal went ahead, Svitzer would be by far the world's largest towage company, controlling 12% of tug jobs globally. About SvitzerWijsmuller SvitzerWijsmuller -- http://www.svitzerwijsmuller.com/-- is a major global towage and salvage company headquartered in Copenhagen, Denmark with activities in 35 countries within harbour towage, terminal towage, salvage, emergency response and rescue, ocean towage and crew boat operations. SvitzerWijsmuller is a subsidiary of A.P. Moller - Maersk A/S. Last year, SvitzerWijsmuller had a turnover of US$355 million and it employs approximately 2,500 people. About Adsteam Headquartered in New South Wales, Australia, Australia Adsteam Marine Ltd -- http://www.adsteam.com.au/-- currently has a fleet of more than 200 vessels and also offers other maritime services such as a shipping agency, fuel distribution and salvage. The Company had undertaken steps in a plan to divest non-core businesses since May 2003 as part of its business transformation program and has raised money to support its rescue plan designed to trim down debts and repay borrowings. Adsteam's debt was estimated to be AU$360 million. As of June 30, 2005, the Company reported an "improved balance sheet" as it was able to reduce its debt to AU$302 million, achieved through the sale of non-core assets, improved earnings, improved debtor management and a tight dividend policy. AUSCLASS HOLDINGS: Prepares to Declare Dividend to Creditors ------------------------------------------------------------ Ausclass Holdings Pty Ltd -- formerly CSE Freightlines -- will declare its first and final dividend on September 27, 2006. Creditors who cannot prove their claims by September 26, 2006, will be excluded from sharing The Deed Administrator can be reached at: A. M. Travers PO Box 1332, Canning Bridge Western Australia 6153 Australia BRONWYN TAYLOR: Names Fatupaito and Agnew as Liquidators -------------------------------------------------------- On August 24, 2006, Vivian Judith Fatupaito and Richard Dale Agnew were named joint and several liquidators for Bronwyn Taylor Accounting Services Ltd. The Joint Liquidators will be receiving proofs of claim from the company's creditors on November 24, 2006. Failure to present proofs of debt will exclude a creditor from sharing in any distribution the company will make. The Joint Liquidators can be reached at: Vivian Fatupaito PricewaterhouseCoopers Level Eight, PricewaterhouseCoopers Tower 188 Quay Street, (Private Bag 92-162) Auckland, New Zealand Telephone: (09) 355 8000 Facsimile: (09) 355 8013 BURCHLEY PTY: Shuts Down Business Operations -------------------------------------------- Members of Burchley Pty Ltd on August 18, 2006, resolved that a wind-up of the Company's operations is appropriate and necessary. In this regard, Stephen Robert Dixon and Michael James Humphris were appointed as joint and several liquidators. The Joint and Several Liquidators can be reached at: Stephen R. Dixon Horwath BRI (Vic) Pty Ltd Chartered Accountants Level 30, The Rialto 525 Collins Street Melbourne, Victoria 3000 Australia BURRABOI PASTORAL: Liquidator to Present Wind-Up Report ------------------------------------------------------- Members of Burraboi Pastoral Company Pty Ltd will convene at a final meeting on October 26, 2006, at 11:00 a.m. pursuant to section 509 of the Corporations Act 2001. During the meeting, Liquidator Brian McCleary will present final accounts of the Company's wind-up operations. As reported by the Troubled Company Reporter - Asia Pacific, the company commenced a wind-up of its operations on August 22, 2006. The Liquidator can be reached at: Brian Mccleary Brian McCleary & Co Accountants 126 End Street Deniliquin, New South Wales 2710 Australia CHALLISTON PTY: Set to Declare Dividend on September 27 ------------------------------------------------------- Challiston Pty Ltd will declare first and final dividend to creditors on September 27, 2006, to the exclusion of those who cannot prove their claims by September 26, 2006. The Deed Administrator can be reached at: A. M. Travers PO Box 1332, Canning Bridge Western Australia 6153 Australia CRC FOR INTELLIGENT: Enters Voluntary Liquidation ------------------------------------------------- Members of CRC For Intelligent Manufacturing Systems and Technologies Ltd held a general meeting on August 22, 2006 and agreed to voluntary wind-up the Company's business. In this regard, Gregory John Keith was appointed liquidator. The Liquidator can be reached at: G. J. Keith Grant Thornton Recovery (Vic) Pty Ltd Rialto Towers, Level 35 South Tower 525 Collins Street Melbourne, Victoria 3000 Australia E.C. MENZIES: Creditors' Proofs of Claim Due on Oct. 2 ------------------------------------------------------ On August 31, 2006, members of E.C. Menzies Services Ltd resolved to liquidate the company's business and appointed Douglas John Wilson as official Liquidator. Accordingly, Mr. Wilson requires the company's creditors to file their proofs of claim by October 2, 2006. Failure to comply with the requirement will exclude a creditor from sharing in any distribution the company will make. The Joint Liquidators can be reached at: Douglas John Wilson MGI Wilson Eliott, Chartered Accountants Level Two, Fidelity House 81 Carlton Gore Road Newmarket, Auckland New Zealand Postal Address: P.O. Box 2296 Shortland Street, Auckland 1140 New Zealand Telephone:(09) 377 1362 Facsimile:(09) 307 2740 ELECTRONIC ACCESSORIES: Under Liquidation With AU$1.2-Mil Debt -------------------------------------------------------------- Queensland-based hardware distributor, Electronic Accessories Australia has been liquidated, owing AU$1.2 million to creditors, Lilia Guan of CRN Australia reports. On August 11, 2006, Electronic Accessories voluntarily appointed Worrell Solvency and Forensic Accountants as administrator before officially liquidating the company on September 7. CRN cites a spokesperson for Worrell as saying that the company had a proof of debt of AU$1.2 million, with no likelihood of dividends to be paid to around 23 unsecured creditors. The liquidator had only received proofs of debt from 21 creditors, both secured and unsecured. However, that number is likely to rise, the spokesperson adds, declining to reveal the creditors' identities but confirms that they were domestic and overseas organizations. CRN relates that the company's eight employees were terminated before the appointment of Worrell. About Electronic Accessories Established in 1988, Electronic Accessories Australia Pty Ltd -- http://www.eaa.com.au/-- is a distributor of high quality Computer Accessories, Peripherals for the PC and Apple Mac platforms and Office Supply products. According to CRN, the company's vendor partners include PowerShield, Ultra, and Edimax. Over the past 14 years, the company has built a solid, national customer base, with clients across Australia and New Zealand. Each year Electronics Accessories introduce more new design, high quality Computer Accessories, and Office supply products into the market. ENVIROLOGIC INTERNATIONAL: Final Meeting Scheduled on October 31 ---------------------------------------------------------------- Members and creditors of Envirologic International Pty Ltd will hold a final meeting on October 31, 2006, at 11:00 a.m. At the meeting, Liquidator Steven Nicols will report on the company's wind-up proceedings and property disposal exercises. The Liquidator can be reached at: Steven Nicols Nicols + Brien Level 2, 350 Kent Street Sydney, New South Wales 2000 Australia Web site: http://www.bankrupt.com.au FBA HOLDINGS: Members to Convene on September 28 ------------------------------------------------ Members of FBA Holdings Pty Ltd will hold a general meeting on September 28, 2006, at 10:00 a.m., to receive Liquidator G.O. Freeman's final account showing how the Company was wound up and how its property was disposed of. According to the Troubled Company Reporter - Asia Pacific, members agreed to liquidate the company's business on Jan. 31, 2006. The Liquidator can be reached at: Geoffrey Owen Freeman G. O. Freeman & Co Ashgrove Centrepoint 8/229 Waterworks Road, Ashgrove Australia FELTEX CARPETS: Posts NZ$57,654,000 Loss for FY 2006 ---------------------------------------------------- Feltex Carpets Limited filed with the New Zealand Stock Exchange its first set of financial statements prepared based on New Zealand equivalents to International Financial Reporting Standards. For the Fiscal Year ended June 30, 2006, Feltex posted a loss before income tax of NZ$51,847,000 and loss after tax of NZ$57,654,000, compared with the profit before tax of NZ$16,178,000 and profit after tax of NZ$12,063,000 posted for Fiscal Year 2005-06. The company discloses that discussions continue to be held with the ANZ Bank with regard to a recapitalization and refinancing proposal that the company has received from a group of investors. As reported in the Troubled Company Reporter - Asia Pacific on September 11, 2006, Feltex Carpets has received an offer from Graeme and Craig Turner for its recapitalization and refinancing. The Feltex Board of Directors has evaluated the proposal and submitted it to ANZ Bank for its consideration on the basis that it is acceptable to the Directors and they would be prepared to recommend it to shareholders in the absence of a superior offer. Feltex is still waiting for ANZ Bank's response. According to the TCR-AP, the Turners' Offer consists of Feltex's issuance of convertible notes to an amount of NZ$40 million to the Turners and a named group of core investors. The Core Investors would also underwrite a renounceable rights issue of securities to existing shareholders to an amount of NZ$11 million. The securities would be priced at 10 cents each. Feltex clarifies that its financial statements have been prepared on a going concern basis, which assumes that the current proposed recapitalization and refinancing proposal proceeds and is approved by shareholders. The Directors cannot be certain of the outcome of the proposed recapitalization and refinancing proposal. However, they currently plan to continue the company's operations on the basis that the proposal is successful, and believe that the recapitalization and refinancing of the company would enable it to operate in its normal manner for the foreseeable future and at least for a period of 12 months from September 18, 2006. In the event that the recapitalization and refinancing proposal does not proceed, there is significant uncertainty whether the Company and the consolidated entity will continue as going concerns and, therefore, whether the Company will realize its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial statements. The Company's borrowings with the ANZ Bank have been classified as a current liability. The assumption is that these borrowings would be reduced by the equity contribution and the balance refinanced by another lender as part of the recapitalization and refinancing proposal that is under consideration. The company notes that the financial statements take no account of the consequences, if any, of the effects of the failure of the recapitalization and refinancing proposal. Feltex further notes that the financial statements do not include adjustments relating to the recoverability and classification of asset amounts nor to the amounts and classification of liabilities that might be necessary should the Company and consolidated entity not continue as going concerns. About Feltex Headquartered in Auckland, New Zealand, and established over 50 years ago, Feltex Carpets Limited -- http://www.feltex.com/-- has built a reputation for being one of the world's leading manufacturers of superior-quality carpet. The Feltex operation includes a wool scouring plant, six spinning mills, three tufted carpet mills, a woven carpet mill and offices in New Zealand, Australia and the United States. The Company also leads the way in exports, with customers throughout South East Asia, Japan, the United States, the Middle East and other key world markets. Feltex listed on the local stock exchange in mid-2004 in a NZ$254-million initial public offering -- the year's largest in New Zealand. However, the Company fell short of its prospectus earnings projections, reporting a net profit of NZ$11.8 million in the fiscal year to June 30, 2005, about half the forecast NZ$23.9 million. The Company has struggled with losses and earnings downgrades, flogging sales, and a dipping share price. The Company closed plants and in October 2005, axed 235 jobs, mostly in Australia, and by 2006, abandoned merger talks with Australian competitor Godfrey Hirst after it suggested that the apparent "white knight" investor was more interested in a reverse takeover. Godfrey Hirst later sold out its nearly 9% stake in the Company. In February 2006, Feltex reported a first-half after tax loss of NZ$11.83 million, down almost 200% compared with the net loss in the previous year. The Company is currently undergoing negotiations for a capital raising exercise, proceeds of which will be used to ease its NZ$128-million debt to ANZ Bank. FOOD WORX: Appoints Joint and Several Liquidators ------------------------------------------------- On August 23, 2006, Kenneth Peter Brown and Thomas Lee Rodewald were appointed as joint and several liquidators for Food Worx Ltd. The Joint and Several Liquidator can be reached at: Kenneth Peter Brown Thomas Lee Rodewald c/o Rodewald Hart Brown Limited 127 Durham Street (P.O. Box 13-380), Tauranga New Zealand Telephone:(07) 571 6280 Web site: www.rhb.co.nz FORTESCUE METALS: Awards Locomotives Contract to GE --------------------------------------------------- Fortescue Metals Group Limited advises the Australian Stock Exchange that it has awarded the locomotive supply contract to General Electric. The lump sum covers the delivery of 15 Dash 9 "CW44" locomotives for commissioning in November 2007. Fortescue advises that the contract value was under the budgeted amount. The contract to supply the locomotives was identified as a material contract within the offering memorandum pursuant to the recent issuance of senior secured notes. The notes, issued by Fortescue's wholly owned subsidiary FMG Finance Pty Ltd, are now trading on the Singapore Stock Exchange. Fortescue has also awarded a contract to Perth Drafting Company covering the shop detailing of steel for the ore processing center to be located at the Cloud Break mine site. About Fortescue Headquartered in West Perth, Western Australia, Fortescue Metals Group Limited -- http://fmgl.com.au/-- is involved in the exploration of iron ore through a project to mine iron ore in the Chichester Ranges, in the Pilbara region of Western Australia and exporting it from Port Hedland. In 2005, Fortescue's chief executive officer, Andrew Forrest, admitted to a AU$500-million blowout on the cost of port and rail infrastructure in the Pilbara Project because of price hikes for steel, fuel, construction materials, and contract labor. The Company also disclosed that the hampered progress of the Pilbara Project brings in the possibility that the Company may not meet its ore delivery schedule and pushes up costs at resource developments across Western Australia. In May 2005, the Australian Stock Exchange pressured Fortescue to explain matters about the project and to explain how the Company would be able to dispose of its lower grade order for 95% of the price obtained by rivals BHP Billiton and Rio Tinto for their top- quality products. The ASX then referred the matter to the Australian Securities and Investments Commission, which commenced a legal action against the Company. The ASIC alleges that Fortescue is engaged in misleading and deceptive conduct and has failed to comply with its continuous disclosure obligations when it announced various contracts with Chinese entities on August 23 and November 5, 2004. In particular, Fortescue did not disclose that the Chinese parties had not reached a concluded agreement on fundamental aspects of the projects and they had merely agreed that they would in the future jointly develop and agree on the "agreed" matters. The ASIC is seeking civil penalties of up to AU$3 million against Fortescue. * * * Fortescue reported total assets of AU$221 million and total liabilities of AU$84 million as of June 30, 2006. Fortescue reported a net loss for the past two fiscal years. Net loss for the year ended June 30, 2005, was AU$4.52 million and net loss for the year ended June 30, 2006, was AU$2.15 million. FORTESCUE METALS: Appoints J. Blanning as Mining Head ----------------------------------------------------- Fortescue Metals Group Ltd appoints Joh Blanning as Head of Mining. Mr. Blanning will report to the Executive Director of Operations, Graeme Rowley. Mr. Blanning will replace Fortescue's existing Head of Mining, Jim Williams, who at the age of 68 is looking forward to retirement after heading the company's feasibility studies and innovative mine planning over the last three years. Mr. Blanning's experience as General Manager for a number of large mining operations has honed his effectiveness in meeting and exceeding operational production and financial targets. He has a proven ability in implementing strategies to improve key performance targets like safety, productivity, and environmental performance. Fortescue notes that Mr. Blanning has worked in the mining industry for over 20 years with the last six years as General Manager of BHP Billiton's Saraji and Blackwater coal mines in Queensland. The Blackwater mine is the largest black coal mine in Australia and as General Manager, Mr. Blanning led over 1,800 employees and contractors and controlled an operating budget in excess of AU$450 million over the last financial year. During this period, Mr. Blanning was instrumental in building strong relationships with the communities of Dysart and Blackwater, the company relates. About Fortescue Headquartered in West Perth, Western Australia, Fortescue Metals Group Limited -- http://fmgl.com.au/-- is involved in the exploration of iron ore through a project to mine iron ore in the Chichester Ranges, in the Pilbara region of Western Australia and exporting it from Port Hedland. In 2005, Fortescue's chief executive officer, Andrew Forrest, admitted to a AU$500-million blowout on the cost of port and rail infrastructure in the Pilbara Project because of price hikes for steel, fuel, construction materials, and contract labor. The Company also disclosed that the hampered progress of the Pilbara Project brings in the possibility that the Company may not meet its ore delivery schedule and pushes up costs at resource developments across Western Australia. In May 2005, the Australian Stock Exchange pressured Fortescue to explain matters about the project and to explain how the Company would be able to dispose of its lower grade order for 95% of the price obtained by rivals BHP Billiton and Rio Tinto for their top- quality products. The ASX then referred the matter to the Australian Securities and Investments Commission, which commenced a legal action against the Company. The ASIC alleges that Fortescue is engaged in misleading and deceptive conduct and has failed to comply with its continuous disclosure obligations when it announced various contracts with Chinese entities on August 23 and November 5, 2004. In particular, Fortescue did not disclose that the Chinese parties had not reached a concluded agreement on fundamental aspects of the projects and they had merely agreed that they would in the future jointly develop and agree on the "agreed" matters. The ASIC is seeking civil penalties of up to AU$3 million against Fortescue. * * * Fortescue reported total assets of AU$221 million and total liabilities of AU$84 million as of June 30, 2006. Fortescue reported a net loss for the past two fiscal years. Net loss for the year ended June 30, 2005, was AU$4.52 million and net loss for the year ended June 30, 2006, was AU$2.15 million. FREMANTLE SHIPWRIGHTING: Members to Receive Wind-Up Report ---------------------------------------------------------- The members of Fremantle Shipwrighting Co. will hold a final meeting on October 3, 2006, at 10:00 a.m. During the meeting, Liquidator M.D. Reilly will report on the company's wind-up proceedings and property disposal exercises. The Liquidator can be reached at: M.D. Reilly Featherby Reilly Ground Floor, 1121 Hay Street West Perth Australia FSL HOLDINGS: Final Meeting Scheduled on September 28 ----------------------------------------------------- A general meeting of the members of FSL Holdings Pty Ltd will be held on September 28, 2006, at 11:00 a.m. At the meeting, Liquidator Geoffrey Owen Freeman will report on the Company's wind-up proceedings and property disposal exercises. The Liquidator can be reached at: Geoffrey Owen Freeman G. O. Freeman & Co Ashgrove Centrepoint 8/229 Waterworks Road, Ashgrove Australia GULF BUILDERS: Creditors' Proofs of Debt Due on Sept. 30 -------------------------------------------------------- On August 30, the shareholders of Gulf Builders Ltd appointed Ann Loudon as its official liquidator. Subsequently, creditors of Gulf Builders Ltd are required to submit their proofs of debt to Ms. Loudon by September 30, 2006, or be excluded from sharing in any distribution the company will make. The Liquidator can be reached at: Ann Loudon StreetSMART Group Limited P.O. Box 11-174 Ellerslie, Auckland New Zealand Telephone:(09) 580 1291 Facsimile:(09) 580 1292 HESTAK PTY: Members Decide to Cease Operations ---------------------------------------------- At a general meeting on August 31, 2006, the members of Hestak Pty Ltd agreed that it is in the Company's best interests to wind up its operations. The Liquidator can be reached at: Timothy James Cuming David Clement Pratt Level 15, 201 Sussex Street Sydney, New South Wales 1171 Australia HERBIE HOLDINGS: Creditors Must Prove Debts by October 6 -------------------------------------------------------- Creditors of Herbie Holdings Ltd are required to prove their claims to Joint Liquidators John Robert Buchanan and Callum James Macdonald by October 6, 2006. The Liquidators can be reached at: John Robert Buchanan Callum James Macdonald Buchanan Macdonald Limited, Chartered Accountants P.O. Box 101 993, North Shore Mail Centre Auckland, New Zealand Telephone:(09) 441 4165 Facsimile:(09) 441 4167 HOLKER PTY: Liquidator Reilly to Present Wind-Up Report ------------------------------------------------------- Holker Pty Ltd, which is in liquidation, will hold a final meeting on October 3, 2006, at 9:00 a.m. At the meeting, Liquidator M.D. Reilly will present final accounts of the company's wind-up proceedings. The Liquidator can be reached at: M.D. Reilly Featherby Reilly Ground Floor, 1121 Hay Street West Perth, Australia HAURAKI CONCRETE: Court to Hear CIR's Liquidation Bid on Nov. 23 ---------------------------------------------------------------- On August 2, 2006, the Commissioner of Inland Revenue filed a liquidation petition against Hauraki Concrete Ltd before the High Court of Auckland. The petition will be heard on November 23, 2006, at 10:00 a.m. The Solicitor for the Petitioner can be reached at: E. M. Duncan-Sittlington Inland Revenue Department 1 Bryce Street, Hamilton New Zealand Telephone: (07) 959 0471 INNOVATIVE LIFESTYLES: Names Brown and Rodewald as Liquidators -------------------------------------------------------------- Shareholders of Innovative Lifestyles Ltd, on August 31, 2006, appointed Kenneth Peter Brown and Thomas Lee Rodewald as joint and several liquidators. The Joint and Several Liquidators can be reached at: Kenneth Peter Brown Thomas Lee Rodewald c/o Rodewald Hart Brown Limited 127 Durham Street (P.O. Box 13-380), Tauranga New Zealand Telephone:(07) 571 6280 Web site: http://www.rhb.co.nz/ JOHNO'S SKILLED: Court Issues Wind-Up Order ------------------------------------------- On August 25, 2006, the Federal Court of Australia ordered Johno's Skilled Services Pty Ltd to wind up its operations. Accordingly, R. Whitton was appointed as official liquidator. The Liquidator can be reached at: R. Whitton Level 7, 1 Margaret Street Sydney, New South Wales 2000 Australia Telephone:(02) 8346 6000 KARMIC TRANSPORT: Names Shephard and Dunphy as Liquidators ---------------------------------------------------------- Iain Bruce Shephard and Christine Margaret Dunphy were named joined and several liquidators of Kramic Transport Ltd on Aug. 29, 2006. The Joint Liquidators can be reached at: Iain Shephard Shephard Dunphy Limited Level Two, Citibank Centre 23 Customs Street, Auckland New Zealand Telephone: (09) 309 3264 Facsimile: (09) 309 3265 P.O. Box 11-793, Wellington M.Q.F. QUEENSLAND: Members Opt for Voluntary Liquidation -------------------------------------------------------- Members of M.Q.F. Queensland Pty Ltd resolved on August 18, 2006, to liquidate the company's business. The Joint and Several Liquidators can be reached at: Christopher R. Campbell David J. F. Lombe Deloitte Touche Tohmatsu Grosvenor Place, 225 George Street Sydney, New South Wales 2000 Australia MAINLY ELECTRICAL: Creditors' Proofs of Claim Due on Sept. 25 ------------------------------------------------------------- On August 28, 2006, the High Court at Wellington appointed David Stuart Vance and Bruce McCallum as joint and several liquidators of Mainly Electrical Ltd. The Joint Liquidators require creditors to submit their proofs of debt by September 25, 2006, for them to share in any distribution the Company will make. The Troubled Company Reporter - Asia Pacific previously reported that on July 17, 2006, the Commissioner of Inland revenue filed a liquidation petition against the company. The Joint Liquidators can be reached at: David Stuart Vance Bruce McCallum c/o Robert Campbell 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 MANDARIN RESTAURANT: Appoints Joint and Several Liquidators ----------------------------------------------------------- John Robert Buchanan and Callum James McDonald were appointed on August 29, 2006, to act as joint and several liquidators of The Mandarin Restaurant Ltd. The Joint Liquidators require the creditors of the company to prove their debts by October 6, 2006. Failure to show proofs of claim will exclude a creditor from sharing in any distribution the company will make. The Joint Liquidators can be reached at: John Robert Buchanan Buchanan Macdonald Limited Chartered Accountants, P.O. Box 101 993 North Shore Mail Centre, Auckland New Zealand Telephone: (09) 441 4165 Facsimile: (09) 441 4167 MIB MANAGEMENT: Members Agree to Voluntarily Liquidate Business --------------------------------------------------------------- At a general meeting on August 25, 2006, the members of MIB Management Pty Ltd passed a special resolution to voluntarily liquidate the Company's business. In this regard, Elizabeth Jane Stackhouse was named as liquidator. The Liquidator can be reached at: Elizabeth Jane Stackhouse Scott Dawkins and Associates Pty Ltd Level 2, 93 York Street Launceston, 7250 Australia NETWORK EVENTS: Final Meeting Scheduled for October 20 ------------------------------------------------------ A final meeting of the members and creditors of Network Events & Media Pty Ltd, will be held on October 20, 2006, at 11:40 a.m. At the meeting, Liquidator John Vouris will present final accounts of the company's wind-up and property disposal exercises. The Liquidator can be reached at: John Vouris Lawler Partners Level 7, 1 Margaret Street Sydney, New South Wales 2000 Australia Telephone:(02) 9232 6800 N.Z. SCHOOL OF BUSINESS: Creditors Must Prove Debts by Oct. 13 -------------------------------------------------------------- On August 30, 2006, shareholders of New Zealand School of Business and Technology Ltd appointed Peter Reginald Jollands and Rory Iain Grieve as Joint and Several Liquidators in the company's liquidation. In this regard, creditors are required to present their proofs of claims by October 13, 2006. Failure to prove a claim will exclude a creditor from sharing in any distribution the company will make. The Joint Liquidators can be reached at: Rory Grieve Jollands Callander Accountants and Insolvency Practitioners Level Four, 3-13 Shortland Street Auckland, New Zealand P.O. Box 106-141, Auckland City Web site: www.jollandscallander.co.nz ORIGIN AFRICA: Commenced Liquidation Proceedings ------------------------------------------------ The liquidation of Origin Africa Ltd commenced on August 31, 2006, with the appointment of Grant Bruce Reynolds as Liquidator. Accordingly, Mr. Reynolds required creditors to prove their debts by October 20, 2006. Failure to present proofs of debt will exclude a creditor from sharing in any distribution the company will make. The Liquidator can be reached at: Grant Bruce Reynolds Reynolds & Associates Limited Insolvency Practitioners P.O. Box 259-059, Burswood East Tamaki, Auckland New Zealand Telephone: (09) 577 0162 Facsimile: (09) 577 0243 OSBORNE HOLDINGS: Hearing of CIR's Liquidation Bid Set on Nov.30 ---------------------------------------------------------------- The High Court of Auckland will hear a liquidation petition filed against Osborne Holdings Ltd on November 30, 2006, at 10:00 a.m. On August 2, 2006, the Commissioner of Inland Revenue filed the petition. The Solicitor for the Petitioner can be reached at: E. M. Duncan-Sittlington Inland Revenue Department 1 Bryce Street, Hamilton New Zealand Telephone: (07) 959 0471 PANDORA PASTORAL: Members to Receive Wind-Up Report on Oct. 26 -------------------------------------------------------------- A final meeting will be held for the members of Pandora Pastoral Company Pty Ltd, on October 26, 2006, at 11:00 a.m., to receive Liquidator McCleary's final accounts of the Company's wind-up proceedings. As reported by the Troubled Company Reporter - Asia Pacific, the company was placed under liquidation on August 22, 2006. The Liquidator can be reached at: Brian Mccleary Brian McCleary & Co Accountants 126 End Street Deniliquin, New South Wales 2710 Australia PASMINCO COCKLE: To Declare Dividend on September 28 ---------------------------------------------------- Pasminco Cockle Creek Smelter Pty Ltd will declare its third dividend on September 28, 2006. Creditors who are unable to prove their claims by September 20, 2006, will be excluded from the benefit of the dividend. The Deed Administrator can be reached at: Peter Mccluskey Ferrier Hodgson Level 29, 600 Bourke Street Melbourne, Victoria 3000 Australia PASMINCO FINANCE: To Declare Dividend on September 28 ----------------------------------------------------- Pasminco Finance Ltd, which is subject to a deed of company arrangement, will declare its third dividend to creditors on September 28, 2006. In this regard, creditors are required to file their proofs of claim by September 20, 2006, for them to share in the dividend distribution. The Deed Administrator can be reached at: Peter Mccluskey Ferrier Hodgson Level 29, 600 Bourke Street Melbourne, Victoria 3000 Australia PASMINCO PACIFIC: Creditors' Proofs of Claim Due on September 20 ---------------------------------------------------------------- Pasminco Pacific Pty Ltd will declare the third dividend for its creditors on September 28, 2006. Creditors who cannot prove their claims by September 20, 2006, will be excluded from sharing in any distribution the Company will make. The Deed Administrator can be reached at: Peter Mccluskey Ferrier Hodgson Level 29, 600 Bourke Street Melbourne, Victoria 3000 Australia PATANNE FLOORS: Members and Creditors to Hear Wind-Up Report ------------------------------------------------------------ A final meeting of the members and creditors of Patanne Floors Pty Ltd, will be held on October 2, 2006, at 9:00 a.m. At the meeting, the members and creditors will be asked, with respect to the end of administration, to receive: -- final receipts and payments; and -- formal notice. The Liquidator can be reached at: Michael Griffin Worrells Solvency & Forensic Accountants 8/F, 102 Adelaide Street Brisbane Queensland 4000 Australia Telephone:(07) 3225 4391 Facsimile:(07) 3225 4311 Web site: http://www.worrells.net.au PERMANANCE PTY: Members Opt to Shut Down Operations --------------------------------------------------- On August 31, 2006, the members of Permanance Pty Ltd held a general meeting and agreed to shut down the Company's business operations. The Liquidator can be reached at: Timothy James Cuming David Clement Pratt Level 15, 201 Sussex Street Sydney, New South Wales 1171 Australia PETELAN PTY: Members and Creditors Set to Meet on Sept. 22 ---------------------------------------------------------- A joint meeting of the members and creditors of Petelan Pty Ltd formerly known as A & P Mercantile, will be conducted on September 22, 2006, at 10:00 a.m. During the meeting, Liquidator Peter Vince will give the accounts of the Company's wind-up proceedings. The Liquidator can be reached at: Peter Vince Ferrier Hodgson Level 29, 600 Bourke Street Melbourne, Victoria 3000 Australia PHARMACY WHAREHOUSE: Shareholders Opt for Voluntary Liquidation --------------------------------------------------------------- On August 4, 2006, shareholders of The Pharmacy Warehouse Ltd resolved voluntarily liquidate the company. Accordingly, Atul Mehta was appointed Liquidator. Creditors are required to prove their debts by September 30, 2006. Failure to comply with the requirement will exclude a creditor from sharing in any distribution the company will make. The Liquidator can be reached at: Atul Mehta Markhams MRI Auckland Limited Level Ten, 203 Queen Street (P.O. Box 2194), Auckland New Zealand Telephone: (09) 309 6011 Facsimile: (09) 366 0261 RED PC: Creditors Proofs of Claim Due on Nov.24 ----------------------------------------------- The liquidation of Red PC Ltd commenced on August 24, 2006, with the appointment of Vivian Judith Fatupaito and Richard Dale Agnew as Joint and Several Liquidators. In this regard, creditors are required to prove their debts to the Joint Liquidators by November 24, 2006. Failure to show proofs of debt will exclude a 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 from the Commissioner of Inland Revenue filed on May 30, 2006. The Joint Liquidators can be reached at: Vivian Fatupaito PricewaterhouseCoopers Level Eight, PricewaterhouseCoopers Tower 188 Quay Street, (Private Bag 92-162) Auckland, New Zealand Telephone: (09) 355 8000 Facsimile: (09) 355 8013 REDLAKE NOMINEES: Final Meeting Slated for October 3 ---------------------------------------------------- A final meeting of members and creditors of Redlake Nominees Pty Ltd, which is in liquidation, will be held on October 3, 2006, 11:00 a.m., During the meeting, Liquidator Coad will present a report regarding the Company's wind-up proceedings and property disposal activities. The Liquidator can be reached at: S. R. COAD Level 2, 45 Stirling Highway Nedlands Western Australia 6009 Australia ROTHSCHILD AUSTRALIA (AIRCRAFT): Enters Voluntary Wind-Up --------------------------------------------------------- Members of Rothschild Australia Aircraft Leasing Pty Ltd convened on August 31, 2006 and decided to voluntarily wind up the Company's operations. The Liquidator can be reached at: Timothy James Cuming David Clement Pratt Level 15, 201 Sussex Street Sydney, New South Wales 1171 Australia ROTHSCHILD AUSTRALIA (BUSINESS): Members Opt for Wind-Up -------------------------------------------------------- The members of Rothschild Australia Business Leaders Investors Pty Ltd met on August 31, 2006, and passed a special resolution to voluntarily wind-up the Company's operations. The Liquidator can be reached at: Timothy James Cuming David Clement Pratt Level 15, 201 Sussex Street Sydney, New South Wales 1171 Australia SALINAS AIR: Placed Under Voluntary Liquidation ----------------------------------------------- Members of Salinas Air Conditioner Installation Pty Ltd met on August 24, 2006, and decided to voluntarily wind up the company's operations. In this regard, Alan Hayes and Scott Darren Pascoe were appointed as joint and several liquidators. The Liquidator can be reached at: Alan Hayes Scott Darren Pascoe SimsPartners Level 24, 264 George Street Sydney, New South Wales 2000 Australia SCHUTT PRODUCTIONS: Enters Voluntary Wind-Up -------------------------------------------- At a general meeting on August 22, 2006, the members of Schutt Productions Pty Ltd resolved to voluntarily wind up the Company's operations. Subsequently, Peter P. Krejci was appointed as liquidator at the creditors' meeting held that same day. The Liquidator can be reached at: Peter P. Krejci GHK Green Krejci Level 13, 1 Castlereagh Street Sydney, New South Wales 2000 Australia SPG PROPERTY: Members Resolve to Wind Up Firm --------------------------------------------- The members of SPG Property Pty Ltd held a general meeting on August 29, 2006, and resolved to voluntarily wind up the company's operations. In this regard, Peter Charles Hicks was appointed as liquidator. The Liquidator can be reached at: Peter Charles Hicks Forsythes Chartered Accountants Level 5, 175 Scott Street Newcastle, Australia STARPLAN VENTURES: Winds Up Business Operations ----------------------------------------------- At a general meeting on August 29, 2006, the members and creditors of Starplan Ventures Pty Ltd decided that the Company must voluntarily commence a wind-up of its operations. Gideon Isaac Rathner and David John Coyne were named as joint and several liquidators. The Joint and Several Liquidator scan be reached at: Gideon Isaac Rathner David John Coyne Lowe Lippmann 5 St Kilda Road, St Kilda Victoria, 3182 Australia STEEL IMPORTS: Faces Liquidation Proceedings -------------------------------------------- A liquidation petition filed against Steel Imports Ltd will be heard before the High Court of Auckland on September 28, 2006, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition with the Court on July 3, 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 SYKES RESIDENTIAL: Creditors Must Prove Debts by Sept. 22 --------------------------------------------------------- On August 29, 2006, Kevin Neil Wilson and Christine Joy Henderson were appointed Joint and Several Liquidators of Sykes Residential Ltd. In this regard, the company's creditors are required to submit their proofs of claim to the liquidators by Sept 22, 2006, for them to share in any distribution the Company will make. The Joint and Several Liquidators can be reached at: Kevin Neil Wilson HWI Limited Chartered Accountants Level Three, 139 Carlton Gore Road Newmarket, Auckland New Zealand Telephone:(09) 307 8500 TP EXTENDED: Appoints Danny Vrkic as Liquidator ----------------------------------------------- On August 25, 2006, the members of TP Extended Pty Ltd met at a general meeting and decided to voluntarily wind up the Company's operations. Creditors appointed Danny Vrkic as liquidator at their meeting held later that day. The Liquidator can be reached at: Danny Vrkic Level 3, 6-8 Regent Street Wollongong, New South Wales 2500 Australia Telephone:(02) 4225 2545 Facsimile:(02) 4225 2546 T.W. TYRES: Creditors' Proofs of Claim Due on Sept. 29 ------------------------------------------------------ On August 31, 2006, the High Court appointed John Howard Ross Fisk and Richard Dale Agnew as joint and several liquidators of T.W. Tyres Ltd. Accordingly, creditors are required to submit their proofs of claims by September 29, 2006, to the Liquidators or be excluded from the any distribution the Company will make. The Liquidator can be reached at: John Howard Ross Fisk c/o PricewaterhouseCoopers 113-119 The Terrace (P.O. Box 243) Wellington, New Zealand Telephone:(04) 462 7016 Facsimile:(04) 462 7492 TAURANGA GLASS: Appoints Brown and Rodewald as Liquidators ---------------------------------------------------------- On August 31, 2006, Kenneth Peter Brown and Thomas Lee Rodewald were appointed as Joint and Several liquidators of Tauranga Glass Ltd. The Joint and Several Liquidators can be reached at: Kenneth Peter Brown Thomas Lee Rodewald c/o Rodewald Hart Brown Limited 127 Durham Street (P.O. Box 13-380), Tauranga New Zealand Telephone:(07) 571 6280 Web site: www.rhb.co.nz UNISOURCE EQUIPMENT: Falls into Liquidation ------------------------------------------- On August 24, 2006, Vivian Judith Fatupaito and Richard Dale Agnew were appointed Joint and Several Liquidators for Unisource Equipment Services Ltd. Accordingly, creditors are required to present proofs of claim by November 24, 2006. Failure to comply with the requirement will exclude a creditor from sharing in any distribution the company will make. As reported in the Troubled Company Reporter - Asia Pacific, the Commissioner of Inland Revenue filed a liquidation petition against the company on May 30, 2006. The petition was heard on August 24, 2006. The Joint Liquidators can be reached at: Vivian Fatupaito PricewaterhouseCoopers Level Eight, PricewaterhouseCoopers Tower 188 Quay Street, (Private Bag 92-162) Auckland, New Zealand Telephone: (09) 355 8000 Facsimile: (09) 355 8013 VILLAGE ROADSHOW: Annual General Meeting Set on Nov. 20, 2005 ------------------------------------------------------------- Village Roadshow Limited advises that its Annual General Meeting will be on November 30, 2006, commencing at 9.00 a.m. The AGM will be held at the Roxy Cinema, Warner Bros., Movie World, Pacific Motorway, in Oxenford, Queensland. It is presently expected that the Notice of Meeting, and the Company's 2006 Annual Report which accompanies it, will be forwarded to shareholders on October 30, 2006. About Village Roadshow Headquartered in Melbourne, Australia, Village Roadshow Limited -- http://www.villageroadshow.com.au/-- is an international media and entertainment company that operates core businesses in cinema, movie production, film distribution, radio, and theme parks. The Company's troubles began in 2003 when it offered to buy back its preference shares to head off a litigation threat by some preference shareholders who were angered at the Company's suspension of dividend payments. Village Roadshow's reported and budgeted profitability would not allow it to comfortably fund about AU$42 million worth of ordinary and preference share dividends out of annual earnings. For the past years, the Company has been facing major litigation brought by former business partners, who had invested in its film investment scheme. In December 2005, the Film Production division undertook a substantial restructure. As part of this restructure, a US$115 million Promissory Note was issued to Crescent Film Holdings and options to acquire a 50% shareholding in the Hollywood film production and related film exploitation business, Village Roadshow Pictures Group, were granted to Crescent and its affiliates. This initiative, together with the release of a US$70 million security deposit (replaced by a Letter of Credit), returned significant cash reserves to Village Roadshow. By January 2006, Village Roadshow had advised that VRPG had reached agreement with its financiers to increase its film production facility from US$900 million to US$1.4 billion. VRPG will continue to co-produce and co-finance films with its principal production partner, Warner Bros. The revolving period of the facility has also been extended for a further three years. As a result, drawdowns will now be available under the facility until January 2011 (previously February 2008) with the debt now scheduled to be fully repaid by January 2015 (previously January 2012). * * * The Troubled Company Reporter - Asia Pacific reported on March 1, 2006, that Village Roadshow posted a AU$2.21-million loss for the half-year ended December 31, 2006, compared to a net profit of AU$29.99 million in the previous corresponding half. The result is contrary to a profit downgrade in January, which already suggested a break-even figure. The entertainment group blames its poor financial result on lower cinema ticket sales, compounding losses from the restructuring of its movie production business and legal battles. WORTHINGTON MANAGEMENT: Appoints Shephard, Dunphy as Liquidators ---------------------------------------------------------------- Iain Bruce Shephard and Christine Margaret Dunphy were appointed Joined and Several Liquidators of Worthington Management Ltd on August 29, 2006. The Joint Liquidators can be reached at: Iain Shephard Shephard Dunphy Limited Level Two, Citibank Centre 23 Customs Street, Auckland New Zealand Telephone: (09) 309 3264 Facsimile: (09) 309 3265 P.O. Box 11-793, Wellington ================================ C H I N A & H O N G K O N G ================================ ACTIVE GAINER: High Court Issues Wind-Up Order ---------------------------------------------- The High Court of Hong Kong issued a wind-up order against Active Gainer Ltd on August 30, 2006. According to the Troubled Company Reporter - Asia Pacific, Shek Chi Wai filed the petition before the Court on July 3, 2006. ACXIOM CORP: Posts Final Results of Dutch Auction Tender Offer -------------------------------------------------------------- Acxiom disclosed earlier the final results of its modified "Dutch auction" tender offer to purchase up to 11,111,111 shares of the its common stock, which expired at 5:00 p.m., New York City time, on Tuesday, Sept. 12, 2006. Acxiom has accepted for payment an aggregate of 11,111,111 shares of its common stock at a purchase price of US$25 per share and an aggregate purchase price of approximately US$277.8 million. These shares represent approximately 12.6% of the shares outstanding immediately prior to completion of the tender offer. Acxiom has been informed by Computershare Trust Company, N.A., the depositary for the tender offer, that the final proration factor for the tender offer is 73.868515%. Based on the final count by the depositary (and excluding conditional tenders that were not accepted because the specified condition was not satisfied), 15,053,367 shares were properly tendered and not withdrawn at a price of US$25.00 per share. Any shares that were not properly tendered will be returned promptly to the tendering stockholders. Payment for the shares accepted for purchase, and return of all shares tendered and delivered and not accepted for purchase, will be carried out promptly by the depositary. As a result of the completion of the tender offer, Acxiom has approximately 77.4 million shares of common stock outstanding. Any questions with regard to the tender offer may be directed to: Innisfree M&A Incorporated Information Agent for the Offer 501 Madison Avenue New York, NY 10022 Phone:(877) 750-9497 or J.P. Morgan Securities Phone: (877) 371-5947 Stephens Inc. Phone: (800) 643-9691 Dealer Managers for the Offer 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. * * * As reported in the Troubled Company Reporter on Sept. 7, 2006, Standard & Poor's Ratings Services assigned its loan and recovery ratings to Little Rock, Arkansas-based Acxiom Corp.'s proposed $800 million secured first-lien financing. The first- lien facilities consist of a $200 million revolving credit facility and a $600 million term loan. They are rated 'BB' with a recovery rating of '2'. As reported in the Troubled Company Reporter on Aug. 25, 2006, Moody's Investors Service assigned a Ba2 rating to Acxiom Corporation's $800 million senior secured credit facilities, while affirming its corporate family rating of Ba2. The outlook is stable. AGILE PROPERTY: Non-Investment Grade Bond Earns US$400-Mil. ---------------------------------------------------------- HSBC and Morgan Stanley reopen China's non-investment grade market with a massively oversubscribed deal for Agile Property Holdings, FinanTimothy Cuffe of Finance Asia says. On September 15, 2006, HSBC and Morgan Stanley priced the largest high-yield offering of an Asian property developer when they completed Agile Property Holdings' US$400 million 7-year non-call 4 Reg S/144a debut deal. On September 18, 2006, the Troubled Company Reporter - Asia Pacific reported that Moody's Investors Service affirmed Agile Property's Ba3 local currency corporate family rating and foreign currency senior unsecured bond rating. The rating agency's affirmation follows the company's earlier decision to increase the size of its bond issuance to US$400 million from the initial US$350 million. Moreover, Standard & Poor's Ratings Services disclosed on September 15, 2006, that its BB/Stable long-term corporate credit rating and outlook on China-based Agile Property Holdings Limited remain unchanged following the US$50 million increase in the company's 'BB' rated senior notes due 2013. Roadshows were made in Singapore, London, Boston, New York, and New Jersey. Guidance was initially announced at 9.25%, but was tightened on the back of enormous demand. Final pricing was at par with a coupon of 9%, equivalent to 425.7bp over comparable US Treasuries. Finance Asia relates that the order book closed in excess of US$2.2 billion or 5.5 times oversubscribed and garnered significant global demand. Geographically, the deal was sold 46% into Asia, 26% into Europe and 28% into the US. By investor type, funds bought 65%, banks 16%, private banks 13%, insurance and pension funds took 4%, with 2% going to others, Finance Asia states. The funds will be used to further fund Agile's expansion and growth plan. Of the total US$300 million, approximately US$290 million will be used to finance the acquisition and development of land that it has signed the land grant or transfer documents for but has not obtained the land use right certificates. Explicitly, US$160 million will go towards financing the Chengdu Shuangliu project; US$65 million will go to the Nanjing Qinhuai project; and a further US$65 million will go towards the Heyuan project. The remaining proceeds will go towards general working capital, Finance Asia relates. * * * Agile Property Holdings Limited -- http://www.agile.com.cn-- is a land developer of Guangdong Province, China. It was established in 1985 as a furniture maker in Zhongshan City, and entered the property business in 1992. On December 15, 2005, Agile Property was listed on the Hong Kong Stock Exchange. Agile has a current land bank of 8.3 million square metres. As at July 1, it had 26 property development projects in major cities in the Pearl River Delta region; including Zhongshan, Guangzhou, Huizhou, and Foshan. Agile holds a range of properties, such as villas, duplexes, apartments and condominiums. Besides residential property business, Agile is also engaged in the development of commercial properties, including retail shops and commercial complexes. Moody's Investors Service assigned on September 15, 2006, affirmed Agile Property's (P)Ba3 local currency corporate family rating and foreign currency senior unsecured bond rating. The ratings outlook is stable. Standard & Poor's Ratings Services also on September 15, 2006, Keep its 'BB' long-term corporate credit rating to Agile Property Holdings Ltd. The outlook is stable. AGRICULTURAL BANK: Plans to Set Up Fund Management Venture ---------------------------------------------------------- The Agricultural Bank of China plans to submit an application to the banking regulator to set up a fund management joint venture with France's Credit Agricole and Aluminum Corp of China, XFN - Asia reports, citing an unnamed bank official. According to the source, the registered capital of the joint venture will amount to CNY150 million. Agricultural Bank will hold 51.33% in the joint venture, while Credit Agricole and Chalco will take 33.67% and 15% respectively. The official added that the fund management company will launch its first product in the first quarter of next year if the establishment of the joint venture is be approved by the regulator within this year. * * * The Agricultural Bank of China -- http://www.abocn.com/-- is the mainland's fourth largest bank. It has lagged behind other major Chinese commercial banks, which have received government injections of new capital and been allowed to link up with foreign partners in preparation for raising money on foreign stock exchanges. Despite posting operating profits of over CNY42.4 billion in 2005, the Bank is still carrying billions of dollars in unpaid loans to state companies, which it says accounted for 26% of its lending at the end of last year. The Troubled Company Reporter- Asia Pacific on June 27, 2006, the National Audit Office found accounting irregularities involving CNY51.6 billion which CNY14.27 billion of the amount come from deposit business, CNY27.62 billion on loan grants, and CNY9.72 billion in fraudulent bill issuance. ANJALI (H.K.): Names Yuen as Liquidator ------------------------------------- Ip Chung Yuen was appointed as liquidator of Anjali (H.K.) Corporation Ltd by a special resolution passed by the compaby's shareholders on September 2, 2206. The Liquidator can be reached at: Ip Chung Yuen 22/F, Guangdong Investment Tower 148 Connaught Road, Central Hong Kong BALLY TOTAL: Amends Employment Pacts with Senior Executives ----------------------------------------------------------- Bally Total Fitness Holding Corp. entered into amendments to the employment agreements with each of Marc D. Bassewitz, Senior Vice President, Secretary and General Counsel and James A. McDonald, Senior Vice President, Chief Marketing Officer. The amendments clarify that the definition of "LTIP" includes any plan under which senior executives of the company are eligible to receive equity compensation or other long-term incentive grants, including the company's Inducement Award Equity Incentive Plan. On Sept. 14, 2006, Barry M. Deutsch notified the company of his resignation from the company's Board of Directors, effective immediately. Mr. Deutsch's resignation was not due to any disagreement with the company. About Bally Total 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. At June 30, 2006, Bally Total's balance sheet showed a US$1,410,293,000 stockholder's deficit. * * * 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. BETAKE MARKETING: Members' Final Meeting Slated for Oct. 16 ----------------------------------------------------------- Members of Betake Marketing Ltd will convene on October 16, 2006, 9:30 a.m., at Rooms 1901-2, Park-In Commercial Centre, 56 Dundas Street, Kowloon. At the meeting, Liquidator Lee Kwok On, Alexander will present a report regarding the company's wind-up and property disposal activities. BETONSPORTS: Costa Rican Employees Allegedly Sell Customer Names ---------------------------------------------------------------- Employees of the now defunct BetonSports Plc's Costa Rican operations have been selling databases of customers' names to the highest bidders, Jim Armitage of the Evening Standard reports. The lists contain names, email addresses and credit information of the company's customers. Mr. Armitage says most of those in the lists are United States gamblers but there are also many Europeans. The United Kingdom gaming company is currently facing a class action suit filed in the US District Court for the Eastern District of Missouri on racketeering, mail fraud and facilitation of gambling across state and national boundaries -- all as results of taking bets from customers residing in the US. BetonSports is also facing complaints from gambling information portals TheOnlineWire, Gambling 911, Alternative Investments Market Regulatory News Service over the company's Aug. 11 announcement that payments to customers of its Costa Rican and Antiguan operations are being held by banks and cash processors. As a result of the alleged database selling, BetonSports players had reportedly been receiving marketing emails from other sports betting companies, Mr. Armitage says. Also, TheOnlineWire director Roberto Castiglioni has been passed three customer database lists from different company sources in Costa Rica. The class action suits have not yet crippled the company financially but its shares in the London Stock Exchange have been suspended from trading. In Costa Rica, where gambling is legal and gambling companies pay high taxes to the government, the closure of BetonSports' operations caused officials to worry. The company's closure resulted to the retrenchment of 800 employees. In an interview, Costa Rican Vice President Laura Chinchilla wanted to form a regulation within the nation for the online gambling sector that would benefit it and its workers. * * * BetonSports is an online gaming company publicly trading on the London Stock Exchange, but has no operations in the United Kingdom. Around 80% of the company's business operates in the United States, where sports' betting is illegal except in the State of Nevada. The group also has operations in Asia, specifically China. BETONSPORTS PLC: Ban on U.S. Ops Extended; Gambles on Asia ---------------------------------------------------------- The Hon. Carol Jackson of the United States District Court for the Eastern District of Missouri extended the temporary restraining order against U.K. gaming company BetonSports Plc until Sept. 20 to give the Justice Department extra time to serve pleadings on the company in Costa Rica and London, Bloomberg News says. Judge Jackson extended the ban, which was to expire on Sept. 1, at the request of U.S. prosecutor Marty Woelfle. The Court issued the restraining order on July 17, the day the Justice Department unsealed a 22-count indictment against BetonSports founder Gary Kaplan and Chief Executive Officer David Carruthers. Charges include racketeering, mail fraud and facilitation of gambling across state and national boundaries -- all as results of taking bets from customers residing in the U.S. According to the indictment, BetonSports in 2003 had 100,000 active players who placed 33 million wagers worth US$1.6 billion through the company's Web sites. "The primary goal has been to serve Betonsports so we can move forward, because it is essential that the company be notified," Judge Jackson said from the bench. She then issued a written order extending the restraining order until Sept. 20. Meanwhile, BetonSports issued an update on its Web site, saying that "after thoroughly reviewing possible alternative business plans," the group's Board of Directors "no longer consider the U.S. facing operations of the Company, which are based in Costa Rica and Antigua, to be viable." The company also set three goals related to its current case: -- cease its operations in Costa Rica and Antigua as soon as practicable; -- pay any liabilities to staff and creditors in an orderly manner; and -- repay balances due to US customers in an orderly manner. The company added that the repayments would depend on the company's ability to "persuade banks and cash processors to release its funds." BetonSports added the repayments would also depend on "the Company's ability to realize further and sufficient funds from its assets and operations outside Costa Rica and Antigua and to earn sufficient profits from operations which are not U.S. facing." BetonSports also assured that it would not "knowingly accept any wagering transactions from U.S. based customers." Class Action Suits As reported in the Class Action Reporter on September 6, 2006, BetonSports is also facing a complaint filed by gambling information portals The Online Wire, Gambling 911, Alternative Investments Market Regulatory News Service over alleged corporate fraud. The complaint is directed at BetonSports' Aug. 11 announcement that payments to its customers after the shutdown of its Costa Rican and Antiguan operations are being held by banks and cash processors. Raises Stakes in Asia BetOnSports had earlier told 800 employees in Costa Rica and Antigua, where the virtual casino has its operations, that they would be losing their jobs, the New York Times reports. The company also announced its plan to refocus its business on other parts of the world, notably Asia. Media reports had said that BETonSPORTS has doubled its presence in Asia through the acquisition of gaming site Hooball and reported a 12% rise in profits. The group has paid an initial GBP12 million to a group of Asian private investors for Hooball, and its 777ball betting site, which mainly take bets from China. * * * BetonSports is an online gaming company publicly trading on the London Stock Exchange, but has no operations in the United Kingdom. Around 80% of the company's business operates in the United States, where sports' betting is illegal except in the State of Nevada. The group also has operations in Asia, specifically China. BLACK JADE: Wind-Up Petition Hearing Set on October 18 ------------------------------------------------------ Bank of China (H.K.) Ltd on August 17, 2006, filed before the High Court of Hong Kong a petition to wind up the operation of Black Jade Investment Ltd. The Court will hear the petition on October 18, 2006, at 9:30 a.m. The Solicitors for the Petitioner can be reached at: Deacons 5/F, Alexandra House No.18 Chater Road Central, Hong Kong BONNE BONNE: To Wind Up Operations ---------------------------------- The High Court of Hong Kong on August 30, 2006, released a wind- up order against Bonne Bonne Ltd. The Troubled Company Reporter - Asia Pacific reported that Shik Chi Wai filed the petition before the Court on July 3, 2006. ECO INFORMATION: Court Approves Wind-Up Petition ------------------------------------------------ The High Court of Hong Kong on August 30, 2006, issued a wind-up order against Eco Information Systems Ltd. According to the Troubled Company Reporter - Asia Pacific, Cheung Chun Ming, Davy presented the petition before the Court on July 5, 2006. FONTECH INDUSTRIAL: Appoints Leung as Liquidator ------------------------------------------------ At an extraordinary general meeting on September 1, 2006, members of Fontech Industrial Ltd passed an ordinary resolution appointing Lam Kin Leung as liquidator. The Liquidator can be reached at: Lam Kin Leung 9/F, Surson Commercial Building 140-142 Austin Road, Tsimshatsui Kowloon, Hong Kong FRIENDFIELD LABEL: Wind-Up Petition Hearing Slated for Oct. 18 -------------------------------------------------------------- A wind-up petition against Friendfield Label Manufacturing Ltd will be heard before the High Court of Hong Kong on October 18, 2006, at 9:30 a.m. Industrial and Commercial Bank of China (Asia) Ltd filed the petition with the Court on August 21, 2006. The Solicitors for the Petitioner can be reached at: Y. T. Chan & Co. 5/F, The Chinese Bank Building 61-65 Des Voeux Road Central Hong Kong GILMAN CONTAINER: Faces Wind-Up Proceedings ------------------------------------------- Gilman Container Transportation Company Ltd received a wind-up order from the High Court of Hong Kong on August 30, 2006. The Troubled Company Reporter - Asia Pacific report that Yau Yan filed the petition on July 3, 2006. HARVEST EMPEROR: Appoints Joint and Several Liquidators ------------------------------------------------------- On August 28, 2006, Lam Oi Ling and Mok Wai Kwong were appointed as joint and several liquidators of Harvest Emperor Ltd. The Joint and Several Liquidators can be reached at: Lam Oi Ling Mok Wai Kwong Room 905-6, 9/F Axa Centre 151 Gloucester, Road Wanchai, Hong Kong HAYES LIMITED: Liquidator Ceases to Act for Company --------------------------------------------------- Lo Kin Ching Joseph and Dermot Agnew, ceased to act as liquidator for Hayes (Asia Pacific) Ltd on August 25, 2006. The Troubled Company Reporter - Asia Pacific noted that on August 25, 2006, the Joint liquidators presented their report on the Company's wind-up and property disposal activities to the members and creditors. The Liquidator can be reached at: Lo Kin Ching Joseph Dermot Agnew 35/F, One Pacific Place 88 Queensway Hong Kong HING YIP: Faces Wind-Up Proceedings ----------------------------------- A petition to wind-up Hing Yip Holdings (HK) Ltd will be heard before the High Court of Hong Kong on September 20, 2006, at 9:30 a.m. Ocean Grand Holdings Ltd filed the petition with the Court on July 25, 2006. The Solicitors for the Petitioner can be reached at: Baker & Mc.Kenzie 14/F, Hutchison House 10, Harcourt Road Hong Kong HONG KONG PACKING: Court Sets Date to Hear Wind-Up Bid ------------------------------------------------------ The High Court of Hong Kong will hear the wind-up petition against Hong Kong Packing Material & Stationery Company Ltd on October 18, 2006, at 9:30 a.m. Shachihata (HK) Ltd filed the petition with the Court on August 15, 2006. The Solicitors for the Petitioner can be reached at: William Sin & So Room 401, 4/F United Chinese Bank Building 31-37 Des Voeux Road, Central Hong Kong HUTCHISON SATELLITE: Liquidators Steps Aside -------------------------------------------- On September 4, 2006, Ying Hing Chiu and Chung Miu Yin, Diana ceased to act as joint and several liquidators for Hutchison Satellite Systems Ltd. According to the Troubled Company Reporter - Asia Pacific, Ying Hing Chiu and Chung Miu Yin presented final accounts of the Company's wind-up operations on July 3, 2006. The Joint and Several Liquidators can be reached at: Ying Hing Chiu Chung Miu Yin, Diana of Level 28, Three Pacific Place 1 Queen's Road East Hong Kong KENBERG LTD: Names Tso and Ching as Joint Liquidators ----------------------------------------------------- On August 28, 2006, Wu Chi Tso, John and Wong Man Ching were appointed as joint and several liquidators of Kenberg Ltd. The Joint Liquidators can be reached at: Wu Chi Tso, John Wong Man Ching Suites 2109-10, Asian House 1 Hennessy Road, Wanchai Hong Kong, SAR China MANDARIN ORIENTAL: Shareholders Resolve to Wind-Up Company ---------------------------------------------------------- On August 28, 2006, shareholders of Mandarin Oriental Finance Ltd passed a resolution to wind up the Company's operations and appoint Ying Hing Chiu and Chung Miu Yin, Diana as joint and several liquidators. The Joint and Several Liquidators can be reached at: Ying Hing Chiu Chung Miu Yin, Diana Level 28, Three Pacific Place 1 Queen's Road East Hong Kong MASSEY ENERGY: Can Access up to US$175M in Amended Debt Facility ---------------------------------------------------------------- Massey Energy Company entered into an amended and restated asset-based revolving credit agreement, which provides for available borrowings, including letters of credit, of up to US$175 million, depending on the level of eligible inventory and accounts receivable. The previous credit limit was US$130 million, including a US$100 million sublimit for letters of credit. In addition, the Company achieved improved pricing and extended the facility's maturity to August 2011. Currently there are US$60.5 million of letters of credit issued and there are no outstanding borrowings under this facility. * * * Based in Richmond, Virginia, Massey Energy Company (NYSE: MEE) - - http://www.masseyenergyco.com/-- produces Central Appalachian coal, with subsidiaries serving more than 125 utility, industrial and metallurgical customers around the world. The company has operations in China. * * * As reported on the Troubled Company Reporter on Aug. 2, 2006, Standard & Poor's Ratings Services lowered its corporate credit rating on Richmond, Virginia-based Massey Energy Co. to 'B+' from'BB-', reflecting its expectation of weaker-than-anticipated financial performance; increased debt leverage; and concerns about aggressive shareholders. The outlook is stable. METRON TECHNOLOGY (HK): Creditors Must Prove Debts by Oct. 6 ------------------------------------------------------------ Creditors of Metron Technology (HK) Ltd, which is in liquidation, are required to prove their debts by October 6, 2006. Failure to prove debts will exclude any creditor from sharing in any distribution the company will make. The Liquidator can be reached at: Ying Hing Chiu Chung Miu Yin, Diana Level 28 Three Pacific Place 1 Queen's Road East Hong Kong METRON (FAR EAST): Creditors' Proofs of Claim Due on Oct. 6 ----------------------------------------------------------- Metron Technology (Far East) Ltd, which is being voluntary wound up, requires the creditors to submit their proofs of claim on October 6, 2006, to Joint Liquidators Ying Hing Chiu and Chung Miu Yin, Diana. Failure to prove debts will exclude a creditor from sharing in any distribution of assets the company will make. The Liquidator can be reached at: Ying Hing Chiu Chung Miu Yin, Diana Level 28, Three Pacific Place 1 Queen's Road East Hong Kong OUTMATCHING TELECOM: Creditors Must Prove Debts by Oct. 16 ---------------------------------------------------------- Creditors of Outmatching Telecommunications Ltd are required to submit their proofs of claim to Liquidator Yeung Tak Chun by October 16, 2006, or be excluded from sharing in any distribution the Company will make. The Liquidator can be reached at: Yeung Tak Chun c/o Alliance & Associates, CPAs Room 1903, 19/F., World-Wide House 19 Des Voeux Road Central Hong Kong SILVER ROOF: Liquidation Process Initiated ------------------------------------------ On August 30, 2006, The High Court of Hong Kong issued a wind-up order against the operations of Silver Roof (China) Investments Ltd. According to the Troubled Company Reporter - Asia Pacific, Chan Kin Fung filed the petition with the Court on July 3, 2006. SUPER DATA: Creditors' First Meeting Fixed on October 3 ------------------------------------------------------- The first meeting for the creditors of Super Data Ltd is set on on October 3, 2006, 11:00 a.m., at Room 1903, 19/F., World-Wide House, 19 Des Voeux Road Central, Hong Kong. During the meeting, creditors will discuss various matters provided under different sections of the Companies Ordinance of Hong Kong. TEXCHEM RESOURCES: Incorporates Chinese Subsidiary -------------------------------------------------- Texchem Resources Berhad's wholly owned subsidiary, Texchem Materials Sdn Bhd, recently received a Certificate of Approval for the proposed incorporation of a wholly owned subsidiary in Wuxi, the People's Republic of China to be known as Texchem Trading Company Limited, or another name as may be approved by the relevant authorities in the People's Republic of China, the Troubled Company Reporter - Asia Pacific reported on April 7, 2006. In an update, Texchem advised that on September 8, 2006, it received a business license from the Jiangsu Wuxi Industrial and Commerce Administration Bureau for the incorporation of Texchem Trading. Thus, Texchem Trading was incorporated and registered under the laws of the People's Republic of China on September 7, 2006, with the registered capital of CNY500,000, or around MYR230,950. About Texchem Resources Headquartered in Penang Malaysia, Texchem Resources Berhad -- http://www.texchemgroup.com/-- is principally engaged in trading in industrial chemicals and other products. Its other activities include manufacturing of family care products and household insecticides and distribution and marketing of a wide range of consumer and family care products; manufacturing and marketing of raw surimi, fishmeal, feedmeal and seafood products; manufacturing and selling of packaging products for the electronics, electrical, semiconductor and disk drive industries and investment holding. The Group's operations are located in Malaysia, Thailand, Singapore, Indonesia, China, Vietnam, Myanmar and Italy. Texchem is currently undergoing a financial rationalization and restructuring program, which involves the disposal of a number of dormant subsidiaries. TOPMOND FOOD: Creditors Appoint Liquidator ------------------------------------------ By virtue of a special resolution passed at an extraordinary general meeting held on August 30, 2006, Leung Chi Wing was appointed as liquidator of Topmond Food Ltd. Subsequently, the creditors meeting held later that day confirmed the appointment. The Liquidator can be reached at: Leung Chi Wing Office B, 4/F., Kiu Fu Commercial Building 300 Lockhart Road, Wan Chai Hong Kong VESTA LTD: Members Resolve to Wind Up Operations ------------------------------------------------ At an extraordinary general meeting held on August 28, 2006, the members of Vesta Ltd resolve to voluntarily wind up the company's operations. Wu Chi Tso, John and Wong Man Ching were appointed as joint and several liquidators. The Liquidator can be reached at: Wu Chi Tso, John Wong Man Ching 2109-10, Asian House 1 Hennessy Road, Wanchai Hong Kong, SAR China YORKSHIRE BIHK: Creditors' Proofs of Claim Due on Sept. 29 ---------------------------------------------------------- On August 31, 2006, Chan Mi Har and Ying Hing Chiu were appointed as joint and several liquidators of Yorkshire Bihk Ltd. Subsequently, the Joint Liquidators required creditors to prove their claims by September 29, 2006, or be excluded from sharing in any distribution the company will make. The Joint and Several Liquidators can be reached at: Chan Mi Har Ying Hing Chiu Level 28, Three Pacific Place 1 Queen's Road East Hong Kong ========= I N D I A ========= BANK OF BARODA: Net Profit Up 4.06% in First Quarter ---------------------------------------------------- Bank of Baroda has posted a 4.06% growth in net profit for the quarter ended June 30, 2006, the bank said in a press release. The bank's net profit rose to INR1.63 billion for the June 2006 quarter from the INR1.57-billion net profit recorded for the June 2005 quarter. Total income has increased to INR22.98 billion for the quarter ended June 30, 2006, from the INR18.82-billion income posted for the same quarter in 2005. Interest income increased to INR20.20 billion in the recent quarter compared with INR16.73 billion in the corresponding quarter last year, witnessing a 20.7% growth. Bank of Baroda's interest earned on advances increased by 42.22%, reflecting its continued thrust on lending operations. Net interest income during the quarter rose to INR8.82 billion from INR7.58 billion in the corresponding quarter last year, witnessing a 16.35% growth. Bank of Baroda's retail portfolio has shown a healthy expansion of 56.46% at INR102.73 billion, from INR65.66 billion in the 2005 corresponding quarter. Gross NPAs of the bank during the June 2006 quarter declined to 4.06% (INR25.54 billion) from 7.21% (INR33.71 billion) in the corresponding quarter of the previous fiscal year. The total business of the bank has increased by 28.20% to INR1.61 trillion in the quarter compared with INR1.26 trillion in the corresponding quarter last year. During this period, while total deposits increased by 23.09% to INR997.78 billion from INR810.63 billion, total advances increased by 37.48% to INR613.79 billion from INR446.47 billion. Bank of Baroda's financial results as of June 30, 2006, is available for free at the Bombay Stock Exchange at: http://www.bseindia.com/qresann/result.asp?scripcd=532134&scripn ame=Bank+of+Baroda&quarter=JQ2006-2007&type=50 About Bank of Baroda Headquartered in Mumbai, India, Bank of Baroda -- http://www.bankofbaroda.com/-- is a provider of banking services in India. The company's solutions includes personal banking, which includes deposits, retail loans, credit cards, debit card, lockers and other services; business banking, which comprises working capital, term finance and traders loans; corporate banking, which includes cash management and remittances, multi-city cheques, appraisals and merchant banking; international business, which includes import finance, international treasury, export finance, correspondent banking and other solutions; treasury banking, which comprises domestic operations and forex operations, and rural banking, which includes retail loan, small businesses and small scale industries. Bank of Baroda has branches in the Bahamas, Belgium, the Fiji Islands, Mauritius, Republic of South Africa, Seychelles, Singapore, Sultanate of Oman, United Arab Emirates, the United Kingdom, and the United States of America. Fitch Ratings, on June 1, 2005, gave Bank of Baroda an individual rating of C/D. BANK OF BARODA: Opens New Overseas Branches ------------------------------------------- Bank of Baroda has received approvals from the Reserve Bank of India for opening fully owned subsidiaries in Canada, New Zealand and Isle of Man, the company said in a press release. It has also obtained permission to set up a joint venture in Malaysia. The bank has well-structured plans for expansion of its overseas network to Australia; GCC countries Qatar, Bahrain, and Kuwait; and African countries including Ghana and Mozambique besides extending the existing network of offices in the United Kingdom, Botswana, South Africa, Tanzania and China. Bank of Baroda will also open an offshore banking unit in Singapore. Unveils Plans for Mid-East Operations Moreover, Bank of Baroda is in the process of starting a joint venture with an international company to offer life insurance products, Gulf News relates. Baroda Chairman and Managing Director Anil Khandelwal said that it was, however, premature to name the foreign insurance companies that the bank was negotiating with. Mr. Khandelwal also said the bank was planning to expand in Kerala state. Bank of Baroda has given top priority to roll out core banking solutions in Kerala, after launching the banking solution in Oman, which connects all three branches here and six in the UAE with its Indian operations. The CBS networking of branches enables customers to operate their accounts and avail banking services from any branch of the bank, irrespective of where they maintain their account. BoB has 2,700 branches in India and 57 overseas branches in 20 countries and overseas territories. As part of its efforts to offer premium services to its customers in the UAE and Oman, Bank of Baroda unveiled a new personal loan that will help non-resident Indians to meet margin money requirements for home loans in India. "This new scheme will enable NRIs from the UAE and Oman to secure 100% financing for homes," Mr. Khandelwal said. About Bank of Baroda Headquartered in Mumbai, India, Bank of Baroda -- http://www.bankofbaroda.com/-- is a provider of banking services in India. The company's solutions includes personal banking, which includes deposits, retail loans, credit cards, debit card, lockers and other services; business banking, which comprises working capital, term finance and traders loans; corporate banking, which includes cash management and remittances, multi-city cheques, appraisals and merchant banking; international business, which includes import finance, international treasury, export finance, correspondent banking and other solutions; treasury banking, which comprises domestic operations and forex operations, and rural banking, which includes retail loan, small businesses and small scale industries. Bank of Baroda has branches in the Bahamas, Belgium, the Fiji Islands, Mauritius, Republic of South Africa, Seychelles, Singapore, Sultanate of Oman, United Arab Emirates, the United Kingdom, and the United States of America. Fitch Ratings, on June 1, 2005, gave Bank of Baroda an individual rating of C/D. BANK OF BARODA: Plans INR10-Billion Bond Issue ----------------------------------------------- Bank of Baroda proposes to issue fresh 116 months unsecured non- convertible redeemable, subordinated bonds -- Lower Tier II Bonds - Series VI -- with a face value of INR1 million each, MyIris.Com reports. The deal totals to INR10 billion, with green shoe option of INR5 billion, in the first week of September 2006 on private placement basis at a fixed coupon rate of 8.95% pa. According to MyIris, the bank plans the issue to augment its capital. The report says that the issue has been rated 'AAA/Stable' by CRISIL and 'LAAA' by ICRA. The bonds will be listed on NSEIL and BSE. IDBI Trusteeship Services Ltd will be the trustee to the bond issue. MyIris relates that the bank was in news recently when it announced its plans for overseas expansion to increase the share of its overseas business to around 20% to 22% within the next three years. The bank will be shortly applying to RBI for opening branches in Mozambique, Qatar, Ghana, Johannesburg, Bahrain and Kuwait. It has already obtained approval to open branches in New Zealand, Australia and Maldives, said Anil K Khandelwal, chairman and managing director, BoB. The bank is eyeing a 45% growth in overseas business this year. On the domestic front, the bank is all set to refurbish its subsidiary and associate institutions. About Bank of Baroda Headquartered in Mumbai, India, Bank of Baroda -- http://www.bankofbaroda.com/-- is a provider of banking services in India. The company's solutions includes personal banking, which includes deposits, retail loans, credit cards, debit card, lockers and other services; business banking, which comprises working capital, term finance and traders loans; corporate banking, which includes cash management and remittances, multi-city cheques, appraisals and merchant banking; international business, which includes import finance, international treasury, export finance, correspondent banking and other solutions; treasury banking, which comprises domestic operations and forex operations, and rural banking, which includes retail loan, small businesses and small scale industries. Bank of Baroda has branches in the Bahamas, Belgium, the Fiji Islands, Mauritius, Republic of South Africa, Seychelles, Singapore, Sultanate of Oman, United Arab Emirates, the United Kingdom, and the United States of America. Fitch Ratings, on June 1, 2005, gave Bank of Baroda an individual rating of C/D. CANARA BANK: Posts INR1.91 Billion for First Quarter FY 2006-07 --------------------------------------------------------------- Canara Bank posted a net profit of INR1.91 billion for the quarter ended June 30, 2006, as compared with the INR1.87-billion net profit for the quarter ended June 30, 2005, according to the bank's regulatory filing with the Bombay Stock Exchange. Total income has increased from INR22.386 billion in the first quarter of FY 05-06 to INR27.710 billion in the first quarter of FY 06-07. Canara Bank's financial results for the quarter ended June 30, 2006, is available for free at the BSE at http://www.bseindia.com/qresann/result.asp?scripcd=532483&scripn ame=Canara+Bank&quarter=JQ2006-2007&type=50 About Canara Bank Headquartered in Bangalore, India, Canara Bank -- http://www.canbankindia.com/-- provides services to a diverse clientele group with a range of subsidiaries and sponsored institutions. The bank services include networked automated teller machines, anywhere banking, telebanking, remote access terminals Internet, and mobile banking and debit card. The bank's Merchant Banking Division handles assignments as arrangers/lead manager/co-manager/manager to the offer/advisor/share valuator. Bancassurance arm of the Bank has tie up arrangements in both life and non-life insurance segments. Corporate Cash Management Services network of the Bank provides services related to local and upcountry cheque collection, bulk cheques collection and zero balance account facility. Executor, Trustee and Taxation Services of the bank provides services, such as debenture trusteeship, will and executorship, trusteeship, personal tax assistance and power of attorney services. Its Agricultural Consultancy Services handled 60 projects during the fiscal year ended March 31, 2006. Fitch Ratings gave Canara Bank an individual rating of D on June 1, 2005. CANARA BANK: CRISIL Rates INR5.75-Billion Bond Issue 'AAA' ---------------------------------------------------------- The Credit Rating Information Services of India Limited rates Canara Bank's INR5.75 Billion Lower Tier II Bonds an AAA. The rating has a stable outlook. Canara Bank's debt instruments and ratings actions are: * INR5.75 Billion Lower Tier II Bonds Issue - AAA/Stable (Assigned) * INR4.25 Billion Lower Tier II Bonds Issue - AAA/Stable (Reaffirmed) * INR5.0 Billion Lower Tier II Bonds Issue - AAA/Stable (Reaffirmed) * INR5.0 Billion Lower Tier II Bonds Issue - AAA/Stable (Reaffirmed) * INR4.5 Billion Lower Tier II Bonds Issue - AAA/Stable (Reaffirmed) CRISIL's ratings on Canara Bank's bonds issues continue to reflect the bank's strong market position, significant support from the Government of India -- its majority owner -- strong asset quality, comfortable resource profile, and good earnings profile. The bank's average capitalization levels vis-a-vis larger public sector banks and its relatively late start in technological sophistication temper these rating strengths. Canara Bank is the third-largest public sector bank in India in deposits and assets (total assets of INR1.33 trillion as on March 31, 2006). The bank's comfortable resource profile arises from its large and geographically diversified deposit base, healthy resource mix, and steadily growing deposits. The bank's core profitability is comfortable and has improved over the past three years; its net profitability margin of 1.56% in 2005-06 (refers to financial year, April 1 to March 31) compares well with other large public sector banks. Canara Bank's superior asset quality stems from a higher proportion of clients with good credit quality; the client profile is among the best in its peer group. The bank reported a gross NPA of 2.25% as on March 31, 2006, which is superior to the systemic average. Canara Bank's capital position is marked by an average Tier I capital ratio of 7.88% (as on March 31, 2006) in comparison to peer banks. However, the bank has a reasonably large capital base, and healthy coverage for weak assets. Canara Bank was one of the few public sector banks that had a late start in implementing the core banking solution. Outlook CRISIL believes that Canara Bank will maintain its strong market position along with its financial and business risk profiles at current levels. CRISIL also expects that GoI support will continue to benefit the credit profile of the bank. About Canara Bank Headquartered in Bangalore, India, Canara Bank -- http://www.canbankindia.com/-- provides services to a diverse clientele group with a range of subsidiaries and sponsored institutions. The bank services include networked automated teller machines, anywhere banking, telebanking, remote access terminals Internet, and mobile banking and debit card. The bank's Merchant Banking Division handles assignments as arrangers/lead manager/co-manager/manager to the offer/advisor/share valuator. Bancassurance arm of the Bank has tie up arrangements in both life and non-life insurance segments. Corporate Cash Management Services network of the Bank provides services related to local and upcountry cheque collection, bulk cheques collection and zero balance account facility. Executor, Trustee and Taxation Services of the bank provides services, such as debenture trusteeship, will and executorship, trusteeship, personal tax assistance and power of attorney services. Its Agricultural Consultancy Services handled 60 projects during the fiscal year ended March 31, 2006. Fitch Ratings gave Canara Bank an individual rating of D on June 1, 2005. CANARA BANK: Finalizes Overseas Capital Raising Plan ---------------------------------------------------- Canara Bank has informed the Bombay Stock Exchange in a regulatory filing that it finalized its plans to raise capital funds overseas through a Medium Term Notes Programme. As a part of this, the bank has firmed up plans to raise hybrid capital (Tier I) abroad and Upper Tier II Bonds in International Market and in domestic market in tranches. The bank proposes to raise US$100 million by way of Hybrid Capital Tier I Bonds and US$200 million by way of Upper Tier II Bonds in the first tranche and has appointed CitiGroup Global Capital Market, Hong Kong and Shanghai Banking Corporation Ltd, ABN Amro Bank N.V. and UBS-AG as mandated lead managers to the issue. The bank has plans to raise a combination of Capital Instruments of Upper Tier II Bonds, Hybrid Capital Bonds and with the funds so raised the Banks expects the capital adequacy ratio to be above 12%. The Capital funds raised will be utilized for capital requirements and also for funding overseas expansion and long term funds requirements for overseas operations. About Canara Bank Headquartered in Bangalore, India, Canara Bank -- http://www.canbankindia.com/-- provides services to a diverse clientele group with a range of subsidiaries and sponsored institutions. The bank services include networked automated teller machines, anywhere banking, telebanking, remote access terminals Internet, and mobile banking and debit card. The bank's Merchant Banking Division handles assignments as arrangers/lead manager/co-manager/manager to the offer/advisor/share valuator. Bancassurance arm of the Bank has tie up arrangements in both life and non-life insurance segments. Corporate Cash Management Services network of the Bank provides services related to local and upcountry cheque collection, bulk cheques collection and zero balance account facility. Executor, Trustee and Taxation Services of the bank provides services, such as debenture trusteeship, will and executorship, trusteeship, personal tax assistance and power of attorney services. Its Agricultural Consultancy Services handled 60 projects during the fiscal year ended March 31, 2006. Fitch Ratings gave Canara Bank an individual rating of D on June 1, 2005. CENTURION BANK: To Raise INR417 Crore Via Preferential Issue ------------------------------------------------------------ Centurion Bank of Punjab Limited will raise a minimum of INR417 crore through preferential allotment to Bank Muscat and India Advantage Fund, at a price not less than INR24.54 a share, to maintain a strong capital position after its merger with Lord Krishna Bank, the Business Standard says. According to the report, Bank Muscat would be allotted 9.50 crore shares, amounting to a 5.76% stake post-issue. India Advantage Fund would be allotted 7.50 crore shares, which would translate into a stake of 4.55%. The bank will seek shareholders' approval to the preferential allotment at an extraordinary general meeting on September 30, primarily convened to consider the amalgamation of LKB with the bank. The share-swap ratio for the amalgamation has been fixed at seven equity shares (of INR1 each) of Centurion for every five equity shares (of INR10 each) of the unlisted LKB. The bank said there will be no change in the board of directors nor will there be any change in the control over the bank, consequent to the preferential allotment. The preferential allotment would be done within 15 days of the approval of the resolution by the shareholders, the bank said in a notice to the shareholders. The merger of Centurion Bank and LKB would be subject to the sanction of the Reserve Bank of India under the Banking Regulations Act, 1949. The bank, in the explanatory notes, has said that the amalgamation would enable the merged entity to increase its retail customer base, enhancing opportunities for cross-selling of banking and financial services and products. Centurion Bank has also proposed to increase the strength of its board of directors to 15 from the current 12. The bank will not be able to reconstitute its board by appointing additional directors in view of the amalgamation of LKB, as it will need to carry out necessary amendments to its Articles of Association. Any increase in the number of directors beyond 12 would be subject to the approval by the shareholders and subsequent approval of the central government. About Centurion Bank of Punjab Headquartered in Goa, India, Centurion Bank of Punjab Limited -- http://www.centurionbop.co.in/-- is a private-sector bank. The bank provides a range of transaction banking products under cash management services to various customer segments, such as corporates, small and medium enterprises, utility providers and domestic correspondent banks. The bank has entered into an enterprise partnership with Indecomm Global Services to form Centillion Solutions and Services. Centillion will focus on operations and services for banking and related financial services. The Retail Asset servicing operations of the Bank are being transitioned to Centillion. The bank has entered into an arrangement with IL&FS Investsmart Limited for offering equity broking services to its customers. The wholesale banking business is divided into Corporate, SME and Financial Institutions Group. NRI business has been a focus of the bank. In Trade Finance business, the bank provides services, such as export trade, import trade, remittance, domestic trade and structured trade. Fitch Ratings, on November 2, 2005, gave Centurion Bank of Punjab a support rating of 5. CORPBANK: Allies with Oriental Bank and Indian Bank --------------------------------------------------- Corporation Bank has informed the Bombay Stock Exchange that it has reached a broad understanding and signed a Memorandum of Intent on strategic alliance with Oriental Bank of Commerce and Indian Bank on Sept. 15, 2006. The illustrative areas of collaboration and co-operation are: 1. Build e-payment system; 2. Share IT Resources; 3. Share Treasury resources; 4. Foray Capital Markets and International and other financial ventures; 5. Bancassurance; 6. Business syndications and sharing; 7. Share Training Resources; 8. Common procurement of IT and other assets, wherever feasible; and 9. Any other mutually acceptable and beneficial areas. About Oriental Bank of Commerce Oriental Bank of Commerce -- http://www.obcindia.com/-- is a scheduled commercial bank. The company's domestic services include deposits, comprised of term deposits, savings accounts, current accounts and the Suvidha deposit scheme; advances, which consist of corporate advances, a range of retail credit products and specialty schemes, and government business, comprised of direct tax collection, pension disbursement and savings bonds. It also provides non-resident Indian banking solutions, including non-resident external accounts, non-resident ordinary accounts, foreign currency non-resident accounts and resident foreign currency accounts. It also offers debit card services. The bank also provides treasury services and merchant banking services. The bank has introduced products and services, such as Anywhere Branch Banking, Cash Management Service, Telebanking, automated teller machines and Internet banking through select branches. During the fiscal year ended March 31, 2006, the Bank had a total of 1,148 branches. The Troubled Company Reporter - Asia Pacific reported on August 21, 2006 that Fitch Ratings has assigned a Long-term foreign currency issuer default rating of BB+ to Oriental Bank of Commerce. The individual and support ratings have been affirmed at C/D and 4, respectively. The outlook on the ratings is stable. About Corp Bank Headquartered in Mangalore, India, Corporation Bank -- http://www.corpbank.com/-- offers a range of deposit schemes and loan products to customers. The various products offered by the bank include Corp Pragathi savings bank account, current account products and term deposits. Corporation Bank offers housing loans, education loans, consumer loans for purchase of consumer durables, loans against future rent receivables on leased out building/premises, loans to purchase two wheelers and four wheelers, loans against shares, loans for purchase of medical and other such equipments, loan to acquire office premises/building and furniture, personal loans, loans to women to buy gold/jewelry, and loan against mortgage of property. It also offers a range of non-resident Indian services, as well as debit and credit cards. Fitch Ratings gave Corp Bank a C individual rating on June 1, 2005. CORPBANK: Records INR1.44-Billion Net Profit in June Quarter ------------------------------------------------------------ Corporation Bank has posted a net profit of INR1.44 billion for the quarter ended June 30, 2006, as compared with the INR1.24-billion net profit for the quarter ended June 30, 2005, the company said in a regulatory filing to the Bombay Stock Exchange. Total income has increased from INR7.66 billion for the June 2005 quarter to INR9.18 billion for the June 2006 quarter. Corpbank's financial results for the quarter ended June 30, 2006, are available for free at: http://www.corpbank.com/uploadedfiles/custom/5_23_047_186526E-02.pdf About Corp Bank Headquartered in Mangalore, India, Corporation Bank -- http://www.corpbank.com/-- offers a range of deposit schemes and loan products to customers. The various products offered by the bank include Corp Pragathi savings bank account, current account products and term deposits. Corporation Bank offers housing loans, education loans, consumer loans for purchase of consumer durables, loans against future rent receivables on leased out building/premises, loans to purchase two wheelers and four wheelers, loans against shares, loans for purchase of medical and other such equipments, loan to acquire office premises/building and furniture, personal loans, loans to women to buy gold/jewelry, and loan against mortgage of property. It also offers a range of non-resident Indian (NRI) services, as well as debit and credit cards. Fitch Ratings gave Corp Bank a C individual rating on June 1, 2005. GENERAL MOTORS: Ford Merger Unlikely, Analysts Say -------------------------------------------------- Industry analysts dismissed a possible merger between General Motors Corp. and Ford Motor Co. after talks surfaced that the two rivals had explored a union, Nick Bunkley at the New York Times reports. The Automotive News reported that the automakers had discussed the possibility of a merger or alliance in July this year but that the talks have concluded. "We consider it highly doubtful that a merger would take place and do not see the benefits for either company as they attempt to restructure," The New York Times quotes Standard & Poor's analyst Efraim Levy. Analysts interviewed by Reuters also questioned the logic of a full-blown merger. GM and Ford declined to comment on the issue. In a report from Reuters, GM spokesman Brian Akre said GM routinely meets with other automakers to discuss issues of mutual interest. Mr. Akre added that, as a policy, GM does not publicly comment on these discussions. GM and Ford are in the midst of a financial crisis as both companies struggle to improve revenues and cut costs. Last week, Ford unveiled a revised version of its "Way Forward" turnaround plan that is seen to further reduce its capacity and work force, and ramp up new product introductions. Ford expects ongoing annual operating cost reductions of approximately US$5 billion from its restructuring efforts. General Motors is also pondering a possible three-way alliance with Renault SA and Nissan Motor Co. Reports of a possible alliance came in the wake of GM's troubles as it faces market, production and cost issues. GM is currently implementing a turnaround plan that involves plant closures and job cuts. About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Company -- http://www.ford.com/-- manufactures and distributes automobiles in 200 markets across six continents. With more than 324,000 employees worldwide, the company's core and affiliated automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive- related services include Ford Motor Credit Company and The Hertz Corporation. About General Motors General Motors Corp. -- http://www.gm.com/-- the world's largest automaker, has been the global industry sales leader for 75 years. With global headquarters in Detroit, GM manufactures its cars and trucks in 33 countries, including India. In 2005, 9.17 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM operates one of the world's leading finance companies, GMAC Financial Services, which offers automotive, residential and commercial financing and insurance. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. On June 30, 2006, Standard & Poor's Ratings Services held all its ratings on General Motors Corp. -- including the 'B' corporate credit rating and the 'B+' bank loan rating, but excluding the '1' recovery rating -- on CreditWatch with negative implications, where they were placed March 29, 2006. On June 22, 2006, Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1' to General Motor's new US$4.48 billion senior secured bank facility. The 'RR1' (recovery of 90%-100%) is based on the collateral package and other protections that are expected to provide full recovery in the event of a bankruptcy filing. On June 21, 2006, Moody's Investors Service assigned a B2 rating to the secured tranches of the amended and extended secured credit facility of up to US$4.5 billion being proposed by General Motors Corporation, affirmed the company's B3 corporate family and SGL-3 speculative grade liquidity ratings, and lowered its senior unsecured rating to Caa1 from B3. Moody's said the rating outlook is negative. GMAC LLC: Offers to Buy Deferred Interest Debentures ---------------------------------------------------- GMAC Financial Services has commenced tender offers to purchase for cash its outstanding Deferred Interest Debentures due Dec. 1, 2012, and June 15, 2015, for an aggregate purchase price of US$500 million or approximately 30% of the debentures outstanding. Debentures tendered prior to 5:00 p.m., EDT, on Sept. 27, 2006, will receive an early tender premium. The tender offer commenced Thursday, Sept. 14, 2006, and will expire at midnight, EDT, on Oct. 12, 2006, unless extended. "Throughout the last few years, we have successfully implemented several innovative funding mechanisms from diversified sources in order to strengthen our balance sheet, despite declining GMAC credit ratings," said Sanjiv Khattri, GMAC executive vice president and chief financial officer. "This small but significant step reflects our strong cash position and now allows us to selectively reduce the level of our higher cost debt. This represents just one of many new opportunities that we believe will help make GMAC even more competitive going forward as a stand alone company." GMAC is offering US$6,600 for each US$10,000 Accreted Value (as defined in the Offer to Purchase) at maturity of 2012 Debentures tendered (equal to 78 percent of the US$8,460.42 of the Accreted Value of the 2012 Debentures as of Oct. 12, 2006 and equal to 66 percent of the Accreted Value of the 2012 Debentures at maturity). This also includes an early tender premium of US$200 if tendered prior to 5:00 p.m., EDT, on Wednesday, Sept. 27, 2006. GMAC is offering US$5,600 for each US$10,000 Accreted Value at maturity of 2015 Debentures tendered for payment (equal to 70 percent of the US$7,948.09 of the Accreted Value of the 2015 Debentures as of Oct. 12, 2006 and equal to 56 percent of the Accreted Value of the 2015 Debentures at maturity). This also includes an early tender premium of $200.00 if tendered prior to the Early Tender Expiration Time. Holders who do not tender before the Early Tender Expiration Time will not be eligible to receive the applicable early tender premium. The tender offer will be financed from GMAC's existing cash portfolio. All Debentures purchased under the offers will be retired upon completion of the tenders. Payments of the tender consideration for the debentures, validly tendered and not withdrawn, on or prior to the expiration date, and accepted for purchase, will be made promptly after the expiration date. Debentures that are not tendered and accepted for payment as part of the offer will remain obligations of GMAC. The terms and conditions of the tender offer appear in GMAC's Offer to Purchase, dated Sept. 14, 2006. The consummation of the tender offer is conditioned on the satisfaction of customary conditions. If any of the conditions are not satisfied, GMAC is not obligated to accept for payment, purchase or pay for, or may delay the acceptance for payment of, any tendered debentures, and may terminate the tender offer. Subject to applicable law, GMAC may waive any condition applicable to the tender offer and extend or otherwise amend the tender offer. Questions regarding the tender offer or consent solicitation may be directed to the dealer managers: Morgan Stanley & Co. Incorporated, Phone: 800.624.1808 (U.S. toll-free) 212.761.1864 (collect) Barclays Capital Inc., Phone: 866.307.8991 (U.S. toll-free) 212.412.4072 (collect) Merrill Lynch, Pierce, Fenner & Smith Incorporated Phone: 888.654.8637 (U.S. toll-free) 212.449.4914 (collect) Copies of the Offer to Purchase may be obtained at no charge from: D.F. King & Co., Inc., Information Agent Phone: 800.859.8511(U.S. toll-free). About GMAC LLC GMAC LLC -- formerly General Motors Acceptance Corporation -- is a financial services company providing a range of services to a global customer base. It is a wholly owned subsidiary of General Motors Corporation. The Company operates in three primary lines of business: Financing, Mortgage and Insurance. GMAC LLC and its affiliated companies offer a variety of automotive financial services to and through GM and other automobile dealerships, and to the customers of those dealerships. The Company provides commercial financing and factoring services to businesses in other industries, such as manufacturing and apparel. GMAC LLC's Mortgage operations originate, purchase, service, sell and securitize residential and commercial mortgage loans and mortgage related products. The Company's Insurance operations insure and reinsure automobile service contracts, personal automobile insurance coverages (ranging from preferred to non-standard risk) and selected commercial insurance coverages. GMAC LLC has a subsidiary in India called GMAC Financial Services India Limited. The Troubled Company Reporter - Asia Pacific reported on September 6, 2006, that Standard & Poor's Ratings Services' 'BB/B-1' ratings on GMAC LLC -- formerly General Motors Acceptance Corp. -- remain on CreditWatch, where they were placed on Oct. 3, 2005, pending completion of General Motors Corp.'s planned sale of 51% of its ownership interest in GMAC to a consortium led by Cerberus Capital Management. Upon completion of the sale, Standard & Poor's is likely to raise the ratings to 'BB+/B-1'. HDFC BANK: Net Profit Rises to INR1,157 Crore in First Quarter -------------------------------------------------------------- For the quarter ended June 30, 2006, HDFC Bank Limited has earned a total income of INR1,855.1 crore as against the INR1,157.7-crore income it recorded in the quarter ended June 30, 2005, the bank said in a press release. Net revenues (net interest income plus other income) were INR1,168.4 crore for the first quarter of fiscal year 2006-07, an increase of 48.4% over the INR787.2 crore revenue for the corresponding quarter of the previous fiscal year. Interest earned (net of loan origination costs) increased from INR894.1 crore in the corresponding quarter ended June 30, 2005 to INR1,504.3 crore. Net interest income (interest earned less interest expended) for the quarter ended June 30, 2006, increased by 56.1% to INR817.6 crore, driven by average asset growth of 52.5% and a stable net interest margin of 4%. Other income (non-interest revenue) for the 2006-07 first quarter was INR350.8 crore, consisting principally of fees and commissions of INR290.6 crore, foreign exchange & derivatives revenues of INR55.8 crore, and profit/(loss) on sale/ revaluation of investments of INR(2.3) crore as against INR215.2 crore, INR23.8 crore and INR23.4 crore respectively, for the 2005-06 first quarter. Operating expenses for the quarter were INR552.7 crore against INR358.0 crore in the corresponding quarter of the previous fiscal year. Provisions and contingencies for the quarter were INR376.4 crore, primarily comprising specific and general loan loss provisions of INR185.4 crore and amortization of premia (for investments in the Held to Maturity category) of INR59.9 crore. After providing INR112.5 crore for taxation, the Bank earned a Net Profit of INR239.3 crore, a 30.4% increase over the quarter ended June 30, 2005. Balance Sheet Total balance sheet size as of June 30, 2006, was INR79,697 crore, an increase of 47.6% over June 30, 2005. Total deposits were INR60,630 crore, an increase of 58.1% over INR38,354 crore as of June 30, 2005. Savings Account deposits were at INR17,244 crore and Current Account deposits were at INR14,674 crore as of June 30, 2006, as against INR12,925 crore and INR10,320 crore respectively, as of June 30, 2005. The Bank's total customer assets (including advances, corporate debentures, investments in securitized paper, etc) increased from INR 32,665 crore as of June 30, 2005, to INR45,764 crore as of June 30, 2006, a growth of 40.1%. Retail loans at INR23,121 crore are now 55.9% of gross advances as against 50.5% of gross advances as at June 30, 2005. Business Updates The bank discloses that its branch network is at 535 outlets in 228 cities against 495 outlets in 217 cities in June 2006, the bank said in a regulatory filing. As of June 2006, the number of debit cards issued by the bank crossed the 4 million, while credit cards issued touched the 2.5 million mark. Portfolio quality as of June 30, 2006, remained healthy with net non-performing assets at 0.4% of advances as of June 30, 2006. During the quarter ended June 2006, the bank raised INR3000 million as Upper Tier II capital and INR1690 million as Lower Tier II Capital, both in the form of subordinated bonds. The Bank's Capital Adequacy Ratio was at 11.8% as of June 30, 2006, of which Tier I CAR was 8.4% HDFC Bank's financial report for the quarter ended June 30, 2006, is available for free at: http://www.hdfcbank.com/common/pdf/corporate/Reporting_Format_June06.pdf About HDFC Bank Headquartered in Mumbai, India, HDFC Bank Limited -- http://www.hdfcbank.com/-- is a private sector bank that offers a range of commercial and transactional banking services and treasury products to wholesale and retail customers. The bank operates in three segments: retail banking, wholesale banking and treasury services. The retail banking segment serves retail customers through a branch network and other delivery channels. The wholesale banking segment provides loans and transaction services to corporate and institutional customers. The treasury services segment undertakes trading operations on the proprietary account, foreign exchange operations and derivatives trading. Fitch Ratings, on June 1, 2005, gave HDFC Bank a C individual rating. HDFC BANK: Allots 268,800 Shares to Employees Under ESOS -------------------------------------------------------- HDFC Bank Ltd has informed the Bombay Stock Exchange that its Investor Grievance Committee, at a meeting on September 15, 2006, approved the allotment of 268,800 equity shares to its employees under the Employees Stock Option Scheme. About HDFC Bank Headquartered in Mumbai, India, HDFC Bank Limited -- http://www.hdfcbank.com/-- is a private sector bank that offers a range of commercial and transactional banking services and treasury products to wholesale and retail customers. The bank operates in three segments: retail banking, wholesale banking and treasury services. The retail banking segment serves retail customers through a branch network and other delivery channels. The wholesale banking segment provides loans and transaction services to corporate and institutional customers. The treasury services segment undertakes trading operations on the proprietary account, foreign exchange operations and derivatives trading. Fitch Ratings, on June 1, 2005, gave HDFC Bank a C individual rating. ICICI BANK: CRISIL Rates Tier-I Perpetual Bonds 'AAA' ----------------------------------------------------- The Credit Rating Information Services of India Limited rates ICICI Bank Limited's Tier I Perpetual Bonds a CRISIL AAA. The bonds and their ratings are: * INR7 Billion Tier I Perpetual Bonds Issue - AAA/Stable (Assigned) * INR10 Billion Tier I Perpetual Bonds Issue - AAA/Stable (Reaffirmed) * INR40 Billion Upper Tier II Bonds Issue - AAA/Stable (Reaffirmed) * Bonds/Debentures Issues 1 - AAA (Reaffirmed) * Fixed Deposit Programme 1 - FAAA (Reaffirmed) CRISIL's ratings reflect ICICI Bank Limited's strong market position across various segments of the financial services sector, and the bank management's demonstrated ability to successfully transition the institution to a universal bank with a strong business and financial profile. ICICI Bank's resource profile is comfortable: CRISIL expects the bank to sustain the robust growth in its retail deposits and customer acquisitions. CRISIL also believes that the bank's earnings profile will continue to improve over the medium term, given the retail segment's growing contribution to the overall business, and the lower expected provisioning requirements on its legacy corporate loan portfolio, going forward. In addition, the ratings also factor in the systemic support that CRISIL believes will be available to ICICI Bank, owing to its stature as the second- largest bank in the country. However, the bank will need to sustain the good asset quality of its retail portfolio as this portfolio grows and seasons in order to maintain its overall credit profile. CRISIL does not envisage any material adverse impact on the bank's future earnings profile from its corporate loan book: the non- performing assets therein have substantive provisioning cover. In addition to these factors, the ratings on ICICI Bank's Tier I Perpetual Bonds and Upper Tier II Bonds also take into account the unique features of the instruments, including the conditional debt-servicing characteristic. CRISIL has factored in the bank's current and projected capital adequacy levels, and ability to raise fresh capital (both equity capital and hybrid Tier I capital) into its ratings of these bonds. ICICI Bank's capital adequacy of 13.35% and its Tier 1 capital adequacy of 9.20% as at March 31, 2006, are among the highest, relative to Indian banks of its size. Even after factoring in the bank's significant growth plans and expectations of future provisioning requirements, the bank's projected overall capital adequacy is comfortable for its rating category. CRISIL believes that ICICI Bank will have adequate flexibility, going forward, to raise incremental capital as and when required for its expansion plans and maintain capital adequacy levels comfortably above regulatory requirements. ICICI Bank's management has demonstrated the ability to raise capital as evident in the two public issues of equity in 2004-05 (refers to financial year, April 1 to March 31) and 2005-06, including the issue of overseas American Depository Receipts aggregating around INR113 billion. CRISIL has therefore assigned the same ratings to the Tier I Perpetual Bonds and Upper Tier II Bonds, as to ICICI Bank's other long-term bonds. Outlook (on the Tier I Perpetual Bonds and Upper Tier II Bonds): ICICI Bank's credit profile benefits from its strong market position and demonstrated management capabilities. Given these strengths, CRISIL expects ICICI Bank to manage the asset quality issues in its project and corporate loan portfolios, sustain good asset quality in its fast-growing retail portfolio, and maintain a healthy capital position. This would enable the bank to improve its earnings profile, and maintain overall business and financial risk profiles. The ratings on the Tier I Perpetual Bonds and Upper Tier II Bonds are also based on CRISIL's expectation that ICICI Bank would maintain capital adequacy at levels higher than the regulatory requirement during the tenure of the instrument. About ICICI Bank Headquartered in Mumbai, India, ICICI Bank Limited -- http://www.icicibank.com/-- is a financial services group providing a variety of banking and financial services, including project and corporate finance, working capital finance, venture capital finance, investment banking, treasury products and services, retail banking, broking and insurance. It also has interests in the software development, software services and business process outsourcing businesses. The company's operations have been classified into three segments: Commercial Banking, Investment Banking and Others. It has subsidiaries in the United Kingdom, Canada and Russia, branches in Singapore and Bahrain, and representative offices in the United States, China, United Arab Emirates, Bangladesh and South Africa. The Troubled Company Reporter - Asia Pacific reported on August 17, 2006, that Fitch Ratings affirmed ICICI Bank's individual and support ratings at 'C' and '3', respectively. Another TCR-AP report on August 17, 2006, stated that Standard & Poor's Ratings Services assigned its 'BB-' rating to the hybrid Tier-1 securities to be issued by ICICI Bank Ltd. (foreign currency BB+/Positive/B). INDUSTRIAL DEVELOPMENT: CRISIL Reaffirms Ratings Post-UWB Merger ---------------------------------------------------------------- The Credit Rating Information Services of India Limited has reaffirmed the ratings assigned to Industrial Development Bank of India Limited's debt instruments following the Reserve Bank of India's announcement of the draft scheme of amalgamation of the United Western Bank with IDBI Ltd. The debt instruments and ratings actions are: * INR30.00 Billion Flexi Bonds - AA+/Stable (Reaffirmed) * INR55.25 Billion Omni Bonds - AA+/Stable (Reaffirmed) * INR10.00 Billion Lower Tier II Bonds - AA+/Stable (Reaffirmed) * INR30.00 Billion Flexi Bonds - AA+/Stable (Reaffirmed) * INR89.45 Billion Omni Bonds - AA+/Stable (Reaffirmed) * Bonds Issue (Including the aggregate of INR1.45 Billion Subordinated Bonds of the erstwhile IDBI Bank Ltd.) - AA+/Stable (Reaffirmed) * Certificate of Deposit Programme - AA+/Stable (Reaffirmed) * Fixed Deposit Programme - FAAA/Stable (Reaffirmed) * Certificate of Deposit Programme (Less than 1 year maturity, including the Certificates of Deposits of the erstwhile IDBI Bank Ltd.) - P1+ (Reaffirmed) * INR50.00 Billion Short Term Debt Programme (including Certificates of Deposits) - P1+ (Reaffirmed) The reaffirmation reflects CRISIL's belief that the amalgamation of UWB will not materially impact IDBI Ltd.'s credit profile, given UWB's relatively small size in comparison with IDBI Ltd: UWB had an asset base of INR71 billion and IDBI Ltd, an asset size of INR885.65 billion, as on March 31, 2006. The Government of India had placed UWB under moratorium vide an order dated September 2, 2006. RBI's proposed scheme of amalgamation is subject to approvals from both the banks' boards. Following the acquisition of UWB, IDBI Ltd.'s resource profile and market position will benefit somewhat from the growth in network by 242 branches, including 12 extension counters (ECs), from 199 (including 4 ECs) to 441 (including 16 ECs) due to UWB's wide presence in Maharashtra. The ability of the combined entity to mobilize low-cost savings deposits is also expected to increase, to an extent, on account of this. In addition, IDBI Ltd.'s ATM network would increase by 75 from 418 to 493. The merger will also enable IDBI Ltd. to enhance lending to the agricultural and small and medium enterprises (SME) sector. On the other hand, CRISIL expects a slight decline in IDBI Ltd.'s capital adequacy ratio, owing to the payout to acquire UWB, which, as per RBI's proposed scheme of amalgamation, has been specified as INR1.50 billion. IDBI Ltd.'s asset quality is also expected to decline marginally following the addition of UWB's portfolio, which has a weaker asset quality. UWB's gross non-performing assets (NPAs) as at March 31, 2006 were at 11.5% as compared to 2.0% for IDBI Ltd. However, the provision cover for UWB's NPAs is over 50%. The effectiveness of the integration of UWB's employee base with that of IDBI Ltd. will be a key monitorable, going forward. IDBI Ltd.'s ratings continue to reflect the high strategic importance of the entity to its majority owner, GoI, the expected improvement in IDBI Ltd.'s market position, and resources and liquidity profiles, (following its conversion into a bank and the merger of its erstwhile subsidiary, IDBI Bank Limited, with itself) and the bank's adequate capitalization. These rating strengths are, however, partly offset by IDBI Ltd.'s exposure, albeit reducing, to inherently weaker quality credits and the pressure on its earnings profile. Outlook CRISIL expects IDBI Ltd.'s credit profile to continue to benefit significantly from the support provided to it by its majority owner, GoI. The integration of business and human resources of the erstwhile IDBI Bank and UWB with IDBI Ltd will constitute a key monitorable over the medium term. About United Western Bank United Western Bank Limited -- http://www.uwbankindia.com/-- operates a network of over 200 banks in India. The group's banks provide a full range of services, including retail and merchant banking, investment management, treasury and NRI services, credit card services and assorted ATM facilities. Credit Analysis and Research Limited has placed the CARE B+ (very high credit risk/susceptible to default) rating to the outstanding INR86.2 crore subordinated Tier II bond issues of United Western Bank under "credit watch" with developing implications. About Industrial Development Bank Headquartered in Mumbai, India, Industrial Development Bank of India -- http://www.idbi.com/-- is a commercial bank that offers a range of products, including secured loans, such as housing loans, mortgage loans and loan against securities, and unsecured loans, such as personal loans, educational loans and overdrafts to merchant establishments. It also distributes third-party products, such as insurance and mutual fund products to its retail customers. IDBI also offers project financing, film financing, equipment financing, asset credits, corporate loans, working capital loans, direct discounting, the financing of receivables, venture capital funds, bill rediscounting, rehabilitation financing, foreign exchange and merchant banking. * * * The Troubled Company Reporter - Asia Pacific reported on July 28, 2006, that Moody's Investors Service assigned a D- financial strength rating and Ba2/Not-Prime long- and short-term foreign currency deposit ratings to Industrial Development Bank of India Limited. All ratings have stable outlooks. The bank's existing Baa2 foreign currency senior unsecured debt rating was unaffected by this action. Additionally, Standard & Poor's Ratings Services gave IDBI's long-term foreign issuer credit a BB+ rating on April 19, 2006. PUNJAB NATIONAL: CRISIL Reaffirms Ratings on Unit ------------------------------------------------- The Credit Rating Information Services of India Limited has reaffirmed the ratings of PNB Housing Finance Limited, a fully owned subsidiary of Punjab National Bank. The company's debt instruments and ratings actions are: * INR1000 Million Commercial Paper Programme (Enhanced from INR250 Million) - P1+ * INR1000 Million Tier II Bonds - AA+/Stable (Reaffirmed) * INR750 Million Non-Convertible Debentures - AA+/Stable (Reaffirmed) * Fixed Deposit Programme - FAAA/Stable (Reaffirmed) PNB Housing's ratings continue to reflect its strong linkage with its parent Punjab National Bank, the third-largest scheduled commercial bank in India, and its strategic importance to PNB. The ratings also reflect the company's comfortable resource profile, which is characterized by competitive borrowing costs as well as diversified funding sources. These rating strengths are, to some extent, tempered by the company's moderate market position in the housing finance industry, its average profitability, capitalization levels and asset quality. PNB Housing is a small-sized regional player with a market share of less than 1%. Disbursement growth of 32 percent during 2005-061 has helped it increase its market share marginally after declining for the past two years. PNB Housing's earning profile is marked by average profitability with the Net Profitability Margin at 1.47% for 2005-06. PNB Housing's capital position is characterized by a small Tier I capital base of INR 1096 million and a low capital adequacy of 12.08% as on March 31, 2006 (declined from 16.3% as on March 31, 2005). The asset quality has improved with its gross and net NPA falling to 3.53% and 2.75% as at March 31, 2006 levels from 7.69% and 6.55% as at March 31, 2005. Outlook CRISIL expects PNB Housing to continue to benefit from the management and funding support that it receives from its parent, PNB. This support would mitigate the challenges that it faces in terms of improving its asset quality and profitability in the intensely competitive housing finance sector. About PNB Housing PNB Housing, a fully owned subsidiary of PNB, is engaged in the housing finance business. For the year ended March 31, 2006, PNB Housing reported a profit after tax of INR178 million (INR112 million in 2004-05) on a total income of INR960 million (INR808 million). Its disbursements in 2005-06 aggregated INR3940 million (INR 2980 million) while its outstanding portfolio was INR10980 million as at March 31, 2006 (INR8990 million). About Punjab National Bank Headquartered in New Delhi, India, Punjab National Bank -- http://www.pnbindia.com/-- is a public-sector commercial bank in India, offering banking products and services to corporate and commercial, retail and agricultural customers. The bank has expanded its operations to provide products and services to over 36 million customers across India through more than 4,510 branches. Its banking operations for corporate and commercial customers include a range of products and services for large- corporate customers, as well as for small- and middle-market businesses and government entities. It also caters to the financing needs of the agricultural sector and other priority sectors, including small-scale industries. Its retail credit products include home loans, personal loans and automobile loans. Through its subsidiaries and joint ventures, the Bank deals in Indian government securities and provides housing finance and asset-management services. Fitch Ratings gave Punjab National Bank a 'D' individual rating on June 1, 2005. PUNJAB NATIONAL: Ventures Into Credit Card Business --------------------------------------------------- Punjab National Bank has retained the services of Ernst & Young Pvt. Ltd., to assist the bank in venturing into the credit card business, the bank said in a press release. Ernst and Young Pvt Ltd is a global, multidisciplinary professional services organization. Punjab National Bank Executive Director Shri K. Raghuraman said that the bank has decided to set-up a joint venture subsidiary which will exclusively deal with all aspects of its credit card business in the intensely competitive environment. The joint venture subsidiary will be set-up after obtaining requisite regulatory approval of Reserve Bank of India. Shri Raghuraman said that the joint venture in the field of credit card business will help to leverage the brand equity, customer relationship and the vast network of the bank with the technological and marketing capabilities of the prospective partner, so as to offer card products that are value for money and supported by quality and service. He adds that the consultancy company will execute the desired assignment in a pragmatic manner which entails a number of activities/modules relating to formulation of business plan, identification of potential partners and formation of the prospective joint venture company. The consultancy company is expected to accomplish the desired task in six months and it is hoped that the joint venture subsidiary will start functioning sometimes in February, 2007. About Punjab National Bank Headquartered in New Delhi, India, Punjab National Bank -- http://www.pnbindia.com/-- is a public-sector commercial bank in India, offering banking products and services to corporate and commercial, retail and agricultural customers. The bank has expanded its operations to provide products and services to over 36 million customers across India through more than 4,510 branches. Its banking operations for corporate and commercial customers include a range of products and services for large- corporate customers, as well as for small- and middle-market businesses and government entities. It also caters to the financing needs of the agricultural sector and other priority sectors, including small-scale industries. Its retail credit products include home loans, personal loans and automobile loans. Through its subsidiaries and joint ventures, the Bank deals in Indian government securities and provides housing finance and asset-management services. Fitch Ratings gave Punjab National Bank a 'D' individual rating on June 1, 2005. PUNJAB NATIONAL: Posts INR3.68-Bil Net Profit for June Quarter -------------------------------------------------------------- Punjab National Bank posted a net profit of INR3.68 billion for the quarter ended June 30, 2006, slightly higher compared with the INR3.58-billion net profit recorded for the quarter ended June 30, 2005, the bank disclosed in a regulatory filing with the Bombay Stock Exchange. Total income has increased from INR25.43 billion for the June 2005 quarter to INR29.22 billion for the June 2006 quarter. The bank also declared a final dividend at INR6 per share for the Financial Year 2005-06. This is an addition to the interim dividend of INR3 per share paid on December 19, 2005. Punjab Bank's financial results for the quarter ended June 30, 2006, are available for free at the BSE site at: http://www.bseindia.com/qresann/result.asp?scripcd=532461&quarte r=JQ2006-2007&type=50&scripname=PUNJAB+NATBK About Punjab National Bank Headquartered in New Delhi, India, Punjab National Bank -- http://www.pnbindia.com/-- is a public-sector commercial bank in India, offering banking products and services to corporate and commercial, retail and agricultural customers. The bank has expanded its operations to provide products and services to over 36 million customers across India through more than 4,510 branches. Its banking operations for corporate and commercial customers include a range of products and services for large- corporate customers, as well as for small- and middle-market businesses and government entities. It also caters to the financing needs of the agricultural sector and other priority sectors, including small-scale industries. Its retail credit products include home loans, personal loans and automobile loans. Through its subsidiaries and joint ventures, the Bank deals in Indian government securities and provides housing finance and asset-management services. Fitch Ratings gave Punjab National Bank a 'D' individual rating on June 1, 2005. ================= I N D O N E S I A ================= LIPPO BANK: Fitch Affirms 'D' Individual Rating ----------------------------------------------- Fitch Ratings has affirmed PT Bank Lippo Tbk's Individual rating at 'D' and Support Rating at '4'. The ratings affirmation reflects its improved profitability, from a low base, and its stable balance sheet position. The ratings also recognize the financial strength of its new parent, Khazanah Nasional Bhd, the investment arm of the Malaysian government, rated sovereign Long-term foreign currency Issuer Default rating 'A-'. Khazanah acquired a majority stake in Lippo Bank in 2005, and since then, the largely Khazanah-appointed management team has moved quickly with new initiatives to strengthen the team by hiring several bankers from foreign banks. Lippo Bank is also expanding its risk management function in order to improve its governance standards and broaden its franchise by diversifying into the consumer banking sector. The agency also notes that a key medium-term focus for the bank is to expand through acquisitions in order to grow the bank into a more sizeable entity. Khazanah's better access to financial and technical resources should facilitate the realization of these plans. Lippo Bank's CAR ratios have been generally stable over 2005 and H106 (Tier 1: 15.5%, total: 21.7%) while higher interest margins and stronger loans growth drove operating profits higher to 2.1% of average assets over 2005 and H106 (2004: 1.5%). Lippo Bank is the second largest payment settlement bank in Indonesia and therefore benefits from recurrent fee income and stronger access to lower cost deposits (demand/savings at c.70% of total deposits). Meanwhile, the substantial reduction in non- performing loans over 2005 came mainly from asset disposal as well as write-offs and recoveries. The bank's NPLs crept up to 2% of loans over H106 and may rise further with stronger loan growth. Reserves cover was 2x NPLs and 0.5x with special mention loans. Established in 1948 and listed in 1989, Lippo Bank is the 10th largest Indonesian bank by assets (2% of system). It was nationalized in 1998 and a 52% stake was sold to Swissasia Global group in 2004. The stake was acquired by Khazanah in 2005 and raised to 87.5% through a tender offer. ========= J A P A N ========= BANCO BRADESCO: Enters Partnership with AirPlus International ------------------------------------------------------------- Banco Bradesco SA has partnered with AirPlus International -- a global supplier of corporate travel payment solutions -- to provide international companies in Brazil with a complete corporate payment system. Through the partnership, AirPlus will extend its partner network and merchant base in the Latin American region, strengthening its position in the business travel payment market worldwide. The partnership between AirPlus and Bradesco will offer corporations in Brazil a comprehensive solution that will enable them to better analyze and control their travel spending with detailed and accurate data including company, traveller and trip-specific information. The partnership also expands the AirPlus merchant base within Latin America. Corporations worldwide will benefit from the new strategic cooperation between AirPlus and Bradesco, making it possible for them to manage all corporate travel purchasing through a single global provider. Richard Crum -- the president and Chief Executive Officer of AirPlus International, Americas -- said, "In Bradesco, we have found a partner that is ideally positioned in the Brazilian market. Bradesco's existing payment systems are an excellent fit with our know-how in international business travel management. With Bradesco we have a great partner for sustained growth in the region." Jose Renato Simao Borges, Bradesco's departmental director, said, "At Bradesco we are very happy for this partnership, as it strengthens our leadership position on the commercial cards market in Brazil, mainly on the corporate travel segment. Besides that, it demonstrates the excellence of our products and services and our capacity to meet the needs of large international corporations' subsidiaries." The core product of the partnership is the BRADESCO Cartao Passagem Bradesco or CPB. This lodged product offers companies a central billing solution to easily pay for air tickets from all major international airlines. The detailed accounting information provided by the CPB enables companies to enjoy the benefit of unparalleled transparency of costs. In addition to the CPB, the BRADESCO Corporate Gold Card serves as a powerful payment tool for all other travel and entertainment-related expenses. These two products also enjoy extensive insurance benefits as well as a wide range of other advantages. All data generated through the use of AirPlus payment products is available to corporations anytime online via the web-based AirPlus Information Manager, allowing them to analyze and generate comprehensive reports on their travel programs. Detailed expense reports provided by the AirPlus Information Manager assist businesses to identify potential saving opportunities, thereby providing them with an excellent basis for price negotiations with airlines, hotels, car rental companies and other service providers. Over 30,000 corporate customers worldwide rely on AirPlus for their business travel management needs and benefit from AirPlus' presence in all the leading business travel markets worldwide. About AirPlus AirPlus International -- http://www.airplus.com/-- is a leader in corporate travel payment systems and management information reporting solutions. With AirPlus' central payment accounts, corporate cards and online management tools, customers can optimize all their travel payment practices. More than 30,000 companies, including some of the world's largest global enterprises, have come to trust AirPlus. About Bradesco Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco -- http://www.bradesco.com.br/-- prides itself on serving low- and medium-income individuals in Brazil since the 1960s. Bradesco is Brazil's largest private bank, with more than 3,000 banking branches, and also a leader in insurance and private pension management. Bradesco has branches throughout Brazil as well as one in New York, and Japan. Bradesco offers Internet banking, insurance, pension plans, annuities, credit card services (including football-club affinity cards for the soccer-mad population), and Internet access for customers. The bank also provides personal and commercial loans, along with leasing services. * * * As reported in the Troubled Company Reporter on Feb. 23, 2006, Moody's Investors Service shifted Banco Bradesco S.A.'s 'C-' bank financial strength rating to positive from stable. Fitch Ratings upgraded on June 30, 2006, these ratings of Banco Bradesco S.A., in the wake of the upgrade of the country's foreign and local currency Issuer Default Ratings to 'BB': -- Foreign currency long-term IDR: to BB from BB-; -- Local currency long-term IDR: to BBB- from BB+; and -- National long-term rating: to 'AA+(bra)' from 'AA(bra)'. Fitch Ratings also upgraded Banco Bradesco S.A.'s short-term local currency rating to 'F3' from 'B.' The Troubled Company Reporter - Asia Pacific reported on September 11, 2006, that Moody's Investors Service placed Banco Bradesco S.A.'s B1 long-term foreign currency deposits under review for possible upgrade. FORD MOTOR: General Motors Merger Unlikely Says Analysts -------------------------------------------------------- Industry analysts dismissed a possible merger between General Motors Corp. and Ford Motor Co. after talks surfaced that the two rivals had explored a union, Nick Bunkley at the New York Times reports. The Automotive News reported that the automakers had discussed the possibility of a merger or alliance in July this year but that the talks have concluded. "We consider it highly doubtful that a merger would take place and do not see the benefits for either company as they attempt to restructure." The New York Times quotes Standard & Poor's analyst Efraim Levy. Analysts interviewed by Reuters also questioned the logic of a full-blown merger. GM and Ford declined to comment on the issue. In a report from Reuters, GM spokesman Brian Akre said GM routinely meets with other automakers to discuss issues of mutual interest. Mr. Akre added that, as a policy, GM does not publicly comment on these discussions. GM and Ford are in the midst of a financial crisis as both companies struggle to improve revenues and cut costs. Last week, Ford unveiled a revised version of its "Way Forward" turnaround plan that is seen to further reduce its capacity and work force, and ramp up new product introductions. Ford expects ongoing annual operating cost reductions of approximately $5 billion from its restructuring efforts. General Motors is also pondering a possible three-way alliance with Renault SA and Nissan Motor Co. Reports of a possible alliance came in the wake of GM's troubles as it faces market, production and cost issues. GM is currently implementing a turnaround plan that involves plant closures and job cuts. About General Motors General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the world's largest automaker, has been the global industry sales leader since 1931. Founded in 1908, GM employs about 317,000 people around the world. It has manufacturing operations in 32 countries and its vehicles are sold in 200 countries. 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 Japan. 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: Critics Hit on Latest Restructure Plan -------------------------------------------------- Analysts and investors criticize Ford Motor Company's latest restructuring plan, claiming it does not go far enough, The Birmingham Post reports. As reported by the Troubled Company Reporter - Asia Pacific on September 19, 2006, Ford disclosed plans to further reduce its capacity and workforce, and ramp up new product introductions as it accelerates its North America "Way Forward" turnaround plan. The automaker will cut its North American salaried-related work force by about a third and offer buyout packages to all Ford and Automotive Components Holdings hourly employees in the United States. The reductions will contribute significantly to reducing ongoing annual operating costs by about US$5 billion. In addition, Ford will renew 70% of its North American product lineup by volume by the end of 2008, the TCR-AP said. Wall Street snubbed Ford, whose shares closed down 11.8%, off US$1.07 at US$8.02 on the New York Stock Exchange, the report says. Analysts, for the most part, were disappointed with the blueprint, which aims to slash 10,000 white-collar posts and offering buyouts to all 75,000 unionized employees. The company's quarterly dividend of five cents per share has been eliminated, and Ford executives said it wouldn't make a profit until some time in 2009. Burnham Securities analyst David Healy told The Post that Ford had frightened investors with the postponing of the profitability and the vagueness about the loss. Meanwhile, Merrill Lynch analyst John Murphy said Ford's cuts weren't deep enough. In a note to investors, Mr. Murphy said that the new plan does not materially accelerate product introductions nor provide a solution for the troubled facilities assumed from Visteon -- Ford's former parts unit. According to The Post, other analysts questioned whether Ford could find its way quickly enough out of the auto market's shift from trucks and sport utility vehicles to cars. They wondered if the company could maintain its dwindling market share and generate enough cash long enough to let the plan work. They also queried why the sale of money-losing Jaguar and part of the profitable Ford Motor Credit arm weren't part of the restructuring, and some questioned the vagueness of Ford's plan to roll out new products. Ron Tadross, analyst for Bank of America, cautioned: "We had hoped Ford would close additional assembly plants and make remaining ones highly more flexible, announce the exit-sale of several brands and take other steps." Jonathan Steinmetz, of Morgan Stanley, added: "While we are pleased to see greater cost reduction and more acknowledgment of the reality/gravity of the situation, we remain concerned that current results are worse than we think." 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. In Japan, Ford Motor is headquartered in Tokyo. 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. JAPAN AIRLINES: To Add Flight After Thai Airport Opens ------------------------------------------------------ Japan Airlines will add one more daily flight between Bangkok and Tokyo after the Suvarnabhumi Airport in Thailand starts operations on September 28, 2006, Business Day reveals. According to Japan Airlines' regional manager, Seigi Iwasaki, many people want to use Thailand as a transit point to a third country, but Bangkok International Airport is too crowded and the number of flights is limited. Hence, the new airport will encourage more people to stop over in Thailand especially with the introduction of additional flights by the carrier. Japan Airlines, which currently flies four times a day to Thailand, is optimistic the additional flights will boost its passenger traffic, Business Day adds. About Japan Airlines Tokyo-based Japan Airlines International Company, Limited -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. As of March 31, 2006, JAL's debt amounted to JPY1.93 trillion, whereas shareholders' equity stood at JPY148.1 billion. The Troubled Company Reporter - Asia Pacific stated on May 12, 2006, that JAL posted a consolidated net loss of JPY47.24 billion for the business year 2005 ended March 31, 2006, due to safety-related incidents in 2005 that caused passengers to shift to its rival All Nippon Airways, and an increase in aviation fuel costs. * * * Fitch Ratings Tokyo analyst Satoru Aoyama said that the Company's debt obligations and expenses for new aircraft have placed it in an unfavorable financial position. Fitch assigned a BB- rating on the Company, which is three notches lower than investment grade, whereas Moody's Investors Service gave Ba3 senior unsecured and issuer ratings for Japan Airlines International Co., Ltd., as well as its Ba3 issuer rating for Japan Airlines Domestic Co., Ltd. On July 20, 2006, Standard & Poor's Ratings Services had affirmed its B+ long-term corporate credit and senior unsecured debt rating on the Company. ========= K O R E A ========= AMKOR TECHNOLOGY: Seeks Consents for Waivers of Default ------------------------------------------------------- Amkor Technology, Inc., is soliciting consents from the holders of this series of notes: -- US$400 million aggregate outstanding principal amount of 9.25% Senior Notes due 2016 (CUSIP No. 031652AW0); -- US$250 million aggregate outstanding principal amount of 7-1/8% Senior Notes due 2011 (CUSIP No. 031652AT7); -- US$425 million aggregate outstanding principal amount of 7.75% Senior Notes due 2013 (CUSIP No. 031652AQ3); -- approximately US$88.2 million aggregate outstanding principal amount of 9.25% Senior Notes due 2008 (CUSIP No. 031652AM2); -- approximately US$21.9 million aggregate outstanding principal amount of 10.5% Senior Subordinated Notes due 2009 (CUSIP No. 031652AE0); -- approximately US$142.4 million aggregate outstanding principal amount of 5.0% Convertible Subordinated Notes due 2007 (CUSIP No. 031652AH3); and -- US$190 million aggregate outstanding principal amount of 2.50% Convertible Senior Subordinated Notes due 2011 (CUSIP No. 031652AX8). Amkor is seeking consents for a waiver of certain defaults and events of default that may have occurred or may occur under each series of notes from the failure of Amkor to file with the United States Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarter ended June 30, 2006, and other notices or reports, and the consequences, and the waiver of the application of certain provisions of the indentures governing each series of notes. Amkor has not yet filed with the SEC its Quarterly Report on Form 10-Q for the quarter ended June 30, 2006. Holders of each series of notes are referred to the Company's Consent Solicitation Statement dated September 14, 2006, and the related Letter of Consent for that particular series of notes, which are being mailed to each holder, for the detailed terms and conditions of the consent solicitation. The consent solicitations for each series of notes will expire at 5:00 p.m., New York City time, on September 29, 2006, unless extended or earlier terminated for a particular series of notes. Holders may deliver their consents to the Tabulation Agent at any time before the expiration date. For each particular series of notes, if consents from holders of a majority in aggregate principal amount of notes of that particular series are received prior to the expiration date of the consent solicitation for that particular series of notes and are not revoked prior to the effective date of the proposed waivers for that particular series of notes, each consenting holder for such series of notes will receive an initial consent fee in cash equal to that consenting holder's pro rata share of the dollar amount set forth in the table below under the caption "Initial Consent Fee" opposite the title of that particular series of notes. If the proposed waivers have become effective for a particular series of notes and, in addition, Amkor has not filed the SEC Reports required to be filed by Amkor with the SEC on or prior to such effective date and the proposed waivers for each other series of notes have become effective, each consenting holder for that particular series of notes will receive an additional consent fee in cash equal to that consenting holder's pro rata share of the dollar amount set forth in the table below under the caption "Additional Consent Fee" opposite the title of that particular series of notes. In addition, if Amkor has not filed the SEC Reports required to be filed by Amkor with the SEC on or prior to December 31, 2006 (February 28, 2007, in the case of the waiver of any NASDAQ delisting consequences), it may elect to extend the waiver expiration date to March 31, 2007 (May 30, 2007, in the case of the waiver of any NASDAQ delisting consequences) and pay each consenting holder an additional consent fee in cash equal to that consenting holder's pro rata share of the dollar amount set forth in the table below under the caption "Extension Consent Fee" opposite the title of that particular series of notes. (US$ In Thousands) ------------------------------------------ Consent Fees Principal ---------------------------- Securities Outstanding Initial Addt'l. Ext. ---------- ----------- ------- -------- ----- 9.25% Senior Notes Due 2016 US$400,000 US$400 US$600 US$1,000 7 1/8% Senior Notes Due 2011 250,000 250 375 625 7.75% Senior Notes Due 2013 425,000 425 637 1,062 9.25% Senior Notes Due 2008 88,206 88 132 220 10.5% Senior Subordinated Notes Due 2009 21,882 22 33 55 5% Convertible Subordinated Notes Due 2007 142,422 142 214 356 2.50% Convertible Subordinated Notes due 2011 190,000 190 285 475 The record date for determining the holders who are entitled to consent is August 15, 2006. The proposed waiver for a particular series of notes shall become effective for a particular series of notes upon receipt by the applicable trustee of an officers' certificate from Amkor that the Requisite Consents have been received (and not revoked) and have been accepted for payment by Amkor. The Company has retained Global Bondholder Services Corporation to serve as its Information Agent and Tabulation Agent for the consent solicitation. Requests for documents should be directed to Global Bondholder Services at (866) 470-3800 or (212) 430- 3774. The Company has also retained Jefferies & Company, Inc. to serve as Solicitation Agent for the consent solicitation. Questions concerning the terms of the consent solicitation should be directed to Jefferies & Company, Inc. at (888) 272- 1901 (U.S. Toll-Free) or (917) 421-1901. This announcement is not an offer to purchase or sell, a solicitation of an offer to purchase or sell, or a solicitation of consents with respect to any securities. The solicitations are being made solely pursuant to Amkor's Consent Solicitation Statement dated September 14, 2006, and the related Letter of Consent. About Amkor Technology Chandler, Arizona-based Amkor Technology, Inc. (NASDAQ: AMKR) -- http://www.amkor.com/-- provides advanced semiconductor assembly and test services. The company offers semiconductor companies and electronics original equipment manufacturers a complete set of microelectronic design and manufacturing services. It has sales and manufacturing offices in Japan, China, Taiwan, the Philippines and Korea. * * * As reported in the Troubled Company Reporter on Aug. 25, 2006, Standard & Poor's Ratings Services lowered its corporate and other ratings on Amkor and placed the ratings on CreditWatch with developing implications. The corporate credit rating was lowered to 'CCC' from 'B-'. The downgrade followed Amkor's announcement that it received notice from the trustees of $1.6 billion of its senior and subordinated notes that the delay in filing its Form 10-Q for the June quarter constitutes a default under the notes. AMKOR TECNOLOGY: U.S. SEC Expands Probe --------------------------------------- In a regulatory filing with the United States Securities and Exchange Commission, Amkor Technology, Inc., disclosed that the SEC is expanding the scope of its investigation against the company. In August 2005, the SEC issued a formal order of investigation regarding certain activities with respect to Amkor securities. Amkor believes that the probe relates to activities with respect its securities from June 2003 to July 2004 by certain of its insiders, including activities by or on behalf of certain members of the Board of Directors and the Chief Executive Officer. With the enlarged scope, the SEC requested that Amkor make available documents related to the company's historical stock- option practices. Amkor Technology intends to continue to cooperate with the SEC, Kenneth T. Joyce, Amkor executive vice president and chief financial officer, says. Amkor admits that in the event the investigation leads to SEC action against any current or former officer or director of the company, or the company itself, its business, including its ability to complete financing transactions, or the trading price of its securities, may be adversely impacted. In addition, if the SEC investigation continues for a prolonged period of time, it may have the same impact regardless of the ultimate outcome of the investigation. About Amkor Technology Chandler, Arizona-based Amkor Technology, Inc. (NASDAQ: AMKR) -- http://www.amkor.com/-- provides advanced semiconductor assembly and test services. The company offers semiconductor companies and electronics original equipment manufacturers a complete set of microelectronic design and manufacturing services. It has sales and manufacturing offices in Japan, China, Taiwan, the Philippines and Korea. * * * As reported in the Troubled Company Reporter on Aug. 25, 2006, Standard & Poor's Ratings Services lowered its corporate and other ratings on Amkor and placed the ratings on CreditWatch with developing implications. The corporate credit rating was lowered to 'CCC' from 'B-'. The downgrade followed Amkor's announcement that it received notice from the trustees of $1.6 billion of its senior and subordinated notes that the delay in filing its Form 10-Q for the June quarter constitutes a default under the notes. ARROW ELECTRONICS: Names Four New Heads --------------------------------------- Arrow Electronics, Inc., announced four changes to its leadership team. Effective immediately, Michael J. Long has been named president, Arrow Global Components. Mr. Long, with more than 25 years of experience in electronic components and computer products distribution, has previously served as president of the company's Enterprise Computing Solutions business and most recently, as president, North America and Asia/Pacific Components. "In his new global role, Mike will focus on building on and expanding our regional strengths to the benefit of our customers and suppliers throughout the world," said William E. Mitchell, chairman, president and chief executive officer of Arrow Electronics, Inc. The company also announced that Philippe Combes has been named president of Arrow EMEASA's (Europe, Middle East, Africa and South America) components business, reporting to Mike Long. "We are delighted to welcome such a seasoned and experienced worldwide business leader to Arrow," said Mr. Mitchell. "Philippe's broad experience and knowledge of the components industry will enable us to further accelerate our strategies, driving Arrow EMEASA to the next level of success." Most recently, Mr. Combes served as executive vice president of operations and financial services for Gemplus International, a US$1.2 billion provider of solutions in smart cards, mobile telecommunications, telephony, banking, retail, pay-TV, transport, identity, healthcare, e-government and access control. Prior to joining Gemplus, Mr. Combes was chairman of LG-Philips Displays in Hong Kong and CEO of the Philips Electronics Display Components Business group. Mr. Combes holds a degree in engineering from the Ecole Nationale Superieure des Arts et Metiers in Paris, France. Germano Fanelli has been named chairman of Arrow EMEASA, effective Oct. 1, 2006. "From the time Germano joined Arrow through the acquisition of Silverstar, he has been an instrumental leader within Arrow and has made significant contributions towards our goal to be the clear #1 components distributor in EMEASA," said Mr. Mitchell. "Since Germano became president of Arrow EMEASA, this region has significantly increased revenues and reached new levels of profitability and returns." Arrow also announced the appointment of Vincent Melvin as vice president and chief information officer, effective immediately. "Vin brings significant experience establishing IT systems that are aligned with customer requirements," said Mr. Mitchell. "He is a valued addition to the Arrow senior leadership team." Mr. Melvin joins Arrow with significant experience in the integration of enterprise systems and global IT operations. Most recently, he was executive vice president and CIO of Sanmina-SCI, Inc., a leading EMS (electronics manufacturing services) provider formed through the merger of Sanmina and SCI. Prior to joining SSCI in 2000, Mr. Melvin was director, Information Systems, at Solectron Technology where he was responsible for all IT services and operations at the company's Eastern U.S. facilities. Mr. Melvin holds a Bachelor of Science degree in physics from Trinity College and a Master of Science degree in industrial administration from Carnegie Mellon University. About Arrow Electronics Headquartered in Melville, New York, Arrow Electronics -- http://www.arrow.com/-- is a global provider of products, services and solutions to industrial and commercial users of electronic components and computer products. Arrow serves as a supply channel partner for nearly 600 suppliers and more than 130,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of over 270 locations in 53 countries and territories. In Asia Pacific, the company operates in Australia, China, Hong Kong, India, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand and Korea. * * * Arrow Electronics carries Fitch's 'BB+' issuer default rating. The Company's senior unsecured notes and senior unsecured bank credit facility also carry Fitch's 'BB+' rating. The rating outlook is positive. JINRO LTD: To Raise KRW475 Billion Via Seoul Listing to Pay Debt ---------------------------------------------------------------- South Korean alcoholic beverage manufacturer, Jinro Ltd., intends to raise KRW475 billion (US$493 million) through a domestic listing in September 2007 to pay back debt, the Financial Times reports. Jinro, acquired by Hite Brewery in August 2005 for US%3.4 billion, was delisted from the domestic market in early 2003 after going bankrupt. Jinro told the Financial Times that it plans to issue 5 million new shares, or 10.4% of its enlarged share capital, at KRW95,000 per share. The price, Kim So-yong of Reuters says, will value the entire firm at KRW4.56 trillion (US$4.75 billion). The price could still change because of many variables, Jinro pointed out to FT. The lead managers under the transaction are: -- Samsung Securities, -- Woori Investment & Securities, and -- Daishin Securities. According to Reuters, Jinro is expected to file a re-listing application with the Korea Exchange in April 2007. South Korean laws allows a company to re-list within five years after delisting, Reuters noted. About Jinro Ltd. With distilleries in Ichon, Cheongwon and Masan in South Korea, Jinro Ltd. -- http://www.jinro.co.kr/english/main.asp/-- specializes in manufacturing soju, a vodka-like distilled liquor. Jinro also produces and sells wine, whisky and ginseng liquors as well as non-alcoholic beverages like mineral water and soft drinks. In addition, the Company provides information processing, financial services as well as construction services. Before it was sold Hite Brewery in 2005, Jinro was declared bankrupt on September 9, 1997. The Company was delisted effective January 10, 2003. According to the Financial Times, in spite of high expectations of synergies from Hite's takeover of Jinro, the company is facing severe competition in the Soju market. Jinro, market share, the report says, has fallen from 55% in February 2006 to 50% at the end of June 2006. Financial Times relates that analysts cautioned that the acquisition of Jinro would lay a substantial financial burden on Hite. Although Hite's operating profit was only 3% lower in the first quarter of 2006 compared with a year ago, its profits before tax were down 59%, largely due to Jinro. SANDISK CORP: To Release 3rd Quarter Financials on Oct. 19 ---------------------------------------------------------- SanDisk Corporation plans to announce its third quarter 2006 financial results after the market close on Thursday, October 19, 2006. A conference call to discuss the Company's results is scheduled for Thursday, October 19, 2006, at 2:00 p.m. Pacific Time. Those wishing to listen to the call should dial (913) 981-5523 at approximately 1:50 p.m. Pacific Time. The conference call is being Web cast and can be accessed live from SanDisk's Web site at http://investor.sandisk.com/IRand at http://www.streetevents.comfor institutional investors. The Web cast will also be available on-demand following the conference. About Sandisk Corp. Headquartered in Milpitas, Calif., SanDisk Corp. (NASDAQ:SNDK) -- http://www.sandisk.com/-- manufactures various formats of flash memory cards for use in consumer electronics products, including digital cameras, mobile phones, and game systems. In addition, the company produces devices such as USB drives and MP3 music players. SanDisk has worldwide locations in China, Ireland, India, Israel, Japan, Taiwan and Korea. * * * As reported in the Troubled Company Reporter on May 11, 2006, Standard & Poor's Ratings Services assigned its 'BB-' rating to Sunnyvale, California-based SanDisk Corp.'s proposed issue of $1.0 billion of senior unsecured convertible notes due 2013. The 'BB-' corporate credit rating on SanDisk was affirmed. The rating outlook is stable. SANDISK CORP: German Court Quashes Injunction Seizing Products -------------------------------------------------------------- A court in Germany overturned an injunction previously imposed on SanDisk Corporation allowing the Company to put back in display its MP3 products at IFA, a consumer electronics show in Berlin, cnet.co reports. Sisvel S.p.a., a company into consumer electronics innovation, sought the injunction alleging SanDisk's patent infringement. The now-quashed injunction led customs to confiscate SanDisk's entire range of MP3 products exhibited at its IFA booth. Sisvel complained that SanDisk MP3 players violated license granted to Sisvel, which license is currently extended to more than 600 products. Sisvel receives royalty from the sale of those products. SanDisk, however, denies the allegations. SanDisk insisted that its MP3 run on a different technology than that of Sisvel. The Company also pointed out an expert opinion that said it is not infringing any patent. Sisvel is appealing the order overturning the injunction. About Sandisk Corp. Headquartered in Milpitas, Calif., SanDisk Corp. (NASDAQ:SNDK) -- http://www.sandisk.com/-- manufactures various formats of flash memory cards for use in consumer electronics products, including digital cameras, mobile phones, and game systems. In addition, the company produces devices such as USB drives and MP3 music players. SanDisk has worldwide locations in China, Ireland, India, Israel, Japan, Taiwan and Korea. * * * As reported in the Troubled Company Reporter on May 11, 2006, Standard & Poor's Ratings Services assigned its 'BB-' rating to Sunnyvale, California-based SanDisk Corp.'s proposed issue of $1.0 billion of senior unsecured convertible notes due 2013. The 'BB-' corporate credit rating on SanDisk was affirmed. The rating outlook is stable. SK CORP: Incheon Oil to Curb September Operations ------------------------------------------------- SK Corp.'s SK Incheon Oil decided to cut September operations to 170,000 barrels per day, Reuters reports, citing an unnamed company source. The reduction is 20,000 bpd less than what the Company initially planned. According to Reuters, the cut was not surprising with a number of major oil refineries in Japan and South Korea curbing their runs early this month in attempts to resuscitate profits by limiting fuel output. The report states that cuts may help rebalance an oil market that reportedly is in danger of an extended autumn slump, with gasoline losing its premium to crude oil as the summer driving season ends and stocks of winter heating fuel already brimming in Asia. Next month, however, the Company will keep operations steady, the source told Reuters. SK Corp. took over Incheon Oil in early 2006 after a drawn-out bankruptcy process. About SK Corporation Headquartered in Seoul, South Korea, SK Corporation -- http://eng.skcorp.com/-- is an energy and petrochemical company with 4,916 employees and 22 offices around the world in 2005. The company is strategically positioned as Korea's largest and Asia's leading refiner next to Sinopec and PetroChina. SK Corp. currently explores, develops and produces oil in 13 nations that span Africa, Asia and the Americas, including Russia, Vietnam, Indonesia, Australia, Brazil, Cote d'Ivoire, United States, and Peru. Moody's Investors Service gave SK Corp. a 'Ba1' Foreign Currency Long-Term Debt Rating effective February 17, 2006. =============== M A L A Y S I A =============== CHASE PERDANA: In Talks to Defer RCSLS Redemption ------------------------------------------------- Chase Perdana Berhad, on September 18, 2006, disclosed that it is still in discussions with the holders of its Redeemable Convertible Secured Loan Stock with regard to the rescheduling of the second and third anniversary redemption of RCSLS, which expired on July 18, 2006. As reported by the Troubled Company Reporter - Asia Pacific on June 22, 2006, Chase Perdana, in 2003, issued: * 3.5% redeemable convertible secured loan stock due 2003/2008; and * 3.5% redeemable convertible unsecured loan stock due 2003/2008. Pursuant to the RCSLS Issuing Agreements made between the Company and the RCSLS and RCULS holders, Chase Perdana is due to make a 10% redemption amount and a 3.5% coupon payment, respectively, on the second anniversary of the issuance of RCSLS, falling on July 18, 2005. However, the Company proposed that the Anniversary be rescheduled from July 18, 2005, to July 18, 2006. With the proposed rescheduling, Chase Perdana will be able to undertake new projects, enhance its growth prospects while also ensuring that future scheduled payments to the RCSLS, RCULS and RCPS holders are met. About Chase Perdana Headquartered in Kuala Lumpur, Malaysia, Chase Perdana Berhad -- http://www.chaseperdana.com.my/-- is engaged in construction, property management, property development and investment holding. Its other activities include oil palm processing. Operations are carried out in Malaysia, India and British Virgin Islands. The Company has been suffering continuous losses since fiscal 1999. As of March 31, 2006, the Company's accumulated losses stands at MYR138,579,000. CYGAL BERHAD: SC Denies Deadline Extension Request -------------------------------------------------- The Securities Commission, on September 11, 2006, declined Cygal Berhad's application for a final extension of time to implement the company's corporate exercises. The decision was made after taking into consideration, among others, that Cygal was unable to complete implementation of its corporate exercises despite the five deadline extensions given during the last three years and nine months. The SC has reminded Cygal that the extension granted on April 5, 2006, was the final extension for Cygal to implement its restructuring activities. The Troubled Company Reporter - Asia Pacific reported on September 5, 2006, that Cygal on August 17, made an application to the SC for a final extension of time to implement its corporate restructuring plan. Earlier, the SC has given Cygal until August 31, 2006, to start executing the plan. According to the TCR-AP, the Company's proposed corporate and debt-restructuring scheme involves: -- the exchange of shares on the basis of three new company, or Newco, shares for every four shares in Cygal and the proposed takeover of Cygal's listed status by Newco; -- a rights issue raising up to MYR31 million, to be used for working capital; -- a debt restructuring scheme, which will involve Redeemable Convertible Secured Loan Stocks and Irredeemable Convertible Unsecured Loan Stocks issued by Newco; -- the proposed acquisition of shares in Laudable Invention Sdn Bhd and Cygal Properties Sdn Bhd to be satisfied by cash and shares in Newco; -- a proposed employee's share option scheme for all eligible employees and Executive Directors of Newco, Cygal and its subsidiaries. Cygal's board of directors is deliberating on the SC's decision and an announcement on the outcome of the directors' deliberation will be made in due course. About Cygal Berhad Headquartered in Kuala Lumpur, Malaysia, Cygal Berhad's principal activity is civil and building construction works. Its other activities include housing development; manufacturing and trading in ready mix concrete; trading in building materials; leasing of aircraft parts and equipment; provision of hotel management services; and investment holding. The Group's activities are located in Malaysia and Hong Kong. On Nov. 19, 2001, Cygal Berhad and its subsidiary companies finalized a debt restructuring agreement with their lenders on involving debts outstanding of approximately MYR230 million. The Troubled Company Reporter - Asia Pacific reported on January 13, 2006, that Cygal has obtained the consent of the majority of its financial institution creditors for a further extension of time within which Cygal is to meet the conditions precedent as stipulated in its Nov. 2001 Settlement Agreement with its creditors. The deal relates to the settlement of Cygal's MYR229,637,109 debt to its lenders. As of June 30, 2006, the company has total assets of MYR225.079 million and total liabilities of MYR500.665 million resulting into a stockholders' deficit of MYR275.586 million. GENERAL MOTORS: Forges Partnership with DRB-Hicom ------------------------------------------------- General Motors Corporation signed on September 18, 2006, a deal to set up an equity alliance with its Malaysia distributor, DRB- Hicom, Reuters reveals. According to Bernama News, integrated automotive firm DRB-Hicom signed a memorandum of undertsanding with gGneral Motors got the proposed collaboration for the participation of GM in the equity of Hicomobil Sdn Bhd. Hicomobil is a wholly owned subsidiary of DRB-HICOM and the franchised distributor of Chevrolet vehicles in Malaysia. The United States-based carmaker forged the partnership in a bid to boost its Asian sales, Reuters says. Malaysia is the biggest car market in Southeast Asia, with sales of 531,000 cars last year, or around half of all sales in the region. It offers low production costs for foreign carmakers and access to a regional free-trade area. Under the deal, General Motors would take a 51% stake in the DRB-Hicom subsidiary that sells Chevrolet cars in Malaysia, Reuters relates. In a statement to Bursa Malaysia Securities Berhad, DRB-Hicom said that the strategic collaboration will further foster and fortify DRB-Hicom's relationship with General Motors and the tie-up will enhamce Chevrolet brand image in the domestic market. The new collaboration with is also in line with the National Automotive Policy, to promote Malaysia as an automotive regional hub, focusing on niche areas, DRB-Hicom said in the regulatory filing. Meanwhile, Bernama reports that Hicomobil is expected to commence with the new distribution set up by the fourth quarter of 2006. The new line up of Chevrolet vehicles to be distributed were Chevrolet Aveo Sedan, Chevrolet Aveo Epica, a semi luxury saloon and Chevrolet Captiva, a sport utility vehicle, which is a success in Australia and Europe. About General Motors General Motors Corp. -- http://www.gm.com/-- the world's largest automaker, has been the global industry sales leader for 75 years. With global headquarters in Detroit, GM manufactures its cars and trucks in 33 countries. In Malaysia, GM is headquartered in Kuala Lumpur. On June 30, 2006, Standard & Poor's Ratings Services held all its ratings on General Motors Corp. -- including the 'B' corporate credit rating and the 'B+' bank loan rating, but excluding the '1' recovery rating -- on CreditWatch with negative implications, where they were placed March 29, 2006. On June 22, 2006, Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1' to General Motor's new US$4.48 billion senior secured bank facility. The 'RR1' (recovery of 90%-100%) is based on the collateral package and other protections that are expected to provide full recovery in the event of a bankruptcy filing. On June 21, 2006, Moody's Investors Service assigned a B2 rating to the secured tranches of the amended and extended secured credit facility of up to US$4.5 billion being proposed by General Motors Corporation, affirmed the company's B3 corporate family and SGL-3 speculative grade liquidity ratings, and lowered its senior unsecured rating to Caa1 from B3. Moody's said the rating outlook is negative. KIG GLASS: Bourse Defers Delisting Pending Decision on Appeal ------------------------------------------------------------- KIG Glass Industrial Berhad submitted an appeal against Bursa Malaysia Securities Berhad's decision to delist the company's securities from the Official List. In view of the appeal, the removal of the company's securities from the Official List on September 19, 2006, will be deferred pending the decision on the appeal by the Appeals Committee. The Troubled Company Reporter - Asia Pacific reported on September 15, 2006, that Bursa Malaysia Securities Berhad had decided to remove KIG Glass Industrial Berhad's securities from the Official List on September 19, 2006, as the company failed to appoint a new adviser and submit its regularization plan to relevant authorities by the stipulated date. About KIG Glass Industrial Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass Industrial Berhad -- http://www.kedaung.com/-- manufactured and sold glassware, glass blocks and carton boxes. The firm's other activities included manufacturing of ceramic roof tiles. Its operations were carried out in Malaysia and China. Due to its inability to pay debts, the Company ceased operation in May 2005. As of December 31, 2005, the KIG Group's accumulated losses stood at almost MYR300 million. The shareholders funds in the KIG Group were in deficit of approximately MYR93 million while its total borrowings amounted to approximately MYR104 million. As of June 30, 2006, the group has total assets of MYR57,173,000 and total liabilities of MYR153,698,000, resulting into a stockholders' deficit of MYR96,525,000. MALAYSIA AIRLINES: Invites Pitch for Advertising Account -------------------------------------------------------- Recognizing the importance of aligning the brand's communication needs to its network growth strategies, Malaysia Airlines will appoint two separate agencies to handle communication channels and creative. Media and creative agencies will be first required to submit their credentials by September 29, 2006, and this will mark the beginning of the pitch process. Agency partners will need to be part of an international network and should not be working with any competing full service carrier currently. Into the second round, three agency partners each will be shortlisted for communication channels and creative. They will be required to present a proven case study based on their past experience with an international brand. The shortlisted agencies will be announced in early October with presentations taking place in mid October. Indira Nair, Senior General Manager, Communications, said: "In turning around Malaysia Airlines, we started by focusing on getting our network right. Similarly, with this process we need to start with getting our distribution channels right. So we have taken a conscious decision to split our requirements between communication channels and creative, with channel planning taking the lead and setting the strategy. "This year was a consolidation exercise and the start of the business turnaround process provided the right platform for us to relook everything we were doing. This included all facets of communications. Into next year, we will look at new ways of reaching, converting and retaining customers. And to do this well, we will need to be innovative in our channel planning. "In an agency-client relationship, the team is extremely critical. In round 2, the shortlisted agencies will be required to present the potential team that will work on our account. As part of the presentation process, the team will be given a scenario, which they will have to discuss and present their ideas on. This will give us the opportunity to evaluate how the team works and their thought process." Results and final selection of both agencies is slotted to be announced in mid to late November. About Malaysia Airlines Headquartered in Selangor, Malaysia, Malaysia Airlines -- http://www.malaysiaairlines.com/-- services domestic and international flights. Its global network comprised 32 domestic and 86 international destinations. Of the 86 international destinations, 17 were operated in collaboration with our airline partners. The carrier made a loss after tax of MYR1.3 billion for fiscal year 2005, due to high fuel and operating costs, and unprofitable routes. In late February 2006, it unveiled a radical rescue plan to raise MYR4 billion to stay afloat and return to profitability by 2007. Under the restructuring plan, the airline pledged to cut its budget by 20% across the board, terminate many unprofitable routes, freeze recruitment except for front-line staff, crack down on corruption by encouraging Whistle-blowing and stop corporate sponsorship. MBF CORPORATION: Places Subsidiary Under Voluntary Wind-Up ---------------------------------------------------------- MBf Corporation Berhad's wholly owned subsidiary, MBf Capital Berhad, has on September 12, 2006, resolved that it cannot by reason of its liabilities, continue its business and that it be wound up voluntarily. In this regard, Tam Kok Meng, of Tam & Associates Corporate Services Sdn Bhd, was appointed as provisional liquidator to oversee MBf Capital's wind-up. The Liquidator can be reached at: Tam Kok Meng Tam & Associates Corporate Services Sdn Bhd D-8-3 Level 10 Block D Menara Uncang Emas 85 Jalan Loke Yew 5200 Kuala Lumpur Malaysia The wind-up of MBf Capital is pursuant to the Proposed Liquidation/Disposal of MBf Capital and its subsidiaries, which form part of the scheme of arrangement and internal reorganization of MBf Capital's Scheme undertaken in 2001. Meanwhile, MBf Capital's members and creditors will convene a separate meeting pursuant to Section 254(1)(b) and Section 260(1) of the companies Act, 1965. About MBf Capital MBf Capital was incorporated on October 29, 1991, and the principal activity was investment holding before it became dormant in September 2003 pursuant to its Scheme of Arrangement under Section 176 of the Companies Act, 1965. The authorized share capital of MBf Capital is MYR5,000,000,000 comprising 5,000,000,000 ordinary shares of MYR1 each of which 19,557,850 ordinary shares have been issued and fully paid-up. About MBf Corporation Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad is principally involved in promoting and selling property, club and timeshare memberships; leasing factoring facilities, credit cards, consumer financing and related products and property development. Other activity include investment holding. The Group operates in three main areas, namely, Malaysia, Indonesia and Hong Kong and Taiwan collectively. The Group's principal activities are mainly operated in Malaysia except for the credit card business, which is carried out in Indonesia. The Group has no significant operations in Hong Kong and Taiwan other than certain residual assets from a subsidiary that has since been liquidated in Taiwan. The Company is classified under Bursa Malaysia Securities Berhad's Practice Note 17 category and is required to formulate a plan to raise its shareholders' equity to avoid getting delisted. MERCES HOLDINGS: Faces Wind-Up Proceedings ------------------------------------------ Merces Holdings Berhad had been served with a copy of wind-up petition by Tan Mooi @ Tan So Yin and Foyin Development Sdn Bhd. On June 1, 2006, the petitioners served a written notice of demand to Merces, claiming a total sum of MYR252,439 as of May 29, 2006, on account of costs awarded by Kuching High court under an Allocatur dated May 18, 2005, plus interest at an annual rate of 8% calculated from June 24, 2002, to June 29, 2006. The wind-up petition was presented before the High Court on August 8, 2006, upon expiration if the notice of demand and the amount claimed remained unpaid. A copy of the petition was served on Merces on September 13, 2006. The petition has been fixed for hearing at the High Court in Sabah and Sarawak at Kuching on January 15, 2007. Merces, which expects to incur MYR252,438 in losses from the wind-up petition, said it will take appropriate steps to defend against the petition. About Merces Holdings Merces Holdings Berhad's principal activities are the provision of property development and building construction works. The Company's other activity include investment holding. Operations of the Group are predominantly carried out in Malaysia. Merces Holdings has defaulted on several loan facilities and had faced winding-up petitions due to unsettled financial obligations. METROPLEX BERHAD: August Default Totals MYR1,790,952,184 -------------------------------------------------------- Metroplex Berhad estimates that the principal and interest it defaulted as of August 31, 2006, aggregate MYR1,790,952,181. The amount is an increase of more than MYR12 million from last month's default total of MYR1,778,284,117. Currently, Metroplex is in negotiations with its lenders on the Proposed Composite Schemes of Arrangement, which will essentially address the default in payment. Metroplex will make an announcement at the Bursa Malaysia Securities Berhad upon the finalization of the Proposed Scheme. 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. As of August 31, 2006, Metroplex's payment default reached MYR1,790,952,181. METROPLEX BERHAD: Court Rules on Liquidator's Remuneration ---------------------------------------------------------- The Troubled Company Reporter - Asia Pacific reported on August 3, 2006, that the Kuala Lumpur High Court considered matters relating to the wind-up petition instituted by Morgan Stanley Emerging Markets against Metroplex Berhad. The hearing to consider the costs of the provisional liquidator was put off at a later date. In an update, Metroplex Berhad informed Bursa Malaysia Securities Berhad that on September 7, 2006, the Court ruled that the remuneration of the Provisional Liquidator is to be paid out of Metroplex's assets. The Court, however, allows Metroplex to challenge the entitlement of the Provisional Liquidator to his remuneration, costs and expenses upon his application. Furthermore, the Court directed Morgan Stanley to pay Metroplex the costs incurred in the application for injunction on a "Solicitor and Client's Basis." There was no order as to the costs to be made in favor of interveners. The Court will hear these issues on September 20: -- Morgan Stanley's winding-up petition; -- Morgan Stanley's application for the appointment of a Provisional Liquidator for Metroplex; and -- Metroplex's application to strike out Morgan Stanley's winding-up petition. 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. As of August 31, 2006, Metroplex's payment default reached MYR1,790,952,181. PANGLOBAL BERHAD: Taisho Wants to Intervene in RO Proceedings ------------------------------------------------------------- The High Court of Malaya, on January 5, 2006, granted PanGlobal Berhad a restraining order pursuant to Section 176 (10) of the Companies Act 1965. The Restraining Order, as extended, is effective up to October 3, 2006. In an update, PanGlobal informs the Bursa Malaysia Securities Berhad that on September 11, 2006, it received a sealed summons- in-chambers, together with a supporting affidavit, filed by the solicitors acting for Taisho Company Sdn Bhd. Taisho seeks to, among others: -- intervene in the Restraining Order proceedings; -- include Mr. Yip Wai Keong and Mr. Toh Choe Gim as co- defendants; and -- set aside the Restraining Order and extension previously granted. Taisho also requests for leave to commence execution proceedings including winding-up proceedings against PanGlobal. PanGlobal through its solicitors, Messrs. T.H. Foo & Associates, is currently in the process of replying to relevant matters highlighted in the Affidavit and resisting the application. The hearing to consider Taisho's application, originally set on September 18, is adjourned to October 3. About PanGlobal Berhad Headquartered in Kuala Lumpur, Malaysia, Panglobal Berhad -- http://home.panglobal.com.my/-- is engaged in underwriting all classes of general insurance business, extracting of logs, sawmilling, manufacturing of veneer and extraction of coal. Other activities include property investment and development and leasing of real estate, investment holding, business management, building and fitness club management. PanGlobal is a Practice Note 4/2001 company. The Bursa Malaysia Securities has required the Company to regularize its financial condition, curb huge losses and settle debts in order to continue operating. The Company has already submitted a Proposed Restructuring Scheme to the Securities Commission on September 9, 2005. On April 6, 2006, the Securities Commission approved PanGlobal Berhad's proposed restructuring scheme. The Company's June 30, 2006 balance sheet revealed total assets of MYR692.907 million and total liabilities of MYR905.548 million, resulting to a stockholders' deficit of MYR354.833 million. PAXELENT CORPORATION: Unit Serves Judgment on Dibena ---------------------------------------------------- Paxelent Corporation Berhad's subsidiary, Mass Media Interactive Sdn Bhd, has entered into a judgment in default against Dibena Enterprise Sdn Bhd on August 28, 2006. Under the judgment, Mass Media is asserting payment of MYR1,000,000 together with pre-judgment interest of MYR9,424 and post-judgment interest at the rate of 8% per annum on the whole sum of MYR1,009,424 from the date of judgment until the date of full payment. The sealed judgment had been served on Dibena on September 7, 2006. About Paxelent Corporation Paxelent Corporation is engaged in investment holding. The principal activities of the subsidiaries are property investment, provision of information technology solutions, investment holding, marketing and sale of hard disk drive components. The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Second Board of Bursa Malaysia Securities Berhad. The Company is actively pursuing various restructuring schemes to address its default issues. These schemes would involve raising funds through partial disposal of assets, potential debts waivers and rescheduling of the debts. PROTON HOLDINGS: Needs to Deal with Control Issues, Analysts Say ---------------------------------------------------------------- Analysts believe Proton Holdings Berhad may still have to deal with the issue of control before any tie-up with Europe's PSA Peugeot Citreon could materialize, The Edge Daily reports. As reported by the Troubled Company reporter - Asia Pacific on September 19, 2006, Proton and PSA Peugoet signed on Sept. 15, a letter of intent to study possible partnership that covers at least the Southeast Asian region. The study is expected to take several months and will focus on areas including product development, manufacturing, quality initiatives, vendor development, contract assembly and distribution. OSK Investment Research analyst Wan Azhar Mustapha said that for such a collaboration to take off, Proton's major shareholder Khazanah Nasional Bhd, with a 38.32% stake as of July 20, 2006, may have to give up a controlling stake to PSA, The Edge relates. Another analyst agreed that PSA would only share its technology if it holds a major equity in the national carmaker, according to the report. Nonetheless, Mr. Wan Azhar said notwithstanding the control issue, Proton could benefit greatly from the cooperation, especially in product development via platform sharing and joint development. He said a manufacturing contract would address the underutilisation of Proton's Tanjung Malim plant, which is running at about 15% capacity. He added added that PSA's extensive sales and distribution network globally could also help Proton make inroads into overseas market. On whether the alliance would help to solve Proton's bad brand perception, Mr. Wan Azhar said: "Quality issues are very subjective. Peugeot is not known as a leading carmaker in terms of quality and after-sales service but nonetheless, we feel that at least it is better than Proton." About Proton Holdings Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan Otomobil Nasional Berhad or Proton Holdings Berhad -- http://www.proton-edar.com.my/-- is engaged in manufacturing, assembling, trading and provision of engineering and other services in respect of motor vehicles and related products. Its other activities include property development, trading of steel and related products, engine and technologies research, development of automotive related technologies, investment holding, importation and distribution of motor vehicles, related spare parts and accessories, holds intellectual property, provides engineering consultancy, operates single make race series and carries out specific engineering contracts. The Group's operations are carried out in Malaysia, England, Australia, Socialist Republic of Vietnam and the United States of America. Proton was reported to be among Malaysia's worst-performing companies in 2005, after competition from foreign carmakers and a lack of new models lost the firm local market share and subsequently led it into a loss. It has since brought in a new chief, sold its loss-making MV Agusta motorbike firm and pledged to find a new technology partner. The Company has been under increasing pressure, with its share of domestic sales falling to 44% from 75% over the past decade. The Troubled Company Reporter - Asia Pacific reported on May 4, 2006, that Proton was expected to finalize a recovery plan and seal an alliance with a strategic partner by the end of this year. TELEKOM MALAYSIA: Unit to be Dissolved By December 7 ---------------------------------------------------- Telekom Malaysia Berhad informs Bursa Malaysia Securities Berhad that its wholly owned subsidiary, TM Orion Sdn Bhd, will be dissolved effective December 7, 2006. On December 30, 2005, TM Orion commenced members' voluntary winding-up pursuant to Section 254(1)(b) of the Companies Act, 1965. Pursuant to Section 272(5) of the Companies Act 1965, TM Orion would be dissolved upon the expiry of three months after the lodgement of Form 69 i.e. Return by Liquidator Relating to Final Meeting, with the Companies Commission of Malaysia and Official Receiver. TM Orion filed Form 69 on September 8. About Telekom Malaysia Headquartered in Kuala Lumpur, Malaysia, Telekom Malaysia -- http://www.telekom.com.my/-- which once owned Malaysia's telecommunications landscape, now faces growing competition. Telekom Malaysia provides voice and data services through three primary operating units: TelCo, its core telecom business; Telekom Multimedia, which develops new media businesses; and ServiceCo, which oversees operational activities such as fleet and property management. The company is also a leading Internet Service Provider. Among Telekom Malaysia's subsidiaries are units that publish phone directories and operate fiber optic networks. It sold its cellular unit in 2002 but gained control of Celcom (Malaysia) in 2003. The company also owns stakes in businesses in nine countries in Asia and Africa. The Company had been locked up in disputes with different companies in the past, which brought heavy losses to the firm. Some of its units are also facing the possibility of being wound up by creditors. TENAGA NASIONAL: To List and Quote New Shares Today --------------------------------------------------- Tenaga Nasional Berhad's additional 281,481 new ordinary shares of MYR1 each will be granted listing and quotation today, September 20, 2006. The new shares arose from the conversion of US$600,000 nominal value of the five-year (2002/2007) guaranteed exchangeable bonds issued by Tenaga Nasional's wholly owned subsidiary, TNB Capital (L) Limited. 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 its relatively high financial leverage and significant PPA obligations. ===================== P H I L I P P I N E S ===================== APEX MINING: Posts PHP46 Million Net Loss for Fiscal Year 2005 -------------------------------------------------------------- On August 4, 2005, an international mining firm, Crew Gold Corporation and its Philippine subsidiary, Mapula Creek Gold Corporation, entered into a Share Purchase Agreement with the Apex Mining Co., Inc.'s majority shareholders for the sale and purchase of 72.87% of the company's issued and outstanding capital stock. The SPA involved the sale and transfer of a total of 549,966,524 shares -- including 459,524,591 of the unlisted shares -- in Apex for US$6.6 million. Pursuant to the SPA with Crew Gold and Mapula, the Puyat Group divested fully its shareholdings in Apex Mining. In view of the SPA, Apex Mining formally terminated its operating agreement with Viclode Mining Corporation, and Mintrecor, Inc. On the other hand, Mapula and Crew Gold entered into a Memorandum of Agreement with Goldridge Mining Corp., wherein Goldbridge agreed to stop all its operation effective October 4, 2005. On December 22, 2005, Mines and Geosciences Bureau approved Apex Mining's Mineral Production Sharing Agreement No. 225-2005 - XI covering the 679.02 hectares located in Maco, Compostela Valley Province. As of first quarter of 2006, under the new management, Apex Mining has started its rehabilitation of the plant at the minesite. Mapula Teresa Crew Gold Corporation, and Crew Minerals (Phils.), Inc., the local affiliates of Crew Gold, made advances to the Company for the rehabilitation and refurbishment of the processing plant. Other site infrastructures, like power upgrades, roads, accommodation, technical services and operations staff, office buildings for administration, workshops and stores are also being upgraded progressively. For the second quarter of 2006, the Company continued its rehabilitation of the mines and mill plant. Crew Gold, through its local affiliates, continued to finance the rehabilitation activities. Specifically, the Company has started its drilling program which aims to confirm the historical mineral resource in the Masara area and provide information for underground development on the whole minesite concentrating first on Masara-Bonanza vein system, which offers the largest and most accessible vein system. Full-Year Ended December 2005 Results Apex Mining Co., Inc., incurred a net loss of PHP46 million for the year ended December 31, 2005. As of this date, the Company has accumulated a deficit of PHP1.037 billion while current liabilities exceed current assets by PHP86 million. On December 23, 2005, the Board of Directors approved the write- off of deferred charges for being unproductive for more than 10 years and with no definite program to put the same into production resulting to a loss on write-off in the amount of PHP71 million. Moreover, in 2005, for the purpose of complying with certain requirements of the new stockholders of the Company -- the Crew Gold Group -- Apex Mining assigned certain existing liabilities to PJS Investments Corporation. First Quarter 2006 Results For the first quarter of 2006, a total of PHP52,871,239 were advanced by Apex Mining's various affiliates, broken down to: -- PHP10,439,109 provided by Mapula Creek Gold Corporation, -- PHP23,443,615 funded by Teresa, and -- PHP18,988,514 subsidized by CMPI. These funds were used for the rehabilitation of the plant site. Apex Mining posted a net loss of PHP9.9 million for the first quarter. Total assets amounted to PHP108.5 million as of March 31, 2006 and PHP65.5 million as of December 31, 2005, as non-current assets increased to PHP107.9 million from PHP64.8 million. The increase is mainly due to the rehabilitation of equipment and costs incurred for the development and improvement of the mine site. Current liabilities at PHP139.8 million increased from PHP86.9 million due primarily to advances from affiliates. Net cash used in operating activities for the first quarter of 2006 amounted to PHP3.4 million higher compared to the same quarter in 2005, which was PHP1.3 million. Cash outflow from investing activities, which increased to PHP49.3 million in 2006 from PHP100,804 in 2005 was principally due to acquisition of property, plant and equipment, and expenditures for deferred mine exploration and development costs. The increase in net cash provided by financing activities to PHP52.6 million in 2006 from PPH2.4 million in 2005 mainly arose from advances from affiliates. Second Quarter 2006 Results For the second quarter of 2006, additional advances amounting to PHP17,895,059 were obtained from various affiliates to finance the ongoing rehabilitation plan. These additional funding brought the advances from affiliates to a total of PHP70,766,298 as of June 30, 2006. Total assets as of this quarter amounted to PHP118,177,195, increasing by PHP52,667,200 from the December 31, 2005, balance of PHP65,509,995. Total liabilities posted an increase of PHP72,799,999 from the December 31, 2005, balance primarily due to advances made from various affiliates. Apex Mining is looking forward for the completion of the rehabilitation of the plant site before 2006 ends. Likewise, new management is optimistic that the drilling program, which was started this quarter, will yield a positive result. The drilling program was undertaken to see the potential of the mines for the medium to long-term period. A full-text copy of Apex Mining's financial results is available for free at: http://www.pse.org.ph/html/ListedCompanies/pdf/2006/APX_17Q_Jun2006.pdf About Apex Mining Apex Mining Company, Inc., is majority owned by Norwegian firm Crew Gold Corporation, which is based in the United Kingdom. It owns the Masara gold mine in Compostela Valley on the island of Mindanao. Apex Mining is a corporation that is principally engaged in the business of mining gold, silver, copper, lead and other precious metals. The Company was initially involved in copper mining and shifted to gold mining in the late 70s when copper prices started to plummet. After almost a decade of profitable operations, Apex shut down in March 1991 due to adverse conditions brought about by an illegal strike of its workforce. As peaceful and stable conditions were restored, Apex restored to a Mines Operating Agreement with a foreign-backed outfit. In the hope of getting back on track, the Company launched "Project 200" by the last quarter of 1997. This is to resume operations in the Masara mines using the company's own resources. The new system marked the use of "Corpo" or "Balbag" system, a viable alternative in the area of work relationships wherein the owner and the mines exist in a partner and industrial partner relationship. The Company's Operations were suspended on March 16, 2000, up to the present. However, a mine rehabilitation program was implemented starting July 2000 to re-access the measured ore blocks located at level 850 and level 930. There is a pending negotiation for a joint venture with Argonuat Mining Co., Inc., at 3780 Kilroy Airport Way, Suite 200, in Long Beach, California. The transaction is being delayed by the current peace and order situation in Mindanao. Apex Mining Co., Inc., incurred a net loss of PHP46 million for the year ended December 31, 2005. As of this date, the Company has accumulated a deficit of PHP1.037 billion while current liabilities exceed current assets by PHP86 million. APEX MINING: Starts Pre-Commissioning at the Masara Mine -------------------------------------------------------- Apex Mining Co.'s filing with the Philippine Stock Exchange advises the start of pre-commissioning at the Masara Mine. The pre-commissioning program is designed to assess the integrity of the refurbished 500 ton per day process facility prior to the commencement of continued production. During this program, the first gold-silver dore was produced from the processing of clean-up material. Dore produced from the Masara plant will contain 2 ounces of silver for each ounce of gold. The commissioning program will continue while the establishment of the new gold room and construction of the first stage of the new tailings storage facility is expected to be completed in October. Construction of the additional 2,400 tpd process plant continues according to the latest schedule and commissioning is scheduled for early second quarter of 2007. Once fully commissioned, the Masara operation will have the capacity to process 2,900 ton per day ore to produce between 150,000 and 200,000 ounces of gold and 300,000 to 400,000 ounces silver annually. The company will not fully utilize the capacity of the plant in 2007 as underground development progressively ramps up towards the end of 2007/early 2008. As part of the ongoing drilling program for 2006/2007 of over 80,000 meters, the company is also investigating the potential for open pit mining in the south east of the property where several of the 13-14 veins converge. The company expects to release an updated resource report for the end of 2006. This report will incorporate results from drilling and underground development. The company has also completed the construction of the new Teresa Elementary School and library. This facility was turned over to the local authority in a small ceremony on September 15, 2006. There are currently nearly 2,000 people employed on the mine and mill site, including contractors, most of whom have been recruited locally. About Apex Mining Apex Mining Company, Inc., is majority owned by Norwegian firm Crew Gold Corporation, which is based in the United Kingdom. It owns the Masara gold mine in Compostela Valley on the island of Mindanao. Apex Mining is a corporation that is principally engaged in the business of mining gold, silver, copper, lead and other precious metals. The Company was initially involved in copper mining and shifted to gold mining in the late 70s when copper prices started to plummet. After almost a decade of profitable operations, Apex shut down in March 1991 due to adverse conditions brought about by an illegal strike of its workforce. As peaceful and stable conditions were restored, Apex restored to a Mines Operating Agreement with a foreign-backed outfit. In the hope of getting back on track, the Company launched "Project 200" by the last quarter of 1997. This is to resume operations in the Masara mines using the company's own resources. The new system marked the use of "Corpo" or "Balbag" system, a viable alternative in the area of work relationships wherein the owner and the mines exist in a partner and industrial partner relationship. The Company's Operations were suspended on March 16, 2000, up to the present. However, a mine rehabilitation program was implemented starting July 2000 to re-access the measured ore blocks located at level 850 and level 930. There is a pending negotiation for a joint venture with Argonuat Mining Co., Inc., at 3780 Kilroy Airport Way, Suite 200, in Long Beach, California. The transaction is being delayed by the current peace and order situation in Mindanao. Apex Mining Co., Inc., incurred a net loss of PHP46 million for the year ended December 31, 2005. As of this date, the Company has accumulated a deficit of PHP1.037 billion while current liabilities exceed current assets by PHP86 million. ASIA AMALGAMATED: Suffers Recurrent Losses, No Turnaround Plan -------------------------------------------------------------- Asia Amalgamated Holdings Corporation has suffered recurring losses from operation and has a deficit as of June 30, 2006, amounting to PHP645,844,526. As of this date none of its three remaining subsidiaries have operations. The company notes that it has no concrete and immediate plan on how to reverse the current situation. As compared to the same period in 2005, the company's net operating results registered decline from a loss of PHP168,000 for the first semester of 2005 to a loss of PHP676,000 for the same period this year. Quarter ended June 30, 2006, posted a loss of PHP241,000 as against an income of PHP265,000 for the same quarter in 2005. The decline is essentially due to non-accrual of interest on loans to affiliates. The company's total assets stood at PHP180.16 million as of June 30, 2006. This represents a decrease of PHP109,000 as compared to the December 31, 2005, balance of PHP180.26 million. The company's stockholders' equity decreased by PHP676,000 from PHP166.75 million as of December 31, 2005, to PHP166.07 million as of June 30, 2006. The decrease is principally due to the net loss sustained for the quarter. Asia Amalgamated's continuance of operations in the normal course is dependent on its ability to: 1) generate sufficient cash flow to meet its obligations on a timely basis; 2) obtain additional financing or capital infusion; 3) get competent technical people and personnel to regain the operations and eventually profitability. Unfortunately, the Company has not made any significant improvement on its operations and plans for the future. The consolidated financial statements do not include any adjustments relating to the recoverability of recorded assets carrying amounts and the amount of liabilities that might result should the Company be unable to continue operating in the normal course. A full-text copy of the company's financial results for the quarter ended June 30, 2006, is available for free at: http://www.pse.org.ph/html/ListedCompanies/pdf/2006/AAA_17Q_Jun2006.pdf About Asia Amalgamated Asia Amalgamated Holdings Corporation -- http://www.uni- wide.com.ph/ -- was originally incorporated as Sulu Sea Development Corporation on October 7, 1970 and later changed its name to Asia Amalgamated Holdings Corporation after majority ownership transferred from the National Development Corporation to the present majority stockholders. During the first years of its operation as an investment holding company, Asia Amalgamated has made significant investments in various businesses such as financial and banking services, distribution of household water filtration equipment and industrial wastewater treatment, water transport services and non-life insurance brokerage. The company has incorporated four subsidiaries namely: (1) Ecology Savings Bank, Inc., (2) Unikleen International Corporation, (3) Marilag Transport Systems, Inc., and (4) ESBI Insurance Brokers, Inc. The economic crisis in the late 1990s adversely affected the Company's main affiliate and business client, the Uniwide Group, and ultimately, the Company itself. From 1998 until the present, the Company's subsidiaries ceased operations one by one due to continued financial losses. First it was Ecology Bank, which was acquired by Equitable PCI Group in 1998. The following year, Unikleen began winding up its operations until cessation of operations in 2000. In 2001, ESBI Insurance Brokers did not renew its license with the Insurance Commission. Marilag Transport Systems, Inc. also ceased operations within that year. DEVELOPMENT BANK: Sandiganbayan Dismisses Graft Case v. Execs ------------------------------------------------------------- On the recommendation of government prosecutors, the Sandiganbayan First Division dismissed a 12-year-old graft case involving a PHP23-million loan filed against former executives of the Development Bank of the Philippines, Peter J. G. Tabingo of Malaya reports. The case was filed on May 2, 1994. In an eight-page resolution issued September 13, 2006, the Sandiganbayan granted the prosecution's motion to withdraw the information against all the accused DBP officials and Wright Patterson Manufacturing Corp. officials, Malaya relates. Wright Patterson is no longer operating. According to Malaya, the defendants were: (a) DBP board of governors chairman Rafael Sison; and (b) members: * Alejandro Melchor, * Cesar Zalamea, * Rolando Gapud, * Ruben Ancheta, * Rolando Zosa, * Roberto Ongpin, and * Jose Tengco Jr. Also charged in their private capacity were: (a) Wright Patterson president Abelardo Villarosa; and (b) directors: * Fermin Reyes, * Ricardo dela Vega, * Rudolfo Pineda, * Jose Santiago, * Arsenio Villarosa, * Manuel Diaz, * Benjamin Diaz, and * Romeo Abella DBP executives allegedly approved Wright Patterson's PHP23 million loan in 1979 despite the company only having PHP100,000 in paid-up capital and its submitted collaterals were only worth PHP454,000, Malaya recounts. The paper relates that DBP's own credit investigator Cesar L. Recto submitted an adverse report on Wright Patterson but his findings were ignored by his superiors. Charges against Messrs. Ongpin, Zalamea, and Gapud were dropped in 1995 after the prosecutors' review of the bank records showed they did not participate in the deliberations of the DBP board regarding the loan, Malaya says. The paper further cites a memorandum in September 1996, which moved for the dismissal of the case against the remaining defendants due to lack of probable cause. It claimed that it belatedly found evidence that Wright Patterson was able to increase its capitalization from PHP100,000 to PHP25,000,000, Malaya notes. The paper discloses that the prosecution also said that collaterals required by the DBP to cover the loan included: (a) machinery and equipment worth PHP17.11 million purchased out of the loan; (b) transportation equipment worth PHP1.67 million; (c) land and plant site development worth PHP4.77 million; and (d) building and improvements worth PHP5.53 million 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: FirstGEn Confirms Bid for Philippine Assets -------------------------------------------------------- First Gen Corp., the power generation arm of the Lopez Group, said that it is interested in the Philippine assets of Mirant Corp., Roderick T. dela Cruz of Manila Standard Today reports. The report cites FirstGen's disclosure to the Philippine Stock Exchange as confirming its "interest in the prospective sale of Mirant power assets in the country." As reported in the Troubled Company Reporter - Asia Pacific on September 18, 2006, four groups were vying to acquire the Mirant Philippine' power generating assets, including Marubeni-Tokyo Electric-First Gen. According to Manila Standard, while FirstGen did not specify whether it will form a joint venture with Marubeni and Tokyo Electric, analysts said it would need partners to match the offer of the prospective bidders. The paper notes that Mirant operates two coal-fired power plants with combined capacity of nearly 2,000 megawatts. FirstGen, on the other hand, operates power plants with total capacity of 1,725 mw, Manila Standard reveals. 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. ================= S I N G A P O R E ================= AVAGO TECHNOLOGIES: Sues Elan in Taiwan for Patent Infringement --------------------------------------------------------------- Avago Technologies General IP (Singapore) Pte Ltd, a wholly owned subsidiary of Avago Technologies Limited, has filed suit in Hsin Chu District Court against Elan Microelectronics Corporation for patent infringement. Avago Technologies asserts, after a review of an independent technical examination, that Elan sensors in optical mice that are imported to, exported from or distributed or sold in Taiwan infringe its patent number 207503 "Seeing Eye Mouse for a Computer System." The filing in Taiwan is in addition to Avago's patent infringement claims against Elan in the United States, and addresses alleged infringing sales beyond those involved in the U.S. case. "Avago Technologies pioneered the development and commercialization of optical mouse sensor technology," said Kee Hane Ngoh, vice president and general manager of Avago Technologies' Navigation Products Division. "Through our decades of Agilent/Hewlett-Packard roots, we have developed a wide variety of technologies fundamental to optical mouse sensors and optical mice. We are continuing to vigorously protect our investments in developing this innovative technology." About Elan Microelectronics Elan Microelectronics Corporation was established in May 1994 in Hsinchu Science-Based Industrial Park -- the Silicon Valley of Taiwan -- with initial capital of NT$1 billion and accumulated capital of NT$3.679 billion. The company was listed in Taiwan's Stock Exchange in April 4, 2000. Corporate shares are transfered out from OTC and listed in the mainboard on September 17,2001. ELAN's major business covers research, development and marketing of integrated circuits. Its research and development is committed in developing high- tech economical products that can help in improving the livelihood and welfare of the general consumers. About Avago Technologies Headquartered in San Jose, California, U.S.A. and in Singapore, Singapore, Avago Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/-- is a privately held semiconductor company, with approximately 6,500 employees worldwide. Avago provides an extensive range of analog, mixed- signal and optoelectronic components and subsystems to more than 40,000 customers. The company's products serve four end markets: industrial and automotive, wired networking, wireless communications, and computer peripherals. Worldwide Design, Manufacturing and Marketing Centers in the United States, Italy, Germany, Singapore, Korea, China, Japan and Malaysia. Avago Technologies is the successor to the Semiconductor Products Group of Agilent. Avago Technologies purchased the business of SPG as of December 1, 2005, for US$2.6 billion in cash. * * * As the Troubled Company Reporter reported on November 7, 2005, Standard & Poor's Ratings Services assigned its 'B' corporate credit rating to Avago Technologies Holdings Pte. Ltd. The outlook is positive. At the same time, Avago's proposed US$975 million first-lien senior secured bank facility was rated 'B+' with a recovery rating of '1', indicating a high expectation for full recovery of principal in the event of a payment default. Avago Technologies Finance Pte Ltd. And Luxembourg Finance Co. are borrowers under the loan. In addition, Standard & Poor's assigned its 'B' rating to Avago's proposed US$375 million of senior unsecured notes and US$375 million of senior unsecured floating-rate notes. Lastly, Avago's proposed US$250 million of senior subordinated notes were assigned a 'CCC+' rating. Avago Technologies Finance Pte Ltd., Avago Technologies U.S. Inc., and Avago Technologies Wireless Manufacturing Inc. are co-issuers of the notes. FREESCALE: To Sell Company for US$17.6 Bln to Blackstone, et al. ---------------------------------------------------------------- Freescale Semiconductor Inc. has entered into a definitive merger agreement to be acquired by a private equity consortium with a total equity value of US$17.6 billion. The consortium is led by The Blackstone Group, and includes The Carlyle Group, Permira Funds and Texas Pacific Group. Under the terms of the merger agreement, the consortium will acquire all of the outstanding Class A and Class B shares of Freescale for US$40 per share in cash, representing a premium of approximately 36% over Freescale's average closing share price during the 30 trading days ended Sept. 8, 2006. The company first acknowledged it was in discussions with third parties regarding a possible transaction on Sept. 11, 2006. The board of directors of Freescale has unanimously approved the merger agreement and resolved to recommend that Freescale's stockholders adopt the agreement. There is no financing condition to the obligations of the private equity consortium to consummate the transaction, and equity and debt commitments for the full amount of the merger consideration have been received. It is currently anticipated that substantially all of the company's outstanding Notes will either be tendered for or repaid. The merger is subject to customary conditions to closing, including the affirmative vote of Freescale stockholders and requisite antitrust approvals. The merger agreement contains a provision under which Freescale may solicit alternative proposals from third parties during the next 50 calendar days. In addition, Freescale may, at any time, subject to the terms of the merger agreement, respond to unsolicited proposals. If the company accepts a superior proposal, a break-up fee would be payable by the company. There can be no assurance of any alternative proposal. Goldman, Sachs & Co. serves as financial advisor to Freescale and provided a fairness opinion in connection with the transaction. Wilson Sonsini Goodrich & Rosati Professional Corporation serves as legal adviser to Freescale in connection with the transaction. Credit Suisse Securities (USA) LLC, Citigroup Corporate and Investment Banking and Blackstone Corporate Advisory Services act as financial advisors to the private equity consortium. Skadden, Arps, Slate, Meagher & Flom LLP serves as legal adviser to the private equity consortium in connection with the transaction. About Blackstone Blackstone -- http://www.blackstone.com/--, a global private investment and advisory firm, was founded in 1985. The firm has raised a total of approximately US$62 billion for alternative asset investing since its formation of which roughly US$30 billion has been for private equity investing. Blackstone's private equity group has over 60 experienced professionals with broad sector and specialist semi-conductor expertise. Blackstone's other core businesses include Private Real Estate Investing, Corporate Debt Investing, Hedge Funds, Mutual Fund Management, Private Placement, Marketable Alternative Asset Management, and Investment Banking Advisory Services. About The Carlyle Group The Carlyle Group -- http://www.carlyle.com/-- is a global private equity firm with US$44.3 billion under management. Carlyle invests in buyouts, venture & growth capital, real estate and leveraged finance in Asia, Europe and North America, focusing on telecommunications & media, aerospace & defense, automotive & transportation, business services, consumer & retail, energy & power, healthcare, industrial, and technology. Since 1987, the firm has invested US$22.4 billion of equity in 528 transactions for a total purchase price of US$94.6 billion. The Carlyle Group employs more than 680 people in 16 countries. About Permira Permira -- http://www.permira.com/-- is a leading international Private Equity specialist. As an independent business, Permira is owned and controlled by its partners. The firm's team of over 100 professionals, based in Frankfurt, London, Madrid, Milan, New York, Paris, Stockholm and Tokyo, advises the Permira Funds with a total committed capital of more than EUR20 billion. About Texas Pacific Group Texas Pacific Group -- http://www.texaspacificgroup.com/-- is a private investment partnership that was founded in 1992 and currently has more than US$30 billion of assets under management. Texas Pacific Group invests in world-class franchises across a range of industries, including technology (Lenovo, MEMC, ON Semiconductor, Seagate, SunGard), industrials (Altivity Packaging, British Vita, Grohe, Kraton Polymers, Texas Genco), retail/consumer (Debenhams, Ducati, J. Crew, Neiman Marcus, Petco), airlines (America West, Continental), media and communications (Findexa, MGM, TIM Hellas), financial services (Endurance Specialty Holdings, Fidelity National Information Services, LPL Financial Services) and healthcare (IASIS Healthcare, Oxford Health Plans, Quintiles Transnational), among others. About Freescale 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. In Latin America, Freescale has operations in Argentina, Brazil and Mexico. Freescale Semiconductor's 7-1/8% Senior Notes due 2014 carry Moody's Investors Service's Ba1 rating. HIBEX SINGAPORE: High Court to Hear Petition on September 25 ------------------------------------------------------------ On February 16, 2006, Wong Peng Sang filed a petition to wind up Hibex Singapore Pte Ltd. The High Court of Singapore will hear the petition on Sept. 25, 2006, at 10:00 a.m. The Solicitors for the Petitioner can be reached at: M/s Wong Thomas & Leong 5 Shenton Way #26-05/07, UIC Building Singapore 068808 OVERSEAS SHIPHOLDING: Will Declare 25 Cents-Per-Share Dividend -------------------------------------------------------------- Overseas Shipholding Group, Inc has declared a regular quarterly dividend of 25 cents per share on its common stock outstanding. This will be payable on November 28, 2006, to stockholders who were recorded as of November 7, 2006. About Overseas Shipholding Headquartered in New York, U.S.A., Overseas Shipholding Group, Inc. (NYSE:OSG) -- http://www.osg.com/-- is one of the largest publicly traded tanker companies in the world with an owned, operated and newbuild fleet of 117 vessels, aggregating 13.0 million dwt and 865,000 cbm, as of June 30, 2006. As a market leader in global energy transportation services for crude oil and petroleum products in the U.S. and International Flag markets, the company is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world's most customer-focused marine transportation companies, with offices in New York, Athens, London, Newcastle and Singapore. * * * As reported in the Troubled Company Reporter - Asia Pacific on August 14, 2006, Moody's Investors Service affirmed the debt ratings of Overseas Shipholding Group, Inc.'s Senior Unsecured at Ba1. The outlook has been changed to stable from negative. PACIFIC CENTURY: Posts Revised Financials for Second Quarter ------------------------------------------------------------ On September 18, 2006, Pacific Century Regional Developments Limited submitted to the Singapore Stock Exchange its revised financial statement for the period ended June 30, 2006. The Troubled Company Reporter - Asia Pacific has initially reported the company's financial statement on August 23, 2006. http://bankrupt.com/misc/tcrap_pacificcentury.pdf But the previous financials excluded the profits made by PCCW Limited, an associate company of Pacific Century, which is listed in Hong Kong Stock Exchange. The revised financial report that includes PCCW's profits showed that Pacific Century's profit has rose to SGD56 million compared to the initial report of SGD13.79 million. Other significant changes recorded in the revised financial statement are, the group's non-current assets, which was previously recorded as SGD412.53 million but restated to SGD455.20 million; previous recorded non-current liabilities at SGD230.25 million but was changed to SGD1.56 billion; initial current liabilities was SGD904.68 million but recently recorded at SGD918.66 million. This leaves the current shareholders' deficit of SGD187.58 million, which was in contrast to the earlier report of SGD1 billion shareholders' equity. The Group's revised financial statement for the second quarter ended June 30, 2006, is available for free at: http://bankrupt.com/misc/tcrap_pacificcenturyb.pdf About Pacific Century Pacific Century Regional Developments Limited is a Singapore based company with operations in Hong Kong, China, Vietnam and India. The group's principal activities include the provision of international, local and mobile telecommunications services. Other activities include sale and rental of telecommunication equipment, provision of life insurance services, investment in and development of infrastructure and properties, investment in and development of technology-related businesses, Internet and interactive multimedia services, provision of computer, engineering and other technical services, and hotel operations. * * * The Troubled Company Reporter - Asia Pacific, reported that the company has remained insolvent for the two consecutive years from April 2005 up to the present. QNITY NETWORKS: Pays First and Final Dividend --------------------------------------------- Qnity Networks Pte Ltd has paid its first and final dividend to creditors on September 18, 2006. The company paid 100% on all admitted preferential claims under Section 328 (1) (b), (e) and (f) of the Companies Act, Cap 50. The Liquidators can be reached at: RSM Chio Lim 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423 REFCO INC: Classification & Treatment of Claims Under Plan ---------------------------------------------------------- Refco Inc. and its debtor-affiliates' Plan of Reorganization separately classifies claims against and interest in: * Refco and its 24 affiliates, * Refco Capital, Markets, Ltd., and * Refco F/X Associates, LLC. Administrative and priority tax claims against the 25 Debtors, RCM, and FXA are not classified under the Plan. Administrative and priority tax claims will be paid in full in cash. The Plan groups Claims against and Interest in the 25 Debtors, except FXA, in eight classes: Class Designation Status/Recovery Voting Rights ----- ----------- --------------- ------------- 1 Non-Tax Priority Unimpaired deemed to accept Claims Paid in full, in cash 2 Other Secured Unimpaired deemed to accept Claims Holder will receive: * payment in full, in cash; * sale or disposition proceeds of property securing any allowed claim to the extent of the lesser of allowed claim amount and value of interest in property; or * surrender to Holder of property securing the claim. 3 Secured Lender Impaired entitled to vote Claims Holder will receive any other amounts to be paid in an early payment order plus releases under the Plan. 4 Senior Impaired entitled to vote Subordinated Holder will receive Note Claims its pro rata share of the sum of $331,522,195 and $6 million senior subordinated note fees. 5 General Impaired entitled to vote Unsecured Holder will receive a Claims distribution from the Debtors' distributive assets equal to the sum of $94 million in cash and 50% of Refco Group Ltd., LLC's Interest in Forex Capital Markets, Ltd. 6 RCM Intercompany Impaired entitled to vote Claims Holder will receive: * the sum of RCM rights distribution; * additional RCM claim; * 50% of RGL-FXCM Distribution; and * allocable share of Tranche A litigation trust Interests. Distribution is subject to an administrative claims adjustment. 7 Subordinated Impaired entitled to vote Claims Holder will receive pro rate share of Tranche B Litigation Trust Preferred Assets under the Plan. 8 Old Equity Impaired deemed to reject Interests Holder will receive Claims the greater of a pro rata share of: * 10% of an IPO Underwriter Claims Recovery; or * Tranche B Litigation Trust Common Interest under the Plan. Claims against FXA are grouped in five classes: Class Designation Status/Recovery Voting Rights ----- ----------- --------------- ------------- 1 FXA Non-Tax Priority Unimpaired deemed to accept Claims Paid in full, in cash 2 FXA Other Secured Unimpaired deemed to accept Claims Paid in full, in cash 3 Secured Lender Impaired entitled to vote Claims Paid in any other amounts plus releases 4 Senior Subordinated Impaired entitled to vote Note Claims Holder will waive its claim for the releases 5 FXA General Unsecured Impaired entitled to vote Claims Holder will receive its pro rata share of distribution from FXA's distributive assets, less any amounts paid to FXA Convenience Claimholders. 6 FXA Convenience Impaired entitled to vote Claims Paid in cash equal to 25% of the allowed claim 7 FXA Subordinated Impaired deemed to reject Claims No holder will receive any property or interest. Claims will be cancelled and extinguished on the Plan's effective date. RCM's claims are grouped in four classes: Class Designation Status/Recovery Voting Rights ----- ----------- --------------- ------------- 1 Non-Tax Priority Unimpaired deemed to accept Claims Paid in full, in cash 2 Other Secured Unimpaired deemed to accept Claims Paid in full, in cash 3 RCM FX/Unsecured Impaired entitled to vote Claims Holder will receive a pro rata share of distribution for claimholders under the RCM Settlement and proceeds to RCM from the BAWAG settlement. 4 RCM Securities Impaired entitled to vote Customer Holder will receive a Claims pro rata share of RCM Securities Customer Claims Distribution and the RCM BAWAG Proceeds. Distribution on account of RCM claims will be governed by the RCM Settlement Agreement. The Debtors' disbursing agent will make distributions only to holders of allowed claims and interests. A holder of a disputed claim or interest will receive a distribution on account thereof when and to the extent that its Disputed Claim or Disputed Interest becomes allowed. Under the Plan, any holder of an Allowed Claim or Interest may receive any other less favorable distribution or treatment to which the holder and the 25 Debtors, FXA, the Reorganized Debtors or the Plan administrator may agree in writing. J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in New York, relates that nothing will affect the rights and defenses of the Debtors and RCM with respect to any Unimpaired Claims, including all rights on legal and equitable defenses to setoffs against or recoupments of Unimpaired Claims. Mr. Milmoe discloses that non-Debtor subsidiary claims will be classified and treated as general unsecured claims against the applicable Debtor. Non-Debtor subsidiary interests will be treated in accordance with the Plan. Claims by a Debtor or RCM against another Debtor or RCM are deemed to be settled and compromised by the provisions of and in accordance with the Plan, and no distribution will be made on account of those Clams or Interests. Mr. Milmoe further states that claims against RCM held by any Debtor will receive no distribution. These claims instead are being released in settlement of all Intercompany Claims asserted by or against RCM. Payment of Allowed Administrative Claims, Priority Tax Claims and Non-Tax Priority Claims of the Debtors and of the RCM Estate will be allocated such that: -- RCM will first provide up to $60,000,000; -- the Debtors will next provide up to $120,000,000; and -- to the extent that the Claims exceed $180,000,000 in the aggregate, RCM and the Debtors will bear the cost of the excess equally. FXA will be responsible for all of its Allowed Administrative Claims, Priority Tax Claims and Non-Tax Priority Claims. Professional services -- other than those related to FXA's claims resolution process and issues unique to FXA after the date of the filing of the Plan -- and overhead allocable to FXA in the period between the Plan Filing Date and the Plan Effective Date will be borne by RCM and the other Debtors. In the event that Cargill, Inc., receives an Allowed Administrative Claim against the Debtors, payment of the Claim will be borne by RCM and the Debtors: (i) to the extent the allowance of the Cargill Administrative Claim reduces the Allowed amount of any RCM FX/Unsecured Claim held by Cargill, RCM will pay to the Debtors a portion of the Cargill Administrative Claim equal to 40% of the amount of the RCM Difference; (ii) the Debtors will next pay an amount up to the remainder of the Cargill Administrative Claim Amount; provided, however, that the payment will be capped at the amount that would cause recoveries of Holders of Allowed Contributing Debtors General Unsecured Claims to fall below 30% of the face amount of the Allowed Contributing Debtors General Unsecured Claims; and (iii) if not yet paid in full, the remainder of the Cargill Administrative Claim will be borne by the Debtors and RCM equally. Mr. Milmoe notes that an order confirming the Plan will establish 30 days after the Effective Date as the deadline for creditors to file their Administrative Claims. Administrative Claimholders who are not paid before the Plan's confirmation will seek payment of administrative expenses on or before the Administrative Claims Bar Date. 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. 41; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) REFCO INC: Files Chapter 11 Reorganization Plan ----------------------------------------------- Refco Inc. and 25 of its subsidiaries, along with Marc S. Kirschner, the Chapter 11 Trustee for the estate of Refco Capital Markets, Ltd., delivered a Chapter 11 plan of reorganization and accompanying Disclosure Statement to the Court on Sept. 14, 2006. The Plan is premised on a consensual pooling of assets and liabilities of the Debtors, excluding Refco F/X Associates, LLC, solely to implement the settlements and compromises reached by the primary constituencies in the Chapter 11 cases, including: -- the Debtors; -- the RCM Trustee; -- the Official Committee of Unsecured Creditors and the Additional Committee of Unsecured Creditors; -- the Secured Lenders under the Credit Agreement, dated August 5, 2004, entered into by Refco Group Limited, Ltd.; and -- the holders of the 9% Senior Subordinated Notes due 2012 issued by RGL and Refco Finance Inc. On the Plan Effective Date, each of the Affiliate Debtors, except FXA, will be deemed to have merged with and into Refco, Inc., with Refco, Inc., as the surviving entity. All non-Debtor Refco Entities will be wound up and dissolved as soon as practicable and all available cash, after appropriate wind-up activities, will be distributed to RCM, the Debtors, and Refco, LLC, on account of intercompany balances or equity dividends, where applicable. Plan Administrator & Creation of Litigation Trust Refco Inc. and FXA will continue to exist for the limited purposes of liquidating all of the assets of the Estates, and making Distributions in accordance with the Plan. A Plan Administrator will be appointed to serve as sole officer and director or manager, as applicable, of each of the Reorganized Debtors. A Litigation Trust will be established to pursue claims any Debtor or RCM may hold pursuant to Sections 547, 550 and 749 of the Bankruptcy Code. The Plan Administrator will serve as trustee of the Litigation Trust. The Committees will be dissolved on the Effective Date. A Plan Committee will be created, which will have ultimate supervisory authority over the Plan Administrator. The Litigation Trust will be structured to provide for a senior Tranche A and a junior Tranche B. No Distributions of Litigation Trust Interests will be made in respect of Tranche B until Tranche A has been fully and indefeasibly paid. The Litigation Trustee may establish further separate sub- Tranches, as necessary. Beneficiaries of Tranche A Litigation Trust Interests will be: 1. the RCM Estate; 2. Holders of General Unsecured Claims against the Chapter 11 Debtors, except FXA; and 3. Holders of General Unsecured Claims against FXA. Holders of Subordinated Claims against the Chapter 11 Debtors, except FXA, will receive their pro rata share of the Litigation Trust Proceeds -- Tranche B Litigation Trust Preferred Interests -- after the beneficiaries of the Tranche A Litigation Trust Interests have been paid in full. Holders of Old Equity Interests in the Chapter 11 Debtors, except FXA, will receive their pro rata share of the Litigation Trust Proceeds -- Tranche B Litigation Trust Common Interests -- after the beneficiaries of the Tranche B Litigation Trust Preferred Interests have been paid in full, to the extent the Old Equity Interest Holders elect not to receive 10% of any recovery from claims to be brought by the Litigation Trust against underwriters of the August 2005 initial public offering. Settlements Embodied in Plan The cornerstone of the Debtors' Plan of Reorganization is a series of interdependent settlements and compromises of various debtor-creditor, inter-debtor, and inter-creditor disputes. The Settlements are reflected in the relative recoveries of the various creditor groups under the Plan and are designed to achieve a global, consensual resolution of the Chapter 11 cases. The Disputes being resolved by the Settlements include: 1. RCM Dispute Whether certain property held by or on behalf of RCM constitutes property of the RCM Estate; whether RCM is a "stockbroker" as defined in Section 101(53A) of the Bankruptcy Code, and the members of the Moving Customer Group Members and certain parties are "customers" of RCM as defined in Section 741(2); whether RCM's Chapter 11 case is required to be converted to a case under Chapter 7 because RCM is not eligible to be a debtor under Chapter 11; and whether the MCG Members and Joinder Parties are entitled under Section 752 to enforce their claims as customers to "customer property" as defined in Section 741(4); 2. RCM Claims Priority Dispute Whether the RCM Intercompany Claims rank senior to, junior to, or pari passu with the Secured Lender Claims and the Senior Subordinated Note Claims as a result of contractual subordination or equitable subordination under Section 510(c); 3. Fraudulent Conveyance/Obligations Dispute Whether (i) the Senior Subordinated Note Claims and (ii) the $231,262,500 partial redemption payment made on the Senior Subordinated Notes on September 16, 2005, are subject to avoidance on the grounds that the bulk of the proceeds of the Senior Subordinated Notes was (x) used to finance a leveraged recapitalization, and (y) distributed to equity holders at a time when the obligors and guarantors of the Claims were, or were rendered, insolvent or undercapitalized; 4. Preference Dispute Whether the $231,262,500 Notes Redemption Payment, which was made within the 90-day period before the Petition Date, constitutes a voidable preference under Section 547(b) and, if so, whether the failure to return the payment to the appropriate Debtor's estate warrants disallowance of the Senior Subordinated Note Claims under Section 502(d) even if the current holders of the Claims were not the entities receiving the preferential payments; 5. Substantive Consolidation Dispute Whether and to what extent the Debtors' estates should be treated separately or substantively consolidated for purposes of determining the rights of, and making payments to, holders of Claims; 6. Intercompany Claims Disputes Whether and in what amount Claims asserted between and among the Debtors, RCM, and Refco LLC will be allowed; and 7. Administrative and Priority Claims Dispute Whether and to what extent the liability for Administrative Claims and Priority Claims asserted against the Debtors or RCM will be allocated between and among the Debtors and RCM. Releases Under the Plan On the Effective Date, these parties will be released from all claims and liabilities with respect to the Debtors or their cases: (i) the Debtors' directors and officers; (ii) RCM and the RCM Trustee; (iii) the Committees and their members; (v) the Debtors, except with respect to Intercompany Claims allowed pursuant to the Plan; (vi) Bank of America, as Agent for the Secured Lender, and the Secured Lenders; (vii) Wells Fargo Bank, N.A., as indenture trustee under the Senior Subordinated Note Indenture, and the Holders of the Senior Subordinated Notes arising from or related to the Senior Subordinated Note Indenture or any related guaranties; (viii) solely with respect to RCM, the Refco Entities; and (ix) the Debtors' professionals. The non-Debtor entities, however, are not released from any liabilities or obligations to the United States of America or its agencies or subdivisions. Conversion of RCM Case The Plan also contemplates that on or prior to the Effective Date, the RCM Chapter 11 case will be converted to a case under subchapter III of Chapter 7 of the Bankruptcy Code. The Settlement Agreement among the RCM Trustee; the holders of securities customer claims against RCM; the foreign exchange customers of RCM; and Leuthold Funds, Inc., and Leuthold Industrial Metals Fund, L.P., will govern the administration of the RCM Estate. Upon conversion, the Plan will constitute a settlement and compromise of claims between RCM's Chapter 7 estate and the Debtors. The Distributions to RCM's creditors will be governed by the terms of the RCM Settlement Agreement and the Plan in the event that the RCM Estate does not convert to Chapter 7. Plan Doesn't Apply to Refco LLC The Plan does not contemplate the disposition of assets and the resolution of Claims against and Interests in Refco LLC, as those Claims and Interests are being addressed separately in conjunction with the administration of Refco LLC's Chapter 7 case. Disclosure Statement Hearing on Oct. 16 The Court will convene a hearing on October 16, 2006, at 10:00 a.m. to consider whether the Debtors' Disclosure Statement contains adequate information within the meaning of Section 1125 of the Bankruptcy Code. Objections, if any, to the Disclosure Statement are due October 9. The Debtors hope to have the Plan confirmed by December 15, 2006. The Debtors expect to emerge from bankruptcy by the end of the year. The Debtors believe that confirmation of the Plan is not likely to be followed by liquidation or the need for further financial reorganization of the Debtors. The Debtors believe that the Plan is feasible pursuant to Section 1129(a)(11) of the Bankruptcy Code. The Debtors have also determined that the Plan will provide each holder of a Claim or Interest entitled to vote with an equal or greater recovery than that holder would have received under a Chapter 7 liquidation. The Debtors will present a liquidation analysis to the Court at a later date to support their contention. Consequently, the Debtors urge creditors entitled to vote to accept the Plan. A full-text copy of Refco's Plan and Disclosure Statement is available at no charge at http://researcharchives.com/t/s?11d9 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. 41; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) VAN HIN FURNITURE: Faces Wind-Up Proceedings -------------------------------------------- JTC Corporation has filed on September 1, 20006, an application to wind up Van Hin Furniture Company (Pte) Limited. The Solicitors for the Plaintiff can be reached at: Tan Kok Quan Partnership 45 Maxwell Road #05-11/#06-11 The URA Centre (East Wing) Singapore 069118 Tan Kok Quan Partnership =============== T H A I L A N D =============== DATAMAT PCL: To Appoint Auditors to Review Company's Financials --------------------------------------------------------------- Advance Planner Co Ltd -- the official planner for the rehabilitation of Datamat Pcl -- disclosed its plan to the Securities and Exchange of Thailand to appoint auditors to review the company's financial report. In a statement addressed to the SET, Advance Planner stated that it is considering Athipong Athipongsakul and Prawit Wiwanthananut, both from ANS Audit Co, to act as auditors for Datamat. According to Advance Planner, the auditors, individually, would review: 1. Datamat's third quarter financial statement for the year 2005 and audit the financial statement for the year 2005. The auditor's fee for this task is THB560,000; or 2. Datamat's quarters 1-3 financial statements for the year 2006 and audit the financial statement for the year 2006. The auditor's fee for this task is THB900,000. On August 28, 2006, the Troubled Company Reporter - Asia Pacific reported that the SET placed an "SP" -- Suspension -- sign on the securities of Datamat for failing to submit its financial reports. Datamat explained that it has changed its auditor to review the company's figures and balance status, which resulted to the delay of the submission of its financial report. * * * Headquartered in Bangkok, Thailand, Datamat Public Co. Limited -- http://www.datamat.co.th/-- distributes computers, provides computer technology services, and maintains computer and software system. It also provides software services using programming and Java technologies, including a distributor of software system and computer equipment of image processing. The Company is currently categorized under the "Non-Performing Group" sector of the Stock Exchange of Thailand. As of August 25, 2006, Datamat's balance sheet reflected total assets of US$17.55 million, and total shareholder's deficit of US$1.72 million. THAI PETROCHEMICAL: To Sign US800-Mil Loan Deal to Pay Debts ------------------------------------------------------------ As reported in the Troubled Company Reporter - Asia Pacific on June 23, 2006, Thai Petrochemical Industry Pcl's board of directors has approved the company's plans to raise almost US$1 billion capital to pay debts. In an update, Reuters relates that Thai Petrochem is set to sign an US$800-million loan deal with lenders today, September 20, 2006, to refinance its debt. The firm would use the one-year loan and working capital to refinance all its US$960-million debt to reduce expenses, president Piti Yimprasert told Reuters. "The new loan will help us save THB700 million (US$18.8 million) in interest costs," Mr. Yimprasert said. According to Reuters, eight banks -- including Bangkok Bank, Krung Thai Bank, Siam Commercial Bank, Citigroup and Barclays Capital -- would provide the loan jointly. Mr. Yimprasert adds that a bond issue is planned for next year to refinance Thai Petrochem's short-term loan. * * * Headquartered in Bangkok, Thailand, Thai Petrochemical Industry Plc -- http://www.tpigroup.co.th/-- is the leading integrated petrochemical company in the country, producing naphtha, liquefied petroleum gas, and lubricant oils. The Thai Government was reorganizing the bankrupt company, which had defaulted on US$2.7 billion in loans, when PTT Plc, Thailand's largest oil and gas group, and Thailand's biggest company, purchased a 31.5% stake in Thai Petrochemical late in 2005. In December 2005, PTT and three other state agencies completed payment for a 61.5% stake in Thai Petrochemical. The money was used to pay for a bulk of the Company's defaulted loans. The Company has since been trying to get out of restructuring. The Troubled Company Reporter - Asia Pacific reported on April 28, 2006, that the Central Bankruptcy Court of Thailand approved Thai Petrochemical's exit from business rehabilitation. The Court ruled that the business rehabilitation plan of Thai Petrochemical and its six subsidiaries -- Thai ABS Co; TPI Aromatics Plc; TPI Oil Co; TPI Polyol Co; Thai Polyurethane Industry Plc; and TPI Energy Co. -- be terminated. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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 Beard Audio Conferences Surviving the Digital Deluge: Best Practices in e-Discovery and Records Management for Bankruptcy Practitioners and Litigators Telephone: 240-629-3300 Web site: http://www.beardaudioconferences.com/ 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. Nolie Christy Alaba, Valerie Udtuhan, Francis James Chicano, Catherine Gutib, Tara Eliza Tecarro, 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 ***