/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/061004.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, October 04, 2006, Vol. 9, No. 197 Headlines A U S T R A L I A & N E W Z E A L A N D ACCESSORY STREET: Liquidation Bid Hearing Slated for Oct.12 AIR STEEL: Members and Creditors to Meet on October 19 ARTIFICIAL INTELLIGENCE: Court Sets Date to Hear Liquidation Bid AUSTOXIN PTY: Liquidator Mier to Present Wind-Up Report BELL GROUP: Insurance Commission to Give Liquidator AU$12.1 Mln CANBERRA SCAFFOLDING: Members Appoint Liquidator CENTRAL FLOORING: Court to Hear CIR's Liquidation Bid on Oct.9 CONNEXIONS CAFE: Appoints Naylor as Liquidator CONSTELLATION BRANDS: Agrees to Sell 7.25% Notes for US$700 Mln CONSTELLATION BRANDS: Fitch Affirms Low-B Ratings CLADRITE DEVELOPMENTS: Creditors' Proofs of Debt Due on Oct. 9 CRYSAN PTY: Creditors Opt to Liquidate Business DDS LTD: Creditors Must Prove Debts by October 10 DOBBIN SECURITIES: Enters Liquidation Proceedings EPIC INTERIORS: Wind-Up Process Commenced FELTEX CARPETS: Godfrey Hirst Becomes New Company Owner FELTEX CARPETS: NZX Extends Deadline to File Annual Report GREEN & HANCOCK: To Declare Third Dividend on October 13 H.C. SERVICING: Members Opt to Close Operations KINGS BAY: Commences Wind-Up of Operations LAKESIDE FISH: Court Issues Wind-Up Order LANE COVE: Enters Voluntary Liquidation MARSTEN PTY: Members Resolve to Wind Up Firm MGM MIRAGE: Moody's Assigns Loss-Given-Default Ratings MULTIPLEX GROUP: Provides 2nd Update on Wembley Project NEOCO PTY: Third Dividend Scheduled on October 13 NETWORK NOMINEES: Liquidator to Present Wind-Up Report NORD RESOURCES: Nedbank Extends Maturity of US$4.9-M Sec. Loan O'BRIEN DEVELOPMENTS: Creditors' Proofs of Claim Due on Oct. 16 PF BUSINESS: Prepares to Declare Dividend to Creditors PHILLIPSON FLETCHER: Set to Declare Third Dividend on October 13 POWER-UP ELECTRICAL: Faces Liquidation Proceedings QUEZ REMOVALS: Creditors Agree to Close Business Operations RAYNILL PTY: Members and Creditors to Hold Final Meeting RM RESOURCE: Final Meeting Scheduled on October 18 RON O'MULLANE: Final Meeting Fixed on October 24 S.C.I. HOLDINGS: Placed Under Voluntary Wind-Up S.C.I MEAT: Faces Wind-Up Proceedings S.C.I. OPERATIONS: Members Decide to Liquidate Business S.E. SUPPORTED: Final Meeting Slated for October 19 STEVEN CHARLES: Members Opt to Shut Down Business STOCKFORD CORPORATE: To Declare Third Dividend on October 13 STOCKFORD (MJNRJ): Set to Declare Third Dividend on October 13 STOCKFORD (MJPAR): Prepares to Declare Third Dividend STOCKFORD (MJPRR): To Declare Third Dividend on October 13 THE BIG CAT: Members to Receive Wind-Up Report VINEYARD MARSDEN: Supreme Court Issues Wind-Up Order WAYBY INVESTMENTS: Creditors to Prove Debts by October 20 C H I N A & H O N G K O N G AFFILIATED COMPUTER: Gets Sued for Breach of Fiduciary Duties ARTIFICIAL LIFE: June 30 Balance Sheet Upside-Down by US$4.2-M CC & E INTERNATIONAL: Wind-Up Petition Hearing Set on Oct. 25 CAPITAL SYSTEM: Names Joint Liquidators CHALENDER LTD: Creditors to Prove Claims on October 29 CHANTICLEER COMPANY: Gilligan Cease to Act as Liquidator CHINA EASTERN: To Pay CNY21.40 Mil. Over Crash Pollution COMWISE TECHNOLOGY: Placed Under Voluntary Wind-Up DND TECHNOLOGIES: June 30 Balance Sheet Upside-Down by US$7.3-M EASTERN WOOD: Liquidator Cease to Act for the Company FAITH BUILDING: Court Sets Date to Hear Wind-Up Bid FAR EAST & SINO: Shareholders Opt to Close Operations GB BONTEX: Enters Voluntary Liquidation GOLDEN FAME: Faces Wind-Up Proceedings GREEN LEAF: Creditors to Meet on October 18 HUTCHISON CHINA: Liquidators Cease to Act for the Company KADEFU DEVELOPMENT: Creditors to Hold Meeting on October 25 LAS VEGAS SANDS: Moody's Assigns Loss-Given-Default Ratings LEE & POON: Creditors Must Prove Debts by October 14 OLIVER'S SUPER: Joint Liquidators to Present Wind-Up Report NEW CHINA PROPERTY: Members and Creditors to Meet on October 10 PHILIPS MEDICAL: Appoints Joint Liquidators REFCO FOREX: Creditors' Proofs of Claim Due on Oct. 20 RNA INVESTMENTS: Inability to Pay Debts Prompts Wind-Up SAPPHIRE FORTUNE: Creditors' Meeting Slated for October 25 SKYPORT ENTERPRISES: Shareholders Resolve to Wind-Up Operations SPEEDRICH COMPANY: Members' Final Meeting Slated for Oct. 31 STONE BLACK: Hearing of Liquidation Bid Fixed on November 16 TYSON FOODS: Resolves Govt. Dispute on Employment Practices UNITY WIRELESS: Provides Update on Business Strategy for Growth * CBRC Commends Banks' Positive Changes in its Loan Structures I N D I A ESSAR OIL: Members Name New Auditors & Directors HAYES LEMMERZ: S&P Affirms B- Rating & Removes Negative Watch HDFC BANK: BOD Meeting to Consider 2Q Results Set for Oct. 17 HINDUSTAN PETROLEUM: Awarded ONGC Service Contract HINDUSTAN PETROLEUM: Offers to Buy Stake IN Bhatinda Refinery INDIAN OIL: Liquidates INR1,450-Crore Oil Bonds INDIAN OIL: To Build 15 Million-Tonne Refinery in Haldia JAMMU & KASHMIR: Seeks RBI Nod to Increase FII Limit to 40% LML LTD: Incurs INR133.2-Mil. Net loss for 2006 2nd Quarter KARNATAKA BANK: Program Gets A1+ Rating from ICRA UNITED WESTERN: Government Approves Amalgamation with IDBI I N D O N E S I A BANK NIAGA: Boss to Resign Late This Year MATAHARI PUTRA: Issues Unsecured Bonds Worth US$150 Million J A P A N MITSUBISHI MOTORS: Posts JPY15.10 Bil. Net Loss for 1st Quarter SAPPORO HOLDINGS: Sapporo Breweries Extends Offer for Sleeman SOFTBANK CORP: To Cut Interest Cost With Asset-Backed Debt SOFTBANK MOBILE: S&P's 'BB+' Ratings Remain On Watch Negative * New Prime Minister Can Improve Credit Picture, Moody's Says K O R E A DAEWOO CORP: U.S. Court Issues Temporary Restraining Order DAEWOO ELECTRONICS: Videocon Wants 20% Purchase Price Slash * Korean Carmakers Earned Record Sales in September M A L A Y S I A ARMSTRONG WORLD: S&P Rates Proposed US$1.1-B Facility at BB JIN LIN WOOD: High Court Grants Extension of Restraining Order KNOLL INC: Moody's Assigns LGD2 Ratings to US$450-M Senior Loans MBF CORPORATION: Completes MYR12,515,000 Shares Disposal MERCES HOLDINGS: Unit's Wind-Up Hearing Postponed to December 6 SINORA INDUSTRIES: To Submit EIA Report for Approval of Logging SUGAR BUN: Posts MYR3.26-Billion Loss for 2nd Quarter 2006 TENGGARA OIL: Malayan Banking Berhad Serves Writ of Summons P H I L I P P I N E S ACCESS WORLDWIDE: June 30 Balance Sheet Upside-Down by US$7.6-M CHIQUITA BRANDS: Moody's Affirms Caa1 Rtg. on US$250MM Sr. Notes PHILIPPINE LONG DISTANCE: Directors Declare Cash Dividends MANILA MINING: Extends Stock Rights Offer Period Until Oct. 6 WEST CORP: Moody's Assigns Caa1 Rating to US$1.1 Bil. Sr. Notes WEST CORP: S&P Rates Proposed US$2.35-B Sr. Facilities at B+ * Philippine Peso Hits Four-Year High * Philippines Raises PHP867 Mln Non-Tax Revenues in Jan-Aug 2006 S I N G A P O R E COLLINS & AIKMAN: Moody's Assigns Loss-Given-Default Ratings DELL INC: Yourman Alexander Announces Securities Suit Filing E-BRILLIANT PTE: Pays First and Final Dividend EH GROUP: Creditors' Proofs of Claim Due on October 30 GETRONICS NV: Completes Sale of PinkRoccade to Randstad Holding LOUIS PRESTON: High Court to Hear Wind-Up Petition on Oct. 13 SEA CONTAINERS: GNER Not Sustainable, Former Rail Chief Says SEE HUP SENG: SGX-ST Approves Listing of 31,758,000 Shares STATS CHIPPAC: Appoints Teng Cheong Kwee as Director T H A I L A N D HRP MYRTLE: Moody's Assigns Loss-Given-Default Ratings to Notes THAI-GERMAN: Gains THB3.079 Million in First Half 2006 TONGKAH HARBOUR: Auditor Expresses Going Concern Doubt * Upcoming Meetings, Conferences and Seminars - - - - - - - - ============================================ A U S T R A L I A & N E W Z E A L A N D ============================================ ACCESSORY STREET: Liquidation Bid Hearing Slated for Oct.12 ----------------------------------------------------------- On July 24, 2006, UTi New Zealand Ltd filed a liquidation petition before the High Court of Auckland against Accessory Street Ltd. The petition will be heard on October 12, 2006, at 10:00 a.m. The Solicitor for the Petitioner can be reached at: J.P. Hogan AEL Law, 31 33 Great South Road Newmarket, Auckland New Zealand AIR STEEL: Members and Creditors to Meet on October 19 ------------------------------------------------------ A final meeting will be held for the members and creditors of Air Steel Products Pty Ltd, on October 19, 2006, at 9:15 a.m. At the meeting, Liquidators Erskine and Goodin will present the report on the company's wind-up proceedings and property disposal exercises. The Joint and Several Liquidators can be reached at: Robyn Erskine Peter Goodin Brooke Bird & Co Chartered Accountants 471 Riversdale Road, Hawthorn East 3123 Australia Telephone:(03) 9822 6666 ARTIFICIAL INTELLIGENCE: Court Sets Date to Hear Liquidation Bid ---------------------------------------------------------------- A liquidation petition filed against Artificial Intelligence Ltd will be heard before the High Court of Rotorua on October 9, 2006, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition on September 1, 2006. 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 AUSTOXIN PTY: Liquidator Mier to Present Wind-Up Report ------------------------------------------------------- Austoxin Pty Ltd, which is in liquidation, will hold a final meeting for its members and creditors on October 19, 2006, at 12:30 p.m. During the meeting, Liquidator Mier will present the final accounts on the company's wind-up proceedings. The Liquidator can be reached at: Gerry Mier Level 13, Cairns Corporate Tower 15 Lake Street Cairns, Queensland 4870 Australia Telephone:(07) 4046 8888 BELL GROUP: Insurance Commission to Give Liquidator AU$12.1 Mln --------------------------------------------------------------- The Insurance Commission of Western Australia will spend another AU$12.1 million this financial year funding the Bell Group liquidator, even though the Supreme Court trial has finished, Mark Drummond of the West Australian reports. The trial concluded after three years of hearings in the WA Supreme Court and in London. A decision is expected from Justice Neville Owen after at least six months. The report discloses that the extra funding will bring to more than AU$180 million the amount spent by the Insurance Commission bankrolling Liquidator Tony Woodings in his AU$1.4-billion claim against bankers to the Bell Group. According to the West Australian, the latest figures were contained in the Insurance Commission's 2006 annual report, which also confirmed that the Commission spent AU$25.4 million funding the Bell case in the 2005 financial year and AU$23.2 million the previous year. As reported in the Troubled Company Reporter - Asia Pacific on September 21, 2006, liquidators for Bell Group, which collapsed in 1991, have tried to reclaim up to AU$1.5 billion for unsecured Bell creditors. Mr. Woodings had sued 20 Australian and overseas banks, which refinanced loans to the (Alan) Bond Corporation subsidiary before its collapse, the TCR-AP said. The West Australian discloses that the Insurance Commission has booked AU$105 million of its funding for the Bell case as a non- current receivable, with the remainder being expensed over the years, which includes AU$44.6 million paid to the court as security for costs. The West Australian previously revealed that more than AU$11.5 million of the litigation funding provided by the Insurance Commission has been paid as remuneration to the liquidator. Decision May be Appealed According to West Australian, Judge Owen's expected decision is certain to be appealed, which could force the Insurance Commission to continue in its funding role for years. The paper states that the Insurance Commission expects a share of the recovery proceeds if Mr. Woodings is successful with his claim against the banks. The Commission however, acknowledged it could also incur an undisclosed liability. "The contingent liability relates to the Insurance Commission's share of any amounts that would be required to be paid in respect of any future costs ordered by the court, in the event that the liquidator's action is unsuccessful," West Australian cites the Commission, as noting in its accounts. "Insurance cover has been put in place in relation to the contingent liability and the Insurance Commission continues to monitor, and where considered appropriate, modify the insurance program in respect of exposure to the funding of the litigation," the Commission added. West Australian cites Insurance Commission managing director Vic Evans, as saying the AU$12.1 million litigation-funding budget for this financial year was based on information from the liquidator for the full year from July 1, 2006. Mr. Evans notes that the insurance arrangements are confidential. About Bell Group Bell Group Limited, formerly known as Western Australian Worsted and Woollen Mills Limited, was delisted from the Australian Stock Exchange on August 21, 1991, because of liquidation. On July 22, 2003, liquidator Tony Woodings started an action in the WA Supreme Court against a group of 20 banks -- led by Westpac -- in relation to their conduct in taking mortgages over Bell Group assets in January 1990. It was alleged the banks knew or should have known that the company could not pay creditors who were owed more than AU$800 million at the time. On February 5, 2004, delisted.com said in its Web site that is has carried (in good faith) for six months, an invalid liquidator's declaration for the company. According to delisted, the declaration was invalid as it had to be executed jointly by the two liquidators involved, not just by one of them. Delisted noted that one of the liquidators has indicated he is not prepared as yet to make the declaration. Thus, shareholders remained unable to crystallize their capital loss for tax purposes (and by implication at least one of the liquidators still holds out the possibility of some return to shareholders), delisted said. On March 10, 2004, Mr. Woodings confirmed the litigation was continuing and is expected to do so for the rest of 2006 and into 2007. CANBERRA SCAFFOLDING: Members Appoint Liquidator ------------------------------------------------ On September 1, 2006, members of Canberra Scaffoldig Services Pty Ltd resolved to voluntarily wind up the company's operations. In this regard, Michael Edward Slaven was appointed as liquidator. The Liquidator can be reached at: Michael Edward Slaven Rangott Slaven Hundy Unit 12, Level 3, Engineering House 11 National Circuit, Barton ACT 2600 Australia CENTRAL FLOORING: Court to Hear CIR's Liquidation Bid on Oct.9 -------------------------------------------------------------- A petition to liquidate Central Flooring (Taupo) Ltd will be heard before the High Court of Rotorua on October 9, 2006, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition with the Court on July 24, 2006. 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 CONNEXIONS CAFE: Appoints Naylor as Liquidator ---------------------------------------------- Shareholders of Connexions Caf� Bar Ltd appointed John David Naylor as its official liquidator on September 13, 2006. The Liquidator can be reached at: John David Naylor c/o A. G. Doig Naylor Lawrence & Associates 4/F, NZI House Main Street and The Square (P.O. Box 648), Palmerston North New Zealand Telephone:(06) 357 0640 Facsimile:(06) 358 9105 CONSTELLATION BRANDS: Agrees to Sell 7.25% Notes for US$700 Mln --------------------------------------------------------------- Constellation Brands, Inc., and certain subsidiary guarantors entered into an underwriting agreement with Citigroup Global Markets Inc., J.P. Morgan Securities Inc., Scotia Capital (USA) Inc., and Banc of America Securities LLC for the sale by the Company of US$700 million in aggregate principal amount, of 7.25% Senior Notes due 2016. The Company disclosed that the public offering price is 99.02% of the principal amount of the Notes. The offering is being made by a prospectus dated August 8, 2006 included in the Company's shelf registration statement on Form S-3, together with a prospectus supplement dated August 10, 2006 and filed with the SEC on August 11, 2006. The Underwriters will purchase the Notes from the Company at 98.02% of their principal amount. The Company stated that the Notes will be issued under a Supplemental Indenture No. 1 entered into among the Company, the Guarantors and BNY Midwest Trust Company, as trustee. The Company further disclosed that the underwriters and their affiliates have performed and may perform various investment banking, commercial banking and advisory services for the Company for which they have received or will receive customary fees and expenses. In particular, affiliates of certain of the underwriters are lenders under the Company's Credit Agreement, dated as of June 5, 2006, borrowings under which will be reduced with the net proceeds of the offering. The aggregate amount of debt owed to the underwriters and their affiliates to be repaid with the proceeds from the offering constitutes less than 10% of the proceeds of the offering. About Constellation Brands Constellation Brands, Inc. (NYSE:STZ, ASX:CBR), -- http://www.cbrands.com/-- is an international producer and marketer of beverage alcohol brands with a broad portfolio across the wine, spirits and imported beer categories. Well- known brands in Constellation's portfolio include: Almaden, Arbor Mist, Vendange, Woodbridge by Robert Mondavi, Hardys, Goundrey, Nobilo, Kim Crawford, Alice White, Ruffino, Kumala, Robert Mondavi Private Selection, Rex Goliath, Toasted Head, Blackstone, Ravenswood, Estancia, Franciscan Oakville Estate, Inniskillin, Jackson-Triggs, Simi, Robert Mondavi Winery, Stowells, Blackthorn, Black Velvet, Mr. Boston, Fleischmann's, Paul Masson Grande Amber Brandy, Chi-Chi's, 99 Schnapps, Ridgemont Reserve 1792, Effen Vodka, Corona Extra, Corona Light, Pacifico, Modelo Especial, Negra Modelo, St. Pauli Girl, Tsingtao. The company has operations in Australia, Japan, and New Zealand. * * * As reported in the Troubled Company Reporter on August 14, 2006, Moody's Investors Service assigned a (P)Ba2 rating to Constellation Brands, Inc.'s new shelf and concurrently, a Ba2 rating to Constellation's new $500 million senior unsecured note, due 2016. Constellation's existing ratings are not affected by these actions, and have been affirmed. The ratings outlook remains negative. CONSTELLATION BRANDS: Fitch Affirms Low-B Ratings ------------------------------------------------- Constellation Brands, Inc., sold US$700 million of new 10-year senior notes (new notes) on August 10, 2006. The 7.250% new notes were priced at a spread of 245 basis points over treasury to yield 7.389%. The net proceeds are expected to be used to repay bank debt. Upon this new notes issuance, Fitch has affirmed the existing ratings of STZ as: -- Issuer Default Rating (IDR) 'BB'; -- Bank credit facilities 'BB'; -- Senior unsecured notes 'BB'; -- Senior subordinated notes 'BB-'. The new notes lack typical high yield covenants such as debt incurrence and restricted payment tests. From Fitch's perspective, the new notes reduce refinancing risk during the next 10 years and enhance STZ's already adequate financial flexibility. Although the terms of the new notes are not as restrictive as its existing senior notes, Fitch's 'BB' rating for the new notes reflects STZ's improving credit profile. STZ's contract as an importer for Grupo Modelo S.A. de C.V's beers, including Corona, for the western U.S. was up for renewal at the end of 2006. On July 17, 2006, STZ announced a joint venture with Grupo Modelo to be consummated on or after January 2, 2007, according to which Grupo Modelo's Mexican beer portfolio will be imported and sold by the joint venture in the entire U.S., including D.C. and Guam. The joint venture may also sell Tsingtao and St. Pauli Girl brands. Fitch believes that the removal of uncertainty regarding renewal of its original contract comprising the western U.S. with Grupo Modelo is credit positive, as is the expanded coverage to the entire U.S. through the joint venture. STZ's ratings reflect its leading market position and broad portfolio of wine, beer and spirits in diversified global markets. STZ has pursued a strategy of growth through acquisitions financed primarily with debt. Recent acquisitions include BRL Hardy Ltd., for US$1.4 billion in 2003, Robert Mondavi Corp. for US$1.355 billion in 2004, and Vincor International Inc., for US$1.4 billion in June 2006. The company has an excellent track record of integrating acquisitions. It has applied cash flow to support capital expenditures and debt paydown. STZ has generated significant free cash flow in each of the past three years. Operating EBITDA for the last 12 months, as of May 31, 2006, and pro forma for the Vincor acquisition, was over US$900 million. Pro forma for the Vincor acquisition, repayment of recently matured senior notes, and new notes issuance, STZ's leverage defined as total debt-to-operating EBITDA was 4.6 times (x), while interest coverage was 3.2x, for the LTM ended May 31, 2006. It should be noted that STZ has five-year interest rate swap agreements on US$1.2 billion of its floating-rate bank debt that fixes LIBOR at an average rate of 4.1% through fiscal 2010. STZ maintains adequate liquidity through a US$500 million revolver, which is expected to have no outstanding balance upon application of net proceeds from the new notes issuance. About Constellation Brands Constellation Brands, Inc. (NYSE:STZ, ASX:CBR), -- http://www.cbrands.com/-- is an international producer and marketer of beverage alcohol brands with a broad portfolio across the wine, spirits and imported beer categories. Well- known brands in Constellation's portfolio include: Almaden, Arbor Mist, Vendange, Woodbridge by Robert Mondavi, Hardys, Goundrey, Nobilo, Kim Crawford, Alice White, Ruffino, Kumala, Robert Mondavi Private Selection, Rex Goliath, Toasted Head, Blackstone, Ravenswood, Estancia, Franciscan Oakville Estate, Inniskillin, Jackson-Triggs, Simi, Robert Mondavi Winery, Stowells, Blackthorn, Black Velvet, Mr. Boston, Fleischmann's, Paul Masson Grande Amber Brandy, Chi-Chi's, 99 Schnapps, Ridgemont Reserve 1792, Effen Vodka, Corona Extra, Corona Light, Pacifico, Modelo Especial, Negra Modelo, St. Pauli Girl, Tsingtao. The company has operations in Australia, Japan, and New Zealand. CLADRITE DEVELOPMENTS: Creditors' Proofs of Debt Due on Oct. 9 -------------------------------------------------------------- Creditors of Cladrite Developments Ltd must submit their proofs of debt by October 9, 2006, to be included in the company's distribution of dividend. Bryan Edward Williams was appointed as the company's liquidator on September 11, 2006. The Liquidator can be reached at: Bryan Edward Williams c/o Bryan Williams & Associates Insolvency Practitioners 131 Taupaki Road R.D. 2, Henderson 0782 New Zealand Telephone:(09) 412 9762 Facsimile:(09) 412 9763 CRYSAN PTY: Creditors Opt to Liquidate Business ----------------------------------------------- On August 30, 2006, creditors of Crysan Pty Ltd decided to liquidate the company's business. Accordingly, Joseph Sleiman was named as liquidator. The Liquidator can be reached at: Joseph Sleiman Certified Practising Accountant Sleiman & Co Level 8, 65 York Street, Sydney Australia DDS LTD: Creditors Must Prove Debts by October 10 ------------------------------------------------- Terence Hillson was appointed liquidator of DDS Ltd by a special resolution passed on September 12, 2006. Accordingly, Mr. Hillson requires creditors of the company to submit their proofs of claims by October 10, 2006, for them to share in the distribution of dividend. The Liquidator can be reached at: Terence Hillson Chartered Accountant Level Twenty, ASB Bank Centre 135 Albert Street (P.O. Box 1240) Auckland, New Zealand Telephone:(09) 355 7272 Facsimile:(09) 355 7273 Mobile:027 280 5580 DOBBIN SECURITIES: Enters Liquidation Proceedings ------------------------------------------------- On September 8, 2006, the members of Dobbin Securities Pty Ltd, resolved to voluntarily liquidate the company's business and distribute the proceeds of its assets among the members. The Liquidator can be reached at: Michael Christopher Robinson MC Robinson & Co Suite 1, 305 Pacific Highway Lindfield, New South Wales 2070 Australia EPIC INTERIORS: Wind-Up Process Commenced ----------------------------------------- Members of Epic Interiors Pty Ltd held a general meeting on August 16, 2006, and decided to wind up the company's business. In this regard, P. Ngan was appointed as liquidator. The appointment was confirmed at the creditors' meeting held that same day. The Liquidator can be reached at: P. Ngan Ngan & Co Chartered Accountants Level 5, 49 Market Street Sydney, New South Wales 2000 Australia FELTEX CARPETS: Godfrey Hirst Becomes New Company Owner ------------------------------------------------------- As reported in the Troubled Company Reporter - Asia Pacific on October 2, 2006, Godfrey Hirst made an unconditional offer for Feltex Carpets Limited. Godfrey Hirst wanted to buy Feltex as a going concern, including its assets and undertakings in New Zealand, Australia, and the United States, the TCR-AP said. In a filing with the Australian Stock Exchange, Feltex's receivers, McGrathNicol and Partners, disclosed that they have accepted the Offer. The Receivers anticipate the handover to occur in early November 2006. Receiver Colin Nicol says Godfrey Hirst has specialized expertise and financial strength, which will provide a long-term future for Feltex's employees, suppliers, and customers. The purchase price for Feltex is sufficient to repay its existing bank facilities. In addition, Godfrey Hirst will take responsibility for Feltex's statutory employee entitlements. Godfrey Hirst was the only party to submit a bid for Feltex. As noted in the TCR-AP report, Graeme and Craig Turner did not put an offer to the receivers. Transitional arrangements have been made with Godfrey Hirst management to prepare for the handover with the full cooperation of the Receivers. Godfrey Hirst will support Feltex's operations in the period leading up to the handover. Feltex's suppliers will have the opportunity to arrange new supply arrangements with Godfrey Hirst, and customers will be contacted directly for briefings on Godfrey Hirst's plans for the Feltex brands and to support their requirements. The Receivers assure the ASX that details will be provided during the transition period. Job Offer to Feltex Employees In New Zealand, Godfrey Hirst intends to offer jobs to 85% of Feltex's 820 employees. The Receivers explain that redundancies will be necessary at the Kakariki and Christchurch plants to support the longer-term viability of the business. In Australia, Godfrey Hirst intends to offer jobs to all of Feltex's 500 employees. Details of these processes are currently being discussed with Feltex's employees and unions. Arrangements to support employees affected by redundancies will be made in conjunction with their unions, the Receivers note. 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 underwent negotiations for a capital raising exercise, proceeds of which will have been used to ease its NZ$128-million debt to ANZ Bank. However, these negotiations failed. ANZ Bank placed the Company in receivership on September 22, 2006, and named Colin Nicol, Peter Anderson and Kerryn Downey, of McGrathNicol+Partners, as receivers and managers. FELTEX CARPETS: NZX Extends Deadline to File Annual Report ---------------------------------------------------------- On October 3, 2006, Feltex Carpets Limited was granted a reporting deadline extension for its annual report, not because of its receivership, but due to the implementation of new accounting standards, the New Zealand Press Association reports. The Troubled Company Reporter - Asia Pacific previously reported that Feltex sought and obtained a second approval from the NZX to extend to September 18, 2006, the period within which the company must make the Preliminary Announcement after the end of the financial year. According to NZPA, companies that have a June 30 balance date must report by the end of September. However, due to the new rules implemented last year, companies were given an extra month to allow them to report, NZPA relates. "Because Feltex is reporting for the first time under New Zealand International Financial Reporting Standards for the financial year commencing July 1, 2005, Feltex has the benefit of, and therefore intends to take advantage of, the one-month extension granted to first time NZIFRS reporters by the Class Waiver," ShareChat News cites NZX as saying in a statement. "Feltex will therefore not be issuing its annual report by September 30, 2006," NZX noted. 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 underwent negotiations for a capital raising exercise, proceeds of which will have been used to ease its NZ$128-million debt to ANZ Bank. However, these negotiations failed. ANZ Bank placed the Company in receivership on September 22, 2006, and named Colin Nicol, Peter Anderson and Kerryn Downey, of McGrathNicol+Partners, as receivers and managers. GREEN & HANCOCK: To Declare Third Dividend on October 13 -------------------------------------------------------- Green & Hancock Pty Ltd will declare the third dividend for its creditors on October 13, 2006. Creditors who were unable to prove their claims by October 3, 2006, are excluded from the benefit of the dividend. The Deed Administrator can be reached at: Mark A. Korda KordaMentha Level 24, 333 Collins Street Melbourne, Victoria 3000 Australia H.C. SERVICING: Members Opt to Close Operations ----------------------------------------------- At a general meeting on September 11, 2006, the members of H.C. Servicing Pty Ltd passed a special resolution to shut down the Company's operations and appoint P. Ngan as liquidator. Subsequently, the appointment of the Liquidator was confirmed at the creditors meeting held that same day. The Liquidator can be reached at: P. Ngan Ngan & Co Chartered Accountants Level 5, 49 Market Street Sydney, New South Wales 2000 Australia KINGS BAY: Commences Wind-Up of Operations ------------------------------------------ Members of Kings Bay Developments Pty Ltd met at a general meeting on September 1, 2006, and decided to wind up the company's operations. The Liquidator can be reached at: Barry Cook 54 Beechwood Avenue Greystanes, New South Wales 2145 Australia Telephone:(02) 9636 2845 Facsimile:(02) 9636 2845 LAKESIDE FISH: Court Issues Wind-Up Order ----------------------------------------- On September 15, 2006, the Federal Court of Australia has issued an order to wind up Lakeside Fish Markets Pty Ltd and appointed Frank Lo Pilato as official liquidator. The Official Liquidator can be reached at: Frank Lo Pilato RSM Bird Cameron Partners Chartered Accountants Level 1, 103-105 Northbourne Avenue Canberra, ACT 2601 Australia Telephone:(02) 6247 5988 Facsimile:(02) 6262 8633 LANE COVE: Enters Voluntary Liquidation --------------------------------------- On September 1, 2006, Members of Lane Cove Central Pty Ltd resolved to voluntarily wind up the company's operations. The Liquidator can be reached at: Barry Cook 54 Beechwood Avenue Greystanes, New South Wales 2145 Australia Telephone:(02) 9636 2845 Facsimile:(02) 9636 2845 MARSTEN PTY: Members Resolve to Wind Up Firm -------------------------------------------- At a general meeting on September 7, 2006, the members of Marsten Pty Ltd decided to voluntarily wind up the company's operations. Consequently, Stephen Trevor Bennett was appointed as liquidator. The Liquidator can be reached at: Stephen Trevor Bennett Bentleys MRI Canberra Level 1, 13 London Circuit Canberra ACT 2601 Australia MGM MIRAGE: Moody's Assigns Loss-Given-Default Ratings ------------------------------------------------------ In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the Gaming, Lodging & Leisure sector, the rating agency confirmed MGM MIRAGE's Ba2 Corporate Family Rating. Additionally, Moody's revised or confirmed its probability-of- default ratings and assigned loss-given-default ratings on these notes: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- 6.75% - 7.25% Senior Notes Due 2017 Ba2 Ba2 LGD3 43% 6.70% - 9.50% Senior Notes Due 2096 Ba2 Ba2 LGD3 43% 5.875% - 8.50% Senior Notes Due 2016 Ba2 Ba2 LGD3 43% 8.375% - 9.75% Senior Subordinated Notes Due 2011 Ba3 B1 LGD6 93% 6.325% - 10.25% Senior Subordinated Notes Due 2013 Ba3 B1 LGD6 93% Moody's current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as its research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% - 9%) to LGD6 (loss anticipated to be 90% - 100%). Las Vegas, Nev.-based, MGM Mirage -- http://www.mgmmirage.com/ -- owns and operates 12 casino resorts located in Nevada, Mississippi, Michigan, and Australia, and has investments in three other casino resorts in Nevada, New Jersey, and Macau. MULTIPLEX GROUP: Provides 2nd Update on Wembley Project ------------------------------------------------------- As reported in the Troubled Company Reporter - Asia Pacific on September 4, 2006, Multiplex Group planned to make one further monthly update on the current status of its Wembley Project at the end of September 2006, unless otherwise required by Australian Stock Exchange Listing Rule 3.1. In an update, Multiplex advises that there has been no material change to the project status from the date of that report, but notes that the installation of more than 90,000 seats is now complete. As noted previously, works relating to the commissioning and cleaning that are required to achieve practical completion are ongoing. These remaining works will complete prior to the date at which the stadium becomes operational. Multiplex is currently pursuing its entitlements against Wembley National Stadium Ltd. An adjudication process has commenced in relation to a number of individual issues with many more adjudications and possible legal proceedings to follow. As reported in the TCR-AP, Multiplex has taken seven separate disputes, including payments, changes of specification, and time schedules, with WNSL -- to adjudication. Given the status of the Wembley Project, Multiplex does not intend to make any further monthly updates on it or comment on the result of individual adjudications and court proceedings, unless otherwise required by ASX Listing Rule 3.1. About Multiplex Headquartered at Miller's Point, in New South Wales, Australia, Multiplex Group -- http://www.multiplex.biz/-- derives its revenue from property funds management, construction, property development, and facilities management. The Group employs over 2,000 people and has established operations and offices throughout Australia, New Zealand, the United Kingdom and the Middle East. In December 2003, Multiplex Limited listed on the Australian Stock Exchange as a part of the Multiplex Group, raising a total of AU$1.2 billion. Multiplex Group was formed by combining the various businesses of Multiplex Limited and the newly established portfolio of investments held by Multiplex Property Trust. Early in 2005, Multiplex began facing cost pressures on its reconstruction project for the Wembley Stadium in London, prompting it to conduct its own internal investigation into the Wembley difficulties. Its auditor, KPMG, later conducted its own thorough review of the problems, leading to an unpredicted write-down. In February 2005, stunned investors sold down Multiplex shares after the Company reversed its stance on two United Kingdom projects, writing off AU$68.3 million from its profits. This started a series of profit downgrades throughout 2005. The Company's troubles continue with plunging share prices, extortion attempts, and threats of class action from disgruntled shareholders. The Roberts family, as founder and controlling shareholder of Multiplex, opte d to offer AU$50 million indemnity in a bid to appease dissatisfied shareholders. In May 2005, Multiplex admitted that its troubled Wembley Stadium construction project may end up with a multimillion loss. As of February 2006, the Company is faced with liquidity crisis after posting a massive AU$474 million loss on Wembley and is currently in talks to bring down possible delay fees, pegged at AU$138,000 per day beyond the scheduled March 31, 2006, completion date. The Troubled Company Reporter - Asia Pacific reported on August 18, 2006, that Multiplex Group financial results for the year ended June 30, 2006, noted that the Wembley project in the United Kingdom incurred a pretax loss of AU$364.3 million or AU$255 million after tax loss. The project loss position has remained unchanged since December 31, 2005. NEOCO PTY: Third Dividend Scheduled on October 13 ------------------------------------------------- Neoco Pty Ltd will declare the third dividend for its creditors on October 13, 2006. Creditors who were unable to formally prove their debts by October 3, 2006 are excluded in the dividend distribution. The Deed Administrator can be reached at: Mark A. Korda KordaMentha Level 24, 333 Collins Street Melbourne, Victoria 3000 Australia NETWORK NOMINEES: Liquidator to Present Wind-Up Report ------------------------------------------------------ Members and creditors of Network Nominees Pty Ltd, which is in liquidation, will hold a final meeting on October 18, 2006, at 11:00 a.m. During the meeting, Liquidator Peter Crowe will present the final accounts of the Company's wind-up operations. The Liquidator can be reached at: Peter Crowe A. K. Graham & Co Chartered Accountants PO Box 203 Subiaco, Western Australia 6904 Australia Telephone:(08) 9388 9917 NORD RESOURCES: Nedbank Extends Maturity of US$4.9-M Sec. Loan -------------------------------------------------------------- Nord Resources Corporation has entered into a Modification Agreement with Nedbank Limited, effective September 30, 2006, to extend the maturity date of the existing US$4.9 million secured loan to the earlier of December 22, 2006, and the closing of a registered equity offering. The Corporation disclosed that the registered equity offering is expected to raise not less than US$20 million. The Corporation also disclosed that after the Effective Date, it will continue be obligated to make interest-only payments to Nedbank, at an interest rate of 11% per annum, payable monthly. The interest rate would increase to 14% in the event of a default by the Corporation. Auramet Trading, LLC, acting through Nedbank, advanced US$2 million of the principal amount of the loan. In consideration of the extension of the maturity date, the Corporation further disclosed that it will issue to Nedbank warrants for the purchase of 88,770 shares of its common stock and to Auramet warrants for the purchase of 61,230 shares of its common stock, exercisable for a period of two years from the Effective Date at an exercise price equal to the average closing price of the Corporation's common stock for the 20 trading days prior to the Effective Date. A full text copy of the Modification Agreement may be viewed at no charge at: http://ResearchArchives.com/t/s?12c4 Headquartered in Dragoon, Arizona, Nord Resources Corporation (Pink Sheets:NRDS) -- http://www.nordresources.com/-- is a natural resource company focused on near-term copper production from its Johnson Camp Mine and the exploration for copper, gold and silver at its properties in Arizona and New Mexico. The company also owns approximately 4.4 million shares of Allied Gold Limited, an Australian company. In addition, the company maintains a small net profits interest in Sierra Rutile Limited, a Sierra Leone, West African company that controls the world's highest-grade natural rutile deposit. * * * Nord Resources Corporation's balance sheet at June 30, 2006, showed US$4,214,657 in total assets and US$8,430,713 in total liabilities, resulting in a US$4,216,056 stockholders' deficit. The company had a US$3,120,573 deficit at March 31, 2006. Going Concern Doubt Mayer Hoffman McCann PC expressed substantial doubt about Nord's ability to continue as a going concern after it audited the company's financial statements for the years ended Dec. 31, 2005 and 2004. The auditing firm pointed to the company's significant operating losses. Nord incurred a US$3,084,166 net loss for the year ended Dec. 31, 2005, in contrast to a US$864,357 net loss in the prior year. O'BRIEN DEVELOPMENTS: Creditors' Proofs of Claim Due on Oct. 16 --------------------------------------------------------------- On September 11, 2006, shareholders of O'Brien Developments Ltd appointed Paul Graham Sargison and Gerald Stanley Rea as liquidators. The Liquidators then require creditors to submit their proofs of claim by October 16, 2006, or be excluded from sharing in any distribution the company will make. The Joint Liquidators can be reached at: Paul Graham Sargison Gerald Stanley Rea Gerry Rea Associates P.O. Box 3015, Auckland Australia Telephone:(09) 377 3099 Facsimile:(09) 377 3098 PF BUSINESS: Prepares to Declare Dividend to Creditors ------------------------------------------------------ PF Business IT Solutions Pty Ltd will declare the third dividend for its creditors on October 13, 2006. Creditors who were unable to prove their claims on October 3, 2006 are excluded from sharing in the distribution the Company will make. The Deed Administrator can be reached at: Mark A. Korda KordaMentha Level 24, 333 Collins Street Melbourne, Victoria 3000 Australia PHILLIPSON FLETCHER: Set to Declare Third Dividend on October 13 ---------------------------------------------------------------- Phillipson Fletcher Financial Planning Pty Ltd will declare its third dividend to creditors on October 13, 2006, to the exclusion of those who were unable to prove their claims on October 3, 2006. The Deed Administrator can be reached at: Mark A. Korda KordaMentha Level 24, 333 Collins Street Melbourne, Victoria 3000 Australia POWER-UP ELECTRICAL: Faces Liquidation Proceedings -------------------------------------------------- On September 6, 2006, the Commissioner of Inland Revenue filed a petition before the High Court of Rotorua to liquidate Power-Up Electrical Ltd. The petition will be heard on October 9, 2006, at 10:45 a.m. The Solicitor for the Plaintiff can be reached at: E. M. Duncan Sittlington Inland Revenue Department 1 Bryce Street, Hamilton New Zealand Telephone: (07) 959 0471 QUEZ REMOVALS: Creditors Agree to Close Business Operations ----------------------------------------------------------- At a meeting held on September 7, 2006, the creditors of Quez Removals Pty Ltd agreed to voluntarily liquidate the company's business. Joseph Sleiman was consequently appointed as liquidator. The Liquidator can be reached at: Joseph Sleiman Certified Practising Accountant Sleiman & Co Level 8, 65 York Street, Sydney Australia RAYNILL PTY: Members and Creditors to Hold Final Meeting -------------------------------------------------------- The members and creditors of Raynill Pty Ltd will hold a final meeting on October 20, 2006, at 10:00 a.m., to receive the company's wind-up accounts from Liquidator P. G. O'Donoghue. The Liquidator can be reached at: P. G. O'Donoghue O'Donoghue & Co Level 2, 86 Mann Street Gosford, New South Wales 2250 Australia RM RESOURCE: Final Meeting Scheduled on October 18 -------------------------------------------------- Members and creditors of RM Resource Engineering Pty Ltd will hold a final meeting on October 18, 2006, at 10:30 a.m. At the meeting, Liquidator McIntosh will report on the company's wind-up proceedings and property disposal exercises. The Liquidator can be reached at: Lachlan Mcintosh KordaMentha (Queensland) 22 Market Street Brisbane, Queensland 4000 Australia Telephone:(07) 3225 4000 Facsimile:(07) 3225 4999 RON O'MULLANE: Final Meeting Fixed on October 24 ------------------------------------------------ The final meeting of Ron O'Mullane D.G.O Pty Ltd will be held on October 24, 2006, at 10:00 a.m., to receive Liquidator Dillon's final accounts on the company's wind-up proceedings. According to the Troubled Company Reporter - Asia Pacific, the company was placed under a members' voluntary liquidation on June 11, 2006. The Liquidator can be reached at: Richard Dillon 43 Auburn Street Moree, New South Wales Australia S.C.I. HOLDINGS: Placed Under Voluntary Wind-Up ----------------------------------------------- The members of S.C.I. Holdings Pty Ltd held a general meeting on September 12, 2006, and agreed to voluntarily wind up the company's operations. The Joint and Several Liquidators can be reached at: Salvatore Algeri Tim Norman Deloitte Touche Tohmatsu 180 Lonsdale Street Melbourne, Victoria 3000 Australia Telephone: (03) 9208 7000 S.C.I MEAT: Faces Wind-Up Proceedings ------------------------------------- At a general meeting held on September 12, 2006, the members of S.C.I. Meat & Paper Pty Ltd passed a special resolution to voluntarily wind up the company's operations. The Joint and Several Liquidators can be reached at: Salvatore Algeri Tim Norman Deloitte Touche Tohmatsu 180 Lonsdale Street Melbourne, Victoria 3000 Australia Telephone: (03) 9208 7000 S.C.I. OPERATIONS: Members Decide to Liquidate Business ------------------------------------------------------- On September 12, 2006, the members of S.C.I Operations Pty Ltd held a general meeting and agreed to liquidate the company's business. The Joint and Several Liquidators can be reached at: Salvatore Algeri Tim Norman Deloitte Touche Tohmatsu 180 Lonsdale Street Melbourne, Victoria 3000 Australia Telephone: (03) 9208 7000 S.E. SUPPORTED: Final Meeting Slated for October 19 --------------------------------------------------- A general meeting of the members of S.E. Supported Care Services Pty Ltd will be held on October 19, 2006, at 10:00 a.m. At the meeting, Liquidator Rudaks will report on the company's wind-up proceedings and property disposal exercises. The Liquidator can be reached at: M. A. Rudaks Maris Rudaks & Associates Chartered Accountants Level 2, 99 Frome Street Adelaide, South Australia 5000 Australia Telephone:(08) 8236 1500 STEVEN CHARLES: Members Opt to Shut Down Business ------------------------------------------------- On August 31, 2006, the members of Stevens Charles Pty Ltd resolved to voluntarily wind up the company's operations. The Liquidator can be reached at: Barry Cook 54 Beechwood Avenue Greystanes, New South Wales 2145 Australia Telephone:(02) 9636 2845 Facsimile:(02) 9636 2845 STOCKFORD CORPORATE: To Declare Third Dividend on October 13 ------------------------------------------------------------ Stockford Corporate Advisory Pty Ltd will declare the third dividend for its creditors on October 13, 2006, to the exclusion of those who were not able to prove their claims on October 3, 2006. The Deed Administrator can be reached at: Mark A. Korda KordaMentha Level 24, 333 Collins Street Melbourne, Victoria 3000 Australia STOCKFORD (MJNRJ): Set to Declare Third Dividend on October 13 -------------------------------------------------------------- Stockford (MJNRJ) Pty Ltd will declare its third dividend on October 13, 2006. Creditors who were not able to prove their claims on October 3, 2006, are excluded from sharing in any distribution the company will make. The Deed Administrator can be reached at: Mark A. Korda KordaMentha Level 24, 333 Collins Street Melbourne, Victoria 3000 Australia STOCKFORD (MJPAR): Prepares to Declare Third Dividend ----------------------------------------------------- A third dividend is to be declared by Stockford (MJPAR) Pty Ltd on October 13, 2006. Creditors who failed to submit proofs of debt by October 3, 2006, will be excluded in the benefit of dividend. The Deed Administrator can be reached at: Mark A. Korda KordaMentha Level 24, 333 Collins Street Melbourne, Victoria 3000 Australia STOCKFORD (MJPRR): To Declare Third Dividend on October 13 ---------------------------------------------------------- Stockford (MJPRR) Pty Ltd will declare the third dividend to its creditors on October 13, 2006. Creditors who were not able to prove their claims by October 3, 2006, are excluded from sharing in the dividend distribution. The Deed Administrator can be reached at: Mark A. Korda KordaMentha Level 24, 333 Collins Street Melbourne, Victoria 3000 Australia THE BIG CAT: Members to Receive Wind-Up Report ---------------------------------------------- The members and creditors of The Big Cat & Primate Park Pty Ltd will hold a final meeting on October 19, 2006, at 12:00 p.m. During the meeting, Joint Liquidator Mier will report on the company's wind-up proceedings and property disposal exercises. The Joint Liquidator can be reached at: Gerry Mier Level 13, Cairns Corporate Tower 15 Lake Street, Cairns Queensland 4870 Australia Telephone:(07) 4046 8888 VINEYARD MARSDEN: Supreme Court Issues Wind-Up Order ---------------------------------------------------- The Supreme Court of New South Wales ordered Vineyard Marsden Park Schofield Investment Land Auctions Pty Ltd to wind up its operations and appointed R. J. Porter as official liquidator. The Official Liquidator can be reached at: R. J. Porter Moore Stephens Chartered Accountants Level 6, 460 Church Street Parramatta, New South Wales 2150 Australia WAYBY INVESTMENTS: Creditors to Prove Debts by October 20 --------------------------------------------------------- Shareholders of Wayby Investments Ltd appointed Peter John Brannigan as liquidator by way of resolution on September 8, 2006. In this regard, Mr. Brannigan requires creditors to prove their debts or claim by October 20, 2006 or be excluded from sharing in any distribution the company will make. The Liquidator can be reached at: Peter John Brannigan c/o Stewart McKenzie Address: 12A Hopkins Crescent, Auckland New Zealand Postal Address: P.O. Box 128-022 Remuera, Auckland New Zealand ================================ C H I N A & H O N G K O N G ================================ AFFILIATED COMPUTER: Gets Sued for Breach of Fiduciary Duties ------------------------------------------------------------- Affiliated Computer Services, Inc., has been notified that Terri Simeon filed a class action complaint in the United States District Court, Northern District of Texas, Dallas Division naming the company, its directors, Jeffrey A. Rich, a former director and officer of the company, the Retirement Committee of the company's Savings Plan and John Does 1-30, as defendants. The lawsuit was brought under the Employee Retirement Income Security Act and alleges breaches by the defendants of their duties as fiduciaries under the company's Savings Plan. The allegations arise from the company's activities relating to the stock option grant process during the period from 1995 to 2005. The company disclosed that it does not believe the claims in the lawsuit have merit and intends to vigorously defend the lawsuit. Headquartered in Dallas, Texas, Affiliated Computer Services, Inc., (NYSE: ACS) -- http://www.acs-inc.com/-- provides business process outsourcing and information technology solutions to commercial and government clients. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland and Singapore. * * * Standard & Poor's Ratings Services lowered in June 2006 its corporate credit and senior secured ratings to BB from BB+ for Affiliated Computer Services Inc. The ratings remain on CreditWatch with negative implications, where they were placed Jan. 27, 2006. Fitch Ratings assigned its BB issuer default rating, BB senior secured revolving bank credit facility rating, BB senior secured term loan rating, and BB senior notes rating on Affiliated Computer Services, Inc. The rating outlook is negative. ARTIFICIAL LIFE: June 30 Balance Sheet Upside-Down by US$4.2-M -------------------------------------------------------------- Artificial Life Inc. reported in its balance sheet as of June 30, 2006, total stockholders' deficit of US$4,264,110 from total assets of US$1,618,532 and total liabilities of US$5,882,642. The company also reported in its June 30, 2006, balance sheet US$5,882,642 in total current liabilities out of US$1,518,687 in total current assets. For the three-month period ended June 30, 2006, the company earned US$705,203 of net income from revenues of US$221,532, compared to a net loss of US$328,915 from US$81,579 in revenues in the three-month period ended June 30, 2005. A full-text copy of the company's financial report for the three months ended June 30, 2006 is available for free at: http://researcharchives.com/t/s?116e Artificial Life Inc. -- http://www.artificial-life.com/-- is a public US corporation headquartered in Hong Kong. The company provides mobile technology, content, games and applications. The company reported in its balance sheet that as of June 30, 2006 total stockholders' deficit of US$4,264,110 from total assets of US$1,618,532 and total liabilities of US$5,882,642. CC & E INTERNATIONAL: Wind-Up Petition Hearing Set on Oct. 25 ------------------------------------------------------------- Wong Shuk Yee on August 25, 2006, filed before the High Court of Hong Kong a petition to wind up the operation of CC & E International Media Ltd. The Court will hear the petition on October 25, 2006, at 9:30 a.m. The Solicitors for the Petitioner can be reached at: Joe Poon 34/F., Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong CAPITAL SYSTEM: Names Joint Liquidators --------------------------------------- Chan Wah Tip, Michael and Ho Man Kei, Keith was appointed joint and several liquidators of Capital System Ltd by a special resolution passed by the members of the company on September 21, 2006. The Joint Liquidators can be reached at: Chan Wah Tip, Michael Ho Man Kei, Keith 601 Prince's Building Chater Road, Central Hong Kong CHALENDER LTD: Creditors to Prove Claims on October 29 ------------------------------------------------------ Liquidator Yuen Shu Tong require the creditors of Chalender Ltd to submit their proofs of claim by October 29, 2006, or be excluded from any distribution the company will make. The Liquidator can be reached at: Yuen Shu Tong 3/F., Malaysia Building 50 Gloucester Road Wanchai, Hong Kong CHANTICLEER COMPANY: Gilligan Cease to Act as Liquidator -------------------------------------------------------- Philip Brendan Gilligan ceased to act as liquidator of Chanticleer Company Ltd on September 19, 2006. The Troubled Company Reporter - Asia Pacific reported that on September 18, 2006, members of the Company received Liquidator Gilligan' final accounts of the company's wind-up and property disposal exercises. CHINA EASTERN: To Pay CNY21.40 Mil. Over Crash Pollution -------------------------------------------------------- China Eastern Airlines will pay CNY21.40 million or US$2.68 million to a park in northern China as compensation after one of its plane crashed nearly two years ago and spilled gallons of jet fuel into a lake, the China Daily reports. According to the report, the airline and the park management had signed a compensation agreement in the industrial city of Baotou, in Inner Mongolia Autonomous Region. China Daily recounts that on November 21, 2004, a China Eastern plane, bound for Shanghai, plunged into the frozen lake of Nanhai Park within minutes of takeoff, killing 53 passengers and crew and a worker on the ground. The disaster caused jet fuel to spill into the lake and contaminate the surrounding wetlands. "The water was so badly polluted that we had to close down the park," Yu Wei, a park official, tells Xinhua News. Environmental protection authorities of the Inner Mongolian Region assessed the amount of the airline's liability. The paper relates that the assessment covers the costs of a water change for the lake, the cleanup and treatment of the mud in the bottom of the lake, and restoration of its ecosystem and the surrounding area. In their report, the authorities claimed the crash "seriously polluted the lake water and damaged its ecology." The report estimated that the losses for the park totaled CNY105.2 million, China Daily relates. However, another assessment from the Chinese Academy of Environmental Sciences announced a five million-word report revealing a lower amount than the previous assessment, the paper adds. The airline had already paid the park authorities CNY11.34 million to cover damages to facilities and ticket revenue losses since the two sides began the negotiation in January last year, China Daily relates. * * * Headquartered in Shanghai, China, China Eastern Airlines Corporation Limited's -- http://www.ce-air.com-- principal activity is operation of domestic and international commercial air transportation. The Group also is involved in the common aircraft industry. Other activities include general aviation, air catering, advertisement, import and export, equipment manufacturing, real estate, hotel business, finance and training. The fleet includes more than 60 large and medium size airplanes, Airbus and Boeing mostly. Its operation centering from Shanghai to the whole People's Republic of China and linking to Asia, Europe, America and Australia. On April 28, 2006, Fitch Ratings downgraded China Eastern's Foreign Currency and Local Currency Issuer Default Ratings to B+ from BB-. The outlook on the IDRs is stable. The Troubled Company Reporter - Asia Pacific reported that the working capital deficit of the company increased by about 105%, or CNY13.106 billion, from CNY12.490 billion at Dec. 31, 2004, to CNY25.597 billion at Dec. 31, 2005. COMWISE TECHNOLOGY: Placed Under Voluntary Wind-Up -------------------------------------------------- On September 25, 2006, the members of Comwise Technology Ltd resolved to voluntarily wind up the company's operations and appoint Tan Ee Wui as liquidator. The Liquidator can be reached at: Tan Ee Wui 6B, Cameron Plaza 23 Cameron Road, Tsimshatsui Kowloon, Hong Kong DND TECHNOLOGIES: June 30 Balance Sheet Upside-Down by US$7.3-M --------------------------------------------------------------- At June 30, 2006, DND Technologies Inc.'s balance sheet reported total assets of US$2,717,906 and total liabilities of US$10,071,400 resulting to total stockholders' deficit of US$7,353,494. The company's June 30, 2006 balance sheet also showed strained liquidity with US$2,476,630 in total current assets and US$10,051,480 in total current liabilities. For the three months ended June 30, 2006, the company's net loss increased to US$397,820 from US$245,997 in the three months ended June 30, 2005. The company's revenue for the quarter ended June 30, 2006 decreased to US$2,095,083 from total revenues of US$2,267,260 in the same period last year. A full-text copy of the company's financial report for the three months ended June 30, 2006 is available for free at: http://researcharchives.com/t/s?119d About DND Technologies Headquartered in Chandler, Arizona, DND Technologies, Inc.'s (OTCBB: DNDT) operating subsidiary, Aspect Systems, Inc. -- http://www.aspectsys.com/-- supplies semiconductor manufacturing equipment and complete after-market support, which includes spare parts and assemblies, and various engineering services. The company has distribution centers in Germany, Japan, China, Singapore, and Korea. EASTERN WOOD: Liquidator Cease to Act for the Company ----------------------------------------------------- Gabriel Chi Kok Tam ceased to act as liquidator of Eastern Wood Investment Ltd on September 26, 2006. According to the Troubled Company Reporter - Asia Pacific, members and creditors of the Company held an annual meeting on November 29, 2005 to receive Liquidator Gabriel CK Tam's report on the company's wind-up proceedings. The Liquidator can be reached at: Gabriel Chi Kok Tam 8/F, Prince's Bulding 10 Chater Road, Central Hong Kong FAITH BUILDING: Court Sets Date to Hear Wind-Up Bid --------------------------------------------------- The High Court of Hong Kong will hear the wind-up petition against Faith Building Material & Trading Company Ltd on October 25, 2006, at 9:30 a.m. AFTAB filed the petition with the Court on August 23, 2006. The Solicitor for the Petitioner can be reached at: Steve Y.F. Wong 27/F, Queensway Government Offices 66 Queensway, Hong Kong FAR EAST & SINO: Shareholders Opt to Close Operations ----------------------------------------------------- On September 23, 2006, shareholders of Far East & Sino Company Ltd agreed to wind up the company's operations and appointed Yuen Shu Tong as liquidator. The Liquidator can be reached at: Yuen Shu Tong 3/F., Malaysia Building 50 Gloucester Road, Wanchai Hong Kong GB BONTEX: Enters Voluntary Liquidation --------------------------------------- On September 21, 2006, shareholders of GB Bontex Hong Kong Ltd resolved to voluntarily wind up the company's operations. Accordingly, Charles W. James Kostelni was appointed as liquidator. GOLDEN FAME: Faces Wind-Up Proceedings -------------------------------------- A petition to wind up Golden Fame Industries Ltd will be heard before the High Court of Hong Kong on November 15, 2006, at 9:30 a.m. Pang Tung Kwai filed the petition with the Court on September 15, 2006. The Solicitors for the Petitioner can be reached at: Joe Poon 34/F., Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong GREEN LEAF: Creditors to Meet on October 18 ------------------------------------------- Creditors of Green Leaf Ltd will meet on October 18, 2006, 11:30 a.m., at Rm B, 4/F., Kiu Fu Commercial Building, 300 Lockhart Road, Wan Chai, Hong Kong, for the purposes mentioned in the different sections of the Companies Ordinance. HUTCHISON CHINA: Liquidators Cease to Act for the Company --------------------------------------------------------- On September 18, 2006, Ying Hing Chiu and Chung Miu Yin, Diana, ceased to act as Joint Liquidators of Hutchison China Infrastructure Management Company Ltd. The former Liquidators can be reached at: Ying Hing Chiu Chung Miu Yin, Diana Level 28, Three Pacific Place 1 Queen's Road East Hong Kong KADEFU DEVELOPMENT: Creditors to Hold Meeting on October 25 ----------------------------------------------------------- Creditors of Kadefu Development Ltd will meet on October 25, 2006, 4:15 p.m., at the Board Room, Basement 2, The Charterhouse Hotel, 209-219 Wanchai Road, Hong Kong. LAS VEGAS SANDS: Moody's Assigns Loss-Given-Default Ratings ----------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the Gaming, Lodging & Leisure sector, the rating agency confirmed Las Vegas Sands Corp.'s Ba3 Corporate Family Rating. Additionally, Moody's revised its probability-of-default ratings and assigned loss-given-default ratings on these loans facilities: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Sr. Secured Revolver Ba3 Ba2 LGD3 39% Sr. Secured Term Loan Ba3 Ba2 LGD3 39% Sr. Secured Delayed Draw Term Loan Ba3 Ba2 LGD3 39% 6.375% Sr. Notes B1 B2 LGD6 90% Moody's current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as its research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% - 9%) to LGD6 (loss anticipated to be 90% - 100%). Headquartered in Las Vegas, Nev., Las Vegas Sands Corp. -- http://www.lasvegassands.com/-- is a hotel, gaming, and resort development company. The company owns The Venetian Resort Hotel Casino, the Sands Expo and Convention Center, and Venetian Macao Limited, a developer of multiple casino hotel resort properties in The People's Republic of China's Special Administrative Region of Macao. LEE & POON: Creditors Must Prove Debts by October 14 ---------------------------------------------------- Liquidator E. T. O'Connell requires the creditors of Lee & Poon Company Ltd to submit their proofs of debts by October 14, 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: E. T. O'Connell 10/F, Queensway Government Offices 66 Queensway Hong Kong OLIVER'S SUPER: Joint Liquidators to Present Wind-Up Report ----------------------------------------------------------- Joint Liquidators Ying Hing Chiu and Chung Miu Yin, Diana will present a report on the company's wind-up proceedings and the manner its properties were disposed of. The presentation pf report will be held at the final members' meeting on October 23, 2006, 10:00 a.m., at Level 28, Three Pacific Place, 1 Queen's Road East, Hong Kong. NEW CHINA PROPERTY: Members and Creditors to Meet on October 10 --------------------------------------------------------------- Members and creditors of The New China Hong Kong Property Management Ltd will hold an annual general meeting on October 10, 2006, at Room 1601-02, 16th Floor, One Hysan Avenue, Causeway Bay, Hong Kong, at 4:00 p.m. and 4:30 p.m. respectively. During the meeting, Liquidator James Wardell will present an account of the company's wind-up proceedings. PHILIPS MEDICAL: Appoints Joint Liquidators ------------------------------------------- At an extraordinary general meeting of Philips Medical Systems (PMMS Hong Kong) Ltd, members resolved to voluntarily wind up the company's operations. In this regard, Chan Wah Tip, Michael and Ho Man Kei, Keith were appointed as joint and several liquidators. The Joint Liquidators can be reached at: Chan Wah Tip, Michael Ho Man Kei, Keith 601 Prince's Building Chater Road, Central Hong Kong REFCO FOREX: Creditors' Proofs of Claim Due on Oct. 20 ------------------------------------------------------ Liquidators Kennic Lai Hang Lui and David Winterbottom require creditors of Refco Forex Ltd to submit their proofs of claim by October 20, 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: Kennic Lai Hang Lui David Winterbottom Kennic L. H. Lui & Co. 5/F, Ho Lee Commercial Building 38-44 D'Aguilar Street, Central Hong Kong RNA INVESTMENTS: Inability to Pay Debts Prompts Wind-Up ------------------------------------------------------- At an extraordinary general meeting held on September 19, 2006, members of RNA Investments Ltd resolved to wind up the company's operations due to its inability to pay debts. In this regard, Cosimo Borrelli and G Jacqueline Fangonil Walsh were appointed as joint and several liquidators. The Joint Liquidators can be reached at: Cosimo Borrelli G Jacqueline Fangonil Walsh Room 1, 5/F, Allied Kajima Building 138 Gloucester Road, Wanchai Hong Kong SAPPHIRE FORTUNE: Creditors' Meeting Slated for October 25 ---------------------------------------------------------- Sapphire Fortune Investment Ltd will hold a meeting for its creditors on October 25, 2006, 3:15 p.m., at the Board Room, Basement 2, The Charterhouse Hotel, 209-219 Wanchai Road, Hong Kong. The meeting was called for them to discuss the purposes of the different sections of the Companies Ordinance. SKYPORT ENTERPRISES: Shareholders Resolve to Wind-Up Operations --------------------------------------------------------------- Shareholders of Skyport Enterprises Ltd passed a resolution to voluntarily wind up the company's operations and distribute the proceeds from the disposal of its assets. Subsequently, Poon Ka Lee, Barry was appointed as liquidator. The Liquidator can be reached at: Poon Ka Lee, Barry 1607, ING Tower 308 Des Voeux Road, Central Hong Kong SPEEDRICH COMPANY: Members' Final Meeting Slated for Oct. 31 ------------------------------------------------------------ Members of Speedrich Company Ltd will have their final meeting on October 31, 2006, 3:00 p.m., at 8/F, Chinachem Tower, 34-37 Connaught Road Central, Hong Kong. At the meeting, Liquidator George Law Kwan Wah will present a report regarding the company's wind-up and its property disposal activities. STONE BLACK: Hearing of Liquidation Bid Fixed on November 16 ------------------------------------------------------------ The High Court of Auckland will hear a liquidation petition filed against Stone Black Construction Ltd on November 16, 2006, at 10:00 a.m. Clark Equipment New Zealand Ltd filed the petition with the Court on August 11, 2006. The Solicitor for the Plaintiff can be reached at: J.P. Hogan AEL Law, 31 33 Great South Road Newmarket, Auckland New Zealand TYSON FOODS: Resolves Govt. Dispute on Employment Practices ----------------------------------------------------------- Tyson Foods, Inc. resolved a disagreement with the Office of Federal Contract Compliance Programs over employment practices involving five locations in Arkansas and one in Oklahoma. The OFCCP conducted compliance evaluations of Tyson hiring activity from 2002 to 2004 at poultry plants in Grannis, Clarksville, Berryville and Van Buren, Arkansas, and Broken Bow, Oklahoma, as well as a Springdale, Arkansas, trucking operation. Based on statistical analyses, the federal agency subsequently alleged the company discriminated against certain female and minority job applicants for entry-level production jobs and some trucking positions. Tyson officials denied the claim, stating there were legitimate non-discriminatory reasons for not hiring the applicants. However, the company acknowledged that its defense of this position was hampered by the passage of time since the reviews began and incomplete documentation of its selection processes at these locations. Tyson Foods has since implemented new procedures to ensure the company retains all relevant documentation of its selection processes and is also conducting more frequent audits of its employment practices. In addition, in an effort to avoid costly and protracted litigation, Tyson has agreed to pay US$1.5 million to approximately 2,500 women and minorities who were not hired during the period involved and to make employment offers to some of those individuals who are still interested in working for the company. "We have a history of working cooperatively with the OFCCP and remain committed to treating all job applicants fairly," said Ken Kimbro, senior vice president of Human Resources for Tyson Foods. "Tyson has a very diverse workforce and strict policies prohibiting discrimination in the workplace. We also communicate our position against discrimination through our Core Values and Team Member Bill of Rights." During the time period covered by the OFCCP reviews, Tyson's representation of minorities at the named processing plants averaged 59% while the number of females was 49%. It is Tyson Foods' policy to provide a work environment free of unlawful harassment and discrimination. This position is also reinforced by the company's Code of Conduct, which all Team Members are required to follow. Tyson supports diversity and inclusion in the workplace, through the company's Office of Diversity Business Practices and its Executive Diversity Business Council, led by Chairman John Tyson. Last year the Council initiated the creation of a new program designed to identify and develop promising workers for upward movement within the company. This effort includes specific attention to the development and advancement of women and minorities. The OFCCP is part of the U.S. Department of Labor's Employment Standards Administration. The agency is responsible for ensuring that employers doing business with the federal government comply with the laws and regulations requiring nondiscrimination and affirmative action. Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) -- http://www.tysonfoods.com/-- is a processor and marketer of chicken, beef, and pork. The company produces a wide variety of protein-based and prepared food products, which are marketed under the "Powered by Tyson(TM)" strategy. The company has operations in China, Japan, Singapore, South Korea, and Taiwan. Troubled Company Reporter - Asia Pacific reports that Standard & Poor's Ratings Services assigned its 'BBB-' rating to Tyson Foods Inc.'s US$1 billion unsecured revolving credit facility maturing Sept. 10, 2010, guaranteed by wholly owned subsidiary Tyson Fresh Meats Inc. (formerly IBP Inc.). Also, a 'BBB-' rating was assigned to Canadian operating subsidiary Lakeside Farm Industries Ltd.'s US$345 million unsecured three-year term loan, guaranteed by Tyson and Tyson Fresh Meats. At the same time, Standard & Poor's lowered its rating on US$2.1 billion of the company's outstanding senior unsecured debt to 'BB+' from 'BBB-' because these debt issues do not have the benefit of the Tyson Fresh Meats guarantee, which was recently provided to the holders of Tyson's 6.6% notes due 2016. UNITY WIRELESS: Provides Update on Business Strategy for Growth --------------------------------------------------------------- Unity Wireless Corporation provides an update to its stockholders and the investment community on the company's business strategy for growth in the highly competitive wireless infrastructure market. "As we were coming to the end of 2005, we realized that in order to position Unity Wireless as a strong competitor in this market we needed to grow both internally and by identifying strategic, revenue generating, acquisition targets to quickly gain critical mass," Ilan Kenig, President and CEO of Unity Wireless, commented. "By combining synergistic companies, we achieved the critical mass we desired while also re-positioning Unity Wireless with a greater breadth of product offerings and the larger size and capability required to win increasingly larger orders and opportunities. We see this strategy as actually walking in the footsteps of such companies as Powerwave and Andrew, the two largest competitors in our industry." These timeline describes the acquisition of three complementary Israeli-based wireless technology companies, together having attracted over US$100 million of investment capital, and the resulting combination of operations: -- On Feb. 10, Unity Wireless signed a definitive agreement to acquire Avantry Ltd., bringing to Unity Wireless a complete point-to-point microwave radio product line used to transport (backhaul) voice and data traffic in wireless and wireline communications networks. This acquisition closed on June 8, 2006. -- On May 16, Unity Wireless signed a definitive agreement to acquire coverage solutions developer Celerica, Inc., and that it was in negotiations to acquire a third company, later to be identified as Celletra Ltd. -- On July 6, Unity Wireless closed on the acquisition of Celerica Inc. a developer of coverage enhancement Solutions for 2G and 3G wireless networks, effective July 4, 2006. -- On Aug. 18, Unity Wireless closed on the acquisition of Celletra Ltd., a supplier of coverage enhancement Solutions for 2G and 3G wireless networks, effective Aug. 17, 2006. -- On Aug. 23, three new Directors would join the Board of Directors of Unity Wireless: David Goldschmidt, Ran Shahor and Amir Gal-Or, each of them Managing Directors of leading Israeli venture capital funds and very familiar with the wireless industry having previously served on the board of recently acquired Celletra Ltd. -- On Sept. 6, Unity Wireless completed the consolidation of the operations of the three recently acquired Israel-based companies, Celletra, Avantry and Celerica, into one facility, harmonized its sales and marketing initiatives under the Unity Wireless brand. With the combining of workforces and consolidating of the facilities of the three acquired companies into one location, Unity was able to reduce employee headcount in Israel from approximately 135 to 80 people. The recently closed acquisitions will contribute to the company's rapid growth rate for the remainder of FY2006 and beyond. Consolidated revenue for the full financial year 2006, which includes revenue from continuing operations of Unity Wireless, plus proforma revenue of the acquired companies for the same period, is expected to exceed US$15 million, an increase of three-fold over Unity Wireless Corporation's FY2005 revenue. Management also expects consolidated revenue in FY2007 will double FY2006 to more than US$30 million. Based on preliminary analysis and notwithstanding expected and/or unexpected restructuring costs, it is believed that the company is likely to achieve profitable operations at a point in the fourth quarter of FY2006 with profitable performance expected in FY2007. Mr. Kenig said, "We are now positioned with an impressive array of product offerings for wireless network operators and OEMs (Original Equipment Manufacturers), and are quickly becoming accepted as a serious 'bidder' for increasingly large wireless systems requirements. Our focus is solely set on Unity Wireless consistently being recognized as the clear '3rd' major provider of infrastructure components and systems, behind such companies as Powerwave and Andrew. "Thanks to the support of our stockholders, board of directors, and the confidence vested in Unity Wireless by the leadership and investors in Celletra, Celerica and Avantry, we look to a very bright future for our new combined company." Based in Bellingham, Washington, Unity Wireless Corporation (OTCBB: UTYW) -- http://www.unitywireless.com/-- is a developer of wireless subsystems and coverage-enhancement solutions for wireless communications networks. The company has operations in China. At June 30, the company's Balance sheet showed a stockholders' deficit of US$2,370,166, compared to a deficit of US$760,000 at Dec. 31, 2005. Going Concern KPMG LLP expressed doubt about Unity Wireless' ability to continue as a going concern after auditing the company's 2005 financial statements. The auditing firm pointed to the company's recurring losses from operations. * CBRC Commends Banks' Positive Changes in its Loan Structures -------------------------------------------------------------- China's Banking Regulatory Commission commends the positive changes the Chinese banks made regarding their loan structures in the first six months of the year, Xinhuanet related. Citing a report from the Commission, Xinhuanet said that short- terms loans from banks and financial institutions increased in the January to June 2006 period to make up 52% of total loans. By the end of June, short-term loans were up CNY1.13 trillion on the beginning of the year, and the mid- and long-term loans up CNY1.05 trillion. Based on the report, banks and financial institutions have been granting more loans to agriculture, individuals and small firms, Xinhua News noted. By the end of June, individual consumption loans totaled CNY1.3 trillion, up 11%, or CNY136.4 billion more than the same period of 2005. Agriculture loans stood at CNY1.3 trillion, up 20% from January to June 2005. ========= I N D I A ========= ESSAR OIL: Members Name New Auditors & Directors ------------------------------------------------ In the 6th Annual General Meeting of the members of Essar Oil Ltd on September 29, 2006, they concurred to the: -- reappointment of Shri Shashikant N Ruia and Shri Dilip J Thakkar, as Directors; -- appointment of Shri Anshuman S Ruia as Director; and -- appointment of Shri Suresh C Mathur as Wholetime Director. At the same meeting, the members also agreed to appoint M/s Deloitte Haskins & Sells as auditors. About Essar Oil Ltd. Headquartered in Jamnagar, India, Essar Oil Limited -- http://www.essar.com-- is engaged in the exploration, production and marketing of oil and gas. The company's principal activities are developing, exploring, producing and refining oil and gas. Vadinar Power Company Limited is a wholly owned subsidiary of the company. On August 23, 2005, CRISIL Ratings reaffirmed the outstanding "D" rating on the INR5.65-billion and INR2-billion Non- Convertible Debenture programmes of Essar Oil Limited. The rating indicates that the instruments are in default. HAYES LEMMERZ: S&P Affirms B- Rating & Removes Negative Watch ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B-' corporate credit rating on Hayes Lemmerz International Inc. and removed the rating from CreditWatch with negative implications, where it was placed Aug. 21, 2006. The outlook is negative. The Northland, Michigan-based wheel manufacturer has total adjusted debt of about US$780 million plus underfunded employee benefit obligations of approximately US$390 million. The rating affirmation follows a review of the impact of Ford Motor Co.'s recently announced plans to sharply reduce vehicle production in the fourth quarter of 2006. "We have concluded that the negative impact on Hayes' earnings and cash flow will be partially offset by gradually improving performance in the company's international operations," said Standard & Poor's credit analyst Gregg Lemos Stein. This should enable Hayes to maintain credit measures consistent with its already low speculative-grade rating. While Hayes generates about 20% of its total sales from Ford, about half of that comes from outside North America, where Ford's production cuts are focused. Hayes' sales from General Motors Corp. and the Chrysler unit of DaimlerChrysler AG are also well diversified between North America and Europe. Hayes' guidance for the full year ending Jan. 31, 2007, remains unchanged because of the automakers' production cuts, with the company expecting US$2.2 billion to US$2.3 billion of sales and a slight improvement on last year's US$176 million of EBITDA. Hayes' business risk profile remains weak. The company's financial results have suffered in recent years because of the difficult industry conditions facing automotive suppliers, including: * high raw-material costs, * customer market-share shifts, * product-mix changes, and * pricing pressure. While Hayes has a leadership position in wheel manufacturing, the business is highly fragmented and intensely competitive. In response to these challenges, Hayes has announced various restructuring and austerity measures, including: * the closing of a U.S. aluminum wheel plant; * the consolidation of several business units; and * the reduction of certain employees' compensation. The various cost-cutting actions are expected to save the company US$35 million annually, partially offsetting the impact of soft industry volumes, pricing pressures, and adverse product mix. The company has operations in India, Brazil and Germany, among others. HDFC BANK: BOD Meeting to Consider 2Q Results Set for Oct. 17 ------------------------------------------------------------- HDFC Bank Ltd informs the Bombay Stock Exchange that its Board of Directors will hold a meeting on October 17, 2006. In the Oct. 17 Meeting, the Board will consider and approve the Unaudited Financial Results (provisional) for the second quarter and half year periods ended September 30, 2006. 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. HINDUSTAN PETROLEUM: Awarded ONGC Service Contract -------------------------------------------------- As widely reported, a consortium led by Hindustan Petroleum Corporation Ltd's exploration arm, Prize Petroleum Company Ltd, was awarded a contract by Oil and Natural Gas Corp. to develop three of its offshore marginal fields. India eNews, citing ONGC chairman and managing director R.S. Sharma, said that the contract was awarded on the basis of competitive bidding. The fields' expected peak production daily is 18,865 barrels oil and 0.887 million cubic meters of gas with the cumulative oil production of 46.42 million barrels and gas production of 2.7 BCM, India eNews noted. According to The Financial Express, the consortium plans to shell out US$479 million -- investment of around US$166 million with an operation expenditure of US$313 million -- for development of the fields. The Hindustan Petroleum Group holds 70% share in the consortium. A Malaysian production storage and offloading operator, Trenergy, owns the 30%. About Hindustan Petroleum Mumbai-based Hindustan Petroleum Corporation Ltd -- http://www.hindustanpetroleum.com/-- was formed in 1974 on nationalization of ESSO India operations. The operations of Caltex were merged in 1976. With two refineries at Mumbai and Vizag, Hindustan Petroleum is currently is the second largest player in both the Indian oil sector as well as the highly competitive lubricants market. However, the Company has lately been incurring losses due to a government mandate to sell fuel at subsidized prices. The TCR- AP reported on July 31, 2006, that Hindustan Petroleum registered a net loss of INR6.08 billion during the first quarter ending June 30, 2006, due to under-recoveries in sales of petrol, diesel, cooking gas and kerosene. This net loss figure is INR1 billion more than the INR5.08-billion loss booked in the same quarter in 2005. The Company is counting on a Government bailout to save it from bankruptcy. HINDUSTAN PETROLEUM: Offers to Buy Stake IN Bhatinda Refinery ------------------------------------------------------------- Hindustan Petroleum Corporation Ltd reportedly offered to buy a stake in Oil India Ltd's refinery project in the City of Bhatinda, Punjab. According to Business Line, Hindustan Petroleum wanted a 25% stake in the Bhatinda refinery. Oil India, however, has not made any commitment to the offer, Business Line adds, citing sources from Oil India. The unnamed sources told Business Line that Oil India set up a committee to examine the offer. About Hindustan Petroleum Mumbai-based Hindustan Petroleum Corporation Ltd -- http://www.hindustanpetroleum.com/-- was formed in 1974 on nationalization of ESSO India operations. The operations of Caltex were merged in 1976. With two refineries at Mumbai and Vizag, Hindustan Petroleum is currently is the second largest player in both the Indian oil sector as well as the highly competitive lubricants market. However, the Company has lately been incurring losses due to a government mandate to sell fuel at subsidized prices. The TCR- AP reported on July 31, 2006, that Hindustan Petroleum registered a net loss of INR6.08 billion during the first quarter ending June 30, 2006, due to under-recoveries in sales of petrol, diesel, cooking gas and kerosene. This net loss figure is INR1 billion more than the INR5.08-billion loss booked in the same quarter in 2005. The Company is counting on a Government bailout to save it from bankruptcy. INDIAN OIL: Liquidates INR1,450-Crore Oil Bonds ----------------------------------------------- Indian Oil Corporation Limited liquidated INR1,450 crore worth of oil bonds with six-year and nine-year maturities in the secondary market trade. The liquidation of these bonds was concluded on September 26, 2006, through a book-building route. The issue size was INR250 crore with a green shoe option and generated a very good response. The arrangers to the issue are: -- A.K. Capital Services Ltd., -- Allianz Securities Ltd., -- Centrum Capital Limited, -- ICICI Securities Ltd. and -- UTI Bank Ltd. The Government of India had issued these bonds to Indian Oil in March 2006 in lieu of the under-recoveries suffered by the oil companies on the sale of LPG and Kerosene. In April 2006, Indian Oil successfully liquidated INR860 crore worth of bonds in the three-year and nine-year category. In June 2006, Indian Oil liquidated INR835 crore worth of 3-year bonds. As reported in the Troubled Company Reporter - Asia Pacific on September 22, 2006, the Company recently liquidated INR1,225 crore of bonds with various maturities. About Indian Oil Corporation Headquartered in New Delhi, Indian Oil Corporation Limited -- http://www.iocl.com/-- is engaged in the sale of petroleum products. Other businesses comprise the sale of imported crude oil, sale of gas, petrochemicals and oil and gas exploration activities jointly undertaken in the form of unincorporated joint ventures. The company's premium fuels include XTRAPREMIUM petrol and XTRAMILE diesel. AutoGas is Indian Oil's auto liquid petroleum gas brand and sells SERVO lubricants in 10 countries. The aviation fuel supply business caters to the aviation fuel requirements of the defense services, national carriers, scheduled private airlines and international airlines. The Digboi Refinery of the Assam Oil Division processes crude oil and its marketing network comprises 366 retail outlets, 399 kerosene/light diesel oil dealerships, and 271 Indane distributors. It owns and operates 18 refineries with a combined refining capacity of 54.20 million tones per annum (1.1 million barrels per day). * * * The Troubled Company Reporter - Asia Pacific reported on April 21, 2006 that Standard & Poor's Ratings Services revised the outlook on Indian Oil to positive from stable. At the same time, S&P affirmed the 'BB+' issuer credit rating on the Company. The outlook revision follows the revision in the outlook on the sovereign credit ratings on India (BB+/Positive/B) on April 19, 2006. Additionally, Moody's Investors Service gave Indian Oil a Ba1 long-term corporate family rating and a Ba2 issuer rating on March 3, 2005. INDIAN OIL: To Build 15 Million-Tonne Refinery in Haldia -------------------------------------------------------- Indian Oil Corporation is planning to build a 15 million tonne refinery in the Special Economic Zone, in Haldia, West Bengal, Moneycontrol.com reports. The project, which reportedly will cost at around INR15,000 crore, is in relation to the agreement between the Bengal government and Indian Oil. Pursuant to the agreement, the Company will be the lead investor in the Haldia SEZ. Indian Oil is currently seeking a multinational company to partner on the project. About Indian Oil Corporation Headquartered in New Delhi, Indian Oil Corporation Limited -- http://www.iocl.com/-- is engaged in the sale of petroleum products. Other businesses comprise the sale of imported crude oil, sale of gas, petrochemicals and oil and gas exploration activities jointly undertaken in the form of unincorporated joint ventures. The company's premium fuels include XTRAPREMIUM petrol and XTRAMILE diesel. AutoGas is Indian Oil's auto liquid petroleum gas brand and sells SERVO lubricants in 10 countries. The aviation fuel supply business caters to the aviation fuel requirements of the defense services, national carriers, scheduled private airlines and international airlines. The Digboi Refinery of the Assam Oil Division processes crude oil and its marketing network comprises 366 retail outlets, 399 kerosene/light diesel oil dealerships, and 271 Indane distributors. It owns and operates 18 refineries with a combined refining capacity of 54.20 million tones per annum (1.1 million barrels per day). * * * The Troubled Company Reporter - Asia Pacific reported on April 21, 2006 that Standard & Poor's Ratings Services revised the outlook on Indian Oil to positive from stable. At the same time, S&P affirmed the 'BB+' issuer credit rating on the Company. The outlook revision follows the revision in the outlook on the sovereign credit ratings on India (BB+/Positive/B) on April 19, 2006. Additionally, Moody's Investors Service gave Indian Oil a Ba1 long-term corporate family rating and a Ba2 issuer rating on March 3, 2005. JAMMU & KASHMIR: Seeks RBI Nod to Increase FII Limit to 40% ----------------------------------------------------------- Jammu & Kashmir Bank sought the Reserve Bank of India's permission to increase the limit for foreign institutional investors in the bank from 33% to 40%, The Business Standard reports. Currently, the government of the Jammu and Kashmir State holds 53.17% interest in the bank, FIIs hold a 31.39% stake, while public and other investors hold the remaining 15.44%. According to the report, citing unnamed sources, FIIs have shown interest to pick up 10% stake each in the bank, and have applied to the RBI to increase their stake from their current holding of about 5% in the bank. Among the FIIs that wanted the increase are: -- Fid Funds (Mauritius), which holds 4.23%; and -- Aberdeen Asset Managers, which holds 3.54%. About Jammu & Kashmir Bank India-based Jammu & Kashmir Bank Limited -- http://www.jammuandkashmirbank.com/-- is a private sector bank that provides a range of traditional commercial banking products and services to corporations and middle market businesses. The key commercial banking products and services to corporate customers include credit products and structured finance, cash management, trade and commodity finance, and investment banking, local debt syndication and securitization. The bank, through its operations, is focusing on banking, insurance and asset management. Fitch Ratings gave Jammu & Kashmir Bank a D individual rating on June 1, 2005. LML LTD: Incurs INR133.2-Mil. Net loss for 2006 2nd Quarter ----------------------------------------------------------- LML Limited sustained a net loss of INR133.2 million for the quarter from April 1, to June 30, 2006, just around INR20- million change from the INR158-million net loss incurred for the same period last year. LML Ltd.'s financial results for the two periods, however, show a huge drop in net sales -- from INR791.9 million for the quarter ended June 30, 2005, to INR42.2 million for the quarter ended June 30, 2006. For the 2nd quarter of 2006, the Company earned INR57.9 million from "other income," much better than the INR6.1-million figure for the same period a year earlier. With the little net sales come modest operating expenses as shown by the INR172.2 million total expenditures for the second quarter of 2006. For the same period last year, the Company posted INR931.9 million in operating expenses. About LML Ltd. Headquartered in Kanpur, India, LML Limited manufactures scooters and motorcycles. The LML NV, manufactured with Piaggio, is a scooter that is loaded with features such as a large taillight, cushioned backrest, improved handlebar design and speedometer, a utility box and a large glove compartment. The Company's motorcycles, which are made in collaboration with Daelim of Korea, feature a three-valve, 109-cubic centimeter engine, a long wheelbase and broad tires. The Energy FX model features a four-speed gearbox, while the Adreno FX sports a five-speed unit. The bikes come in a large variety of colors offer other features such as disc brakes and electronic ignition. As reported in the Troubled Company Reporter - Asia Pacific, LML disclosed that its board of directors, at a meeting on Sept. 8, 2006, has decided that LML has become a sick industrial company under Sick Industrial Companies (Special Provisions Act) 1985. KARNATAKA BANK: Program Gets A1+ Rating from ICRA -------------------------------------------------- Mangalore-based premier private sector bank Karnataka Bank Limited has been awarded "A1+" rating for Certificate of Deposit Programme of the Bank by Investment Information and Credit Rating Agency of India Limited. The rating indicates highest-credit-quality rating assigned by ICRA to short-term debt instruments. Instruments rated in this category carry the lowest credit risk in the short term. Within this category, certain instruments are assigned the rating of A1+ to reflect their relatively stronger credit quality. Incidentally, the Bank has been accorded 19th place in the list of India's Best Banks and is No. 1 among the Best old private sector Banks as per the Business Today-KPMG Survey. Further, the Bank has secured the highest overall satisfaction score rated by customer as per the survey by "Consumer Voice" backed by the Union Ministry of Consumer Affairs. The Bank, which is eyeing a business turnover of INR25,000 crore for the year 2006 to 2007, is all set to open its 400th Branch at Bangalore-HSR Layout on October 5, 2006. About Karnataka Bank Headquartered in Mangalore, India, Karnataka Bank Ltd -- http://karnatakabank.com/ktk/Index.jsp-- provides products and services for business and personal purposes that include borrowing facilities, deposits, providing optimum returns on surplus funds or helping with overseas transactions. The bank has two business segments: Treasury and Other Banking Operations. Treasury Operations mainly comprise of surplus statutory liquidity ratio and non-SLR investments. Other Banking Operations mainly consist of advance portfolio of the bank and SLR securities to the extent of SLR requirements. The bank provides Working Capital Finance, Term Loans and Infrastructure Finance. The Business Finance Products offers both fund-based and non-fund-based products. The bank has diversified into the marketing of life insurance products of MetLife India Insurance Co. Pvt. Ltd. The Bank has entered into a memorandum of understanding with Bajaj Allianz General Insurance Co. Ltd. for distribution of its general insurance products through its branches. Fitch Ratings gave Karnataka Bank a support rating of 5. UNITED WESTERN: Government Approves Amalgamation with IDBI ---------------------------------------------------------- The Government of India approved the Scheme of Amalgamation between the United Western Bank Ltd. and the Industrial Development Bank of India Ltd. The Troubled Company Reporter - Asia Pacific reported on September 15, 2006, that IDBI will take over United Western pursuant to the Scheme of Amalgamation proposed by the Reserve Bank of India. With the Government's consent, the Scheme has become effective starting October 3, 2006. In that regard, IDBI will make an upfront payment in cash of INR28 for every fully paid up share in United Western to the members who were, as on the prescribed date, registered as Shareholders of the United Western Bank Ltd. 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. 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. The Union Government placed United Western under a moratorium running from September 2, 2006, to December 1, 2006, based on an application from the Reserve Bank of India. Under the moratorium, depositors will be allowed to withdraw a maximum of INR10,000, except in certain circumstances, at any of the bank's branches, but not through the use of ATMs. ================= I N D O N E S I A ================= BANK NIAGA: Boss to Resign Late This Year ----------------------------------------- Bank Niaga President Director Peter B. Stock has expressed his intention to resign from his post at the bank at the end of 2006, Antara News reports, citing a Bank Niaga spokesman. "Mr. Stock has made known his intention to resign as Bank Niaga president director late this year to the management," the bank's corporate secretary, Rizky P. Hasan, told the Jakarta Stock Exchange. Mr. Hasan said that a successor to Mr. Stock has already been studied and will be announced by the company. According to Antara, it was rumored that Mr. Stock would give up his position after Bank Lippo Director Jos Luhukay resigned from his post some time ago. There are speculations that Bank Niaga would be merged with Bank Lippo as the majority of the two banks' shares has already been acquired by Malaysia's Khazanah Berhad. Antara recounts that Khazanah had bought 87% of Lippo Bank through its subsidiary, Santubong Investment B.V., and bought 64% of Bank Niaga through Bumiputera-Commerce Holding Berhad. About Bank Niaga Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk -- http://www.bankniaga.com-- has a license to operate as a commercial bank, a foreign exchange bank and a bank engaged in activities based on Syariah principles. The bank's products and services include: Funding, Consumer Financing, Business Financing, Credit and Debit Cards, Private Banking, Preferred Circle, e-Banking, Corporate Trust, Bancassurance and Treasury Indicator. The bank's subsidiaries consist of: PT Niaga Aset Manajemen and PT Saseka Gelora Finance. As of January 31, 2006, the Bank operates 54 domestic branches, 145 domestic supporting branches, 22 domestic payment points, seven Syariah units and one overseas branch. * * * As reported by the Troubled Company Reporter - Asia Pacific on July 6, 2006, Moody's Investors Service has placed Bank Niaga's E+ bank financial strength rating on review for possible upgrade. These ratings were unaffected: -- Issuer rating of Ba3. Outlook stable; -- Subordinated debt rating of Ba3. Outlook stable; and -- Long-term/short-term deposit ratings of B2/Not Prime. Outlook stable. Additionally, Fitch Ratings on June 30, 2005 assigned a B+ rating to Bank Niaga's proposed USD100m, 10 year subordinated debt issue. At the same time, Fitch has affirmed the bank's existing ratings including Long-term Senior foreign currency rating of 'BB-' (BB minus), Individual rating of D, and Support rating of 4. The Outlook remains Positive. MATAHARI PUTRA: Issues Unsecured Bonds Worth US$150 Million ----------------------------------------------------------- PT Matahari Putra Prima Tbk has issued three-year unsecured bonds worth US$150 million, with a coupon rate of 9.5%, Namnews states. According to the report, Matahari Putra initially intended to issue US$100 million of bonds, but the amount was raised after it was oversubscribed more than three times. The company has an option to buy back the bonds after a year. Matahari Putra said that 70% of the bond fund will be used for business expansion to open more department stores and hypermarkets, while the rest will be used to refinance a debt to banks and strengthen its working capital, Namnews notes. About Matahari Putra Headquartered in Tangerang, Indonesia, PT Matahari Putra Prima Tbk -- http://www.matahari.co.id/-- is a consumer goods company engaged in the retail business, providing clothes, jewelries, bags, shoes, cosmetics, electronics appliances, toys, stationeries, books, drugs and other everyday needs. It is also engaged in the family entertainment industry through the operation of Time Zone, a game center. The company operates Matahari Supermarket, Hypermart stores, Cut Price stores, Boston Drugs pharmacies, Baker's Delight bakeries, Deli Bon stores and Market Place grocery stores. During the year ended December 31, 2005, the company opened its first store in Shenzhen, China, 13 Hypermart stores, four Cut Price stores and one Matahari Supermarket. * * * The Troubled Company Reporter - Asia Pacific reported on May 23, 2006, that Moody's Investors Service assigned its (P)B1 local currency corporate family rating to PT Matahari Putra Prima Tbk. At the same time, Moody's has assigned its (P)B1 foreign currency senior unsecured rating to Matahari Finance BV's proposed bond of up to US$300 million, which is guaranteed by Matahari. The ratings outlook is stable. Earlier TCR-AP reports on May 15, and May 22, 2006, stated that Standard & Poor's Ratings Services has raised its corporate credit rating on Matahari Putra to "B+" from "B-", with a stable outlook, while the company's proposed long-term senior unsecured bonds of up to US$300 million to be issued by Matahari Finance B.V., a special purpose financing vehicle wholly owned by Matahari Putra, got a 'B+' rating. The TCR-AP reported on October 2, 2006, that Standard & Poor's Ratings Services affirmed its 'B+' rating to the proposed long- term senior unsecured bonds to be issued by Matahari Finance B.V. The bond, which will be due in 2009, will have an issue size of US$100 million to US$150 million. ========= J A P A N ========= MITSUBISHI MOTORS: Posts JPY15.10 Bil. Net Loss for 1st Quarter --------------------------------------------------------------- Mitsubishi Motors Corporation released its financial results for the first quarter of the fiscal year ending March 31, 2007. Mitsubishi Motors reported consolidated net sales of JPY483.9 billion for the first quarter of fiscal 2006 (April 1 through June 30, 2006), a very slight decrease of JPY1.9 billion over the same period last year (JPY485.8 billion). The decrease stemmed mainly from a drop in sales volume in the company's Asia & Other region markets, which was not completely offset by increases in Japan, North America and Europe. The company reported an operating loss of JPY6.8 billion, an improvement of JPY7.0 billion over the same period last year. Factors contributing to this improvement and helping to offset the lower net sales reported above include: the weaker yen, reductions in advertising outlays in the United States, and an improvement in profitability at the company's U.S. financial services subsidiary. Mitsubishi Motors also achieved reductions in the size of its ordinary and net losses: reporting an ordinary loss of JPY12.2 billion, a year-on-year improvement of JPY7.8 billion, and a net loss of JPY15.1 billion, an improvement of JPY6.5 billion. Sales volume Global market sales of Mitsubishi Motors vehicles in the first quarter of fiscal 2006 totaled 292,000 vehicles, 34,000 fewer than the 326,000 sold in the same period last year. In Japan, MMC sold 52,000 vehicles, a year-on-year increase of 4,000, as sales grew year-on-year for the 15th consecutive month (through July 2006) since May 2005. This first quarter increase reflected positive gains stemming from the new Outlander and i models the company launched in FY2005, as well as by the release of the Colt RALLIART Version-R, i Play Edition, and other special edition models in a domestic market where total demand fell over the period under review. In North America, Mitsubishi Motors halted the slide in sales volume selling 42,000 vehicles, an increase of 1,000 over the same period last year. This reflected sales-boosting measures introduced under the new management structure at Mitsubishi Motors North America, Inc. and strong sales of the new Eclipse Spyder that began full sales in April. In Europe, the company sold 71,000 vehicles, a year-on-year increase of 5,000 driven mainly by a substantial increase in sales volume in Russia and the Ukraine, major growth markets in the region. In markets in its Asia & Other region, Mitsubishi Motors sold 127,000 vehicles, 44,000 fewer than in the same period last year. Markets in the Middle East and Africa posted solid growth but total sales volume for the region was impacted by slower sales in Taiwan and ASEAN-block countries where total demand fell due to higher oil prices and other factors, and by increased consumption tax in China. FY2006 forecasts Mitsubishi Motors leaves the first half and full-year forecasts for fiscal 2006 announced on April 27, 2006, unchanged. Mitsubishi Motors' financial report for the quarter ended June 30, 2006, is available for free at: http://bankrupt.com/misc/mitsubishi_motors_firstquarter2006.pdf About Mitsubishi Motors Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation -- http://www.mitsubishi-motors.co.jp/-- is one of the few automobile companies in the world that produces a full line of automotive products ranging from 660-cc mini cars and passenger cars to commercial vehicles and heavy-duty trucks and buses. The Company also operates consumer-financing services and provides this to its customer base. MMC adopted the "Mitsubishi Motors Revitalization Plan" on January 28, 2005, as its three- year business plan covering fiscal 2005 through 2007, after investor DaimlerChrysler backed out from the Company. The main objectives of the plan are "Regaining Trust" and "Business Revitalization." * * * Japan Credit Rating Agency, Ltd., on July 18, 2006, upgraded the Company's senior debts rating to BB- from B- with a stable outlook, as its restructuring has been going well as planned, with Mitsubishi group firms increasing their stakes in Mitsubishi Motors to 34.3% as of March 31, 2006. Rating & Investment Information Inc. had on July 31, 2006, upgraded its issuer rating on Mitsubishi Motors Corp. from CCC+ to B with a stable outlook and its commercial paper rating from c to b, and has removed the rating from its monitor at the same time. The Troubled Company Reporter - Asia Pacific reported on September 29, 2006, that Standard & Poor's Ratings Services raised its long-term corporate credit and senior unsecured debt ratings on Mitsubishi Motors to 'B-' from 'CCC+', reflecting progress in the company's revitalization efforts and reduced downside risks in its earnings and financial profile. The outlook on the long-term rating is stable. SAPPORO HOLDINGS: Sapporo Breweries Extends Offer for Sleeman ------------------------------------------------------------- Sapporo Breweries Ltd. said that it intends, through its wholly- owned subsidiary, Silver 2501 Canada Inc., to extend its offer to acquire all of the common shares of Sleeman Breweries Ltd. The offer, as extended, will remain open for acceptance until 5:00 p.m. (Toronto time) on October 17, 2006, unless further extended. The offer was originally scheduled to expire at 5:00 p.m. (Toronto time) on October 2, 2006. Sapporo intends to send out a formal notice of extension in the next few days to all Sleeman shareholders. The notice of extension will also be filed on SEDAR (System for Electronic Document Analysis and Retrieval for the Canadian Securities Administrators) and will be available, along with the related take-over bid circular, directors' circular and other materials, on the SEDAR Web site at http://www.sedar.com/ The terms of the offer made by Sapporo to acquire all of the common shares of Sleeman, pursuant to a take-over bid circular mailed to Sleeman shareholders on August 25, 2006, include a number of conditions to be met before Sapporo will take up and pay for Sleeman common shares tendered to the bid. One of these conditions is the receipt of all requisite governmental or regulatory consents, approvals or decisions, including that of the Minister of Industry with respect to the Investment Canada Act, which is still outstanding. Pursuant to the terms of the offer, if such regulatory consents, approvals or decisions have not been obtained by October 2, 2006, Sapporo is required to extend the offer for an additional 15 days. Sapporo and Sleeman are continuing to work with the Investment Review Division of Industry Canada in connection with its review of the proposed acquisition of Sleeman by Sapporo. Sapporo has submitted proposed undertakings to the IRD, which are currently being considered by the IRD. About Sleeman Sleeman Breweries Ltd. is the leading brewer and distributor of premium beer in Canada and the third largest brewing company nation-wide. The company has supplemented its core Sleeman brands, which are available in every province, with a family of exceptional regional brands. These include Okanagan Spring and Shaftebury in British Columbia and Alberta, Upper Canada in Ontario, Unibroue and Seigneuriale in Quebec and Maritime Beer in Atlantic Canada. Sleeman entered the rapidly growing value price category in 1999 by acquiring the Stroh portfolio brands in Canada. The company markets and/or distributes world class imported products such as Guinness, Grolsch, Samuel Adams, Scottish & Newcastle, Sol, Sapporo, and Pilsner Urquell, and provides contract production for Japan's Sapporo Breweries products. The company's products are also available in selected international markets. About Sapporo Breweries Sapporo Breweries Ltd. is a wholly owned subsidiary of Sapporo Holdings Limited, a Japanese holding company with an enterprise value of CND4.3 billion that is active in four business segments. Its Alcohol segment is engaged in the manufacture and sale of beer, sparkling liquor, wine, brandy and others. The company manufactures alcohol products including Sapporo Draft Beer, Yebisu Beer and Draft One. The company distributes Guinness, Yellow Tail and Beringer in Japan. The Beverage segment manufactures and sells beverages, such as tea, mineral water, coffee, carbonated drinks, fruit juice, health drinks, sports drinks and others. It distributes Ocean Spray Cranberry in Japan. Its Restaurant segment is involved in the operation of beer parlors and restaurants under the store name Ginza Lion. The Real Estate segment is engaged in the operation and management of complex facilities that contains offices, housing, restaurants, and commercial and cultural facilities under the name Yebisu Garden Place, in addition to commercial and amusement complex facilities. About Sapporo Holdings Sapporo Holdings Limited -- http://www.sapporoholdings.jp/-- formerly known as Sapporo Breweries, brews beer and operates more than 200 beer halls and restaurants. Sapporo is one of Japan's oldest brewers, and is Japan's third largest brewing company, with brews ranging from its flagship Black Label to the pricier Yebisu. Sapporo also makes the low-malt happoshu brew. The Company sells Guinness beer in Japan through its Sapporo Guinness Company and owns a beverage company that makes canned coffee, bottled water, and soft drinks. * * * As reported by the Troubled Company Reporter - Asia Pacific on August 7, 2006, Sapporo Holdings posted a JPY1.8-billion operating loss for the first half of the fiscal year, and forecast earnings to drop to JPY10.2 billion for FY06 from an initial forecast of JPY16.8 billion. Standard & Poor's Rating Service gave Sapporo Holdings 'BB' Long-Term Foreign Issuer Credit and Long-Term Local Issuer Credit Ratings. On March 14, 2006, Fitch Ratings Agency assigned a 'B' Short- term Foreign and Local Currency Issuer Default Rating to the Company. SOFTBANK CORP: To Cut Interest Cost With Asset-Backed Debt ---------------------------------------------------------- Softbank Corporation will cut interest costs for funding its acquisition of Vodafone K.K. -- renamed Softbank Mobile Corp. -- by arranging a JPY1.45 trillion (US$11 billion) asset-backed debt financing, Bloomberg News reports, citing bankers involved. Bloomberg's Denise Kee notes that the lowest interest rate will be between 1 and 1.5 percentage points more than the Tokyo interbank offered rate or Tibor. Ms. Kee relates that this interest rate is about 2 percentage points less than a so-called bridge loan taken in April, when the acquisition was completed. The three-month Tibor was at 0.45% on October 2. According to the report, Softbank is using cash flows, assets and shares of Vodafone K.K. to back the financing arranged by banks including Deutsche Bank AG, Citigroup Inc. and Mizuho Financial Group Inc. Softbank said that it targets to get the financing signed in mid-November, to replace a 12-month loan of JPY1.28 trillion. Bloomberg recounts that Softbank's acquisition of Vodafone K.K. prompted Standard & Poor's Rating Agency to cut Vodafone K.K.'s credit rating by six levels on March 20 to BB+, one level below investment grade. Moody's Investors Service downgraded Vodafone K.K. three steps to Baa2 from A2 and kept the sixth highest investment-grade rating on review for a possible further reduction. Part of the refinancing received an A3 rating, the seventh- highest investment grade, Moody's said in a statement on Sept. 29. The rating is two rungs above Vodafone K.K.'s rating and five levels above Softbank's, Bloomberg cites Moody's as stating. The A3 rating part of the asset-backed debt includes a JPY600-billion loan, which will pay the lowest interest, a JPY350-billion loan and a JPY200-billion loan maturing on November 10, 2016, Moody's said. The JPY350-billion loan and the JPY200-billion loan pay an interest margin of 1.5 to 2.5 percentage points over Tibor, the bankers explained. This is lower than the 12-month loan, which is paying interest of 3 percentage points more than Tibor. The rate will increase by 50 basis points or 0.5 percentage point at the end of December 2006, before the loan matures in March next year, the bankers said. The JPY1.45 trillion asset-backed debt also includes a loan of as much as JPY200 billion and as much as JPY150 billion of bonds maturing in November 2019, the bankers said. Both portions, rated Baa3 by Moody's, the lowest investment grade, will cost more than 3.5 percentage points over Tibor, the bankers said. Deutsche Bank, Mizuho Financial Group, Citigroup, Goldman Sachs Group Inc., Sumitomo Mitsui Banking Corp., Calyon and WestLB AG in April organized the one-year loan and got 10 other banks to join the loan, according to the bankers. About Softbank Corp. Based in Tokyo, Japan, Softbank Corporation -- https://www.softbank.co.jp/ -- is a leading Japanese telecommunications and media corporation, with operations in broadband, fixed-line telecommunications, e-Commerce, Internet, broadmedia, technology services, finance, media and marketing, and other businesses. SoftBank was established on September 3, 1981, and had a market capitalization of approximately US$32.8 billion at February 28, 2006. SoftBank's corporate profile includes various other companies such as Japanese broadband company Cable & Wireless IDC, cable company BB-Serve, and gaming company GungHo Online Entertainment. On March 17, 2006, SoftBank announced its agreement to buy Vodafone Japan, giving it a stake in Japan's US$78 billion mobile market. * * * According to a Troubled Company Reporter - Asia Pacific report on April 18, 2006, Standard & Poor's Rating Services agency affirmed its 'BB-' long-term corporate credit rating on the Company, with negative implications. Moody's Investors Service had, on August 9, 2006, upgraded Softbank Corp.'s stable long-term debt rating and issuer rating to Ba2 from Ba3, concluding a review initiated on March 17, 2006, when the Company announced that it would acquire a 97.7% stake in mobile phone giant Vodafone Group's Japanese unit, Vodafone K.K. SOFTBANK MOBILE: S&P's 'BB+' Ratings Remain On Watch Negative ------------------------------------------------------------- Standard & Poor's Ratings Services said that its 'BB+' long-term ratings on Softbank Mobile Corp., which was renamed from Vodafone K.K. on Oct. 1, 2006, remain on CreditWatch with negative implications. On Sept. 29, 2006, parent company Softbank Corp. (BB-/Stable/--) announced it will adopt a business securitization scheme to refinance a bridge loan used for the acquisition of the mobile phone business from Vodafone Group PLC. The ratings on Softbank Mobile were lowered to 'BB+' from 'A+' and placed on CreditWatch on March 20, 2006, following Vodafone Group PLC's agreement to sell its Japanese subsidiary to Softbank. Softbank intends to enter into an agreement on the business securitization in the middle of November and execute financing at the end of November. However, Standard & Poor's recognizes that the refinancing method has yet to be fixed, and detailed terms and conditions of the business securitization transaction are subject to change. Standard & Poor's will resolve the CreditWatch after confirming the details of the refinancing and business securitization. Business securitization is a financing scheme in which an issuer securitizes cash flows from a specific business, thereby enhancing the probability of debt servicing. In such transactions, cash flows generated from the securitized business are generally used to redeem the securities. Softbank announced that, upon implementing the business securitization scheme, all assets held by Softbank Mobile will be pledged as collateral for the purpose of the transaction. The credit quality of any debt outstanding that is not included in the securitization at the time of closing may change, depending on the seniority of the debt hierarchy following the securitization. However, such a possibility is not incorporated into the current rating, as the conditions of the securitization have yet to be finalized. Standard & Poor's assigned its preliminary ratings to the securitization transaction on Sept. 29, 2006. The ratings are based on preliminary terms and are subject to change. The ratings on Softbank Corp. remain unchanged. Softbank has enhanced its earnings outside the mobile telephone business, and the company's debt-to-capital ratio is unlikely to further deteriorate materially, even if securitization of the mobile telephone business limits Softbank's access to cash flow from the business. In addition, given the high feasibility of the business securitization and massive latent gains from security holdings, Standard & Poor's believes that refinancing and liquidity risk should be minor. * New Prime Minister Can Improve Credit Picture, Moody's Says ------------------------------------------------------------- Moody's Investors Service believes that the policies of new Japanese Prime Minister Shinzo Abe can improve Japan's creditworthiness as they are likely to continue and deepen the policies of the Koizumi Administration by focusing on fiscal consolidation and striving to sustain the broadly based recovery in economic growth. "Policy continuity with former Prime Minister Junichiro Koizumi, together with stronger macroeconomic performance, including avoiding a relapse into deflation, are necessary to further shrink the budget deficit and to reduce the government's exceptionally large debt," said Moody's Vice President Thomas Byrne. He said the new leader is the beneficiary of Koizumi's fiscal policies that led to the reduction of the general government deficit and arrested the deterioration in key fiscal ratios. "For this reason, fiscal and broad economic policies are unlikely to change dramatically," Mr. Byrne said. He noted that new government will seek to fashion a policy stance that will not jeopardize the recovery both in economic growth and from price deflation. LDP General Secretary Hidenao Nakagawa and new Finance Minister Koji Omi have given indications that they favor pressing on with public investment cuts, while postponing tax increases, and pointed to the finance minister's pledge not to raise the issue of an increase in the consumption tax prior to the autumn 2007 upper house election. Mr. Abe also campaigned on a promise to ratchet up Japan's real GDP growth trend to 3%, about one percentage point above the annual average growth rate in the past four years and more than a full percentage point above what many economists consider Japan's potential rate. Moody's said that this would likely be achieved by the Bank of Japan maintaining an accommodative monetary policy, while the new prime minister has emphasized the need for more structural reform, especially in the labor market, to improve economic productivity. Deficit reduction Although the prolonged decline in nominal tax revenues was reversed in FY2004, coinciding with the resumption in growth of nominal GDP, most of the reduction in the general government budget deficit to a projected 5.0% of GDP in the current fiscal year from 8.2% in FY2002 was accomplished by cutting spending on public works, Mr. Byrne said. However, Mr. Byrne noted that the IMF does not expect much more fiscal progress over the medium term, as it has forecast a general government budget deficit of 4.0% of GDP in 2011, while the gross debt to GDP ratio will have only edged down to 177% by 2011 from a peak of 182% for 2006 and 2007. Mr. Byrne added that IMF projections have tended to track closely those made by Japan's Cabinet Office. Reducing risks "A deficit of this size means that the Abe Administration would have to move forcefully to reduce it or more effectively promote growth, or both, to place fiscal consolidation on a more certain path," explained Mr. Byrne. Japan's debt is exceptionally high, and although it has been sustainable under an environment of very low long- and short-term interest rates, the debt ratio trajectory is highly sensitive not only to future economic growth and correlated revenue performance, but also to possible interest rate shocks. Despite the reduction in the average interest rate on government debt to below 2%, the ratio of Japan's 10% ratio of general government interest payments to revenues is already twice that of the Aaa peer mean of 5% in 2006. "A ratcheting up of interest rates, either from heightened risk perceptions or higher inflation, without a corresponding pick-up in economic growth and revenues, would strain Japan's debt dynamics," said Mr. Byrne, who noted that Abe administration members have voiced a desire for faster growth while maintaining fiscal discipline. "More will be revealed on the policies of the Abe administration in the weeks ahead, but it seems evident at this point that backsliding to accommodate political spending pressures is not likely to happen," said Mr. Byrne. "Moreover, the BOJ does not intend to tighten monetary policy prematurely, which is critical to continued nominal GDP growth." Upward pressure on the JGB rating? The outlook on the government's A2 rating for domestic-currency debt (JGBs) was changed to positive from stable in June 2006 in light of the prospect of continued improvement in Japan's macroeconomic performance against a background of gradual fiscal consolidation. "Japan's improved macroeconomic performance suggests that an inflection point may be at hand in containing and possibly reversing the deterioration in Japan's gross government debt trajectory," said Byrne. "The policies of the Abe administration will determine whether this is achievable." He explained that an upgrade of Japan's domestic-currency government bond rating to A1 from A2 will depend on further reduction in the budget deficit as a percent of GDP, a higher nominal GDP growth rate, and improvement in government debt ratios. "Japan's underlying strengths and special characteristics that have enabled it to carry a much higher level of peacetime government debt than other advanced economies are likely to remain unchanged under Prime Minister Abe," said Mr. Byrne. "Those strengths include a large accumulation of household savings, a strong domestic investment bias for yen assets, a very strong external payments position, and a domestic bond market that readily finances government deficits at attractive real rates." ========= K O R E A ========= DAEWOO CORP: U.S. Court Issues Temporary Restraining Order ---------------------------------------------------------- At the request of Hyung-Hang Lee, court-appointed Bankruptcy Trustee of Daewoo Corporation, the United States Bankruptcy Court entered a temporary restraining order prohibiting the commencement or continuation of proceedings against the Company or its assets. As reported in the Troubled Company Reporter - Asia Pacific, Daewoo, through Mr. Lee, filed a Chapter 15 Petition in the U.S. Bankruptcy Court for the Southern District of New York on September 25, 2006. Daewoo seeks, among others, the recognition of its proceeding under the Republic of Korea's Act on Rehabilitation of Debtors and Bankruptcy pending before the 12th Bankruptcy Division of the Seoul Central District Court as a "foreign main proceeding." Additionally, the Company asks the U.S. Court for injunctive relief in aid of the Korean Proceeding. Among those Mr. Lee seeks to enjoin is DWHK Recovery Co.'s lawsuit against Daewoo Corp. The TCR-AP report noted that in November 2004, DWHK Recovery commenced an action in the New York State Court against Daeha Corp., Daewoo Engineering and Construction Co. and Daewoo Corp. to recover allegedly unpaid interest and principal on loans totaling US$69 million made by Daewoo Hong Kong Ltd. to Daeha. Daewoo Corp. is the alleged guarantor of the loan and Daewoo Engineering allegedly assumed all of the Company's obligations vis-a-vis the loan. In July 2006, DWHK Recovery filed a motion for summary judgment, which motion is currently pending. Mr. Lee believes that if the New York State Court Action is not stayed by recognizing the Korean Proceeding, the Company would be required to respond to what is effectively a claims litigation duplicative of a bankruptcy claims process in Korea. Pending hearing to consider the request for injunctive relief, Mr. Lee applied for the TRO. After considering the TRO Application, U.S. Bankruptcy Court Judge Robert E. Gerber determined that Mr. Lee has demonstrated a substantial likelihood of success that Daewoo is subject to a pending foreign main proceeding in Korea. Furthermore, the Court ruled that Mr. Lee has shown that the commencement or continuation of any action or proceeding in the United States against Daewoo or any of its assets or the assets' proceeds should be enjoined to permit the expeditious and economical administration of the foreign estate in the Korean Proceeding. Unless a restraining order is issued, Judge Gerber declared, there appears a material risk that Daewoo's assets could be subject to attack by U.S. creditors, potentially harming Mr. Lee's efforts to administer Daewoo's estate pursuant to the Korean Proceeding. In this regard, Judge Gerber schedules a hearing at 2:00 p.m. on October 4, 2006, at the U.S. Bankruptcy Court, Alexander Hamilton Custom House, One Bowling Green, in New York, to consider why the Court should not grant a preliminary injunction, among others, enjoining persons and entities from commencing or continuing any legal proceeding against Daewoo or its assets. Pending the October 4 Hearing, all parties-in-interest are enjoined from: a. continuing any action or commencing any additional action, involving the Company, or its assets or its proceeds; b. enforcing any judicial, quasi-judicial, administrative or regulatory judgment, assessment or order or arbitration award against the Company or its assets; or c. commencing or continuing any action to create, perfect or enforce any lien, setoff or other claim against the Company or against any of its property. About Daewoo Corp. Headquartered in Chung-gu, Seoul, Korea, Daewoo Corporation is a global trading and investment company in the areas of international trade, project organizing and overseas resource developments. It provides trading in chemicals, textiles, metals and steel. On May 25, 2006, pursuant to a resolution by its Board of Directors, Daewoo applied for bankruptcy under the Korean Act of Rehabilitation of Debtors and Bankruptcy. Through its court-appointed bankruptcy trustee Hyung-Ha Lee, the Company sought protection pursuant to Chapter 15 of the United States Bankruptcy Code on September 25, 2006. In accordance with the Chapter 15 Petition, Daewoo wants its bankruptcy proceeding in Korea recognized as a foreign main proceeding. DAEWOO ELECTRONICS: Videocon Wants 20% Purchase Price Slash ----------------------------------------------------------- The consortium led by Videocon Industries is reportedly seeking to cut their offer price for Daewoo Electronics Co. Ltd. by 20%. The Troubled Company Reporter - Asia Pacific reported on September 13, 2006, that the Videocon group submitted the winning bid for a controlling 97.6% stake in Daewoo Electronics. United States-based fund, Ripplewood Holdings LLC, is Videocon's partner in the bid. As noted in the TCR report, the Videocon Group offer price is around US$650-700 million. The negotiations, however, hit a snag after Daewoo's creditors did not see eye to eye with the winning bidder on pricing and other terms, reports say. The Associated Press, citing a Korean daily, said Videocon hopes to reduce the purchase price by up to 20% from its original bid. AP notes that creditors could only agree to a 5% reduction, at most. Videocon is a key player in India's consumer electronics industry. As per Prime Broking research, dated July 27, 2006, Videocon is expected to announce a turnover of around INR114 billion (US$2.5 billion) for the current 12-month fiscal period, including sales derived from two 2005 acquisitions. Daewoo's sales revenue at KRW2.16 trillion (US$2.26billion) will add significantly to Videocon, FinanceAsia states. At the indicative price of US$700 million represents a sales multiple of 0.31 on Daewoo's sales. About Daewoo Electronics Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation -- http://www.dwe.co.kr/-- is the third largest Korean consumer electronics company. It manufactures and sells a variety of products including televisions, DVD players, refrigerators, air conditioners, washing machines, microwaves, vacuum cleaners and car audio systems in over 105 countries. The Troubled Company Reporter - Asia Pacific reported on November 14, 2005, that creditors of Daewoo Electronics have placed the firm for sale for US$1 billion. ABN Amro, PricewaterhouseCoopers and Woori Bank were appointed to find a buyer for the business. According to the TCR-AP, Daewoo Electronics has been under a debt workout program since January 2000, months after its parent group -- the Daewoo Group -- collapsed under debts of nearly US$80 billion in 1999. Daewoo Electronics Corp. posted a KRW94-billion loss in 2005 after sales declined 6.4%. The net loss compares with the KRW30-billion profit the company posted in 2004. Sales fell to KRW2.2 trillion from KRW2.3 trillion in 2004. * Korean Carmakers Earned Record Sales in September --------------------------------------------------- Hyundai Motor, Kia Motors, GM Daewoo Auto & Technology Co., Ssangyong Motor Co. and Renault Samsung Motor Co. posted record monthly sales in September, the Korean Government announced in its Web site citing the carmakers' data as of October 2, 2006. The sales boost was attributed to, among others, unions putting an end to strikes this month and the increased car demand locally and abroad. The Web site pointed out that in September 2006 the combined sold units of the five Korean carmakers increased by 43.2% from the same month a year earlier -- 547,371 units in 2006 compared to 382,221 in 2005. Hyundai Motor posted the highest September 2006 sales figure -- 264,014 units, up 52.3% from last year. =============== M A L A Y S I A =============== ARMSTRONG WORLD: S&P Rates Proposed US$1.1-B Facility at BB ----------------------------------------------------------- On September 28, 2006, Standard & Poor's Ratings Services assigned its 'BB' bank loan rating to the proposed US$1.1 billion senior secured bank facility of Armstrong World Industries Inc. based on preliminary terms and conditions. At the same time, Standard & Poor's assigned a '2' recovery rating, indicating the likelihood of a substantial (80%-100%) recovery of principal in the event of a payment default. The bank facility is comprised of: * a US$300 million five-year revolving credit facility; * a US$300 million five-year delayed draw term loan A; and * a US$500 million seven-year delayed-draw term loan B (collectively referred to as the senior credit facility). The bank loan ratings also assume that other conditions precedent to the bank facility becoming effective are satisfied; the ratings are subject to review once final documentation is received. "We expect to assign our 'BB' corporate credit rating to the building products company when Armstrong, the borrower, and its major U.S. subsidiaries, the guarantors, emerge from Chapter 11 bankruptcy protection, which we expect will occur on Oct. 2, 2006," said Standard & Poor's credit analyst. "We expect the outlook to be stable." Armstrong and its major U.S. subsidiaries entered voluntary bankruptcy protection in December 2000 to resolve mounting asbestos-litigation costs and to resolve its asbestos claims. Proceeds from the senior credit facility will be used to fund the company's plan of reorganization, which includes contributions to a Section 524(g) asbestos personal injury trust. The company has locations in Malaysia, Australia, China, Hong Kong, Indonesia, Japan, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam, among others. JIN LIN WOOD: High Court Grants Extension of Restraining Order -------------------------------------------------------------- Pursuant to Section 176 of the Companies Act, 1965, the High Court of Kuala Lumpur has extended the restraining order pertaining to Jin Lin Wood Industries Berhad and its subsidiaries for a 90-day period until December 3, 2006. The advisers of Jin Lin Wood are attending to the matters to implement the Proposed Restructuring Scheme approved by the Securities Commission. About Jin Lin Headquartered in Kuala, Lumpur Malaysia, Jin Lin Wood Industries Berhad is engaged in the manufacture and trade of timber and related timber products. The Company is also involved in warehousing, chemical treatment, and investment holding. As of June 30, 2006, the Company's balance sheet showed total assets of MYR66,849,000 and total liabilities of MYR100,292,000, resulting into a stockholders' deficit of MYR33,443,000. The Malaya High Court approves Jin Lin Wood's proposed scheme of arrangement with shareholders and proposed restructuring scheme of arrangement with creditors. The approval, granted on September 8, 2006, also permitted the reduction in the issued and paid-up share capital of Jin Lin pursuant to the Proposed Scheme of Arrangement. Moreover, the TCR-AP reported that the Securities Commission approved on September 29, 2006, Jin Lin's Proposed Scheme of Arrangement in respect of the Company's proposed restructuring scheme. KNOLL INC: Moody's Assigns LGD2 Ratings to US$450-M Senior Loans ---------------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the for the U.S. Consumer Products, Beverage, Toy, Natural Product Processors, Packaged Food Processors and Agricultural Cooperative sectors, the rating agency assigned its B1 Corporate Family Rating for Knoll Inc., and upgraded its Ba3 rating on the company's US$200 million senior secured revolver and US$250 million senior secured term loan to Ba2. Additionally, Moody's assigned an LGD2 rating to both loans, suggesting noteholders will experience a 27% loss in the event of a default. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha-numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in East Greenville, Pennsylvania, Knoll Inc., (NYSE:KNL) -- http://www.knoll.com-- designs and manufactures branded office furniture products and textiles, serves clients worldwide. It distributes its products through a network of more than 300 dealerships and 100 showrooms and regional offices. The company has locations in Malaysia, Argentina, Australia, Bahamas, Cayman Islands, China, Colombia, Denmark, Finland, Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Philippines, Poland, Portugal and Singapore, among others. MBF CORPORATION: Completes MYR12,515,000 Shares Disposal -------------------------------------------------------- MBF Corporation Berhad stated that on September 29, 2006, it has completed its proposed disposal of Hasrat Mulia Sdn Bhd and of KIP Land Sdn Bhd to SJ Molek Sdn Bhd, for MYR12,515,000 in aggregate. The Troubled Company Reporter - Asia Pacific recounts that on May 8, 2006, MBf Corporation Berhad had entered into: -- a conditional share sale agreement with Hasrat Mulia for the disposal of 3,000,001 ordinary shares of MYR1.00 each in Nation Holdings Sdn Bhd representing 50% for a cash consideration of MYR9.0 million; -- a conditional share sale agreement with SJ Molek Sdn Bhd for the disposal of 100,000 ordinary shares of MYR1.00 each in KIP Land, representing a 40% stake, for a cash consideration of MYR3.5 million; and -- a conditional share sale agreement with Permai Mas Sdn Bhd for the disposal of 1,500,002 ordinary shares of MYR1.00 each in MIFC Credit & Leasing Sdn Bhd representing the entire equity interest therein for a cash consideration of MYR15,000. The rationale for the Proposed Disposals are to enable MBf Corp to realize its investments, improve the net assets position of the MBf Corp group, to dispose of non-core companies in the group, to reduce its gearing as well as to raise cash for working capital requirements. 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: Unit's Wind-Up Hearing Postponed to December 6 --------------------------------------------------------------- The hearing of a wind-up petition filed by Southern Bank Berhad Against Merces Builders Sdn Bhd, a unit of Merces Holdings Berhad, which was originally set for September 27, 2006, has been moved to December 6, 2006, to enable parties to file further affidavits and to prepare written submissions. The Troubled Company Reporter - Asia Pacific recounts that Southern Bank filed the wind-up petition on June 21, 2006, with the High Court of Kuala Lumpur. On June 10, 2005, Southern Bank served Merces Holdings a Statutory Notice demanding that Merces repay the judgment sum of MYR9,441,743 arising from the recall of overdraft facilities and revolving credit facilities granted by Southern Bank to Merces. Southern Bank later filed the wind-up petition on grounds that Merces had failed and neglected to satisfy the claim since the Statutory Notice was served. 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. SINORA INDUSTRIES: To Submit EIA Report for Approval of Logging --------------------------------------------------------------- In reference to Sinora Industries Berhad's proposed logging at the Kuamut Forest Reserve in Sabah, Malaysia, the company stated on October 2, 2006, that the Environmental Protection Department of Sabah has requested for an Environmental Impact Assessment report. The EIA report is expected to be submitted to the EPD by November 2006. Upon receiving the approval from the EPD, the company may continue with the logging activities. Currently, the company is carrying out infrastructure works like construction and upgrading of road. Moreover, there is no other development in respect of the Regularization Plan. The Proposed Logging is part of the company's Regularization Plan as required under PN17 of the Bursa Securities Listing Requirements. About Sinora Industries Headquartered in Kota Kinabalu, Malaysia, Sinora Industries Berhad was engaged in the manufacture and sale of plywood, sawn timber, veneer and molded wood products. Its other activities included investment holding and the provision of management services. Operations of the Group are carried out in Malaysia, Japan, Korea, the United States of America, Europe and other Asian countries. Bursa Malaysia Securities Berhad, on July 8, 2005, classified Sinora Industries Berhad as an affected listed issuer pursuant to Practice Note No. 17/2005 in view that the Company has effectively ceased all its business and operations. The Company has been suffering recurring losses since fiscal 2000. As of June 30, 2006, the company registered accumulated losses of MYR68,444,000. SUGAR BUN: Posts MYR3.26-Billion Loss for 2nd Quarter 2006 ---------------------------------------------------------- Sugar Bun Corporation Berhad has submitted on September 29, 2006, to the Bursa Securities its financial report for the second quarter ended June 30, 2006. For the quarter under review, the Sugar Bun Group registered revenue of MYR8.334 billion, a significant reduction as compared with the MYR13.204 billion revenue in the same quarter last year. The Group recorded a pre-tax loss of MYR3.256 billion for the financial quarter ended June 30, 2006, as compared with the previous year corresponding quarter's pre-tax loss of MYR5.563 billion. Loss after tax for the quarter ended June 30, 2006, was MYR3.256 billion as compared with the MYR5.522 billion loss after tax for the quarter ended June 30, 2005. The Group's financial statement also revealed a MYR3.256-billion loss for the second quarter ended June 30, 2006, an improvement, as compared to last year's loss of MYR5.522 billion. There is no dividend paid in the current quarter ended January 31, 2006. About Sugar Bun Sugar Bun Corporation Bhd -- http://www.sugarbun.com/-- is engaged in the operation and franchising of restaurants, bakeries, and confectioneries. Its other activities include general trading of machinery, spare parts and phone cards, investment holding and provision of administrative, management and marketing services. Operations of the Group are carried out mainly in Malaysia. The Company is currently undertaking a corporate and debt restructuring program to wipe out its accumulated losses. As of April 30, 2006, the Company has accumulated losses of MYR46,190,000. TENGGARA OIL: Malayan Banking Berhad Serves Writ of Summons ----------------------------------------------------------- On October 2, 2006, Tenggara Oil Berhad was served with a Writ of Summons and Statement of Claim from Malayan Banking Berhad. Malayan Banking is asserting against Tenggara Oil a judgment sum of MYR60,216.09 as of July 11, 2006, plus an interest rate of 8% per annum commencing from July 12, 2006, until the date of full claim settlement. Malayan Banking is also claiming from Tenggara payment for legal costs incurred and other relief as deemed fit by the Kuala Lumpur High Court. About Tenggara Oil Tenggara Oil Berhad is undertaking a divestment and restructuring exercise, which will reposition it as a service- oriented and trading group from its current resource-based businesses. Current businesses include investment holding, supply of ready mixed concrete, property holding, management and construction. As part of a corporate revamp exercise, the Company has repositioned itself in the oil and gas business, which will be its core business. The Company is headquartered in Kuala Lumpur, Malaysia. Tenggara Oil incurred a lower pre-tax loss of MYR3.9 million for the fourth quarter of the fiscal year ended January 31, 2006, as against a loss of MYR8.3 million in the corresponding quarter last fiscal year due to the lower operating losses in the lubricant division, investment holding and other divisions. The Company's current pre-tax loss is, however, higher compared to the MYR1.9-million loss in the preceding quarter. Tenggara is in the process of formulating a debt-restructuring scheme with relevant parties. ===================== P H I L I P P I N E S ===================== ACCESS WORLDWIDE: June 30 Balance Sheet Upside-Down by US$7.6-M ---------------------------------------------------------------- At June 30, 2006, Access Worldwide Communications Inc.'s balance sheet showed total assets of US$16,296,202 and total liabilities of US$23,925,167 resulting to a total stockholders' deficit of US$7,628,965. The company's balance sheet at June 30, 2006, also showed strained liquidity with US$11,261,270 in total current assets and US$15,645,979 in total current liabilities. For the three months ended June 30, 2006, the company incurred net loss of US$1,673,013 from revenues of US$9,755,920, compared to a US$690,452 net loss from US$9,535,225 in revenues in three months ended June 30, 2005. A full-text copy of the company's financial report for the three months ended June 30, 2006 is available for free at: http://researcharchives.com/t/s?116d Headquartered in Arlington, Virginia, Access Worldwide Communications, Inc. (OTCBB: AWWC) -- http://www.accessww.com/- - provides sales, communication and medical education services. The company has about 700 employees in offices throughout the United States and the Philippines. * * * As reported in the Troubled Company Reporter - Asia Pacific on July 10, 2006, BDO Seidman, LLP, in West Palm Beach, Florida, raised substantial doubt about Access Worldwide Communications, Inc.'s ability to continue as a going concern after auditing the Company's consolidated financial statements for the years ended December 31, 2005, and 2004. The auditors pointed to the Company's recurring losses from operations, negative cash flows, and accumulated deficit. CHIQUITA BRANDS: Moody's Affirms Caa1 Rtg. on US$250MM Sr. Notes ---------------------------------------------------------------- Moody's Investors Service affirmed all ratings for Chiquita Brands L.L.C. (senior secured at Ba3), as well as for its parent Chiquita Brands International, Inc. (corporate family rating at B2), but changed the outlook to negative from stable. This action follows the company's announcement that its operating performance continues to be negatively impacted by lower pricing in key European and trading markets, as well as excess fruit supply. Operations are also suffering from the impact of recent e. coli discoveries in US fresh spinach products, which have resulted in an FDA advisory and industry-wide withdrawals of fresh spinach product by most processors, and lower consumption of some salad products. Moody's notes that to date, there have been no confirmed cases of chiquita products being traced to the e. coli issue. Continuing high fuel and other industry costs, as well as unusually high costs to source fruit during shortages in late 2005/early 2006, have also pressured earnings and cash flow. Chiquita also announced its intention to eliminate its US$17 million annual cash dividends and to explore the sale of its owned shipping assets, as well as the management of its logistics needs, with asset-sale proceeds being used primarily to reduce debt. There also continues to be the uncertainty concerning the longer-term impact on Chiquita's operations and market position due to the structural changes occurring in key European banana markets under the tariff-only system established in January 2006. Moody's believes that the net impact of these challenges will result in weaker-than-expected debt protection measures and financial flexibility. Should Chiquita be successful in selling its shipping fleet (consisting of 12 ocean-going vessels), it expects to lease back those same vessels in order to meet its shipping needs. Moody's notes that as one of our standard analytic adjustments, we capitalize lease payment streams and add them back as debt in our leverage calculations. For this reason, we would not expect the sale of Chiquita's shipping fleet to result in any net reduction in effective debt or leverage, and in fact could increase effective debt and leverage depending upon the specific terms of any ultimate transaction and other debt repayments that occur with sale proceeds. Chiquita's existing ratings reflect a company with a good qualitative profile, but with credit metrics, which have been weakening due to a combination of leveraged acquisitions and weaker than expected operating performance, resulting in an overall B2 rating. The key rating factors currently influencing Chiquita's ratings and negative outlook are as follows: The company is one of the largest global producers and marketers of fresh fruit and vegetables, with good geographic and product market diversity. Its franchise strength and growth potential are considered moderate, with good market share and volume growth in some segments, partially offset by the low margin commodity nature of much of its business which, at times, can lead to earnings and cash flow volatility. Liquidity under stress has been weak over the past year, as evidenced by the occasional need to seek financial covenant relief. Overall credit metrics had been relatively strong for its rating category, but have been weakening due to a combination of higher debt from leveraged acquisitions and weak operating performance. Chiquita's ratings could be downgraded if its earnings and cash flow remain weak - conceivably due to the impact of the new EU banana regulations being more negative than anticipated, litigation costs increasing more than expected, or the company's inability to successfully pass along higher energy costs. Specifically, Chiquita's ratings could be downgraded if three- year average Debt/EBITDA (incorporating Moody's standard analytic adjustments) rose above 5.5 times and was likely to rise above 7 times on a lagging 12-month basis in a downturn, and/or three year average EBIT/Interest fell below 1.5 times and were likely to fall below 1 time on a lagging 12-month basis in a downturn. Given the negative outlook, a rating upgrade in the near term is unlikely. The rating outlook could stabilize if the company successfully adapts to the new EU banana import regulations, its litigation risk reduced, and it successfully completes the integration of Fresh Express. A stable outlook would also require Chiquita to be able to sustain three-year average Debt/EBITDA below 5 times and lagging 12-month Debt/EBITDA below 6.5 times in a downturn, and to maintain three-year average EBIT/Interest above 1.7 times, with lagging 12-month EBIT/Interest above 1.25 times in a downturn. These are the rating affirmed with a negative outlook: * Chiquita Brands LLC (operating subsidiary) -- US$200 million senior secured revolving credit at Ba3 (LGD2, 26%) -- US$24.5 million senior secured term loan B at Ba3 (LGD2, 26%) -- US$372.2 million senior secured term loan C at Ba3 (LGD2, 26%) -- Chiquita Brands International, Inc. (holding company parent) -- US$250 million 7.50% senior unsecured notes due 2014 at Caa1 (LGD 5, 89%) -- US$225 million 8.875% senior unsecured notes due 2015 at (LGD 5, 89%) -- Corporate family rating at B2 --Probability of default rating at B2 With 2005 sales of US$3.9 billion, Cincinnati-based Chiquita is one of the largest global producers and marketers of fresh fruit and vegetables. Cincinnati, Ohio- based Chiquita Brands International, Inc. (NYSE: CQB) -- http://www.chiquita.com/-- operates as an international marketer and distributor of bananas and other fresh produce sold under the Chiquita and other brand names in over 60 countries, including the Philippines and Australia. It also distributes and markets fresh-cut fruit and other branded, value-added fruit products. On June 15, 2006, Standard & Poor's Ratings Services affirmed its ratings on Cincinnati, Ohio-based Chiquita Brands International Inc., including the 'B+' corporate credit rating. S&P said the rating outlook is negative. PHILIPPINE LONG DISTANCE: Directors Declare Cash Dividends ---------------------------------------------------------- In a filing with the Philippine Stock Exchange, Philippine Long Distance Telephone Company discloses that at the Board of Directors' meeting held on October 2, 2006, the Directors declared cash dividends out of the unrestricted retained earnings of the company as of December 31, 2005. In its letter to the company dated December 16, 2002, the Securities and Exchange Commission has allowed the company to set the payment date ". . .in accordance with its by-laws and Board's Resolution. . . ." Its implementation should be ". . . with proper coordination with the PCD," the SEC stated. Details of the cash dividends of the company's Series C, D, J, T, and X 10% Cumulative Convertible preferred Stock, for the annual period ending October 31, 2006, are: Cash -- PHP1 per share Ex-Date -- October 23, 2006 Record Date -- October 26, 2006 Payment Date -- November 29, 2006 About PLDT Based in Makati City, Philippines, Philippine Long Distance Telephone Co. -- http://www.pldt.com.ph/-- is the leading national telecommunications service provider in the Philippines. Through three principal business groups -- wireless, fixed line, and information and communications technology -- the company offers a wide range of telecommunications services to over 22 million subscribers in the Philippines across the nation's most extensive fiber optic backbone and fixed line, cellular and satellite networks. * * * Moody's Investors Service placed a Ba1 local currency corporate family rating on PLDT. Moody's also affirmed the company's Ba2 foreign currency senior unsecured ratings, with a negative outlook. Standard & Poor's placed the company's long-term foreign issuer credit rating at BB+. Standard & Poor's also affirmed its 'BB+' foreign currency rating on the company with a stable outlook. MANILA MINING: Extends Stock Rights Offer Period Until Oct. 6 ------------------------------------------------------------- Manila Mining Corporation advises the Philippine Stock Exchange that in view of the power outages due to Typhoon Milenyo, which resulted in the PSE's suspension of trading operations on September 28 and 29, 2006, the company extends its Stock Rights Offer Period until October 6, 2006. About Manila Mining Manila Mining Corporation -- http://www.manilamining.com/-- was incorporated primarily to carry out the business of mining, milling, concentrating, converting, smelting, treating, preparing for market, manufacturing, buying, selling, exchanging and otherwise producing and dealing in precious and semi- precious metals, ores, minerals and their by-products. The Company is an affiliate of Lepanto Consolidated Mining Company. It started its mining operations in Placer, Surigao del Norte in 1981. Up until it suspended its mining and milling operations in July 2001, the Company produced gold bullion through a Carbon-In-Pulp (CIP) Plant. * * * After auditing Manila Mining's annual report for the year ended December 31, 2005, Rodelio A. Acosta, of Isla Lipana & Co., raised substantial doubt on the Company's ability to continue as a going concern, noting the Company's continued losses from operations that resulted to a deficit of PHP936,543,157 and working capital deficiency of PHP729,068,305 in 2005. WEST CORP: Moody's Assigns Caa1 Rating to US$1.1 Bil. Sr. Notes --------------------------------------------------------------- Moody's Investors Service assigned to West Corporation: -- a Ba3 first time rating US$2.35 billion senior secured credit facility ($2.1 billion term loan and US$250 million revolver); -- Caa1 ratings to both the company's US$650 million of senior unsecured notes and US$450 million of senior subordinated notes; and -- a B2 corporate family rating. The ratings for these debt instruments reflect both the overall probability of default of the company, to which Moody's assigns a PDR of B2, and a loss given default of LGD 3 for the secured credit facility, LGD 5 to the senior unsecured notes and LGD 6 to the subordinated notes. The rating outlook is stable. On May 31, 2006, West entered into a definitive agreement to recapitalize by merger of Omaha Acquisition Corp., a newly- formed Delaware corporation whose current owners are private equity funds sponsored by Thomas H. Lee Partners, L.P. and Quadrangle Group LLC, with and into West. The transaction values West at approximately US$4.1 billion, including debt as of the date of the definitive agreement. The transaction is expected to close in the fourth quarter of 2006 and is subject to customary closing conditions including the approval of West's stockholders. Upon closing of this transaction, West's stock will no longer be publicly traded. The transaction is expected to be funded with the US$2.1 billion term loan, US$650 million of senior unsecured notes, US$450 million of senior subordinated notes, US$720 million of cash equity contributed by the sponsors and US$285 million of rollover equity. The ratings reflect substantial leverage and minimal free cash flow from operations pro forma for the recapitalization, declining pricing trends in the conferencing and communications segments, and technology risks. The ratings are supported by a large revenue base, solid operating margins, a track record of improving financial performance and long-term relationships with a blue chip client base. The Ba3 rating of the senior secured credit facility reflects an LGD 3 loss given default assessment as this facility is secured by a pledge of substantially all of company's domestic assets (excluding the assets of special purpose receivable financing subsidiaries) and there is a significant amount of junior debt (32% of debt capitalization assuming 75% of the committed revolver is drawn). The Caa1 rating of the senior unsecured notes reflects an LGD 5 loss given default assessment given that it is effectively subordinated to the secured credit facility. The Caa1 rating of the senior subordinated notes, although rated at the same level as the senior unsecured notes, reflects an LGD 6 loss given default assessment given that it is contractually subordinated to the secured credit facility and the senior unsecured notes. The SGL-2 rating reflects a good liquidity position pro forma for the recapitalization transaction. Ratings/assessments assigned: * Corporate family rating at B2; * Probability-of-default rating at B2; * US$2.1 billion senior secured 7-year term loan at Ba3 (LGD 3, 32%) * US$250 million senior secured 6-year revolver at Ba3 (LGD 3, 32%) * US$650 million senior unsecured notes at Caa1 (LGD 5, 81%) * US$450 million senior subordinated notes at Caa1 (LGD 6, 93%) * Speculative grade liquidity rating at SGL-2 The stable outlook anticipates moderate revenue and EBIT growth over the next 12-18 months. Cash flow from operations is expected to be used to fund capital expenditures of about US$100 million per year, niche acquisitions, which complement existing business segments and required term loan amortization. The ratings could be upgraded if financial performance improves such that EBIT coverage of interest and free cash flow to total debt can be sustained at over 1.7 times and 7%, respectively. The ratings could be pressured if pricing trends worsen or new competitors or technologies emerge resulting in declining revenues and operating margins. A significant debt financed acquisition that weakens credit metrics could also pressure the rating. If these conditions result in EBIT coverage of interest and free cash flow to debt that are expected to sustained at under 1 time and 0%, respectively, a downgrade is likely. About West Corporation Based in Omaha, Nebraska, West Corporation -- http://www.west.com-- is a leading provider of business process outsourcing services. The company reported revenues of US$1.7 billion for the 12-month period ending June 30, 2006. West operates through 3 business segments: communication services (55% of revenues), conferencing services (32% of revenues) and receivable management (13% of revenues). The company has operations in Manila, Philippines, Mexico and Jamaica. WEST CORP: S&P Rates Proposed US$2.35-B Sr. Facilities at B+ ------------------------------------------------------------ Standard & Poor's Ratings Services assigned its 'B+' corporate credit rating and stable outlook to business process outsourcer West Corp. At the same time, Standard & Poor's assigned a bank loan rating of 'B+' and recovery rating of '2' to West's proposed US$2.35 billion senior secured credit facilities, indicating an expectation of substantial (80%-100%) recovery of principal in the event of a payment default. The credit facilities consist of a US$250 million revolving credit facility due 2012 and a US$2.1 billion term loan due 2013. The rating agency also assigned a 'B-' rating to the company's proposed US$650 million senior notes due 2014 and a 'B-' rating to its proposed US$450 million senior subordinated notes due 2016. Proceeds from the transaction will be used to finance the acquisition of West by Thomas H. Lee Partners L.P. and Quadrangle Group LLC. Pro forma for the transaction, total debt outstanding was about US$3.2 billion as of June 30, 2006. "The ratings reflect West's high leverage following the buyout, its acquisition-centric growth strategy, and the fragmented and competitive communication services outsourcing market," said Standard & Poor's credit analyst Andy Liu. "These factors are only partially offset by the company's good operating history and profit margins." Omaha, Nebraska-based West is a business process outsourcer with operations in the U.S., the U.K., and many other countries. The company's services include agent-based and automated call center services, conferencing services, and accounts receivable management. About West Corporation Based in Omaha, Nebraska, West Corporation -- http://www.west.com-- is a leading provider of business process outsourcing services. The company reported revenues of US$1.7 billion for the 12-month period ending June 30, 2006. West operates through 3 business segments: communication services (55% of revenues), conferencing services (32% of revenues) and receivable management (13% of revenues). The company has operations in Manila, Philippines, Mexico and Jamaica. * Philippine Peso Hits Four-Year High ------------------------------------- On October 2, 2006, Asian currencies fell with the Japanese yen but the Philippine peso bucked the regional trend to hit its highest in more than four years, pushed up by inflows as local markets reopened after their closure on September 28 and 29, 2006, due to a typhoon. The Philippine peso rose as far as 49.95 per dollar, breaking the key 50-level. It traded at 50.20 per dollar on September 27, 2006 -- before typhoon Milenyo led to massive power outages in Manila and the closure of local markets for two days. Strong inflows of remittances, upbeat news on the economy and easing worries about political uncertainty have boosted demand for the peso. "The market had accumulated flows over the holiday," a trader in Manila said. "The 49.80 area is the next key level and the outlook for the peso is still positive." * * * "Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured rating to the Republic of Philippines' proposed new bond issue that will mature in 2024, as well as the new debt under the series of 7.75% Global Bonds due in 2031. The government is offering these bonds in exchange for some of its existing debt. At the same time, Standard & Poor's also affirmed its 'BB-' ratings on the bonds that are eligible for exchange." * Philippines Raises PHP867 Mln Non-Tax Revenues in Jan-Aug 2006 ---------------------------------------------------------------- The Philippines raised PHP867 million worth of non-tax revenues in the first eight months of 2006 from the sale of properties in the country and in Japan, Lawrence Agcaoili of Manila Standard Today reports. The raised revenues exceed the country's full-year target of PHP500 million, the paper cites a report from the Department of Finance. According to the finance department, the government raised PHP440 million from the sale of its major properties in Japan. The government has received a JPY480 million as service development fee after forging a 50-year agreement with the Nagayama-Taisei consortium for the right to develop a four-story building in Nampeidai in Tokyo, Japan, Manila Standard relates. The paper notes that the Philippines plans to auction off its biggest property in Tokyo, Japan within the year to raise revenues needed to bankroll major infrastructure projects and social services. Manila Standard reveals that the government has finalized the terms of reference of the planned privatization of its 4,361.85- sqm property in the commercial and residential district of Fujimi-cho, Chiyoda-ku in Tokyo, Japan. The paper further reveals that the state-run Privatization and Management Office has also raised PHP400 million from the sale of real estate properties in Manila and Makati City: * 39,995-sqm south property owned by Manila Gas Corp. in Paco, Manila to Robinsons Land Corp. of taipan John Gokongwei for PHP573.54 million in March; and * five-hectare property in Makati City vacated by the International School to Century Properties Inc. of Philippine Special Envoy to China Jose Antonio for PHP1.43 billion. The government has received partial payments for both properties, Manila Standard notes. The Presidential Commission on Good Government, meanwhile, raised PHP27 million, the paper adds. Last year, the government raised P8.3 billion from privatization efforts, bulk of which came from the sale of its real estate properties in Japan and its shares in Philippine National Bank to airline and tobacco magnate Lucio Tan, Manila Standard recounts. * * * "Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured rating to the Republic of Philippines' proposed new bond issue that will mature in 2024, as well as the new debt under the series of 7.75% Global Bonds due in 2031. The government is offering these bonds in exchange for some of its existing debt. At the same time, Standard & Poor's also affirmed its 'BB-' ratings on the bonds that are eligible for exchange." ================= S I N G A P O R E ================= COLLINS & AIKMAN: Moody's Assigns Loss-Given-Default Ratings ------------------------------------------------------------ In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the US Consumer Products, Beverage, Toy, Natural Product Processors, Packaged Food Processors and Agricultural Cooperative sectors, the rating agency confirmed its B2 Corporate Family Rating for Collins & Aikman Floorcoverings, Inc. Additionally, Moody's revised its probability-of-default ratings and assigned loss-given-default ratings on these loans and bond debt obligations: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$50 million Sr. Secured Revolver B1 Ba2 LGD2 14% US$31 million Sr. Secured Term Loan B1 Ba2 LGD2 14% US$165 million 9.75% Sr. Sub. Notes due 2010 Caa1 B3 LGD4 69% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Dalton, Georgia, Collins & Aikman Floorcoverings, Inc. -- http://cafloorcoverings.com/-- manufactures commercial carpeting for corporate, education, government, healthcare and retailing entities worldwide, including in Singapore. It makes modular tile and six-foot structured back carpeting for the commercial market. The Company also manufactures 100% recycled-content secondary backing. It also has proprietary closed-loop carpet reclamation and recycling programs. The Company is a part of commercial floorcoverings manufacturer Tandus Group, and works in tandem with sister brands Monterey and Crossley. DELL INC: Yourman Alexander Announces Securities Suit Filing ------------------------------------------------------------ Yourman Alexander & Parekh, LLP, announces that a lawsuit seeking class-action status has been filed on behalf of shareholders who purchased or otherwise acquired the securities of Dell, Inc. during the period Feb. 13, 2003 through Sept. 8, 2006, inclusive. The matter is pending in the U.S. District Court for the Western District of Texas. The complaint alleges that the defendants violated federal securities laws by failing to present the true financial condition of Dell and reaped the rewards therefrom through the granting of lucrative stock options. The complaint further alleges that the defendants concealed that the U.S. Securities and Exchange Commission was investigating Dell's revenue recognition and accounting practices. On Sept. 11, 2006, Dell finally told its shareholders that it would not be able to file its interim financial report for its second quarter of 2007 due to the ongoing internal investigation of its historical financial results and the inquiries regarding the same posed by various government entities. The firm reminds investors that they have until Nov. 13, 2006 to file for lead plaintiff in the case. For more details, contact Vahn Alexander and Behram Parekh of Yourman Alexander & Parekh, LLP, Phone: (800) 725-6020, E-mail: bparekh@yaplaw.com, Web site: http://www.yaplaw.com. * * * Dell, Inc. (NASDAQ: DELL) -- http://www.dell.com-- designs, develops, manufactures, markets, sells, and provides support for various computer systems and services to customers worldwide. In Asia, Dell is headquartered in Singapore, with manufacturing facilities in Malaysia and China and regional offices in these Asia Pacific countries: Singapore, Australia, China, India, Indonesia, Japan, Korea, Malaysia, Philippines, Taiwan and Thailand. Troubled Company Reporter - Asia Pacific reports that the company disclosed that it is unable to file its quarterly report because of questions raised in connection with an informal investigation by the U.S. Securities and Exchange Commission into certain accounting and financial reporting matters and the subsequently initiated independent investigation by the Audit Committee of its board of directors. On Sept. 26, 2006, the TCR-AP reported that Dell Inc. reported plans to request a hearing before a NASDAQ Listing Qualifications Panel in response to the receipt on Sept. 15 of a NASDAQ Staff Determination letter indicating Dell is not in compliance with the filing requirement for continued listing as set forth in Marketplace Rule 4310(c)(14). E-BRILLIANT PTE: Pays First and Final Dividend ---------------------------------------------- E-Brilliant Pte Ltd, which is in receivership, has paid its first and final dividend to creditors on September 21, 2006. The amount paid was 0.67% to all admitted claims. The company's official receiver can be reached at: The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 EH GROUP: Creditors' Proofs of Claim Due on October 30 ------------------------------------------------------ EH Group Ltd, which was placed under a members' voluntary liquidation, required its creditors to submit proofs of debt by October 30, 2006. Failure to comply with the requirement will exclude a creditor from sharing in the company's distribution of dividend. The joint liquidators can be reached at: Lai Seng Kwoon Hamish Alexander Christie c/o 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581 GETRONICS NV: Completes Sale of PinkRoccade to Randstad Holding --------------------------------------------------------------- Getronics N.V. reports that the sale of its Netherlands HR Services "PinkRoccade HR Services" to Randstad Holding has been successfully concluded following all due regulatory checks. About Getronics Headquartered in Amsterdam, Netherlands, Getronics N.V. -- http://www.getronics.com/-- designs, integrates and manages ICT infrastructures and business solutions for many of the world's largest global and local companies and organizations, helping them maximize the value of their information technology investments. Getronics has some 27,000 employees in over 30 countries and approximate revenues of EUR3 billion. The company has regional offices in Boston, Madrid and Singapore. Its shares are traded on Euronext Amsterdam. * * * As reported in Troubled Company Reporter - Asia Pacific Getronics N.V.'s 'B' long-term corporate credit rating, along with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3' recovery ratings on CreditWatch with negative implications, where they had originally been placed on Jan. 19.The '3' recovery rating indicates Standard & Poor's expectation of meaningful (50%-80%) recovery of principal for secured lenders in the event of a payment default. As reported in TCR-AP, Moody's Investors Service downgraded Getronics' corporate family rating to B2 from B1 and placed the ratings on review for possible downgrade following the company's announcement of half year results showing a widening of net losses and fall in margins below the company's expectations. Concurrently the rating on the EUR100 million senior unsecured convertible Dutch bonds due 2008 has been downgraded to Caa1 from B3. LOUIS PRESTON: High Court to Hear Wind-Up Petition on Oct. 13 ------------------------------------------------------------- On September 21, 2006, Overseas Union Enterprise Limited filed an application to wind up Louis Preston Holdings Pte Ltd. The High Court of Singapore will hear the wind-up petition on October 13, 2006, at 10:00 a.m. The Petitioner's Solicitor can be reached at: Tan Kok Quan Partnership No. 5 Shenton Way Level 29 UIC Building Singapore 068808 SEA CONTAINERS: GNER Not Sustainable, Former Rail Chief Says ------------------------------------------------------------ Chris Garnett, former chief executive officer of Great North Eastern Railway, has warned that GNER is not sustainable due to financial problems, according to Finance News. Ben Webster of Times Online recounts that on April 2005, GNER, which is owned by Sea Containers Ltd, began a new 10-year contract in which it agreed to pay the Government EUR1.3 billion over the course of the franchise, which is believed to have been at least EUR300 million more than the next-highest bidder was prepared to pay. Finance News relates that GNER has struggled to meet the GBP1.3-billion in payments. Moroever, GNER is facing lower-than-expected passenger revenues due to disruption from the London bombings in 2005, increased power charges and a prospective challenge from rival Grand Central, which controversially has been allowed to start competing services on the UK's East Coast Main Line according to the Finance News. "If you ask me where GNER is going to be in a year's time, I really don't know. The only people who will actually decide that will be the Government", said Mr. Garnett, in an interview by Rail Magazine. Moreover, Mr. Garnett also predicted that the U.K.'s rail franchising system is heading for collapse. According to Mr. Garnett, franchises will "self-destruct" under the weight of agreements to make huge premium payments to the British government, recounts the Times Online. Mr. Garnett also accused the Department for Transport of abandoning investment in rail in order to meet Treasury cost- cutting targets. "The one thing this lot won't do is spend any money on the railways," Mr. Garnett said in an interview with industry magazine Rail. Sea Containers Ltd -- http://www.seacontainers.com/-- is a Bermuda registered company with regional operating offices in London, Genoa, New York City, Rio de Janeiro, Sydney and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange. The company is a market leader in its three main business areas: passenger transport, leisure and marine container leasing. In addition to its three principal divisions, the company has associated investments in property, publishing, and plantations. Sea Containers admitted in August that revenue growth in the first year of its new GNER franchise was three times lower than expected, at 3.3%. In June 2006, Moody's Investors Service downgraded the senior unsecured ratings and confirmed the senior secured rating of Sea Containers -- Senior Unsecured to Caa3, Senior Secured at B3. Moody's said the outlook is negative. On May 4, 2006, Standard & Poor's Ratings Services lowered its ratings on SeaContainers, including lowering the corporate credit rating to 'CCC-' from 'CCC+'. All ratings remain on CreditWatch with negative implications. A Troubled Company Reporter -- Asia Pacific report on August 15, 2006 states that Standard & Poor's Ratings Services on August 11, 2006, said that its ratings on Sea Containers Ltd., including the 'CCC-' corporate credit rating, remain on CreditWatch with negative implications. Ratings were lowered to current levels May 1, 2006; they were initially placed on CreditWatch with negative implications on Aug. 25, 2005. Moody's Changes Ratings On 22 US Technology Semiconductor And Distributor Companies Under LGD Rating Methodology. SEE HUP SENG: SGX-ST Approves Listing of 31,758,000 Shares ---------------------------------------------------------- In relation to the proposed Settlement Arrangements, See Hup Seng Limited has revealed on October 3, 2006, that the Singapore Exchange Securities Trading Limited has approved in-principle the company's application for the listing and quotation of up to 31,758,000 new ordinary shares. The company disclosed on May 18, 2006, that it entered into separate Settlement Agreements with the Trade Creditors namely, Allinton Engineering & Trading Pte Ltd, Asia Airblast Pte Ltd, Aver Asia (S) Pte Ltd, Cintai (S) Pte Ltd, GI Obuchi Marine and Engineering Services, Hempel (Singapore) Pte Ltd, Jotun (Singapore) Pte Ltd, Pan Marine Blasting Abrasives Pte Ltd, Performance Coatings International Pte Ltd, Red Eagle Marine Services, Richill Industries Pte Ltd, Rotor Auto Electrical Pte Ltd, Seamate Engineering Services, Sin Hoe Heng Pte Ltd, Star- Ray Pte Ltd, Tat Sat Marine and Engineering Services, Trek Investigations & Security Management Services and Y.H.L. Logistics Pte Ltd. Pursuant to the Settlement Agreements, the Trade Creditors have agreed to a settlement of debts either by: -- the allotment and issue of ordinary shares in the capital of See Hup Seng; or -- by the allotment and issue of ordinary shares in the capital of See Hup Seng and cash repayments in installments. About See Hup Seng See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is engaged in the provision of corrosion prevention services through a range of marine and industrial blasting and coating methods. Its other activities are the provision of tank cleaning, painting and coating, ship repair, shipbuilding and scaffolding services, trading and manufacturing of blasting and painting equipment and investment holding. The group is domiciled in Singapore and markets its products and services domestically and in the People's Republic of China, Hong Kong and Cayman Islands. Significant Doubt As reported in the Troubled Company Reporter - Asia Pacific on May 24, 2006, after reviewing the company's full year financials for the year 2005, Moore Stephens--See Hup Seng's independent auditors--expressed a significant doubt in the company's ability to continue as going concern on April 7, 2006, citing the company's losses and net current liabilities. Moore Stephens adds that the ability of the group and the company to continue as going concerns is dependent the company's debt restructuring exercise. STATS CHIPPAC: Appoints Teng Cheong Kwee as Director ---------------------------------------------------- STATS ChipPAC Ltd has disclosed on October 2, 2006, that it has appointed Teng Cheong Kwee as a non-executive member to the company's Board of Directors effective on October 1, 2006. Mr. Kwee has previously worked as Director and Chairman of the Audit Committee of STATS on January 2001 and January 2003, respectively. About STATS ChipPAC Headquartered in Singapore, STATS ChipPAC Ltd. -- http://www.statschippac.com/-- provides semiconductor test and assembly services. The company assembles leaded and laminate packages and provides related services such as package design and leadframe and substrate designs. The company provides these tests and assembly services to semiconductor companies which do not have their own manufacturing facilities. The company's offices outside the United States are located in Singapore, China, Malaysia, Taiwan, Japan, the Netherlands and United Kingdom. * * * Moody's Investors Service gave STATS ChipPAC a Long-Term Corporate Family Rating of 'Ba2" effective on October 21, 2004 and the company's Senior Unsecured Debt a 'Ba2' rating on October 28, 2004. Standard and Poor's Ratings Services gave the company a 'BB' for both its Long-Term Foreign Issuer Credit Rating and Long-Term Local Issuer Credrit Rating effective on October 7, 2004 =============== T H A I L A N D =============== HRP MYRTLE: Moody's Assigns Loss-Given-Default Ratings to Notes --------------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the Gaming, Lodging & Leisure sector, the rating agency raised HRP Myrtle Beach Operations, LLC's Caa1 Corporate Family Rating to B3. Additionally, Moody's downgraded or confirmed its probability- of-default ratings and assigned loss-given-default ratings on these notes: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Sr. Secured Floating Notes Due 2012 B3 B2 LGD3 41% Jr. Secured Notes Due 2013 Caa2 Caa2 LGD5 85% Moody's current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as its research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% - 9%) to LGD6 (loss anticipated to be 90% - 100%). HRP Myrtle Beach Operations, LLC, -- http://www.hardrock.com/-- a Delaware limited liability company, is designing, developing, constructing, financing and equipping and will own and operate Hard Rock Park, an approximately 140-acre rock and roll themed park in Myrtle Beach, South Carolina, under a license agreement with Hard Rock International. Hard Rock International, Inc., owned by The Rank Group Plc, operates 122 Hard Rock Cafes and 13 Hard Rock Hotels and Casinos in more than 42 countries, including Thailand, the Philippines, the United Kingdom and Brazil. THAI-GERMAN: Gains THB3.079 Million in First Half 2006 ------------------------------------------------------ Thai-German Products Pcl recorded THB3.079 million in net profit on THB812.916 million of revenues in the first half period ended June 30, 2006, compared with a THB1.066-million net profit recorded in the same period of 2005. The company's balance sheet at June 30, 2006, showed current assets of THB820.830 million available to pay current liabilities of THB426.448 million coming due within the next 12 months. Total assets of the company and its subsidiaries at the end of June 2006 was equal to THB1.798 billion, while total liabilities amounted to THB1.704 billion. Shareholders' equity in the company totaled THB94.192 million. After auditing the company's consolidated financial statement for the first half period of 2006, Chaovana Viwatpanachati, of Petisevi & Company, expressed doubt on the company's ability to continue as a going concern and its ability to accomplish the remaining rehabilitation plan. Full-text copies of the Company's financials for the first half period ending June 30, 2006, are available for free at: http://bankrupt.com/misc/tgpro-1h-06.xls http://bankrupt.com/misc/tgpro-ar-06.doc Thai-German Products Public Co., Ltd -- http://www.tgpro.co.th/ -- manufactures stainless steel pipe, tube, and sheet in Thailand under the name "TGPRO" founded by Pracha Leelaprachakul in 1973. The Company has suffered a series of capital deficits, the widest being in 2003 with a THB5.31-billion deficit. That and a series of net losses and the fact that it was operating below full production capacity, ushered the Company into the REHABCO -- Companies under Rehabilitation -- sector of the Stock Exchange of Thailand. In July 2006, the SET reclassified the whole sector and categorized the Company under the "non-performing group." Companies under the group will retain their listing status and will be obligated to comply with the SET requirements. On September 7, 1999, Thailand's Central Bankruptcy Court ordered the Company to rehabilitate its business and, in May 2000, the Court approved the Company's rehabilitation plan and appointed PLV and Associate Company Limited as rehabilitation administrator. The Company's complete implementation of the Plan is still undergoing. TONGKAH HARBOUR: Auditor Expresses Going Concern Doubt ------------------------------------------------------ Kesree Narondeja, of A.M.T. & Associates, raised substantial doubt on Tongkah Harbour Public Company Limited's ability to continue as a going concern after auditing the company's consolidated financial statement for the first half period ended June 30, 2006. The auditor pointed to the company's recurring operating losses and dependence on its ability to raise additional funding for the coming years and achieve profitable operations. Tongkah Harbour posted a THB61.196-million net loss in the first half period ended June 30, 2006, compared with a THB38.62-million net loss posted in the same period of 2005. The company's consolidated balance sheet at the end of June 2006, showed strained liquidity with THB86.857 million in current assets available to pay THB179.325 million in current liabilities coming due within the next 12 months. In addition, the company's consolidated balance sheet at the end of June 2006 also showed total assets of THB1.714 billion and total liabilities of THB564.709 million, resulting to THB1.150 billion of shareholders' equity. Full-text copies of the Company's financials for the first half period ending June 30, 2006, are available for free at: http://bankrupt.com/misc/THLE-1h-06.xls http://bankrupt.com/misc/THLE-1h-ar.doc Headquartered in Bangkok, Thailand, Tongkah Harbour Public Company Limited -- http://www.tongkahharbour.co/-- is primarily engaged in mining operations. The Company is engaged in offshore tin mining, gold exploration and mining, igneous rock quarrying, as well as property development and management. The Company had been listed under the Rehabco sector -- Companies under rehabilitation -- until July 3, 2006, when the Thailand Stock Exchange reclassified the whole sector. Currently, SET categorized the Company under the "non-performing group." Companies under the group will retain their listing status and will be obligated to comply with the SET requirements. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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/ September 27, 2006 Beard Audio Conferences BAPCPA One Year On: Hits and Misses in the New Code's Rookie Year Web site: http://www.beardaudioconferences.com/ Telephone: 240-629-3300 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 25, 2006 Beard Audio Conferences Deepening Insolvency - Widening Controversy: Current Risks, Latest Decisions Review Risks, Examine Latest Decisions Affecting Directors, Advisors and Lenders of Troubled Companies Web site: http://www.beardaudioconferences.com/ Telephone: 240-629-3300 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 15-16, 2006 Euromoney Institutional Investor Asia Capital Markets Forum Island Shangri-La, Hong Kong Web site: http://www.euromoneyplc.com/ 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 November 23-24, 2006 Euromoney Conferences 5th Annual China Conference China World Hotel Beijing, China Web site: http://www.euromoneyconferences.com/ December 5, 2006 Euromoney Conferences CFO Forum Hyatt Regency, Hangzhou, China Web site: http://www.euromoneyconferences.com/ 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 ***